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Financing a new Camry hybrid?

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

  1. ElectroFuzz

    ElectroFuzz Well-Known Member

    Location:
    Phoenix, AZ
    The Uber lease is a scam.
    The whole lease is based on 37,500 miles per year (yeah I know they advertise 40,000 with unlimited miles, read the fine print)
    That means if you work 6 days a week (312 days a year)
    you will have a daily limit of 120 miles per day.

    Don't believe the marketing hype of unlimited miles and so on.
    Read the fine print.
    It's a 4 year and 4 months lease.
    If you break it early you pay big time per every mile over the allowed.
    They also round the years down, so 1 year and 11 months is considered 1 year.
    If you work like most of us 60,000-100,000 miles per year
    you will end up with no car and $20,000 still owned on the car.

    :confused:
     
  2. Googyl

    Googyl Member

    Driving:
    UberX
    First off, I will happily take them to court for fraud should that issue arrise when I close out my lease early. I have documentation stating that the mileage is unlimited and nothing stating that there is a charge for going over. It says anticipated, not allowed. If they want to prorate it, that's 3333 miles a month, not 1739.

    Secondly, Los if you have access to a car, use it. If you don't need the money, save up for a few weeks and then go to a place like Drive Time. You'll have a car that is 6 years old but it will be half the rate and hopefully a lot less interest.

    I had 2k and was about to get laid off when I turned to Uber. I requested a Camry but everyone wants one, my dealership said I was on the waiting list. Can't blame them, it has one of the best MPGs, with the most space. I got tired of waiting and got a Malibu in less than 2 weeks. They took $1000 down. Total of 225 weekly payments over 52 months (4 yrs 4 mo). A second $1000 is taken out over the course of the first year. $212/52 weeks, then $193/173 weeks. The cost of the car was approx $26,000. I'm paying roughly $18,000 in interest. It comes out roughly to about $11,000/year.

    I can and will most likely be terminating the lease early. It will cost me $1000 to terminate the lease in the first year. That price goes down $250 each year.

    As for making that payment, I have just gotten started. I figure after Uber's comission, the first $250 or so in fares will cover the payment. I only put in 15 hours this week and am just about breaking even with just under $400 in fares, after considering what I spent on gas.
     
    chi1cabby likes this.
  3. ElectroFuzz

    ElectroFuzz Well-Known Member

    Location:
    Phoenix, AZ
    ;)
    I hope you are right.
    I got this info from PainFreePc who was researching the lease terms

    The 40,000 unlimited miles, is not unlimited if you return the car before the end of contract, you are only allowed 40,000 miles per year, overage is $0.25 per mile.
    The mileage is not prorated, if you returned car in 12 months the limit is 40,000 miles, return car in 23 months the limit is still 40,000 miles, return car in 24 months the limit is 80,000 miles.
    have questions, call santander consumer usa, @ 855-443-1994 this number is for the uber lease-to-own.
    Have your uber ID number ready


    In any case keep us updated if you try to terminate early.
     
  4. Googyl

    Googyl Member

    Driving:
    UberX
    Here are a few snipits from my contract. The only mention of the 40k mileage is on the first page which is basically a run down of all the numbers. Section 8's mention of pay for excess mileage may as well be void since it says to reference section 2N, which doesn't even discuss mileage.

    Section 1L: Anticipated Annual Mileage Useage 40,000

    Section 8 (scheduled termination and early termination) states: Pay for excess wear and tear that is not ordinary, as well as the section 2N mileage charge.

    Section 2N states: Power of Attorney: Lessor appoints lessee as attorney in fact....


    There is also the website, which explicitly states: unlimited mileage *expected use - 40,000 annually. I'd like to see them find an article in the lease that states there is a penalty for going over. They can't charge you unless they lay it out in plain terms, they're not getting away with bait and switch, at least not with me.
    http://uber.santanderconsumerusa.com/
     
  5. ubearx

    ubearx Active Member

    Let your wife call uber and work full time on her car
     

  6. chi1cabby

    chi1cabby Well-Known Member

    Location:
    Chicago
    Driving:
    UberTAXI
    I believe Chevy Malibu is quoted at "as low as $159/wk". That became ~$200/wk even after you put down $1000. Is that correct?
     
  7. Sydney Uber

    Sydney Uber Well-Known Member

    Location:
    Sydney Australia
    Driving:
    UberBLACK
    I just signed on for a 70k Audi Q7 at $1285 pm over 48 months with a 14k balloon.

    I hope they're built as strong as they look, and have a reasonably economical diesel motor.

    They're popular here, its White & I'm teaming up with an established wedding car operator I've known for years who has one and a number of other wedding cars.

    Its a point of difference I hope will bring back some nice weekend cash, without the running that Ubering is developing to need.

    I started doing weddings 19 yrs ago but just couldn't cope with the Bridezillas, so concentrated on corporate. I hope that by leaving a specialist to deal with crazy Brides and me just subbie to him, should avoid any wedding day murders.
     
  8. yoo

    yoo Active Member

    Location:
    Chicago
    Driving:
    UberX
    I agree with EVERYONE here. Dont do it! Dont make Uber your primary job. Its not going to work out.

    If I'm not mistake, I heard that the payment comes out of your uber paycheck. You have to earn atleast 80% of the earning through Uber to pay for your payment. Maybe this option was not for leasing. Please don't quote me on this. You should look further into this.
     
  9. grams777

    grams777 Moderator Moderator

    Location:
    Nashville
    Don't do it...
     
  10. ElectroFuzz

    ElectroFuzz Well-Known Member

    Location:
    Phoenix, AZ
    Just call santander consumer usa, @ 855-443-1994 and ask.
    Then we will both know for sure.


    ;)
     
  11. Googyl

    Googyl Member

    Driving:
    UberX
    The website says $149, which doesn't include taxes and a base model starts at $22k. Mine had an upgrade package, so it was about $4k over that.
     
    chi1cabby likes this.
  12. buster11xx

    buster11xx Member

    Why would anyone do this? Most of the cars on the site are offered at 0% finance direct from the manufacturer.
     
  13. chi1cabby

    chi1cabby Well-Known Member

    Location:
    Chicago
    Driving:
    UberTAXI
    Bad or no credit profile is the only reason for anyone to sign up with Santander lease financing.
     
  14. SofterlightSD

    SofterlightSD New Member

    I was considering driving for Uber but my car was too old, so I considered the Santander lease. But first I googled Santander. THERE'S ALREADY BEEN A CLASS ACTION SUIT FILED AGAINST THEM!!! Don't know the current status of it but here's an article.

    And here's a list of 681 complaints & reviews of Santander by people who had loans from them. Pretty scary people! Didn't record people's payments and then came to repossess MANY vehicles. Leases may be different, but not likely much better.

    (OOPS! Sorry, I included the article links but since I'm new here the forum wouldn't let me post them as links. Says I have to have 2 posts and 2 likes and 2 days membership before including a link! I understand avoiding spam... I guess you'll have to like this or something if you want me to post the links...)

    So I visited the local Toyota dealer with my bad credit. They treated me poorly but were happy to offer me a Santander loan on a PriusC for ~ $600/mo. Better than the Uber deal, but no thanks!

    So I visited the local Ford dealer for a C-Max Hybrid. They were awesome, truly. Treated me like gold in spite of my old potential trade-in. But when they ran my credit they said they couldn't do it, I'd have to go for a less expensive car. They said, "We don't do those sub-prime loans like some other dealers." That's when I realized what Uber was doing - getting in on the same kind of sub-prime bundled loan action that thousands of investors got into before the banksters crashed the global economy in 2008. Only now it's bundled car loans instead of mortgages. (I also recently read that banks are bundling rental property lease income now! Geez! They're really looking to crash the economy again!) I was SO grateful to those Ford salesmen! They saved me a lot of heartache.

    I really need a new car, so for a while I kept the Uber possibility in mind. But I also found your forum and I'm so glad I did! All the trials and tribulations you describe make Uber sound like a horrible place to work! Guess I'm better off stuck in an office making decent money.:)

    The only way I would consider the Uber deal now is if my old car broke down completely and I was truly desperate for a new car. But then I would only drive Uber weekends to pay for it and stick with my day job.
    Many thanks to all of you for saving me from much misery!
     
    chi1cabby likes this.
  15. chi1cabby

    chi1cabby Well-Known Member

    Location:
    Chicago
    Driving:
    UberTAXI
    Hi @SofterlightSD@SofterlightSD! Welcome to the forum!:) Thanx for writing such a detailed and illuminating post on Uber's Santander financing program.
    What market would you have driven in? And I think Ford C-Max would have been an excellent choice for doing UberX.
    Perhaps you can edit the post to include the missing links once you have the ability to do so, thanx!
     
    Yuri Lygotme likes this.
  16. SofterlightSD

    SofterlightSD New Member

    Thanks for the welcome, chi1cabby! I used to live in Chi-town near the lake. Now it's San Diego.:) Yeah, the C-Max is a great hybrid with lots of room, but I'll just wait till my credit improves over time.

    I heard recently that a friend of a friend made $1200 in a 2-day weekend Ubering here. So I was looking onto the Uber possibility again, thinking maybe I got it wrong or it's gotten better. But reading the posts on this forum didn't leave that impression.

    As for the missing links above, the many detailed complaints are at consumeraffairs com under Santander. Their rating is 1 star, with many commenters saying they would give Zero stars if they could. Every once in a while you see an obviously paid 5-star review. Many are from people who completely paid off their loan and then had their cars repossessed! Some are from people with good or excellent payment records who either couldn't get title/lien release after payoff or couldn't get Santander to release insurance funds to a car repair shop when the check was made out jointly to the driver and Santander as lien holder.

    Here are two of the comments. First one is the scariest - mafioso tactics of a repo man with a gun. And the 2nd tells people what to do about Santander.

    1) "My car was repossessed on July 9th. I was less than 30 days late on a payment and when I contacted them, they told me I owed $2300.00. When they took my car, I was at work in a private parking lot posted private property. When I called to get my personnel property back, they told me I had to pay 50 dollars to get my items back. When I called, it was 530 at night and they told me they could meet me at 7pm and if I was 5 min. late, they would take off. My purse was in the vehicle with my blood glucose meter and other meds. It would have taken 50 min just to get there and how could I find a vehicle to get down there in that amount of time! The first time they tried to repo this car in my yard, the guy introduced himself as police officer, had a badge on and everything. When I told him to leave, he barged into my garage and stuck a gun to my head and chest. I called the cops and the only thing this guy got charged with was disorderly conduct."

    2)"IS SANTANDER RIPPING YOU OFF????? Have YOU paid your loan off and made payments on time? Has SANTANDER debited your checking or savings account without YOUR approval? Then pay attention!!! You need to file a claim with your state attorney general's office. I am betting that they receive numerous complaints about this company. My wife and I were financed through CITIFINANCIAL and our loan was sold off to SANTANDER (SCAMMERS) CONSUMER USA. This is when everything went sideways and backwards.

    We made payments to them via check and within a few months they tried to debit our account for 2-3 payments that were already paid. We had to close our checking account. They did the same to our savings account too. We then just made payments to them for the last 34 payments via Western Union. I kept every payment receipt via WU and bank statement that show the illegal ACH attempts. We finished paying our loan off back in December but my wife made 3 extra payments before I told her to stop.

    When talking to SCUSA, their people would state it is a simple interest loan and that we were late paying 59 months out of 72 payments. I had proof this was a lie. I told my wife that she needed to get an attorney but before she get one that she needed to contact the STATE ATTORNEY GENERAL's office. She took the time to sit down and explain to the SAG what we have gone through with SCUSA and their scare tactics and illegal wire fraud attempts. We received a letter from the WA State Attorney General's office just 7 days ago and this is what it said in short. SCUSA refuted that any of our statements were true but they were going to ZERO out our account and the MATTER WOULD BE CONSIDERED SETTLED!!! SO IN SHORT THEY STATED THEY DID NOTHING WRONG BUT THEY WE WILL CLOSE THE ACCOUNT!!! ONCE A SCAM ALWAYS A SCAM... JUST CAUGHT WITH THEIR PANTS DOWN!!!"


    So I'd agree with whoever it was who said, "Run the other way!" from the Santander deal.
     
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  17. chi1cabby

    chi1cabby Well-Known Member

    Location:
    Chicago
    Driving:
    UberTAXI
    The fact that Uber considered Santander a worthy partner for it's financing program kinda says a lot about Uber!
    o_O
     
    Realityshark likes this.
  18. SofterlightSD

    SofterlightSD New Member

    Yep!:(
     
    chi1cabby likes this.
  19. SupaJ

    SupaJ Well-Known Member

    Location:
    SoCal
    Driving:
    UberX
    Good thing you didn't go through with that, SD office doesnt accept any new drivers, so far till Sep 30
     
    SofterlightSD likes this.
  20. SofterlightSD

    SofterlightSD New Member

    Yeah, it was actually over a month ago when I first signed up at Uber but then stalled on the car deal, whew! Thank God! I just heard that Uber LA is offering a Ford dealership option. Good!!
    If Uber doesn't want to ruin their reputation any further, they'll stop the Santander collaboration asap.
     

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