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Hello from Xchange Lease Partner in Los Angeles, Ca

Discussion in 'People' started by LAHertzXchangePartner, Mar 7, 2016.

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  1. Yes

    12.5%
  2. No

    75.0%
  3. Maybe

    12.5%
  4. Undecided

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  1. LAHertzXchangePartner

    LAHertzXchangePartner New Member

    Location:
    Los Angeles
    Hello from Los Angeles. My name is Douglas Chin and I work with a local dealership that offers only pre owned, newer model cars. Our dealership was just selected to collaborate in the Xchange Lease Program offered by Uber. And after reading many horror stories and speaking with actual clients who have been given the cold shoulder and run around at some area dealerships, I feel compelled to offer my first hand knowledge on this program if you so desire. So feel free to leave a comment and I'll answer it the best I can. Again, I'm no expert as we've only been collaborating on this program for less than a week. Cheers, Douglas
     
    BostonTaxiDriver likes this.
  2. Santa

    Santa Well-Known Member

    Location:
    Toronto
    If you care for humanity Do Not let those poor souls lease or rent out finance a car for Uber.
    Most of them don't know what they are getting in to. They think they'll be making bank driving for Uber but the reality is, they won't be even making ends meet, let alone paying a lease.
     
    Stan07 likes this.
  3. SCdave

    SCdave Well-Known Member

    Location:
    LA / OC
    Driving:
    UberX
    Hi Douglas, welcome to the forum. You seem like a nice person. So here are my suggestions:

    1) Become an Expert on the Uber Xchange Lease Program.
    2) Become an Uber Driver (anyone can).
    - Open a Lease with Uber Xchange Lease Program (you know a good dealership, right).
    - Run your Driving Service like a business and keep track of all income and expenses.
    Or have your accountant, or if you don't have one, ask for help from your dealership accounting dept.
    - Do this for 3 months

    If you can't do this, then have a family member do it. Let us know how it goes for you or your family member. Which vehicle you selected. What the true costs/expenses were. Anything you thought you knew but after actually getting in the program what you actually found out was different than you expected.

    You have a unique opportunity here for yourself and/or a family member. Thanks and appreciate the help you will offer many current and potential Uber Drivers.
    -
     
    BostonTaxiDriver likes this.
  4. LAHertzXchangePartner

    LAHertzXchangePartner New Member

    Location:
    Los Angeles
    Hi Santa,
    Thanks for the feedback. I do care about humanity, and I consult with my clients and discuss their options with them before they purchase or lease. In fact, here is an actual scenario for a client on my most recent Xchange Lease transaction.

    After the client learned that our dealership was selected to collaborate on this Xchange Lease program, I received a telephone call. The conversation went something like this:

    TELEPHONE SCENARIO:

    me: Hello, thank you for calling ( dealership name) you reached Douglas in sales, How may I assist you?
    client: Hi, I just received an emailing showing that your dealership is part of the Uber lease program.
    me: Yes, that is correct
    client: Well, I see that the Prius is part of this program....do you have any in stock now?
    me: Yes, as a matter of fact we do. We currently have two in stock now, but please bear in mind that these Prius' are very limited and we typically don't get many in stock. With that said, they move very quickly.
    client: Ok, I have an appointment with a couple dealerships in the area, but I can come by later in the afternoon.
    me: Perfect. Before you come in, please call me on my direct line and I can let you know if the Prius is still available. But can I ask you a couple of questions first?
    client: Sure
    me: Are you familiar with how this Xchange Program works? Did they fill you in on all the details? The reason I'm asking is that our dealership was just recently selected to collaborate on this program so I'm very new at it also. But I did hear that the payments are done on a weekly basis, is that correct?
    client: Yes, they gave us a ballpark figure, anywhere between $100-$150/wk
    me: Wow, that's pretty steep. May I make a suggestion?
    client: Sure
    me: Have you considered just going through the traditional financing route? We have a number of banks that we utilize that can possibly offer you a much lower payment if you decide to purchase a car instead of leasing it? Is that an option for you. Also, how soon do you need to get a car?
    client: Well, here's the situation. I just sold my old car yesterday because it was having engine problems. So I have a little bit of cash, but I don't want to use all of it for a down payment. Also, I'm only 21 so I don't have any credit established. And the job that I work at is only part time, and it's located near Hollywood, and I live near Carson. So I need transportation to get to work so I can earn some money. So I need a car like now.
    me: If that's the case, is there any chance that you may have a family member that can help you cosign? You would more than likely have a much lower payment than going through this lease. Is that an option?
    client: No, I already spoke with my parents about that they don't want to do it. And I don't have anybody else in mind.
    me: I see. Well then, from my understanding of this program, the real positive about this lease is that it appears to be very flexible. From what I understand, after 30 days, if you decide you want to terminate this lease, you can do that after giving Uber lease a 2 week notice. Is that what you understand also?
    client: Yeah, I think I read something like that too.
    me: Also, let me ask you this? Do you have anybody that you know that is currently driving for Uber now?
    client: Yeah, I have a couple of buddies who are driving with Uber now and they say that they are making pretty good money. I plan to ask them for tips on when to drive and where they make the most money.
    me: Ok, but my thoughts on this is you will need to really work long hours and such in order to cover these payments, because they are pretty steep. And don't forget, you have to cover the insurance also. My understanding it has to be ride share insurance, and based on your age, the insurance is going to be quite high. And when I mean high, I've seen young people under 25 who have been quoted around $350-400/mo just for insurance. And based on your age and you driving commercially, I'm sure that rate will be even higher. You are aware of that right?
    client: Wow, not really. Can I be under my parent's insurance policy?
    me: I'm not sure. But if I had to guess, more than likely not because the car will be registered solely under your name and I'm not sure because this will be used for the Xchange lease. But we can double check later.
    client: Another thing, I'm looking for a car that will have the lowest payment, because my goal is to use this car to make money. Do you have anything else that can fit this bill.
    me: I'm glad you ask. When you come in today, we can look at our other cars that may work better for you. In fact, we have a number of cars that are 2014 models and even lower priced than the Prius. Some of them are even under $10k, so that can possibly help keep the payment even lower, but we'll look at all of our options when you come in today.
    client: OK, so I'll call you later before I come in.
    me: Perfect. See you this afternoon.

    ARRIVES AT DEALERSHIP:

    I'll just make this part brief since most of you have other things to do.

    me: Hi, (name), welcome to (dealership name). It's a pleasure to meet you.
    client: Hi Douglas, let's go and look at that car.
    me: sure, follow me. Now, let me give you a little overview of our company and how we operate. After explaining how we price our cars, the type of inspections that we do to the car prior to making them available for sale, and also certifying every car that we offer for sale, we look at other cars on the way to the Prius.
    me: So the Prius is a very similar shape to the Yaris, and it's priced quite low, about $2500 less than the Prius. In fact, we have a few that are under $11k, and they're mostly 2014 models. Also, the gas mile is not bad either. So the lower priced car should save you some money on the weekly payment. Also, what do you think about this 2014 Nissan Sentra, which is only around $11.4k.
    client: Yeah, that one's nice too. Can we sit in the cars?
    me: Absolutely. Let me grab a few keys for some of the cars that you had an interest in. I'll be right back. Feel free to take a look around at our other cars too. I want to make sure you make the right choice, since you will be in the car for many hours a day. You need to find something that will be very fuel efficient and comfortable, with the lowest possible payment.
    client: You know Douglas, I just came from a Toyota dealership and the salesperson was rude and very pushy. He didn't even want to help me when I told him I was looking for a car for this Uber Lease. He just wanted to show me a brand new Prius that he said they were running a special on. But that car was way too high. Your cars are a few thousand less, and you actually care about what I'm trying to do. You're actually showing me the lowest priced cars you have and explaining things to me. Not trying to push me into buying something more expensive. I really like you, and I'm already feeling this is the right dealership and person to deal with. I'm already going to tell my friends when they need a car.
    me: Thank you, I really appreciate that. I remember you telling me your goal is to use this car solely to earn money with good gas mileage. So let's not lose sight of that and just focus on the most economical cars we have. I'm thinking we should not go over $10-11k max. So stop looking at those more expensive cars and let's focus on the 2014 Sentra that you like.

    After this was all said and done, he went with the 2014 Sentra.

    Thanks for reading. Cheers, Douglas
     
  5. elelegido

    elelegido Well-Known Member

    Location:
    Varies
    And he'll be back with it when the CVT transmission goes bang :D
     
  6. LAHertzXchangePartner

    LAHertzXchangePartner New Member

    Location:
    Los Angeles
    Hi SCDave,
    Thanks for the feedback. These are some great suggestions. I will do my best to provide up to date coverage once my clients start the Xchange lease program. I will try to speak with them weekly and provide updates on how they are doing, but most importantly, how much money they make and how many hours they actually work. Which most people want to know, I'm sure.

    So please save or bookmark this and I'll keep you posted.

    Cheers, Douglas
     
  7. LAHertzXchangePartner

    LAHertzXchangePartner New Member

    Location:
    Los Angeles
    Hi Elelegido,
    Thanks for the feedback...but please let's be positive. Besides, all of our cars that we offer for sale have a 1 yr/ 12k mile limited power train coverage warranty. Hopefully that will offer you peace of mind.

    Cheers, Douglas
     
  8. elelegido

    elelegido Well-Known Member

    Location:
    Varies
    12k miles warranty... so about 8 - 10 weeks of full time Ubering.
     
    BostonTaxiDriver likes this.
  9. charleneslugbug

    charleneslugbug New Member

    Location:
    los angeles ca
    Hi Douglas, I was recently approved for xchange leasing and would love to schedule a meeting with you for tomorrow morning. Are you at the hertz norwalk dealership or a different one. You seem to be extremely knowledgeable about the program and I would like to see what you have available.
    Please let me know.
     

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