The Uber car service app made an announcement in the summer of 2016 that they would be starting a vehicle leasing program called Uber Xchange. The Uber car service app was mostly aiming for people wanting to sign up as a driver and hit the street if they don’t own or have a vehicle. It has been a year now since the Uber car leasing program first began and from what people have been saying it is not as good as first thought. Though many people have brand new vehicles, they aren’t too happy with the financial aspect of the new leasing program.
The Uber Xchange Leasing Program Is Not For Everyone
The Xchange leasing program offers non-vehicle owners a short-term lease that partners with big auto dealerships. Some of which recently received large amounts of credit including $1 million from Goldman Sachs. Goldman Sachs are aiming to grow the Xchange leasing program and adding more drivers.
Bloomberg talked with a few promoters, consultants, and drivers to gather more understanding of the dangers and advantages of Xchange. Here are a few things to know from the report.
First thing first, the Xchange Leasing terms. Regardless where you lease a vehicle, ATV, or anything for that matter it is typically always more expensive.There are twenty-eight pages in the terms agreement for the Uber Xchange program. You will have to pay two-hundred and fifty dollar deposit upfront before leasing. From there you will make weekly payments to Ubers Xchange leasing program over a three-year pay period. Uber will automatically take your earning from being an Uber driver.
Xchange workers manage driver installments and make sure drivers are paying on time. They pay repo men to gather vehicles when drivers quit making installments. There is so much more to the Xchange Leasing program so as always, do your research before signing anything. Good luck!