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Financing a new Camry hybrid?

Discussion in 'Atlanta' started by Los, Aug 20, 2014.

  1. Los

    Los New Member

    Hello ATL!
    I am very hesitant about getting in one of these loans through Uber and would really like input from a current Santander auto loan recipient, more specifically someone who has gotten a new Toyota through Santander for driving as as Uber partner.
    Do you find making the weekly quota easy?
    Do you have any regrets?
    This would be for an UberX car.
    Thanks!
     
  2. chi1cabby

    chi1cabby Well-Known Member

    Location:
    Chicago
    Driving:
    UberTAXI
    Welcome to the forum Los!:)
    Perhaps you should edit your post to include the market/city you are or will be working in.
    Try searching this forum with terms like Santander, Uber finance etc.
     
    Los likes this.
  3. Los

    Los New Member

    Hello chi1cabby,
    Thanks for the input. I thought I was starting a thread within the Atlanta group, that's why I said Hello ATL. My search for financing and Santander last night left me with a desire to start my own thread, maybe I didn't look deep enough inside this forum. Thank you very much for your suggestions and help.
     
    chi1cabby likes this.
  4. chi1cabby

    chi1cabby Well-Known Member

    Location:
    Chicago
    Driving:
    UberTAXI
    Sorry Los! Guess I didn't read your post with enough attention. I just clicked on your profile and didn't see your city listed.
    The consensus on this forum is that Santander financing is a horrible deal. The weekly payments quoted by Uber for Camry Hybrid are "As Low As $160" a week. I attended a session by Uber on this financing, and the Actual Payment was like $200/week. Term of the lease is 50 months. Rough calculation shows that your total payments would be close to double of the MSRP!
    Another consensus here is that it's not a good idea to buy New Car to drive for UberX.
    Are you already driving for UberX?
     
    Orlando_Driver and Los like this.
  5. Los

    Los New Member

    Hey chi1cabby, no worries, you were trying to help me and for that I am very thankful to you.
    Thanks for summarizing what has been mentioned in past threads concerning Santander. It may be my only option since my credit is pretty much down for the count. I was hoping to read from someone who has "jumped in the water" here with Atlanta Toyota and after a few months of driving for Uber with one of these new vehicles has found that there is plenty of money to be made. Or on the reverse side, to read from someone who did it and feels they *must* steer people away from making the same mistake (if that were the case).
     

  6. Oc_DriverX

    Oc_DriverX Well-Known Member

    Location:
    Orange County, CA
    Driving:
    UberX
    Here is the biggest problem in my opinion: you are in the lease for 50 months. Will UberX exist then? There are lots of regulatory uncertainty. What will the UberX rates be in 50 months. The last year or so has seen Uber cut rates continually. It usually begins as a discount for customers that doesn't affect the drivers (at first!). Then, a couple of months later, Uber will make the discounted rate the new "rack" rate (or close to it) and at that point the drivers income gets cut. Wait a couple of months and the process is repeated. If you are locked in to that lease, will you have any option but to drive more hours to keep your income the same?
     
    Sydney Uber, Los and chi1cabby like this.
  7. Los

    Los New Member

    Good point. Thanks for your input.
     
  8. Los

    Los New Member

    Chi1cabby, just now noticed I missed your question.
    I am not driving for UberX yet, though I have been set to start for a few weeks now. Initially I figured I would start driving using my wife's car, which is already approved by uber for me to drive. The idea of me wracking up tons of miles, accelerating the wear and tear of her car at nights and on weekends, potentially having someone puke in her car simply was a hard sale. Go figure... So I've been considering this option which everybody, including my inner voice, tells me to stay away. This new Toyota option uber keeps reminding me I am so qualified for.
     
  9. chi1cabby

    chi1cabby Well-Known Member

    Location:
    Chicago
    Driving:
    UberTAXI
    DON'T DO IT! DON'T BUY ANOTHER CAR JUST YET!
    Please go in your better half's car for a few days...see how like the gig...see if there is enough money in it for you to do it full-time first. Only then get a used car perhaps couple of years old. Brand new car...no way!
    But all that is down the line, your less than perfect credit profile notwithstanding.
     
    Sydney Uber, Los and grams777 like this.
  10. Worcester Sauce

    Worcester Sauce Well-Known Member

    Location:
    Worcester Massachusetts
    Driving:
    UberX
    Oc_UberX and Chi1Cabby are gentlemen and are being kind. My advise is more of a "tough love" approach. Spend 48hours on this site learning about the struggles & uncertainty of Uber drivers specifically and the regulatory environment in general. The kid at the drive-up window at McDonalds is making more take-home $$ than most people who drive for Uber. At least he KNOWS what his schedule is and what he will earn. The big hook for me (and many others) is/was the ostensible "FLEXIBLE" work schedule. Try sitting around waiting for that PING....$8 an hour at KFC is going to start looking like a Harvard Business School decision. NOW...on top of that you want to through a weekly lease nut of $200+ ??? My friend, run fast and far.....
     
  11. KrisThuy

    KrisThuy Well-Known Member

    and on top of the wear and tear that you have to worry theres th RATING SYSTEM that will mess u up. getting 1 star for no reason but drive them safe home :D

    and get kicked out with a $200 dollar /per week balance on ur head
     
    LAuberX, GoodDog, Los and 2 others like this.
  12. chi1cabby

    chi1cabby Well-Known Member

    Location:
    Chicago
    Driving:
    UberTAXI
    Anyone with a pulse, and hand eye coordination to put their John Hancock on paper is "qualified" for Santander financing. They DO NOT run your credit. They will take the money directly taken out of your Uber weekly payments. And since they Don't run your credit, they also don't report your timely payments to the credit bureaus. So no improvement in your credit profile.
    And have a look at this thread!

    https://uberpeople.net/threads/new-promotion-in-chicago.2061/#post-18964
     
    Los and Worcester Sauce like this.
  13. Worcester Sauce

    Worcester Sauce Well-Known Member

    Location:
    Worcester Massachusetts
    Driving:
    UberX
    PRECISELY !!
     
    Los likes this.
  14. Worcester Sauce

    Worcester Sauce Well-Known Member

    Location:
    Worcester Massachusetts
    Driving:
    UberX
    This SCAM is the same type of predatory lending pyramid scheme (the credit/default/swap mortgage bubble) that trashed the global economy 6/7 years ago. Smaller scale, to be sure, but just as insidious. Shameless.....
     
    chi1cabby likes this.
  15. grams777

    grams777 Moderator Moderator

    Location:
    Nashville
    If you have a car you can already use, I'd definitely use that for at least 100-200 rides before considering anything different.

    Then you will have a feel for the economics and other factors in driving. From there you should be able to pencil out the numbers of what makes economic sense. The extra wear and tear on the existing car will be very little compared to the risk of jumping in too early.
     
    chi1cabby likes this.
  16. Worcester Sauce

    Worcester Sauce Well-Known Member

    Location:
    Worcester Massachusetts
    Driving:
    UberX
    KrisThuy is exactly correct. Do you want your livelihood and your credit rating to be at the mercy of a couple of drunk riders who give you a "1"rating and get you tossed off the Uber system?? Then, a few weeks later you are out of a job (no unemployment) and your car is repossessed. KFC is lookin' finger lickin' good.
     
    grams777 likes this.
  17. Worcester Sauce

    Worcester Sauce Well-Known Member

    Location:
    Worcester Massachusetts
    Driving:
    UberX
    Hello Los. I apologize for being so strident. grams777 probably said it best. Go slow...try it out first...then run the numbers for yourself. Best of luck to you (and the rest of us).
     
    grams777 likes this.
  18. rtaatl

    rtaatl Well-Known Member

    Location:
    Atlanta, GA
    Driving:
    UberBLACK
    Just my 2 cents...don't do it. UberX rates are just stupid low and nobody goes that far to warrant more than an $8 fare usually. It's not worth becoming an Uber slave to keep up the predatory lending they're doing now. I wouldn't be surprised if a class action lawsuit ensued in the near future.
     
    NoMoreSilence likes this.
  19. Sydney Uber

    Sydney Uber Well-Known Member

    Location:
    Sydney Australia
    Driving:
    UberBLACK
    Read and Listen to chi1cabby folks!
     
    chi1cabby likes this.
  20. Eaton Zhou

    Eaton Zhou New Member

    I concur with the opinions here. You are basically committing to a long term liability and you're going to support that with a variable income stream? A 50 month lease is longer than Uber has been around! Uber already lowered prices TWICE this year on the premise that more demand will cancel out the lower fares.....but what they didn't say is that no matter how much demand there is, as a driver you can't realistically do more than 3-4 rides per hour. Financing a car for Ubering is a trap that will enslave you to keep driving for them even if you don't want to b/c you gotta keep making the payments on the car.
     
    NoMoreSilence likes this.

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