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Anybody here done the Uber financing?

Discussion in 'Pay' started by RonL, Oct 9, 2014.

  1. RonL

    RonL Member

    Location:
    Nashville, TN
    Driving:
    UberX
    Anybody here looked at the Uber financing? Interest rate? term of the loan. I've heard $160.00 a week payback. And that seems high, but I haven't heard a word about interest rate ect. I don't really need a new car right now bout I would like to know the details.
    Anybody?
     
    uberdriver101 likes this.
  2. painfreepc

    painfreepc Well-Known Member

    Location:
    Fontana, CA
    Driving:
    UberX
    here in the LA market you can get a new 2015 ford fusion S hybird for about $172 per week for 52 month with $2,000 down,
    so you do the math.

    you can put just $1,000 down and pay back the short fall in 52 week (one yr) payments.
     
    Last edited: Oct 10, 2014
    ferchiari and SCdave like this.
  3. LAuberX

    LAuberX Moderator Moderator

    Location:
    Los Angeles
    Driving:
    UberX
    Per month, or per week?
     
  4. where's the beef?

    where's the beef? Well-Known Member

    Location:
    NJ
    Per month would bankrupt the dealer pretty quickly...
     
  5. painfreepc

    painfreepc Well-Known Member

    Location:
    Fontana, CA
    Driving:
    UberX
    it's per week, sorry typo.
     

  6. where's the beef?

    where's the beef? Well-Known Member

    Location:
    NJ
    Per week would shackle the borrower with pretty hefty burden...

    Which means one more faithful, reliable Uber ant for Travis...
     
    Enovvy, MKEUber, Rosita22 and 5 others like this.
  7. mattvuberx

    mattvuberx Active Member

    Location:
    DFW
    Driving:
    UberX
    Total payments over the life of the financing agreement = $39,434.33

    Starting with MSRP of $26,475 (which would be a reasonable out the door cost) one can back into an interest rate on this "deal."

    Long story made short... if you think paying 18% interest on a vehicle is a good deal, go for it. I'll pass.
     
  8. painfreepc

    painfreepc Well-Known Member

    Location:
    Fontana, CA
    Driving:
    UberX
    if your fico is bad and dealer's are offering you 21 to 29.95% interest for 72 months,
    18% interest @ 52 months starts to look good if you can make the payments.

    and don't forget the ford fusion hybird gets 40 mpg.
     
  9. mattvuberx

    mattvuberx Active Member

    Location:
    DFW
    Driving:
    UberX
    I drive a 2014 Fusion Hybrid. No, it doesn't. Not in the real world. It does, however, get about 35 if you drive it like a grandma, and 32 if you drive it like a normal human.
     
  10. mattvuberx

    mattvuberx Active Member

    Location:
    DFW
    Driving:
    UberX
    And yes, if your credit is so atrocious that you can only get offers from predatory lenders, then this probably looks like a steal. The likely outcome, though, is anyone who needs to utilize such a bad interest deal is only setting their situation up for more hardship.
     
  11. mattvuberx

    mattvuberx Active Member

    Location:
    DFW
    Driving:
    UberX
    Translation: if your best offer on a car purchase agreement is 18-29% APR, then you probably can't afford it.
     
    Brady, caspiy257 and scrurbscrud like this.
  12. Sydney Uber

    Sydney Uber Well-Known Member

    Location:
    Sydney Australia
    Driving:
    UberBLACK
    Matt! You gotta a way of delivering bad news. Dont ever work in a Cancer clinic!
     
    Brady and Former Yellow Driver like this.
  13. painfreepc

    painfreepc Well-Known Member

    Location:
    Fontana, CA
    Driving:
    UberX
    is most of your driving highwy or city?
     
  14. mattvuberx

    mattvuberx Active Member

    Location:
    DFW
    Driving:
    UberX
    You're probably gonna die. Seriously, though, being blunt is the only way to deliver life's hard truths. It's far better to hear the real verdict than to be fed bull****.
    A mix of both. You'll notice, though, that the MPG ratings are not vastly different in highway or city driving on the Ford models. Their hybrid process is different from Toyota, etc and does not heavily favor city driving like a Prius does.
     
  15. Tommyo

    Tommyo Active Member

    Location:
    SF, CA
    Driving:
    UberX
    A deal that would make a payday checkcashing enterprise blush
     
    uberdriver101 and Sydney Uber like this.
  16. painfreepc

    painfreepc Well-Known Member

    Location:
    Fontana, CA
    Driving:
    UberX
    fico shows your past problems, does not tell what you can and can't afford,
    NOTE i said past problems, i did not say past CREDIT problems, my bad fico score is $29k of medical bills,
    No charge offs, No repossession, No bankruptcies, No evictions.
     
  17. mattvuberx

    mattvuberx Active Member

    Location:
    DFW
    Driving:
    UberX
    Past problems disappear in a few years. If your score is that bad, they aren't very far in the past. Best bet: pay cash for depreciating assets.
     
    scrurbscrud likes this.
  18. Amiya

    Amiya Member

    Location:
    NJ
    LOL nicely said. so true
     
  19. Orlando_Driver

    Orlando_Driver Well-Known Member

    Location:
    Orlando
    Don't sell your soul to Uber....
     
  20. painfreepc

    painfreepc Well-Known Member

    Location:
    Fontana, CA
    Driving:
    UberX
    the medical bills are close to 5 years old, the bad fico score is a combo of the medical bills and not having any other credit to show,
    my plan for the next 12 to 18 months is to work on my fico score then get at car at a lower payment,
    then lease out the car to another driver for the remanning 34 to 40 months with option to buy car at end of lease, maybe for $4,000.
     

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