# No credit―thinking of leasing a vehicle under the Uber partnership. What should I expect?



## hex1337 (Nov 10, 2014)

I'm extremely interested in becoming an UberX or preferably an UberPLUS driver due it's juicy rates. I'm 27 years old with 11 years of driving experience. My driving record is squeaky clean with absolutely no driving violations―No parking tickets, no speeding tickets just consistent safe driving for over a decade.

I have absolutely no credit, which prohibits me from leasing a vehicle from a standard dealership. What are my options and what would an affordable option be for a person with a relatively low capital balance be? ~$3k

I'm willing to invest close to 50-60/hours per week consistently until I'm able to pay of all of my bills. Any guidance would be most appreciated. Thanks!


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## uberyft (Sep 2, 2014)

Anything you do, stay away from the Uber Financing Agreement, it's plain brutal. 

Try and find a Credit Union that will help out, and honestly, don't start with something like UberPlus, apply for $8k and get something like a Civic, start small, then save up and build a little bit of credit, and then go for Plus or SUV or Black, but honestly, as a guy that could not care less, but actually does care, don't take the santander offer.


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## LAuberX (Jun 3, 2014)

Don't do it.

Uber will reduce rates and deactivate you on a whim.

If you can't pay cash you can't afford it.

Uber is not to be trusted or counted on past tomorrow!


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## Woober (Oct 12, 2014)

I concur with UberLyft. (for all that's worth)


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## hex1337 (Nov 10, 2014)

I'm willing to take the additional risk of being fired on a whim with a pending car payment. I'm desperate enough and at the same time confident in my abilities to attempt to sustain a rating over 4.6.

I didn't see the Honda Civic as a preferred choice under the UberX vehicle option. Is there a site with an additional car type list for Los Angeles? I'm only seeing these sample vehicles for UberX & UberPLUS.










What's wrong with the Santander agreement? I'm assuming that's the Uber financing partnership agreement? Wouldn't that make the most amount of sense for a person of my stature and credit worth?


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## uberyft (Sep 2, 2014)

Here is what's wrong, up to you to decide:

https://uberpeople.net/threads/uber-auto-financing.6366/

https://uberpeople.net/threads/uber-beware-santander-financing-for-all-uber-drivers.3954/

just research a little bit though google and facebook uber driver pages, then decide what best fit's your pocket, paying 40k for a 25k car, or prolly 80k for a 40k suburban.


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## MiamiFlyer (Sep 22, 2014)

hex1337 said:


> I'm extremely interested in becoming an UberX or preferably an UberPLUS driver due it's juicy rates. I'm 27 years old with 11 years of driving experience. My driving record is squeaky clean with absolutely no driving violations―No parking tickets, no speeding tickets just consistent safe driving for over a decade.
> 
> I have absolutely no credit, which prohibits me from leasing a vehicle from a standard dealership. What are my options and what would an affordable option be for a person with a relatively low capital balance be? ~$3k
> 
> I'm willing to invest close to 50-60/hours per week consistently until I'm able to pay of all of my bills. Any guidance would be most appreciated. Thanks!


We've been reading here that there is not a lot of demand for Plus.
No doubt you could be a highly rated X driver, but:
Do NOT buy any car to be an X driver.
If its available, find another line of work, and if the time comes where you acquire a car, try X on the side for a little extra cash.


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## Woober (Oct 12, 2014)

For UberX any good, clean car 10 years old or newer is okay. Trust me, you're better off with something that gets good gas mileage; Toyota Prius/Carolla, Honda Civic, etc. unless you're looking for justification to buy yourself a nice fancy car. Go with something under $10,000


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## hex1337 (Nov 10, 2014)

Are my options hopeless? I really wanted to dedicate myself for the next few years as a hardcore Uber driver since I enjoy driving and meeting new people in general. It would've allowed me to attain a higher sense of independence since I live on subsidized rent and low-grade food for survival.

But man, an interest rate of 60% with a chance of being terminated at whim sounds bogus... That would've totally nuked me to bankruptcy and beyond if I had to continue paying $700+ for the remainder of my contract. Sounds like this was setup as a publicity ploy to ramp up new car sales.


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## troubleinrivercity (Jul 27, 2014)

You may not know it, but you have better options. Jobs are out there. Good luck.


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## Woober (Oct 12, 2014)

You are in a good market anyway! If you could get a car some way you might be able to make a little bit of money. Not sure about Los Angeles, but in many places you can get a decent car less than 10 years old for $5000. If you could scrape that up?


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## suewho (Sep 27, 2014)

Have you checked out the rates in your city? If they're really low you might find yourself working more than 50/60 hours a week to make your payments, that means putting a lot of miles on the car. You might find at the end of the lease your car isnt worth anything and you're no better off. God forbid you have an accident and your car is off the road for any period of time, or worse, you are injured and cant work.


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## Jimmy Lee Hagerty (Nov 2, 2014)

hex1337 said:


> I'm extremely interested in becoming an UberX or preferably an UberPLUS driver due it's juicy rates. I'm 27 years old with 11 years of driving experience. My driving record is squeaky clean with absolutely no driving violations―No parking tickets, no speeding tickets just consistent safe driving for over a decade.
> 
> I have absolutely no credit, which prohibits me from leasing a vehicle from a standard dealership. What are my options and what would an affordable option be for a person with a relatively low capital balance be? ~$3k
> 
> I'm willing to invest close to 50-60/hours per week consistently until I'm able to pay of all of my bills. Any guidance would be most appreciated. Thanks!


There just have to be places in LA where you can purchase a car and make weekly payments with no down payment, but a weekly payment. Interest is high but having no credit will cost. try :
www.drivetime.com/*NoCredit*‎

www.federal*auto*loan.com/*Car*Loan

https://www.drivetime.com/vft/*used*-*car*/*los-angeles*

*www.cpautocenter.com*
*www.aautonow.com/*
*this is the GOOGLE search https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=buying a used car in l.a. with no credit*
*WARNING WARNING: REMEMBER, when you have no credit you are at the mercy of the seller. Be careful. But if you are in America, the first thing you buy in life is transportation, and there are tons of folks willing to take your money. Just aim lower with your first car that meets uber requirements. Get the GPS and use their phone till you can buy an iPhone 6 plus (love mine) and a dash cam. Good luck!!!

ONE MORE THING!!! I drove an 18 wheeler with C. R. England. They trained me and I got my CDL license through them. As long as you drive for them for three years you do not have to pay them for the training and after three years you are home free. You can even get your own truck. I would give that a thought. There is a huge demand for truckers and the pay has gotten much better. Think about it.*


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## SupaJ (Aug 12, 2014)

hex1337 said:


> I'm 27 years old with 11 years of driving experience......
> 
> I have absolutely no credit


??? What's wrong with you? What's the real problem here?


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## hex1337 (Nov 10, 2014)

Thanks for the effort of going out of your way, but none of these options would suit me best. Majority of these vehicles aren't supported by UberX, or too old to be of reliable use. It would serve me no purpose of agreeing to a ridiculous high interest contract and having Uber phase out the vehicle in a year or so. I'd literally be out of work and further in debt with a useless vehicle.

I've came to the definite conclusion Uber would hold too much of a liability risk after expenses, expenditure of time and effort spent on trivialities. From my perspective, this is *not a practical source of income as it is being advertised for a person with no credit dependance or low incom*e. I would have to expose myself to an extremely high amount of risk and working hours just to break even, and on top of that if I'm unable to attain at-least a 5-star rating amongst 92% of my clientele, I'd be exposing myself to losing my job at a whim and having no way to pay off the remainder of my debt obligation. *The driver literally gets the short end of the stick.*

I was planning on working a maximum of 60 hours per week, which would amount to 12 hours per day (assuming I'd take off weekends to rest and avoid exposing myself to raging alcoholics with no sympathy for drivers. The average city speed in Los Angeles according to my odometer with traffic is around 15 miles per hour, this would amount to about 1/4 of a mile per minute. Although it would be incredibly complex to accurately calculate my profit margin since no two trips are identical in length or duration, I decided to guesstimate exactly how much I would make in a year before taxes, maintenance, health insurance, car insurance and deductible commissions and additional expenses assuming each trip I accept is 15 minutes in duration with a surge rate of 1.0 and a downtime of 33% per work day:

There is exactly 365.2425 days in a year or 8,765.82 hours. Since I would be working at a maximum of 60 hours per week, that would equate to a maximum of 3130.65 hours per year or roughly 2,087 paid hours if I apply a realistic downtime of 33%.

This is what my gross profit would like in a year measured in a vacuum:

_uberX - $0.8(~8348 trips) + $0.21(~125,220 minutes) + $1.10(~31,305 miles)_* = ~$67,410.1/year* *or ~$21.53 per hour.*

This is what my gross profit would like after Uber takes 20%:

*~$53,928.08* *or $17.22 per hour.*

This is what my year would like in a vacuum after equating total hours (paid/unpaid) spent driving in a brand new 2014 Toyota Prius or 46,959.75 miles not counting gas idling expenses (51/48 MPG):

_****The *average price* for a gallon of regular *gas* in *Los Angeles* is about $3.25, according to AAA's Daily Fuel Gauge Report. The total miles in a year (46,959.75) divided by city MPG (51) would roughly equate to 920.77 gallons or -$2992.50._

_$53,928.08 - $2,992.50 =_* $50,935.58 or $16.26 per hour.*

*Additional Costs:*

_Depreciation: 5-year annualized cost of -$19,329 or average of -$3,865.8 per year after -$9,210 first year._
_Financing without Credit (Rough estimate): Roughly $25 per day or $9125 per year. Almost identical to first year depreciation cost. Coincidence???_
_Insurance (Rough estimate): -$1,800 per year._
_Maintenance: -$750 per year_
_Repairs (Rough estimate): -$250 per year_

*This is what my gross profit would look after my first year with additional costs:*

_$53,928.08 - $9,210 - $9,125 - $1,800 - $750 - $250 = _*$32,793.08 or $10.47 / hour

This is what gross profit would look like after my second year:*

$53,928.08 - $3,865.8 - $9,125 - $1,800 - $750 - $250 = *$38,137.28 or $12.18 / hour*
_
_
*This is what my gross profit would look after mid-tier health insurance first year and second ($325 / month):*

1st year: $32,793.08 - $3900 = *$28,893.08 or $9.22 / hour.*
2nd year: $38,137.28 - $3900* = $34,237.28 or $10.93 / hour.

This is what my estimate profit will look like after TAXES!

1st year: $28,893.08 * .85 = $24,559.11 or $7.84 per hour!
2nd year: $34,237.28 * .85 = $29,101.688 or $9.29 per hour!*


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## LAuberX (Jun 3, 2014)

Yep. Uberx is a minimum wage gig, your math is spot on.


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## pengduck (Sep 26, 2014)

LAuberX said:


> Don't do it.
> 
> Uber will reduce rates and deactivate you on a whim.
> 
> ...


You misspoke. You did mean past 10minutes ago! Right?


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## Jay2dresq (Oct 1, 2014)

I just don't see the logic in buying a brand new vehicle. Even using your example of a Prius, why not buy a 1-3 year old certified used Prius and save $5,000 - $7,000? You will still get your warranty, it will look and drive like new, and somebody else has paid the first hit of depreciation. That's at least an extra $5,000 in your pocket.


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## hex1337 (Nov 10, 2014)

I can probably find a more efficient way of optimizing the petty $7.84-$9.29 per hour average. Perhaps a 2010-2011 Prius under 45,000 miles would be best since you can technically dodge a $9,210 depreciation bullet without 100% of the wear and tear. Unfortunately I'm not being paid for this and it would take up too much of my time since I'm stuck with the dilemma of 60% interest rate since I don't believe in credit.


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## Jimmy Lee Hagerty (Nov 2, 2014)

Then, I would suggest a trucking gig. The really good companies will give you boarding while training and a daily stipend for food. You won't be earning minimum wage either. check around.


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## Heni Kaufusi (Oct 7, 2014)

Yea just let uber finance it then when you cant pay it. Strip the car and sell the parts on ebay and tell them to come repo the cars.


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## Emmes (Aug 27, 2014)

hex1337 said:


> I can probably find a more efficient way of optimizing the petty $7.84-$9.29 per hour average. Perhaps a 2010-2011 Prius under 45,000 miles would be best since you can technically dodge a $9,210 depreciation bullet without 100% of the wear and tear. Unfortunately I'm not being paid for this and it would take up too much of my time since I'm stuck with the dilemma of 60% interest rate since I don't believe in credit.


Not believing in credit is different than becoming a slave to credit.
Unfortunately, this world revolves around credit and you CAN obtain
an exceptional credit score with little trying.
Start small .. buy a car with a decent (not insane) APR and finance locally if you can,
if not, finance with the dealership and in 2 years you can REFI locally (try to stay below 5 years in payments)
Get a credit card. They will give you $500-$700 to start. Use it for GAS ONLY
and pay it off every month, maybe leaving $2-3 on it at the end of every other month
for two years and they will increase your credit x3. THAT is how you build credit.
Do not get ANY OTHER credit during that time. If you went through the dealership
for a loan, you'll have 3-5 hard inquiries on your credit when you walk out and it 
takes 1-2 years for those to fall off, which also builds credit. Up to 5 won't cause your
score to go down, but more will .. that's why it pays to be smart about credit.

Once your car is paid off, you should have a great credit score. Monitor it through
Credit Sesame or Credit Karma (both totally free) and get a copy of your credit report
(free annually) https://www.annualcreditreport.com/index.action to make sure there
isn't anything on there that shouldn't be .. even if you've never had credit.

After 3-5 years, you should have great credit and be able to get better percentage rates
on anything you purchase .. just continue to be smart about how much credit you get
and that you're always able to pay the total balance (or majority) every month.


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## LAuberX (Jun 3, 2014)

Minimum wage jobs should not require buying a car. So not worth it no matter the interest rate.


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## drivernotfound (Nov 5, 2014)

Jimmy Lee Hagerty said:


> * the first thing you buy in life is transportation*


Assuming Uber becomes more popular and (dread I say it) more cheaper, wouldn't this be the last thing someone would worry about, even if they have no credit / no job? After all, if Uber wants to compete with the price of a bus ticket (and it seems like they are), then people with very little money will swarm towards that.


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## drivernotfound (Nov 5, 2014)

hex1337 said:


> Thanks for the effort of going out of your way, but none of these options would suit me best. Majority of these vehicles aren't supported by UberX, or too old to be of reliable use. It would serve me no purpose of agreeing to a ridiculous high interest contract and having Uber phase out the vehicle in a year or so. I'd literally be out of work and further in debt with a useless vehicle.
> 
> I've came to the definite conclusion Uber would hold too much of a liability risk after expenses, expenditure of time and effort spent on trivialities. From my perspective, this is *not a practical source of income as it is being advertised for a person with no credit dependance or low incom*e. I would have to expose myself to an extremely high amount of risk and working hours just to break even, and on top of that if I'm unable to attain at-least a 5-star rating amongst 92% of my clientele, I'd be exposing myself to losing my job at a whim and having no way to pay off the remainder of my debt obligation. *The driver literally gets the short end of the stick.*
> 
> ...


As far as gas costs (IMHO, it will be much larger. Price for gas will go up and I wouldn't count on that MPG number.) it seems you have dropped off these gas costs half way down the page. The amount in your pocket will be less. Go work at a McDonalds and earn more, lol.
You've also made the assumption that Uber won't lower the prices in your city over time. The evidence points to the contrary, they will lower it.


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## hex1337 (Nov 10, 2014)

_****The *average price* for a gallon of regular *gas* in *Los Angeles* is about $3.25, according to AAA's Daily Fuel Gauge Report. The total miles in a year using my example problem was 46,959.75 which divided by the city MPG (51) of a 2014 Prius would roughly equate to 920.77 gallons or -$2992.50._Correct, gas prices would be higher due to trivialities and car idling costs. But that would probably require it's forum own post to properly calculate. It would only make the wage lower hence supporting the minimum wage claim.


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## ElectroFuzz (Jun 10, 2014)

Buying a new car is never a good idea. 
The initial depreciation is a killer as it is
but add the super high interest rate on top of it
and it becomes pure madness.


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## drivernotfound (Nov 5, 2014)

hex1337 said:


> _The *average price* for a gallon of regular *gas* in *Los Angeles* is about $3.25, according to AAA's Daily Fuel Gauge Report. The total miles in a year using my example problem was 46,959.75 which divided by the city MPG (51) of a 2014 Prius would roughly equate to 920.77 gallons or -$2992.50._
> 
> Correct, gas prices would be higher due to trivialities and car idling costs. But that would probably require it's own post to calculate. It would only make the wage lower hence supporting the minimum wage claim.


Are you replying to my post? You forgot to carry the ~$3k in gas onto the line where you said "*This is what my gross profit would look after my first year with additional costs:"*. (You start off the next line saying ~$54k instead of ~$51k.)

As far as the MPG itself, I just looked on fueleconomy.gov. For someone doing ~70% city miles (which I think is Uber's target audience), the actual MPG would be closer to 44.6 MPG for the 2014 Prius.
Using a 10 year chart on gasbuddy for Los Angeles: http://www.losangelesgasprices.com/Retail_Price_Chart.aspx
It looks like the price of gas will be an average of maybe around $4.05/gal for the next year of driving. (We're currently at a trough on their graph, but I'd be using a long term average.)
Using your 15mph, 15 miles every hour, 0.3363 gallons of gas per hour x $4.05/gal = $1.36/hr in gas expense.)
Or, using your total mile per year figure of 46,959.75, that's 1,052.91 gallons of gas at an expense of $4,264.2855
Not incredibly significant, but another grand more expensive out of your pocket every year. (Assuming gas prices don't rise at an exponential rate in the next year.)


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## hex1337 (Nov 10, 2014)

Yeah I see that. Thanks! I deducted the gasoline expenditure cost in the previous example but forgot to include the adjusted price for additional costs. I guess I was just being generous at the time. All this means is we were driving with FREE gasoline. Even with free gasoline this would still be a minimum wage job, pretty sad. 

As for the MPG you can weigh it however you like. A 70/30 ratio with 51 city / 48 highway would actually be 50.1 miles average: ((51*70) + (48*30)) / 100. Predicting the future price of gas is a rather complex problem since it's speculative in nature. I'd further gauge the simple moving average with a momentum indicator such as the relative strength index or a stochastic oscillator, but that's just me.

You are correct. I might be starting to see some exploits that would allow a $20/hour realizied rate. If I post, I'd probably get flak from Uber since it would change their customer base.


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## hex1337 (Nov 10, 2014)

SupaJ said:


> ??? What's wrong with you? What's the real problem here?


I went bankrupt while attempting a dumb Ph.D program in Mathematics. Besides that, MMORPGS were the reason for my misfortune 

Live and learn. It's alright, I'm living off Stock market residuals and analysis research. If I wanted, I could really amp my profit toll. But I prefer the honest life without credit.


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## ElectroFuzz (Jun 10, 2014)

There are 700 customer reviews about Santander.
Read a few, you will get the picture.
These people are predators and will eat anybody up like it's nothing.
http://www.consumeraffairs.com/finance/santander.html


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## Sydney Uber (Apr 15, 2014)

hex1337 said:


> Thanks for the effort of going out of your way, but none of these options would suit me best. Majority of these vehicles aren't supported by UberX, or too old to be of reliable use. It would serve me no purpose of agreeing to a ridiculous high interest contract and having Uber phase out the vehicle in a year or so. I'd literally be out of work and further in debt with a useless vehicle.
> 
> I've came to the definite conclusion Uber would hold too much of a liability risk after expenses, expenditure of time and effort spent on trivialities. From my perspective, this is *not a practical source of income as it is being advertised for a person with no credit dependance or low incom*e. I would have to expose myself to an extremely high amount of risk and working hours just to break even, and on top of that if I'm unable to attain at-least a 5-star rating amongst 92% of my clientele, I'd be exposing myself to losing my job at a whim and having no way to pay off the remainder of my debt obligation. *The driver literally gets the short end of the stick.*
> 
> ...


Ever thought of doing Maths Tutoring for kids? That hourly rate is higher than UBERX and no running costs to speak of.

You may burn out some brain cells though, but methinks you have plenty of them!


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## hex1337 (Nov 10, 2014)

Emmes said:


> Not believing in credit is different than becoming a slave to credit.
> Unfortunately, this world revolves around credit and you CAN obtain
> an exceptional credit score with little trying.


This is heresy and a sacrilegious topic. I've managed a great portion of my life without it, and perfectly content. Credit is only good for critical spending and putting you in a spending mindset. Perhaps it's essential for this job, and purchasing a new car or buying a home you can't really afford at cost with interest.

The Ancient Romans had a saying for people using credit: _"To place yourself under an obligation is to sell your liberty."_

Maybe I'm just the last of the Mohicans for not believing in using Credit.


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## Guber (Aug 29, 2014)

hex1337 said:


> I'm extremely interested in becoming an UberX or preferably an UberPLUS driver due it's juicy rates. I'm 27 years old with 11 years of driving experience. My driving record is squeaky clean with absolutely no driving violations―No parking tickets, no speeding tickets just consistent safe driving for over a decade.
> 
> I have absolutely no credit, which prohibits me from leasing a vehicle from a standard dealership. What are my options and what would an affordable option be for a person with a relatively low capital balance be? ~$3k
> 
> I'm willing to invest close to 50-60/hours per week consistently until I'm able to pay of all of my bills. Any guidance would be most appreciated. Thanks!


Don't trust uber use a paid off car and liability insurance


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## troubleinrivercity (Jul 27, 2014)

Your scores will all soon go up when medical debt is re-weighted. A while ago they realized that every possible sort of person was struggling with medical debt, and that it was a useless addition to one’s credit report. Probably a few decades too late. Sorry for the countless bankruptcies and suicides, here have a coupon to Olive Garden.


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## Pascal O. (Sep 23, 2014)

SupaJ said:


> ??? What's wrong with you? What's the real problem here?


This was the 1st red flag for me too. How does a grown a** 27 yr old man/woman not have ANY credit history...That's truly surprising in a time when its super easy to get a basic credit card w/ no annual fee & great rewards. Plus you can build your credit!

moreover to touch on some of your points:

- 50/60hrs a week will eventually kill you (figuratively). It's just not a healthy way to make $$ especially as a driver & I assure you your paycheck will not reflect this effort.

- like some of the others have said, don't get your car loan through Uber's partner...if u have to ask why, then google it.

- honestly, to get any sort of car loan, you will need a steady income & or a co-signer. I don't recommend you trust Uber as that income. Again if you have to ask why, you clearly have been living under a rock for too long

I dont mean to sound harsh but I am not a fan of ppl asking questions that have been answered all over the internet time after time after time...look up "Uber driver protest" "UberDriver Reddit" or go through this forum & you will get my point.


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## hex1337 (Nov 10, 2014)

Pascal O. said:


> This was the 1st red flag for me too. How does a grown as 27 yr old man/woman not have ANY credit history...That's truly surprising in a time when its super easy to get a basic credit card w/ no annual fee & great rewards. Plus you can build your credit!
> 
> moreover to touch on some of your points:
> 
> ...


Scroll up, I've answered it. I've worked jobs that required 70-80 hours before. It all depends on your comfort and stress levels.


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## drivernotfound (Nov 5, 2014)

troubleinrivercity said:


> Your scores will all soon go up when medical debt is re-weighted. A while ago they realized that every possible sort of person was struggling with medical debt, and that it was a useless addition to one's credit report. Probably a few decades too late. Sorry for the countless bankruptcies and suicides, here have a coupon to Olive Garden.


Just finished paying off some medical debt, this would really piss me off.


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## Pascal O. (Sep 23, 2014)

hex1337 said:


> Scroll up, I've answered it. I've worked jobs that required 70-80 hours before. It all depends on your comfort and stress levels.


Yea I just read your ans. My bad for asking a question that has already been answered 

On another note, am not sure what "types" of jobs you had b4 but am not going to tell you how to live your life I guess. Just remember that regardless of how hard your trying to push yourself in other to earn ass much $$ as possible, your ability to drive safely affects not just you but the pedestrians, other motor vehicles and of course passengers you're carrying

There are times when am not satisfied w/ my night pay, especially since I only drive weekends, and I want to squeeze in a few more hours but call it quits for fear of dozing off on the wheel. It's even harder when that pings come in just as you want to call it a night but I tell myself NO TRIP is worth my life or someone else's


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## Emmes (Aug 27, 2014)

hex1337 said:


> This is heresy and a sacrilegious topic. I've managed a great portion of my life without it, and perfectly content. Credit is only good for critical spending and putting you in a spending mindset. Perhaps it's essential for this job, and purchasing a new car or buying a home you can't really afford at cost with interest.
> 
> The Ancient Romans had a saying for people using credit: _"To place yourself under an obligation is to sell your liberty."_
> 
> Maybe I'm just the last of the Mohicans for not believing in using Credit.


And you want to get into a leasing program (which is credit) with Uber ... Interesting.


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## Jay2dresq (Oct 1, 2014)

I'm sorry, the whole Uber financing deal sounds like predatory lending to me. Its such a bad deal that I think you can probably get a better deal at a "your job is your credit" "Buy here, pay here" dealer. The only advantage is that it is a lease, so if you're summarily deactivated, at least (hopefully) you can just turn the car in and not owe any more.


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## No-tippers-suck (Oct 20, 2014)

Hey Brother, you kind of impressed me with your calculation skills 

BUT :

please know that this is seriously just fiction and is still far away from real "Uber life"

How much you can still make in these hard days here in LA varies a lot.
I have weekdays where I make around 60-70 bucks not worth my time, risking my car and putting miles on it.
On weekends sometimes I even make less than 200.. I say after my expenses it is simple not worth it.

You can be lucky and make 250-300 on a superlow weeknight if you as mentioned have good luck with the rides.
but that is in no way guaranteed and it will disappoint you a lot especially if you would get that Uber financing deal.

I myself went to a Ford dealership few weeks ago because my C-class now has already 118k miles on it and I stil lhave to make payments for about 2 years or so.. glad it's just 399 since I made a downpayment when I got it so I don't have that much pressure.

But when they explained that you pay about 230 a WEEK !!! for a Fusion hybrid and I saw the car.. nothing nothing special.
not even leatherseats. I decided that this is not worth it at all.

But I understand your "creditscore" situation and see that you have no other option than that at least at the moment.

In fact after 5 years (they said you own the car for $1 after that) but I say then your car will be wasted !
Not even worth the $1 anymore  

I currently only work the weekends and sometimes during the week for a few hours and I average about $500 a week gross.
That's really not very much.

Somehow I still have the hope that Uber raises the price in LA again, before all their good drivers have found alternative jobs.


I will ask the other brother that wrote he was driving for CR England about how that works.. 
I know that's a tough job but at least you can make $1000 per week (after a certain time of course) and you do not have to waste your personal car. And the Future in the Trucking Industry still looks good.


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## jsixis (Dec 14, 2014)

hex1337 said:


> Are my options hopeless? I really wanted to dedicate myself for the next few years as a hardcore Uber driver since I enjoy driving and meeting new people in general. It would've allowed me to attain a higher sense of independence since I live on subsidized rent and low-grade food for survival.
> 
> But man, an interest rate of 60% with a chance of being terminated at whim sounds bogus... That would've totally nuked me to bankruptcy and beyond if I had to continue paying $700+ for the remainder of my contract. Sounds like this was setup as a publicity ploy to ramp up new car sales.


that is exactly what they want, indebted servitude. You have no option but to work 84 hours a week to pay for the car.


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## DriverJ (Sep 1, 2014)

hex1337 said:


> I really wanted to dedicate myself for the next few years as a hardcore Uber driver


I did too. Uber made it clear they don't want that.


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## centralFLFuber (Nov 21, 2014)

Youd probably be better off buying from a loan shark...or try the buy here pay here places


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## Oscar Levant (Aug 15, 2014)

hex1337 said:


> I'm extremely interested in becoming an UberX or preferably an UberPLUS driver due it's juicy rates. I'm 27 years old with 11 years of driving experience. My driving record is squeaky clean with absolutely no driving violations―No parking tickets, no speeding tickets just consistent safe driving for over a decade.
> 
> I have absolutely no credit, which prohibits me from leasing a vehicle from a standard dealership. What are my options and what would an affordable option be for a person with a relatively low capital balance be? ~$3k
> 
> I'm willing to invest close to 50-60/hours per week consistently until I'm able to pay of all of my bills. Any guidance would be most appreciated. Thanks!


Don't do it!!!!! if you live in a big city, find an UberSUV or UberBlACK to lease (You'll find them in the gigs section of Craigslist ), stay as far away from UberX
lease-to-own as you can. Lease someone else's car, that gets the high rates, that's my plan, anyway, and I'm entertaining an offer right now.


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## Jimmy Lee Hagerty (Nov 2, 2014)

I will ask the other brother that wrote he was driving for CR England about how that works.. 
[/QUOTE]
Just go to http://www.crengland.com/ If you can do 6-700 miles a day, 6 days a week, you will love it. Good pay too


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## Oscar Levant (Aug 15, 2014)

hex1337 said:


> I'm extremely interested in becoming an UberX or preferably an UberPLUS driver due it's juicy rates. I'm 27 years old with 11 years of driving experience. My driving record is squeaky clean with absolutely no driving violations―No parking tickets, no speeding tickets just consistent safe driving for over a decade.
> 
> I have absolutely no credit, which prohibits me from leasing a vehicle from a standard dealership. What are my options and what would an affordable option be for a person with a relatively low capital balance be? ~$3k
> 
> I'm willing to invest close to 50-60/hours per week consistently until I'm able to pay of all of my bills. Any guidance would be most appreciated. Thanks!


You'd have to work six 12 hour shifts for it to make sense. It's a give up social life to put some money in the bank idea. 
But, you're young, a my age, 64, I just don't have the go get 'em energy of my youth. Remember, UberPlus are forced to accept UberX, so I suspect Uberx will be most of your trips. But, if you are deactivated, you're screwed. It's easy to make a commitment like that today, but you might not feel that way six months from now. 
I doubt i would do it even if I were 27.


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## xtree78 (Nov 6, 2014)

OMG I just go a phone call from Santander about me giving the car back and what this egotistical condescending woman told me was that uber and Santander are seperate and I could have used to car to work for other companies all along. What she told me was totally against what was in the lease I almost was in tears at what she was making up


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## UberTaxPro (Oct 3, 2014)

Woober said:


> For UberX any good, clean car 10 years old or newer is okay. Trust me, you're better off with something that gets good gas mileage; Toyota Prius/Carolla, Honda Civic, etc. unless you're looking for justification to buy yourself a nice fancy car. Go with something under $10,000


Excellent advice. Spend the least amount of money possible to get a decent car. Whether you spend $ 50,000 or $5,000 after Ubering for a few years the car value will be the same....about $0


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## DriverJ (Sep 1, 2014)

xtree78 said:


> OMG I just go a phone call from Santander about me giving the car back and what this egotistical condescending woman told me was that uber and Santander are seperate and I could have used to car to work for other companies all along. What she told me was totally against what was in the lease I almost was in tears at what she was making up


From what I hear they're almost as bad as Uber. That's saying a lot.


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## Lidman (Nov 13, 2014)

I read some of the posts in various forums regarding the leasing program, and it looks like the monthly pmts are like $700/800 per month. I think the commercial insurance is factored in. But YIKES. I know the interest rates are over 20%.... The only thing that distinguishes them from loan sharks is not getting strong armed.


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## stuber (Jun 30, 2014)

hex1337 said:


> Thanks for the effort of going out of your way, but none of these options would suit me best. Majority of these vehicles aren't supported by UberX, or too old to be of reliable use. It would serve me no purpose of agreeing to a ridiculous high interest contract and having Uber phase out the vehicle in a year or so. I'd literally be out of work and further in debt with a useless vehicle.
> 
> I've came to the definite conclusion Uber would hold too much of a liability risk after expenses, expenditure of time and effort spent on trivialities. From my perspective, this is *not a practical source of income as it is being advertised for a person with no credit dependance or low incom*e. I would have to expose myself to an extremely high amount of risk and working hours just to break even, and on top of that if I'm unable to attain at-least a 5-star rating amongst 92% of my clientele, I'd be exposing myself to losing my job at a whim and having no way to pay off the remainder of my debt obligation. *The driver literally gets the short end of the stick.*
> 
> ...


Dude...go get yourself a job as a financial analyst. Or an accounting/bookkeeping job.

You would seem to be wasting your skills as a driver.


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## cybertec69 (Jul 23, 2014)

hex1337 said:


> I'm extremely interested in becoming an UberX or preferably an UberPLUS driver due it's juicy rates. I'm 27 years old with 11 years of driving experience. My driving record is squeaky clean with absolutely no driving violations―No parking tickets, no speeding tickets just consistent safe driving for over a decade.
> 
> I have absolutely no credit, which prohibits me from leasing a vehicle from a standard dealership. What are my options and what would an affordable option be for a person with a relatively low capital balance be? ~$3k
> 
> I'm willing to invest close to 50-60/hours per week consistently until I'm able to pay of all of my bills. Any guidance would be most appreciated. Thanks!


Don't say you were not warned, and seeing that you are 27 years old and still learning about life's lessons, this one came with A WARNING "STOP".


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