# Purchasing new vehicle issues



## Pjruh7 (Nov 9, 2020)

Hi i have been driving for Uber for the past 5 years and it’s time for me to purchase a new vehicle. I don’t have enough money saved up so i am looking to finance. I have gone to 5 different dealerships and all of them tell me that no banks will finance an Uber driver. I have good credit and it shouldn’t be an issue but the only reason banks are denying me is due to me driving for Uber. I don’t understand how other drivers are able to purchase new vehicles. If you have any helpful hints or know of a bank or lender who does approve Uber drivers please let me know. I need a new car ASAP and am not able to make money in my current vehicle.


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## TomTheAnt (Jan 1, 2019)

Credit unions are usually much more lenient on things. Also, this same topic was just discussed in another thread.

https://uberpeople.net/threads/car-finance.414297/


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## TCar (Aug 4, 2019)

I did not mention to my dealer that i was driving for uber. 
But, I do have a full time job to provide as income, so theres that.


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## aluber1968 (Aug 7, 2016)

Pjruh7 said:


> Hi i have been driving for Uber for the past 5 years and it's time for me to purchase a new vehicle. I don't have enough money saved up so i am looking to finance. I have gone to 5 different dealerships and all of them tell me that no banks will finance an Uber driver. I have good credit and it shouldn't be an issue but the only reason banks are denying me is due to me driving for Uber. I don't understand how other drivers are able to purchase new vehicles. If you have any helpful hints or know of a bank or lender who does approve Uber drivers please let me know. I need a new car ASAP and am not able to make money in my current vehicle.


Uber should not appear on your credit report or anywhere else. I guess you told the truth and it bit you in the ass.


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## SHalester (Aug 25, 2019)

TCar said:


> But, I do have a full time job to provide as income,


...and that is how you get approved for a loan. Seems the OP RS is it and that was on his application. I kinda understand why the decline. Gigs are by nature temporary and that could scare a lot of underwriters.

In this case the OP should try to get a loan with a bank they have had a long relationship with, that could be helpful.....and/or start saving money for a larger down pymt to reduce the loan amount.....maybe....


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## Illini (Mar 14, 2019)

You now know to save up some of your rideshare income for an eventual new car.
For now, borrow some money from a good friend or relative.


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## wallae (Jun 11, 2018)

There is more to credit than a good score.
High limits
Girl with an 825 could not get an expensive car loan because she had only had 1 card with a 500 dollar limit. They wanted her to start at 7500 and work her way up.

What is your actual score and how much have you financed in the past? What one thinks is good, another my think sucks.

Last, what do your taxes show you made for the last 3 years.

You need to show you can afford to pay by your taxes... not just by winking and saying I really made___

Oh yea
Last... what brand?

Some brands are known for financing the weak. Dodge Chrysler Mitsubishi. Perhaps Hyundai Kia
Surprisingly...Honda was known for buying "[email protected] as they knew they could resell at high prices due to their great resale value.


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## kingcorey321 (May 20, 2018)

It is very tuff to get approved for a lone today.
Reason corona virus . Lot of people getting there cars repo.
Banks do not want to loan money right now and the interest rates are very low there is not a lot of profit and more to lose .
And always tell them your a private contractor you own your own business . And your not free to say what you do for contract reasons .


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## IRME4EVER (Feb 17, 2020)

Pjruh7 said:


> Hi i have been driving for Uber for the past 5 years and it's time for me to purchase a new vehicle. I don't have enough money saved up so i am looking to finance. I have gone to 5 different dealerships and all of them tell me that no banks will finance an Uber driver. I have good credit and it shouldn't be an issue but the only reason banks are denying me is due to me driving for Uber. I don't understand how other drivers are able to purchase new vehicles. If you have any helpful hints or know of a bank or lender who does approve Uber drivers please let me know. I need a new car ASAP and am not able to make money in my current vehicle.


 I bought a brand new 2019 Mitsubishi Mirage G4 (06/21/19) the car only had 17 miles on it. The dealership knew that I drove for Uber (showed my 2018 1099K and 2 months worth of deposits in my bank account). 
I had no credit, bad or good! I tried several other dealerships, all said no. Most of them were worried about the high mileage and warranty factor. Including the fact that I was willing to make a down payment of 4,000.00.
Here's where I got screwed over by the dealership. Mark Mitsubishi/Mazda of Scottsdale sold me the car. They only asked for 100.00 down (have receipt) they were overstocked with Mirages and trying to sell them. 
Then came the finance guy, he told me to sign everything then he would explain. I was just happy to get a new car, how stupid I felt afterward. 
I was charged for an 850.00 deposit, 2000.00 service warranty (ironically I was told bumper-to-bumper, which is limited). I got a paper that states I paid 750.00, but the bill of sale says 2000.00. I was supposed to get a 750.00 rebate (never got it). I have all the paperwork. 
The loan is through Santander Consumer USA. STAY CLEAR OF THAT COMPANY. PREDATORY LOAN COMPANY. THEY LOST A 550,000,000.00 LAWSUIT THIS PAST MAY. 
My car note was 17,460.00 after all the BS added. My interest rate is 27.64 which is 21,879.00 at 72 months of 499.59 payments. 39,339.00. Well here's where it goes really bad, somehow Santander lost the payments that I made (I have receipts). They tacked on 5 more payments due. With payments lost and 5 more payments added on, besides the fact, my interest rate went up. They want over 50,000.00 for a car that is worth 8,750.00 (per credit karma). I told Santander to cone get the car back in May, I am not paying you another dime. Ironically I still have the car. No, I am not going to damage the car. I'll keep driving it until they decide to come to get it.
I filed 2 top class-action suits and with AZ AG against them. 
I should never have been so quick at signing my name before knowing what I was signing.


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## Illini (Mar 14, 2019)

IRME4EVER said:


> Then came the finance guy, he told me to sign everything then he would explain.
> I should never have been so quick at signing my name before knowing what I was signing.


You lost me at "sign everything then he would explain".
No offense, but you got what you deserved.


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## wallae (Jun 11, 2018)

Illini said:


> You lost me at "sign everything then he would explain".
> No offense, but you got what you deserved.


Finance guy got 500 of the 2000 as his cut. 
(if you paid cash he would get 0)
Sometimes you pay for "services"
I had friends in the business who would make paystubs, even a drivers license. But you did business on their terms or you didn't do business


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## Wildgoose (Feb 11, 2019)

Pjruh7 said:


> Hi i have been driving for Uber for the past 5 years and it's time for me to purchase a new vehicle. I don't have enough money saved up so i am looking to finance. I have gone to 5 different dealerships and all of them tell me that no banks will finance an Uber driver. I have good credit and it shouldn't be an issue but the only reason banks are denying me is due to me driving for Uber. I don't understand how other drivers are able to purchase new vehicles. If you have any helpful hints or know of a bank or lender who does approve Uber drivers please let me know. I need a new car ASAP and am not able to make money in my current vehicle.


get pre-qualified letter from Capital one.. https://www.capitalone.com/auto-financing
with that ticket, go to dealerships and try to purchase a car. They will surely offer you several banks quote.
You just need to give them out your SSN for credit check and declare amount of your income. Bring 2019 tax document if you want.
Check your state law. Some state may require for you to declare type of your income. Some don't.
Capital one has never asked how I will intend to use the car.


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## Daisey77 (Jan 13, 2016)

Yes it is next to impossible to get a loan as a full-time Rideshare driver if you have to prove your income. In my case, I had purchased my last 8 cars through the same dealership and they refused to run numbers this last time! They lost a customer but gave me the info I needed to come up with some strategy. I just started a submitting online applications to different dealerships tweaking little things here and there to see what would take. One day I got a phone call that said congrats come and get your new vehicle! LOL my what? So I go down to the dealership and when it came time for the paperwork they ask me who my employer was. I have no idea what I put down on what application. I called my buddy and said, hey FYI if XYZ dealership calls you, I'm your office manager and I make $1,200 a week cash. I'll explain everything to you later LOL and that's how I got a new vehicle. However it is now showing up on my credit report so he has to fire me I think😆😅😬


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## Disgusted Driver (Jan 9, 2015)

Ignoring the obvious that you shouldn't buy a new car to uber either you or the dealer have to lie to the bank because commercial use kills the value of the car faster than you are paying it off creating a risk for the lender.


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## Daisey77 (Jan 13, 2016)

And don't buy their gap insurance or extended warranty. They are completely voided if they find out you're doing rideshare


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## wallae (Jun 11, 2018)

Daisey77 said:


> And don't buy their gap insurance or extended warranty. They are completely voided if they find out you're doing rideshare


Gap is the one thing you need.
If not: guess what happens when some uninsured guy hits you on day 4 and you're underwater 4000 or $6000 on your brand new car.
You owe it


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## TomTheAnt (Jan 1, 2019)

Illini said:


> You lost me at "sign everything then he would explain".
> No offense, but you got what you deserved.


Yet somehow the dealer and Santander are at fault for him to owe 50K, or what ever, for a POS Mitsubishi. &#129318;‍♂

Yes, Santander is a POS company and all that, but jeez... This guy posting this same drivel over and over again gets a bit old.


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## TCar (Aug 4, 2019)

I don't know about gap insurance.
My insurance says "Usage: TNC Activity" at top of documents.


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## wallae (Jun 11, 2018)

Wildgoose said:


> get pre-qualified letter from Capital one.. https://www.capitalone.com/auto-financing
> with that ticket, go to dealerships and try to purchase a car. They will surely offer you several banks quote.
> You just need to give them out your SSN for credit check and declare amount of your income. Bring 2019 tax document if you want.
> Check your state law. Some state may require for you to declare type of your income. Some don't.
> Capital one has never asked how I will intend to use the car.


after I retired and during my divorce I worked for a friend's new car lot... it used to be fun watching the new salesman on the lot show a guy with "great credit" 10 cars and then go into the desk and pull at 425 credit &#128514;score. And I promise once you've shown and driven them in a Lincoln with leather and a sunroof you cannot get them into a Ford Taurus.

Had a woman come in once "good credit" Pulled credit and she had three repo's
We could get her in a Ford Taurus ex rental
At one point her eyes got big and she said by the time I pay this off I'll have paid $18,000

I said ma'am don't worry you've never paid off one yet


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## Wildgoose (Feb 11, 2019)

wallae said:


> after I retired and during my divorce I worked for a friend's new car lot... it used to be fun watching the new salesman on the lot show a guy with "great credit" 10 cars and then go into the desk and pull at 425 credit &#128514;score. And I promise once you've shown and driven them in a Lincoln with leather and a sunroof you cannot get them into a Ford Taurus.
> 
> Had a woman come in once "good credit" Paul that she had three repo's
> We could get her in a Ford Taurus ex rental
> ...


That is where pequalified document works really good in play.
When a dealer asks, Hey buddy, I already have prequalified auto loan. Then their mind gets muddy. They want you so bad with their dealing auto loan landers for getting some credits and bonuses. Then you are on the upper hand to negotiate the price.


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## wallae (Jun 11, 2018)

Wildgoose said:


> That is where pequalified document works really good in play.
> When a dealer asks, Hey buddy, I already have prequalified auto loan. Then their mind gets muddy. They want you so bad with their dealing auto loan landers for getting some credits and bonuses. Then you are on the upper hand to negotiate the price.


You'd be surprised how many people think that they're fine and come in and couldn't buy a little red wagon.
Tax time meeting: " when these people come in with $2500 in cash and they think that they are king of the world do not show them a car until you pull their credit"
Dominant them
As I said above if you show them drive them in more car then he can buy he's not going to settle they're like little children. They'll go to every other dealership in town and then leave the last one... in a taurus


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## wallae (Jun 11, 2018)

Pjruh7 said:


> Hi i have been driving for Uber for the past 5 years and it's time for me to purchase a new vehicle. I don't have enough money saved up so i am looking to finance. I have gone to 5 different dealerships and all of them tell me that no banks will finance an Uber driver. I have good credit and it shouldn't be an issue but the only reason banks are denying me is due to me driving for Uber. I don't understand how other drivers are able to purchase new vehicles. If you have any helpful hints or know of a bank or lender who does approve Uber drivers please let me know. I need a new car ASAP and am not able to make money in my current vehicle.


Please reply with both credit scores
Reported tax income for 3 years
Prior car or house loans paid on
time
Any BK and any repo history
Credit Cards balances and credit availability
Maybe we can help

Just to be straight here:
I'm an 801 and I can get a car (if I want- I don't-

I would not waste the real HUGE depreciation on a new car- I want to pocket that depreciation... that I'm not really getting.
I bought my used car wholesale at an auction. Paid 4,000. 90,000 mile V6. Wrote off $8,000 or 10,000 last year. Car now 130,000 miles and will go another 100,000 mile &#128515;

With good credit I have 6 odd cards with 10,000 each available. All zero balance
Dealers take cards- and look to see what your balances are.
In any case I can go in with 2 cards and drive out with a 20k car.

Something does not add up to me


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## UberBastid (Oct 1, 2016)

Illini said:


> You lost me at "sign everything then he would explain".
> No offense, but you got what you deserved.


HA.
Lost me at "this is where things got bad" ... which was way, _way_ after they _actually got *bad.*_


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## dmoney155 (Jun 12, 2017)

Pjruh7 said:


> Hi i have been driving for Uber for the past 5 years and it's time for me to purchase a new vehicle. I don't have enough money saved up so i am looking to finance. I have gone to 5 different dealerships and all of them tell me that no banks will finance an Uber driver. I have good credit and it shouldn't be an issue but the only reason banks are denying me is due to me driving for Uber. I don't understand how other drivers are able to purchase new vehicles. If you have any helpful hints or know of a bank or lender who does approve Uber drivers please let me know. I need a new car ASAP and am not able to make money in my current vehicle.


Umm so during your 5 years tenure you have never considered SAVING for a new car?....Imagine a contractor who thinks his tools will last forever. This is EXACTLY why uber has 100000000000000000000000000s of drivers.
Think about it, 5 years, that's 1825 days... All you had to do is put away $10 each day... that's one trip.. dedicate one trip a day towards new vehicle and you would not be in this predicament.

To answer your question look for shadow lenders, loan sharks, family, gofundme page, predatory lending companies.... neither of which I would recommend. I would recommend getting a job.


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## wallae (Jun 11, 2018)

dmoney155 said:


> Umm so during your 5 years tenure you have never considered SAVINGS This is EXACTLY why uber has 100000000000000000000000000s of drivers.
> I would recommend getting a job.


I'm gonna have to place you in the basket of deplorable's&#128514;


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## UberBastid (Oct 1, 2016)

dmoney155 said:


> Umm so during your 5 years tenure you have never considered SAVING for a new car?....Imagine a contractor who thinks his tools will last forever. Think about it, 5 years, that's 1825 days... All you had to do is put away $10 each day... that's one trip.. dedicate one trip a day towards new vehicle


Real businesses do this every day.
Their accountants call it "Depreciation Reserve Acct".
It's a real thing.


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## wallae (Jun 11, 2018)

UberBastid said:


> Real businesses do this every day.
> Their accountants call it "Depreciation Reserve Acct".
> It's a real thing.


And many don't

Then the Fed bales them out after using 95% of their free cash flow to buy backstock and pay the CEO 17 million a year because he's so smart

It's almost like capitalism


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## Amos69 (May 17, 2019)

The problem is accounting for your income I run lots of businesses so I started an LLC for this one too. My RS company bought the rig I drive for RS not me.


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## wallae (Jun 11, 2018)

Amos69 said:


> The problem is accounting for your income I run lots of businesses so I started an LLC for this one too. My RS company bought the rig I drive for RS not me.


Most banks would want you to co-sign.

>Even if the vehicle will be owned by the business entity, some lenders still require that business owners sign as guarantors. For example, PNC requires that each owner with a 25% or greater ownership interest in the business must sign the business auto loan contract.
https://www.lendingtree.com/auto/how-to-get-a-business-auto-loan/
You personally have to be "loanable" for this to work
If you get it as an LLC you would get it individually

If you're too weak to get the loan by yourself they would not except you as a cosigner and the LLC would not get the loan


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## Amos69 (May 17, 2019)

wallae said:


> Most banks would want you to co-sign.
> 
> >Even if the vehicle will be owned by the business entity, some lenders still require that business owners sign as guarantors. For example, PNC requires that each owner with a 25% or greater ownership interest in the business must sign the business auto loan contract.
> https://www.lendingtree.com/auto/how-to-get-a-business-auto-loan/
> ...


Yes and no. Banks will accept the income from an LLC as proof of income. Many just do not accept untraceable money period. The banks never ask what a business does, but rather just look at cash flow and income.


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## Bork_Bork_Bork (May 20, 2019)

Pjruh7 said:


> Hi i have been driving for Uber for the past 5 years and it's time for me to purchase a new vehicle. I don't have enough money saved up so i am looking to finance. I have gone to 5 different dealerships and all of them tell me that no banks will finance an Uber driver. I have good credit and it shouldn't be an issue but the only reason banks are denying me is due to me driving for Uber. I don't understand how other drivers are able to purchase new vehicles. If you have any helpful hints or know of a bank or lender who does approve Uber drivers please let me know. I need a new car ASAP and am not able to make money in my current vehicle.


Driving for 5 years, and still broke. Sounds super smart to buy a car to stay broke...


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## Daisey77 (Jan 13, 2016)

wallae said:


> Gap is the one thing you need.
> If not: guess what happens when some uninsured guy hits you on day 4 and you're underwater 4000 or $6000 on your brand new car.
> You owe it


 Gap Insurance IS what we need. However if the company finds out the vehicle was used for rideshare, it is voided. So you paid for nothing &#129335;‍♀


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## IMMA DRIVER (Jul 6, 2017)

Bork_Bork_Bork said:


> Driving for 5 years, and still broke. Sounds super smart to buy a car to stay broke...


There are thousands of people with everyday jobs that are broke who have worked for more than 5 yrs with their company. Should those people not buy a car to get to work?


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## amazinghl (Oct 31, 2018)

IMMA DRIVER said:


> Should those people not buy a car to get to work?


A car, yes. A *new* car, no.
Most I have ever spent on a car was $3,300.


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## UberBastid (Oct 1, 2016)

IMMA DRIVER said:


> There are thousands of people with everyday jobs that are broke who have worked for more than 5 yrs with their company. Should those people not buy a car to get to work?


How many of those minimum-wage people buy a $20k piece of equipment to do their work? And pay for upkeep, depreciation, insurance ... 
How many people who work at McDonalds buy their own equipment to do their job?


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## wallae (Jun 11, 2018)

UberBastid said:


> How many of those minimum-wage people buy a $20k piece of equipment to do their work? And pay for upkeep, depreciation, insurance ...
> How many people who work at McDonalds buy their own equipment to do their job?


All that is a personal choice. 
Most of the Uber cars I'm in (specially in Las Vegas) are 3,000 pieces of sheet.
Yes I do see a New Ford Crew Cab F 250.... and shake my head...
But what do I know?
Maybe he's married to Rosie O'Donnell's sister

Needs to get out


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## IMMA DRIVER (Jul 6, 2017)

amazinghl said:


> A car, yes. A *new* car, no.
> Most I have ever spent on a car was $3,300.


But maybe you're broke. There are plenty of people who can afford a decent car.


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## B - uberlyftdriver (Jun 6, 2017)

i showed 2 years of my 1099's to my credit union and it became, what can we do for you sir?

financial institutions know me as a self employed driver


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## Safar (Mar 23, 2020)

I financed it 2 days ago. I gave them my 2019 Uber and Lyft gross of $80,000. They had no issues.
It is a fantastic family car by the way. It is giving me 36 miles to the gallon. Unbelievable for a minivan.


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## Bork_Bork_Bork (May 20, 2019)

IMMA DRIVER said:


> There are thousands of people with everyday jobs that are broke who have worked for more than 5 yrs with their company. Should those people not buy a car to get to work?


Apples and Oranges.


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## amazinghl (Oct 31, 2018)

IMMA DRIVER said:


> But maybe you're broke. There are plenty of people who can afford a decent car.


Maybe I am broke or maybe I'm not. Every penny I make in my paid for $1500 car doesn't go toward car payment though.


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## bobby747 (Dec 29, 2015)

Uber will appear on credit reports once you apply with it. You can asked to delete it. Buying a car is easy.


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