Uber, the privately owned car-booking service, has been pitching a new loan program to borrowers with poor credit, according to a report published last week on tech blog Valleywag. The report cites promotional material being mailed in San Francisco, where Uber is headquartered, urging drivers to sign up for a program where car payments are automatically deducted from their Uber earnings. The program also promises drivers that it’s “easy to qualify, even with poor credit or no credit history at all.”
Uber Chief Executive Travis Kalanick had announced last year that drivers who registered to pick up Uber passengers would be able to get discounted financing or leasing for designated vehicles made by Toyota Motor Corp. and General Motors Co.
However, after the Valleywag report was published last week, GM issued a statement that “GM Financial, the captive auto finance company for GM, does not have a formal partnership with Uber and does not participate in Uber’s vehicle financing program.”
