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Uber Xchange Leasing Program

 

For those rideshare drivers who are unfamiliar with how the Uber Leasing Xchange program works, it’s pretty straightforward. Uber has their own leasing terms, they approve existing and new drivers then send the drivers to dealerships to lease a vehicle. Uber drivers can pay with either traditional methods or with their earnings as a driver.

The breakdown of the leasing terms:

  • Fast decisions on credit approval

  • Basic maintenance is covered by the leasing program: tire rotations, oil changes, etc.

  • After 30 days the lease can be cancelled as long as there is a two-week notice

  • The selection of vehicles to lease is pretty good – some may even qualify for Uber XL

  • For a pre-owned car, the rate runs about $98 a week (plus fees and taxes)

  • Unlimited mileage

Keep in mind this isn’t the same Uber Vehicle Solutions. You’ll want to sign up for the Uber Xchange Leasing Program specifically to get the best deal. Also remember this isn’t a dealership, per say. Uber is simply making the process easier for you to obtain a vehicle.

You may run into a bit of trouble. This is where a little patience will benefit you. You’ll be the one who has to find a vehicle so don’t just jump at the first one you see. Take your time. Make a careful and well-thought out decision.

One of the great advantages with this program is that used cars are an option. Selecting one can help reduce your costs for a car. The program allows for 2010 or newer and 60,000 miles or less. Now, a dealership will obviously want to put you in a newer car because that’s how they make their money. They may even go as far as telling you a used vehicle doesn’t quality. Stand your ground. One way to get around this:  try leasing a car that isn’t original to the dealership. For example – if you’re at a Dodge dealership, look at used Fords or vice-versa. You can obviously lease a new vehicle if you wish but make sure you do a bit of price comparing and that you are aware of what you are getting yourself into financially.

Some dealerships may try to steer you towards their leasing program. Just say no. Take a look at this overview of traditional vs. Uber Xchange leasing:

It’s really not difficult to see which is the better deal, is it?

Something else to look out for. Don’t pay any deposit until you’ve found the car you want. Some dealerships will attempt to persuade you to put down a deposit beforehand – don’t. If the dealership is persistent, then try another one.

It’s a good idea to look around at a few dealerships before making a decision. Each one will be different so find one that is suitable for you and makes you feel comfortable. Also, it’s an excellent idea to ask for the person in charge of the Uber Xchange Leasing Program. Most dealerships will have a person responsible for this on staff so make that your first question.

If you are a rideshare driver, you’re an independent contractors and basically running your own business. It is wise to know the costs associated with your vehicle upfront. You’ll have that with the Uber Xchange Leasing Program. Remember, to find the right car for you exercise a bit of patience and be insistent if needed. Don’t allow yourself to be bullied by any dealership.


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