# Lease-to Own, Can i make money in LA, Am i Crazy



## painfreepc

my credit is very bad so i am going to use the uber lease-to-own program to lease a
*Toyota Camry Hybrid LE* @ $180 per week for 52 months,
my car insurance will be a little high about $160 - $180 per month, a point will come off my driver license
at end of August, so will get insurance a little cheaper,

i live in fontana ca (san bernardino ca), but i plan to do most of my driving in LA,

*i will work 60 to 70 hours a week, all day and all night fri and sat, only off tue or wed:*

so am am looking at $220 a week for the car and insurance and another $160 to $200 for gas each week,
thats $380 to $420 per week to run my car not including other cost to keep a car running well.

Am i crazy if i do this, can i make money in Los Angeles


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## grams777

That looks like a very bad idea and a terrible car deal. You'll be paying about 40k in total for a car that should only cost at most 30k (25k before taxes, financing, etc). I would only recommend doing UberX if you already have the car or would have got the car anyway. Unfortunately this is not something reliable enough to approach in the manner you have discussed. Any one of a number of things can happen at a moments notice which prevent you from driving or cause your earnings to nosedive. Then you're stuck with all that money lost.


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## painfreepc

grams777 said:


> You'll be paying about 40k in total for a car that should only cost at most 30k (25k before taxes, financing, etc).


 The *Toyota Camry Hybrid LE is $*26.330, i plan to work hard getting my credit score up for the next 12 - 18 months,
at that point in time i will give back the car and buy at a cheaper rate.


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## grams777

painfreepc said:


> The *Toyota Camry Hybrid LE is $*26.330, i plan to work hard getting my credit score up for the next 12 - 18 months,
> at that point in time i will give back the car and buy at a cheaper rate.


Leases don't generally work like that. Terminating a lease is usually very expensive. Regardless, it's still usually a bad idea to buy a car for the express purpose of doing UberX .


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## painfreepc

grams777 said:


> Leases don't generally work like that .


The Uber Lease Works Like That.. it's just a very small fee to give it back or pay the 52 months
and buy it for a $1.00 at end of lease


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## grams777

painfreepc said:


> The Uber Lease Works Like That.. it's just a very small fee to give it back or pay the 52 months
> and buy it for a $1.00 at end of lease


I see. The problems still would be your still paying about $450 per month too much over a dealer lease. I've been quoted a new Camry hybrid (good car choice I think) lease at under $300 per month with little down. So, the high termination cost is sort of built in, or paid as you go. It's really a lot of money to sink into a gig like this. Many struggle just to clear $10 per hour after all expenses on an existing car. And the more hours you work, the harder it is to have a high hourly rate. Is easier to make some higher hourly rates for perhaps up to 20 prime hours a week. Going to 30+ hours it gets much harder. I've done it here, and you may have to triple your hours just to double your fares.


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## painfreepc

grams777 said:


> I see. The problems still would be your still paying about $450 per month too much over a dealer lease. I've been quoted a new Camry hybrid (good car choice I think) lease at under $300 per month with little down.


you're comparing apples to oranges,
a $300 or less car lease for a Camry hybrid with little down is for someone 750+ credit score and will only allow 10k to 12k miles per year and a full cost buy out at end of lease.

The uber lease-to-own has no credit check, unlimited miles, buy car for $1 at end of lease, and you have option to walk away from from the lease at any time for a small fee.

here's some info, source: http://uber.santanderconsumerusa.com/frequently-asked-questions/

*Lease-to-own Specific Questions*
*How many miles can I drive?*
The lease is an unlimited-mile program with *expected use of 40,000 miles per year. *See your contract for details.
*Why do I need insurance?*
We require you to have a certain amount of insurance to protect yourself, as well as SCUSA, in the event of an accident or if the vehicle is damaged or stolen. Refer to your lease agreement or call for details.
*Who is the vehicle registered and titled to?*
As in a traditional lease, you will be the registered owner of the vehicle and SCUSA will be the lessor.
*When will my first payment be due?*
The first payment will be withheld on the Friday following your first full week driving on the Uber platform.
*How much is the upfront payment?*
The upfront payment due at signing is $2,000, which represents a $1,000 capital cost reduction and a $1,000 security deposit.

You can put as low as $1,000 down at the dealership. The shortfall will be charged to you in the form of a fee and will be prorated for the next 52 weeks to be paid in addition to your monthly payment.
In years three and four of your contract, we will begin giving your security deposit back in the form of a credit to your weekly payments.
*How much will it cost me to buy the car at the end of the term?*
The vehicle purchase price at the end of the lease term is $1 plus applicable state taxes, title and registration fees.
*How much of my $1,000 security deposit will I get back?*
At the end of the lease term, you will receive the complete deposit amount less the following depending on whether the vehicle is 1) purchased or 2) returned.
*Option 1Purchase*

$1 residual value amount
Unpaid fees or payments (if any)
*Option 2Return*

Lease return fee $595
Excessive wear and tear (if any)
Unpaid fees or payments (if any)
*If I return the vehicle prior to lease end, what is the lease termination fee?*
Turn in YearFee
1$1,000
2$750
3$500
4$250


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## grams777

Regardless of the financing terms, my main point is it's a bad idea to get a car if you don't have one already. I pay $300 a month regardless if I drive for Uber/lyft. I had this car before I ever considered it. I will buy out the car for the same price regardless. I pay $50 a month for insurance regardless. The only extra to me is loss of value due to miles should I sell it. To start with UberX with an incremental monthly cost increase of $800 per month + insurance (almost $1k per month total) that you did not have before is a very bad idea. There is no security to this gig whatsoever. If anything, it is best geared toward using something that you already have. The net pay is generally very low. You will be competing against drivers who have much less overhead and will work for much less.

Now, if this were like a halfway normal, consistent, dependable business that would be completely different. If Uber gave priority and higher pay to people like you with experience and a nice new car, that could be different. Instead, they are in a furious race to the bottom to make fares cheaper than owning a car. Look at all the rate cuts still going on. We're closing in on half the fares of cabs in many areas. Only those with the lowest incremental costs are likely to get by in this environment.

Uber may saturate your area with drivers, you can get rated out, you may be accused of something, you can get in an accident, you can get one wrong ticket, etc. This is happening in my market. The hours and pay I could once obtain just a few months ago are nowhere near that now. Frankly, I don't even drive much anymore. It's rarely even worth my time. I'd likely do better as a $10 per hour shuttle driver.

See also similar reddit discussions:

__
https://www.reddit.com/r/uberdrivers/comments/292stt


__
https://www.reddit.com/r/uberdrivers/comments/236tst

Also mostly pretty scathing reviews of Santander:
http://www.consumeraffairs.com/finance/santander.html
http://santander-consumer.pissedconsumer.com
https://www.creditkarma.com/reviews/banking/single/id/santander-bank
http://www.yelp.com/biz/santander-consumer-usa-fort-worth
http://www.ripoffreport.com/reports/directory/santander


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## ElectroFuzz

Hold on now....
**expected use of 40,000 miles per year. *See your contract for details.*

San Bernardino to Downtown LA is 60miles
Back and forth every day 60x2=120miles
5 days a week 120x5=600 miles
52 weeks a year 600x52=31,200 miles
That's *31,200 miles* just to get to work!

I do this part time here in Phoenix and according to my calculations I will probably
hit 60,000 miles in a year.

It just doesn't add up.

Ask and see what happens if you put 80,000 miles a year on the lease
then you can make an educated calculation.


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## grams777

ElectroFuzz said:


> Hold on now....
> **expected use of 40,000 miles per year. *See your contract for details.*
> 
> San Bernardino to Downtown LA is 60miles
> Back and forth every day 60x2=120miles
> 5 days a week 120x5=600 miles
> 52 weeks a year 600x52=31,200 miles
> That's *31,200 miles* just to get to work!
> 
> I do this part time here in Phoenix and according to my calculations I will probably
> hit 60,000 miles in a year.
> 
> It just doesn't add up.
> 
> Ask and see what happens if you put 80,000 miles a year on the lease
> then you can make an educated calculation.


Good point. When I drove 60+ hours a week. I was running through miles at what would be close to a rate of 100,000 miles per year. It was somewhere around 5,000 miles every 2-3 weeks. 300+ miles a day or so is easy to put on. Driver saturation can also lead to more miles as you may have to try to get away from or maneuver within the pack more to get a ride.

So if that lease is based on 40k miles per year, that's 60k miles allowed after 1 1/2 years. If you put on 150k miles in that time, that's 90k miles over the limit. That's assuming a mileage penalty for terminating early as indicated in the 2 page attachment at the bottom of of the post. If so, assume 20 cents per mile x 90,000 miles = $18k extra to terminate early? Then basically you would have to see the lease through to the end. You couldn't realistically roll out of it to a better rate.










Also see this for another cost perspective including a Santander lease:
http://valleywag.gawker.com/beautiful-illusions-the-economics-of-uberx-1589509520

And some similar program details here from Atlanta (see attached):


http://imgur.com/bLWmF


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## Dave P

ElectroFuzz said:


> Hold on now....
> **expected use of 40,000 miles per year. *See your contract for details.*
> 
> San Bernardino to Downtown LA is 60miles
> Back and forth every day 60x2=120miles
> 5 days a week 120x5=600 miles
> 52 weeks a year 600x52=31,200 miles
> That's *31,200 miles* just to get to work!
> 
> I do this part time here in Phoenix and according to my calculations I will probably
> hit 60,000 miles in a year.
> 
> It just doesn't add up.
> 
> Ask and see what happens if you put 80,000 miles a year on the lease
> then you can make an educated calculation.


You might do better to rent secure parking in LA and drive a cheap car back and forth.


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## uberlady

I looked into the Santander lease deal. It is HORRIBLE. No way, José.


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## LAuberX

Anytime I light up the customer/rider app I see TONS of Uber cars. I drive in L.A. and the time between pings just keeps getting longer, it now takes 10 hours to make what I did in 6 a few months ago.

if you MUST buy a car to do uber, what about a place like Drivetime that finances those with low credit scores?

Paying 15% interest (I have no idea what high risk interest really is, just an example) on a $10,000. car that will do Uber is better than a $40,000 dollar car any day.

price per mile is what counts. .20 per mile over 37,500 mi/year I did not know about, Livery use full time I can see you doing 60,000 mi/year easy.

The Taxi cabs in Los Angeles are all Salvage title used cars for a reason, low cost.


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## Art71

I still believe Uber Lease to own is a pretty smart deal. {2015 Chrysler 200 MSRP starting at$22,000} Small amount down, aprox $119/week totals about $25,000 . Three thousand in interest about $3,000 for four and half years compared to paying on a car for 72 months, to keep payment reasonable. Even low interest your still paying a set amount for two years longer. And traditional financing, I am pretty sure you can only deduct interest on the finance charge, unlike lease payment.

*If I return the vehicle prior to lease end, what is the lease termination fee?*
Turn in YearFee
1$1,000
2$750
3$500
4$250
This seems better then trying to sell a two year old car with 100,000 miles on it with a bad smells in it when you still owe $18,000

I see more positives then negatives.

But I am still researching other avenues and boulevards.


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## ktownla213

From the same post where the information sheet was posted.


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## grams777

ktownla213 said:


> From the same post where the information sheet was posted.


I wonder if this also applies if you early terminate. Or is it just so you dont have to pay .20 cents per mile extra upfront. Leases can be complicated matters. I think you'd need to carefully look over an actual contract. Somehow I doubt you could run up 200k miles in two years (causing $20k of depreciation) and then turn it in early for just a small amount. If you could, it might be ok, assuming you actually could get that much work from uber for two years. Hopefully you don't get deactivated and have to fight for deactivation like this guy:
http://uberdriverdiaries.com/diarie...-uber-cheating-drivers-on-ride-incentives-/p1

Still, the actual details of financing is just a side issue to the problem of over committing to this volatile gig.


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## The LAwnmower

If you are going to do it you gotta drive for Lyft too. Maximize your time. You can make over $1000-$1700 week driving for both working 50+ hours week. You have to work every Fri-Sat night from 8pm-3am to get any surge pricing. Usually if I drive about 100miles logged onto the app I will make about $125 bucks. If you want to make $1500 a week you will be driving about 1250 miles for that week not including your commute.
I understand about your credit so you are somewhat limited on your options for a car. The ideal car would be a 2010 Prius with 70k miles that you buy semi cheap and burn it into the ground with the miles.


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## vtexposfan

I took over the last 7 months of somebody else's lease after perusing CL and I use that to drive Uber. I know how aggressively Uber hires drivers, and at 4.57, I'm alright, but it's not guaranteed work.

That's why I didn't buy a car just to do this 20 hours a week. Check out swapalease.com. Find somebody who didn't use many miles relative to the remaining time left on the lease. I took a 2011 Rav4 with 18,500 miles and 7 months left. That's a ****ton of free miles. I won't get anywhere near the maximum 45,000, and anything less than that is just a much sweeter deal when the lease ends in January and I can buy it for $14,000.


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## painfreepc

i will call the dealer on monday and ask a few questions,
i need answers about the following

"The lease is an unlimited-mile program with *expected use of 40,000 miles per year. *See your contract for details."
and
*Option 2 Return*

"Excessive wear and tear (if any)"
it reads like unlimited miles is only unlimited if you keep car for the full 52 months,
so if return car in 12 to 18 months with 60k, 70k, 80k, 90k, or even 100k total miles,
are they going to ask for maybe $0.20 per mile overage, what about wear and tear?


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## Sydney Uber

The small print on these deals are almost impossible to decipher. They are a real trap for commercial vehicles. Which if you are driving four or five days a week builds up to the sort of milage that commercial vehicles carry out. If handing back the vehicle before the term expires they will ensure there are simply no scratches or wear marks that detract from its resale value and make you to rectify that. The other option to the Finance company is to simply shove it through the used car Auctions, and the difference between its sale price and what they would have gotten if you have completed your Finance term is what they will ask you for as a residual/ balloon payment.

Finance companies never let up and will chase you for that money, insuring your credit rating sits in the toilet for years to come.


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## grams777

painfreepc said:


> i will call the dealer on monday and ask a few questions,
> i need answers about the following
> 
> "The lease is an unlimited-mile program with *expected use of 40,000 miles per year. *See your contract for details."
> and
> *Option 2 Return*
> 
> "Excessive wear and tear (if any)"
> it reads like unlimited miles is only unlimited if you keep car for the full 52 months,
> so if return car in 12 to 18 months with 60k, 70k, 80k, 90k, or even 100k total miles,
> are they going to ask for maybe $0.20 per mile overage, what about wear and tear?


Good idea. It would be interesting to know. If it truly had unlimited miles for an early turn in, I could see how that could make this more lucrative.


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## Dave P

I don't think you're crazy at all. I think you're trying to create opportunity for yourself. I notice that you're a veteran taxi driver, which makes a big difference! Let me ask a few relevant questions here:
1. What were the terms of driving for a Taxi co? Were you leasing the cab and for how much? Did they provide insurance? How much were you working and clearing? Were you an employee, or were you self employed? I'm guessing your earnings were mostly cash. Without saying too much, were you paying many taxes as a cabbie?


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## Jeff212

Why not buy a cheap used car in excellent condition and drive it. It is easy to find a very clean used car to UberX in and provide great service to riders. Think about a 2010 civic, a used Nissan Versa.... Why everyone wants a new hybrid to drive into the ground blows me away, after a year or two making money on a used quality clean car would give you a better answer, hell.... Drive a used clean car for 6 months to see if buying a new car would work.


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## painfreepc

Dave P said:


> I don't think you're crazy at all. I think you're trying to create opportunity for yourself. I notice that you're a veteran taxi driver, which makes a big difference! Let me ask a few relevant questions here:
> 1. What were the terms of driving for a Taxi co? Were you leasing the cab and for how much? Did they provide insurance? How much were you working and clearing? Were you an employee, or were you self employed? I'm guessing your earnings were mostly cash. Without saying too much, were you paying many taxes as a cabbie?


in 2001 i worked for pomona yellow cab for 1 year, $100 a day and $0.10 per mile 5 to 6 days a week 5 am to 5pm,
yellow cab san bernardino ca and most other taxi companies i worked for was $500 to $550 per week for a 24/7 lease,
insurance included, taxi cab dispatcher payola for a good trip not included,

nearly all taxi drivers in the IE are independent contractors,
the fare meter is not recorded,

making more than $400 per week driving taxi in the IE is very hard,
paying taxes, i plead the 5th


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## Jeff212

I just checked out of curiosity... There are a good amount of Nissan Versa cars under 10k in very good shape.... Worth checking into, I know you said bad credit but maybe even find a 6k and under car to get started....


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## Dave P

Jeff212 said:


> I just checked out of curiosity... There are a good amount of Nissan Versa cars under 10k in very good shape.... Worth checking into, I know you said bad credit but maybe even find a 6k and under car to get started....


With Uber, you won't be able to claim the 5th. Every dime you make will be 1099'd. You should be able to deduct all expenses, including most of you lease payments ( I think). You will end up paying income tax plus an additional 15.3% self employment tax on your actual profit. This is in addition to any income tax, however, after deductions, this is manageable. That being said, I think you'd definitely come out better than driving a cab. The biggest worry would be getting deactivated after you've made such a big investment.


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## Sydney Uber

UBER - the friend of the Tax office....
"We don't pay tax, but we'll make sure drivers do! "


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## Dave P

Sydney, I have no idea what your complaint is here. Are you under the impression that Uber has any other choice but to issue a 1099? Why are so many of you so pessimistic and negative about the companies you choose to do business with? I'm a new driver and I've done my research and half of the stuff so many drivers like you complain about is not even within Ubers control. If you're so unhappy, why don't you turn in your iphone and deactivate your account. Nobody's forcing you into your car everyday.


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## Dave P

BTW, I have a 2006 Chevy Aveo that I bought from a private party for 3500 with 90k miles on it from Craigslist. It looks new and with the proper maintenance I should be able to get at least another 150k out of it. I'm just gonna Uberx it to death and then buy another car


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## Jeff212

Dave P said:


> BTW, I have a 2006 Chevy Aveo that I bought from a private party for 3500 with 90k miles on it from Craigslist. It looks new and with the proper maintenance I should be able to get at least another 150k out of it. I'm just gonna Uberx it to death and then buy another car


That's my thinking on what car to use, if your going to have to buy for this job, get a clean reliable "cheap" car and work like you would work any other tool for getting a job done.... My car is not new, it is my old commuter when I lived in the mountains and had a long drive, now it is my "cab" that is paid off and yes it has a lot of miles but I have cared for it well and it runs perfect. I am surprised when many of my rides are shocked I am driving a manual.... I never realized how many people had never been in a manual transmission vehicle before until I started this....


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## Sydney Uber

Dave P said:


> BTW, I have a 2006 Chevy Aveo that I bought from a private party for 3500 with 90k miles on it from Craigslist. It looks new and with the proper maintenance I should be able to get at least another 150k out of it. I'm just gonna Uberx it to death and then buy another car


Excellent purchase! Drive it into the ground over 3 years with $3500 capital cost. You'll be taking holidays in Fiji after that! Better still get a partner to be also nominated on Car ownership papers so they can help drive it into the ground.

I'm not saying to neglect it, pick its half-life and change some major items to "renew" it and get the most use at the tail end of its life on new componentry. Like springs and shocks all round - just toss 'em when half-life comes along. Go to a wrecking yard and get a newer back passenger seat. Get driver's seat repadded. Brake discs all round and calipers overhauled. The list goes on.


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## Sydney Uber

Dave P said:


> Sydney, I have no idea what your complaint is here. Are you under the impression that Uber has any other choice but to issue a 1099? Why are so many of you so pessimistic and negative about the companies you choose to do business with? I'm a new driver and I've done my research and half of the stuff so many drivers like you complain about is not even within Ubers control. If you're so unhappy, why don't you turn in your iphone and deactivate your account. Nobody's forcing you into your car everyday.


Just pointing out that big corporations with slippery offshore tax minimisation set ups and clever tax Attorney's pay so little percentage wise compared to workers and their Income tax


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## Dave P

Sydney Uber said:


> Just pointing out that big corporations with slippery offshore tax minimisation set ups and clever tax Attorney's pay so little percentage wise compared to workers and their Income tax


No doubt about that Sidney. We definitely see eye to eye in regards to effective corporate tax rates vs. individual income tax. You'll get no argument from me. Over the past 100 years, the burden of financing the government has shifted from Business to individuals and the pendulum now swings way too far to us then them. I thought you were singling out Uber though, that didn't make sense. Sorry if I misunderstood.


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## Dave P

Sydney Uber said:


> Excellent purchase! Drive it into the ground over 3 years with $3500 capital cost. You'll be taking holidays in Fiji after that! Better still get a partner to be also nominated on Car ownership papers so they can help drive it into the ground.
> 
> I'm not saying to neglect it, pick its half-life and change some major items to "renew" it and get the most use at the tail end of its life on new componentry. Like springs and shocks all round - just toss 'em when half-life comes along. Go to a wrecking yard and get a newer back passenger seat. Get driver's seat repadded. Brake discs all round and calipers overhauled. The list goes on.


Fluids, Tires, Brakes, and every 60k, a new timing belt/waterpump (the kit costs under $100 and the labor =$200) and this baby should earn me a 150k easy, before she's dead. (Pimpin' ain't easy) lol


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## Sydney Uber

painfreepc said:


> i am an 11 year taxi driver (2001 to 2012) in riverside and san bernardino ca, i am soon to be an uberx driver.
> 
> my credit is very bad so i am going to use the uber lease-to-own program to lease a
> *Toyota Camry Hybrid LE* @ $180 per week for 52 months,
> my car insurance will be a little high about $160 - $180 per month, a point will come off my driver license
> at end of August, so will get insurance a little cheaper,
> 
> i live in fontana ca (san bernardino ca), but i plan to do most of my driving in LA,
> 
> *i will work 60 to 70 hours a week, all day and all night fri and sat, only off tue or wed:*
> 
> so am am looking at $220 a week for the car and insurance and other $160 to $200 for gas each week,
> thats $380 to $420 per week to run my car not including other cost to keep a car running well.
> 
> Am i crazy if i do this, can i make money in Los Angeles


How about trying the Medallion Financial Corporation. They currently finance 1318 Medallions and Vehicles in the US. Looking at their balance sheet, its going south.

An approach from an experienced Cabbie wanting finance for a RideShare vehicle would certainly shake the the first few people you approach there - they wouldn't know what to do. But if you put a good business case up with your experience in Taxis behind them, they may wish to experiment and diversify.

The interest rates they offer range from 2.9% all the way to 12% for those who may be a higher risk I guess.

Don't take no from the 1st person, go over their heads and tell them that you will be doing them a favour by allowing them to look into the RideShare business, build a risk profile and profit from a new income stream.


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## Jeeves

painfreepc said:


> in 2001 i worked for pomona yellow cab for 1 year, $100 a day and $0.10 per mile 5 to 6 days a week 5 am to 5pm,
> yellow cab san bernardino ca and most other taxi companies i worked for was $500 to $550 per week for a 24/7 lease,
> insurance included, taxi cab dispatcher payola for a good trip not included,
> 
> nearly all taxi drivers in the IE are independent contractors,
> the fare meter is not recorded,
> 
> making more than $400 per week driving taxi in the IE is very hard,
> paying taxes, i plead the 5th


It sounds to me like UberX, even with a lousily priced least on a Camry could be a better situation for you than driving a taxi. As others have said the future is uncertain. However I would argue that the future of UberX in itself is likely. Worst case scenario rates my drive down to the area where you are still having a hard time making more then $400 a week. But at least you will have the flexibility that UberX provides.


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## LAuberX

this is from Uber, they think $530 GROSS per week in Charlotte, NC is good driver pay.

Subtract the Camry lease, gas and insurance and you will make far less then $400.00 per week, and Uber thinks that is great.

Have you seen the Uber / Lyft ads saying make "$35.00" per hour? here they are saying GROSS $13.25 and you should be happy!


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## grams777

LAuberX said:


> Have you seen the Uber / Lyft ads saying make "$35.00" per hour? here they are saying GROSS $13.25 and you should be happy!


I think the way the ads are worded are careful to say, up to $35 per hour. What they don't tell you is there may only be one hour in the week that is $35.

Or like this example:

https://uberpeople.net/threads/hourly-earnings-decline-after-three-months.1342/

Make up to $30 per hour! *

*Sunday morning from 2 am to 3 am.


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## LAuberX

I get the careful wording of when/if you can make $30+ per hour... Like when they said a "fully utilized" Uberx car should make $90,000.00 per year (that is when I signed up!)

Here it is in blue and Grey, $13.25 Gross is what Uber feels is adequate pay per hour Gross for it's non programmer "partners".

I can't wait for the email for the Los Angeles market saying here is your 20% pay cut, $1.00 safe ride fee and $10.00 weekly phone fee.

We KNOW it's coming.


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## veikveik

I would not do it.
Find a used 2007+ vehicle, finance it and run it until it stops.
With Uber you are one ****ed up ride away from deactivation, no freaking way I would dive 20+K into it.


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## Oc_DriverX

If $13.25/hr before expenses is what Uber thinks works, then I will be gone. I think the quality of their ride experience will disappear as well.


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## veikveik

Their primary goal now is to penetrate every major market and establish themselves.
And when they do, and taxis are gone, they can do anything they want.


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## grams777

veikveik said:


> Their primary goal now is to penetrate every major market and establish themselves.
> And when they do, and taxis are gone, they can do anything they want.


It looks like the same thing as when Home Depot, Walmart, etc. came in and replaced local businesses and funneled those profits to Wall Street. When this is all said and done, the profits once made by local taxi companies will be redirected across the country to the big boys. The only jobs left will be the bottom level for minimal wages.


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## Dave P

The guy already said he doesn't have adequate credit to finance. Everyone keeps telling him to by a used, late model car. The weekly payment on the Camry Hybrid is $171 with sales tax. The Camry will save him around 50% on fuel costs. He's driving 6 days a week. He should save 30% of the lease's cost on federal tax (Income tax + self employment tax). This means he's effectively paying $121 per week. He will probably save that in gas. THIS CAR IS ACTUALLY FREE! (LOL) This is not a bad BUSINESS deal at all. You can't compare this lease to buying a late model used car because he doesn't have the credit. You can't compare it to a traditional lease because the annual mileage would murder him. A 12 hour Friday would pay for this car and the rest of the week would be gravy. If I could commit to 5 days a week, I would take this deal myself. The only thing that pisses me off is that the in Dash GPS is not even an option on the LE model being offered. I wonder if that will change on 2015 models?


----------



## veikveik

grams777 said:


> It looks like the same thing as when Home Depot, Walmart, etc. came in and replaced local businesses and funneled those profits to Wall Street. When this is all said and done, the profits once made by local taxi companies will be redirected across the country to the big boys. The only jobs left will be the bottom level for minimal wages.


Local Taxis dont really stand a chance in this fight.


----------



## veikveik

Dave P said:


> The guy already said he doesn't have adequate credit to finance. Everyone keeps telling him to by a used, late model car. The monthly payment on the Camry Hybrid is $171 with sales tax. The Camry will save him around 50% on fuel costs. He's driving 6 days a week. He should save 30% of the lease's cost on federal tax (Income tax + self employment tax). This means he's effectively paying $121 per week. He will probably save that in gas. THIS CAR IS ACTUALLY FREE! (LOL) This is not a bad BUSINESS deal at all. You can't compare this lease to buying a late model used car because he doesn't have the credit. You can't compare it to a traditional lease because the annual mileage would murder him. A 12 hour Friday would pay for this car and the rest of the week would be gravy. If I could commit to 5 days a week, I would take this deal myself. The only thing that pisses me off is that the in Dash GPS is not even an option on the LE model being offered. I wonder if that will change on 2015 models?


Its still a risky thing to do. He can be deactivated over some bullshit, and end up owning 20K plus
VS
buying a 2007-2008 car for like 8-10K.

Just saying...


----------



## veikveik

Why do you need an indash GPS, when you can use an iphone with waze and up to the minute traffic, cop alerts, etc


----------



## painfreepc

veikveik said:


> Its still a risky thing to do. He can be deactivated over some bullshit, and end up owning 20K plus
> VS
> buying a 2007-2008 car for like 8-10K.
> 
> Just saying...


i have two in dash cams, one points outside front window the other points inside car with audio, i will be ready for bullshit.


----------



## painfreepc

veikveik said:


> I would not do it.
> Find a used 2007+ vehicle, finance it and run it until it stops.
> With Uber you are one ****ed up ride away from deactivation, no freaking way I would dive 20+K into it.


And just how long can use a 2007 used car on the uber system, how about the maintenance cost to keep this 2007 car running,

with my bad credit score and limited down payment, i would be looking at a $400+ monthly payment for a car that gets
20 to 24 mpg and may be can't use for uber 2 years from now.


----------



## Jeff212

I use a car that nada is less then 3k, runs perfect and has manual windows standard transmission and I rate 5 stars.... Never had anything but compliments on how nice my car is, how clean...... But if getting a new car works for you, go for it.. Get it, it is a risk and those who take them have lots to gain.... I am normally conservative on my risks and I know they have held me back in the past... If you have the confidence and it seems the work ethic I think it will work for you.... I know I ponder a new car weekly.... I am just hesitant which holds me back most of the time....


----------



## Dave P

painfreepc said:


> And just how long can use a 2007 used car on the uber system, how about the maintenance cost to keep this 2007 car running,
> 
> with my bad credit score and limited down payment, i would be looking at a $400+ monthly payment for a car that gets
> 20 to 24 mpg and may be can't use for uber 2 years from now.


Exactly Dude, the Camry lease is a smarter option. The only risk, as has been stated, is that you are at the mercy of Uber's deactivation policy, which at the moment has no recourse for the driver. There is no due process afforded drivers. Still, I don't think it's a huge risk.


----------



## Bully

He said he'll be using a dash cam, guy seems smart enough to know what he wants. Buddy, just make sure that whoever you lease the car from REPORTS TO THE BUREAUS! That will help you fix your credit and refinance the car in the future.


----------



## Dave P

I forgot that the early turn in penalty is only $1000 or less. That pretty much eliminates the Uber deactivation worry.


----------



## painfreepc

Dave P said:


> I forgot that the early turn in penalty is only $1000 or less. That pretty much eliminates the Uber deactivation worry.


 i have been trying to contact the dealer in Cerritios, CA that is working with the uber lease-to-own,
i have a feeling the 40,000 unlimited miles is not unlimited if you return car before the 52 month lease.


----------



## Dave P

I don't think so. It's clearly an unlimited miles lease. The 40,000 expected use means that's what the lease costs are based on. That's why the payment is 3-4 times more than a traditional lease. What that means is that the vehicles values is expected to depreciate much faster. Usually, an unlimited mileage lease would include a balloon payment at the end of the lease. In this case, there isn't one. You own the car (well, you can buy it for $1 anyway). If the early termination fee allows you to turn the car in and get a newer model, for the cost of the ETF, that makes this an even better prospect.


----------



## painfreepc

Dave P said:


> I don't think so. It's clearly an unlimited miles lease. The 40,000 expected use means that's what the lease costs are based on. That's why the payment is 3-4 times more than a traditional lease. What that means is that the vehicles values is expected to depreciate much faster. Usually, an unlimited mileage lease would include a balloon payment at the end of the lease. In this case, there isn't one. You own the car (well, you can buy it for $1 anyway). If the early termination fee allows you to turn the car in and get a newer model, for the cost of the ETF, that makes this an even better prospect.


i think they assume that if you return lease car in lets say 24 months, that you will have used no more that 80,000 miles,
if you return car with 100,000 miles used, they may ask for money to cover the 20,000 mile extra depreciation.

the hours i drive, it may be more like 120k to 140k miles in two years.


----------



## LAuberX

I saw the Santander Terms before, i believe they allow only 37,500 mi per year in lease, and do charge .20 per mile over that if you turn the car in early.

Unless you buy the car, it could get expensive with the miles you are talking about.


----------



## mp775

There was a notice somewhere that the lease said 37,500 miles, but that the limitation was waived for Uber drivers. My question would be if that is still waived if your partnership is terminated during the lease.


----------



## veikveik

painfreepc said:


> And just how long can use a 2007 used car on the uber system, how about the maintenance cost to keep this 2007 car running,
> 
> with my bad credit score and limited down payment, i would be looking at a $400+ monthly payment for a car that gets
> 20 to 24 mpg and may be can't use for uber 2 years from now.


My 07 is paid for, and with the legal bullshit that local gov and states put up lately against Uber, I would not want any financial commitment of 20+ grand to drive for Uber.

I always tell folks two things - if you have a good, stable job - do not quit and go ubering full time. Money simply isnt that great.

and second - do not get into any financial commitment if you drive for uberX.

Its simply too risky.

But thats just me.


----------



## veikveik

And last thing - if you have never driven in a car for 60+ hrs a week, alteast try it for a few weeks.

Its not that ****ing easy, or exciting. It gets boring fast.


----------



## Dave P

veikveik said:


> And last thing - if you have never driven in a car for 60+ hrs a week, alteast try it for a few weeks.
> 
> Its not that ****ing easy, or exciting. It gets boring fast.


Dude, Why don't you read a thread before joining the discussion? It's so annoying


----------



## chi1cabby

uBerSUV_NYC said:


> He said he'll be using a dash cam, guy seems smart enough to know what he wants. Buddy, just make sure that whoever you lease the car from REPORTS TO THE BUREAUS! That will help you fix your credit and refinance the car in the future.


I attended the Uber/Santander lease/financing info session here in Chicago. They explicitly stated that this will not be reported to the credit bureaus since your credit profile is not even looked at for approval.


uBerSUV_NYC said:


> He said he'll be using a dash cam, guy seems smart enough to know what he wants. Buddy, just make sure that whoever you lease the car from REPORTS TO THE BUREAUS! That will help you fix your credit and refinance the car in the future.


----------



## grams777

chi1cabby said:


> I attended the Uber/Santander lease/financing info session here in Chicago. They explicitly stated that this will not be reported to the credit bureaus since your credit profile is not even looked at for approval.


Anything else of interest that they said?


----------



## Dave P

chi1cabby said:


> I attended the Uber/Santander lease/financing info session here in Chicago. They explicitly stated that this will not be reported to the credit bureaus since your credit profile is not even looked at for approval.


This is a good thing, because I'd hate to think what a 700 lease payment would do to my debt to income ratio. lol


----------



## chi1cabby

The thing that struck me the most was that the actual weekly payments were at least 25% higher than what Uber had quoted in their emails. And Uber is still sending out almost daily emails with lowball, misleading numbers! And you'll have to buy full coverage insurance b4 taking delivery of the vehicle.


----------



## LAuberX

Chi1cabby, do you remember how much they quoted for a Camry Hybrid lease?

Too remember there are 4.333 weeks in a month, so giving the payment "weekly" matches how we are paid, not how most leases are priced.

So it is the weekly payment X 4.333 to get the "monthly" cost.

Is tax included in the prices we see posted? Most leases are plus tax, then you have to pay registration every year too.


----------



## Dave P

http://uber.santanderconsumerusa.com/program-vehicles

Were they higher than the payment listed on this webpage? I know that there is sales tax on every lease payment, that should make the actual payment 7.75% higher. Were they more than that?


----------



## chi1cabby

Dave P said:


> This is a good thing, because I'd hate to think what a 700 lease payment would do to my debt to income ratio. lol


I have Capital One credit cards. CAP Capital One's app has a Credit Tracker feature. My credit score is 682, at the margin between what's considered good and what's considered a fair score. I'm looking to buy a used 2013/14 Ford C-max. So I plugged in my expected monthly payments for the car loan. And it made not an iota of difference in my score! Apparently a car loan monthly payment is not a factor in determining your credit score!


----------



## chi1cabby

I don't remember the exact amount, but did some rough calculation at that time. The total of payments was literally double the 2014 Toyota Camry Le Hybrid MSRP.
Uber finance rep that had flown in especially for this info session. I was looking for some assurance that Uber would give some consideration to the driver signing up for this program b4 deactivation if & when a false/capricious complaint was lodged by a rider. I got no such assurance from the Uber rep.


----------



## Jeff212

I was looking at the Cmax too..... It would be used for double duty for my graphics co too...... I am still hesitating on pulling the trigger, could get a nice section 179 deduction if I used only for my graphics business but it would be a great car for Ubering but I would lose the 179 deduction because it is not valid for livery vehicles use..... Hmmmm, so I will sit on the fence for a bit longer....


----------



## Dave P

chi1cabby said:


> I have Capital One credit cards. CAP Capital One's app has a Credit Tracker feature. My credit score is 682, at the margin between what's considered good and what's considered a fair score. I'm looking to buy a used 2013/14 Ford C-max. So I plugged in my expected monthly payments for the car loan. And it made not an iota of difference in my score! Apparently a car loan monthly payment is not a factor in determining your credit score!


How much would your payment be on the C-max? I doubt your anywhere near $700 a month. I'm one of those who think the lease's offered are not a bad deal, if you are planning to work 60 hours a week and buying a vehicle is not an option for you. I worked out the math and logic on leasing the Camry Hybrid i earlier in the thread. That vehicle, on the UberX platform very nearly pays for itself, assuming you are currently driving an average mpg gasoline vehicle that is paid off and you work 6 full days a week. Scroll up and find that post to see how I worked this out.


----------



## chi1cabby

Dave P said:


> How much would your payment be on the C-max? I doubt your anywhere near $700 a month. I'm one of those who think the lease's offered are not a bad deal, if you are planning to work 60 hours a week and buying a vehicle is not an option for you. I worked out the math and logic on leasing the Camry Hybrid i earlier in the thread. That vehicle, on the UberX platform very nearly pays for itself, assuming you are currently driving an average mpg gasoline vehicle that is paid off and you work 6 full days a week. Scroll up and find that post to see how I worked this out.


Obviously the exact payments would depend on the interest rate and other terms of the loan. But in my estimation $700 should cover the loan and the insurance payments.


----------



## Dave P

chi1cabby said:


> I don't remember the exact amount, but did some rough calculation at that time. The total of payments was literally double the 2014 Toyota Camry Le Hybrid MSRP.
> Uber finance rep that had flown in especially for this info session. I was looking for some assurance that Uber would give some consideration to the driver signing up for this program b4 deactivation if & when a false/capricious complaint was lodged by a rider. I got no such assurance from the Uber rep.


I considered that. The early turn in fees of $1000 first year, 750 second year, 500 third year, made this a manageable risk. You would definitely lose if you were deactivated and couldn't make it on Lyft alone, but it wouldn't be catastrophic.


----------



## Dave P

I also wanted to know if it was possible to pay the early turn in fee, say after 2 years and start a new lease on a newer model.


----------



## chi1cabby

I would advise drivers who live in states such as CA & IL where legislation requiring App On to App Off primary commercial livery insurance is pending to take that in consideration b4 of going to buy a car or lease one from Santander. Uber/Lyft will jack up their cut to cover that additional cost. 
I believe in IL, Gov Quinn has till 08/18/14 to either veto the bills, that were passed by legislature by overwhelming majority, or they become. law


----------



## Dave P

chi1cabby said:


> I would advise drivers who live in states such as CA & IL where legislation requiring App On to App Off primary commercial livery insurance is pending to take that in consideration b4 of going to buy a car or lease one from Santander. Uber/Lyft will jack up their cut to cover that additional cost.
> I believe in IL, Gov Quinn has till 08/18/14 to either veto the bills, that were passed by legislature by overwhelming majority, or they become. law


In California, Uber already provides app on app off primary insurance.


----------



## chi1cabby

Dave P said:


> I also wanted to know if it was possible to pay the early turn in fee, say after 2 years and start a new lease on a newer model.


I don't see why you wouldn't be able to do that...Terminate and pay the penalty, and sign a new lease. Santander is making their money in both transactions.


----------



## chi1cabby

Dave P said:


> In California, Uber already provides app on app off primary insurance.


Nope Dave! They supposedly provide PRIMARY insurance while you are on an Active ride. And they are so hush hush about it! If I was Uber I'd be highlighting this at every turn, but Uber wants to keep on skating with SECONDARY liability insurance in as many markets for as long as they can!


----------



## grams777

Dave P said:


> In California, Uber already provides app on app off primary insurance.


California UberX with driver app on is primary $1 mil unless waiting for a request outside of a public airport, then the lower and secondary insurance applies.


----------



## chi1cabby

grams777 said:


> California UberX with driver app on is primary $1 mil unless waiting for a request outside of a public airport, then the lower and secondary insurance applies.


This makes no sense whatsoever...esp the part about waiting outside airports. There are plenty of threads on this forum discussing "primary insurance". It is ONLY primary from the moment of accepting a ride to the moment of drop off. And when you are cruising for a ping, the driver's personal car insurance is primary, and Uber's is secondary.


----------



## grams777

chi1cabby said:


> This makes no sense whatsoever...esp the part about waiting outside airports. There are plenty of threads on this forum discussing "primary insurance". It is ONLY primary from the moment of accepting a ride to the moment of drop off. And when you are cruising for a ping, the driver's personal car insurance is primary, and Uber's is secondary.


What I said is what the policy states. See my previous post with the actual uber policy here:
https://uberpeople.net/threads/is-uber-insurance-now-primary.1184/page-2#post-13012

Coverage at public airports is higher than elsewhere. It actually makes sense because the airports want full primary coverage while on their grounds for the various permits. This is why uber added this part. Hence, the only time it is secondary and lower is while waiting for a ping when you are not on airport grounds (in California at least, perhaps other states).


----------



## chi1cabby

grams777 said:


> What I said is what the policy states. See my previous post with the actual uber policy here:
> https://uberpeople.net/threads/is-uber-insurance-now-primary.1184/page-2#post-13012
> 
> Coverage at public airports is higher than elsewhere. It actually makes sense because the airports want full primary coverage while on their grounds for the various permits. This is why uber added this part. Hence, the only time it is secondary and lower is while waiting for a ping when you are not on airport grounds.


Sorry Grams! Please re-read the entire thread. It is ONLY primary when on an Active ride.


----------



## grams777

chi1cabby said:


> Sorry Grams! Please re-read the entire thread. It is ONLY primary when on an Active ride.


That's not what the policy says. There is an exception on public airport grounds. Did you read the uber policy?


----------



## chi1cabby

From page 1 of


grams777 said:


> That's not what the policy says. There is an exception on public airport grounds. Did you read the uber policy?


From page 1 of the thread 
http://i.imgur.com/sUcww6j.png
Please re-read the part about "primary while on an Active ride". And never mind the higher coverage on airport grounds.


----------



## grams777

chi1cabby said:


> From page 1 of
> 
> From page 1 of the thread
> http://i.imgur.com/sUcww6j.png
> Please re-read the part about "primary while on an Active ride". And never mind the higher coverage on airport grounds.


That's the point I was making. What you said is true except on public airports, then it is different. This is the actual policy. There is a part a, b, and c. All three apply.


----------



## chi1cabby

grams777 said:


> That's the point I was making. What you said is true except on public airports, then it is different. This is the actual policy. There is a part a, b, and c. All three apply.
> 
> View attachment 643


Thanx Grams...sorry bout the confusion!


----------



## grams777

chi1cabby said:


> Thanx Grams...sorry bout the confusion!


That's ok. For some reason uber didn't bring attention to it. I didn't even know until I read it. One point might be, you have better coverage sitting at an airport.

You bring up a valid observation which I share. They are just doing what they were about to be forced to do by regulators. If they really cared, they would go primary with higher coverage during all aspects when the driver is logged in. As it is, drivers still have a significant insurance gap when in between rides. The argument that they don't know if you are driving for multiple companies could be addressed by pro rata type wording or superiority of claims in the policy. This is rather frequent in other lines of insurance and is not unheard of or that difficult to word. They just don't want the expense.


----------



## chi1cabby

Grams they will not get away without "App on" primary coverage. The insurance industry will not give up the fight in order to not subsidise ride-sharing on the backs of ordinary personal car insurance policy holders. And as far as multiple apps being on simultaneously, the companies can figure out the minutia...after all they are "tech companies", right?


----------



## Allaffair

I was considering the Santander option also just for these reasons.

: can get a late model Camry (gas savings) 2013/14 with little upfront money tied up
: can use the vehicle for both lyft and uber
: I thought it would keep working coming to you if payments are coming out of checks

I am wondering how well the last one will hold up though.


----------



## painfreepc

just found out, the weekly payments you make on your uber lease-to-own car, will not help your credit score.


----------



## UberXNinja

painfreepc said:


> just found out, the weekly payments you make on your uber lease-to-own car, will not help your credit score.


How's the leasing process going for you painfreepc. Think you'll be able to hit the road soon? Or did you get a deal-breaker from them?


----------



## SCdave

If you haven't already, send out Email to 5-10 Toyota Dealers asking about the Uber Promotion for Toyota Camry Hybrid. See what response is. Which dealers have experience with it or are interested in the program. Ask if you can stack whatever Uber Discount is with other promotions that are currently available. Ask if they can add an extended warranty.

Google Uber Driver Lease Program and this Sacramento Area Toyota Dealer came up. Good luck. Leases I've had in past always had Gap Insurance included. Make sure this program has it too.
http://www.rosevilletoyota.com/toyota/rosevilletoyota/uber


----------



## Kwame

You guys are putting some serious miles on your vehicle. How are you doing your taxes for business? Are you taking the mileage deduction the government is allowing for home based business use? I projected to drive 24,000 this year including going back in forth to my day job. $24,000 x $0.56 a miles = $13,552 in tax deductions x my tax bracket 25% = $3,388 added cash refund from Uncle Sam. I would post a link, but I need one more like to meet this forum minimums to post a link. Watch this video here.


----------



## painfreepc

The 40,000 unlimited miles, is not unlimited if you return the car before end if contract, you are only allowed 40,000 miles per year, overage is $0.25 per mile.

The mileage is not prorated, if you returned car in 12 months the limit is 40,000 miles, return car in 23 months the limit is still 40,000 miles, return car in 24 months the limit is 80,000 miles.

have questions, call santander consumer usa, @ 855-443-1994 this number is for the uber lease-to-own.

Have your uber ID number ready


----------



## Oscar Levant

painfreepc said:


> my credit is very bad so i am going to use the uber lease-to-own program to lease a
> *Toyota Camry Hybrid LE* @ $180 per week for 52 months,
> my car insurance will be a little high about $160 - $180 per month, a point will come off my driver license
> at end of August, so will get insurance a little cheaper,
> 
> i live in fontana ca (san bernardino ca), but i plan to do most of my driving in LA,
> 
> *i will work 60 to 70 hours a week, all day and all night fri and sat, only off tue or wed:*
> 
> so am am looking at $220 a week for the car and insurance and another $160 to $200 for gas each week,
> thats $380 to $420 per week to run my car not including other cost to keep a car running well.
> 
> Am i crazy if i do this, can i make money in Los Angeles


For me, personally, it would be a bad idea. I've driven those kinds of hours, in years past, and living life in a car gets real old, real quick.


----------



## DriverJ

painfreepc said:


> my credit is very bad so i am going to use the uber lease-to-own program to lease a
> *Toyota Camry Hybrid LE* @ $180 per week for 52 months,
> my car insurance will be a little high about $160 - $180 per month, a point will come off my driver license
> at end of August, so will get insurance a little cheaper,
> 
> i live in fontana ca (san bernardino ca), but i plan to do most of my driving in LA,
> 
> *i will work 60 to 70 hours a week, all day and all night fri and sat, only off tue or wed:*
> 
> so am am looking at $220 a week for the car and insurance and another $160 to $200 for gas each week,
> thats $380 to $420 per week to run my car not including other cost to keep a car running well.
> 
> Am i crazy if i do this, can i make money in Los Angeles


As long as you don't require food, shelter, clothing, medical care - any of that crap, you should be good to go.


----------



## UberGirl

Came across an article on twitter:

http://valleywag.gawker.com/beautiful-illusions-the-economics-of-uberx-1589509520


----------



## Oscar Levant

With these low rates, we are effectively not compensated for use of our cars.
In essence, Uber is stealing our cars to pay it's own overhead.

If you stole one dollar each from a million people, would you be any less of a criminal than if you stole one million bucks from one person?


----------



## SCdave

Oscar Levant said:


> With these low rates, we are effectively not compensated for use of our cars.
> In essence, Uber is stealing our cars to pay it's own overhead.
> 
> If you stole one dollar each from a million people, would you be any less of a criminal than if you stole one million bucks from one person?


Affirmative Oscar. Uber is using Driver Assets (Vehicle) to help finance growth. All of the investors know this. It is now becoming like a "PayDay Loan" for many drivers. You know, getting cash out now (of new vehicle) and paying for it later (depreciation).


----------



## UberPissed

Kwame said:


> You guys are putting some serious miles on your vehicle. How are you doing your taxes for business? Are you taking the mileage deduction the government is allowing for home based business use? I projected to drive 24,000 this year including going back in forth to my day job. $24,000 x $0.56 a miles = $13,552 in tax deductions x my tax bracket 25% = $3,388 added cash refund from Uncle Sam. I would post a link, but I need one more like to meet this forum minimums to post a link. Watch this video here.


You cannot deduct miles that are commuting.


----------



## uberdriver

SCdave said:


> Affirmative Oscar. Uber is using Driver Assets (Vehicle) to help finance growth. All of the investors know this. It is now becoming like a "PayDay Loan" for many drivers. You know, getting cash out now (of new vehicle) and paying for it later (depreciation).


Very well said. And as long as there will be new gullible people out there believing Uber propaganda to recruit them and not realizing the reality that you describe, Uber investors will be laughing all the way to the bank.


----------



## painfreepc

UPDATE:

my credit is not as bad as i thought, i have no charge offs, no repos, no bankruptcy, no evictions , last week i received my first credit card in 12 years, my credit score jumped from 483 to 598, today i applied for a auto loan at roadloans.com got approved for:

Basic Offer
Approval Amount $19,527
Monthly Payment $475
Annual Percentage Rate 26.29%
Term (in months) 72Months
*Minimum Down Payment $2,400
OR
Lowest Down Offer
Approval Amount $17,826
Monthly Payment $450
Annual Percentage Rate 26.29%
Term (in months) 72Months
*Minimum Down Payment $1,600
OR
Lowest APR
Approval Amount$ 23,842
Monthly Payment $438
Annual Percentage Rate 22.24%
Term (in months) 72Months
*Minimum Down Payment $6,500

yes it's a very high rates, i will wait about two months to see if i can get credit score to 640+
car i will try to buy is the honda fit


----------



## UberPissed

DONT!


----------



## UberPissed

I would find a job at Wal-Mart, save until you can find the least expensive vehicle that uber will allow you to drive for 2 years, stay working at your part time job, and then part time with uber. I only do it part time, I still enjoy the non-pay aspects of it, but it's a different story if you have a car payment due. Makes you a slave to uber. F that S.


----------



## driveLA

I did the uber lease-to-own program with a camry hybrid le. I also drive in LA.

I see a lot of people rag on the uber program. Yes the weekly rate is somewhat high but the lease has some advantages over a typical lease or even buying .

The miles are unlimited. I see the car as a business investment that I can also use for personal use. Every dime I put into it is a tax write off in the end.

I can turn in the car at any time. I really only see myself being interested in having the same car for 2 years or so. I don't mind paying the 800 or so fee it will cost to return the car by then. Which is dimes in comparison to what I would still owe on it. And then I will start the process all over again.

Again. It is a business investment. It is only a bad deal if you really plan on keeping a car after putting all kinds of wear and tear and I'm not interested in that whatsoever. 

Now as far as whether you will make money. I haven't had any problem whatsoever making enough to cover expenses and make a profit . I only go out 4 or 5 days out of the week. I am able to cover the weekly payment and more from one 8 to 12 hour shift. The rest of the week is profit. My insurance payment is 100 a month that is easily taken care of. The hybrid is so good on gas iI hardly consider gas a costly expense. I spend less on gas driving for both work and personal than I did my other vehicle only for personal use. 

So yes. In LA it is possible to make good profits with the uber lease-to-own program. But it's completely dependent on your work/hustle. If you're working those 60 hour weeks youll probably make more money than me even. I have been working less than 40 most weeks and have been doing ok for my needs/plans. 

Again this is strictly speaking on the LA area. I would imagine it's not a good deal in slower cities.


----------



## painfreepc

driveLA said:


> I did the uber lease-to-own program with a camry hybrid le. I also drive in LA.
> 
> I see a lot of people rag on the uber program. Yes the weekly rate is somewhat high but the lease has some advantages over a typical lease or even buying .
> 
> The miles are unlimited. I see the car as a business investment that I can also use for personal use. Every dime I put into it is a tax write off in the end.
> 
> I can turn in the car at any time. I really only see myself being interested in having the same car for 2 years or so. I don't mind paying the 800 or so fee it will cost to return the car by then. Which is dimes in comparison to what I would still owe on it. And then I will start the process all over again.
> 
> Again. It is a business investment. It is only a bad deal if you really plan on keeping a car after putting all kinds of wear and tear and I'm not interested in that whatsoever.
> 
> Now as far as whether you will make money. I haven't had any problem whatsoever making enough to cover expenses and make a profit . I only go out 4 or 5 days out of the week. I am able to cover the weekly payment and more from one 8 to 12 hour shift. The rest of the week is profit. My insurance payment is 100 a month that is easily taken care of. The hybrid is so good on gas iI hardly consider gas a costly expense. I spend less on gas driving for both work and personal than I did my other vehicle only for personal use.
> 
> So yes. In LA it is possible to make good profits with the uber lease-to-own program. But it's completely dependent on your work/hustle. If you're working those 60 hour weeks youll probably make more money than me even. I have been working less than 40 most weeks and have been doing ok for my needs/plans.
> 
> Again this is strictly speaking on the LA area. I would imagine it's not a good deal in slower cities.


If you return car before end of lease the mileage is not unlimited, you are capped at 40,000 miles per year, overage is $0.25 per mile.
the mileage limit is the only thing that may stop me from doing the uber lease-to-own, i am a full time driver, 60 to 72 somes times 84 hours per week, i will easy do 60k+ miles per year, if return car in 24 months with 120,000 miles, the mileage overage will cost $10.000


----------



## UberXNinja

driveLA said:


> I did the uber lease-to-own program with a camry hybrid le. I also drive in LA.
> 
> I see a lot of people rag on the uber program. Yes the weekly rate is somewhat high but the lease has some advantages over a typical lease or even buying .
> 
> The miles are unlimited. I see the car as a business investment that I can also use for personal use. Every dime I put into it is a tax write off in the end.
> 
> I can turn in the car at any time. I really only see myself being interested in having the same car for 2 years or so. I don't mind paying the 800 or so fee it will cost to return the car by then. Which is dimes in comparison to what I would still owe on it. And then I will start the process all over again.
> 
> Again. It is a business investment. It is only a bad deal if you really plan on keeping a car after putting all kinds of wear and tear and I'm not interested in that whatsoever.
> 
> Now as far as whether you will make money. I haven't had any problem whatsoever making enough to cover expenses and make a profit . I only go out 4 or 5 days out of the week. I am able to cover the weekly payment and more from one 8 to 12 hour shift. The rest of the week is profit. My insurance payment is 100 a month that is easily taken care of. The hybrid is so good on gas iI hardly consider gas a costly expense. I spend less on gas driving for both work and personal than I did my other vehicle only for personal use.
> 
> So yes. In LA it is possible to make good profits with the uber lease-to-own program. But it's completely dependent on your work/hustle. If you're working those 60 hour weeks youll probably make more money than me even. I have been working less than 40 most weeks and have been doing ok for my needs/plans.
> 
> Again this is strictly speaking on the LA area. I would imagine it's not a good deal in slower cities.


You must work for Uber. Or Santander. Is your name Travis?

Just kidding dude. This lease makes a lot of sense for some people who live in the real world and see this strictly from a business standpoint. There are some good aspects to it. Yes, the payments are high, but the tax write offs make up for that.

If you plan to sit at home in your underwear waiting for pings, and then reject 50% of them, don't get a new car for Uber. But if you really plan to work it, this is an option to consider.

Having said that, I hope nobody is making their decisions to lease or not lease, or even to drive for Uber, based on the stuff they read on these forums, because as informative and educational as it can be, the bull shit can get pretty deep sometimes.


----------



## driveLA

UberXNinja said:


> You must work for Uber. Or Santander. Is your name Travis?
> 
> Just kidding dude. This lease makes a lot of sense for some people who live in the real world and see this strictly from a business standpoint. There are some good aspects to it. Yes, the payments are high, but the tax write offs make up for that.
> 
> If you plan to sit at home in your underwear waiting for pings, and then reject 50% of them, don't get a new car for Uber. But if you really plan to work it, this is an option to consider.
> 
> Having said that, I hope nobody is making their decisions to lease or not lease, or even to drive for Uber, based on the stuff they read on these forums, because as informative and educational as it can be, the bull shit can get pretty deep sometimes.


Haha. Ya I've been reading these forums for over a month now since before I even decided to jump into uber and haven't really participated in the discussions much until now. I wanted to see what the work was like. There's a lot of misinformation and just overall bitterness from a lot of people on this site.

The lease program works fine for my particular situation and business plan. And I see it working for most anyone that just goes out and puts in his/her hours and plans instead of just aimlessly going about it. I did see myself making 1000 on one particular week where I was going extra hard but I opted to stay in those last few hours of the pay period and settled for 900 that week. More than enough to cover the car payment and whatever else.

So ya. Leasing can be profitable in LA or any other city that's relatively busy.


----------



## SCdave

painfreepc said:


> UPDATE:
> 
> my credit is not as bad as i thought, i have no charge offs, no repos, no bankruptcy, no evictions , last week i received my first credit card in 12 years, my credit score jumped from 483 to 598, today i applied for a auto loan at roadloans.com got approved for:
> 
> Basic Offer
> Approval Amount $19,527
> Monthly Payment $475
> Annual Percentage Rate 26.29%
> Term (in months) 72Months
> *Minimum Down Payment $2,400
> OR
> Lowest Down Offer
> Approval Amount $17,826
> Monthly Payment $450
> Annual Percentage Rate 26.29%
> Term (in months) 72Months
> *Minimum Down Payment $1,600
> OR
> Lowest APR
> Approval Amount$ 23,842
> Monthly Payment $438
> Annual Percentage Rate 22.24%
> Term (in months) 72Months
> *Minimum Down Payment $6,500
> 
> yes it's a very high rates, i will wait about two months to see if i can get credit score to 640+
> car i will try to buy is the honda fit


Not sure if this will work for you but worth a try. Find a few credit unions in your area. Walk in and talk about opening up an account. Let them know that one of your goals is to purchase a new vehicle (can or don't have to explain why you want it). Go over your background and how they can help you finance your new vehicle. In the long run, a Credit Union could be a great financial institution for you to consider. Good luck. I know you are putting a lot of thought into this.


----------



## driveLA

painfreepc said:


> If you return car before end of lease the mileage is not unlimited, you are capped at 40,000 miles per year, overage is $0.25 per mile.
> the mileage limit is the only thing that may stop me from doing the uber lease-to-own, i am a full time driver, 60 to 72 somes times 84 hours per week, i will easy do 60k+ miles per year, if return car in 24 months with 120,000 miles, the mileage overage will cost $10.000


I don't know where you got your info but the 40,000 number is not a cap. It's mearly "anticipated" mileage. Also my contract mentions nothing about being charged miles for turning in the car. There is however a 500 dollar administration fee in addition to the 1000 dollar fee that goes down by a couple hundred each year that you have had the vehicle.

To me the program is ideal for my long term plans.


----------



## SCdave

driveLA said:


> I don't know where you got your info but the 40,000 number is not a cap. It's mearly "anticipated" mileage. Also my contract mentions nothing about being charged miles for turning in the car. There is however a 500 dollar administration fee in addition to the 1000 dollar fee that goes down by a couple hundred each year that you have had the vehicle.
> 
> To me the program is ideal for my long term plans.


This isn't an argument but a suggestion. Call Santander and make sure you know all details about miles driven and turning in the vehicle prior to the end of the lease.

Let's say that you turn in the vehicle at the end of 2 years
a) There is an Early Termination Fee as you said, and
b) There is an Administration Fee

I can't see there not being a c) Mileage fee of 0.20-25 per mile driven over 80,000 miles like painfreepc pointed out.

So guessing but you need to make sure 100% how this applies (I haven't read contract or called Santander) but would expect:
1) No Mileage Fee if driven to end of 4 year lease with $1 buyout or turning it in.
2) No Mileage Fee if turned in for example at 2 years/48 months and under 80,000 miles.
2) Mileage fee added when turned in under early termination program and mileage is over "Anticipated Mileage". Then "Anticipated Miles" might be defined differently.

I've read contracts were the first time I don't get it. The 2nd time I "think" I do. And the 3rd time I'm confused again.

If you are happy you're 100% sure about this, great don't need to investigate further. If you aren't 100% sure, just better to ask for the exact costs of turning in the vehicle at the end of 2 years/48 months. Use an example with over 80,000 miles on the vehicle. If I want to terminate early at 48 months and I have 90,000 miles on the vehicle what will all the costs/fees be?

You would also be helping out others to clarify this point.


----------



## caspiy257

a couple of weeks ago I met a guy who signed the Uber's lease-to-own contract for Prius V: $ 220 / week for 52 monthes. But, unfortunately, his account has been deactivated due to low rating. Now he is trying to make money with Lyft


----------



## painfreepc

driveLA said:


> I don't know where you got your info but the 40,000 number is not a cap. It's mearly "anticipated" mileage. Also my contract mentions nothing about being charged miles for turning in the car. There is however a 500 dollar administration fee in addition to the 1000 dollar fee that goes down by a couple hundred each year that you have had the vehicle.
> 
> To me the program is ideal for my long term plans.


Go to the following sections of the uber lease-to-own contract:
section 1. k
section 1. l
section 2. f
section 5. f
section 8. a
section 8. c

Click to Download -> uber lease to own contract
or just call and have your uber id ready,
ask to email you the contract.

Santander Consumer Commercial Leasing Specialist
Office (855) 433-1994
Direct (214) 838-4917


----------



## UberLuxbod

veikveik said:


> And last thing - if you have never driven in a car for 60+ hrs a week, alteast try it for a few weeks.
> 
> Its not that ****ing easy, or exciting. It gets boring fast.


The OP was a Taxi driver for nearly 10yrs I thought.

So he likely understands fully what long driving hours is about

He just has no experience of UberX

At least that is how I have read it, though I have only skimmed the thread so may be totally wrong


----------



## painfreepc

driveLA said:


> I don't know where you got your info but the 40,000 number is not a cap. It's mearly "anticipated" mileage. Also my contract mentions nothing about being charged miles for turning in the car. There is however a 500 dollar administration fee in addition to the 1000 dollar fee that goes down by a couple hundred each year that you have had the vehicle.
> 
> To me the program is ideal for my long term plans.


 Still waiting for your reply.


----------



## painfreepc

driveLA said:


> I don't know where you got your info but the 40,000 number is not a cap. It's mearly "anticipated" mileage. Also my contract mentions nothing about being charged miles for turning in the car. There is however a 500 dollar administration fee in addition to the 1000 dollar fee that goes down by a couple hundred each year that you have had the vehicle.
> 
> To me the program is ideal for my long term plans.


Still waiting for your reply.


----------



## BillyJoeJimBob

OP, ever read internet forums (sometimes for 15 years or more) with no intention of ever signing up to comment, but then you read something so horrific that you feel compelled to try to save a fellow human being from making an astonishingly BAD decision? Such is the case with me and this thread. Please, for the love of every financial principle in existence, do yourself a huge favor and do not do this deal. For one thing, leasing a car, for any reason, is the worst way to acquire one. Even financing a car is a horrible thing for your long term financial health. But to LEASE a car, then turn around and beat the crap out of it by using it as a taxi has got to be one of the riskiest options out there. Maybe I've listened to Dave Ramsey for too long and sound like an A-hole, but that's not my intent. Have you ever checked the for sale by owner cars+trucks on craigslist? Over the years I've seen numerous low mileage sedans that are in near perfect condition for sale, owned by older folks how've either recently passed away or went to a nursing home. I'm talking about 5 to 10 year old Buick sedans, Crown Vics (or anything on the Ford Panther platform - Grand Marquis, Town Car) , Taurus's, Avalons, etc. Basically, old people cars. They won't get as good of milage as a hybrid, but the initial cost is a tiny, tiny fraction of what you will pay to get a new Hybrid Camry. Plus the insurance is cheaper. Plus the interest is cheaper because there isn't any if you save up a few months and pay cash. It would take many decades to make up the cost difference in fuel savings. Plus, the particular type of cars I mention tend to be reliable and are quite cheap to fix when they do break.

Again, I don't mean to sound harsh and I can tell that by the way you asked the question that you are a nice guy and just wanting opinions. I'd suggest checking out a blog called called Truth About Cars or car reliability aggregating site True Delta to get some inside information on which cars hit the sweet spot in terms of cost vs. dependability vs. cost of repairs when they do occur. Basically might want to stick with GM, Ford, Toyota, or Honda sedans or CUV's. Avoid the Germans/European manufactureres at all costs due to reliability and repair costs Avoid Chrysler products due to horrible reliability. Might be ok with a sedan from a smaller Japanese manufacturer like Subaru or Nissan or Mazda.

As for advice on financing, I'd suggest avoiding debt at all costs. Might check into Dave Ramsey if you've never listened to his radio show or read his books.

I know I'm going to get some flack for my opinions, but I'm a guy whose made many horrible mistakes both with finances and bad car purchases over the years and I just don't want to see someone else make some of the same dumb mistakes I've made if it can be prevented. Leasing a car is a bad idea. Driving an expensive car for Uber is a bad idea. Doing both at the same time is a horrible idea.


----------



## painfreepc

BillyJoeJimBob said:


> OP, ever read internet forums (sometimes for 15 years or more) with no intention of ever signing up to comment, but then you read something so horrific that you feel compelled to try to save a fellow human being from making an astonishingly BAD decision? Such is the case with me and this thread. Please, for the love of every financial principle in existence, do yourself a huge favor and do not do this deal. For one thing, leasing a car, for any reason, is the worst way to acquire one. Even financing a car is a horrible thing for your long term financial health. But to LEASE a car, then turn around and beat the crap out of it by using it as a taxi has got to be one of the riskiest options out there. Maybe I've listened to Dave Ramsey for too long and sound like an A-hole, but that's not my intent. Have you ever checked the for sale by owner cars+trucks on craigslist? Over the years I've seen numerous low mileage sedans that are in near perfect condition for sale, owned by older folks how've either recently passed away or went to a nursing home. I'm talking about 5 to 10 year old Buick sedans, Crown Vics (or anything on the Ford Panther platform - Grand Marquis, Town Car) , Taurus's, Avalons, etc. Basically, old people cars. They won't get as good of milage as a hybrid, but the initial cost is a tiny, tiny fraction of what you will pay to get a new Hybrid Camry. Plus the insurance is cheaper. Plus the interest is cheaper because there isn't any if you save up a few months and pay cash. It would take many decades to make up the cost difference in fuel savings. Plus, the particular type of cars I mention tend to be reliable and are quite cheap to fix when they do break.
> 
> Again, I don't mean to sound harsh and I can tell that by the way you asked the question that you are a nice guy and just wanting opinions. I'd suggest checking out a blog called called Truth About Cars or car reliability aggregating site True Delta to get some inside information on which cars hit the sweet spot in terms of cost vs. dependability vs. cost of repairs when they do occur. Basically might want to stick with GM, Ford, Toyota, or Honda sedans or CUV's. Avoid the Germans/European manufactureres at all costs due to reliability and repair costs Avoid Chrysler products due to horrible reliability. Might be ok with a sedan from a smaller Japanese manufacturer like Subaru or Nissan or Mazda.
> 
> As for advice on financing, I'd suggest avoiding debt at all costs. Might check into Dave Ramsey if you've never listened to his radio show or read his books.
> 
> I know I'm going to get some flack for my opinions, but I'm a guy whose made many horrible mistakes both with finances and bad car purchases over the years and I just don't want to see someone else make some of the same dumb mistakes I've made if it can be prevented. Leasing a car is a bad idea. Driving an expensive car for Uber is a bad idea. Doing both at the same time is a horrible idea.


Yes! Who said you could talk to me? Have I got something on my face, soldier?

Sorry, Edge of Tomorrow quote,
My fav movie right now,

I am not doing the uber lease, I have about $2500.00 right now, one of the things I am going is looking at cars on Craigslist.


----------



## BillyJoeJimBob

painfreepc said:


> Yes! Who said you could talk to me? Have I got something on my face, soldier?
> 
> Sorry, Edge of Tomorrow quote,
> My fav movie right now,
> 
> I am not doing the uber lease, I have about $2500.00 right now, one of the things I am going is looking at cars on Craigslist.


Very groovy, very groovy. (Easy Rider quote). Those craigslist deals pop up all the time too, just gotta have cash on hand and reply to their ad's as soon as you find a good deal to look into. If a car has been on craigslist for more than a couple days, its not a good enough deal or else someone would have bought it already.


----------



## ElectroFuzz

painfreepc said:


> UPDATE:
> 
> my credit is not as bad as i thought, i have no charge offs, no repos, no bankruptcy, no evictions , last week i received my first credit card in 12 years, my credit score jumped from 483 to 598, today i applied for a auto loan at roadloans.com got approved for:
> 
> Basic Offer
> Approval Amount $19,527
> Monthly Payment $475
> Annual Percentage Rate 26.29%
> Term (in months) 72Months
> *Minimum Down Payment $2,400
> OR
> Lowest Down Offer
> Approval Amount $17,826
> Monthly Payment $450
> Annual Percentage Rate 26.29%
> Term (in months) 72Months
> *Minimum Down Payment $1,600
> OR
> Lowest APR
> Approval Amount$ 23,842
> Monthly Payment $438
> Annual Percentage Rate 22.24%
> Term (in months) 72Months
> *Minimum Down Payment $6,500
> 
> yes it's a very high rates, i will wait about two months to see if i can get credit score to 640+
> car i will try to buy is the honda fit


These are horrible.
72months payments are really bad even at 3% APR
Not sure when it's OK for someone like you to jump in but these are definitely not it.


----------



## driveLA

painfreepc said:


> Still waiting for your reply.


i saw you post the same thing in that other thread and i replied thinking it was this thread. but ya. again. i don't see anything in the contract involving a 40000 cap or per mile charge that didn't involve other circumstances. any mention of the 40000 miles did not involve the part of the contract about ending the lease early outside of the 2 fees i've already mentioned. nor did i see that exact per mile charge you posted earlier.


----------



## ElectroFuzz

driveLA said:


> i saw you post the same thing in that other thread and i replied thinking it was this thread. but ya. again. i don't see anything in the contract involving a 40000 cap or per mile charge that didn't involve other circumstances. any mention of the 40000 miles did not involve the part of the contract about ending the lease early outside of the 2 fees i've already mentioned. nor did i see that exact per mile charge you posted earlier.


I have read a little here:
http://unitedtaxicabs.com/downloads/contract0000.pdf

Is this the one you signed?

If so not 0nly they can charge you they can do it at any time.
Section 5F also gives them the power to inspect your car at any time they wish.
Above anticipated milage or lack of maintenance gives them the power to repo the car.


----------



## driveLA

ya that is the contract at first glance. but i would like to you guys to point out where paying mileage comes in for turning in the car early sans any other circumstances.

as far as anything else why wouldn't you maintain the car?

that is part of being an independent contractor and it is a tax write-off. and any lease requires that you up keep the car anyway.

i doubt one would just run the car into the ground without getting maintenance done and repairs if they are trying to run a business.

im not worried about any of that.

anyway. im kinda done posting in this thread. im addressing the thread based on my experience and thats pretty much all there is to it. 

the contract has its pluses and minuses but all i am saying to address the question this thread poses, yes you can make money. i am doing it and am satisfied with the results.


----------



## painfreepc

ElectroFuzz said:


> I have read a little here:
> http://unitedtaxicabs.com/downloads/contract0000.pdf
> 
> Is this the one you signed?
> 
> If so not 0nly they can charge you they can do it at any time.
> Section 5F also gives them the power to inspect your car at any time they wish.
> Above anticipated milage or lack of maintenance gives them the power to repo the car.


Hay, *driveLA, that's why it says "anticipated milage"*

*do you really think you can put may be 100k miles or more on the car in two years and just walk away for a small fee, the hours i have done driving taxi, i can do 70k miles per year easy.*

*I still my do the uber lease, i have the total $2000 down, so that will lower my weekly payment, i know a few ways to get business without waiting for uber to spoon feed me.*


----------



## driveLA

painfreepc said:


> Hay, *driveLA, that's why it says "anticipated milage"*
> 
> *do you really think you can put may be 100k miles or more on the car in two years and just walk away for a small fee, the hours i have done driving taxi, i can do 70k miles per year easy.*


dude i answered your questions about the contract. what else do you want.

unless you can point out to me in the contract where you came up with that per mile figure or the 40000 being an actual cap without any other circumstances besides turning the car in early being involved im done here.

it takes money to make money and that all im doing and here to say. you need to call them and have them explain the contract to you more clearly because it seems your just going off what you think is going on and giving out that info like its whats real.


----------



## painfreepc

driveLA said:


> dude i answered your questions about the contract. what else do you want.
> 
> unless you can point out to me in the contract where you came up with that per mile figure or the 40000 being an actual cap without any other circumstances besides turning the car in early being involved im done here.
> 
> it takes money to make money and that all im doing and here to say. you need to call them and have them explain the contract to you more clearly because it seems your just going off what you think is going on and giving out that info like its whats real.


Number 1, i have called two times.
Number 2, we are talking about turning in the car early, i already know if you do the full 52 months you buy the car for $1 plus a few other fees.

*I still my do the uber lease, i have the total $2000 down, so that will lower my weekly payment, i know a few ways to get business without waiting for uber to spoon feed me, unless you have 750 to 850+ fico score (EXCELLENT CREDIT), the uber lease is not a bad deal.*

*the uber lease-to-own dealer near me will have 2015 toyota camry hybirds at end of this month.*


----------



## ElectroFuzz

driveLA said:


> dude i answered your questions about the contract. what else do you want.
> 
> unless you can point out to me in the contract where you came up with that per mile figure or the 40000 being an actual cap without any other circumstances besides turning the car in early being involved im done here.
> 
> it takes money to make money and that all im doing and here to say. you need to call them and have them explain the contract to you more clearly because it seems your just going off what you think is going on and giving out that info like its whats real.


We are just trying to help.
If you do more then 40,000 miles per year and you intend to turn it in early
be prepared because these guys are scum.


----------



## Stale

Hey who knows the interest rate for the santander uber lease


----------



## DriverJ

Stale said:


> Hey who knows the interest rate for the santander uber lease


I'm not really sure, but I bet it's a great deal!


----------



## uberdriver

DriverJ said:


> I'm not really sure, but I bet it's a great deal!


It's definitely a great deal. For Uber and for Santander. They screw the purchaser of the car royally.


----------



## Emmes

Never is a lease with Uber a good deal for the driver. 

Yes it takes money to make money but Uber isn't offering this deal to drivers with good credit. That should be your first red flag. 

Second should be you can't throw debt at a problem and expect to solve it.

Third .. ignore the advice and come back here when you're ass deep in debt for some "I told you so's".


----------



## scrurbscrud

DriverJ said:


> I'm not really sure, but I bet it's a great deal!


Come on now. You know newbies already have dollar signs in their eyes, have mostly false expectations and can't do high interest rate math.

Stop manipulating them....


----------



## Orlando_Driver

You get the car on lease, Uber drops rates ! Now your living in your car and have no life...


----------



## DriverJ

Orlando_Driver said:


> You get the car on lease, Uber drops rates ! Now your living in your car and have no life...


Exactly - I guess one good thing is you'd always be in 'the office' and working 24/7/365, making the big bucks. Shoot, you might be able to stay afloat a few months before they repo'd your car/home.


----------



## UberLuxbod

Since making the payments make no difference to your credit.

Then not paying it will make no difference either.

Just get a bloke with the right equipment to take all the miles off the day before the repossession.

And jusr service it yourself so there is no record of the mileage.


----------



## Emmes

UberLuxbod said:


> Since making the payments make no difference to your credit.
> 
> Then not paying it will make no difference either.
> 
> Just get a bloke with the right equipment to take all the miles off the day before the repossession.
> 
> And jusr service it yourself so there is no record of the mileage.


I hope you're not giving someone this advice and being serious.
Not only is what you're saying legally wrong, it's also morally
and ethically wrong as well.

Even if a lease won't help your credit, it will most certainly toss
it into the shitter if you don't pay the bill.


----------



## UberLuxbod

Emmes said:


> I hope you're not giving someone this advice and being serious.
> Not only is what you're saying legally wrong, it's also morally
> and ethically wrong as well.
> 
> Even if a lease won't help your credit, it will most certainly toss
> it into the shitter if you don't pay the bill.


Better advice than ways to twist Surge.

If making the payments doesn't improve your credit file then not paying will not affect it either.

QED.


----------



## UberLuxbod

In the Civilised World it is not illegal to adjust the mileage on a cars odometer.

It is only illegal to sell it and not disclose it.

If the vehicle concerned is repossessed then you have not sold it and are not in a position to disclose any material facts about the vehicle.

When the vehicle is sold on at auction it will be sold as seen and the mileage declared as not guaranteed.

Can only speak for the UK.

But feel free to want drivers to continue to be flogged to death by the grand Uber Machine on its path of World Domination.

Or is that Worldwide Exploitation?


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## UberLuxbod

Oh and whilst on the subject of right and wrong.

Is it right to get desperate people to sign up to long high interest leases than drop the rates therefore forcing these same people into working longer and longer hours?

I suspect that "Emmes" may well be a salaried member of the Uber family and not a driver, oops, silly me, I meant "Partner".


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## mp775

Enough of this "I disagree with you therefore you must be Travis himself" crap. If you have read any of Emmes' posts, including posts _in this thread_, you would know that's total BS.


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## mp775

UberLuxbod said:


> In the Civilised World it is not illegal to adjust the mileage on a cars odometer.
> 
> It is only illegal to sell it and not disclose it.


In the US, odometer tampering is a felony, sale or not. Regardless of technical legality, fraud is not OK in "the civilised world."


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## UberLuxbod

Then why did they post BS about the lease affecting your credit?

If not to spread that info on a public forum.

The fact is if paying the lease doesn't show on your credit file.

Then not paying won't either.

Obviously I can only go by how things work in the UK.

But can't see it working any differently in the US.

Unless it is legal to only update a persons credit file in a negative way in the US.

Which seems downright strange.

If I was working for Uber I would also not be all love and hugs towards Uber as that would surely give the game away.

But when a strategy is posted that may get one of those unlucky enough to sign up for a lease out of the deal without a huge debt it is all fire and brimstone.

Was it me that dropped UberX rates?

Did I introduce a service were the partners were only "technically" legal?


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## Johnny O

painfreepc said:


> my credit is very bad so i am going to use the uber lease-to-own program to lease a
> *Toyota Camry Hybrid LE* @ $180 per week for 52 months,
> my car insurance will be a little high about $160 - $180 per month, a point will come off my driver license
> at end of August, so will get insurance a little cheaper,
> 
> i live in fontana ca (san bernardino ca), but i plan to do most of my driving in LA,
> 
> *i will work 60 to 70 hours a week, all day and all night fri and sat, only off tue or wed:*
> 
> so am am looking at $220 a week for the car and insurance and another $160 to $200 for gas each week,
> thats $380 to $420 per week to run my car not including other cost to keep a car running well.
> 
> Am i crazy if i do this, can i make money in Los Angeles


Well, I have driven 43 hours so far this past week, have put on 590 miles, (dead miles included) and my net right now on the Uber invoice is $485.00 - minus my gas of $140.00 - (Drive a Buick LaCrosse) net is $345.00 so my hourly wage has been $8.02 - so I would venture to say NO, It's not worth it. I have had 3 ex Uber/Lyft drivers this weekend that told me about the good old days when there was an hourly guarantee. They laughed at what is happening now, but at least two of the them tipped me anyways


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## UberLuxbod

mp775 said:


> In the US, odometer tampering is a felony, sale or not. Regardless of technical legality, fraud is not OK in "the civilised world."


It is not fraud in the civilised world.

It would be misrepresentation.

What would you call signing drivers up to leases with a mileage rate of for example $2 a mile.

Then to drop the rate with hardly any notice to for example $1 a mile.

Which would that be?

Fraud.

Misrepresentation.

Or in Uber speak.

A way to earn more money.

Turning back the miles on an Uber Lease vehicle is simply a way for Uber to make more money from the vehicle.

It is likely what will be done to the repossessions anyway.

The Car Trade is the same all over the world.

On the subject of fraud.

What would the crime be if you didn't tell your Insurance Co about working on UberX as you didn't want your premium to soar?

A topic that got less interest than my comment about turning back the miles in an Uber Leased vehicle.


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## cybertec69

Leasing a car with uber and Santander, I call it a death sentence. Your insurance is cheap, here in nyc an uberx car insurance is $3,500-$4,000 liability coverage only, depending on your driving record, of course we are regulated to the hilt, you can not do FHV work with regular insurance or regular registration, it needs to be taxi insurance with commercial TLC plates and yearly $425-$500 commercial registration, and 3 yearly inspections $120.


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## Emmes

UberLuxbod said:


> Oh and whilst on the subject of right and wrong.
> 
> Is it right to get desperate people to sign up to long high interest leases than drop the rates therefore forcing these same people into working longer and longer hours?
> 
> I suspect that "Emmes" may well be a salaried member of the Uber family and not a driver, oops, silly me, I meant "Partner".


Because I have morals or because I believe that two wrongs don't make it right?
Nice try.


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