# How can I get my car refinanced as Uber driver?



## Janabethz (Oct 17, 2017)

Help! I've been trying for over a month through various financial institutions to get my car refinanced. The process starts out fine then once say I drive for Uber, I'm told flat out: " Sorry, we can't refinance you.". I do know the reason why but I wonder if anyone has experienced this issue and how it was resolved. The car is a lease through Ally( turned me down) and there is high mileage on the vehicle. Over 85k. It is a 2014 Chevy Cruze. I live in Michigan and have called Uber who has said in my city...Detroit, Uber is currently trying to update that city to include financial options for leasing/renting cars. Instead of me trying to pay the over mileage charge, I am opted to buy out the lease. I heard to say that I'm an independent contractor but a 1099 is required for proof of income. It states Raiser on the 1099. Any advice, suggestions and solutions are greatly appreciated, I'm running out of options. Sorry for such a long post. TIA


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## dirtylee (Sep 2, 2015)

Lie about your income.


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## backcountryrez (Aug 24, 2017)

Janabethz said:


> Help! I've been trying for over a month through various financial institutions to get my car refinanced. The process starts out fine then once say I drive for Uber, I'm told flat out: " Sorry, we can't refinance you." *(TL; DR)* Any advice, suggestions and solutions are greatly appreciated. TIA


Get your FICO checked, refi with a CU. Most places if you're 620+, they don't make a big deal about income verification. Telling them you do Uber was a mistake as they view the income as not being steady. Maybe you work for "Janabethz's Transport" instead.

Also, the higher you score in FICO, the less stipulations the lender may need to deem you a good credit risk.

Some places specialize in POI verification for this purpose. Not orthodox, but so are subprime interest rates.


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## steveK2016 (Jul 31, 2016)

Get a real job then refinance.


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## Janabethz (Oct 17, 2017)

backcountryrez said:


> Get your FICO checked, refi with a CU. Most places if you're 620+, they don't make a big deal about income verification. Telling them you do Uber was a mistake as they view the income as not being steady. Maybe you work for "Janabethz's Transport" instead.
> 
> Also, the higher you score in FICO, the less stipulations the lender may need to deem you a good credit risk.
> 
> Some places specialize in POI verification for this purpose. Not orthodox, but so are subprime interest rates.[/QUI was thinking about becoming a business. Thanks.


I was thinking about becoming a business. I have a good credit score between 650-700. Thanks for your help.

I 


steveK2016 said:


> Get a real job then refinance.


I 
actually am in the process of reapplying at my old job. Don't want to go back but my hand has been forced. Thanks for your suggestion.


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## El Camino (Aug 27, 2017)

Give the car back and get something you can afford in cash.


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## tohunt4me (Nov 23, 2015)

Janabethz said:


> Help! I've been trying for over a month through various financial institutions to get my car refinanced. The process starts out fine then once say I drive for Uber, I'm told flat out: " Sorry, we can't refinance you.". I do know the reason why but I wonder if anyone has experienced this issue and how it was resolved. The car is a lease through Ally( turned me down) and there is high mileage on the vehicle. Over 85k. It is a 2014 Chevy Cruze. I live in Michigan and have called Uber who has said in my city...Detroit, Uber is currently trying to update that city to include financial options for leasing/renting cars. Instead of me trying to pay the over mileage charge, I am opted to buy out the lease. I heard to say that I'm an independent contractor but a 1099 is required for proof of income. It states Raiser on the 1099. Any advice, suggestions and solutions are greatly appreciated, I'm running out of options. Sorry for such a long post. TIA


I get offers in the mail to refinance.
Never asked for them.


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## Janabethz (Oct 17, 2017)

I will owe over several thousand dollars due to over miles. I don't have that kind of money available. I didn't start out to drive with Uber when getting the car. Thanks



tohunt4me said:


> I get offers in the mail to refinance.
> Never asked for them.


I get those for new cars all the time.


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## BSki (Aug 3, 2017)

Beg borrow or steal the money to buy the car.

I am estimating you are looking at over $12k in over mileage fees. This should have been considered when you started driving. Basically, you were using your car as an ATM and now you have to pay it back.

According to KBB the highest trim Cruze with 85k miles has a Trade in value of $7,500.

You are very far underwater.


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## backcountryrez (Aug 24, 2017)

Janabethz said:


> I was thinking about becoming a business. I have a good credit score between 650-700. Thanks for your help.


Even if you established your own business, lenders are more likely to want to see previous year's returns to show steady cash flow (and that you're not a fly-by-night operation). Think two years' worth. Hence, why said I you work *for*, not _*own*_.


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## Janabethz (Oct 17, 2017)

BSki said:


> Beg borrow or steal the money to buy the car.
> 
> I am estimating you are looking at over $12k in over mileage fees. This should have been considered when you started driving. Basically, you were using your car as an ATM and now you have to pay it back.
> 
> ...


Unfortunately, that's my assessment of the situation, too. I did think about the over miles but did not think far ahead into the future



backcountryrez said:


> Even if you established your own business, lenders are more likely to want to see previous year's returns to show steady cash flow (and that you're not a fly-by-night operation). Think two years' worth. Hence, why said I you work *for*, not _*own*_.


Good point. Thanks.


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## BSki (Aug 3, 2017)

Oscar Levant said:


> Some would not mention the Uber thing, that's what some people would do. Not sayin' you should lie, though. But others do, and I don't know what the consequences are. But why do you want to refinance? The thing to do is double your existing car payment, you'll save thousands on interest, and the car will be paid off right about the time you drive it into the ground  I had a 2008 ford taurus, the car I started with, and that's what I did, and when I went to sell it, I had just finished paying off the loan ( did it much faster than the 5 years, I think I did it in 2.5 years, really helped my credit rating, too ) and all I could get for it was $1200 ( though I paid $10k for it from a dealer 4 years earlier ) but it was paid off when I had a ton of miles on it. That's why the IRS mileage deduction is so generous, because depreciation, though you might not feel it right away, it will hit you like a ton of bricks when you want to get a new car.


Paying off a loan 50% early may actually hurt your credit. Lenders like it when you keep paying interest the way you agreed to do in the loan contract.


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## Oscar Levant (Aug 15, 2014)

BSki said:


> Paying off a loan 50% early may actually hurt your credit. Lenders like it when you keep paying interest the way you agreed to do in the loan contract.


 as far as I know they don't like it when you pay only the minimum either. I will say this, after I paid off the loan, and rather quickly, I started receiving loan offers, and I receive one or two every day now, so my credit rating must have improved a lot. that's about all I can say, I haven't actually checked my credit rating.


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## Janabethz (Oct 17, 2017)

I was working at Walgreens then to make ends meet, I became an Uber driver. Stupid me quit Walgreens in January of this year to drive full-time and go back to school part-time. I wouldn't be in this hot mess if I kept my job at Walgreens which I was told could do by working part-time. Leased the car which is making matters worse.


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## BSki (Aug 3, 2017)

Oscar Levant said:


> as far as I know they don't like it when you pay only the minimum either. I will say this, after I paid off the loan, and rather quickly, I started receiving loan offers, and I receive one or two every day now, so my credit rating must have improved a lot. that's about all I can say, I haven't actually checked my credit rating.


There are no minimum payments for a car, it is set each month. They want you to make that payment each month. They built their books around that income. When you pay off early, yes you are saving interest, but now the loan company needs to alter their books because of it.

You are getting more loan offers because you do not have that loan anymore, meaning you will qualify for a loan for that amount.

You should always, ALWAYS know what your credit score is. So many free places to get it there is no excuse. I would wager your score may have gone up a few points but is probably very close to the same.

To build credit, you need to use credit, every month, and pay it off. Do anything possible to carry zero credit card debt.

Typically it is a poor money management decision to pay off any loan that is under 4% interest as you can easily invest that money are receive a comfortable 5% return. Use your money to make money.


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## Oscar Levant (Aug 15, 2014)

BSki said:


> There are no minimum payments for a car, it is set each month. They want you to make that payment each month. They built their books around that income. When you pay off early, yes you are saving interest, but now the loan company needs to alter their books because of it.
> 
> You are getting more loan offers because you do not have that loan anymore, meaning you will qualify for a loan for that amount.
> 
> .


No, but I bought another car, and have that loan to pay off, and I'm still getting offers every day?



BSki said:


> There are no minimum payments for a car, it is set each month. They want you to make that payment each month. They built their books around that income. When you pay off early, yes you are saving interest, but now the loan company needs to alter their books because of it.
> 
> You are getting more loan offers because you do not have that loan anymore, meaning you will qualify for a loan for that amount.
> 
> ...


You know all this, and you drive for Uber? You should be in the financial areas, giving advice.


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## Mars Troll Number 4 (Oct 30, 2015)

Janabethz said:


> I will owe over several thousand dollars due to over miles. I don't have that kind of money available. I didn't start out to drive with Uber when getting the car. Thanks
> 
> I get those for new cars all the time.


Go on the dark web and pay to have someone roll back the odometer...

no one is going to refinance a leased vehicle that's over mileage.

One option is to buy your car outright for what it should have cost had you not gone over miles... Many of the leases will allow this.


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## Janabethz (Oct 17, 2017)

Mears Troll Number 4 said:


> Go on the dark web and pay to have someone roll back the odometer...
> 
> no one is going to refinance a leased vehicle that's over mileage.
> 
> One option is to buy your car outright for what it should have cost had you not gone over miles... Many of the leases will allow this.


Probs is I drive for Uber and no one will refinance me. I have been trying to buy the lease out. Thanks.


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## Adieu (Feb 21, 2016)

Janabethz said:


> Probs is I drive for Uber and no one will refinance me. I have been trying to buy the lease out. Thanks.


Comsumer loans? Credit cards with 0% grace periods?


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## Janabethz (Oct 17, 2017)

Update: the issue has been resolved...in my favour, I might add. Thanks for all suggestions, advice etc.


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## Mars Troll Number 4 (Oct 30, 2015)

Janabethz said:


> Update: the issue has been resolved...in my favour, I might add. Thanks for all suggestions, advice etc.


please don't tell me you actuality had someone roll back your odometer?

That's kinda super illegal...


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## Janabethz (Oct 17, 2017)

Very illegal. No, someone actually was able to refinance the car and I will give them the money for the car payment.


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## Nicklaus (Oct 16, 2015)

Janabethz said:


> Very illegal. No, someone actually was able to refinance the car and I will give them the money for the car payment.


Hi There, I'm same situation like u. Please advise me where I can refinance my car ? Thanks


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## Grand Master B (Jun 5, 2017)

Janabethz said:


> I was thinking about becoming a business. I have a good credit score between 650-700


I've got news for ya, that isn't a good score. It's average.


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## Recoup (Jan 30, 2017)

Yeah, I didn't want to pile on the OP, but Grand Master B is right: 700 is the new 650; and 650, which used to be pretty much okay, is now practically sub-prime.

(Also, if you can only cite your score to a precision of +/- 50 points, you don't know your real score. Credit Sesame, Credit Karma, and the like give you what are called "FAKO" scores, not FICO.)

In any case, FICO provides auto lenders with multiple car-specific products that can vary from your standard FICO score by 100 points or more. For instance:

My FICO (general) version.8 scores are 765/779/777 <--EQ/TU/EX in all cases

My FICO Auto v.5s are 699/637/716
My FICO Auto v.8s are 773/800/776
Did you notice the difference between two different version of the Auto score is *163 points*?? Go figure... It might be because I only have one car note ever on my credit record. Actually, I should look into that one... that kinda smells like a Transunion error, now that I think about it.

Takeaway: anyone who's in the market for a big purchase/new apartment/new job might find it worth their while to subscribe to the MyFICO product for a couple of months. It can be eye-opening. And the credit score simulator is fun to play with.


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