# Uber Used car financing



## UberRyan (Oct 8, 2014)

Ok so I know Uber / Santander's lease to own program is evil , but Uber is now offering financing on used cars. 

I can't find any information / experiences with this online. , has anyone here used it that would like to share the details?


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## Bart McCoy (Nov 4, 2014)

no, but ive heard you pay very high prices with their financing program


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## grUBBER (Sep 11, 2014)

They probably repo a lot of cars from the lucky uber drivers and don't know what to do with those used cars


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## UberRyan (Oct 8, 2014)

Of course., once repo'd , they can re-sell yet again


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## Jens Anthony (Oct 19, 2014)

UberRyan said:


> Of course., once repo'd , they can re-sell yet again


Cha Ching bada bing, wash rinse repeat! Lol!


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## Schulz (Nov 25, 2014)

Good post, OP. I checked and am pleased to see UBER is now offering financing on new and used cars. This looks like a better deal than the Uber Lease program, because the interest rate that you get will be based on your credit score (according to my understanding) and your job is Uber, so if you are unemployed or an IC (like me) you don't have to prove your income. This is from UBER Chicago -- http://www.uberpartnerschicago.com/vehicle-financing/
"NEW AND USED VEHICLES (UBER-X ONLY)"
"APR DETERMINED BY CREDIT SCORE"
"DOWN PAYMENT DETERMINED BY CREDIT SCORE (4% - 10% OF VEHICLE)"
"UP TO 48 MONTH LOAN (CAN BE SHORTER) WITH IMMEDIATE OWNERSHIP)"
"PAYMENTS ARE DUE WEEKLY AND COME DIRECTLY FROM UBER EARNINGS"

All I need to know now is: What if your weekly payment isn't covered by your UBER earnings? How do you make up the shortfall? How do they collect from you bank account if there is a shortfall? Do you write the note-holder a personal check to cover a shortfall (Because you might not make enough in a week with UBER to make the weekly payment). And what if you are fired by UBER or quit UBER--how do they handle the remaining payments? Weekly? Monthly (better)?

Also, I'd say that from the looks of this program, if you have a good credit score like I do, but have difficulty proving steady income because you are an Independent Contractor (like I am) then driving for UBER satisfies the lender, you don't need a regular pay check or check stubs to prove income, and if you can get a fuel efficient 2014 used vehicle and avoid the depreciation hit, this might not be a bad deal.

But I could be wrong. Anyone else know more?


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## Jay2dresq (Oct 1, 2014)

UberRyan said:


> Of course., once repo'd , they can re-sell yet again


That's how the "Buy Here, Pay Here" "Everyone's Approved" "Your Job Is Your Credit" dealers make a profit. A news program did a report on dealers like that a couple years ago and after running VIN searches on a few cars on the lots, the reporter found out that several cars had been sold by the same dealer multiple times. In one instance they found a vehicle that was sold by the same dealer 8 times in less than 2 years.


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## painfreepc (Jul 17, 2014)

Schulz said:


> Good post, OP. I checked and am pleased to see UBER is now offering financing on new and used cars. This looks like a better deal than the Uber Lease program, because the interest rate that you get will be based on your credit score (according to my understanding) and your job is Uber, so if you are unemployed or an IC (like me) you don't have to prove your income. This is from UBER Chicago -- http://www.uberpartnerschicago.com/vehicle-financing/
> "NEW AND USED VEHICLES (UBER-X ONLY)"
> "APR DETERMINED BY CREDIT SCORE"
> "DOWN PAYMENT DETERMINED BY CREDIT SCORE (4% - 10% OF VEHICLE)"
> ...


I can answer a small part of your question,
I am in the LA market, I did not work hard thanksgiving week, I only did $94 + $78 on uber, about $160 on lyft and $90 on sidecar, my payment is $173 weekly, late Sunday night (right before midnight) santander takes the lease money, they removed the entire $94, the money I made $78 before 4am Monday, santander did not take, so that $78 was deposited in to my bank account, the following week santander removed the remaining $79 still owned from the week before plus the $173, you have 10 days grace before they hit you with late fees.


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## Schulz (Nov 25, 2014)

The three car dealerships UBER referred me to are three of the largest and most legit dealerships in the city. Ford, Chevy and Toyota dealerships.
If as UBER says the interest rate is based on your credit score, and driving for UBER is your job, why would the dealer charge a higher interest rate if your credit score is above 720, than they would for a non-UBER customer who has the same credit score?
I admit I don't know much about it all, and thanks to the comments on this board I already eliminated the UBER lease as an option.

There is one question that I have never found an answer for:
If you have an UBER loan (not lease) then are fired by UBER, how do you make payments on the vehicle, now that the payment isn't deducted weekly from the UBER account?


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