Uber Xchange Leasing Program Advice

htboston

Well-Known Member
Anyone here in the Xchange leasing program? What are the pros and cons? Any important fine prints you wanna tell us drivers before signing up? Do you have to buy your own insurance for the Xchange leasing program?

My personal car is failing on me and I need something until I get a new car.

I don't trust Uber because I am afraid they are not telling us the fine prints until after we put our signature on paper, so I am asking you guys :smiles: lol
 

PeacefulJ...

Well-Known Member
Anyone here in the Xchange leasing program? What are the pros and cons? Any important fine prints you wanna tell us drivers before signing up? Do you have to buy your own insurance for the Xchange leasing program?

My personal car is failing on me and I need something until I get a new car.

I don't trust Uber because I am afraid they are not telling us the fine prints until after we put our signature on paper, so I am asking you guys :smiles: lol
Your payments are weekly, they're based off of the type of car you get (new or used). You put $250 down after you choose what car you want. You DO need to have " ride share " insurance prior to getting the car.
 

0to100

Active Member
When I see that people are paying upwards of 1k a month I almost faint.

When I Leased my Jetta back in 2011 my payment was $175 a month with zero down. I ended up buying it at the end of the contract. Still going strong now at almost 100k!

My advice would be, if you plan on buying a new car just lease it first. Take the dirt cheap payments and lowest mileage(as long as you plan on buying)

Get something for 99 a month, when you buy your car out at the end of the lease you don't owe on excess mileage.
 

dolllarchaser

Well-Known Member
On the positive side.... Xchange lease is not putting miles on your personal car; maintenance will be nil in the early years if you go with a new car; drive full time + since mileage is unlimited (the high lease rate will be spread over more miles, thereby reducing your cost per mile.

If you want a couple of bucks in your pocket every week Xchange leasing may not be for you. If you view this as a true business, then consider that if you drove for a cab company you would have weekly 'rent' that will be more expensive. The key is to drive full- time, and keep good records of all expenses as it may be beneficial to itemize vs using the std deduction.

Unless you are mechanically inclined, buying a used car may be buying someone else's problems and while the upfront cost may be less, you are assured to have higher maintenance cost... think cost per mile, always.
 

PeacefulJ...

Well-Known Member
On the positive side.... Xchange lease is not putting miles on your personal car; maintenance will be nil in the early years if you go with a new car; drive full time + since mileage is unlimited (the high lease rate will be spread over more miles, thereby reducing your cost per mile.

If you want a couple of bucks in your pocket every week Xchange leasing may not be for you. If you view this as a true business, then consider that if you drove for a cab company you would have weekly 'rent' that will be more expensive. The key is to drive full- time, and keep good records of all expenses as it may be beneficial to itemize vs using the std deduction.

Unless you are mechanically inclined, buying a used car may be buying someone else's problems and while the upfront cost may be less, you are assured to have higher maintenance cost... think cost per mile, always.
↑↑↑ Exactly. Its not for everyone. Weigh the pros and cons in detail and then decide what's best for you.
 

JonC

Member
When I see that people are paying upwards of 1k a month I almost faint.

When I Leased my Jetta back in 2011 my payment was $175 a month with zero down. I ended up buying it at the end of the contract. Still going strong now at almost 100k!

My advice would be, if you plan on buying a new car just lease it first. Take the dirt cheap payments and lowest mileage(as long as you plan on buying)

Get something for 99 a month, when you buy your car out at the end of the lease you don't owe on excess mileage.
$1k/month? That seems insane to me.

I'm paying $185/month to buy my car, not lease it.

That's actually why I'm doing Uber at all, I've never had a car loan before, I always paid cash for them.
 

OC Lady Uber Driver

Well-Known Member
It's easy to get approved for the XChange lease, (I was approved in a hour) but the weekly payments are what you're actually paying for while putting high mileage on that vehicle. In my eyes, it's not worth it. I'd rather buy a used car with a cheaper monthly payment and Uber in that instead.
 

Shangsta

Well-Known Member
The only reason not to get a used car is if you don't have the credit for it. Xchange just doesn't make sense, with gas and insurance at minimum your spending 1200 per month if you're driving full time.
 
It's easy to get approved for the XChange lease, (I was approved in a hour) but the weekly payments are what you're actually paying for while putting high mileage on that vehicle. In my eyes, it's not worth it. I'd rather buy a used car with a cheaper monthly payment and Uber in that instead.

How do you apply? I press apply and it just shows a few local dealers who participate. I have to call the dealer directly ?
 

Michael2017

Active Member
Stay away from Uber lease! STAY FAR AWAY! No warrantee on Mega overpriced vehicles, plus a super high payoff amount!
 

OnTheLoose

Active Member
I have a Prius leased at $150/week. It was worth it for me when I was a full time driver. The payment could be made in one day. The great part is the unlimited mileage and some service.

I would never suggest it for anyone who plans in driving part-time. Your earnings would strictly go towards supporting the car. I would also not recommend anything other than a Prius. It may not be the type of vehicle you wanted but there is a reason all cabbies drive it - it's the most fuel efficient. Hold out for a dealership that has one if you can.

Your cap is $20k, don't expect anything other than an Uber X vehicle. You'll be choosing from their inventory of cars that have been qualified for Uber - not whatever is on the lot. That list will be short. Has to be under $20k, 60k miles etc... You can't negotiate this. If it's not on that list, you can't have it.

I'm not going to try and talk you out of it. I'm giving you information and you can figure it out for yourself.

Be prepared to spend $800-$1200/month supporting that vehicle. Hope you can make at least 3x that.

I did it because I was in a bad situation with poor credit and had an Accord that I didn't want to put more mileage on. Worked for me for a bit but I'm ready to turn it in.
 

freediverdude

Active Member
I too would like advice, thinking about the lease, since my current car is a 2007 Mazda 3 hatchback with 170000 miles on it, so not sure that would be approved by Uber. I wouldn't think that I would be approved for any normal car loan, since I'm just starting with Uber and don't have another job at the moment. I am planning on driving full time 8-10 hours at least 5 days a week, so thinking it might still make sense.

So the Prius really does save quite a bit over the others on the fuel? I would think a new Prius would be over the cap purchase amount.

I just applied yesterday, and got the email saying that I made it through the motor vehicle report and now waiting on background check. Then today I got an email asking me to scan in the rest of the documents like I was going to use my current car? I'm guessing I should ignore that email since I supposedly applied for lease? I think I read something that it takes 3-7 days for them to approve me, and then you get an email saying you're approved and to head to a dealership correct.
 

OnTheLoose

Active Member
I too would like advice, thinking about the lease, since my current car is a 2007 Mazda 3 hatchback with 170000 miles on it, so not sure that would be approved by Uber. I wouldn't think that I would be approved for any normal car loan, since I'm just starting with Uber and don't have another job at the moment. I am planning on driving full time 8-10 hours at least 5 days a week, so thinking it might still make sense.

So the Prius really does save quite a bit over the others on the fuel? I would think a new Prius would be over the cap purchase amount.

I just applied yesterday, and got the email saying that I made it through the motor vehicle report and now waiting on background check. Then today I got an email asking me to scan in the rest of the documents like I was going to use my current car? I'm guessing I should ignore that email since I supposedly applied for lease? I think I read something that it takes 3-7 days for them to approve me, and then you get an email saying you're approved and to head to a dealership correct.
Ignore the emails. Your car would not qualify. The mileage is too high. Has to be under 110k I think (not sure). Not that you would want to put 300 miles a day on a car with that much mileage on it already anyway...

Don't know what the criteria for approval is but it's very lenient. Bad credit, no credit mostly get approved for the $20k max they offer. If you have repos and bankruptcies on your credit, you will have a lower allowance say $12,000 - $15,000 or something. In which case it's harder to find a used vehicle under their mileage requirements and in this price range which is why some people end up giving that $250 deposit to the dealership and waiting forever for a car. I recommend finding one with the car first before you give the deposit.

Deposit is refundable after 3 years but you are most likely going to turn it in before that and they charge $250 to exit early.

If you turn your vehicle in early, you will not be eligible for another xchange leasing vehicle. If you find someone to take over the lease, you can.

I just turned in my car 2 days ago. Retirement comes early.
 

freediverdude

Active Member
Ignore the emails. Your car would not qualify. The mileage is too high. Has to be under 110k I think (not sure). Not that you would want to put 300 miles a day on a car with that much mileage on it already anyway...

Don't know what the criteria for approval is but it's very lenient. Bad credit, no credit mostly get approved for the $20k max they offer. If you have repos and bankruptcies on your credit, you will have a lower allowance say $12,000 - $15,000 or something. In which case it's harder to find a used vehicle under their mileage requirements and in this price range which is why some people end up giving that $250 deposit to the dealership and waiting forever for a car. I recommend finding one with the car first before you give the deposit.

Deposit is refundable after 3 years but you are most likely going to turn it in before that and they charge $250 to exit early.

If you turn your vehicle in early, you will not be eligible for another xchange leasing vehicle. If you find someone to take over the lease, you can.

I just turned in my car 2 days ago. Retirement comes early.
Well happy retirement! My credit isn't that great, but never had a repo, in fact completely paid off my current car that I bought new in 2007 making all 72 payments on time, lol. I do have a bankruptcy from 2010, so 6 years ago, don't know how much they would weigh that. Thank you for all the info. We'll see what they approve me for!
 
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