Uber Launches Leasing for UberX Drivers | Auto Finance News | Auto Finance News

Uber Launches Leasing for UberX Drivers

canstockphoto5996760Rideshare company Uber announced a pilot leasing program for its UberX drivers Wednesday. UberX is the lower-cost version of Uber’s service and employs 160,000 drivers. Called Xchange Leasing, the program is being piloted in select cities in California, Georgia, and Maryland.

Drivers who participate in Xchange for at least 30 days will be able to return the car with only two weeks notice, and limited additional costs, according to a press release from Uber. The program also allows for unlimited mileage and the option to lease a used car, with routine maintenance included.

Uber claims its new self-administered leasing program offers drivers better options than the previous program. Uber’s previous take on leasing, in which 20,000 drivers took part, involved partnerships with GM Financial and Toyota Financial Services and used Uber data to help rate risk.

A previous partnership between Uber and Santander Consumer USA ended recently for undetermined reasons, according to published report last week. The partnership was part of a program launched in November 2013, meant to link prospective drivers with manufacturers and lenders, in the hopes it would boost the number of Uber drivers on the road.

Despite cutting its ties with SCUSA, Uber will continue to offer leasing through Westlake Financial and Bama Leasing.

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