# Just curious about uber financing



## HecticSkeptic (Apr 5, 2015)

Has anyone else bought a car using Ubers financing assistance? 

I'm reading nasty stuff accusing them of basically creating subprime car loans for their own gain:
/uber-and-its-shady-partners-are-pushing-drivers-into-su (well I can't create a link cause I'm new, but the article was at gawker, you can probably just google those first 10 words, pretty sure the su is subprime)

The payments seem crazy. Payments+insurance and everything, has anyone successfully been able to make a living after the payments? 

Thanks!


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## UberDesson (Jan 18, 2015)

Don't get into debt doing Uber.


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## HecticSkeptic (Apr 5, 2015)

UberDesson said:


> Don't get into debt doing Uber.


I'm not currently doing uber at all; I don't have a car new enough and would never use their financing. I go by the quote "only a fool trades a certainty for an uncertainty," and it is certain I own my cars outright. It is uncertain that uber won't cut their rates while raising their commission which apparently has happened more than once.

I just know someone who traded in their car and now is bound to uber. I'm just wondering if anyone has had a positive experience with getting a new car they couldn't afford, if they have been able to sustain an ok lifestyle doing it, or whether they regret it.


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## UberDesson (Jan 18, 2015)

HecticSkeptic said:


> I'm not currently doing uber at all; I don't have a car new enough and would never use their financing. I go by the quote "only a fool trades a certainty for an uncertainty," and it is certain I own my cars outright. It is uncertain that uber won't cut their rates while raising their commission which apparently has happened more than once.
> 
> I just know someone who traded in their car and now is bound to uber. I'm just wondering if anyone has had a positive experience with getting a new car they couldn't afford, if they have been able to sustain an ok lifestyle doing it, or whether they regret it.


I read some posts here from people who got Uber financing and none of them were happy. In fact, they felt trapped and taken advantage of.


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## Huberis (Mar 15, 2015)

It's usury.


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## Sam Harnett (Mar 19, 2015)

I am a reporter for KQED in San Francisco, and I am looking into a story about Uber's financing program. I wanted to talk with some drivers about it and I saw this post. Do you know anyone who is using the financing? I would be curious to talk with them about their experience.

Sam


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## Bart McCoy (Nov 4, 2014)

Don't do it 

Don't even consider it


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## Older Chauffeur (Oct 16, 2014)

Sam Harnett said:


> I am a reporter for KQED in San Francisco, and I am looking into a story about Uber's financing program. I wanted to talk with some drivers about it and I saw this post. Do you know anyone who is using the financing? I would be curious to talk with them about their experience.
> 
> Sam


You could start with this thread: 
*Any drivers "Lease from Uber's Santander deal"*
Discussion in 'Complaints' started by uberCHICAGO, Sep 3, 2014.


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## Sam Harnett (Mar 19, 2015)

Thanks for the tip! Will check it out.


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## Huberis (Mar 15, 2015)

Sam Harnett said:


> Thanks for the tip! Will check it out.


One thing that is kind of interesting is that you will find a lot of people on here who suggest that If you don't already have an Uber-worthy car in your driveway, you are best not going out to buy one for the purpose of driving rideshare. Not a smart move, regardless of the interest rate.

Take your time doing your home work. I hope you look at some of the related threads concerning insurance issues, the guarantees, the rate slashing for example. A typical Uber driver has a lot on his or her plate.

It isn't financing you are researching its a fleecing.


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## OCBob (Jan 20, 2015)

Sam Harnett said:


> Thanks for the tip! Will check it out.


Oh, when you do the story, somehow tell the riders to tip their drivers and that tip has never been included in the fare.


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## Wayward_mike (Aug 16, 2017)

Just got my car repossessed after making what I thought was 3 payments over 2 weeks to catch up the little I was behind. Stopped doing uber but a month ahold cuz I wasn't making squat. Got a delivery job that made decent money and tried to pay online multiple times. When it wouldn't go through online, I checked my bank statement app and saw 2 pending payments posted for the 160/week I pay. Missed a week, and was gonna pay once I worked yesterday, only to find they had taken it and are charging a $425 recovery fee, in addition to the 6 weeks total I was apparently behind. The pending transaction apparently never went through, unbeknownst to me at the time. I just figured it might take a few days, and since every pending transaction I've ever had with a bank, ends up going through. Being paid daily at my new job, it was easy to lose track of what going in and out. Without any email officially stating that I'm up for repo, simply that I'm at risk of it. Despite telling me multiple time from multiple people, including the dealer, that it wouldn't effect my credit, even if it gets collected and I fall behind. Also they I wild have to pay for 2 weeks after I stop driving for them. And finally, that they had no location, and to just park it where I stay and they'll pick it up.
No mention of the $425 repossession fee. No mention of charging me for every week until they take it. And casually mention after the fact that it doesn't effect my credit....... Until they turn it over to the credit beuros. Needless to say, shady underhanded "tell em what they wanna hear" deceptive business practices going on here and now I'm owing $1300 and lost my awesome job I had just started. 
Seeking legal representation asap but don't have any money. But all the phone calls are recorded on their customer service line, and i know for a fact that multiple calls to them revealed the same information until wheels were already in motion. Please let me know if you have any leads for flexible lawyers.


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## Dchap08 (Jul 29, 2017)

Any long term lease, it definitely is a horrible idea. 

I could see it having its use for a short term deal. Maybe a week while your vehicle is in the shop or something, but Even then, it's such a hassle I don't see how you could make it work.

I attempted to set it up for a week while my vehicle was having service work done. Uber refused to give me straight answers about the most basic things and when I called the lease company, they wouldn't even talk to me about a short term option. I tried to ask both uber and the lease company how I can continue to drive with a rental vehicle of some kind, and both companies just gave me the run around, trying to get me to do a long term lease. 

Bottom line, don't do it.


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## Veju (Apr 17, 2017)

Santander is involved? What could go wrong.


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