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How can I get my car refinanced as Uber driver?

Discussion in 'Vehicles' started by Janabethz, Oct 17, 2017.

  1. Janabethz

    Janabethz New Member

    Location:
    Detroit
    Help! I've been trying for over a month through various financial institutions to get my car refinanced. The process starts out fine then once say I drive for Uber, I'm told flat out: " Sorry, we can't refinance you.". I do know the reason why but I wonder if anyone has experienced this issue and how it was resolved. The car is a lease through Ally( turned me down) and there is high mileage on the vehicle. Over 85k. It is a 2014 Chevy Cruze. I live in Michigan and have called Uber who has said in my city...Detroit, Uber is currently trying to update that city to include financial options for leasing/renting cars. Instead of me trying to pay the over mileage charge, I am opted to buy out the lease. I heard to say that I'm an independent contractor but a 1099 is required for proof of income. It states Raiser on the 1099. Any advice, suggestions and solutions are greatly appreciated, I'm running out of options. Sorry for such a long post. TIA
     
    tohunt4me likes this.
  2. dirtylee

    dirtylee Well-Known Member

    Location:
    Dallas
    Driving:
    UberX
    Lie about your income.
     
  3. backcountryrez

    backcountryrez Well-Known Member

    Location:
    VA
    Driving:
    Lyft
    Get your FICO checked, refi with a CU. Most places if you're 620+, they don't make a big deal about income verification. Telling them you do Uber was a mistake as they view the income as not being steady. Maybe you work for "Janabethz's Transport" instead.

    Also, the higher you score in FICO, the less stipulations the lender may need to deem you a good credit risk.

    Some places specialize in POI verification for this purpose. Not orthodox, but so are subprime interest rates.
     
    MoreTips and Janabethz like this.
  4. steveK2016

    steveK2016 Well-Known Member

    Location:
    Dallas / Fort Worth Texas
    Driving:
    UberXL
    Get a real job then refinance.
     
    RangerBella and Janabethz like this.
  5. Janabethz

    Janabethz New Member

    Location:
    Detroit
    I was thinking about becoming a business. I have a good credit score between 650-700. Thanks for your help.

    I
    I
    actually am in the process of reapplying at my old job. Don't want to go back but my hand has been forced. Thanks for your suggestion.
     
  6. El Camino

    El Camino Member

    Location:
    United States
    Driving:
    UberX
    Give the car back and get something you can afford in cash.
     
    Janabethz likes this.
  7. tohunt4me

    tohunt4me Well-Known Member

    Location:
    new orleans , la.
    I get offers in the mail to refinance.
    Never asked for them.
     
    Janabethz likes this.
  8. Janabethz

    Janabethz New Member

    Location:
    Detroit
    I will owe over several thousand dollars due to over miles. I don't have that kind of money available. I didn't start out to drive with Uber when getting the car. Thanks

    I get those for new cars all the time.
     
  9. BSki

    BSki Active Member

    Location:
    Orange County
    Beg borrow or steal the money to buy the car.

    I am estimating you are looking at over $12k in over mileage fees. This should have been considered when you started driving. Basically, you were using your car as an ATM and now you have to pay it back.

    According to KBB the highest trim Cruze with 85k miles has a Trade in value of $7,500.

    You are very far underwater.
     
    MHR, tohunt4me and Janabethz like this.
  10. backcountryrez

    backcountryrez Well-Known Member

    Location:
    VA
    Driving:
    Lyft
    Even if you established your own business, lenders are more likely to want to see previous year's returns to show steady cash flow (and that you're not a fly-by-night operation). Think two years' worth. Hence, why said I you work for, not own.
     
    Last edited: Oct 17, 2017
    Janabethz likes this.
  11. Janabethz

    Janabethz New Member

    Location:
    Detroit
    Unfortunately, that's my assessment of the situation, too. I did think about the over miles but did not think far ahead into the future

    Good point. Thanks.
     
  12. BSki

    BSki Active Member

    Location:
    Orange County
    Paying off a loan 50% early may actually hurt your credit. Lenders like it when you keep paying interest the way you agreed to do in the loan contract.
     
    tohunt4me and Janabethz like this.
  13. Oscar Levant

    Oscar Levant Well-Known Member

    Driving:
    UberX
    as far as I know they don't like it when you pay only the minimum either. I will say this, after I paid off the loan, and rather quickly, I started receiving loan offers, and I receive one or two every day now, so my credit rating must have improved a lot. that's about all I can say, I haven't actually checked my credit rating.
     
    tohunt4me and Janabethz like this.
  14. Janabethz

    Janabethz New Member

    Location:
    Detroit
    I was working at Walgreens then to make ends meet, I became an Uber driver. Stupid me quit Walgreens in January of this year to drive full-time and go back to school part-time. I wouldn't be in this hot mess if I kept my job at Walgreens which I was told could do by working part-time. Leased the car which is making matters worse.
     
    tohunt4me likes this.
  15. BSki

    BSki Active Member

    Location:
    Orange County
    There are no minimum payments for a car, it is set each month. They want you to make that payment each month. They built their books around that income. When you pay off early, yes you are saving interest, but now the loan company needs to alter their books because of it.

    You are getting more loan offers because you do not have that loan anymore, meaning you will qualify for a loan for that amount.

    You should always, ALWAYS know what your credit score is. So many free places to get it there is no excuse. I would wager your score may have gone up a few points but is probably very close to the same.

    To build credit, you need to use credit, every month, and pay it off. Do anything possible to carry zero credit card debt.

    Typically it is a poor money management decision to pay off any loan that is under 4% interest as you can easily invest that money are receive a comfortable 5% return. Use your money to make money.
     
    tohunt4me likes this.
  16. Oscar Levant

    Oscar Levant Well-Known Member

    Driving:
    UberX
    No, but I bought another car, and have that loan to pay off, and I'm still getting offers every day?

    You know all this, and you drive for Uber? You should be in the financial areas, giving advice.
     
    tohunt4me likes this.
  17. Mars Troll Number 4

    Mars Troll Number 4 Well-Known Member

    Location:
    Orlando-ish
    Driving:
    Taxi
    Go on the dark web and pay to have someone roll back the odometer...




    no one is going to refinance a leased vehicle that's over mileage.


    One option is to buy your car outright for what it should have cost had you not gone over miles... Many of the leases will allow this.
     
    Janabethz and MHR like this.
  18. Janabethz

    Janabethz New Member

    Location:
    Detroit
    Probs is I drive for Uber and no one will refinance me. I have been trying to buy the lease out. Thanks.
     
  19. Adieu

    Adieu Well-Known Member

    Location:
    OC
    Driving:
    UberXL
    Comsumer loans? Credit cards with 0% grace periods?
     
  20. Janabethz

    Janabethz New Member

    Location:
    Detroit
    Update: the issue has been resolved...in my favour, I might add. Thanks for all suggestions, advice etc.
     

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