# Uber Auto Financing



## Uberslave

Stuck with a 1480$ a month car payment? We are thinking about bringing legal action against Santander/Uber/Penske. Please spread the word.


----------



## Greg

That is exelent!


----------



## chi1cabby

Who is "we"?
Better give Shannon Lis-Riordan a call for a consultation. She is the preeminent attorney trying to hold Uber accountable.

As I was driving home last night, I was thinking about "Can drivers who financed new cars with Santander, Exeter (GM Financial) with hearty encouragement from Uber (replete with referral bonuses), now sue Uber for unilaterally changing the terms of the partnership"?

http://uberwest.weebly.com/la-vehicle-financing.html


----------



## pUBERty SUCKS

Uberslave said:


> Stuck with a 1480$ a month car payment? We are thinking about bringing legal action against Santander/Uber/Penske. Please spread the word.


Oh my...Did you agree to that much of a payment?...That more then a house payment around here....I feel for you


----------



## elelegido

chi1cabby said:


> Who is "we"?
> Better give Shannon Lis-Riordan a call for a consultation. She is the preeminent attorney trying to hold Uber accountable.
> 
> As I was driving home last night, I was thinking about "Can drivers who financed new cars with Santander, Exeter (GM Financial) with hearty encouragement from Uber (replete with referral bonuses), now sue Uber for unilaterally changing the terms of the partnership"?
> 
> http://uberwest.weebly.com/la-vehicle-financing.html


The terms of the contract specifically say that a Santander car can _only_ be used to provide Uber rideshare services. So, it excludes any personal use, not to mention (ahem) using it to drive for Lyft.

Because Santander links the car unequivocally to the driver's contract with Uber, it stands to reason that if Uber unilaterally decreases the driver's earnings, then the driver should be able to get out of the deal.

Furthermore, earnings per mile have decreased 20% in my area, but the lease payment has not. This means that 25% more paid miles must be driven in order to make the lease payment. This also raises questions about the enforceability of lease mileage limits.

If Santander had not tied the lease so tightly to drivers' Uber contracts then I think drivers would find getting out of the lease difficult to justify. But since they did tie it airtight, I think that courts would take the side of drivers, I.e. that of reason and fairness.


----------



## pUBERty SUCKS

Personally in this case I'd rather give my money to the lesser of the two evils, that being a lawyer


----------



## Chicago-uber

Geez... For this amount of money I could buy a whole fleet of priuses...at least 5.


----------



## elelegido

pUBERty SUCKS said:


> Personally in this case I'd rather give my money to the lesser of the two evils, that being a lawyer


A man walks into a bar. He sits down and shouts, "all lawyers are assholes!".

A man on the other side of the bar shouts back, " Hey, I object to that statement."

The first man replies, "Why, are you a lawyer?"

Other man - "No, I'm an asshole!"


----------



## xtree78

I am a leasee and I would welcome a conversation with a lawyer about getting out of my lease. Today I took someone to the airport first time since the decrease. Fare was 10 bucks less than the last time I made the same trip. I work part time and had no problem making the payment on the old rates but this is rediculous.


----------



## Guest

Shannon Liss-Riordan
Lichten & Liss-Riordan, P.C.
729 Boylston Street, Suite 2000
Boston, MA 02116

Tel: (617) 994-5800
Fax: (617) 994-5801
[email protected]
www.llrlaw.com


----------



## pUber_driver

pUBERty SUCKS said:


> Personally in this case I'd rather give my money to the lesser of the two evils, that being a lawyer


its a sad day in america when a lawyer is lesser of 2 evils lol


----------



## Uberslave

The lawyer is a public interest advocate.Is doing it pro bono


----------



## pUber_driver

xtree78 said:


> I am a leasee and I would welcome a conversation with a lawyer about getting out of my lease. Today I took someone to the airport first time since the decrease. Fare was 10 bucks less than the last time I made the same trip. I work part time and had no problem making the payment on the old rates but this is rediculous.


How much is your payment? And how many payments do you have to make and how often?


----------



## pUBERty SUCKS




----------



## xtree78

pUber_driver said:


> How much is your payment? And how many payments do you have to make and how often?


I have a camry xle hybrid which was $33500 out the door. I pay $218 a week for the car plus the $19 for the security deposit.


----------



## Salthedriver

Are you leasing a 
*Lamborghini Veneno Roadster *


----------



## ontheroad

leasing a vehicle for over $870 a month? Where is the stability that merits such a financial commitment? Some of you have been bitten by the Uber bug!


----------



## LAuberX

xtree78 said:


> I have a camry xle hybrid which was $33500 out the door. I pay $218 a week for the car plus the $19 for the security deposit.


$1026. per month plus gas, tires and insurance to drive UberX

24% interest rate.

A $51,000.00 Toyota Camry.

I don't have words for this.


----------



## ontheroad

LAuberX said:


> $1026. per month plus gas and insurance to drive UberX
> 
> A $43,000.00 Toyota Camry.
> 
> I don't have words for this.


Is that security deposit of $19 every week?????


----------



## LAuberX

would $19.00 either way make it a "good" deal ?

$19.00 is two trips at gross pay on average.

At over $1k per month you are working WAY over one week just to pay the lease.

Over 100 rides JUST to pay the lease.

Oh, the good news is that Uber will never lower rates or deactivate you, they promise.


----------



## pUber_driver

xtree78 said:


> I have a camry xle hybrid which was $33500 out the door. I pay $218 a week for the car plus the $19 for the security deposit.


You could have purchased a vehicle for 15,000 and for 36 months made a $580 payment MONTHLY. And at the end of 3 years the car would have been yours and this is at 18% interest which is unlikely. Your getting Uber Screwed buddy

Uber drivers have to find a way out of this deal. This is predatory lending


----------



## Salthedriver

Ok I have a lease that says 12K miles per year...I have the car 2 years and now have 73K miles on the car thanks to UBER and are going to be charge 15 cents per mile that i'm over....I'm screwed big time


----------



## ontheroad

LAuberX said:


> would $19.00 either way make it a "good" deal ?
> 
> $19.00 is two trips at gross pay on average.
> 
> At over $1k per month you are working WAY over one week just to pay the lease.
> 
> Over 100 rides JUST to pay the lease.
> 
> Oh, the good news is that Uber will never lower rates or deactivate you, they promise.


Hahaa that was good...no it is the worst car deal I have ever heard!


----------



## LAuberX

Salthedriver said:


> Ok I have a lease that says 12K miles per year...I have the car 2 years and now have 73K miles on the car thanks to UBER and are going to be charge 15 cents per mile that i'm over....I'm screwed big time


It looks like you might better off buying the car at end of lease... that's why they call 'em Fleeces !


----------



## elelegido

xtree78 said:


> I have a camry xle hybrid which was $33500 out the door. I pay $218 a week for the car plus the $19 for the security deposit.


Wow, what dealer was this? In what state? I pay $152 per week for a Camry LE Hybrid. Same car, but without the leather, alloys or satellite radio. Also, rear seat pax don't get their own separate air vents, but **** 'em.

You're paying over 40% more for the extras. Very, very poor deal.

The basic Uber lease is seen as very bad, and it is, but not for the reason people think. If I had bought a new Camry, its first year depreciation would have been $7k with 40k miles. That's around $140 per week. I'm paying $12/week over this.

If I had bought say a 2012 Corolla, my payment would have been half what they are with the Camry. But the Camry gets excellent gas mileage, especially in town. For a high mileage full time driver, the gas savings equal the difference between the monthly payment of the Corolla and the Camry. So same net cost.

The reason the Uber lease is bad is for a different reason - it simply is not worth Ubering with a newer car. The mileages involved mean a huge depreciation hit. Much better to get the oldest beater that Uber will allow (2004 or 2005), that gets good gas mileage.


----------



## LookyLou

Salthedriver said:


> Ok I have a lease that says 12K miles per year...I have the car 2 years and now have 73K miles on the car thanks to UBER and are going to be charge 15 cents per mile that i'm over....I'm screwed big time


You only owe an extra $7,350.00 for the excess mileage. That is only $73.00 per week over the 2 year period. Hopefully you stashed away that extra money from your earnings to pay it.


----------



## yoursonlymine

I have a lease and I love it I pay 200 a week and I think it's great I came from driving regular taxi . Do you know how much it is to lease a regular taxi hahahaha for me it's like a free car lol


----------



## IEUber

Uberslave said:


> Stuck with a 1480$ a month car payment? We are thinking about bringing legal action against Santander/Uber/Penske. Please spread the word.


Why the hell would you agree to those terms shame on you..!!!
Crash that shit and call it day. 
Take on the higher insurance rate you'll be better off ...


----------



## IEUber

pUBERty SUCKS said:


> View attachment 2180


Lmao lol freaken troll activity..!!!
Hahaha


----------



## IEUber

yoursonlymine said:


> I have a lease and I love it I pay 200 a week and I think it's great I came from driving regular taxi . Do you know how much it is to lease a regular taxi hahahaha for me it's like a free car lol


800$ a month SMH..!!!


----------



## billybengal

pUber_driver said:


> You could have purchased a vehicle for 15,000 and for 36 months made a $580 payment MONTHLY. And at the end of 3 years the car would have been yours and this is at 18% interest which is unlikely. Your getting Uber Screwed buddy
> 
> Uber drivers have to find a way out of this deal. This is predatory lending


Every dealer is a predator, that's why I never buy cars from them (I once bought a motorcycle, but that's cause I have some anxiety about going 100 mph on a two wheeler that might have been crashed before.
Anyways, the dealer (which is no longer in business) was really trying hard to have me sign all the necessary purchase documents without reading or explaining anything. The only thing he kept saying was "look, we're about to close and I'm trying to get you this bike and it's a great deal and I got you approved and it's only $250 a month."
He kept trying hard not to answer what the total purchase price or number of months was. When he said 72 months I thought I was gonna punch him in the face. This was on a $5,999 bike and on top of that I gave them a $200 deposit to get me a blue one which they didn't.
I totally pissed him off when I told him to **** off and give me my $200 back. In the end I paid cash $5,999 plus tax, license etc. Still too much, but I really wanted that bike.


----------



## painfreepc

LAuberX said:


> $1026. per month plus gas and insurance to drive UberX
> 
> A $43,000.00 Toyota Camry.
> 
> I don't have words for this.


 You drive, you pay insurance, Stop adding the cost of insurance to the cost of ubering..


----------



## painfreepc

I got the 2015 Ford Fussion Hybird SE, paying $173 per week, I can make that in one or two week days, Uber On...


----------



## KrisThuy

Salthedriver said:


> Ok I have a lease that says 12K miles per year...I have the car 2 years and now have 73K miles on the car thanks to UBER and are going to be charge 15 cents per mile that i'm over....I'm screwed big time


trade it in for a new own vehicle they wont charge u for the exceeding mile if u trade it in


----------



## PartTimeUberBoston

painfreepc said:


> I got the 2015 Ford Fussion Hybird SE, paying $173 per week, I can make that in one or two week days, Uber On...


So you're paying $750 a month for THAT and it's a lease??? Man, you got uber screwed...

I am financing my automobile (not leasing), not ubering and am paying far less than that for my Audi Q5.. Enjoy ubering!


----------



## JohnnyBoy

WOW.. if there's anyone out there thinking/planning to UBER Lease/Finance and think the weekly payments in this thread are LOW... please, please do yourself a favor.. go to a dealer and find out what you'll be paying first and negotiate negotiate negotiate... You can lease a 2014 RANGE ROVER for $800/month... please do your homework.. you can lease any of the cars mentioned in this thread for under $300/month


----------



## painfreepc

PartTimeUberBoston said:


> So you're paying $750 a month for THAT and it's a lease??? Man, you got uber screwed...
> 
> I am financing my automobile (not leasing), not ubering and am paying far less than that for my Audi Q5.. Enjoy ubering!


 Good for you and i do enjoy ubering, i also enjoy my 40 mpg - have a nice day.


----------



## painfreepc

JohnnyBoy said:


> WOW.. if there's anyone out there thinking/planning to UBER Lease/Finance and think the weekly payments in this thread are LOW... please, please do yourself a favor.. go to a dealer and find out what you'll be paying first and negotiate negotiate negotiate... You can lease a 2014 RANGE ROVER for $800/month... please do your homework.. you can lease any of the cars mentioned in this thread for under $300/month


You can't do a normal lease and drive 40k+ miles per year.


----------



## PartTimeUberBoston

painfreepc said:


> Good for you and i do enjoy ubering, i also enjoy my 40 mpg - have a nice day.


Do you do realize you're getting fleeced? You're better off financing yourself through a credit union. Pretty sad


----------



## PartTimeUberBoston

painfreepc said:


> You can't do a normal lease and drive 40k+ miles per year.


Leasing at 40k a year? So you're footing for extra miles, maintenance, gas... Sounds like a stellar deal


----------



## painfreepc

PartTimeUberBoston said:


> Do you do realize you're getting fleeced? You're better off financing yourself through a credit union. Pretty sad


fleeced, Really! - I don't think so,
it's a 4yr lease/purchase with only $1,000 down and no credit check or job needed,

i know 3 people in my apt paying $590 t0 $ 680 per mo for a 2011 and 2012 car with 6 yr financing,
and that's with $4,000+ down payment


----------



## JohnnyBoy

painfreepc said:


> You can't do a normal lease and drive 40k+ miles per year.


Yes you can... You buy miles upfront before signing lease.. They are cheaper if you buy them in advance... if you wait till lease is up you will be charged for overage in miles at full price.. negotiate with dealer in advance and buy your miles... do your homework folks


----------



## PartTimeUberBoston

painfreepc said:


> fleeced, Really! - I don't think so,
> it's a 4yr lease/purchase with only $1,000 down and no credit check or job needed,
> 
> i know 3 people in my apt paying $590 t0 $ 680 per mo for a 2011 and 2012 car with 6 yr financing,
> and that's with $4,000+ down payment


Let's do some research - I assume you have the Fusion SE Hybrid (MSRP $26,790) based off your comment of 40MPG.

So, let's play some simple math games here... you're paying $750 a month on a 4 year lease. A lease that doesn't give you title to the car - you don't own it.

At $750 a month over 4 years, that's $36,000 on the button, meaning that you will be paying 25.6% in interest on a vehicle you do not own! Sounds like you got a fantastic deal! Now the fact that you put $1,000 down on top of it just screams "take my money!". Now you could have gone to capital one, Bank of America or even Say "Inland Valley Federal Credit Union" in your town of Fontana California - where for $0 down, you could have paid an interest rate of 4.04% over 4 years or 48 months! Meaning that 26,790 car, would cost you $27,872.31. So tell me, how is this a good deal?


----------



## elelegido

PartTimeUberBoston said:


> So tell me, how is this a good deal?


First, there will always be people who can get a better deal than other people. So if you just leased a 2015 supercharged V8 rocket powered BMW with full unicorn hide for $99 a month then good for you.

For the rest of us, an Uber lease is an option. Not that it's a good option; using anything other than an old beater for rideshare is in no way an optimal choice from a pure economic point of view. BUT:

1. Some people have bad/no credit
2. Some people only see this as a temporary gig. If you purchase a car, even at 0% interest, the auto loan is a huge barrier to exit right there. If you want out after a year and want to get rid of the car, you can't easily. You can't sell it because of the finance lien on it, and if you had $10,000, $20,000 or whatever stashed under your mattress to pay off the loan and be able to sell then you wouldn't have needed to finance in the first place.
3. The car, at 40k miles per year (and you as the owner) take a huge depreciation hit. Depreciation is the biggest expense with new car ownership, but it's a hidden expense that often is not accounted for. First year depreciation on a $25k ex-taxi with 40k miles and a year of taxi wear and tear would be $6,000 - $7000 best guess, or $500 - $600 per month.

The Uber lease can be had for $650 per month. Yes, you pay $1,000 up front. Plus $850 I think to break the lease in the first year. This is an easy out. No depreciation to worry about, no excess mileage charges. You just hand over the fee, give the keys back and walk away.

So for people just using Uber as a temporary means out of financial difficulty it's not too bad. For someone looking to keep the car for the full 52 months then yes, it's terrible.


----------



## Tommy Tours

Went to the Ford dealer by me, Jersey City, NJ they told me they don't do it. Hudson Toyota also JC told me Toyota Avalon Hybird loaded was 266 a week. Haven't tried GM yet. I would like to lease a Prius but I think there to small for me. Honestly I would like to get a Ford Explorer XLT or a Ford Flex AWD, but only the Fusion is on the list for new Ubering thru Santander.


----------



## LAuberX

$266 per week, a $57,390.00 car to drive for $.88 net per mile.

$1152.00 per month for a car note.

Sign me up.


----------



## painfreepc

elelegido said:


> First, there will always be people who can get a better deal than other people. So if you just leased a 2015 supercharged V8 rocket powered BMW with full unicorn hide for $99 a month then good for you.
> 
> For the rest of us, an Uber lease is an option. Not that it's a good option; using anything other than an old beater for rideshare is in no way an optimal choice from a pure economic point of view. BUT:
> 
> 1. Some people have bad/no credit
> 2. Some people only see this as a temporary gig. If you purchase a car, even at 0% interest, the auto loan is a huge barrier to exit right there. If you want out after a year and want to get rid of the car, you can't easily. You can't sell it because of the finance lien on it, and if you had $10,000, $20,000 or whatever stashed under your mattress to pay off the loan and be able to sell then you wouldn't have needed to finance in the first place.
> 3. The car, at 40k miles per year (and you as the owner) take a huge depreciation hit. Depreciation is the biggest expense with new car ownership, but it's a hidden expense that often is not accounted for. First year depreciation on a $25k ex-taxi with 40k miles and a year of taxi wear and tear would be $6,000 - $7000 best guess, or $500 - $600 per month.
> 
> The Uber lease can be had for $650 per month. Yes, you pay $1,000 up front. Plus $850 I think to break the lease in the first year. This is an easy out. No depreciation to worry about, no excess mileage charges. You just hand over the fee, give the keys back and walk away.
> 
> So for people just using Uber as a temporary means out of financial difficulty it's not too bad. For someone looking to keep the car for the full 52 months then yes, it's terrible.


thanks for your input,

i do in-home care of my mom, so i don't have the income or credit to get a new car,
the fusion gets 40+ mpg, the money i save in gas makes up for the high payment,
uber lease to own works for me, i am happy..


----------



## DriversOfTheWorldUnite

painfreepc people are trying to tell you that you got scammed.


----------



## painfreepc

DRIVERSOFTHEWORLDUNITE said:


> painfreepc people are trying to tell you that you got scammed.


 my first uber payout was little over $1,000 and that was working 5 1/2 days, if thats a scam, please uber keep scaming me.


----------



## LAuberX

painfreepc said:


> my first uber payout was little over $1,000 and that was working 5 1/2 days, if thats a scam, please uber keep scaming me.


More complete data would be helpful.

Total miles driven?

Total hours logged in?

No doubt your taxi experience will be an asset in making this work for you.
More complete data will help others with their decisions.


----------



## DriversOfTheWorldUnite

I think painfreepc is literally an uber spy agent.


----------



## painfreepc

LAuberX said:


> More complete data would be helpful.
> 
> Total miles driven?
> 
> Total hours logged in?
> 
> No doubt your taxi experience will be an asset in making this work for you.
> More complete data will help others with their decisions.


What would be the point, if I say I drove 1100 miles @ 55 hours, you would say it cost me $616 to drive my car (1100 x $0.56) and i made no money and that is total bullshit.


----------



## LAuberX

painfreepc said:


> What would be the point, if I say I drove 1100 miles @ 55 hours, you would say it cost me $616 to drive my car (1100 x $0.56) and i made no money and that is total bullshit.


More data gives the real picture of what an uberx driver averages per hour.

What uber pays in net dollars(1,000), less lease cost(193), less fuel(90) ÷ hours logged(55) = average hourly wage(13.03)

It's not the $35.00 per hour Uber advertises on craigslist in any case.

.56 per mile is most likely too high for livery use, I don't use that figure for my "car expense".

There is also maintenance, tires, body damage and insurance that cost $$$ and further reduce hourly earnings.


----------



## elelegido

It's not an expense. It's the amount the IRS allow you to deduct from your revenue in calculating taxable income.


----------



## LAuberX

elelegido said:


> It's not an expense. It's the amount the IRS allow you to deduct from your revenue in calculating taxable income.


I am aware of the figures origin, I was just stating I don't use it to calculate livery use vehicle expense.

Painfreepc used that figure in his example above.


----------



## elelegido

LAuberX said:


> I am aware of the figures origin, I was just stating I don't use it to calculate livery use vehicle expense.
> 
> Painfreepc used that figure in his example above.


Oops. Wrong person quoted. 
Offending quote removed.


----------



## PartTimeUberBoston

LAuberX said:


> More data gives the real picture of what an uberx driver averages per hour.
> 
> What uber pays in net dollars(1,000), less lease cost(173), less fuel(90) ÷ hours logged(55) = average hourly wage(13.40)
> 
> It's not the $35.00 per hour Uber advertises on craigslist in any case.
> 
> .56 per mile is most likely too high for livery use, I don't use that figure for my "car expense".
> 
> There is also maintenance, tires, body damage and insurance that cost $$$ and further reduce hourly earnings.


This right here! Again, it seems our friend from Fontana is missing the point.

$1000 Net after uber fees
less the following costs PER WEEK:
- 173 Lease
- 90 Gas
- 76 Depreciation (based off an average of $4000 according to edmunds.com)
- 37 Insurance (based off of average insurance of $1968 a year)
-------------
$ 624/ 55 hours per week = $11.34 per hour

Those are your given costs... This doesn't include OEM maintenance every 5k miles... and the biggies are at 10, 20, 30 and 40k... So good luck! More ubering will make you less money with maintenance and fuel costs! Now keep in mind, if you get below 4.8 stars you run the risk of getting cancelled. So how will you pay for your car? Perhaps getting a job at the local grocery store which pays minimum wage ($9 an hour to your $11) would be a more sure thing for you.


----------



## elelegido

PartTimeUberBoston said:


> $1000 Net after uber fees
> less the following costs PER WEEK:
> - 173 Lease
> - 90 Gas
> - 76 Depreciation (based off an average of $4000 according to edmunds.com)


No. You only depreciate assets you own. Depreciation or lease payment; not both.


----------



## newsboy559

Uberslave said:


> Stuck with a 1480$ a month car payment? We are thinking about bringing legal action against Santander/Uber/Penske. Please spread the word.


Uhhh, seriously? I bought a brand new Acura TL, loaded to the gills. It's a $45,000 vehicle. I had very little money down and my payment is less than half that amount. Your credit is obviously not very good. And secondly, (brutally honest here, I know) how stupid could ANYONE be to sign a deal to pay that much money for a run of the mill vehicle, even brand new? Honestly, you got what you deserved.

The idea of buying a brand new car to do this in the first place... well, that's another story. You clearly couldn't afford it.


----------



## elelegido

newsboy559 said:


> Uhhh, seriously? I bought a brand new Acura TL, loaded to the gills. It's a $45,000 vehicle. I had very little money down and my payment is less than half that amount. Your credit is obviously not very good. And secondly, (brutally honest here, I know) how stupid could ANYONE be to sign a deal to pay that much money for a run of the mill vehicle, even brand new? Honestly, you got what you deserved.
> 
> The idea of buying a brand new car to do this in the first place... well, that's another story. You clearly couldn't afford it.


Could you make this post more offensive please? I'd also like more name calling and slightly more boasting.


----------



## newsboy559

painfreepc said:


> I got the 2015 Ford Fussion Hybird SE, paying $173 per week, I can make that in one or two week days, Uber On...


Seriously??? I am just astounded that all these people who have smiles on their faces from ear to ear because they are driving these types of vehicles. This is predatory lending at it's worst! All of these people are getting screwed and they happily bend over and take it.

As I mentioned before, I financed (bought) a brand new luxury class Acura TL, a $45,000 vehicle, on a five year note. My payment is quite a bit less than this AND I OWN THE VEHICLE!!!

You? Well, you're going to have to give yours back soon AND pay even more money because you will have gone way over the allowed mileage on the lease.

Man, many people are, unfortunately, so ignorant (notice I said ignorant, not stupid. There's a difference.) that they don't understand the costs of driving for Uber. All they see is a paycheck each week, but they can't figure out how to factor in depreciation, extra maintenance costs, insurance, property taxes, INCOME TAXES, just to name a few. Grrr... it makes me mad that so many people are being taken advantage of.


----------



## newsboy559

elelegido said:


> Could you make this post more offensive please? I'd also like more name calling and slightly more boasting.


Brutal honesty, yes. Offensive, no. Offensive is predatory lenders and car dealers making people fall for stuff like this.


----------



## newsboy559

painfreepc said:


> fleeced, Really! - I don't think so,
> it's a 4yr lease/purchase with only $1,000 down and no credit check or job needed,
> 
> i know 3 people in my apt paying $590 t0 $ 680 per mo for a 2011 and 2012 car with 6 yr financing,
> and that's with $4,000+ down payment


And they OWN their vehicles!!! Seriously, what don't you understand? You will have NOTHING at the end of your lease, plus you'll have to pay an exorbitant amount of money for over mileage.


----------



## elelegido

newsboy559 said:


> And they OWN their vehicles!!! Seriously, what don't you understand? You will have NOTHING at the end of your lease, plus you'll have to pay an exorbitant amount of money for over mileage.


You seem to be getting yourself worked up over this.

Anyway, in case anyone is researching the Uber lease, here is information about it:

You pay $1000 down
The lease is for 52 months
The mileage is unlimited
At the end of the lease, you pay $1 to keep the car
You can break the lease by paying a fee. I believe it is around $800 during the first year; less in subsequent years

Is it a great deal? No. But it can be OK for people with bad/no credit who want to do this for a year or so, to get some income.

It's not a good idea for people planning to Uber long term, for many reasons, not just because of the lease itself, but because ride sharing's future in general is far from clear. Falling fares/income, possible future regulation, competition from taxis if they react and adapt, competition from other app services, driver satutation etc etc. In any case, using any newer car for ridesharing makes little financial sense - the cost, be it in depreciation for owned vehicles or leases for non-owned vehicles, is too high a proportion of driver revenue.

A better idea is to buy an 8-10 year old beater with as few miles as possible, which had already suffered the worst of the depreciation expense.

The current Uber fleet of typically newer cars financed or leased on the expectation of earning the previous higher fares will gradually be replaced by older, cheaper cars as driver revenues continue to fall. I'll be replacing my Uber lease vehicle soon with a beater.


----------



## newsboy559

elelegido said:


> I'll be replacing my Uber lease vehicle soon with a beater.


Are you concerned that, when you do that, you'll be rated lower and eventually be deactivated by Uber?


----------



## elelegido

No, one of my first Uber rides as a pax was from a guy in an old (2006-7?) Corolla. It was old but clean and tidy. He had a 4.8 rating.


----------



## LAuberX

Uber / Santander lease is 225 weeks or 52 months, $1.00 buyout, 40,000 miles per year, not pro rated.

So 22 months is 40,000 miles, 24 months is 80,000 miles.

$2,000.00 down or $1,000.00 down and divide remaining $1,000.00 down over first 52 weekly payments.

Approx 24% apr interest rate.


----------



## elelegido

LAuberX said:


> Uber / Santander lease is 182 weeks or 42 months, $1.00 buyout, 40,000 miles per year, not pro rated.
> 
> So 22 months is 40,000 miles, 24 months is 80,000 miles.
> 
> $2,000.00 down or $1,000.00 down and divide remaining $1,000.00 down over first 52 weekly payments.
> 
> Approx 18% interest rate.


They may have changed the terms. The agreement I signed was for 52 months with unlimited miles. $1000 down with an additional, refundable, $1000 security deposit payable over 52 weeks.


----------



## LAuberX

elelegido said:


> They may have changed the terms. The agreement I signed was for 52 months with unlimited miles. $1000 down with an additional, refundable, $1000 security deposit payable over 52 weeks.


So it's 52 months, 225 weekly payments?

48 months? 42 months? or is it variable to hit the right payment for the buyer?

Can others chime in here with the terms they signed up for?


----------



## pUber_driver

elelegido said:


> No. You only depreciate assets you own. Depreciation or lease payment; not both.


That's right. You can't depreciate an asset you don't own. The lease goes down as a expense because you don't own it. Everyone who is an Uber driver needs to get a slick accountant or tax guy. Come January there is going to be chaos on this forum.


----------



## Kaz

You're UBERING with a leased vehicle? Are you crazy? First, leasing is really bad since I did it years ago and never again. And I actually got extra mileage put in the contract so when I turned the car in, only ended up owing $200 or so. Then I got dinged on some petty wear and tear stuff and ended up fighting the charges and won. Me=1, Wells Fargo Auto Finance=0. Leasing is a bad idea if you drive alot and me, I refuse to pour money into a car and get no credit for it.



Salthedriver said:


> Ok I have a lease that says 12K miles per year...I have the car 2 years and now have 73K miles on the car thanks to UBER and are going to be charge 15 cents per mile that i'm over....I'm screwed big time


----------



## LAuberX

painfreepc said:


> fleeced, Really! - I don't think so,
> it's a 4yr lease/purchase with only $1,000 down and no credit check or job needed


52 month lease, $1,000.00 down, 173 weeks x $173.00, 52 weeks x $193.00 approx $40,965.00 total.

This is about 24% Apr interest


----------



## elelegido

LAuberX said:


> 4 year lease, 48 months, 208 weeks x $173.00 =approx $36,000.00 total
> 
> It seems the Santander terms vary from contract to contract, some are saying 48 months, I have read 42 months in the past... longer terms to lower the weekly payment
> to coincide with the rate cuts that "make us more money" ??


As far as I know, it's a standard 52 months. When I was at the dealer, the finance manager said that I was the first person they'd had to ever read the Uber lease contract before signing it. I also saw on here a couple of posts which said that the person hadn't read before signing. So it's probably a case of people not really knowing what they signed up for.

What does vary is the weekly amount. Supposedly there are price lists for each region. Santander told me that these price lists are averages of the prices that deals have been done at. Which made no sense as setting a price according to a price list which is an average of previous deals is a circular reference. Whatever the case, prices are all over the place, even for similar cars. Maybe it depends on how much the dealer thinks he can get away with charging for his car. Who knows.


----------



## painfreepc

elelegido said:


> As far as I know, it's a standard 52 months. When I was at the dealer, the finance manager said that I was the first person they'd had to ever read the Uber lease contract before signing it. I also saw on here a couple of posts which said that the person hadn't read before signing. So it's probably a case of people not really knowing what they signed up for.
> 
> What does vary is the weekly amount. Supposedly there are price lists for each region. Santander told me that these price lists are averages of the prices that deals have been done at. Which made no sense as setting a price according to a price list which is an average of previous deals is a circular reference. Whatever the case, prices are all over the place, even for similar cars. Maybe it depends on how much the dealer thinks he can get away with charging for his car. Who knows.


My lease is 4 years and 4 months (52 months)
The 2015 fusion hybird has a rebate till 01/01/15,
My payment is $193 a week for 12 months (52 week to pay $1000 security deposit) then $173 a week for 40 months, the tax rate in the IE is lower so my payments is a few dollars cheaper per week than the LA market, the $1000 security deposit you get back last 12 months of the lease.

I got the fusion hybird SE base model not the S model,
If I has got the fusion hybird S my payment would be around $165 per week.

note: you can not finance any options except leather seats.
That would add about $8 per week to the payment.


----------



## Shine'ola

xtree78 said:


> I have a camry xle hybrid which was $33500 out the door. I pay $218 a week for the car plus the $19 for the security deposit.


thats a BS lease for sure


----------



## Older Chauffeur

*Non*-Uber/Santander car leases are based on the price the dealer and customer agree on, just as in a sale. It is simply another way to finance the car. The car has a residual value, often subsidized by the auto manufacturer, which is subtracted from the agreed on price, and the difference is divided by the number of months in the lease term to determine the monthly payment, plus tax. There are mileage limitations, with options to pay for extra mileage at a lower rate than will be charged at the lease end. At the conclusion of the lease one can buy the car for the residual or perhaps negotiate a better price with the leasing company. Or turn the car in paying the lease return fee plus charges for excess wear, miles, etc, and walk away. Anyone who either buys or leases based on the amount of the monthly payment only is probably not getting an optimum deal. Sales people love the customer who says, " I can afford $xxx per month, what can I get?"
Uber leases, OTOH, sound like a 100% finance program with a "get-out-from-under" escape clause (for a fee) during the lease term. That may be why the payments are so high- because it appears the residual value is only $1.00 at the end of the lease. If you keep the car to the end, you do own it, contrary to statements in this thread. The car may have little value, of course. But an Uber driver will have had a possible tax advantage in being able to right off the payments, assuming he/she has been able to survive the bloodletting on rates, making a living in the process.  It seems to me the program is designed just as advertised, for people with little or no credit history, or bad credit, providing an opportunity to get a car for ride sharing. Interests rates are high, but probably no higher than would be charged for folks with similar credit standing buying or leasing with no connection at all to Uber.
IMHO, it is unfair to compare leases/purchases made in the outside market to the deals described by those leasing from Uber, or to criticize their decisions.


----------



## LAuberX

1100 miles per week for 225 weeks, 247,500 miles. 

Not much value left there, so consider the lease payment "rent", add in 3 sets of tires, regular maintenance and insurance...

Good data here in this thread for reference, keep it coming.


----------



## painfreepc

LAuberX said:


> 1100 miles per week for 225 weeks, 247,500 miles.
> 
> Not much value left there, so consider the lease payment "rent", add in 3 sets of tires, regular maintenance and insurance...
> 
> Good data here in this thread for reference, keep it coming.


Why the F!uk do you guys keep adding the cost of insurance, you have car you buy insurance no matter your job.


----------



## painfreepc

Older Chauffeur said:


> *Non*-Uber/Santander car leases are based on the price the dealer and customer agree on, just as in a sale. It is simply another way to finance the car. The car has a residual value, often subsidized by the auto manufacturer, which is subtracted from the agreed on price, and the difference is divided by the number of months in the lease term to determine the monthly payment, plus tax. There are mileage limitations, with options to pay for extra mileage at a lower rate than will be charged at the lease end. At the conclusion of the lease one can buy the car for the residual or perhaps negotiate a better price with the leasing company. Or turn the car in paying the lease return fee plus charges for excess wear, miles, etc, and walk away. Anyone who either buys or leases based on the amount of the monthly payment only is probably not getting an optimum deal. Sales people love the customer who says, " I can afford $xxx per month, what can I get?"
> Uber leases, OTOH, sound like a 100% finance program with a "get-out-from-under" escape clause (for a fee) during the lease term. That may be why the payments are so high- because it appears the residual value is only $1.00 at the end of the lease. If you keep the car to the end, you do own it, contrary to statements in this thread. The car may have little value, of course. But an Uber driver will have had a possible tax advantage in being able to right off the payments, assuming he/she has been able to survive the bloodletting on rates, making a living in the process.  It seems to me the program is designed just as advertised, for people with little or no credit history, or bad credit, providing an opportunity to get a car for ride sharing. Interests rates are high, but probably no higher than would be charged for folks with similar credit standing buying or leasing with no connection at all to Uber.
> IMHO, it is unfair to compare leases/purchases made in the outside market to the deals described by those leasing from Uber, or to criticize their decisions.


My credit is not the big problem, my problem is too low of a monthly income to get normal auto financing,

If you can show an income of $2,000+ per month, a down payment of $3,000 to $5,000 and a credit score of 620+ You don't need uber lease-to-own,


----------



## Older Chauffeur

painfreepc said:


> My credit is not the big problem, my problem is too low of a monthly income to get normal auto financing,
> 
> Painfree,
> I wasn't referring to you specifically, but you did say in another thread about Uber leasing that you have a low FICO score, which you are working to bring up. You also said that the interest rates dealers were offering you were higher than you got through Uber.
> (Don't have the quote thing down yet.)


----------



## painfreepc

I starting looking to buy a car about 4 months a go, my credit score was around 520, I got two credit cards and in only 2 1/2 months my credit jumps to 624, with my 620+ fico score i can buy a car from carmax or automation, but my income is to low,

My plan is to return this car in about 14 to 18 months at that point in time I will have a 1099 with a year of income to show, plus income from part-time internet job I have been doing for 2 years already.


----------



## LAuberX

painfreepc said:


> Why the F!uk do you guys keep adding the cost of insurance, you have car you buy insurance no matter your job.


I count all car expenses. Would you have purchased this car if not for Uber?

My 12 year old Honda has only liability, cheap.

My mostly Uber use Camry has full coverage, so it is a business expense 80% of the time.

Car is Uber, so is insurance % that is business use.


----------



## painfreepc

LAuberX said:


> I count all car expenses. Would you have purchased this car if not for Uber?
> 
> My 12 year old Honda has only liability, cheap.
> 
> My mostly Uber use Camry has full coverage, so it is a business expense 80% of the time.
> 
> Car is Uber, so is insurance % that is business use.


Yes i would buy a car, even if no uber or lyft, i have never owned a car without full coverage.


----------



## UberBlackDriverLA

It's true that the Santander lease had unlimited miles when it was first introduced. Back in July when I bought my new Suburban, I was going to take advantage of the Santander lease. I was going to lease one, put 2 drivers on it and return it after a year with 150,000 miles on it. Unfortunately, they changed the lease to charge for mileage by the time I went in to get one and I ended up getting financing at my credit union. Under NO circumstances is it wise to use Santander to get a new vehicle. And if you think you will be improving your credit rating by getting a Santander "lease", think again. They do not show up on your credit report. There is simply no rational reason to use Santander to get a vehicle that you might be able to make minimum wage with. Plus, with that minimum wage comes a whole lot of liability and risk!!!


----------



## PartTimeUberBoston

It's pretty sad when people get taken for a ride like this. So this person is leasing a car, destroying the equity in it, is responsible for the maintenance and insurance and is left with a ton of miles on a Ford. I guess Uber on!!


----------



## jeffdvargas

So I pondered doing the uber finance program for a while. I wish I knew about this uber people website before I decided to sell my car and get on the uber preferred finance program. Let me give you my horror story about this bullshit uber pulled. So I started driving for uber in May of 2014 and as you know in order to partner with them you have to submit to a background check, which they ran back in May. Everything was good when I got the approval to start driving I was making decent part time money and actually enjoyed it bbecause I got to meet people from all walks of life. So about the third week in October I decided to sell my car to acquire the funds to put the 1000$ down to get the process going. I go to the specified dealership on Nov 3 and do all the paperwork and put the money down as well as pay for 6 months of insurance which has to be 100,000/300,000/100,000 or you can't get the car. So I complete all these steps and the dealer says everything is good to go, and I should be receiving a call from him when I can come get the car. So Nov 7 comes which is a Friday and I get a call from the dealership saying I can come get the car. I go pick the car up and take it home, I'm excited a little bit cause I have a brand new Chrysler 300S loaded with 7 miles on the odometer. It's also Friday and weekends are the best times to drive for uber. So I go to start my night and turn mu uber phone on and it says my account hasn't been activated so I'm like wtf. I send uber a couple emails and got no response which was odd because they have always been good at getting back to me in a somewhat timely fashion. I go down to their office on Monday Nov 10. The guy calls me over and I tell him how am I supposed to pay for this car if I can't work. He looks up my info and I can tell something is not right but their playing it off really well and not telling me anything. It's probably a good thing cause I probably would have tried killing someone there. So another office employee comes over and says that someone from uber finance will contact me later in the day. I leave and go home expecting a call that I never received, so I sent them another email asking y my account was deactivated and the response I got was that I should have received an email from the company they hire to do the background checks stating that uber didn't want to be partners bcuz of something on my back ground check. Nothing has changed since May when they did the original background check until now so whatever was on my background check then is still the same now no differences. So now I'm furious I sold the car I owned to do this program and put the money down as well. So now the car I owned is gone cause I sold it. The 1000$ I put down is gone. The new car I just picked up is going back cause uber ****ed me. And here's the kicker I have to pay a fee because if the lease is broken you get penalized. All because uber dropped the ball in the first place by overlooking something on my background check initially that would have kept me driving in the first place. Just funny how they find this after I signed up and get approved for the program and have the car in my possession and sell my car and put the money down. I could really hurt someone at that office they're lucky I have kids I have to live for


----------



## jeffdvargas

If anyone has any suggestions on how I should handle this or a lawyer that works against uber or a way to get this out in the spotlight I'm in desperation mode right now anything is useful at this point.


----------



## Kassie

jeffdvargas said:


> If anyone has any suggestions on how I should handle this or a lawyer that works against uber or a way to get this out in the spotlight I'm in desperation mode right now anything is useful at this point.


You should definitely get a lawyer. I'm sure there's plenty out there that hate Uber and would love to get their name on the local newspaper.

Did they tell you what was wrong with your background check?


----------



## jeffdvargas

Yeah a du


Kassie said:


> You should definitely get a lawyer. I'm sure there's plenty out there that hate Uber and would love to get their name on the local newspaper.
> 
> Did they tell you what was wrong with your background check?


Yeah a dui more than 5 years ago but it wasn't an issue when I started driving back in May only after I sell my car and give them the 1000$ dollars did it become an issue


----------



## Worcester Sauce

Uberslave said:


> Stuck with a 1480$ a month car payment? We are thinking about bringing legal action against Santander/Uber/Penske. Please spread the word.


...on what grounds??? A total lack of cognitive function will probably not work..


----------



## StephenJBlue

I'll be really honest here. If I had signed up with Uber when the rates were high, then gotten a lease thru one of they partners, and if Uber went and lashed the rates..

I would have that car totaled. Easy to do. My rationality is: I got the car based upon a "promise" by uber. In my mind, if the slashed the rates, then that promise is null. 

That car would be destroyed.


----------



## DriversOfTheWorldUnite

Worcester Sauce said:


> ...on what grounds??? A total lack of cognitive function will probably not work..


Uber is unilaterally changing the terms of the contract by deactivating your account / changing the pay rate, or that could be argued at least.


----------



## PartTimeUberBoston

So I took uber last night from my work to North Station in Boston as I was running late and wanted to try to make my 5:30 train. So in the process of the ride, I was talking to the driver - who was financing his Chrysler through the "Uber Finance" program. Again many people are being taken for a ride on this, and working long ass hours for diminishing returns. All the while, incurring huge risk. I hope he is able to find employment elsewhere to at least pay off the car.


----------



## jeffdvargas

Well this story has a somewhat decent turn out and I've agreed to their estimate to make things right. Unfortunately I couldn't find a lawyer who wanted to take the case and can't disclose any information pertaining to what was agreed upon. And I don't have to deal with the car either


----------



## Older Chauffeur

Sounds like you came out okay, which is as it should be. I understand that you can't divulge the terms of your agreement but I hope that you can at least now get a replacement vehicle. Good luck to you.


----------



## jeffdvargas

Y


Older Chauffeur said:


> Sounds like you came out okay, which is as it should be. I understand that you can't divulge the terms of your agreement but I hope that you can at least now get a replacement vehicle. Good luck to you.


yeah will be able to do that and my kids will have a good Christmas


----------



## unter ling

jeffdvargas said:


> Y
> 
> yeah will be able to do that and my kids will have a good Christmas


Good to hear that you ha e got through this ok.


----------



## Uberslave

A prominent public interest lawyer is willing to help a few of us pro bono. If anoe is interested let me know.i wag yo get out of the lease and no I don't have to pay a penny to Penske since I was defrauded


----------



## LastGenerationHumanDriver

This program was a good deal for drivers who were more than full time when it was a lease program with Unlimited miles -- it's now a joke, nuff said.


----------



## dboogie2288

I have just a very general question. Uber and Lyft right now is just a huge house of cards. One that can fall at any given moment: see Las Vegas. Why would you want to put all your money and credit into a shitty loan that you might not even have an income for in 6-12 months?


----------



## RideshareGuru

Salthedriver said:


> Ok I have a lease that says 12K miles per year...I have the car 2 years and now have 73K miles on the car thanks to UBER and are going to be charge 15 cents per mile that i'm over....I'm screwed big time


I'm going to go out on a limb and say that one is YOUR fault buddy. You failed to keep tabs on your expenses.


----------



## RideshareGuru

yoursonlymine said:


> I have a lease and I love it I pay 200 a week and I think it's great I came from driving regular taxi . Do you know how much it is to lease a regular taxi hahahaha for me it's like a free car lol


With your taxi lease, they also paid all maintenance and repairs on the taxi plus commercial insurance. Uber charges you the $200/wk for the car, then 20% commission plus $1/ride, oh, and you still have to pay for maintenance and repairs, and must maintain your own personal policy on the vehicle. And you could have outright purchased the vehicle and saved at least $15k and driven for other companies as well. Still sound like a good deal?


----------



## painfreepc

dboogie2288 said:


> I have just a very general question. Uber and Lyft right now is just a huge house of cards. One that can fall at any given moment: see Las Vegas. Why would you want to put all your money and credit into a shitty loan that you might not even have an income for in 6-12 months?


Uber/Lyft is not the only way to make money with a nice new car, think outside the box.


----------



## RideshareGuru

painfreepc said:


> Uber/Lyft is not the only way to make money with a nice new car, think outside the box.


Ah, but if you read your lease, you can't even use the vehicle for personal use. Only for Ubering. Which begs the question, what happens if you get deactivated?


----------



## UL Driver SF

RideshareGuru said:


> With your taxi lease, they also paid all maintenance and repairs on the taxi plus commercial insurance. Uber charges you the $200/wk for the car, then 20% commission plus $1/ride, oh, and you still have to pay for maintenance and repairs, and must maintain your own personal policy on the vehicle. And you could have outright purchased the vehicle and saved at least $15k and driven for other companies as well. Still sound like a good deal?


Uh...no they didn't. All those things you mentioned are worked into the gate fee. They maybe writing the actual check but the driver is paying for all that.

What do you think that $3k a month cab drivers pay in SF goes to? Its not just pocket money.


----------



## UL Driver SF

RideshareGuru said:


> Ah, but if you read your lease, you can't even use the vehicle for personal use. Only for Ubering. Which begs the question, what happens if you get deactivated?


Does anyone have a copy of this lease that says uber only? I'm really surprised that hasn't shown up on the net like a bad rash.

Is über even listed anywhere on the lease?


----------



## prdelnik666

Salthedriver said:


> Ok I have a lease that says 12K miles per year...I have the car 2 years and now have 73K miles on the car thanks to UBER and are going to be charge 15 cents per mile that i'm over....I'm screwed big time


Why would you ever lease a car with 12k milage per year and uber with it? Of course you gonna get killed on the milage...


----------



## RideshareGuru

UL Driver SF said:


> Uh...no they didn't. All those things you mentioned are worked into the gate fee. They maybe writing the actual check but the driver is paying for all that.
> 
> What do you think that $3k a month cab drivers pay in SF goes to? Its not just pocket money.


As I said "with the lease fee", yeah, you're paying for it, but you know what the expenses are, and they may be more or less than the weekly lease payments on a week to week basis. If you lease from Santander, you are paying the costs directly as they occur. Plus, with a cab lease, you aren't locked into a 4-year deal, it is week to week. Net/net, if you lease a vehicle through Uber's program, you are paying more than you would with a traditional cab lease.


----------



## dboogie2288

RideshareGuru said:


> Ah, but if you read your lease, you can't even use the vehicle for personal use. Only for Ubering. Which begs the question, what happens if you get deactivated?


Jesus, it sounds like this lease is like making a deal with the devil himself. Are peoples' credit scores SO bad that they cant go get a malibu or something like that for <20k ???


----------



## DjTim

dboogie2288 said:


> Jesus, it sounds like this lease is like making a deal with the devil himself. Are peoples' credit scores SO bad that they cant go get a malibu or something like that for <20k ???


It's not so much the credit score as it is "high risk" leasing. If the person has an actual job that has a W2 or other verifiable income, most people can get an auto loan or high mileage lease. Because most of the people who would go for this "deal" don't have that or to your point bad credit, some just don't have the ability to get a lease/loan.

If they were really smart, they wouldn't do it.


----------



## dboogie2288

It sounds like this lease program is a trap to get you into thinking that you'll be making UBER money with uber. Which, from what I see, is quite the opposite. 

Just a 2 minute search for buy here pay here dealers w/ cars under 15 grand, and I found this reaosnably nice 2011 impala for 11k. 

*dammit i cant post a link.. grr*

and again, that's a buy here pay here lot. People need to think!


----------



## UL Driver SF

dboogie2288 said:


> Jesus, it sounds like this lease is like making a deal with the devil himself. Are peoples' credit scores SO bad that they cant go get a malibu or something like that for <20k ???


Yes. People who get these kind of rates usually have horrible credit. Some people have credit so bad that in order for the dealership to get them financed they have to get everything approved by the finance company. And these are not your typical finance companies. The SPECIFIC CAR....year make and model. How much they can be charged for the car. Interest rate and in some cases how much can be made on the car. If they can or can not buy an extended service contract. What the down has to be.

It sucks. The stress for these people is huge.


----------



## UL Driver SF

dboogie2288 said:


> It sounds like this lease program is a trap to get you into thinking that you'll be making UBER money with uber. Which, from what I see, is quite the opposite.
> 
> Just a 2 minute search for buy here pay here dealers w/ cars under 15 grand, and I found this reaosnably nice 2011 impala for 11k.
> 
> *dammit i cant post a link.. grr*
> 
> and again, that's a buy here pay here lot. People need to think!


$11k might seem like a good price but what is the interest rage and term? It's the over all picture that makes it a good or bad deal.


----------



## RideshareGuru

dboogie2288 said:


> Jesus, it sounds like this lease is like making a deal with the devil himself. Are peoples' credit scores SO bad that they cant go get a malibu or something like that for <20k ???


Ask painfreepc, he seems to love his fleece at $173/wk on a Fusion. A $26k MSRP vehicle that he is leasing for a total over $36k and could have bought outright at 15% financing for the same amount.


----------



## dboogie2288

UL Driver SF said:


> $11k might seem like a good price but what is the interest rage and term? It's the over all picture that makes it a good or bad deal.


I understad, my point here is that you can get a reasonably decent car to work for uber, that isnt brand new, and subject to 40k like one of the previous posts mentioned. At that point too, you're free from any sort of obligations, or limitations that uber has snuck into the leasing agreement.


----------



## DjTim

RideshareGuru said:


> Ask painfreepc, he seems to love his fleece at $173/wk on a Fusion. A $26k MSRP vehicle that he is leasing for a total over $36k and could have bought outright at 15% financing for the same amount.


ARE YOU SERIOUS about that $173 A WEEK? I'll lease my fusion to him for 10 dollars less a week and buy a new one. That's like 9K a year! I was paying $200 a month before I paid off my car and I thought that was crazy high.


----------



## painfreepc

dboogie2288 said:


> Jesus, it sounds like this lease is like making a deal with the devil himself. Are peoples' credit scores SO bad that they cant go get a malibu or something like that for <20k ???


You need to do the math, part time driver vs full time driver,
I am a full time driver 50 to 70 hours per week, I pay $173 a week for a 2015 ford fusion hybrid that gets me 40 mpg,
Even if I buy a cheaper car I would be paying the same or more after gas cost and repairs.


----------



## UL Driver SF

painfreepc said:


> You need to do the math, part time driver vs full time driver,
> I am a full time driver 50 to 70 hours per week, I pay $173 a week for a 2015 ford fusion hybrid that gets me 40 mpg,
> Even if I buy a cheaper car I would be paying the same or more after gas cost and repairs.


Can you do most of your own services and save extra money that way?


----------



## dboogie2288

painfreepc said:


> You need to do the math, part time driver vs full time driver,
> I am a full time driver 50 to 70 hours per week, I pay $173 a week for a 2015 ford fusion hybrid that gets me 40 mpg,
> Even if I buy a cheaper car I would be paying the same or more after gas cost and repairs.


Ok, so thats 700 dollars a month. Plus you pay all repairs, maintenance, tires, gas, the whole shebang. Not to mention the questionable uber insurance issues.

My 2013 taurus (which, admittedly is not a hybrid) is only 349/month. So why does paying double for a smaller car make sense?


----------



## RideshareGuru

DjTim said:


> ARE YOU SERIOUS about that $173 A WEEK? I'll lease my fusion to him for 10 dollars less a week and buy a new one. That's like 9K a year! I was paying $200 a month before I paid off my car and I thought that was crazy high.


Explain that one to him, he won't get it, probably why he's happy with his fleece.


----------



## DjTim

painfreepc said:


> You need to do the math, part time driver vs full time driver,
> I am a full time driver 50 to 70 hours per week, I pay $173 a week for a 2015 ford fusion hybrid that gets me 40 mpg,
> Even if I buy a cheaper car I would be paying the same or more after gas cost and repairs.


How long is the lease for? 36, 48, 60 or 72 months? or how many weeks is the lease?


----------



## painfreepc

DjTim said:


> ARE YOU SERIOUS about that $173 A WEEK? I'll lease my fusion to him for 10 dollars less a week and buy a new one. That's like 9K a year! I was paying $200 a month before I paid off my car and I thought that was crazy high.


Is it a hybrid, is it new, will i own it after 4 years, Not.


----------



## DjTim

painfreepc said:


> Is it a hybrid, is it new, will i own it after 4 years, Not.


I'm sorry for asking all the questions - I think this will actually help some folks understand the leasing option that Uber provides.

I just want to verify again, it's a 48 month lease basicly. You will have paid $173 a week for a total of 208 weeks. That comes out to be $35984. What was the total sticker price on the car, and if you don't mind telling us what taxes you also have, and was the tax due up front or was that also added into the lease?

Just for reference, I have a 2011 Ford Fusion SE (non-hybrid) with the 2.4 liter engine, 6 speed trans. My out the door price including tax and everything was $25490. The sticker price, or MSRP was $32500 with the options I had. I did put a portion down to keep the payments low, I cut a check for $12000 . I financed with my credit union $13500 for 60 months at zero percent financing, and that came out to $225.00 a month. I had the option to finance the full amount of $25490 and that would have been $425 a month, or if you look at 260 weeks, 97 dollars a week. If I were to work it out for 208 weeks or 48 months, it would still only be $122 a week.

Because I don't know your financial situation, maybe $173 a week is a good deal for you, but I just want other folks to know it's a high payment for some, and you may be able to get a lower price, lower finance option through a private lending source or a credit union.


----------



## dboogie2288

Sounds like you got a pretty decent deal. I'm sure when you have sub prime lenders involved, the customer is going to pay what the dealer says, and there's no negotiating. It stands to reason. If you dont have cash and/or decent credit to back your purchase, they are going to take you for everything.


----------



## grussauto

jeffdvargas said:


> If anyone has any suggestions on how I should handle this or a lawyer that works against uber or a way to get this out in the spotlight I'm in desperation mode right now anything is useful at this point.


You had the option of obtaining a copy of the background checks when they were ran. If you didn't get a copy ask for copies now and review the information.


----------



## UberJames

Wow... talk about getting bent over a ****ing barrel.


----------



## Uber-Doober

dboogie2288 said:


> I have just a very general question. Uber and Lyft right now is just a huge house of cards. One that can fall at any given moment: see Las Vegas. Why would you want to put all your money and credit into a shitty loan that you might not even have an income for in 6-12 months?


Haha... don't mention Las Vegas. 
Even though I've spent hours on this site reading all the crap you guys go through, it's still about the same anywhere you go where you are basically an owner-operator. 
There's this Honda dealer here in Vegas that has two really pristine 2010 Insights with low milse and the salesman tells me that the used Insight is a dog on the market and just this afternoon he told me that if I wanted to pay cash (which I said I did because even at my age my credit is lunched) I could offer just about anything over wholesale book and it's mine. 
I drove Town Cars for two of the major livery services here in town and have literally a couple of thousand names and addresses of locals and out of towners. 
But I don't think that I'm going to go for anything high-end because I'm over that, and low book on an Insight is still within the scope of my finances.
But, my GOD!!! The amount of the Uber lease? WHAT!!! It's like 150 years ago living in a railroad town where everybody had to buy from the company store at prices three times the norm and got paid off in tokens instead of American Dollars. 
I realize what it's like to not have credit because I'm there right now... but the interest and conditions are totally out of whack... particularly since you technically can't use the car for personal use, as stated somewhere on the Uber finance info pages.


----------



## LAuberX

Offer $1,000-$1,500 less than wholesale kbb, that is what most dealers pay on trade in.


----------



## UberBlackDriverLA

It's actually a 52 month lease. $1000 down plus 173 per week for 225 weeks. That's about $40,000. 

Uber on!


----------



## painfreepc

Uber-Doober said:


> There's this Honda dealer here in Vegas that has two really pristine 2010 Insights with low milse and the salesman tells me that the used Insight is a dog on the market and just this afternoon he told me that if I wanted to pay cash (which I said I did because even at my age my credit is lunched) I could offer just about anything over wholesale book and it's mine..


that's right people keep conpairing apples to oranges, if I had cash to buy a 2010 Honda insight clown car, I would not need uber lease-to-own.


----------



## painfreepc

UberBlackDriverLA said:


> It's actually a 52 month lease. $1000 down plus 173 per week for 225 weeks. That's about $40,000.
> 
> Uber on!


Thank you, I am ubering on, not saying uber lease-to-own is for everyone, but it works for me.


----------



## RideshareGuru

As Painfree continues to illustrate: the stupid shall be punished!


----------



## UberBlackDriverLA

painfreepc said:


> Thank you, I am ubering on, not saying uber lease-to-own is for everyone, but it works for me.


Of course it works for you now. Your car is new. What happens in 2 years and you are 60,ooo miles over the freebies and you are burned out from working 70 hours a week? Or what happens in 3 years when you are 90,000 miles over and your not so new car is now falling apart?

In between trips to the shop, Uber on!


----------



## painfreepc

UberBlackDriverLA said:


> Of course it works for you now. Your car is new. What happens in 2 years and you are 60,ooo miles over the freebies and you are burned out from working 70 hours a week? Or what happens in 3 years when you are 90,000 miles over and your not so new car is now falling apart?
> 
> In between trips to the shop, Uber on!


I did not burn out in 11 years of driving taxi and don't plan to burn out any time soon, car will not fall apart at 90k.


----------



## UberBlackDriverLA

painfreepc said:


> I did not burn out in 11 years of driving taxi and don't plan to burn out any time soon, car will not fall apart at 90k.


I agree, your car will fall apart after a little over a year when you hit 90000. But after 3 years of hard driving and 200,000 miles your car will be falling apart. And yes, its hard miles with lots of weight in the vehicle and city miles.

You have a mileage allowance of 40,000 miles per year so you will be about 90000 miles over after 3 years figuring 70k per year if you are driving as much as you claim. Potentially much more than that.

So your choice will be give the car back and pay the overage... Not realistic. Or keep the car the full 52 months and spend a fortune in maintenance the last 1/3 of your lease.

They love having you by your balls!! Congrats, you owe your soul to the company store.

Uber on!


----------



## painfreepc

What do you think a driver that owns his own car pays to a taxi company each week to have a yellow cab logo on his door.


----------



## RideshareGuru

painfreepc said:


> What do you think a driver that owns his own car pays to a taxi company each week to have a yellow cab logo on his door.


He never said that was smart either.


----------



## StephenJBlue

The last cab I had, I drove for 350,000 miles. Basic maintenance. Suspension mainly. No engine or transmission trouble. Ran synthetics. They make a tremendous difference on the lift of those parts.


----------



## painfreepc

RideshareGuru said:


> He never said that was smart either.


How the hell would you like it to work, you either lease a taxi for $400 to $700 per week or you bring you own car and pay around $250 to $400 per week.

You do have option in some cities to get a business license, a taxi permit and pay for your own commercial insurance.


----------



## RideshareGuru

painfreepc said:


> How the hell would you like it to work, you either lease a taxi for $400 to $700 per week or you bring you own car and pay around $250 to $400 per week.
> 
> You do have option in some cities to get a business license, a taxi permit and pay for your own commercial insurance.


An intelligent individual would see that there are many more profitable ways to make money. One other thing about a cab lease, it is week to week, you aren't committed to 52 months of indentured servitude.


----------



## UberHustla

The more I read, the worse I feel for people. Reminds me of when the car dealerships around military bases get the naive 18 year olds from Nowhere, Idaho and tell them 40% interest is a good deal. The car is usually repo'd a few months later destroying their credit


----------



## Uber-Doober

painfreepc said:


> What do you think a driver that owns his own car pays to a taxi company each week to have a yellow cab logo on his door.


Uhhhh... $700.00 / wk. flat fee for owner-operators at the shuttle company that I was with in L.A. 
Plus, the big ass engine Dodge vans got a max of 12 mpg combined driving. 
Plus, the transponder on the roof dingd me $5.00 every time I went drove into the arrivals level. 
Plus, the company would not let me make more than two loops through arrivals even if I was 100 feet away from terminal one with pax going to my area... and also the time limit in arrivals was 20 mins (I think) so it was two loops or 20 mins whatever came first.


----------



## newsboy559

painfreepc said:


> I did not burn out in 11 years of driving taxi and don't plan to burn out any time soon, car will not fall apart at 90k.


Uhh... driving taxi service is quite different than normal personal driving. I'd put money on a wager saying your car will, in fact, be falling apart at 90,000 miles... if it's not already at the salvage yard by then.


----------

