WSJ/Buzzfeed: Xchange is shutting down, drivers won't be able to renew leases

Smashup

Well-Known Member
https://www.wsj.com/articles/uber-confirms-it-is-shutting-down-u-s-car-leasing-business-1506531990

Uber Technologies Inc. on Wednesday confirmed it is shutting down its U.S. auto-leasing business, months after it discovered it was losing 18-times more money per vehicle than previously thought.

The ride-hailing firm on Wednesday began informing employees of the decision to close down the business, know as Xchange Leasing, which will affect some 500 jobs, representing roughly 3% of Uber’s 15,000-employee staff.

“We have decided to stop operating Xchange Leasing and move towards a less capital-intensive approach," said a spokesman. The Wall Street Journal first reported on the decision to wind down the business last month.​

The move suggests Uber was unable to find a buyer for the business, a prior hope of some executives.​

https://twitter.com/ceodonovan/status/913094663900250112

Drivers who were planning to renew their Xchange leases — if there were any — won't be able to, but otherwise leases will end as scheduled.
I'm not sure how much of this is new information, or if there is any information in there at all, but, just so you folks know...
 

heynow321

Well-Known Member
my advice would be go check out your local sketchy used car dealer and see if you can get a used camry or civic or whatever. even if you have shitty credit or no credit, sub prime auto lending is actually really active these days (sewing the seeds of future problems for lenders though) AND the price of used cars has been falling for the past year or two. you could probably get a car and the payment would be less.
 

Surgeless in Seattle

Well-Known Member
See! It's like I've said all along - let Uber take the depreciation hit. With the Xchange vehicles they're covering maintenance and even mechanical that's not covered under warranty. Drivers only had to cover brakes and tires and otherwise got to drive it like they stole it.

Problem with a car from the skeevy corner lot is you're on the hook for it when it throws a rod. (Do cars still have rods to throw?)
 

heynow321

Well-Known Member
you can still get a pre purchase inspection done. if they say no to that, you walk. even name brand dealers are pretty desperate these days. if you do your HW and stand your ground, you might be able to find some good deals out there.
 

Surgeless in Seattle

Well-Known Member
you can still get a pre purchase inspection done. if they say no to that, you walk. even name brand dealers are pretty desperate these days. if you do your HW and stand your ground, you might be able to find some good deals out there.
Okay, I need a 4 door under 14' with split rear seats able to Uber through at least end of 2019 with <100K miles.

***ETA - in blue, please. I like blue. Oh! Dark interior, too.
 

K-pax

Well-Known Member
I’ve got 2 years left on my lease. I doubt I’ll still be doing this in 2 years. If so, I’ll probably just get my own car for it. The paymemts can be brutal.
 

SKuber

Well-Known Member
I had a 2004 Aveo i used for a commuter till 2012 on the SW/FAUNT ferry, it was just under 14'. Once every few weeks they would measure it while I was in line (to see if it grew I guess). I'm sure the have a list of qualifying cars by now.
 

Surgeless in Seattle

Well-Known Member
I had a 2004 Aveo i used for a commuter till 2012 on the SW/FAUNT ferry, it was just under 14'. Once every few weeks they would measure it while I was in line (to see if it grew I guess). I'm sure the have a list of qualifying cars by now.
Yeah, but it hasn't been updated since Oct 2011 - I'm guessing we would have to fork out some OT $$$ to keep it current... they're too busy measuring cars & all.
 

Smashup

Well-Known Member
I think my car is 2" over the limit, ... and I've thought about replacing it's 5mph bumber with a good old fashioned plank, like this fine ride.



Would it really be a white trash repair if it saved me $4 each way?
 

SKuber

Well-Known Member
I think my car is 2" over the limit, ... and I've thought about replacing it's 5mph bumber with a good old fashioned plank, like this fine ride.



Would it really be a white trash repair if it saved me $4 each way?
I really don't see a problem with your idea.
 

tohunt4me

Well-Known Member
https://www.wsj.com/articles/uber-confirms-it-is-shutting-down-u-s-car-leasing-business-1506531990

Uber Technologies Inc. on Wednesday confirmed it is shutting down its U.S. auto-leasing business, months after it discovered it was losing 18-times more money per vehicle than previously thought.

The ride-hailing firm on Wednesday began informing employees of the decision to close down the business, know as Xchange Leasing, which will affect some 500 jobs, representing roughly 3% of Uber’s 15,000-employee staff.

“We have decided to stop operating Xchange Leasing and move towards a less capital-intensive approach," said a spokesman. The Wall Street Journal first reported on the decision to wind down the business last month.​

The move suggests Uber was unable to find a buyer for the business, a prior hope of some executives.​

https://twitter.com/ceodonovan/status/913094663900250112

Drivers who were planning to renew their Xchange leases — if there were any — won't be able to, but otherwise leases will end as scheduled.
I'm not sure how much of this is new information, or if there is any information in there at all, but, just so you folks know...
Aweeee

No more Competition from people who DONT EVEN OWN CARS !?!?

Awweee

Im Heartbroken !

UBER WILL HAVE TO QUIT RECRUITING CUSTOMERS NOW !

See! It's like I've said all along - let Uber take the depreciation hit. With the Xchange vehicles they're covering maintenance and even mechanical that's not covered under warranty. Drivers only had to cover brakes and tires and otherwise got to drive it like they stole it.

Problem with a car from the skeevy corner lot is you're on the hook for it when it throws a rod. (Do cars still have rods to throw?)
Yes.
We have Rods.
Unless its Wankel Rotary or electric.

I really don't see a problem with your idea.
Engrave your name on it and stain and laquer it.( trim and round bottom corners to match car body design)

I think my car is 2" over the limit, ... and I've thought about replacing it's 5mph bumber with a good old fashioned plank, like this fine ride.



Would it really be a white trash repair if it saved me $4 each way?
It would Actually look better with Large Nails pointing out . . .
Pedestrians would think twice
 

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K-pax

Well-Known Member
car payment for a prius is not too bad folks, and the car will eventually be yours

Well but... does a full time driver WANT it to be theirs eventually? I put almost 50k miles on the prius this year. It’s my dilemma. The car payment is pretty expensive... $180 before you profit each week. $180 a week extra could be nice.
 
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