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Lease-to Own, Can i make money in LA, Am i Crazy

Discussion in 'Pay' started by painfreepc, Aug 1, 2014.

  1. Dave P

    Dave P Member

    Dude, Why don't you read a thread before joining the discussion? It's so annoying :(
     
    grams777 likes this.
  2. chi1cabby

    chi1cabby Well-Known Member

    Location:
    Chicago
    Driving:
    UberTAXI
    I attended the Uber/Santander lease/financing info session here in Chicago. They explicitly stated that this will not be reported to the credit bureaus since your credit profile is not even looked at for approval.
     
  3. grams777

    grams777 Moderator Moderator

    Location:
    Nashville
    Anything else of interest that they said?
     
  4. Dave P

    Dave P Member

    This is a good thing, because I'd hate to think what a 700 lease payment would do to my debt to income ratio. lol
     
  5. chi1cabby

    chi1cabby Well-Known Member

    Location:
    Chicago
    Driving:
    UberTAXI
    The thing that struck me the most was that the actual weekly payments were at least 25% higher than what Uber had quoted in their emails. And Uber is still sending out almost daily emails with lowball, misleading numbers! And you'll have to buy full coverage insurance b4 taking delivery of the vehicle.
     

  6. LAuberX

    LAuberX Moderator Moderator

    Location:
    Los Angeles
    Driving:
    UberX
    Chi1cabby, do you remember how much they quoted for a Camry Hybrid lease?

    Too remember there are 4.333 weeks in a month, so giving the payment "weekly" matches how we are paid, not how most leases are priced.

    So it is the weekly payment X 4.333 to get the "monthly" cost.

    Is tax included in the prices we see posted? Most leases are plus tax, then you have to pay registration every year too.
     
  7. Dave P

    Dave P Member

  8. chi1cabby

    chi1cabby Well-Known Member

    Location:
    Chicago
    Driving:
    UberTAXI
    I have Capital One credit cards. CAP Capital One's app has a Credit Tracker feature. My credit score is 682, at the margin between what's considered good and what's considered a fair score. I'm looking to buy a used 2013/14 Ford C-max. So I plugged in my expected monthly payments for the car loan. And it made not an iota of difference in my score! Apparently a car loan monthly payment is not a factor in determining your credit score! :)
     
  9. chi1cabby

    chi1cabby Well-Known Member

    Location:
    Chicago
    Driving:
    UberTAXI
    I don't remember the exact amount, but did some rough calculation at that time. The total of payments was literally double the 2014 Toyota Camry Le Hybrid MSRP.
    Uber finance rep that had flown in especially for this info session. I was looking for some assurance that Uber would give some consideration to the driver signing up for this program b4 deactivation if & when a false/capricious complaint was lodged by a rider. I got no such assurance from the Uber rep.
     
    grams777 likes this.
  10. Jeff212

    Jeff212 Active Member

    I was looking at the Cmax too..... It would be used for double duty for my graphics co too...... I am still hesitating on pulling the trigger, could get a nice section 179 deduction if I used only for my graphics business but it would be a great car for Ubering but I would lose the 179 deduction because it is not valid for livery vehicles use..... Hmmmm, so I will sit on the fence for a bit longer....
     
  11. Dave P

    Dave P Member

    How much would your payment be on the C-max? I doubt your anywhere near $700 a month. I'm one of those who think the lease's offered are not a bad deal, if you are planning to work 60 hours a week and buying a vehicle is not an option for you. I worked out the math and logic on leasing the Camry Hybrid i earlier in the thread. That vehicle, on the UberX platform very nearly pays for itself, assuming you are currently driving an average mpg gasoline vehicle that is paid off and you work 6 full days a week. Scroll up and find that post to see how I worked this out.
     
  12. chi1cabby

    chi1cabby Well-Known Member

    Location:
    Chicago
    Driving:
    UberTAXI
    Obviously the exact payments would depend on the interest rate and other terms of the loan. But in my estimation $700 should cover the loan and the insurance payments.
     
  13. Dave P

    Dave P Member

    I considered that. The early turn in fees of $1000 first year, 750 second year, 500 third year, made this a manageable risk. You would definitely lose if you were deactivated and couldn't make it on Lyft alone, but it wouldn't be catastrophic.
     
  14. Dave P

    Dave P Member

    I also wanted to know if it was possible to pay the early turn in fee, say after 2 years and start a new lease on a newer model.
     
  15. chi1cabby

    chi1cabby Well-Known Member

    Location:
    Chicago
    Driving:
    UberTAXI
    I would advise drivers who live in states such as CA & IL where legislation requiring App On to App Off primary commercial livery insurance is pending to take that in consideration b4 of going to buy a car or lease one from Santander. Uber/Lyft will jack up their cut to cover that additional cost.
    I believe in IL, Gov Quinn has till 08/18/14 to either veto the bills, that were passed by legislature by overwhelming majority, or they become. law
     
  16. Dave P

    Dave P Member

    In California, Uber already provides app on app off primary insurance.
     
  17. chi1cabby

    chi1cabby Well-Known Member

    Location:
    Chicago
    Driving:
    UberTAXI
    I don't see why you wouldn't be able to do that...Terminate and pay the penalty, and sign a new lease. Santander is making their money in both transactions.
     
  18. chi1cabby

    chi1cabby Well-Known Member

    Location:
    Chicago
    Driving:
    UberTAXI
    Nope Dave! They supposedly provide PRIMARY insurance while you are on an Active ride. And they are so hush hush about it! If I was Uber I'd be highlighting this at every turn, but Uber wants to keep on skating with SECONDARY liability insurance in as many markets for as long as they can!
     
  19. grams777

    grams777 Moderator Moderator

    Location:
    Nashville
    California UberX with driver app on is primary $1 mil unless waiting for a request outside of a public airport, then the lower and secondary insurance applies.
     
  20. chi1cabby

    chi1cabby Well-Known Member

    Location:
    Chicago
    Driving:
    UberTAXI
    This makes no sense whatsoever...esp the part about waiting outside airports. There are plenty of threads on this forum discussing "primary insurance". It is ONLY primary from the moment of accepting a ride to the moment of drop off. And when you are cruising for a ping, the driver's personal car insurance is primary, and Uber's is secondary.
     

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