Almost half of all Uber drivers are working only to pay their car loans, according to Gus Fuldner, head of insurance at Uber Technologies, who spoke at CBA Live last week. More specifically, “49% of Uber drivers work for the company for only as many hours as it takes to make their car payment, and that’s enough for the month,” Fuldner said.
The livery company now has four partners that provide financing to its drivers: Toyota Motor Credit Co., Exeter Finance Corp., Santander Consumer USA, and Westlake Financial Services.
Fuldner noted that Uber’s drivers perform 50 to 75 points higher than their actual Fico scores versus the general population. For example, a driver with a 600 Fico score performs like a 650 or 675, thanks to features like weekly automatic deductions in pay put toward car payments, Fuldner said.
In 2014, Uber helped its drivers purchase more than 5,000 vehicles, or $200 million in total financed value.
Learn more about risk and compliance in auto finance May 18 and 19 at the Auto Finance Risk & Compliance Summit 2015 in San Diego. Register here.
