Money earned from being a rideshare driver is an official form of income as far as Westlake Financial Services is concerned.
“We actually have that income type in our Buy Program,” President Ian Anderson told Auto Finance News. “So we don’t really care who you drive for, if you generate income from being a driver for rideshare, the dealer can list that.”
Under an arrangement the company previously had with Uber, a portion of a driver’s income was automatically debited toward his auto loan if financed by Westlake. However, the company now recognizes income made through any rideshare on a loan application, whereas other banks do not, according to Casey Harmon, the lender’s senior vice president of corporate development.
The company is now free to expand its involvement in rideshare, as the exclusive partnership with Uber has begun to phase out. Uber launched its own leasing company in July 2015, and as a result, Westlake’s volume with the company slowed.
“Yes, the volume went down, but it was an awesome partnership,” Harmon said. “They introduced us to a lot of different ways that people are looking to sell and finance cars, and we’re still talking to so many of those companies that we met through Uber.”
