Uber Lease Program
Uber Leasing Program – Uber car lease
Uber offers various leasing programs, for prospective Uber drivers who do not own their own vehicles,
The two leasing programs Uber currently offers are:
- Uber Enterprise Leasing
- UberXchange Leasing
Here’s everything you need to know about both programs:
Uber Enterprise Lease Program
How does the Enterprise Uber rental program work?
Through a partnership with Enterprise, Uber offers potential drivers who want to drive (but don’t have access to a car) special rates, so that they can get started driving for Uber immediately.
Uber Enterprise Leasing is available in:
- Las Vegas
- Los Angeles
- New Jersey
- New Orleans
- San Diego
- San Francisco
- Washington D.C.
Requirements for Enterprise’s Uber-leasing program include:
- Being an approved Uber driver (i.e., you’ve already signed up with the platform & been confirmed as a partner-driver)
- Being age 25 (or older)
- Possessing a valid driver’s license
- Having access to a debit or credit car
- Completing ACH documentation paperwork (payment assignment and deduction authorization)
- Paying a $350 security deposit at time of rental
Why use the Enterprise rental program?
Many prospective Uber drivers don’t own (or have access to) a car.
Other potential drivers do have vehicles, but they don’t qualify under Uber’s current standards (Uber’s rules in many markets require vehicles to be built in the last 10 – 15 years, and to meet certain model specifications).
Is it worth using Uber’s rental car option?
User’s program with Enterprise is more expensive than other options (for instance, it is slightly more expensive than its sister program, the Xchange Leasing Program).
However, renting through Enterprise can be an effective strategy in the short term for drivers who want to get started quickly, or who want to test out the waters & see if Uber is a good financial fit for them.
The Enterprise system is also useful for current drivers whose vehicles are currently out-of-commission, due to repair or other circumstances.
How much does Uber’s Enterprise Rental Program Cost?
Upon choosing to rent a vehicle through enterprise, Uber drivers will pay around $210 per week to Enterprise as a vehicle rental fee.
In addition to the weekly fee (which doesn’t include taxes) Uber drivers will have to pay a $40 startup fee, in addition to a $500 refundable deposit, paid directly to Enterprise.
Uber’s Xchange Leasing Program
The Xchange Leasing Program has a range of core features, including:
- Unlimited mileage
- Lease rates as low as $98.00 per week (excluding taxes and fees)
- A decent range of vehicles, including options for UberXL
- After 30 days and a $250 fee, drivers can terminate their lease with two-weeks notice
- Xchange Leasing Includes all oil changes; cabin air filter replacements; and tire rotations
- Rapid credit decisions
Uber’s Xchange leasing program is a system meant to attract ‘committed’ drivers — i.e., individuals who are looking to drive 10 (or more) hours per week on the Uber Partner Platform. According the company, Xchange’s ideal candidates are reliable drivers who are interested in working for Uber over the long-term.
In order to obtain a broader swatch of Uber drivers (and thereby increase the frequency and ‘population’ of active Uber drivers on the road), flexible financing is offered.
One of the most attractive features of the Uber Xchange program is the offer of unlimited mileage. If you are a prospective rideshare driver that lives in an area with long pick-up and drop-off distances (i.e., suburban and semi-rural areas), this leasing feature will be especially attractive to you.
Xchange Leasing is currently available in the following locations:
- Los Angeles
- Orange County
- San Diego
- San Francisco
Xchange Vehicle Types:
Options range from a VW Jetta to a Honda Civic (see Full Vehicle List above). Vehicles are 2010 models (or newer); have less than 60,000 miles; four doors; and a minimum of five seatbelts. Maximum amount of financing is $20,000.
For those who would like to take part in the Uber XL program, vehicles such as the Toyota Highlander will be available.
In 2017, the car types currently available for Xchange Leasing customers vary by location, but some of the models accessible via the Xchange Leasing Program include:
- Chevrolet Malibu
- Ford Focus
- Honda Accord / Honda Civic / Honda Fit
- Hyundai Elantra / Hyundai Sonata
- Nissan Maxima (*pre-owned version only) / Nissan Altima / Nissan Sentra / Nissan Versa
- Toyota Camry / Toyota Prius / Toyota Corolla / Toyota Yaris
How the Xchange System Works
Drivers have the ability to choose the car of their choice based on their current budget and expected frequency of operation (vehicle choices are meant to be ensure they fit a driver’s specific goals and aims, and thereby allow drivers to easily make regular payments).
How Do I Sign-Up?
If you would like to sign-up for the Xchange program, simply go to your Driver Dashboard to access the Xchange Leasing option. After clicking the Leasing option, you will be shown a screen that initiates a Leasing Application.
Shortly after you apply, Uber Xchange will determine your eligibility — Uber’s goal is to process applications within two days. Since demand for Xchange still remains high in 2017, current processing times may be longer. If you are approved, Uber will provide you with a list of network dealerships.
*Please note, by applying, you will generate a hit on your credit — so be sure you have read all the terms and conditions. Also make sure to investigate whether the service is right for you — some Xchange customers report less-than-satisfactory outcomes and unfavorable leasing conditions in certain locations.
If you’d like to read our complete article on Xchange Leasing, you can do so here.