# Xchange auto lease program examined by Bloomberg



## jbird2002jp (Apr 8, 2016)

http://www.bloomberg.com/news/artic...ase-machine-where-almost-anyone-can-get-a-car


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## ChortlingCrison (Mar 30, 2016)

To any potential new drivers: STAY AWAY FOR XLEASING. RUN FAST!!!! RUN FAR!!!!


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## tohunt4me (Nov 23, 2015)

jbird2002jp said:


> http://www.bloomberg.com/news/artic...ase-machine-where-almost-anyone-can-get-a-car


If Bloomberg is looking at it,they smell blood in the water.

Goldman Sachs will buy it and charge $100.00 a day.


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## ChortlingCrison (Mar 30, 2016)

Loan sharks would be envious of this lease program.


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## grams777 (Jun 13, 2014)

I didn't even realize you still have to pay the residual value at the end to keep it. That makes this an absolutely terrible deal.

It's possible you are paying twice as much as you should for financing the car. On top of that, you're being steered into a new car which is 4x more than what you need for an uber X car. So instead of just going out and getting a 7 or 8 year old sedan for $5k you wind up paying $40k for a new car. You're paying 8x more than necessary. Also factor in your insurance which is likely twice as much on a new car.

Run, do not walk, to the nearest exit. If you can't find an exit, make one. When you've fallen into a hole, climb out - don't dig yourself deeper.

Example from linked article above:

Damascus Durham, 28, got a lease from Xchange in January and picked up a 2016 Chevy Cruze from Team Superstores in Vallejo, California. "I only became an Uber driver for the car," he said. He pays $200 a week.​
*Two weeks after he picked up the car, Uber deactivated his driver account for no specific reason, he said.* Durham is now struggling to make payments. Every month, he calls Uber to pay over the phone. *If he keeps the lease to the end of its term, he'd end up paying Uber about $31,200. To buy the car, he'd need to pay Uber another $6,000 to cover the car's residual value, he says. The fair purchase price of the car, according to Kelley Blue Book, is $16,419.*​


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## ChortlingCrison (Mar 30, 2016)

Aside from the drivers, I hope Toyota knows what there getting into with uber. I can't believe such a reputable car dealership like Toyota would have anything to do with Uber.


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## LAuberX (Jun 3, 2014)

This is Uber's dream driver from the article:

"To afford it, Muhanad started pulling longer shifts. Six days a week, he'd sign in to the Uber app at 7 a.m. and work until 11 p.m., limiting himself to a two-hour break.

"I just wanted to make money," he said. "I come from a place where I survived hell, so this is nothing. But most people probably would not be able to handle this kind of stress."

we just brought the third world economy here... thanks Uber!


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## ChortlingCrison (Mar 30, 2016)

LAuberX said:


> This is Uber's dream driver from the article:
> 
> "To afford it, Muhanad started pulling longer shifts. Six days a week, he'd sign in to the Uber app at 7 a.m. and work until 11 p.m., limiting himself to a two-hour break.
> 
> ...


A TOS spank for anyone who disagrees with this.


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## Old Rocker (Aug 20, 2015)

This is a stupid article. On all leases, if you want to keep the car, you pay the residual.

The article harps about how much more than fair market value you will pay on the lease, but the same thing is true if you conventionally finance and pay interest.

Bloomberg also infers twice that the lessee is still liable for the total payments even if they turn the car in early, which afaik is not true.

Someone who has to Uber 72 hours a week to make a $183 car payment is doing something wrong.


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## KareFree (Jun 1, 2016)

ChortlingCrison said:


> To any potential new drivers: STAY AWAY FOR XLEASING. RUN FAST!!!! RUN FAR!!!!


Hi, Can you detail why to run from them? Thanks, you have been helpful


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## ChortlingCrison (Mar 30, 2016)

KareFree said:


> Hi, Can you detail why to run from them? Thanks, you have been helpful


 If you insist. I am using the phrase (run fast run far) as a metaphor. Just a warning to anyone who thinks they can make lots of money on the uber lease program. In fact anything with uber and lease in the same sentence spells doom.


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## KareFree (Jun 1, 2016)

Okay and thank you. I have 2 other part time jobs. If I don't make enough driving for Uber, can I pay the lease with my other income?


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## Old Rocker (Aug 20, 2015)

KareFree said:


> Okay and thank you. I have 2 other part time jobs. If I don't make enough driving for Uber, can I pay the lease with my other income?


Yes


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## KareFree (Jun 1, 2016)

Thank you very much! Have a great weekend!


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