# Can you drive a finance car for Uber??



## Syedali75 (Oct 12, 2020)

I don’t understand one thing is that when I was going to finance my car 2019 Toyota Corolla, almost every dealership and friends told me not to mention Uber/Lyft so you would get the car easily...!! Well once you get the car then you can do whatever you want to do..

anyways what I’m concern about is that if I did not mention about Uber/Lyft and after financing the car by mentioningsomething else then can I sign up forUber/Lyft in my finance car and drive it?? What if my finance company’s finds out?? Well I have the commercial insurance but I don’t get it that can you really drive or not with finance car?? I chaeck The finance terms and conditions, I didn’t see anywhere it’s mention that you cannot use it for commercial purposes...!! All it’s written is that don’t take this car outside USA/Canada, have proper insurance and don’t default on loan payment... but still it didn’t answer me can I really drive for Uber or Lyft or not because I never mention it upon financing...!!


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## UberBeemer (Oct 23, 2015)

Make the payments on time. Nobody will care.

Welcome to the forum.


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## Aw Jeez (Jul 13, 2015)

My VW warranty expressly excludes ride-share driving. No need to top them off in advance. When I take the car in for service I remove the Uber and Lyft stickers and any other evidence of what I use the car for.


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## W00dbutcher (Jan 14, 2019)

Even though you have a loan on a new car it's technically not yours yet. So all the miles that incur on the vehicle while you're driving for Rideshare take value away from that car. So if something was to happen and it gets repoed and it has high miles it's even worth less than what they could get for it if it had normal miles on it.


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## UberBeemer (Oct 23, 2015)

W00dbutcher said:


> Even though you have a loan on a new car it's technically not yours yet. So all the miles that incur on the vehicle while you're driving for Rideshare take value away from that car. So if something was to happen and it gets repoed and it has high miles it's even worth less than what they could get for it if it had normal miles on it.


That's their problem. The car is yours, there is just a lien on it until it is paid for.


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## Seamus (Jun 21, 2018)

No reason to tell the finance company and very unlikely they would ask.

However, one issue that is real on a financed car is that you probably want to look into GAP insurance. This way if your financed car got totaled you would still have enough money to pay off the loan. Without that, you are at risk if your car settlement is less than the finance loan balance.


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## Fusion_LUser (Jan 3, 2020)

The bank or credit union will not care about the car as long as payments are current. Do what you want just make sure you stay current on the loan. If it gets to the point where your car is repossessed for whatever reason the higher than usual miles will not matter, the bank or credit union will stick you an amount you probably can't afford no matter what seeing as how the car was repossessed.

As for the warranty, all new cars have a clause that ridesharing or commercial use is not covered.


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## Poopy54 (Sep 6, 2016)

Hyundai actually had a Uber $1000 rebate(3 years ago) along with the typical rebates. If you have good credit the banks want your loan, the dealers only source your loan thru several of the banks they deal with to secure said loan, DO NOT lie on your credit app, because the banks will on occasion call to confirm employment.
Now when it comes to leasing, they wont, for obvious reasons...The miles, wear and tear etc.


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## Syedali75 (Oct 12, 2020)

Thanks for all the replies guys, really appreciate but what if you get into an accident sometimes...?? Lyft/Uber will deactivate you surely...!! But what if your finance company finds out you were driving Uber/Lyft?? Now obviously after accident uber/Lyft or your ride share insurance will send you for car repair service so it could might get into computer that Uber/Lyft paid for that...!! So I m not sure what will finance company do I that scenario...!! Again I mention that there's no where written on policy documents regards commercial use..!!



Aw Jeez said:


> My VW warranty expressly excludes ride-share driving. No need to top them off in advance. When I take the car in for service I remove the Uber and Lyft stickers and any other evidence of what I use the car for.


what if you get into an accident someday?? For god sakes but it's still a risk....!! Because obviously Lyft Uber or your ridesharing insurance will pay for it.... but it will get computerized by police report or claim...!!



Fusion_LUser said:


> The bank or credit union will not care about the car as long as payments are current. Do what you want just make sure you stay current on the loan. If it gets to the point where your car is repossessed for whatever reason the higher than usual miles will not matter, the bank or credit union will stick you an amount you probably can't afford no matter what seeing as how the car was repossessed.
> 
> As for the warranty, all new cars have a clause that ridesharing or commercial use is not covered.


I had warranty but it's about to go off very soon... about 36000 miles...!! When I bought it it was only 6000 miles...!! So not worried about it...!! The only thing I worried about it's what will happen in case of accident... (police report,claim) etc will they find out then?


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## UberBeemer (Oct 23, 2015)

Make sure you get the rideshare endorsement for your insurance, and as @Seamus said, gap insurance.


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## FLKeys (Dec 27, 2018)

The GAP insurance policy I read would not cover vehicles being used for rideshare services. Be careful, you may pay for coverage you can't use.


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## Seamus (Jun 21, 2018)

Syedali75 said:


> I don't understand one thing is that when I was going to finance my car 2019 Toyota Corolla, almost every dealership and friends told me not to mention Uber/Lyft so you would get the car easily...!! Well once you get the car then you can do whatever you want to do..
> 
> anyways what I'm concern about is that if I did not mention about Uber/Lyft and after financing the car by mentioningsomething else then can I sign up forUber/Lyft in my finance car and drive it?? What if my finance company's finds out?? Well I have the commercial insurance but I don't get it that can you really drive or not with finance car?? I chaeck The finance terms and conditions, I didn't see anywhere it's mention that you cannot use it for commercial purposes...!! All it's written is that don't take this car outside USA/Canada, have proper insurance and don't default on loan payment... but still it didn't answer me can I really drive for Uber or Lyft or not because I never mention it upon financing...!!


Once you fully realize the Financing, Insurance, Warranty implications, you may conclude it's best not to use a financed car for Uber/Lyft. I still maintain the "best" way to Uber/Lyft is with a vehicle that is fully paid off and has a value 3-5k which you could walk away from if it's totaled.


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## ANT 7 (Oct 14, 2018)

Aw Jeez said:


> My VW warranty expressly excludes ride-share driving. No need to top them off in advance. When I take the car in for service I remove the Uber and Lyft stickers and any other evidence of what I use the car for.


That's what I did too until my warranty expired.


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## Johnny Mnemonic (Sep 24, 2019)

Seamus said:


> Once you fully realize the Financing, Insurance, Warranty implications, you may conclude it's best not to use a financed car for Uber/Lyft. I still maintain the "best" way to Uber/Lyft is with a vehicle that is fully paid off and has a value 3-5k which you could walk away from if it's totaled.


Yeah, but stupid makes the world go round.

Live the dream, OP! #yolo

Oh, and buy the most expensive extended warranty available. You can pay for it by taking every UberPool ping you get.


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## FLKeys (Dec 27, 2018)

Aw Jeez said:


> My VW warranty expressly excludes ride-share driving. No need to top them off in advance. When I take the car in for service I remove the Uber and Lyft stickers and any other evidence of what I use the car for.


Pay attention to tire warranties as well. Doing rideshare can void tire warranties. Make sure there are no signs of doing rideshare when buying tires.


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## Amos69 (May 17, 2019)

You will be fine. Just make sure you have insurance AND the rideshare GAP writer on your personal insurance. Then if you have a totaled accident it will not matter.


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## Smell My Finger (Jun 11, 2019)

Dude, get the damm car, make the payments. If you fall behind,torch it and do the tried and true insurance fraud...Done!!!


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## Calirolla (Aug 13, 2018)

Financing doesn't care what you do with the car, what they mean is some banks will turn down financing if you put "Uber driver" as your main working source. For Toyota I was able to co sign so it didn't matter as much, but I put a 2nd job as the main work and totaled all the income together. Almost bought a used rental and the rental salesman straight up told me some won't accept Uber occupation so better get a co signer if it's your main work source. Ended up using truecar for the best pricing and got a brand new car barely costing more than a used rental would of been.
As for an accident your regular insurance might have an issue if you get in a accident. Luckily in my case it was other driver's fault, my regular insurance stayed out of it and Progressive took over on my side (as they did the Uber app insurance coverage and it was on the way to a pickup.) Still being investigated and I have an attorney sorting things out.


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## ANT 7 (Oct 14, 2018)

Wrong.

Of course lenders care if you are going to drive commercially or not. While some may not have clauses in their contract, they are in the minority.


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## Wildgoose (Feb 11, 2019)

W00dbutcher said:


> Even though you have a loan on a new car it's technically not yours yet. So all the miles that incur on the vehicle while you're driving for Rideshare take value away from that car. So if something was to happen and it gets repoed and it has high miles it's even worth less than what they could get for it if it had normal miles on it.


This is one matter. After they take away your financed car if you haven't made any payment, they are going to auction it by unreasonable value. And you still owe the remaining balance. That sucks.

If you are paying regularly on time, bank won't talk about it. If you have missed payments, bank will surely care. That is why your credit history is so important. Credit means trust. You need lenders to trust you. If your credit history is not good, bank will surely care what you are going to use the car for. If you say R/S business, they won't give you a dime.

If you have a good credit score, and as long as your financed car is being covered by insurance in every way, Bank won't care. You all need to make sure your financed car is being covered for totaled.


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## Joe Saltucci (Oct 6, 2020)

The OP is talking about two separate things here. First of all, whomever financed your loan..be it a bank or credit union...does not give a crap if you get into any accidents or not. It does not concern, or affect them at all. The only thing that concerns them is that you make your payments on time every month. Now, insurance companies certainly do give a crap about accidents, and every detail involved in one. They are the ones that need to know if you are using the vehicle for ride share or not....and my advice would be....do not lie to them. They can and will sue your ass into the ground. Even though Uber/Lyft covers you for injuries to passengers....a lot of passengers are not happy with the amount they receive and will then go after the drivers primary insurer. This pisses off insurances companies to no end. While they most probably will never pay out on a claim....if they were unaware the vehicle was being used for ride share....it costs them plenty of time and lawyer money to deal with it....that's when their lawsuit against you starts.

Maybe somebody on the board can post a comprehensive list of Uber/Lyft friendly insurance companies? As a lot of you probably already know...Geico and State Farm are most certainly not...at least where I live.....northeast.


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## Daisey77 (Jan 13, 2016)

Definitely don't mention it while purchasing the vehicle. It's true a lot of lenders will not provide a loan to a Rideshare driver. After the loan is approved and you have the vehicle, you should be good. Although I wouldn't necessarily volunteer the information, I also wouldn't lie. I definitely wouldn't inform them without them bringing it up first. Some lenders do include a commercial clause but if yours doesn't you should be good.

Also if you purchased an extended warranty or gap insurance, chances are those are no good if they know you're driving rideshare. You'd have to read each of the policies but most of the time now days they have a clause included.

Generally speaking, it's best just to get in the habit of not mentioning you Drive Rideshare to basically anyone in the vehicle industry LOL


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## Immoralized (Nov 7, 2017)

Daisey77 said:


> Definitely don't mention it while purchasing the vehicle. It's true a lot of lenders will not provide a loan to a Rideshare driver. After the loan is approved and you have the vehicle, you should be good. Although I wouldn't necessarily volunteer the information, I also wouldn't lie. I definitely wouldn't inform them without them bringing it up first. Some lenders do include a commercial clause but if yours doesn't you should be good.
> 
> Also if you purchased an extended warranty or gap insurance, chances are those are no good if they know you're driving rideshare. You'd have to read each of the policies but most of the time now days they have a clause included.
> 
> Generally speaking, it's best just to get in the habit of not mentioning you Drive Rideshare to basically anyone in the vehicle industry LOL


To anyone in real life outside of this forum :biggrin:


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

These companies are wising up to it.

they know that ridesharing and taxi driving are the same type of damage/wear and tear on cars.

I would not be suprised if there’s exclusions on pretty much every warranty and purchase agreement against using it for rideshare.

the first vehicle i bought new had an exclusion against using it as a snow plow.


the thing is violating these agreements is fraud. The warranty thing is something that they might choose to come after people for.

Toyota’s warranty applied to my minivan I turned into a taxi because I paid cash and bought it for commercial use. I also had to pay something like $1,000 for a commercial warranty I think. 

the financing options for buying a car I was intending to use as a taxi were virtually non existent and the only one I got approved for was a $35,000 business loan, with the title on my house as collateral. They automagically assumed the car would be next to worthless if they had to repo it.

(I ended up just getting a cashiers check from the bank to pay for it)


expect this situation to get worse as the companies get more paranoid and better at spotting Uber/lyft drivers.

Make no mistake, they don’t want your business as a rideshare driver. Because they don’t want stuck with a worthless car when you can’t make your payments or paying for warranty work when you idle your car 30 hours a week.


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## Immoralized (Nov 7, 2017)

Stevie The magic Unicorn said:


> These companies are wising up to it.
> 
> they know that ridesharing and taxi driving are the same type of damage/wear and tear on cars.
> 
> ...


They don't care about the vehicle and they only care about the $$$ but what has happened over the years is the very high rate of defaults coming from rideshare drivers that the banks and anyone that took a chance on these drivers in the past got burnt so hard and have lost so much money because the drivers did not keep their word and keep up with payments. This in turned ruined it for everyone else and the banks especially will run as fast as Usain Bolt when they find out the primarily income is rideshare.

Despite what a lot of people might think of creditors and people lending out $$$. They actually want to lend out $$$ so they can get a return on their $$$ but they are not willing anymore to be accommodating to rideshare drivers anymore with traditional lending practices. They are not in the charity business and what happened over the years is they been giving a lot of charity to a lot of drivers granting loans for cars and drivers taking them for a ride instead. Usually because they bought their dream car that is unsuitable for RS work and they couldn't make a dime with it after costs.


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

Immoralized said:


> They don't care about the vehicle and they only care about the $$$


YES BUT...

If they have to repo the car they don't want a POS uber vehicle with 100,000 miles on the odometer halfway through the loan.

They lose a LOT of money on that loan.


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## Diamondraider (Mar 13, 2017)

Johnny Mnemonic said:


> Yeah, but stupid makes the world go round.
> 
> Live the dream, OP! #yolo
> 
> Oh, and buy the most expensive extended warranty available. You can pay for it by taking every UberPool ping you get.


If you finance, new or used, do not take out a loan longer than 24 months. 12 months is best.

your options will be fewer, but that is because --- MATH MATTERS


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## Wildgoose (Feb 11, 2019)

Always put some down payment on the table for finance car to do ride sharing.
Gap Insurance will not cover. So Don't purchase it. Your down payment should cover the gap. Find out how much you have to pay as total interests. Down payment should be that total interests plus $1,000 at least.
Extended warranty will not cover as well. Never Ever purchase it. If dealer eagerly insisted you to purchase it, do it then return it few days later.
AND NEVER EVER PURCHASE A BRAND NEW CAR TO DO RIDESHARING. You will be loosing too much as soon as you signed the purchase. You will lose $2,000 for being 1st owner plus $1,500 MORE on sale tax for higher price car.


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## Immoralized (Nov 7, 2017)

Stevie The magic Unicorn said:


> YES BUT...
> 
> If they have to repo the car they don't want a POS uber vehicle with 100,000 miles on the odometer halfway through the loan.
> 
> They lose a LOT of money on that loan.


That a yes & no. Just because the car was repo doesn't mean that you are off the hook for the difference in what you owe.
It all largely a non factor anyways as lenders are wising up to drivers reliability to service the loan. This is all to do with secured loans against the car. There are plenty of unsecured loan options where people can get $$$ with their income "that isn't rideshare" + credit history.

It becomes a non factor completely if you have liquidity in a property that you own that can be used as security for the loan as well and get very good rates as well. The security doesn't have to be the car that you are buying to flog it to death inside of a few years. Lenders do accept a number of things as security and it doesn't always have to be the car turning into a POS. For example the family car or the personal car that isn't getting flogged to death and been quarter million miles inside of 3-4 years can be used as security as well.


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

Immoralized said:


> That a yes & no. Just because the car was repo doesn't mean that you are off the hook for the difference in what you owe.
> It all largely a non factor anyways as lenders are wising up to drivers reliability to service the loan. This is all to do with secured loans against the car. There are plenty of unsecured loan options where people can get $$$ with their income "that isn't rideshare" + credit history.
> 
> It becomes a non factor completely if you have liquidity in a property that you own that can be used as security for the loan as well and get very good rates as well. The security doesn't have to be the car that you are buying to flog it to death inside of a few years. Lenders do accept a number of things as security and it doesn't always have to be the car turning into a POS. For example the family car or the personal car that isn't getting flogged to death and been quarter million miles inside of 3-4 years can be used as security as well.


Let's face it thou, if you can't make the payments on your uber car I doubt the bank will find any assets to get, and more than likely your so far up shitz creek that a bankruptcy is the only way out,

Hence... all they will get is a repo vehicle.


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## Immoralized (Nov 7, 2017)

Stevie The magic Unicorn said:


> Let's face it thou, if you can't make the payments on your uber car I doubt the bank will find any assets to get, and more than likely your so far up shitz creek that a bankruptcy is the only way out,
> 
> Hence... all they will get is a repo vehicle.


You know that the lenders problem if they were stupid enough to approve a loan without looking at bank statements that clearly shows Rideshare payments & the driver is lying to them. I do support the lenders position of not lending to RS drivers for a new car that probably unsuitable for RS anyways and it just the car that they've always wanted. They are better off in a 2nd hand beater that is suitable for RS and they can drive that until it dead.

Those that have saved up, have nice things that the lenders want "assets" and paid things on time building that credit history. They deserve the nicer things in life like a car that isn't a beater 2nd <5k POS.

Everyone that rely on RS for a main source of income is just 1 fake complaint away from been deactivated forever with no recourse. I don't recommend anyone getting a "NEW CAR" on RS income for that 1 reason. Because you will be up sh!t creek without a paddle when that Karen sitting behind you decides she doesn't want to pay for this ride and put in a fake complaint in that gets you deactivated.

People need to be realistic in their expectations and it not always going to be that "new car". Drive around in a 2nd hand beater and build off that until you are in a position to get that "dream car" that you always wanted and don't flog it to death doing RS with it.


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## Daisey77 (Jan 13, 2016)

Immoralized said:


> To anyone in real life outside of this forum :biggrin:














Stevie The magic Unicorn said:


> I would not be suprised if there's exclusions on pretty much every warranty and purchase agreement against using it for rideshare.


I've heard from a couple of guys at my dealership that people are pushing to get Rideshare Vehicles put on Carfax reports. So if your vehicle was used for Rideshare it would be included in the carfax report for the future buyer be aware of


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## kingcorey321 (May 20, 2018)

Seamus said:


> No reason to tell the finance company and very unlikely they would ask.
> 
> However, one issue that is real on a financed car is that you probably want to look into GAP insurance. This way if your financed car got totaled you would still have enough money to pay off the loan. Without that, you are at risk if your car settlement is less than the finance loan balance.


This gap insurance is very good . I strongly suggest everyone gets it . 
Mine was 9 bucks extra a month so will say i ow a insane 20k and the blue book pays 4k. This gap insurance covers the difference .
9x 72 months 648 dollars basically 2 or 3 payments .Edit no i do not ow 20k lmao !!! That car would have a accidental total 100 percent sure let the monkeys drive it.


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## IRME4EVER (Feb 17, 2020)

Syedali75 said:


> I don't understand one thing is that when I was going to finance my car 2019 Toyota Corolla, almost every dealership and friends told me not to mention Uber/Lyft so you would get the car easily...!! Well once you get the car then you can do whatever you want to do..
> 
> anyways what I'm concern about is that if I did not mention about Uber/Lyft and after financing the car by mentioningsomething else then can I sign up forUber/Lyft in my finance car and drive it?? What if my finance company's finds out?? Well I have the commercial insurance but I don't get it that can you really drive or not with finance car?? I chaeck The finance terms and conditions, I didn't see anywhere it's mention that you cannot use it for commercial purposes...!! All it's written is that don't take this car outside USA/Canada, have proper insurance and don't default on loan payment... but still it didn't answer me can I really drive for Uber or Lyft or not because I never mention it upon financing...!!


 Don't get a loan through Santander Consumer USA. The dealership knew I drove for Uber. Got screwed big time. They wanted my 1099K for 2018, 2 months of bank statements (both were screenshots sent to the salesman the day before), I now owe 45,000.00 for a car is currently worth 8,500.00. Predatory loans!! Santander lost a lawsuit in May for 550,000,000.00 for the same thing I was subjected to. I told them to come and get the car. Interest alone is 25,000.00 besides what I originally owed is 17,456.00. They also added 5 payments to my loan (was 72 now 77), for some reason they lost 11 car payments that I made (have receipts).


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## ABQuber (Jan 30, 2019)

Secret for you. Once you drive it off the lot, you can drop your insurance to liability only. Long as you don’t get in an accident, you’ll be fine.

Saved a ton over the 2.5 years I drove.

-waits for the insurance lovers roasting-


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## Older Chauffeur (Oct 16, 2014)

ABQuber said:


> Secret for you. Once you drive it off the lot, you can drop your insurance to liability only. Long as you don't get in an accident, you'll be fine.
> 
> Saved a ton over the 2.5 years I drove.
> 
> -waits for the insurance lovers roasting-


If you have a lien on the car, the lender will probably be notified by your insurance company that you have canceled comprehensive and collision coverages. The lender will then purchase VSI (vendor single interest) coverage to protect their interest in the financed vehicle. The premiums, and they won't be cheap, will be added to your loan.
Regarding getting in an accident, even if you a very safe driver, someone else can run into you, and if that at-fault driver is uninsured, you're left holding the bag. Add to the equation that you're doing ride share, and the risks of getting in an accident are higher. That's why insurance companies charge premiums based at least in part on mileage driven.


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## ABQuber (Jan 30, 2019)

Older Chauffeur said:


> If you have a lien on the car, the lender will probably be notified by your insurance company that you have canceled comprehensive and collision coverages. The lender will then purchase VSI (vendor single interest) coverage to protect their interest in the financed vehicle. The premiums, and they won't be cheap, will be added to your loan.
> Regarding getting in an accident, even if you a very safe driver, someone else can run into you, and if that at-fault driver is uninsured, you're left holding the bag. Add to the equation that you're doing ride share, and the risks of getting in an accident are higher. That's why insurance companies charge premiums based at least in part on mileage driven.


Good point, forgot to mention that. When I got insurance I just told them I owned the vehicle. They don't ask for proof. Nobody to contact.


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## Older Chauffeur (Oct 16, 2014)

ABQuber said:


> Good point, forgot to mention that. When I got insurance I just told them I owned the vehicle. They don't ask for proof. Nobody to contact.


:confusion: I thought you had "full coverage" before leaving the dealership, at which time you dropped everything but liability. The insurance company can run the VIN to see if there's a lien holder/loss payee.


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## Daisey77 (Jan 13, 2016)

kingcorey321 said:


> This gap insurance is very good . I strongly suggest everyone gets it .
> Mine was 9 bucks extra a month so will say i ow a insane 20k and the blue book pays 4k. This gap insurance covers the difference .
> 9x 72 months 648 dollars basically 2 or 3 payments .Edit no i do not ow 20k lmao !!! That car would have a accidental total 100 percent sure let the monkeys drive it.


You better read your Gap policy. Most of them have have a clause in their policy and won't pay out if you're a rideshare driver


ABQuber said:


> Secret for you. Once you drive it off the lot, you can drop your insurance to liability only. Long as you don't get in an accident, you'll be fine.
> 
> Saved a ton over the 2.5 years I drove.
> 
> -waits for the insurance lovers roasting-


Your lender can run checks and can impose their own insurance, which is triple what your normal rate would be


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

Daisey77 said:


> I've heard from a couple of guys at my dealership that people are pushing to get Rideshare Vehicles put on Carfax reports. So if your vehicle was used for Rideshare it would be included in the carfax report for the future buyer be aware of


I've seen similar reports of a push to make it happen,

But lets be honest, if your looking for a used car to uber in you wouldn't want a car that someone has already ubered in for 90,000 miles, god knows what kind of damage has been done inside and out.

Honestly I believe that it's going to make it onto the carfax reports just like taxi-use has been for decades. The consumer advocate groups aren't going to lose versus us lowly uber drivers trust me.

Which is only going to make our expenses that much higher, and when you can't resell a used uber-mobile you'll be better off just driving it until the wheels fall off like people do with taxis, and for the same reason.

https://www.consumerreports.org/buy...'s not a mistake, according,in an email to CR.

This is from 2 years ago and the consumer advocate groups are still stick up their asses over the issue. PS we get a shoutout on the article.


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## hooj (Aug 18, 2018)

Aw Jeez said:


> My VW warranty expressly excludes ride-share driving. No need to top them off in advance. When I take the car in for service I remove the Uber and Lyft stickers and any other evidence of what I use the car for.


Really? Why would they care? Lease?


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## Daisey77 (Jan 13, 2016)

hooj said:


> Really? Why would they care? Lease?


Because they sell those extended warranties anticipating you'll never need it or have to use it. With as many miles as we drive, chances are we'll actually have to use the extended warranty. If everyone used their extended warranty, these companies would go out of business.


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## hooj (Aug 18, 2018)

Daisey77 said:


> Because they sell those extended warranties anticipating you'll never need it or have to use it. With as many miles as we drive, chances are we'll actually have to use the extended warranty. If everyone used their extended warranty, these companies would go out of business.


OK &#129322;


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## 34-Methoxyzacko (May 9, 2020)

Syedali75 said:


> Thanks for all the replies guys, really appreciate but what if you get into an accident sometimes...?? Lyft/Uber will deactivate you surely...!! But what if your finance company finds out you were driving Uber/Lyft?? Now obviously after accident uber/Lyft or your ride share insurance will send you for car repair service so it could might get into computer that Uber/Lyft paid for that...!! So I m not sure what will finance company do I that scenario...!! Again I mention that there's no where written on policy documents regards commercial use..!!
> 
> 
> what if you get into an accident someday?? For god sakes but it's still a risk....!! Because obviously Lyft Uber or your ridesharing insurance will pay for it.... but it will get computerized by police report or claim...!!
> ...


If the car was indeed _financed_ by yourself, then the only applicable worries/concerns are those which exist among us all (to varying degrees, of course, depending upon how much is invested etc.). The risk of deactivation comes with "issues" much simpler than an actual accident; even then, it's not a "sure fire" thing- I've been rear-ended in both phase #2 and phase #3 (separate occasions) and neither resulted in being kept off-platform for more than 24hrs (had I not owned another car, it would have). With accidents, there is a process- it can be tedious; hopefully you never have to deal with it.

Assuming your state/market does not require outright commercial coverage- *do* opt for rideshare coverage on your insurance policy. It is actually very reasonable now (a ~5% increase in rate is what it costs me, personally) and has evolved quite a bit in only a few years time.

So again, if you've *financed* the car and not *leased* it - what you do is your business. 
Enjoy. Make the best of it; learn to make it work without allowing the platforms to run your vehicle into the ground against your terms (you'll soon see just how easily that can be done). 
Most of all-_ Best of luck with it!_&#128077;&#127995;



Joe Saltucci said:


> ...Maybe somebody on the board can post a comprehensive list of Uber/Lyft friendly insurance companies? As a lot of you probably already know....


Progressive is who I've used for all 5yrs I've been doing RS. The endorsement was not available to me until I renewed in mid-2016. It has been since, & has actually gone down in price & up in coverage (presumably due to the now-numerous times with which they've dealt with U/L over the years and the likely deals that have been struck, and more "laid-out" process relative to the early days). I'm not familiar with any other companies' offerings.


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## kingcorey321 (May 20, 2018)

Daisey77 said:


> You better read your Gap policy. Most of them have have a clause in their policy and won't pay out if you're a rideshare driver
> 
> Your lender can run checks and can impose their own insurance, which is triple what your normal rate would be


Ok great I am not a idiot Why do i tell the dealer i am a rideshare driver. And if i did tell them this they would have to give me a alterative contract to sign . If the agreement is on the four corners of the contract that is followed in court. 
I can see you telling them ow im a uber driver ! After you crash . They will say ow were not covering your car even though you have a contract in your hands . You just say ok gee wiz .


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## El Impulsador (Apr 29, 2020)

Basically, EVERYONE hates u/l drivers. U/L drivers hate each other, police hate u/l drivers, environmentalists hate u/l drivers, governments hate u/l, auto dealership financiers hate u/l, most auto repair shops hate u/l drivers (pain in arse drivers arguing about warranty issues), and human rights activists hate u/l. The only people that like u/l are the cheapskate riders because the fares are comparable to public transit but even those riders laugh at the drivers after they leave the car. No one respects rideshare drivers and the pay is so unreliable that no bank in the right mind will finance the car unless one has impeccably high credit score. The bank knows very well that the drivers are only 1 false report from getting deactivated. Hell, one shouldn't even lend drivers lunch money because it may never come back. When it comes to the bank entity themselves, they don't care what you do with the car if your credit qualifies. It's your car to use whenever you'd like and rack as many miles as you want without repercussions because it's not a leased car with limitations.

TL/DR: everyone hates u/l especially banks/finance companies because they know how unreliable the gig & pay is. Thus, no one wants to lend to someone without reliable means to pay back.


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## Karen Stein (Nov 5, 2016)

When I bought my car, I left with a strong feeling that my discussion about Uber helped. The finance guy saw I was thinking like a business, not a consumer. Plus, he was able to sell me on some extra maintenance options and gap insurance.


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## ABQuber (Jan 30, 2019)

Older Chauffeur said:


> :confusion: I thought you had "full coverage" before leaving the dealership, at which time you dropped everything but liability. The insurance company can run the VIN to see if there's a lien holder/loss payee.


I carried full insurance for about 4 months after I bought it. $240 a month or so. Then I had to cut bills as I was a full time driver. Switched insurance companies and told them I owned it

Nobody ever came after me. No letters, no anything. So I left it there for over 2 years until it was paid off. Paid $50 for states minimum. That's when I realized I could have just dropped it when I drove off the lot. Never said that's what I did.


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## Daisey77 (Jan 13, 2016)

kingcorey321 said:


> Ok great I am not a idiot Why do i tell the dealer i am a rideshare driver. And if i did tell them this they would have to give me a alterative contract to sign . If the agreement is on the four corners of the contract that is followed in court.
> I can see you telling them ow im a uber driver ! After you crash . They will say ow were not covering your car even though you have a contract in your hands . You just say ok gee wiz .











Wow all of that because I said read your gap insurance contract? Your tangent is so far off in left field. What I said was read your gap insurance contract. The gap insurance contract says the contract is voided if the vehicle is used for commercial purposes. Like you said, if it's on all four corners it's followed in court&#129335;‍♀



Karen Stein said:


> When I bought my car, I left with a strong feeling that my discussion about Uber helped. The finance guy saw I was thinking like a business, not a consumer. Plus, he was able to sell me on some extra maintenance options and gap insurance.


They can sell you the stuff all day long. You can tell them your rights are driver and they will still sell you an extended warranty and gap insurance that will not apply and says so right in the contract. I'm not saying they did that with you but don't think for a second they don't. I know a driver who purchased a vehicle and was very honest with the sales guy and sales manager about being a Rideshare driver. Finance of course sold him an extended warranty and gap insurance. Two weeks after purchasing it, it got totaled. The accident was not his fault and of course he was upside down on the car. Gap insurance denied paying out the claim due to the fact he was driving rideshare. After looking at his policy, sure is shit -voided if used for commercial purposes. He went back to the dealership and had words with them for selling him something they knew damn well he wouldn't be able to use. Luckily, he was refunded for the warranty and gap insurance which he was then able to turn around and use to pay the difference on the car. He ended up coming out just fine. However it could have went the complete opposite way they were under. However it could have easily went the complete opposite way. They were under no obligation to refund the money. Finance guys work for commission just like everyone else at dealerships. don't think for a second they won't sell you something you won't be able to use


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## LADryver (Jun 6, 2017)

Honda warranties do not have restrictions other than third party accessories and components.


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## everydayimubering (Aug 5, 2017)

Syedali75 said:


> I don't understand one thing is that when I was going to finance my car 2019 Toyota Corolla, almost every dealership and friends told me not to mention Uber/Lyft so you would get the car easily...!! Well once you get the car then you can do whatever you want to do..
> 
> anyways what I'm concern about is that if I did not mention about Uber/Lyft and after financing the car by mentioningsomething else then can I sign up forUber/Lyft in my finance car and drive it?? What if my finance company's finds out?? Well I have the commercial insurance but I don't get it that can you really drive or not with finance car?? I chaeck The finance terms and conditions, I didn't see anywhere it's mention that you cannot use it for commercial purposes...!! All it's written is that don't take this car outside USA/Canada, have proper insurance and don't default on loan payment... but still it didn't answer me can I really drive for Uber or Lyft or not because I never mention it upon financing...!!


I took-over someone's lease on a car with only 7000 miles and 12 months remaining, which means I can log another 30,000 miles on it without incurring any penalties, and also have the option to buy back after 12 months. The leasing company doesn't really care how many miles I log since they'll charge me for the overage anyways. Having said that, technically the car is not fully mine until paid off - so they do have the right to refuse the lease takeover. But regardless of whether or not I use it for R/S, what they don't know - ain't gonna hurt them. And in case of damage to the car, it's fully insured - so no one's at risk.


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## Daisey77 (Jan 13, 2016)

everydayimubering said:


> I took-over someone's lease on a car with only 7000 miles and 12 months remaining, which means I can log another 30,000 miles on it without incurring any penalties, and also have the option to buy back after 12 months. The leasing company doesn't really care how many miles I log since they'll charge me for the overage anyways. Having said that, technically the car is not fully mine until paid off - so they do have the right to refuse the lease takeover. But regardless of whether or not I use it for R/S, what they don't know - ain't gonna hurt them. And in case of damage to the car, it's fully insured - so no one's at risk.


Well technically the lender is. If you get deactivated or can't make the payments, the lender is at risk of losing money on the vehicle when they repo it. Same thing if it gets totaled and it doesn't get paid off and its entirety for whatever reason


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## TXUbering (May 9, 2018)

Banks consider your loan to value ratio when they decide whether or not to loan you money, as well as income and monthly expenses. There are other factors as well, but for the sake of my point, I'm focusing on Loan to Value, as it's something you should be focused on. Let's say you buy a car that depreciates $10k in 4 months. If you can't make payments in that 4 months, can the bank repossess it and turn around and sell it at a price that doesn't cost them much? You want to make sure that you don't owe much more than the car is worth. That's probably one of the biggest issues that people face when buying a car. Make sure if you need to get rid of it that you can sell it for what you at least owe on it throughout the life of the loan.


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## Immoralized (Nov 7, 2017)

TXUbering said:


> Banks consider your loan to value ratio when they decide whether or not to loan you money, as well as income and monthly expenses. There are other factors as well, but for the sake of my point, I'm focusing on Loan to Value, as it's something you should be focused on. Let's say you buy a car that depreciates $10k in 4 months. If you can't make payments in that 4 months, can the bank repossess it and turn around and sell it at a price that doesn't cost them much? You want to make sure that you don't owe much more than the car is worth. That's probably one of the biggest issues that people face when buying a car. Make sure if you need to get rid of it that you can sell it for what you at least owe on it throughout the life of the loan.


Depreciate 10k in 4 months? Is this driver rolling in like a Telsa Model X? :biggrin:


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## TXUbering (May 9, 2018)

Immoralized said:


> Depreciate 10k in 4 months? Is this driver rolling in like a Telsa Model X? :biggrin:


Well, if he buys new and Ubers, $10k would be kind. Granted, there are good deals out there. I'd say if you look hard, you can really get into something nice.

I kinda wish I worked at general motors again at the height of their employee discounts. I used to be able to buy a new car yearly and trade it in with equity. I'd buy a brand new sedan, and my trade-in price would be almost the same amount that I paid for it new. Man, if I had that type of setup, the cost of me doing Uber would be almost non-existent.


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## everydayimubering (Aug 5, 2017)

TXUbering said:


> Well, if he buys new and Ubers, $10k would be kind. Granted, there are good deals out there. I'd say if you look hard, you can really get into something nice.
> 
> I kinda wish I worked at general motors again at the height of their employee discounts. I used to be able to buy a new car yearly and trade it in with equity. I'd buy a brand new sedan, and my trade-in price would be almost the same amount that I paid for it new. Man, if I had that type of setup, the cost of me doing Uber would be almost non-existent.


How about leasing instead of financing? If you look around, there are plenty of cars available for lease takeover with low mileage, short or longer terms remaining at $300 - $500/mo. plus incentives offered by the current lease-holder to get rid of the vehicle - 'cos with people losing their jobs due to lockdowns they can't afford to make their payments anymore. Most of such leases have extended warrantees, all regular maintenance already included and they even have 'lease-end protection' clauses for excessive wear and tear - so you're safe when the lease term is up. You have the option to buyback then, but why not pickup another newer and similar vehicle up for lease transfer. This way you keep driving newer cars which already have regular maintenance etc. included.


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## TXUbering (May 9, 2018)

everydayimubering said:


> How about leasing instead of financing? If you look around, there are plenty of cars available for lease takeover with low mileage, short or longer terms remaining at $300 - $500/mo. plus incentives offered by the current lease-holder to get rid of the vehicle - 'cos with people losing their jobs due to lockdowns they can't afford to make their payments anymore. Most of such leases have extended warrantees, all regular maintenance already included and they even have 'lease-end protection' clauses for excessive wear and tear - so you're safe when the lease term is up. You have the option to buyback then, but why not pickup another newer and similar vehicle up for lease transfer. This way you keep driving newer cars which already have regular maintenance etc. included.


Like I said, there are a lot of good deals out there if you look. Here's the one thing to consider though, if you are one of the few that catch Covid, any backup plans to continue making payments?


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## Filipino858 (Jan 25, 2020)

I got a Corolla in 2018 for Rideshare purposes only. Already have an older car but it’s not new enough for Uber. Anyhow I put down like 12k down payment when I got it, this way I am NEVER underwater on the loan. Always paid on time too every month. Low car payment due to such a massive down payment. Anyhow I would finance only if you can keep your head above water on the loan. This way, if you sell the car you got for Uber , you won’t owe anything on the loan. You can get out clean if you sold the car, and in my case have a surplus if I sold it.


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## Daisey77 (Jan 13, 2016)

everydayimubering said:


> How about leasing instead of financing?


 there's no way he could lease a car with the mileage limits. I don't know how much he drives but I put 50,000 on mine in a year


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## Immoralized (Nov 7, 2017)

Daisey77 said:


> there's no way he could lease a car with the mileage limits. I don't know how much he drives but I put 50,000 on mine in a year


That beautiful mileage you putting on that beautiful car :biggrin: I remember when i 1st started RS i threw something like 70k in the 1st year doing some FT ant hours. That was in a manual ford focus... It would of been over 100k if it was an auto since my legs would start to hurt changing gears tens of thousands of times hahah FT ants need a good & reliable automatic to make the most out of RS.

Sold her at 130k as she aged out but she ran strong and never missed a beat while working. Cars like those are pretty much designed to travel up to 250k trouble free and without breaking the bank.


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## Daisey77 (Jan 13, 2016)

Immoralized said:


> That beautiful mileage you putting on that beautiful car :biggrin: I remember when i 1st started RS i threw something like 70k in the 1st year doing some FT ant hours. That was in a manual ford focus... It would of been over 100k if it was an auto since my legs would start to hurt changing gears tens of thousands of times hahah FT ants need a good & reliable automatic to make the most out of RS.
> 
> Sold her at 130k as she aged out but she ran strong and never missed a beat while working. Cars like those are pretty much designed to travel up to 250k trouble free and without breaking the bank.


Oh God... I cannot even imagine doing Rideshare in a manual! However, it's probably one of the best anti-theft device you can get LOL I read an article that said something like only 8% of people know how to drive a stick shift!


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## Immoralized (Nov 7, 2017)

Daisey77 said:


> Oh God... I cannot even imagine doing Rideshare in a manual! However, it's probably one of the best anti-theft device you can get LOL I read an article that said something like only 8% of people know how to drive a stick shift!


It was in the garage doing nothing for 4 years so instead of buying a rideshare vehicle to do rideshare i made use of a spare car that was available to me and did not go out and buy a "New car" like all these mobs here :biggrin: Wasn't flash or new but it did the job, even though I probably had to change gears a million and one times while driving it and doing all those trips on it.

I laugh on the inside when someone that drives a full auto and does RS say that driving is hard or tedious or whatever... Try doing that for a hundred thousand miles in a manual.

My 2nd car was of course a 2nd hand and well auto this time for the price of $3400 and it went up to about 180k miles before the cat converter blocked up and started to die. 3rd car bought for $4500 and still have it and still going but thought I'll treat myself and upgrade to an SUV now after driving around in sedan etc. Did my dues well and truly before driving in a pretty nice vehicle now. The SUV done 190k now and had to replace the wheel bearings, brushes and a bit of work on the transmission so all up probably looking at nearly $4000 of work outside of regular servicing. She a hard working lady.


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## Daisey77 (Jan 13, 2016)

Immoralized said:


> It was in the garage doing nothing for 4 years so instead of buying a rideshare vehicle to do rideshare i made use of a spare car that was available to me and did not go out and buy a "New car" like all these mobs here :biggrin: Wasn't flash or new but it did the job, even though I probably had to change gears a million and one times while driving it and doing all those trips on it.
> 
> I laugh on the inside when someone that drives a full auto and does RS say that driving is hard or tedious or whatever... Try doing that for a hundred thousand miles in a manual.
> 
> My 2nd car was of course a 2nd hand and well auto this time for the price of $3400 and it went up to about 180k miles before the cat converter blocked up and started to die. 3rd car bought for $4500 and still have it and still going but thought I'll treat myself and upgrade to an SUV now after driving around in sedan etc. Did my dues well and truly before driving in a pretty nice vehicle now. The SUV done 190k now and had to replace the wheel bearings, brushes and a bit of work on the transmission so all up probably looking at nearly $4000 of work outside of regular servicing. She a hard working lady.


Well most ladies are &#129335;‍♀&#128513;

Hey now, I didn't go buy a new car to do rideshare. I used the one I had and it was not rideshare friendly. Let me tell you! LOL the only thing that saved me was I could do Uber select. Now I have bought another car during the process because I put damn near 200,000 miles on the first one. when they did the last set of pay cuts I realized I was never going to financially survive in that vehicle. So I needed a third row to be able to do XL and here I am. we're sitting at 128K &#128556;


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## islanddriver (Apr 6, 2018)

Joe Saltucci said:


> The OP is talking about two separate things here. First of all, whomever financed your loan..be it a bank or credit union...does not give a crap if you get into any accidents or not. It does not concern, or affect them at all. The only thing that concerns them is that you make your payments on time every month. Now, insurance companies certainly do give a crap about accidents, and every detail involved in one. They are the ones that need to know if you are using the vehicle for ride share or not....and my advice would be....do not lie to them. They can and will sue your ass into the ground. Even though Uber/Lyft covers you for injuries to passengers....a lot of passengers are not happy with the amount they receive and will then go after the drivers primary insurer. This pisses off insurances companies to no end. While they most probably will never pay out on a claim....if they were unaware the vehicle was being used for ride share....it costs them plenty of time and lawyer money to deal with it....that's when their lawsuit against you starts.
> 
> Maybe somebody on the board can post a comprehensive list of Uber/Lyft friendly insurance companies? As a lot of you probably already know...Geico and State Farm are most certainly not...at least where I live.....northeast.


Allstate



ABQuber said:


> I carried full insurance for about 4 months after I bought it. $240 a month or so. Then I had to cut bills as I was a full time driver. Switched insurance companies and told them I owned it
> 
> Nobody ever came after me. No letters, no anything. So I left it there for over 2 years until it was paid off. Paid $50 for states minimum. That's when I realized I could have just dropped it when I drove off the lot. Never said that's what I did.


In nys the insurance company must notifying the lean holder if the insurance is changed or dropped.


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## Immoralized (Nov 7, 2017)

Daisey77 said:


> Well most ladies are &#129335;‍♀&#128513;
> 
> Hey now, I didn't go buy a new car to do rideshare. I used the one I had and it was not rideshare friendly. Let me tell you! LOL the only thing that saved me was I could do Uber select. Now I have bought another car during the process because I put damn near 200,000 miles on the first one. when they did the last set of pay cuts I realized I was never going to financially survive in that vehicle. So I needed a third row to be able to do XL and here I am. we're sitting at 128K &#128556;


Yep in a comfort and XL spec vehicle myself now that has air suspension.


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## Daisey77 (Jan 13, 2016)

islanddriver said:


> In nys the insurance company must notifying the lean holder if the insurance is changed or dropped.


That's how it is here and the lienholder can legally add on insurance of their choice and add that to your monthly payment. However , it's 3 to 4 times your normal amount. Obviously they are not wanting to start up an insurance company. They don't want to make the fee so insignificant to where you actually don't mind paying the extra for them take care of your insurance for you. they're not trying to reward bad behavior LOL


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## everydayimubering (Aug 5, 2017)

Daisey77 said:


> there's no way he could lease a car with the mileage limits. I don't know how much he drives but I put 50,000 on mine in a year


If you look around, there are plenty of used cars available for lease takeover with low mileage, short or longer terms remaining at $300 - $500/mo. plus incentives offered by the current lease-holder to get rid of the vehicle - 'cos with people losing their jobs due to lockdowns they can't afford to make their payments anymore. Most of such leases have extended warrantees, all regular maintenance already included and they even have 'lease-end protection' clauses for excessive wear and tear - so you're safe when the lease term is up. You can then pickup another newer and similar vehicle up for lease transfer. This way you keep driving newer cars which already have regular maintenance etc. included.


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## Older Chauffeur (Oct 16, 2014)

Daisey77 said:


> That's how it is here and the lienholder can legally add on insurance of their choice and add that to your monthly payment. However , it's 3 to 4 times your normal amount. Obviously they are not wanting to start up an insurance company. They don't want to make the fee so insignificant to where you actually don't mind paying the extra for them take care of your insurance for you. they're not trying to reward bad behavior LOL


Yes, and that's Vendor's Single Interest (VSI) insurance coverage, protecting only the lien holder against losses on the vehicle if they repossess it and it has been damaged. There is no coverage for you, the owner of the financed vehicle.


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## Daisey77 (Jan 13, 2016)

Older Chauffeur said:


> Yes, and that's Vendor's Single Interest (VSI) insurance coverage, protecting only the lien holder against losses on the vehicle if they repossess it and it has been damaged. There is no coverage for you, the owner of the financed vehicle.


Right. Sorry I didn't mean for it to sound like it was actual insurance that would cover the driver. I was responding to a post that was responding to someone who said they dropped their insurance two months after purchasing a vehicle. someone commented that the insurance company normally informs the lienholder when the policy has been dropped. Then I added that the lienholder can add their own insurance. obviously to make sure their property is protected but I did not specify that



everydayimubering said:


> If you look around, there are plenty of used cars available for lease takeover with low mileage, short or longer terms remaining at $300 - $500/mo. plus incentives offered by the current lease-holder to get rid of the vehicle - 'cos with people losing their jobs due to lockdowns they can't afford to make their payments anymore. Most of such leases have extended warrantees, all regular maintenance already included and they even have 'lease-end protection' clauses for excessive wear and tear - so you're safe when the lease term is up. You can then pickup another newer and similar vehicle up for lease transfer. This way you keep driving newer cars which already have regular maintenance etc. included.


I understand that but do these leases have unlimited mileage? That's typically where they get you when the lease is up


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## Fusion_LUser (Jan 3, 2020)

Daisey77 said:


> Right. Sorry I didn't mean for it to sound like it was actual insurance that would cover the driver. I was responding to a post that was responding to someone who said they dropped their insurance two months after purchasing a vehicle. someone commented that the insurance company normally informs the lienholder when the policy has been dropped. Then I added that the lienholder can add their own insurance. obviously to make sure their property is protected but I did not specify that
> 
> I understand that but do these leases have unlimited mileage? That's typically where they get you when the lease is up


I don't think there are any unlimited mileage leases out there. You can opt for more miles per year though and it's not all that much more per month. Most leases are 12k a year but I know with Ford you can do up to 19.5k a year and the cost is very minimal. Like $40-$50 extra per month.

Ford makes it easy to add more miles and know the costs up front... other manufactures probably have higher limits but you are at the mercy of the dealer since they don't have ways to see how much before you go in to the dealer.


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## Older Chauffeur (Oct 16, 2014)

Back in the nineties I was involved in setting up two year leases of Cadillacs for the executive for whom I drove. Like clockwork we put 56,000 miles on a car in two years. GM had a 30,000 cap on included miles, with $0.12 per mile for added miles. But we were able to set it up so that the first 20,000 extra miles were figured into the lease at a reduced rate of $0.08 per mile. This was in the days of Cadillac’s “Gold Key” lease program, and we were dealing with a fleet manager, getting some sweet deals in the process, including a ‘92 Sedan Deville I bought for myself.


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## Daisey77 (Jan 13, 2016)

Fusion_LUser said:


> I don't think there are any unlimited mileage leases out there. You can opt for more miles per year though and it's not all that much more per month. Most leases are 12k a year but I know with Ford you can do up to 19.5k a year and the cost is very minimal. Like $40-$50 extra per month.
> 
> Ford makes it easy to add more miles and know the costs up front... other manufactures probably have higher limits but you are at the mercy of the dealer since they don't have ways to see how much before you go in to the dealer.


I know Toyota you can buy up too but like you, I don't know of any with unlimited mileage. I was just curious because of all the other perks he was mentioning when mileage is the number one reason why people don't lease and do rideshare


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## Older Chauffeur (Oct 16, 2014)

My neighbor has a 2017 Hyundai Ioniq electric on a 36 month, unlimited mileage lease. There was also a monthly rebate of $50 toward his electric bill, but I don’t recall if that was just for the first year or all three. IDK if a similar lease is still being offered, but it has been a good deal for them because they are putting on close to 25,000 miles a year, and have a solar setup to charge it. Lease is up in December.


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## Fusion_LUser (Jan 3, 2020)

Daisey77 said:


> I know Toyota you can buy up too but like you, I don't know of any with unlimited mileage. I was just curious because of all the other perks he was mentioning when mileage is the number one reason why people don't lease and do rideshare


Yeah I agree a lease is not a good choice for the full time driver. I did lease my Fusion Hybrid Plug-in (yes contract law experts I know what the lease agreement has written in it) and took the 19.5k per year. Between personal use and ridesharing I'm under the 1600 miles per month for the most part. I basically said for the first year I will not worry about mileage at all and even with a trip to Texas and Las Vegas (4500 miles total) I'm just under my yearly average. Without those trips I would be well under the yearly mileage figure.

Even if I do go over the allotted mileage the overall deal was too good to pass up. Huge incentives from Ford on the purchase, zero down other than the first lease payment. PG&E and CA State rebates along with a Federal tax credit have made the car free for the first 15 months. I can charge it at work for free and even my rideshare insurance went down $100 a year vs my old 2017 Mazda! So for me it was a no-brainer.

I've leased daily drivers for years now so I would have the car no matter what. If I stop doing rideshare tomorrow it's just another car that I will have for 3 years...


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## Older Chauffeur (Oct 16, 2014)

I would like another hybrid or pure electric, but tax-wise I’m not eligible for the credits, so buying new doesn’t make sense for me. So you got the tax credit on a leased car? Did Ford pass that along to you? Because on a lease it goes to the manufacturer offering the lease, not the lessee. The manufacturer can then pass it along in the form of lower lease payments.


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## ABQuber (Jan 30, 2019)

islanddriver said:


> Allstate
> 
> 
> In nys the insurance company must notifying the lean holder if the insurance is changed or dropped.


That's why you tell them you own it. They don't ask to see the title. You tell them you finance it and you are setting yourself up to get ratted out - lol.


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## islanddriver (Apr 6, 2018)

ABQuber said:


> That's why you tell them you own it. They don't ask to see the title. You tell them you finance it and you are setting yourself up to get ratted out - lol.


Problem with what you are saying is the lien holder want a copy of you insurance. If it doesn't meet their criteria they will take out their own insurance and add it to your loan , only to protect them not you. In nys don't know about other states


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## everydayimubering (Aug 5, 2017)

Daisey77 said:


> Right. Sorry I didn't mean for it to sound like it was actual insurance that would cover the driver. I was responding to a post that was responding to someone who said they dropped their insurance two months after purchasing a vehicle. someone commented that the insurance company normally informs the lienholder when the policy has been dropped. Then I added that the lienholder can add their own insurance. obviously to make sure their property is protected but I did not specify that
> 
> I understand that but do these leases have unlimited mileage? That's typically where they get you when the lease is up


Most but not all have very low mileage, like I just picked up a 2018 with only 7k miles and 10 months remaining + over 50k miles available to drive, with all maintenance paid for the lease duration and Lease-end protection included.


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## seandizzy (Dec 4, 2020)

IRME4EVER said:


> Don't get a loan through Santander Consumer USA. The dealership knew I drove for Uber. Got screwed big time. They wanted my 1099K for 2018, 2 months of bank statements (both were screenshots sent to the salesman the day before), I now owe 45,000.00 for a car is currently worth 8,500.00. Predatory loans!! Santander lost a lawsuit in May for 550,000,000.00 for the same thing I was subjected to. I told them to come and get the car. Interest alone is 25,000.00 besides what I originally owed is 17,456.00. They also added 5 payments to my loan (was 72 now 77), for some reason they lost 11 car payments that I made (have receipts).


Did you tell them or they saw it on your bank statement


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## Bork_Bork_Bork (May 20, 2019)

Aw Jeez said:


> My VW warranty expressly excludes ride-share driving. No need to top them off in advance. When I take the car in for service I remove the Uber and Lyft stickers and any other evidence of what I use the car for.


Honda says the exact same thing.


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## seandizzy (Dec 4, 2020)

IRME4EVER said:


> Don't get a loan through Santander Consumer USA. The dealership knew I drove for Uber. Got screwed big time. They wanted my 1099K for 2018, 2 months of bank statements (both were screenshots sent to the salesman the day before), I now owe 45,000.00 for a car is currently worth 8,500.00. Predatory loans!! Santander lost a lawsuit in May for 550,000,000.00 for the same thing I was subjected to. I told them to come and get the car. Interest alone is 25,000.00 besides what I originally owed is 17,456.00. They also added 5 payments to my loan (was 72 now 77), for some reason they lost 11 car payments that I made (have receipts).


What dealership did you use? How dis they know?


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## wallae (Jun 11, 2018)

W00dbutcher said:


> Even though you have a loan on a new car it's technically not yours yet. So all the miles that incur on the vehicle while you're driving for Rideshare take value away from that car. So if something was to happen and it gets repoed and it has high miles it's even worth less than what they could get for it if it had normal miles on it.


I remember a girl here who said my car has 270,000 miles and I still owe $17,000&#128514;&#128514;


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## Wildgoose (Feb 11, 2019)

wallae said:


> I remember a girl here who said my car has 270,000 miles and I still owe $17,000&#128514;&#128514;


Some people they don't know what they were talking about.


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## wallae (Jun 11, 2018)

Wildgoose said:


> Some people they don't know what they were talking about.


Some do though
I can see how that can happen at $.60 a mile
High cost of living state.
My city is brutal
I needed 5 rides to get a quest,
yesterday on a Saturday
Nothing for quest or surge today. You think I'm out there today to drive 7 miles to do these

BTW
The 3.26 or the 3.52 ride was a round trap&#129394;&#129394; And we loaded a baby seat and a baby 35 minutes!
5 stop signs each way
For 3.26
Fing ridiculous

I would hate to buy a 2020 to do this crap without knowing...
As of now I can still get 200 for 10 hours weekends but once it's over you drop to 8 ti 10 an hour before expenses.
Losing money every mile you work in depreciation


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## London Bridge (Oct 21, 2021)

Syedali75 said:


> Thanks for all the replies guys, really appreciate but what if you get into an accident sometimes...?? Lyft/Uber will deactivate you surely...!! But what if your finance company finds out you were driving Uber/Lyft?? Now obviously after accident uber/Lyft or your ride share insurance will send you for car repair service so it could might get into computer that Uber/Lyft paid for that...!! So I m not sure what will finance company do I that scenario...!! Again I mention that there's no where written on policy documents regards commercial use..!!
> 
> 
> 
> ...


So long you make your payment, that's all that counts. The banks doesn't care what you use the vehicle for. If you use it for personal use and still don't pay up their money, they will take the car away from you. Do what you need to do with your car and pay them their Money, that's what they needed. if you messed the car up and didn't pay their money in full, it will reflect on your CREDIT SCORE and anyone that want to finance a new car for you will examine it before they do.


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## MissAnne (Aug 9, 2017)

I drive a financed car…. I had to show proof to the bank that I had commercial insurance coverage on it.


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## FerengiBob (Nov 6, 2019)

The finance guy at Toyota nearly had a coronary when I mentioned RS.

He said to remove all trade dress when bringing it in for service.

It could void ALL warranties going forward if discovered.

Cannot speak to the finance side of the question.


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## mark8131969 (Oct 29, 2021)

W00dbutcher said:


> Even though you have a loan on a new car it's technically not yours yet. So all the miles that incur on the vehicle while you're driving for Rideshare take value away from that car. So if something was to happen and it gets repoed and it has high miles it's even worth less than what they could get for it if it had normal miles on it.


What is a uber mile verse a normal mile???


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## W00dbutcher (Jan 14, 2019)

mark8131969 said:


> What is a uber mile verse a normal mile???


Uber miles you get shafted.


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