The Uber Xchange Leasing program was created for people who do not have access to a qualifying car but want to drive for Uber. It helps those who are seeking to become drivers by leasing them a car and allowing them to make a living at the same time. This program provides unlimited miles and free routine maintenance, just to name a few of the perks if the driver is eligible. All this means that for drivers who faced rejection from traditional lenders, Uber Xchange Leasing program can be a real savior.
The Benefits of Uber Xchange Leasing
1. Unlimited Mileage
Uber Xchange Leasing offers drivers no mileage caps. As far as any leasing program goes, this one is pretty good. Most traditional leasing programs give drivers 8,000-12,000 miles a year, making Uber Xchange Leasing a better option.
Every driver working for Uber, or any rideshare company, knows they can easily rack up around 10,000 miles in their car within 3 months as a part-timer. With this program, drivers need not worry about any mileage limits, since there won’t be any fees.
2. Routine Maintenance
Uber Xchange Leasing offers basic car maintenance. For every 5,000 miles, the vehicle will get an oil change and tire rotation. Further, for every 25,000 miles, the vehicle will receive an air filter replacement.
This is a good deal because, in traditional leasing programs, the lessor is responsible for all maintenance. With Uber Xchange Leasing, drivers can fully focus on driving without worrying about their car.
3. Upfront Cost
More often than not, traditional leasing programs require drivers to pay a security deposit, first month’s lease payment, and down payment or capital cost before they can get the vehicle. This can amount to $1,000-$2,000 just for signing a lease for a new car. In comparison, with Xchange Leasing, the drivers only have to pay $250 as an upfront cost.
4. Flexible Leases
Is Uber Xchange the right leasing option for you? We break down the pros and cons of Xchange leasing here -… https://t.co/IbZ03bungZ
— Harry Campbell (@TheRideShareGuy) September 5, 2017
Even though Uber Xchange Leasing is a 36-month program, drivers have the ability to terminate the contract with two weeks notice after thirty days and a $250 disposition fee, which can be waived by the security deposit they already paid up-front. There will be no additional cost if the car is returned in good condition.
On the other hand, traditional leasing programs can cost drivers thousands of dollars for early termination penalties, along with other fees. Not only that, it can negatively affect the drivers’ credit score if they don’t pay those penalties.
5. Decent Range of Vehicles
For as low as $98 per week, taxes and fees not included, would-be drivers can choose from a wide range of decent vehicles, including those cars eligible for Uber XL. Even with a low credit score, there is still a strong possibility hopeful drivers can have a car and a job at the same time.
Drivers don’t have to wait a long time to know if they can lease the car or not, because Uber Xchange Leasing program makes quick credit decisions. They will receive an email or an SMS containing a list of participating dealers. Here are the requirements and available cars in this program:
- Car model needs to be 2009 or newer.
- The car must have 75,000 miles or less.
- Vehicle title should not be salvaged, restored, or flooded.
- There should be full 4-sized doors.
- The car should have a minimum of 5 seatbelts.
- The car must have automatic transmission.
- Chevrolet Malibu
- Ford Focus
- Honda: Accord*, Civic*, and Fit*
- Hyundai: Sonata* and Elantra*
- Nissan: Altima*, Maxima*, Sentra*, and Versa*
- Toyota: Corolla*, Camry*, Yaris*, and Prius C/2/V*
* Available in both brand new and pre-owned.
Looking for a suitable leasing program? Watch this video from The Rideshare Guy and find out if Uber Xchange Leasing or Lyft Express Drive Program is the better program for rideshare drivers!
Increasing Drivers Across the Board
Uber Xchange Leasing program is specially designed for new drivers who want to earn and have a car. However, existing drivers also have a chance to be a part of this program. As Uber continues to widen their area of operation and establish their ubiquity as the country’s prime transportation option, they continue to look for eligible drivers to work for them. Happy driving!
Already a part of Uber Xchange leasing program? How is it working for you? Share your thoughts with us in the comments below!