# Uber Xchange Leasing Program Advice



## htboston (Feb 22, 2016)

Anyone here in the Xchange leasing program? What are the pros and cons? Any important fine prints you wanna tell us drivers before signing up? Do you have to buy your own insurance for the Xchange leasing program?

My personal car is failing on me and I need something until I get a new car.

I don't trust Uber because I am afraid they are not telling us the fine prints until after we put our signature on paper, so I am asking you guys  lol


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## Atom guy (Jul 27, 2016)

You're better off buying a 3-4 year old used sedan instead of leasing. You'll be liable for damages to the car at the end of the lease. You'll also have to carry higher insurance coverage than you would if you financed a used car.


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## PeacefulJ... (Jun 19, 2016)

hung said:


> Anyone here in the Xchange leasing program? What are the pros and cons? Any important fine prints you wanna tell us drivers before signing up? Do you have to buy your own insurance for the Xchange leasing program?
> 
> My personal car is failing on me and I need something until I get a new car.
> 
> I don't trust Uber because I am afraid they are not telling us the fine prints until after we put our signature on paper, so I am asking you guys  lol


Your payments are weekly, they're based off of the type of car you get (new or used). You put $250 down after you choose what car you want. You DO need to have " ride share " insurance prior to getting the car.


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## bigmoxy (May 22, 2016)

Don't do it! I'm paying close to $200 per week for my Xchange vehicle and know that I am getting ripped off. Had to do it initially because of my credit. .. Won't recommend it to anyone else though.


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## 0to100 (Aug 3, 2016)

When I see that people are paying upwards of 1k a month I almost faint. 

When I Leased my Jetta back in 2011 my payment was $175 a month with zero down. I ended up buying it at the end of the contract. Still going strong now at almost 100k!

My advice would be, if you plan on buying a new car just lease it first. Take the dirt cheap payments and lowest mileage(as long as you plan on buying)

Get something for 99 a month, when you buy your car out at the end of the lease you don't owe on excess mileage.


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## dolllarchaser (Oct 12, 2015)

On the positive side.... Xchange lease is not putting miles on your personal car; maintenance will be nil in the early years if you go with a new car; drive full time + since mileage is unlimited (the high lease rate will be spread over more miles, thereby reducing your cost per mile.

If you want a couple of bucks in your pocket every week Xchange leasing may not be for you. If you view this as a true business, then consider that if you drove for a cab company you would have weekly 'rent' that will be more expensive. The key is to drive full- time, and keep good records of all expenses as it may be beneficial to itemize vs using the std deduction.

Unless you are mechanically inclined, buying a used car may be buying someone else's problems and while the upfront cost may be less, you are assured to have higher maintenance cost... think cost per mile, always.


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## PeacefulJ... (Jun 19, 2016)

dolllarchaser said:


> On the positive side.... Xchange lease is not putting miles on your personal car; maintenance will be nil in the early years if you go with a new car; drive full time + since mileage is unlimited (the high lease rate will be spread over more miles, thereby reducing your cost per mile.
> 
> If you want a couple of bucks in your pocket every week Xchange leasing may not be for you. If you view this as a true business, then consider that if you drove for a cab company you would have weekly 'rent' that will be more expensive. The key is to drive full- time, and keep good records of all expenses as it may be beneficial to itemize vs using the std deduction.
> 
> Unless you are mechanically inclined, buying a used car may be buying someone else's problems and while the upfront cost may be less, you are assured to have higher maintenance cost... think cost per mile, always.


↑↑↑ Exactly. Its not for everyone. Weigh the pros and cons in detail and then decide what's best for you.


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## JonC (Jul 30, 2016)

0to100 said:


> When I see that people are paying upwards of 1k a month I almost faint.
> 
> When I Leased my Jetta back in 2011 my payment was $175 a month with zero down. I ended up buying it at the end of the contract. Still going strong now at almost 100k!
> 
> ...


$1k/month? That seems insane to me.

I'm paying $185/month to buy my car, not lease it.

That's actually why I'm doing Uber at all, I've never had a car loan before, I always paid cash for them.


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## OC Lady Uber Driver (Jun 26, 2016)

It's easy to get approved for the XChange lease, (I was approved in a hour) but the weekly payments are what you're actually paying for while putting high mileage on that vehicle. In my eyes, it's not worth it. I'd rather buy a used car with a cheaper monthly payment and Uber in that instead.


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## Shangsta (Aug 15, 2016)

The only reason not to get a used car is if you don't have the credit for it. Xchange just doesn't make sense, with gas and insurance at minimum your spending 1200 per month if you're driving full time.


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## Jakeinny098 (Aug 23, 2016)

OC Lady Uber Driver said:


> It's easy to get approved for the XChange lease, (I was approved in a hour) but the weekly payments are what you're actually paying for while putting high mileage on that vehicle. In my eyes, it's not worth it. I'd rather buy a used car with a cheaper monthly payment and Uber in that instead.


How do you apply? I press apply and it just shows a few local dealers who participate. I have to call the dealer directly ?


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## PeacefulJ... (Jun 19, 2016)

Jakedishnyc said:


> How do you apply? I press apply and it just shows a few local dealers who participate. I have to call the dealer directly ?


U apply thru ubers sign up process and yes once approved you have to contact the dealer.


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## Michael2017 (Aug 9, 2016)

Stay away from Uber lease! STAY FAR AWAY! No warrantee on Mega overpriced vehicles, plus a super high payoff amount!


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## Jakeinny098 (Aug 23, 2016)

I submitted my license and ss number and still haven't heard about the background check
What is needed for that?


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## PeacefulJ... (Jun 19, 2016)

Jakedishnyc said:


> I submitted my license and ss number and still haven't heard about the background check
> What is needed for that?


Time.


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## occupant (Jul 7, 2015)

Michael2017 said:


> Stay away from Uber lease! STAY FAR AWAY! No warrantee on Mega overpriced vehicles, plus a super high payoff amount!


At $180 a week for three years, that is over $27000...how can that still have a payoff on a $17k car?


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## OnTheLoose (Jul 10, 2016)

I have a Prius leased at $150/week. It was worth it for me when I was a full time driver. The payment could be made in one day. The great part is the unlimited mileage and some service. 

I would never suggest it for anyone who plans in driving part-time. Your earnings would strictly go towards supporting the car. I would also not recommend anything other than a Prius. It may not be the type of vehicle you wanted but there is a reason all cabbies drive it - it's the most fuel efficient. Hold out for a dealership that has one if you can. 

Your cap is $20k, don't expect anything other than an Uber X vehicle. You'll be choosing from their inventory of cars that have been qualified for Uber - not whatever is on the lot. That list will be short. Has to be under $20k, 60k miles etc... You can't negotiate this. If it's not on that list, you can't have it. 

I'm not going to try and talk you out of it. I'm giving you information and you can figure it out for yourself. 

Be prepared to spend $800-$1200/month supporting that vehicle. Hope you can make at least 3x that. 

I did it because I was in a bad situation with poor credit and had an Accord that I didn't want to put more mileage on. Worked for me for a bit but I'm ready to turn it in.


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## freediverdude (Oct 14, 2016)

I too would like advice, thinking about the lease, since my current car is a 2007 Mazda 3 hatchback with 170000 miles on it, so not sure that would be approved by Uber. I wouldn't think that I would be approved for any normal car loan, since I'm just starting with Uber and don't have another job at the moment. I am planning on driving full time 8-10 hours at least 5 days a week, so thinking it might still make sense.

So the Prius really does save quite a bit over the others on the fuel? I would think a new Prius would be over the cap purchase amount. 

I just applied yesterday, and got the email saying that I made it through the motor vehicle report and now waiting on background check. Then today I got an email asking me to scan in the rest of the documents like I was going to use my current car? I'm guessing I should ignore that email since I supposedly applied for lease? I think I read something that it takes 3-7 days for them to approve me, and then you get an email saying you're approved and to head to a dealership correct.


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## OnTheLoose (Jul 10, 2016)

freediverdude said:


> I too would like advice, thinking about the lease, since my current car is a 2007 Mazda 3 hatchback with 170000 miles on it, so not sure that would be approved by Uber. I wouldn't think that I would be approved for any normal car loan, since I'm just starting with Uber and don't have another job at the moment. I am planning on driving full time 8-10 hours at least 5 days a week, so thinking it might still make sense.
> 
> So the Prius really does save quite a bit over the others on the fuel? I would think a new Prius would be over the cap purchase amount.
> 
> I just applied yesterday, and got the email saying that I made it through the motor vehicle report and now waiting on background check. Then today I got an email asking me to scan in the rest of the documents like I was going to use my current car? I'm guessing I should ignore that email since I supposedly applied for lease? I think I read something that it takes 3-7 days for them to approve me, and then you get an email saying you're approved and to head to a dealership correct.


Ignore the emails. Your car would not qualify. The mileage is too high. Has to be under 110k I think (not sure). Not that you would want to put 300 miles a day on a car with that much mileage on it already anyway...

Don't know what the criteria for approval is but it's very lenient. Bad credit, no credit mostly get approved for the $20k max they offer. If you have repos and bankruptcies on your credit, you will have a lower allowance say $12,000 - $15,000 or something. In which case it's harder to find a used vehicle under their mileage requirements and in this price range which is why some people end up giving that $250 deposit to the dealership and waiting forever for a car. I recommend finding one with the car first before you give the deposit.

Deposit is refundable after 3 years but you are most likely going to turn it in before that and they charge $250 to exit early.

If you turn your vehicle in early, you will not be eligible for another xchange leasing vehicle. If you find someone to take over the lease, you can.

I just turned in my car 2 days ago. Retirement comes early.


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## freediverdude (Oct 14, 2016)

OnTheLoose said:


> Ignore the emails. Your car would not qualify. The mileage is too high. Has to be under 110k I think (not sure). Not that you would want to put 300 miles a day on a car with that much mileage on it already anyway...
> 
> Don't know what the criteria for approval is but it's very lenient. Bad credit, no credit mostly get approved for the $20k max they offer. If you have repos and bankruptcies on your credit, you will have a lower allowance say $12,000 - $15,000 or something. In which case it's harder to find a used vehicle under their mileage requirements and in this price range which is why some people end up giving that $250 deposit to the dealership and waiting forever for a car. I recommend finding one with the car first before you give the deposit.
> 
> ...


Well happy retirement! My credit isn't that great, but never had a repo, in fact completely paid off my current car that I bought new in 2007 making all 72 payments on time, lol. I do have a bankruptcy from 2010, so 6 years ago, don't know how much they would weigh that. Thank you for all the info. We'll see what they approve me for!


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## freediverdude (Oct 14, 2016)

OnTheLoose said:


> Ignore the emails. Your car would not qualify. The mileage is too high. Has to be under 110k I think (not sure). Not that you would want to put 300 miles a day on a car with that much mileage on it already anyway...
> 
> Don't know what the criteria for approval is but it's very lenient. Bad credit, no credit mostly get approved for the $20k max they offer. If you have repos and bankruptcies on your credit, you will have a lower allowance say $12,000 - $15,000 or something. In which case it's harder to find a used vehicle under their mileage requirements and in this price range which is why some people end up giving that $250 deposit to the dealership and waiting forever for a car. I recommend finding one with the car first before you give the deposit.
> 
> ...


Update- just got the email that I was approved, but for the access program lease (pre-leased with the lower cap cost . It says $16,000 for used. So I guess I'll start calling around to the dealerships and see if they have anything or how long it takes to usually get into one of those. May not be good news.


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## Shangsta (Aug 15, 2016)

Not sure how it is in Miami but mileage does not matter. What matters is the year of the car. You can drive a 2007..if you can drive your car do it. Most people who drive xchange do not profit. You are looking at 200 a week for car and gas minimum


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## Michael2017 (Aug 9, 2016)

occupant said:


> At $180 a week for three years, that is over $27000...how can that still have a payoff on a $17k car?


Horrible customer service, That was the biggest turn off.. I'm just warning you. Beware


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## occupant (Jul 7, 2015)

I'm absolutely no longer interested in the program. I will instead be investing $1000 down on an $8000 2010 Grand Caravan and have it paid off in a little over two years, no residual.

Also considering '11 and '13 Impala sedans and a 40k mile '12 Galant for the same money.


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## freediverdude (Oct 14, 2016)

Well an update- I went around visiting dealerships today. Basically they're wanting about $170 a week for a late model Fit or Corolla or Civic. And here in Florida you have to have the personal 100,000/300,000 insurance on it to cover when Uber's insurance doesn't kick in, which is about $250-300 per month. So yes it's expensive, and probably only for full time drivers. 

One dealership did try to get me approved for a regular purchase, to help save money, but since I didn't have another job right now I didn't qualify. He said maybe in 4-6 months after a history of working for Uber I might be able to do a purchase and turn in the lease.


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## Fox121 (Sep 30, 2016)

I was not approved for the xchange leasing program . Anyone knw another route I can go


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## freediverdude (Oct 14, 2016)

You might try to just get approved for purchasing a car in the regular way instead of the Uber lease.


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## Shangsta (Aug 15, 2016)

freediverdude said:


> You might try to just get approved for purchasing a car in the regular way instead of the Uber lease.


Not to be negative but the credit requirements for an Uber lease are really low. If he has a hard time getting an Uber leaee his chance of getting approved for a regular loan are really low.

If you can afford to save a few thousand for a 8 or 9 year old car that would be the wisest thing to do.


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## freediverdude (Oct 14, 2016)

You have a point, if there is something keeping them from gettting the Xchange lease (even the access lease like I did with bad credit and no job), then might be a waste of time applying for a regular loan. 

Maybe they could do something like get hired for a crap fast food job so they could take a pay stub to one of those buy here pay here car lots, get a car, then use it for Uber. I don't know if that would work.


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## macjest (Oct 17, 2016)

hung said:


> Anyone here in the Xchange leasing program? What are the pros and cons? Any important fine prints you wanna tell us drivers before signing up? Do you have to buy your own insurance for the Xchange leasing program?
> 
> My personal car is failing on me and I need something until I get a new car.
> 
> I don't trust Uber because I am afraid they are not telling us the fine prints until after we put our signature on paper, so I am asking you guys  lol


I have a 2008 Estima, excellent condition for lease at a very good price, any interest?


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## macjest (Oct 17, 2016)

Anyone interested in leasing a 2008 Toyota Estima? Excellent condition, previous driver taking a long break.


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## Micmac (Jul 31, 2015)

hung said:


> Anyone here in the Xchange leasing program? What are the pros and cons? Any important fine prints you wanna tell us drivers before signing up? Do you have to buy your own insurance for the Xchange leasing program?
> 
> My personal car is failing on me and I need something until I get a new car.
> 
> I don't trust Uber because I am afraid they are not telling us the fine prints until after we put our signature on paper, so I am asking you guys  lol


Do not do it bro! Heard lot of drivers complain about it if you don't pay tolls or you have a citation they pay for it and they force you to pay for it immediately also they charge more fees on the top of ticket there is no payment plan! Also if you miss a weekly payment they lie and told you missed 7 weeks ! Thieves ! Stay away! There are dealers who work with bad credit!


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## htboston (Feb 22, 2016)

occupant said:


> I'm absolutely no longer interested in the program. I will instead be investing $1000 down on an $8000 2010 Grand Caravan and have it paid off in a little over two years, no residual.
> 
> Also considering '11 and '13 Impala sedans and a 40k mile '12 Galant for the same money.


Are you doing Uber full time with no other job or is this a side gig for you?


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## occupant (Jul 7, 2015)

This is extra spending money. Turning in my company car and taking the $350/month car allowance plus mileage is the primary goal. Secondary goal is use for Uber. Tertiary goal is having my own car in my own name, which I haven't had for nearly four years.

Incidentally while I was shopping, that van sold. Looking at cars now anyway. A $3495 2007 Impala is at the top of my list at the moment.


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## JoeChargersfan (Aug 8, 2016)

Saw an uber add, get a new Camry lease for only $840 per month lol. wow


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## freediverdude (Oct 14, 2016)

Yep, I just signed my Uber lease, and it's $185 a week for a loaded Corolla. Not even new, a lease someone else turned back in, lol. So I'm hoping to keep it going full time until I qualify for a real purchase or something, that's $740 a month I think.

And so far I agree on the service, unless my dealer is lying, but the dealer is saying every step takes forever for Xchange to respond and approve, days go by between each step. I'm in my third week since I picked out the car, and still haven't taken possession yet.


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## Shangsta (Aug 15, 2016)

freediverdude said:


> Yep, I just signed my Uber lease, and it's $185 a week for a loaded Corolla. Not even new, a lease someone else turned back in, lol. So I'm hoping to keep it going full time until I qualify for a real purchase or something, that's $740 a month I think.


Some months it will be 925 depending on how many weeks are in there.


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## Lwill21 (Oct 31, 2016)

JonC said:


> $1k/month? That seems insane to me.
> 
> I'm paying $185/month to buy my car, not lease it.
> 
> That's actually why I'm doing Uber at all, I've never had a car loan before, I always paid cash for them.


This sounds like a house payment! $1000.00 a month. No way Uber and these car companies make too much money off of poor people. Buy a late model used car instead.


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## freediverdude (Oct 14, 2016)

Lwill21 said:


> This sounds like a house payment! $1000.00 a month. No way Uber and these car companies make too much money off of poor people. Buy a late model used car instead.


Well to be fair, the dealer did try to approve me for a purchase of a 2013 Ford Edge which was very nice, but I just didn't qualify because I'm just getting started with Uber and it's my only job. So this Uber lease was my only choice, or try to drive my older car with a ton of miles on it that doesn't look good and hope nothing broke down or I would be screwed, lol.

At least with this lease I have a nice car still under warranty, unlimited mileage on the lease, some maintenance included....I guess I have to start saving for tires, sigh


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

dolllarchaser said:


> On the positive side.... Xchange lease is not putting miles on your personal car; maintenance will be nil in the early years if you go with a new car; drive full time + since mileage is unlimited (the high lease rate will be spread over more miles, thereby reducing your cost per mile.
> 
> If you want a couple of bucks in your pocket every week Xchange leasing may not be for you. If you view this as a true business, then consider that if you drove for a cab company you would have weekly 'rent' that will be more expensive. The key is to drive full- time, and keep good records of all expenses as it may be beneficial to itemize vs using the std deduction.
> 
> Unless you are mechanically inclined, buying a used car may be buying someone else's problems and while the upfront cost may be less, you are assured to have higher maintenance cost... think cost per mile, always.


It's important to always look into everything before making big desicions... Every week I pay a total of $219 (3 12 hour shifts) or ($292 four 12 hour shifts) to the cab company i work for. (gas and tolls are extra) After the daily lease there's only a 5-8% charge for credit cards/prepaid accounts and gas/tolls to pay for.. also unlimited miles.Compared to UberXchange plus the 25% to uber... and the fact that taxi rates are 3 times higher... it's a no brainer.

With taxis the renting usually entitles you to keep 90% plus of credit cards or 100% of cash ones beyond paying for the car, gas, and tolls. It's foolish not to at least inquire about how the rate structure is set up, or ask to see the inside of one of the companies cars. Shifts are pretty non standard these days but you never know until you ask. If the weekly rate at a local cab company is only twice as high as the UberExchange... odds are you will be better off in a taxi. The weekly rates in a taxi are anywhere from as low as $300 to as astronomical as $980 depending on the market.

With the deal i have, the cab company itself is only getting $72- $82 every shift i work which is only 40% or less of my total revenue and another 10%(It's pretty much always 10%) going to gas/tolls. I've had it as low as 20% going to the cab company.


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## freediverdude (Oct 14, 2016)

Well still don't have my car yet, even though I signed the lease paperwork over a week ago. Supposedly we are still waiting on the plate/registration to come, but at almost a month since I took my test drive and picked out the car, this is starting to get a bit ridiculous. 

In the meantime, now I'm getting email ads from Uber saying they have cars for $0 per week if I go through Enterprise or Hertz and rent a vehicle and do at least 75 trips per week. Is that a good deal or am I better off sticking with this Xchange lease deal. It looks like maybe you just get a bonus each week for reaching 75 rides and it happens to be the same as the rental fee.


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## freediverdude (Oct 14, 2016)

Well finally got the Xchange lease car. One thing that seemed a little off- is it normal to not get a copy of the lease yet? I asked at the dealership and they said I would have to contact Uber, which seemed a bit odd.


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## BostonTaxiDriver (Nov 23, 2014)

freediverdude said:


> Well happy retirement! My credit isn't that great, but never had a repo, in fact completely paid off my current car that I bought new in 2007 making all 72 payments on time, lol. I do have a bankruptcy from 2010, so 6 years ago, don't know how much they would weigh that. Thank you for all the info. We'll see what they approve me for!


My credit is in the low 400s but no bankruptcy or repossessions.

Yes, I was approved for Exchange Leasing as well as Lyft's ExpressDrive.


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## ChortlingCrison (Mar 30, 2016)

Well I checked this thread to see if I had posted on it. Apparently not, so here is my advice:


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## Kill The Car Dealer (Dec 8, 2016)

hung said:


> Anyone here in the Xchange leasing program? What are the pros and cons? Any important fine prints you wanna tell us drivers before signing up? Do you have to buy your own insurance for the Xchange leasing program?
> 
> My personal car is failing on me and I need something until I get a new car.
> 
> I don't trust Uber because I am afraid they are not telling us the fine prints until after we put our signature on paper, so I am asking you guys  lol


Message me - I am interested in speaking to you about an alternative where you know you are not getting ripped off.


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## Kill The Car Dealer (Dec 8, 2016)

hung said:


> Anyone here in the Xchange leasing program? What are the pros and cons? Any important fine prints you wanna tell us drivers before signing up? Do you have to buy your own insurance for the Xchange leasing program?
> 
> My personal car is failing on me and I need something until I get a new car.
> 
> I don't trust Uber because I am afraid they are not telling us the fine prints until after we put our signature on paper, so I am asking you guys  lol


Message me and we can help you avoid falling into a trap


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