# Lease with bad credit?



## Deflip1016 (Apr 20, 2017)

My credit score is 517. Will I be able to get a lease with the xchange program?


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## Rakos (Sep 2, 2014)

You can but your score is higher than you think...
Most dealerships are looking for warm bodies...

Just be careful of interest rates...

And remember Uber is trying to get you driving FULL time...thats their goal...and YOU pay all expenses...its no picnic...

Good luck to you.. 
go to any dealership...
Rakos


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## bigmoxy (May 22, 2016)

Yes you will but uber's lease program is very expensive regardless of your credit score. If you sign up for it you will have to drive a lot of hours to make any money. Lease payments can be $200 per week.


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## Deflip1016 (Apr 20, 2017)

Well I plan and driving full tim 40plus hours a week

So am I better off going to a dealership or just waiting for xchange to get approved


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## Delivery Mr.Guy (Aug 9, 2016)

Very easy to obtain a car from xchange lease but making car payment and profits is not so easy

Drive for 50 hours= $900
-$150 lease
-$60 insurance
$150 gas
-$30 toll
- car wash $10
-$10 phone internet
-$70 income tax self employment


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## Deflip1016 (Apr 20, 2017)

150 in gas a week with fuel efficient car?


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## Lee239 (Mar 24, 2017)

Rakos said:


> You can but your score is higher than you think...
> Most dealerships are looking for warm bodies...
> 
> Just be careful of interest rates...
> ...


What does he care, his credit score is poor, it can't get much lower.


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## everythingsuber (Sep 29, 2015)

You are exactly who they are looking for.


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## Deflip1016 (Apr 20, 2017)

I'm driving in Chicago full time at least 8 hours a day 6-7 days a week is it worth it or not


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## Red Leader (Sep 4, 2016)

Have you ever done this before? What is the market like in your area?

You might want to talk with some people who are making it before you sign up.


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## Deflip1016 (Apr 20, 2017)

Well my buddy said if I work 40 hours a week I'll be making at least 700 a week


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## Recoup (Jan 30, 2017)

Your buddy gets paid $X00.00 when you sign up and do Y number of rides. S/he is not necessarily an impartial source of information...


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## Beur (Apr 14, 2015)

If you don't own a car you shouldn't be driving for Uber. You'll be driving just to make the lease payment.


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## dirtylee (Sep 2, 2015)

Deflip1016 said:


> I'm driving in Chicago full time at least 8 hours a day 6-7 days a week is it worth it or not





Deflip1016 said:


> Well my buddy said if I work 40 hours a week I'll be making at least 700 a week


If you already are an experienced full time driver in Chicago, yes. If not, make sure you can actually handle rideshare before signing that lease.


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## Chauffeur_James (Dec 12, 2014)

Deflip1016 said:


> I'm driving in Chicago full time at least 8 hours a day 6-7 days a week is it worth it or not


If they have it in Chicago you should get a rental through Uber first to test the waters, then if things work out move on to the lease


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## Bean (Sep 24, 2016)

I wouldn't sign a contract with xchange even with good credit. That's a bad deal any way you look at it.


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## tohunt4me (Nov 23, 2015)

Deflip1016 said:


> My credit score is 517. Will I be able to get a lease with the xchange program?


What have you got to lose ?


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## steveK2016 (Jul 31, 2016)

Uber full time is more like 70 hours a week. Your buddys $700 a week is $500 for you with an xchange lease. 

but if its the only soirce of income you can get, its better than nothing.


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## Delivery Mr.Guy (Aug 9, 2016)

Deflip1016 said:


> 150 in gas a week with fuel efficient car?


If you take some one goes for 20 miles and have no new ride back than you have use the gas on 20 Dead miles.

If you are thinking spend $100 on gas than you need to add 20% more on the top


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## PrestonT (Feb 15, 2017)

Deflip1016 said:


> Well I plan and driving full tim 40plus hours a week
> 
> So am I better off going to a dealership or just waiting for xchange to get approved


Don't just walk into a stealership. the xchange leases have insurance and features designed for rideshare drivers, and consumer auto leases have mileage limitations that wouldn't work for rideshare.


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## istravisthewizardofoz (Feb 28, 2016)

Deflip1016 said:


> 150 in gas a week with fuel efficient car?


Rate in Chicago 90 cents a mile. 68 cents a paid mile after Ubers cut. You would need to drive 1000 miles to make 680. Most Uber drivers have at least as many unpaid miles as paid. You would have to drive 2000 a week to gross 680 a week. Then you subtract expenses listed above.


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## steveK2016 (Jul 31, 2016)

istravisthewizardofoz said:


> Rate in Chicago 90 cents a mile. 68 cents a paid mile after Ubers cut. You would need to drive 1000 miles to make 680. Most Uber drivers have at least as many unpaid miles as paid. You would have to drive 2000 a week to gross 680 a week. Then you subtract expenses listed above.


Highly exaggerated numbers. Unless you oblivious to Surges, I don't drive anywhere near 2000 miles to earn $680 and Atlanta has the same rates as Chicago. Don't let the Select title on my profile fool you, 95% of my fares are X on Surge as they've killed Select in my market.


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## thepanttherlady (Nov 3, 2016)

I'm actually considering the xchange lease. I may be moving to big bear and could potentially still be working in the OC. 100 miles each way just in commuting. I would rather put those kinds of miles on someone else's car even if I'm just driving to make the lease/ins/gas pymt. Still working on the logistics.


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## swingset (Feb 26, 2017)

That's a great way to compound bad mistakes with a fresh new bad mistake.


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## Deflip1016 (Apr 20, 2017)

well they denied me so yea doesn't matter


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## Trebor (Apr 22, 2015)

Deflip1016 said:


> well they denied me so yea doesn't matter


You must have really bad credit for xchange to deny you. It could be a sign though.

You can get a car thorough enterprise or hertz. You just need $350 or so for the deposit, then they will take it out weekly. IMHO, even though its going to be almost 300 a week, if I had to choose between xchange and rental, I would choose a rental, since xchange, you are still liable for ALL maintenance outside of oil changes and tire rotations, and your technically on the hook for 3 years. If your sick 1 week or wnat to take a break, that lease payment will come. With a rental, you simply return it.

But yea, buy a CASH car as soon as you get a chance. With the rentals, you lose out on the mileage deduction, so there is that.


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## SatMan (Mar 20, 2017)

Rent from Hertz or enterprise. Bring all paperwork they ask for. 
they will call you before. Ryan in Stone Park Enterprise was great. But Hertz is cheaper I think. Double check about insurance. With enterprise everything is included. Tell em Joe sent me.

And yea, save some money to buy a car. Work your azz off for a few months.


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## dirtylee (Sep 2, 2015)

Deflip1016 said:


> well they denied me so yea doesn't matter


Repo? Multiple repos?


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## mikes424 (May 22, 2016)

I suggest rather than leasing, look to buy. There are a lot of used car dealers in the Chicago area that deal with bad credit. It may be possible to get a car for a lot less than with a lease. Car will be older but get one that will meet Uber's age requirements for a few years.


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## ZoomZoom12 (Mar 14, 2017)

I know someone who drives full time with an xchange lease..its really not as horrible as it seems.

Pros:
-unlimited mileage means you dont bite the cost of depreciation and wear and tear on your car
-your only expense is gas and insurance which shouldn't total more than 80-100/week
-The lease covers maintenance and I believe basic repairs (don't know exact details but I know there is basic coverage)

Cons:
-expensive, anywhere from 100-200 per week. If you can find something 3-4 years old you might be able to stay under 120/week
-must drive alot. Since you said you are doing it full time, if you know your city well and how to position yourself in surge areas, you could reasonably do between 700-1000 per week driving 40-50 hrs.

If you feel confident in your earning ability, then you might be able to profit 500-600 per week. Only you know if that is enough for you to live on. You can also do lyft with your uber lease to maximize your time. 

Now if you don't mind having an obligation for the next 4-5 years, see if you can get financed for a cheap fuel efficient car, at most with horrible credit and a decent down payment your monthly cost for your vehicle will be half as much as an uber lease. So in short, think about all of your circumstances (monthly expenses, future employment outlook, etc..) and don't make a quick decision without considering every aspect.


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