# Car finance



## Ddwdriver (Oct 17, 2019)

I'm a full-time driver in the DFW marketplace. So this year I was trying to get a new car to drive. but I find out no banks are willing to finance a full-time ride share driver for a vehicle. Does anyone have any ideas on how to finance a vehicle if you are a full-time ride share driver?


----------



## mikes424 (May 22, 2016)

Dealers have an in with finances. Talk to the finance guy at the dealership of your choice.
Also consider joining a credit union.


----------



## SHalester (Aug 25, 2019)

do you have an existing relationship with a bank? If so, start there; they could be less strict with what they want.

Also, dealerships have lots of options, but be warned the interest rate for a less than stellar credit history will be steep.


----------



## UberChiefPIT (Apr 13, 2020)

Ddwdriver said:


> I'm a full-time driver in the DFW marketplace. So this year I was trying to get a new car to drive. but I find out no banks are willing to finance a full-time ride share driver for a vehicle. Does anyone have any ideas on how to finance a vehicle if you are a full-time ride share driver?


How long have you been a "full-time ride share driver"?

Lenders are also quite aware that full-timers are just on borrowed time, and can have their source of income removed at virtually any time, for no refutable reason.


----------



## Wildgoose (Feb 11, 2019)

Ddwdriver said:


> I'm a full-time driver in the DFW marketplace. So this year I was trying to get a new car to drive. but I find out no banks are willing to finance a full-time ride share driver for a vehicle. Does anyone have any ideas on how to finance a vehicle if you are a full-time ride share driver?


It might be because of your credit score. I never need to tell them what I do for my living. They don't care you are doing RS or not. All they care is your income and your credit score. I never needed to show my proof of income and the gross income is whatever amount came out from my mouth. I guess that your credit score will be the main factor.
Try Capital One Auto Loan preapproval Click HERE. Running your credit score for preapproval will not make your credit score bad.
Bring the preapproval paper and shop around.


----------



## Ubering4Beer (Mar 15, 2018)

Ddwdriver said:


> I'm a full-time driver in the DFW marketplace. So this year I was trying to get a new car to drive. but I find out no banks are willing to finance a full-time ride share driver for a vehicle. Does anyone have any ideas on how to finance a vehicle if you are a full-time ride share driver?


I certainly wouldn't purchase a brand new vehicle for Rideshare. A "new-to-you" vehicle sure, but with all the uncertainty surrounding the industry and country (Prop. 22 vs. AB5 in CA which will influence other states, the Dems seizing control of the Presidency/Senate and raising taxes, etc.) you should only spend what you can afford to do so in cash. If you absolutely must finance go to a local credit union and get pre-approved before going shopping and only spend the absolute minimum required to scratch the itch to drive a "new-to-you" car. Plenty of rideshare-eligible vehicles for sale on CraigsList for $5k or less.


----------



## Safar (Mar 23, 2020)

Credit score is king when it comes to auto loans. No more questions asked.


----------



## SuzeCB (Oct 30, 2016)

UberChiefPIT said:


> How long have you been a "full-time ride share driver"?
> 
> Lenders are also quite aware that full-timers are just on borrowed time, and can have their source of income removed at virtually any time, for no refutable reason.


More than that, they don't want a car they're financing doing rideshare. They know how fast the miles pile up and how much the pax beat up the car.


----------



## UberChiefPIT (Apr 13, 2020)

Safar said:


> Credit score is king when it comes to auto loans. No more questions asked.


Basically, ya.

Cars aren't considered assets when financed. They're nothing more than a debt and a liability. They can never be sold for break-even money, no matter how much you've paid on a loan.

They're not like real estate - land and/or homes sitting on land. Land never loses value unless natural disasters deem it uninhabitable. And homes are value-recoverable, as long as the place isn't burned to the ground - in which case home owner's insurance covers it, which is built into the mortgage.

People finance cars because they can't afford them at the time. Myself included. My car was financed because - at the time - I couldn't afford to buy one outright while needing to move several states away with merely a month's notice. But, I'm also good with money, which is whyI paid off a 60-month loan in just 13 months.

But to the point: lenders bend people over on car financing because, as I implied before, if you gotta finance it then the chances of you being able to pay it off aren't very high. So they try to get as much out of you from month 1, until you run out of steam to keep up the payments and theeeeeeeen: they get judgments against you, and auction the car at juuuuuuuuust barely below value. Having made money off you anyways, minus any court costs.

In summary: financing cars for the sole purpose of driving it as a contracted driver is *ALMOST* as stupid as leasing/renting a car for the same purpose.


----------



## tohunt4me (Nov 23, 2015)

UberChiefPIT said:


> How long have you been a "full-time ride share driver"?
> 
> Lenders are also quite aware that full-timers are just on borrowed time, and can have their source of income removed at virtually any time, for no refutable reason.


Which is an EXCELLENT REASON TO QUIT !


----------



## Daisey77 (Jan 13, 2016)

My buddy who drove Uber black also worked for a private transportation company. I put down I was his office/marketing manager and then while in finance, text him saying, Hey FYI if a dealership calls you I'm your office manager and I make $1,200 a week cash&#128517;&#128517; the problem is, it's now on my credit report. so he probably should fire me

Or open up an LLC and write yourself paychecks and go to the regular employee route


----------



## The Gift of Fish (Mar 17, 2017)

Ddwdriver said:


> I'm a full-time driver in the DFW marketplace. So this year I was trying to get a new car to drive. but I find out no banks are willing to finance a full-time ride share driver for a vehicle. Does anyone have any ideas on how to finance a vehicle if you are a full-time ride share driver?


Banks know that buying a new car for rideshare is nuts. That's what they won't lend you money to do it.


----------



## islanddriver (Apr 6, 2018)

The Gift of Fish said:


> Banks know that buying a new car for rideshare is nuts. That's what they won't lend you money to do it.


A down payment over 20% and a good credit score can help you. Also used is the way to go. When I purchased my car in 2012 it was 10months old with 24000 miles on it but I only paid $14000. Saved $10000 from new one


----------



## TomTheAnt (Jan 1, 2019)

SuzeCB said:


> More than that, they don't want a car they're financing doing rideshare. They know how fast the miles pile up and how much the pax beat up the car.


Dingdingdingdingding!!!!!!!!


----------



## Immoralized (Nov 7, 2017)

Ddwdriver said:


> I'm a full-time driver in the DFW marketplace. So this year I was trying to get a new car to drive. but I find out no banks are willing to finance a full-time ride share driver for a vehicle. Does anyone have any ideas on how to finance a vehicle if you are a full-time ride share driver?


Banks probably won't touch you with a ten foot pole but dealers will give you in house financing as long as you can come up with the 10-20% deposit and able to pay the $$$ back in 3-4 years. Interest you are going to pay is dependent on ur credit history.


----------



## FLKeys (Dec 27, 2018)

Safar said:


> Credit score is king when it comes to auto loans. No more questions asked.


That was my experience. When I purchased my last car they pulled my credit report and did not ask anything else other than a copy of my DL and proof of insurance. No proof of employment needed.


----------



## waldowainthrop (Oct 25, 2019)

I just want to clarify something here: lenders care about what you do for a living and what your credit history is because they want you to pay back the loan. If you are more creditworthy than average, they don’t care what you do with the car since they’re not planning on you defaulting on the loan. If the car is worth 40% or 20% of its market value at the end of the terms of the loan, they are not interested. That loan is paid off.

But if your income is low, unstable or precarious, or if you’ve ever had problems paying back a loan, they definitely care what your sources of income are and what the car is being used for.

You probably know this already: don’t buy new.


----------



## islanddriver (Apr 6, 2018)

waldowainthrop said:


> I just want to clarify something here: lenders care about what you do for a living and what your credit history is because they want you to pay back the loan. If you are more creditworthy than average, they don't care what you do with the car since they're not planning on you defaulting on the loan. If the car is worth 40% or 20% of its market value at the end of the terms of the loan, they are not interested. That loan is paid off.
> 
> But if your income is low, unstable or precarious, or if you've ever had problems paying back a loan, they definitely care what your sources of income are and what the car is being used for.


Sorry you are wrong most auto loans and leases are for personal use only. Ride share is considered commercial. As such you are committing bank fraud by not tell bank about use being ride share. And the can call the loan 100% do at anytime. And even repossess it.


----------



## waldowainthrop (Oct 25, 2019)

islanddriver said:


> Sorry you are wrong most auto loans and leases are for personal use only. Ride share is considered commercial. As such you are committing bank fraud by not tell bank about use being ride share. And the can call the loan 100% do at anytime. And even repossess it.


I'm not advocating using personal vehicle loans or leases for rideshare. I'm absolutely not advocating for lying on a loan application. Nothing I wrote suggests that at all. I assume that anyone using a car exclusively for rideshare and private transportation is serious enough to have an LLC and business insurance, if they're doing it full-time enough to be buying cars as business-only purchases.

Can you give examples of car loans ending in being called or a car being repossessed for a loan that is paid on time? I've never heard of this. On a heavily depreciating asset like a car, repossessing used cars from people who pay on time sounds like madness, from the perspective of reputation and the possible financial penalty to the lender.

To be clear: I am looking for real-world cases and legal structures for repossessing a car that has _not_ been defaulted on. I am also interested in examples of car loans being called early for people that pay on time. Does this actually happen?


----------



## islanddriver (Apr 6, 2018)

I don't know anyone personally that had their car repossesses for this. Having said that read your loan papers if it is a personal loan you can not use it for commercial purposes it is bank fraud. If they repossess your car they will not lose they can sell it if the sale doesn't cover the amount of loan you are still liable for the balance. so the one to lose is you. also the hit to your credit is bad.


----------



## kingcorey321 (May 20, 2018)

Why tell anybody your a taxi ? 
You get a 1099k ? This is income. 
Put on your credit app that your a private contractor security guard or home improvement .Many of these people are paid a 1099
Should not even matter what you put down for your job.
Me i have not shown any income in over 5 years from a job


----------



## waldowainthrop (Oct 25, 2019)

kingcorey321 said:


> Put on your credit app that your a private contractor security guard or home improvement .Many of these people are paid a 1099
> Should not even matter what you put down for your job.


Whether one's occupation _should_ matter or not, I think making things up on a credit application is a bad idea at best and fraudulent at worst.

If you _do_ have a second or third job, listing that and not rideshare or anything else is completely fine, I would think.


----------



## The Gift of Fish (Mar 17, 2017)

islanddriver said:


> A down payment over 20% and a good credit score can help you. Also used is the way to go. When I purchased my car in 2012 it was 10months old with 24000 miles on it but I only paid $14000. Saved $10000 from new one


My analogy for buying a car that will be used for Ubering is hitting oneself on the thumb with a hammer. However you do it, it is going to hurt. Buying a new $25,000 car on credit at 20% interest over 84 months is equivalent to raising the hammer way up over one's head and then bringing it down on one's thumb with as much force as possible. By comparison, buying a $3,000 - $4,000 Toyota is equivalent to raising the hammer a few inches and just giving one's thumb a little tap.

There are infinite variations in between these two extremes. Paying $14,000 for a car thar will be used for rideshare is, for example, analogous to raising the hammer to around shoulder height and then hitting one's thumb with medium force. Vastly preferable to the worst hit one could give oneself, to be sure, but far from the best option.


----------



## islanddriver (Apr 6, 2018)

The Gift of Fish said:


> My analogy for buying a car that will be used for Ubering is hitting oneself on the thumb with a hammer. However you do it, it is going to hurt. Buying a new $25,000 car on credit at 20% interest over 84 months is equivalent to raising the hammer way up over one's head and then bringing it down on one's thumb with as much force as possible. By comparison, buying a $3,000 - $4,000 Toyota is equivalent to raising the hammer a few inches and just giving one's thumb a little tap.
> 
> There are infinite variations in between these two extremes. Paying $14,000 for a car thar will be used for rideshare is, for example, analogous to raising the hammer to around shoulder height and then hitting one's thumb with medium force. Vastly preferable to the worst hit one could give oneself, to be sure, but far from the best option.


I didn't say 20% interest I said 20% down. I wasn't talking about rideshare car .at the time of purchase it was a personnel use car .it became a rideshare auto in 2018, it was just an example of buying used and not new.


----------



## The Gift of Fish (Mar 17, 2017)

islanddriver said:


> I didn't say 20% interest I said 20% down. I wasn't talking about rideshare car .at the time of purchase it was a personnel use car .it became a rideshare auto in 2018, it was just an example of buying used and not new.


I didn't say you said 20% interest.

My comments are in the context of buying a car that will be used for Uber. However, you are correct that used cars cost less than buying new.


----------



## waldowainthrop (Oct 25, 2019)

The Gift of Fish said:


> I didn't say you said 20% interest.


They said 20% down, I think. The situation described would be low interest, high down payment.


----------



## The Gift of Fish (Mar 17, 2017)

waldowainthrop said:


> They said 20% down, I think. The situation described would be low interest, high down payment.


My example just happened to contain the same coefficient, but was actually referencing the hypothetical interest rate used in my example, rather than the down payment that the guy gave. People get confused by numbers.

A similar thing happens when I get coffee at McDonalds. I take it with 4 creams and 1 sugar. If I say this to the drive thru operator, it does not compute, because I am giving two numbers that are different. Does not compute, and I end up with a coffee with 4 creams and 4 sugars, which is undrinkable. In order to avoid this, I have to request the coffee with 4 creams only. This is one number, so the operator is able to handle the request. When I collect the order from the next window I just ask for 1 packet of sugar and a stirrer. I do have to make the motion with my hand as if I was stirring an air coffee when I say the word "stirrer" so that they can understand what I want. But it's a solution.


----------



## SHalester (Aug 25, 2019)

islanddriver said:


> Sorry you are wrong most auto loans and leases are for personal use only. Ride share is considered commercial. As such you are committing bank fraud by not tell bank about use being ride share. And the can call the loan 100% do at anytime. And even repossess it.


Maybe for a lease, but not for a loan. I've never had an auto loan with the bank was interested in what I'd be using the vehicle for. How about you buy a vehicle, but don't do RS until years later and there still is a loan balance? They care you pay, you pay on time....period. It's really your auto insurance that cares way way more than the lender. And the lender CARES you have insurance, that they check on, at least at time of sale.

Now leases might have language about RS or commercial uses, but not all leases.


----------



## Seamus (Jun 21, 2018)

waldowainthrop said:


> I just want to clarify something here: lenders care about what you do for a living and what your credit history is because they want you to pay back the loan. If you are more creditworthy than average, they don't care what you do with the car since they're not planning on you defaulting on the loan. If the car is worth 40% or 20% of its market value at the end of the terms of the loan, they are not interested. That loan is paid off.
> 
> But if your income is low, unstable or precarious, or if you've ever had problems paying back a loan, they definitely care what your sources of income are and what the car is being used for.
> 
> You probably know this already: don't buy new.


Not all lenders are equal so it's very hard to put them all into one bucket. Specifically, there are lenders that specialize in making loans to high risk people with a shaky credit history. What most don't realize is that built into your loan is money so they can take out Insurance against your loan repayment. So in effect, you are paying for them to have an insurance policy against your loan in case you default on the loan they still get the money. Very few people understand that that exists. An auto dealership can always find you a loan, the question is how much interest and "fees" you pay. I am speaking about used cars of course.


----------



## islanddriver (Apr 6, 2018)

The Gift of Fish said:


> I didn't say you said 20% interest.
> 
> My comments are in the context of buying a car that will be used for Uber. However, you are correct that used cars cost less than buying new.


you did say


SHalester said:


> Maybe for a lease, but not for a loan. I've never had an auto loan with the bank was interested in what I'd be using the vehicle for. How about you buy a vehicle, but don't do RS until years later and there still is a loan balance? They care you pay, you pay on time....period. It's really your auto insurance that cares way way more than the lender. And the lender CARES you have insurance, that they check on, at least at time of sale.
> 
> Now leases might have language about RS or commercial uses, but not all leases.


They don't ask. Just read your bank loan if it says personal then you are committing bank fraud if you use it for commercial use. Believe it or not, your choice


----------



## SHalester (Aug 25, 2019)

islanddriver said:


> Just read your bank loan if it says personal then you are committing bank fraud if you use it for commercial use.


have and did. No words as you describe. You have a loan and lease switched. Or it's a by state thing. A loan you OWN the vehicle and there is a lien on it. The lien does not give the bank lord over your vehicle. You pay, pay on time, bank happy.

And to make sure, since I haven't viewed my loan docs in 5 years, just read it again. No a single word about usage beyond not taking the car out of the USofA without notice.

None of my auto loans contained such language, FYI.


----------



## waldowainthrop (Oct 25, 2019)

Seamus said:


> Not all lenders are equal so it's very hard to put them all into one bucket. Specifically, there are lenders that specialize in making loans to high risk people with a shaky credit history. What most don't realize is that built into your loan is money so they can take out Insurance against your loan repayment. So in effect, you are paying for them to have an insurance policy against your loan in case you default on the loan they still get the money. Very few people understand that that exists. An auto dealership can always find you a loan, the question is how much interest and "fees" you pay. I am speaking about used cars of course.


If I were in the used car business making loans, I would probably hedge those loans. I also looked at interest rates for sub-650 (below average) credit. Wow. Please no one here get a car loan for 15%. It's not worth it.


----------



## UberEunuch (Jan 14, 2020)

SHalester said:


> have and did. No words as you describe. You have a loan and lease switched. Or it's a by state thing. A loan you OWN the vehicle and there is a lien on it. The lien does not give the bank lord over your vehicle. You pay, pay on time, bank happy.
> 
> And to make sure, since I haven't viewed my loan docs in 5 years, just read it again. No a single word about usage beyond not taking the car out of the USofA without notice.
> 
> None of my auto loans contained such language, FYI.


I just checked my loan paperwork..on the very top there are check boxes of type of loan it is..on mine it says personal..thete are boxes for commertial and business use(?)..
I would say that it matters to the bank what you declare since your intetest would be higher if for business use...not sure if they would go after you for difference but you would be in a breach of contract.
Imagine you tell your employer to set you on S4 for IRS but you are single...


----------



## The Gift of Fish (Mar 17, 2017)

islanddriver said:


> you did say


Nope. Quote the post where I allegedly said that you said that you had me ruined paying 20% interest. You can't because, again, I did not say it.

I was referencing a hypothetical example of a poor car purchase, not quoting you.


----------



## SHalester (Aug 25, 2019)

UberEunuch said:


> I just checked my loan paperwork..on the very top there are check boxes of type of loan it is..on mine it says personal..


that's not what is being discussed here. We are talking a personal auto loan and if the documents can limit your usage. Only a business can do a business auto loan and that is NOT what is at issue here.

A personal auto loan YOU own the vehicle with the bank having a lien on it. Whether some banks, in some states, insert verbiage you are prohibited from using your vehicle commercially is an open question. Is doing RS pt considered commercial use? A lot of insurance companies don't think so, hence RS riders.

For sure, in my experience, not in calif with mulitiple banks over the decades. I wouldn't sign such docs if that terminology was included. If I wanted limits, I'd do a lease. Nuff said.


----------



## Daisey77 (Jan 13, 2016)

SHalester said:


> And to make sure, since I haven't viewed my loan docs in 5 years, just read it again. No a single word about usage beyond not taking the car out of the USofA without notice.


The wording wasn't included five years ago. It's only recently been added since then. When I first started rideshare, there was no wording in the lender paperwork, gap insurance, or extended warranties. This was 5 1/2 years ago. Shortly after that, I started hearing of people having problems and I thought the same thing. Bad credit , bad payment history, along with being a Rideshare driver just all added up to them not getting a loan. 2 years ago I went into my dealership to get a new vehicle and they would not even run numbers on me because of being a Rideshare driver. I purchased my last nine vehicles through them. I had Never been late on a payment. They flat-out told me lenders are not approving drivers&#129335;‍♀ part-time drivers can use their other job and have income without mentioning rideshare. Is full-time drivers that are having problems. In addition to that, my state passed a Rideshare bill when rideshare first came to the state and did not bill it states we must notify our lender that the vehicle will be used for rideshare. A couple years ago Uber sent out a notification to everyone stating we must notify our lender as well. How enforceable that is? I don't know in the states where it's not written in the law but I know here it is written into law


----------



## Big Lou (Dec 11, 2019)

So far, I've had my last 2 Prius' vehicles financed by large companies (Credit Unions) with no issues. As long as you maintain the proper insurance coverage, what do they care what you do with your vehicle?


----------



## Daisey77 (Jan 13, 2016)

Big Lou said:


> So far, I've had my last 2 Prius' vehicles financed by large companies (Credit Unions) with no issues. As long as you maintain the proper insurance coverage, what do they care what you do with your vehicle?


I have heard credit unions are different. I don't have an account at a credit union so I don't exactly know what the difference is or why they are more willing to approve Rideshare drivers but yes I have heard credit unions are one of the ways to get approved


----------



## Fusion_LUser (Jan 3, 2020)

I'd like to know if anyone has ever had their car taken away while current on payments with either a lease or a loan on the car in question.


----------



## Big Lou (Dec 11, 2019)

Daisey77 said:


> I have heard credit unions are different. I don't have an account at a credit union so I don't exactly know what the difference is or why they are more willing to approve Rideshare drivers but yes I have heard credit unions are one of the ways to get approved


As far as I know, your fico score still comes to play. I've been dealing with my credit union since the 70s. They have financed all my cars and an RV. Now approved for another RV. 
Get away from banks. Been there ....done that


----------



## oldfart (Dec 22, 2017)

Big Lou said:


> So far, I've had my last 2 Prius' vehicles financed by large companies (Credit Unions) with no issues. As long as you maintain the proper insurance coverage, what do they care what you do with your vehicle?


 The reason they might be interested in what you do with the car has to do with the length of the loan and the number of miles you drive. If you are putting a lot of miles on the car, it's value is likely to drop faster than amount you owe and if they have to repossess the car they will lose more than they would if you didn't drive rideshare


----------



## Daisey77 (Jan 13, 2016)

oldfart said:


> The reason they might be interested in what you do with the car has to do with the length of the loan and the number of miles you drive. If you are putting a lot of miles on the car, it's value is likely to drop faster than amount you owe and if they have to repossess the car they will lose more than they would if you didn't drive rideshare


Exactly! They will never get their money back on a repoed Rideshare drivers car. Plus I also think there's a number of drivers who quickly realized basic Lyft and Uber X we're not profitable. So they upgraded to a more expensive vehicle than they're used to so they could drive higher platforms, assuming the increased Revenue would cover the increased car payment. All while forgetting how quickly you can be deactivated by a simple click of a button . Now they're stuck in a car payment they're not accustomed to with no income


----------



## Karen Stein (Nov 5, 2016)

Two years ago I bought a new car for rideshare. No issues - if anything my treating rideshare as a business helped.
Bank financing was much poorer than what the dealer offered through the manufacturer’s finance arm. Terms were 2% APR simple interest, no money down.


----------



## Wildgoose (Feb 11, 2019)

His problem is just simple. Bad credit score. That is it. 
Guess he couldn't make down payment either to cover gap.


----------



## waldowainthrop (Oct 25, 2019)

Remember that a repoed car that is sold off doesn’t let the borrower off the hook for the payments. It just covers a portion of the debt owed. On average, the value of financed cars to lenders is far lower than the amount of the amount of principle left to pay on those loans, I believe.


----------



## oldfart (Dec 22, 2017)

waldowainthrop said:


> Remember that a repoed car that is sold off doesn't let the borrower off the hook for the payments. It just covers a portion of the debt owed. On average, the value of financed cars to lenders is far lower than the amount of the amount of principle left to pay on those loans, I believe.


That's right but how many of those deficiency judgements do you think they actually collect? I'm guessing few to none


----------



## Daisey77 (Jan 13, 2016)

waldowainthrop said:


> Remember that a repoed car that is sold off doesn't let the borrower off the hook for the payments. It just covers a portion of the debt owed. On average, the value of financed cars to lenders is far lower than the amount of the amount of principle left to pay on those loans, I believe.


 yep they can come after you for the difference on what they sell the vehicle for and what you owe on it. However, all that person has to do is go file bankruptcy. I'm guessing if they got behind on payments, as a rideshare driver where their car is their office, bankruptcy will do nothing but help them&#129335;‍♀


----------



## oldfart (Dec 22, 2017)

Wildgoose said:


> His problem is just simple. Bad credit score. That is it.
> Guess he couldn't make down payment either to cover gap.


That's probably right. The "buy here-pay here" guys are probably the only place he can get financed

That's bad, but not all bad. If you absolutely have to own a car, I'm not so sure he has a choice


----------



## Wildgoose (Feb 11, 2019)

oldfart said:


> That's probably right. The "buy here-pay here" guys are probably the only place he can get financed
> 
> That's bad, but not all bad. If you absolutely have to own a car, I'm not so sure he has a choice


That is true. He probably went to bank to get an auto loan by expecting lower interest rate but he failed to get that.
So he has no choice now and needed to go somewhere where bad credit is Okay but would need to pay higher interest.


----------



## TomTheAnt (Jan 1, 2019)

Daisey77 said:


> So they upgraded to a more expensive vehicle than they're used to so they could drive higher platforms, assuming the increased Revenue would cover the increased car payment.


Not to mention the negative equity they wrapped into the loan to get the "better" car.


----------



## SHalester (Aug 25, 2019)

Daisey77 said:


> They flat-out told me lenders are not approving drivers&#129335;‍♀ part-time drivers can use their other job and have income without mentioning rideshare


That is not what I was referring to at all. I have no doubt lenders don't care for RS income if it is the ONLY income. Same for those who are trying to get a mortgage BASED on RS income; I doubt the underwriter will go for that at all.

I'm referring to a purchase loan having verbiage that 'limits' usage. In calif, there isn't beyond standard stuff like leaving the country with no notice (and taking the car), minimum insurance being carried, etc etc blah blah. the lenders have lien that prevents you from selling the car. Lien law, in calif, is very strict. It doesn't give them power of actual usage of the vehicle. That's for Calif, no idea on other states.

A LEASE is a different story; they, in fact, have some rights beyond just mileage controls.

I won't know for sure until time for next car purchase(s). That ain't happening until the ext warranties expires in another year or so.....I will be looking closely for any verbiage, but I also won't 'announce' that there is a possibility a few hours a week I'd be doing RS. My vehicle is for my personal use 90% of the time and what I do the other 10% is NOTGDB. The lender. My insurance, them I tell.


----------



## Stevie The magic Unicorn (Apr 3, 2018)

This is no surprise,

Banks haven't financed taxis in a LONG TIME

and you can't use a car as a taxi when your leasing it or have a loan out on it.


That's just reality,


This gig puts extra damage on your car and that's just the way the cookie crumbles.

As for your answer?



A 5 year loan for an uber car is a VERY bad idea, i doubt your car will survive 5 years.

A 3 year loan for a used car for uber is a VERY bad idea, it won't survive the loan period.

A lease for uber is without a doubt violating the terms of your lease, and you could be 1000s or 10,000s in over mileage if you do this full time.


I don't know where exactly to tell you to get a car from but....

Not from a bank.


Your going to have to set your sights lower, like craigs list or a police auction. Not enough cash to buy it? Well your kinda screwed.


If i was the bank manager i'd be doing THE SAME THING, deny deny deny...


----------



## Daisey77 (Jan 13, 2016)

SHalester said:


> I'm referring to a purchase loan having verbiage that 'limits' usa


Yes your actual loan agreement, right? Between you and the lender? I am 99% sure that certain lenders have it in the agreement that if you use your vehicle for commercial purposes it voids your contract. Hence the fact Colorado wrote it into the Rideshare bill. why would they make us tell the lender ? 
I don't have my paperwork in my vehicle but I will try to look it up when I get home. I think I did this a while back. I looked up my lender agreement and my gap insurance policy when this started becoming a big deal. I think I actually posted the Clause from each. I'll try to search the Forum when I get a second


----------



## Amos69 (May 17, 2019)

The Gift of Fish said:


> Banks know that buying a new car for rideshare is nuts. That's what they won't lend you money to do it.


I have a GREAT relationship with my Kia dealership. I have a RS LLC. I have no problems financing a car even when they know it is for ride share. One of the benefits of having an LLC. They just put my income as from that entity.


----------



## Immoralized (Nov 7, 2017)

Depending on how desperate you are they have loans out that that will finance you at an pretty eye watering interest rate of like 40% PA. Which are perfectly designed for the high risk profile of rideshare drivers with bad credit history and high usage of the vehicle.


----------



## theonearmedman (Oct 16, 2017)

Ddwdriver said:


> I'm a full-time driver in the DFW marketplace. So this year I was trying to get a new car to drive. but I find out no banks are willing to finance a full-time ride share driver for a vehicle. Does anyone have any ideas on how to finance a vehicle if you are a full-time ride share driver?


Don't say you drive for Uber or Lyft... and also don't spend 30k on a new vehicle for rideshare in the first place


----------



## oldfart (Dec 22, 2017)

Lots of advice here some good and some bad and most is just personal opinion. So let me offer my 2cents worth I think it’s important to note that one size doesn’t fit all

most of us, I think, don’tbuy a car when we start doing Uber We use what we happen to own. Which is why you see pick up trucks, Mercedes etc doing rideshare

And with just a little experience we figure out pretty fast, whether this is something that works for us or not and whether we intend to do this for the long haul or not

When it’s time to buy a new car for the business remember this is a business tool. It doesn’t matter whether you buy (For example) a $50000 car and drive it for 10 years, a $25000 and drive it for 5 years or a $5000 car and drive it for one year

The important thing is whatever you do now, make sure you are able to replace the car when the time comes

Generally speaking, it doesn’t matter whether you finance a car or pay cash as long as you are prepared to buy another car when the time comes to replace the one you are buying now. I’m guessing I’m going to get some pushback here, so let me explain my thinking. If I pay cash for my new car I need to prepare to replace it when the time comes; so I might set aside $500 a month so I will have $18000 in 3 years to buy something new. If I finance a car (new or used) I need to make payments of let’s say, $500 a month so the car is paid off before it needs to be replaced.
so either way, finance or pay cash using my example you ha e


----------



## SHalester (Aug 25, 2019)

Daisey77 said:


> I am 99% sure that certain lenders have it in the agreement that if you use your vehicle for commercial purposes it voids your contract.


not in Calif; Colorado maybe? Not sure a lender can 'void' a loan contract way way after (months, years) the fact. Nor can they demand a balloon payment. Again, would need to be such verbiage in the contract. Can't make things up on the fly.

Extended warranties, those could be voided for commercial use, but again that specific wording needs to be in the fine print.


----------



## Dash27341 (Jul 13, 2019)

oldfart said:


> That's probably right. The "buy here-pay here" guys are probably the only place he can get financed
> 
> That's bad, but not all bad. If you absolutely have to own a car, I'm not so sure he has a choice


If you can somehow get a used car loan and pay it on time for a month, and have that history on your credit report, you can almost always get approved with another bank the next year to either refinance or trade it in and get a better car at a much lower rate


----------



## Techie Scum (Oct 3, 2020)

Dealerships will give you a car even if you are freaking homeless. They hand you the keys and kick you out. In what world are you having trouble getting a car financed?


----------



## IRME4EVER (Feb 17, 2020)

Ddwdriver said:


> I'm a full-time driver in the DFW marketplace. So this year I was trying to get a new car to drive. but I find out no banks are willing to finance a full-time ride share driver for a vehicle. Does anyone have any ideas on how to finance a vehicle if you are a full-time ride share driver?


 STAY CLEAR OF SANTANDER CONSUMER USA, they lost a lawsuit of 550,000.000.00 back in May. I had my 2019 Mitsubishi Mirage G4 financed through them thru the dealership. I had no bad/good credit, I had no credit. 
I bought my car brand new, only had 17 miles on it. 
Subprime loans and shady activity between dealerships and Santander, my car is worth 8,000.00. I have a 29.98% interest in 22,567.90 on top of the sale of the car when I bought it, for 17,450.00. Included was a service warranty which cost me 2,000.00 but is limited. I have a paper from the dealership that I was charged 750.00. The dealership charged me an 850.00 deposit on the bill of sale. I have been making payments of 499.59 (have receipts) for 11 months, ironically Santander lost those payments. 
I told Santander to come to get the car. 
I have filed 2 top-class actions suits against them, I also filed a claim with AZ Attorney General. 
Oh by the way rather than the 72-month loan, Santander now has me down for 77 months.
PREDATOR LOAN COMPANY!!


----------



## Techie Scum (Oct 3, 2020)

IRME4EVER said:


> STAY CLEAR OF SANTANDER CONSUMER USA, they lost a lawsuit of 550,000.000.00 back in May. I had my 2019 Mitsubishi Mirage G4 financed through them thru the dealership. I had no bad/good credit, I had no credit.
> I bought my car brand new, only had 17 miles on it.
> Subprime loans and shady activity between dealerships and Santander, my car is worth 8,000.00. I have a 29.98% interest in 22,567.90 on top of the sale of the car when I bought it, for 17,450.00. Included was a service warranty which cost me 2,000.00 but is limited. I have a paper from the dealership that I was charged 750.00. The dealership charged me an 850.00 deposit on the bill of sale. I have been making payments of 499.59 (have receipts) for 11 months, ironically Santander lost those payments.
> I told Santander to come to get the car.
> ...


You lost me on the Mitsubishi. Why people buy cars other than Toyotas and Hondas is beyond me.


----------



## Immoralized (Nov 7, 2017)

IRME4EVER said:


> STAY CLEAR OF SANTANDER CONSUMER USA, they lost a lawsuit of 550,000.000.00 back in May. I had my 2019 Mitsubishi Mirage G4 financed through them thru the dealership. I had no bad/good credit, I had no credit.
> I bought my car brand new, only had 17 miles on it.
> Subprime loans and shady activity between dealerships and Santander, my car is worth 8,000.00. I have a 29.98% interest in 22,567.90 on top of the sale of the car when I bought it, for 17,450.00. Included was a service warranty which cost me 2,000.00 but is limited. I have a paper from the dealership that I was charged 750.00. The dealership charged me an 850.00 deposit on the bill of sale. I have been making payments of 499.59 (have receipts) for 11 months, ironically Santander lost those payments.
> I told Santander to come to get the car.
> ...


That a good life lesson you got early on in your life. Always read the contract fully before signing anything and always get a copy of that contract as well. Make sure you know the full cost of the contract and what you are liable for on it and make sure they put that in the contract too. 29.98% interest not so bad for a 1st car loan with no credit either. Plenty of young people take up 40-48% finance on five years as well on a brand new car when a used affordable car isn't good enough for them to be seen driving around in.


----------



## Techie Scum (Oct 3, 2020)

Immoralized said:


> That a good life lesson you got early on in your life. Always read the contract fully before signing anything and always get a copy of that contract as well. Make sure you know the full cost of the contract and what you are liable for on it and make sure they put that in the contract too. 29.98% interest not so bad for a 1st car loan with no credit either. Plenty of young people take up 40-48% finance on five years as well on a brand new car when a used affordable car isn't good enough for them to be seen driving around in.


My first new car was at 0.0%


----------



## waldowainthrop (Oct 25, 2019)

oldfart said:


> That's right but how many of those deficiency judgements do you think they actually collect? I'm guessing few to none


Probably not many.


----------



## TBone (Jan 19, 2015)

Check into a commercial loan. Slightly higher interest rate and usually 25-50% down payment are required. It appears Tesla will finance Uber drivers though. 
Unfortunately, Ohio passed a law recently that requires you to tell the dealer or finance company that you will be using the vehicle for rideshare.


----------



## FLKeys (Dec 27, 2018)

Techie Scum said:


> My first new car was at 0.0%


0.0% dealer loans are for rookies. If you know how to negotiate a deal on a new car and you have excellent credit you can come out way better negotiating a better deal and getting a low interest loan than you can on those 0.0% loan offers.

All of those 0.0% dealer offers are front loaded with dealer/manufacture rebates that you never get when taking a 0.0% offer. Research what those hidden dealer rebates are and negotiate a better deal.

Hear is an example from a recent o% offer I saw:
Price $26,275 0% financing you pay $26,275
Price $26,275 less cash rebate of $3,000 = $23,275 financed at 3% with excellent credit. $23,275 + $1,818 in interest = $25,093

Savings of $1,182.00 by using your own financing.

There is a reason you have to be well qualified for 0% financing, it is because the dealers know they will come out better in the long run giving well qualified buyers 0% interest instead of them getting more rebates and financing at a low rate.


----------



## SHalester (Aug 25, 2019)

FLKeys said:


> financed at 3%


that's high. How about 1% PLUS rebates; only well qualified, tho.


----------



## Techie Scum (Oct 3, 2020)

I got my first new car at MSRP minus $3000, and 0.0%. Courtesy of a sweet 800+ credit score. In short, I stole the car from them 



FLKeys said:


> 0.0% dealer loans are for rookies. If you know how to negotiate a deal on a new car and you have excellent credit you can come out way better negotiating a better deal and getting a low interest loan than you can on those 0.0% loan offers.
> 
> All of those 0.0% dealer offers are front loaded with dealer/manufacture rebates that you never get when taking a 0.0% offer. Research what those hidden dealer rebates are and negotiate a better deal.
> 
> ...


Nahhhhh, no rookie here. I bargained for a whole month. They were desperate to get rid of 2018 models because redesigned 2019 models were out.


----------



## Iann (Oct 17, 2017)

Westlake Financial gave me a car loan. 
They accepted my Uber and Lyft earnings and asked for 6 months of proof of income.
I was given a $21,000 loan and said I had to buy a new car. 
It is possible to get a car loan with just Uber and Lyft.


----------



## Daisey77 (Jan 13, 2016)

Iann said:


> Westlake Financial gave me a car loan.
> They accepted my Uber and Lyft earnings and asked for 6 months of proof of income.
> I was given a $21,000 loan and said I had to buy a new car.
> It is possible to get a car loan with just Uber and Lyft.


That's because Westlake partnered with Uber to provide special financing for drivers


----------



## Iann (Oct 17, 2017)

When did they partner with them?


----------



## Null (Oct 6, 2015)

I've never heard of a lender categorically declining RS drivers for loans. Perhaps you're indicating that this is a business asset and they're looking at your business to determine qualifications (business loan). Tell them that it's a personal car and you're paying for it with your RS income with your current car.

I once almost bought a new car that would have off-use as a TNC vehicle, got approval from my credit union no problem. However, I also have an 810 credit score (Fico 8, Experian) with no derogatory remarks. 

Also. My current TNC car I bought used for $10k, 2014 Toyota Camry Hybrid with 85k miles. Paid cash private party (saves 'use' tax money). There's no reason to buy a new car for TNC IMO. Buy a new car if you want a new car, but not a a new car for TNC.

A used Toyota hybrid a few model years behind with some miles are great values for TNC.


----------



## Daisey77 (Jan 13, 2016)

Null said:


> I've never heard of a lender categorically declining RS drivers for loans. Perhaps you're indicating that this is a business asset and they're looking at your business to determine qualifications (business loan). Tell them that it's a personal car and you're paying for it with your RS income with your current car.
> 
> I once almost bought a new car that would have off-use as a TNC vehicle, got approval from my credit union no problem. However, I also have an 810 credit score (Fico 8, Experian) with no derogatory remarks.
> 
> ...


Has stated a few times already, credit unions are different. People don't seem to have problems with the credit unions. Banks or other lenders? Yes. Also part time drivers don't necessarily have a problem because they can just not mention it and use the income from their full-time job. It's the full-time drivers who use a bank or lender other than a credit union. There's all kinds of articles on lenders not approving Rideshare drivers if you Google it


----------



## jeanocelot (Sep 2, 2016)

UberChiefPIT said:


> People finance cars because they can't afford them at the time.


Not necessarily. I had my 2001 VW New Beetle all paid off, but when the post-Y2K market swoon reached its nadir, I hocked my car to get $15K out, and invested that in a leveraged Nasdaq find; it doubled within 18 months. :biggrin:


----------



## Daisey77 (Jan 13, 2016)

Iann said:


> When did they partner with them?


https://observer.com/2015/11/westlake-financial-ubers-shady-new-partner/


----------



## Older Chauffeur (Oct 16, 2014)

Null said:


> Also. My current TNC car I bought used for $10k, 2014 Toyota Camry Hybrid with 85k miles. Paid cash private party (saves 'use' tax money).


Are you saying you didn't pay use tax, or that you saved money on use tax when you registered your car? The CA DMV adds it in, based on documents provided by the seller stating the sales price. I sold a car to a friend last year, and went with him to register the car and transfer title. He paid use tax on the selling price. If you and the seller claim too low a sale price the seller may get a letter from the DMV asking for verification. I got such a letter years ago regarding a Model A Ford. The price for a vintage car could range widely, depending on condition, and mine needed work. Newer cars probably wouldn't have that big of difference in average selling price, so if your value is too far off the DMV might smell a rat.:laugh:


----------



## UberChiefPIT (Apr 13, 2020)

jeanocelot said:


> Not necessarily. I had my 2001 VW New Beetle all paid off, but when the post-Y2K market swoon reached its nadir, I hocked my car to get $15K out, and invested that in a leveraged Nasdaq find; it doubled within 18 months. :biggrin:


That isn't the same as financing to purchase a car. You took out a personal loan, using your fully-outright-owned vehicle as collateral. Not even ballpark the same thing.


----------



## W00dbutcher (Jan 14, 2019)

You "need" money from a loan... That is almost always a denied loan.

You "don't need the money" but want to borrow money anyway so your not using yours is almost guaranteed.


----------



## Null (Oct 6, 2015)

Older Chauffeur said:


> Are you saying you didn't pay use tax, or that you saved money on use tax when you registered your car? The CA DMV adds it in, based on documents provided by the seller stating the sales price. I sold a car to a friend last year, and went with him to register the car and transfer title. He paid use tax on the selling price. If you and the seller claim too low a sale price the seller may get a letter from the DMV asking for verification. I got such a letter years ago regarding a Model A Ford. The price for a vintage car could range widely, depending on condition, and mine needed work. Newer cars probably wouldn't have that big of difference in average selling price, so if your value is too far off the DMV might smell a rat.:laugh:


Correct. I tax dodged. However, the seller and I filed the release of liability together so there was no discrepancy in the stated amounts by me on registration, and the seller on the release of liability.


----------



## Older Chauffeur (Oct 16, 2014)

Null said:


> Correct. I tax dodged. However, the seller and I filed the release of liability together so there was no discrepancy in the stated amounts by me on registration, and the seller on the release of liability.


OMG!! A conspiracy!! :whistling: :biggrin:


----------



## jeanocelot (Sep 2, 2016)

UberChiefPIT said:


> That isn't the same as financing to purchase a car. You took out a personal loan, using your fully-outright-owned vehicle as collateral. Not even ballpark the same thing.


It's all fungible. I could have gotten the loan and kept my cash to invest in the market. The point is that the car buyer could consider doing something else with his money than investing it in his car to avoid finance charges.


----------



## jeanocelot (Sep 2, 2016)

Ddwdriver said:


> I'm a full-time driver in the DFW marketplace. So this year I was trying to get a new car to drive. but I find out no banks are willing to finance a full-time ride share driver for a vehicle. Does anyone have any ideas on how to finance a vehicle if you are a full-time ride share driver?


I find this hard to believe. I regularly get turned down by CCs, but CapitalOne keeps on sending my mail saying "please take our money for your new car".


----------



## CarpeNoctem (Sep 12, 2018)

Yes, you don't get anything for free unless you negotiate the hell out of them. At 0%, they are almost always (or trying to) making the difference up somewhere.

My last truck I got $15k off the msrp. Now, the kicker was 7.9% financing. However, I signed the deal and left with my new Explorer. The next day, I refinanced it with the bank @ 3%. The first finance company sent me a check for $48 and the dealer ended up with nothing other than 1 day of interest sharing.

I'm not saying it is for everybody but this time it worked for me...


----------



## Daisey77 (Jan 13, 2016)

Ddwdriver said:


> I'm a full-time driver in the DFW marketplace. So this year I was trying to get a new car to drive. but I find out no banks are willing to finance a full-time ride share driver for a vehicle. Does anyone have any ideas on how to finance a vehicle if you are a full-time ride share driver?


I heard Hyundai, Kia, and possibly Volkswagen are more Rideshare friendly. I know Ford is self-employed friendly. I don't know necessarily Rideshare but I'm sure you could find a way to work it


----------



## Fusion_LUser (Jan 3, 2020)

CarpeNoctem said:


> Yes, you don't get anything for free unless you negotiate the hell out of them. At 0%, they are almost always (or trying to) making the difference up somewhere.
> 
> My last truck I got $15k off the msrp. Now, the kicker was 7.9% financing. However, I signed the deal and left with my new Explorer. The next day, I refinanced it with the bank @ 3%. The first finance company sent me a check for $48 and the dealer ended up with nothing other than 1 day of interest sharing.
> 
> I'm not saying it is for everybody but this time it worked for me...


I find the best way to get a car for the lowest amount is to finance with the dealer no matter how you plan to pay. Every day cars have no loan terms that require you finance for a certain amount of time so who cares if the dealer sticks me with a high interest loan that will be paid off immediately.

In my experience the dealer is usually happy with giving me whatever rate they think they can get away with and don't press on the other dealer scams. I never tell the dealer I already have financing or that I will pay in cash. I don't talk credit nor say I have good credit or anything. I will have a couple of internet price sheets that are below sticker and the dealer usually honors those or even beats them because they think they are going to make money on financing.

Once or twice I got hit for one month of interest whiling paying off the loan but even considering that in the price I still save on the price of the car overall...


----------



## UberChiefPIT (Apr 13, 2020)

jeanocelot said:


> It's all fungible. I could have gotten the loan and kept my cash to invest in the market. The point is that the car buyer could consider doing something else with his money than *investing it in his car *to avoid finance charges.


Financed cars are not investments. They are debts. An investment is an asset. Cars are not assets, unless owned outright with nothing owed on them. Even then, all they do is depreciate in value as time goes on (with exceptions for antiques - after their value bottoms out).

You used an asset as collateral to gain capital to invest. It's the same as hocking a diamond engagement ring.

It's completely the opposite of someone financing to purchase a vehicle. It's a debt until paid off, and then becomes an asset. But never an investment itself, as it has no potential to gain value for you under normal circumstances.


----------



## IRME4EVER (Feb 17, 2020)

Techie Scum said:


> You lost me on the Mitsubishi. Why people buy cars other than Toyotas and Hondas is beyond me.


 I learned the hard way after leasing from Maven Gig (They leased newer cars out to Uber and Lyft drivers).
I went through 6 cars less than a year, all Chevy's. 1, 2016 Chevy Malibu drove it 4 months. The throttle sensor went out and the part 3 month back order (towed to the dealership). 2, 2016 Chevy Malibu drove it 1 month. The transmission went out (towed to the dealership). 3, 2016 Chevy Malibu drove it 2 days. Fuel Injectors screwed up (towed to the dealership). 4, 2018 Chevy Malibu (only had 25,000 miles) just talking with pax about the fact that this was my 4th Malibu knock-on-wood. Put the car in park so pax could get out, then put the car in drive, the idiot light came on and said reduced engine power. Been there before with the throttle sensor going out with # 1. Once again towed to the dealership. 4, 2018 Chevy Equinox Premier nice car, but no get-up and go. Come to find out they put the wrong size engine in it. Need to be more than a 3 cylinder paying 350.00 a week for a wreck. 6, 2018 Chevy Cruze from the get-go nothing but problems. They put the directional tires on the wrong way causing the car to bounce at higher speeds. I never knew there was a difference in tires until I took the car to a shop and had them test drive it. Maven Gig is a joke!! Stay away from them!! Got no credit for the breakdowns. They put you in cars that are not safe. 
That's why I went with Mitsubishi. The worst mistake of my life!! Don't get me wrong the car is great, gets 45+ miles per gallon (only has a 9-gallon gas tank). Was trying to get a Prius but no luck!!


----------



## Fusion_LUser (Jan 3, 2020)

UberChiefPIT said:


> Financed cars are not investments. They are debts. An investment is an asset. Cars are not assets, unless owned outright with nothing owed on them. Even then, all they do is depreciate in value as time goes on (with exceptions for antiques - after their value bottoms out).
> 
> You used an asset as collateral to gain capital to invest. It's the same as hocking a diamond engagement ring.
> 
> It's completely the opposite of someone financing to purchase a vehicle. It's a debt until paid off, and then becomes an asset. But never an investment itself, as it has no potential to gain value for you under normal circumstances.


I disagree. If you invested in a 1959 Ferrari 250 GT LWB California Spider which cost about $14,000 new and held it until late 2017 you would have made a little bit of money on when you sell it for $18,000,000!

Now I know you are going to say "But that's a Ferrari!" and you are right.

So what if you invested $3,153 for a 1975 Ford Pinto wagon? Well if you held on to the Pinto until October, 2020 without blowing anyone up you could have sold your investment for $10,500! &#128514; &#128514; &#128514;


----------



## UberChiefPIT (Apr 13, 2020)

Fusion_LUser said:


> I disagree. If you invested in a 1959 Ferrari 250 GT LWB California Spider which cost about $14,000 new and held it until late 2017 you would have made a little bit of money on when you sell it for $18,000,000!
> 
> Now I know you are going to say "But that's a Ferrari!" and you are right.
> 
> So what if you invested $3,153 for a 1975 Ford Pinto wagon? Well if you held on to the Pinto until October, 2020 without blowing anyone up you could have sold your investment for $10,500! &#128514; &#128514; &#128514;


You mean, where I said (with exceptions for antiques - after the value bottoms out).

Oh. Right. I said that.


----------



## Fusion_LUser (Jan 3, 2020)

UberChiefPIT said:


> You mean, where I said (with exceptions for antiques - after the value bottoms out).
> 
> Oh. Right. I said that.


Oh you did say antiques. I still disagree. The Toyota FJ is hardly a antique...

If you invested in a 2013 FJ Cruiser for 25,000'ish you could sell it today for $31,000 (2013 with 101,000 miles) to $49,000 (2012 to with 22,000 miles)!


----------



## UberChiefPIT (Apr 13, 2020)

Fusion_LUser said:


> Oh you did say antiques. I still disagree. The Toyota FJ is hardly a antique...
> 
> If you invested in a 2013 FJ Cruiser for 25,000'ish you could sell it today for $31,000 (2013 with 101,000 miles) to $49,000 (2012 to with 22,000 miles)!


Oh, okay. So now we're going off rarity. Which is the big factor that influences antique value after x-# of years.

So, ya. Still talking about the same thing, essentially.

Aaaaaaanyways. A financed vehicle is a debt, until you own it outright. Then you just hold onto it long enough so that it can be sold for more money than what it's really worth due to age and interesting circumstances and facts about the actual vehicle (the 3 things that influence the value of any "antique" or special item that dramatically increase in value).

Entire books are written about this topic. But my original point - in layman's terms is unchanged. Borrowing money against an asset is not the same as asking a financier for money to buy a car.


----------



## melusine3 (Jun 20, 2016)

Ddwdriver said:


> I'm a full-time driver in the DFW marketplace. So this year I was trying to get a new car to drive. but I find out no banks are willing to finance a full-time ride share driver for a vehicle. Does anyone have any ideas on how to finance a vehicle if you are a full-time ride share driver?


Take it as a hint that banks won't finance rideshare drivers. Never buy a new car for this, don't lease, either. Buy a well-regarded used vehicle because you'll be running it into the ground anyway.


----------



## KMANDERSON (Jul 19, 2015)

islanddriver said:


> I don't know anyone personally that had their car repossesses for this. Having said that read your loan papers if it is a personal loan you can not use it for commercial purposes it is bank fraud. If they repossess your car they will not lose they can sell it if the sale doesn't cover the amount of loan you are still liable for the balance. so the one to lose is you. also the hit to your credit is bad.


I would think the bank that you used know you are a rideshare or delivery driver if you have rideshare insurance on your car.I have had rideshare insurance on my car for two year and they never said anything.These companies know a lot drivers do gig work and as long as you pay the bill they want say anything to you about it.


----------



## islanddriver (Apr 6, 2018)

KMANDERSON said:


> I would think the bank that you used know you are a rideshare or delivery driver if you have rideshare insurance on your car.I have had rideshare insurance on my car for two year and they never said anything.These companies know a lot drivers do gig work and as long as you pay the bill they want say anything to you about it.


I understand your reasoning. But if your auto loan says personal loan and you use it for rideshare which is commercial use you are in default of the loan contract. Whether the bank or loan company do anything about it or not, is another question. Several months ago UBER sent out a notice for all rideshare drivers to notify the auto loan companies or banks, lease companies that they do rideshare because you could be in default of those contracts.


----------



## Fusion_LUser (Jan 3, 2020)

islanddriver said:


> I understand your reasoning. But if your auto loan says personal loan and you use it for rideshare which is commercial use you are in default of the loan contract. Whether the bank or loan company do anything about it or not, is another question. Several months ago UBER sent out a notice for all rideshare drivers to notify the auto loan companies or banks, lease companies that they do rideshare because you could be in default of those contracts.


No bank or credit union will repossess on a car loan that is current because its being used for delivery.


----------



## Emilee (Aug 16, 2020)

How about trying Carvana?
They have clean cars, and they just about do anything to make you a happy customer after the sale. 
They will finance just about anyone, and they aren't going to care how you use the car.

If you go with Carvana, look around Reddit for someone with a referral code. You save $500 on a car if you use a code. The referrer gets $100.


----------



## KMANDERSON (Jul 19, 2015)

islanddriver said:


> I understand your reasoning. But if your auto loan says personal loan and you use it for rideshare which is commercial use you are in default of the loan contract. Whether the bank or loan company do anything about it or not, is another question. Several months ago UBER sent out a notice for all rideshare drivers to notify the auto loan companies or banks, lease companies that they do rideshare because you could be in default of those contracts.


That intresting uber would do that considering they never say anything to drivers about using regular insurance to do these gigs.I know you are not supposed to do these gigs on regular insurance but I have not heard anything about a car you own.


----------



## Daisey77 (Jan 13, 2016)

KMANDERSON said:


> That intresting uber would do that considering they never say anything to drivers about using regular insurance to do these gigs.I know you are not supposed to do these gigs on regular insurance but I have not heard anything about a car you own.


Here, their Insurance is contingent on you having insurance. so if you're in an accident driving for Uber and your personal policy lapsed, their insurance won't cover the accident.

However, the message from Uber he was talking about said we had to notify the lienholder. It had nothing to do with the insurance


----------



## islanddriver (Apr 6, 2018)

Daisey77 said:


> Here, their Insurance is contingent on you having insurance. so if you're in an accident driving for Uber and your personal policy lapsed, their insurance won't cover the accident.
> 
> However, the message from Uber he was talking about said we had to notify the lienholder. It had nothing to do with the insurance


Thank you I have been trying to find that post but can't seem to. At least now I know I wasn't just seeing it. You saw it too.


----------



## Daisey77 (Jan 13, 2016)

islanddriver said:


> Thank you I have been trying to find that post but can't seem to. At least now I know I wasn't just seeing it. You saw it too.


It's been mandated here in Colorado. It was signed in to the Rideshare Bill our previous governor signed when Rideshare first came to Colorado but then Uber sent out two messages I believe over the last couple of years. For some reason I'm remembering 2 messages anyways&#129335;‍♀


----------



## islanddriver (Apr 6, 2018)

KMANDERSON said:


> I would think the bank that you used know you are a rideshare or delivery driver if you have rideshare insurance on your car.I have had rideshare insurance on my car for two year and they never said anything.These companies know a lot drivers do gig work and as long as you pay the bill they want say anything to you about it.


The reason is that a lot of people are doing rideshare and delivery. without rideshare insurance. Therefore if you get in an accident while doing rideshare you have no insurance either personal or from the rideshare company because uber and Lyft for example will only cover you in an accident if you also have your own insurance. and your regular personal insurance will not cover you without a rideshare endorsement
so without insurance, you are in default of your auto loan...


----------



## KMANDERSON (Jul 19, 2015)

Daisey77 said:


> Here, their Insurance is contingent on you having insurance. so if you're in an accident driving for Uber and your personal policy lapsed, their insurance won't cover the accident.
> 
> However, the message from Uber he was talking about said we had to notify the lienholder. It had nothing to do with the insurance


I understand that but don't understand why uber would get involved in that since they never mention insurance.


----------



## Daisey77 (Jan 13, 2016)

KMANDERSON said:


> I understand that but don't understand why uber would get involved in that since they never mention insurance.


 get involved with what? Notifying the lienholder our vehicle is being used for rideshare? 
I don't know about other states but here it's mandated we inform the lienholder. Therefore, just like with any other state laws/regulations, it's up to Uber to make sure they are compliant


----------



## Bronxboy (Sep 27, 2020)

Ddwdriver said:


> I'm a full-time driver in the DFW marketplace. So this year I was trying to get a new car to drive. but I find out no banks are willing to finance a full-time ride share driver for a vehicle. Does anyone have any ideas on how to finance a vehicle if you are a full-time ride share driver?


Why tell the dealer you are a rideshare driver? Did you tell you insurance company as well? If you did I am surprised they insured you or do you have a public plate and insurance?
First none of their concerns, as long as you credit is adequate they shouldn't be told..


----------



## Mac357 (Feb 27, 2017)

Take whatever loan you, can get ( Any ) High % Low whatever, just pay off ASAP. Thats of course if you really need a new car. If not run the wheels off of it.


----------



## melusine3 (Jun 20, 2016)

islanddriver said:


> I understand your reasoning. But if your auto loan says personal loan and you use it for rideshare which is commercial use you are in default of the loan contract. Whether the bank or loan company do anything about it or not, is another question. Several months ago UBER sent out a notice for all rideshare drivers to notify the auto loan companies or banks, lease companies that they do rideshare because you could be in default of those contracts.


Jeezus. About 10 years too late!


----------



## Monkeyman4394 (Jun 27, 2020)

The Gift of Fish said:


> Banks know that buying a new car for rideshare is nuts. That's what they won't lend you money to do it.


A good bet is an auto auction. Lots of 8-10 year old Civics and Corollas, some of which have reasonable mileage and wear. The really nice upside is that a month of driving will pay for it.


----------



## KMANDERSON (Jul 19, 2015)

Daisey77 said:


> get involved with what? Notifying the lienholder our vehicle is being used for rideshare?
> I don't know about other states but here it's mandated we inform the lienholder. Therefore, just like with any other state laws/regulations, it's up to Uber to make sure they are compliant









A lot of companies don't care as long as you got good credit.Companies advertise to rideshare drivers.


----------



## Daisey77 (Jan 13, 2016)

KMANDERSON said:


> View attachment 520806
> A lot of companies don't care as long as you got good credit.Companies advertise to rideshare drivers.


Companies advertise to Rideshare drivers or Uber advertises to rideshare drivers?&#129300; not to mention that's a manufacturer discount. It has nothing to do with The Lending aspect. The manufacturer is just like the dealership. They don't care who they sell a car to. They're not the ones at risk


----------



## KMANDERSON (Jul 19, 2015)

Daisey77 said:


> Companies advertise to Rideshare drivers or Uber advertises to rideshare drivers?&#129300; not to mention that's a manufacturer discount. It has nothing to do with The Lending aspect. The manufacturer is just like the dealership. They don't care who they sell a car to. They're not the ones at risk


If you do this full time there no way to get around that so they must have lenders that willing to work with drivers.


----------



## Daisey77 (Jan 13, 2016)

KMANDERSON said:


> If you do this full time there no way to get around that so they must have lenders that willing to work with drivers.


As far as full-time drivers having no way to get around that, yes that's correct.

Who are you referring to when you say they? They must have lenders that work with rideshare drivers... Who's they ? Uber is marketing GM. Those are terms that GM is offering to the public, Uber is doing nothing wrong by posting that. Now that information may be misleading to drivers but Uber is not saying this is guaranteed for drivers. If by they you mean GM, again GM very well as offering these discounts. However they don't provide the Lending. GM can offer brand new Yukons for $15000 all day long but if you don't have the cash or can't find a lender that deal means nothing.

Lyft at one time was offering a discount through some company. The sales guy at my dealership had all the numbers worked and everything. They were going to honor that discount. Plus he gave me another discount. Had a killer deal. However when it came down to it, there were no lenders they worked with that would Finance me because of this job.

People need to the individual roles of everyone involved. Uber is advertising GM terms which in fact GM is offering. So No lies there. GM has put these terms out there. again they do offer these terms. No Lie there either. Now getting the actual loan, that's a whole different story that's a completely separate thing. Neither the driver Uber or GM is providing the financing. Banks have their own terms as far as approving loans and those terms have nothing to do with Uber or GM.


----------



## KMANDERSON (Jul 19, 2015)

Daisey77 said:


> As far as full-time drivers having no way to get around that, yes that's correct.
> 
> Who are you referring to when you say they? They must have lenders that work with rideshare drivers... Who's they ? Uber is marketing GM. Those are terms that GM is offering to the public, Uber is doing nothing wrong by posting that. Now that information may be misleading to drivers but Uber is not saying this is guaranteed for drivers. If by they you mean GM, again GM very well as offering these discounts. However they don't provide the Lending. GM can offer brand new Yukons for $15000 all day long but if you don't have the cash or can't find a lender that deal means nothing.
> 
> ...


Well I know several drivers that used Grubhub as a income and got new cars.I'm not arguing this with you because I never got a car and the gig economy be my only income.


----------



## Woohaa (Jan 15, 2017)

Ddwdriver said:


> I'm a full-time driver in the DFW marketplace. So this year I was trying to get a new car to drive. but I find out no banks are willing to finance a full-time ride share driver for a vehicle. Does anyone have any ideas on how to finance a vehicle if you are a full-time ride share driver?


Dude, buy a cheap used car with a 5 year warranty on it. Dealerships are panicked right now.


----------



## Daisey77 (Jan 13, 2016)

Woohaa said:


> Dude, buy a cheap used car with a 5 year warranty on it. Dealerships are panicked right now.


Regardless of how panicked dealerships are right now, they don't have any control over the warranty company paying out on any claims and warranty companies are voiding the warranties if they find out we do rideshare


----------



## Woohaa (Jan 15, 2017)

Daisey77 said:


> Regardless of how panicked dealerships are right now, they don't have any control over the warranty company paying out on any claims and warranty companies are voiding the warranties if they find out we do rideshare


The warranty I had was fantastic. No out-of-pocket expense at all. They never asked what I did nor did I offer info. But I was wise enough to know to leave those Uber & Lyft stickers at home before going to that dealership to have work done on the car.


----------

