Uber Xchange Leasing HistoryUber Xchange Leasing was intended to help prospective vehicle owners who were rejected by lenders because of credit scores or other reasons get the cars they wanted, and in return, Uber would get more workers. Though the idea sounded promising, there were issues. Uber did not go to reputable lenders for the vehicles, which resulted in drivers paying abnormally high interest rates for the cars. Monthly payments for cars were about 20% higher when leased through Uber’s program. To make matters worse, Uber had misled the drivers with certain claims. It said that they would have unlimited miles on each lease, but the lender companies commonly imposed limits of around 40,000 miles. The company also promised certain financing options for very low rates, but when drivers began to take issue with the misrepresentation, Uber denied involvement and redirected the drivers back to the lenders. By the end of the program, Uber drivers needed to return about 40,000 vehicles, while the company had paid over $20 million in settlements and fines for lawsuits and breaches.
Vehicle SolutionsAs a replacement for the Xchange Leasing program, Uber began offering Vehicle Solutions, which consists of partner companies providing vehicle to Uber drives. Uber driver could log in and sign up through the necessary portion of the site and be a part of the partnership. A few of the different partners can be found below.
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FairFair Rental Cars allows Uber drivers the chance to rent cars through the company and be eligible for Uber’s Rewards program. In this program, Uber drivers using a Fair rental car earn $185 if they complete 70 trips in a week. They can further earn $305 if they complete 120 trips in a week. This balances out, as Fair charges $185 per week plus tax to rent a vehicle. There is also a $185 refundable security deposit. Driving full time with Uber and completing trips allows the company to pay off the rental for you, while you collect the normal wages and tips.
HertzHertz provides numerous cars for Uber drivers to rent. The company does offer the same promotion as Fair – that is, 70 trips yields $185, while 120 trips rewards $305. The difference is that Hertz charges $214 per week, which essentially requires drivers to complete the larger amount of trips if they want the bonus to cover the full charge. Hertz is well known for its normal rental options.
GetaroundGetaround provides rentable cars for Uber drivers, but the cars can be rented for as little as one hour. It costs $5 per hour for one of these vehicles to be rented. The catch is that these vehicles are generally listed by other people who set the prices. This means that the cars are not always available and cannot always be found. There is a $1 booking fee for the cars and Uber drivers need to inspect them before taking them out. The fuel tank must be full upon returning the vehicle; if it is not, the driver would be charged for the missing amount plus a $15 fee. Any cleaning that happens will accrue a $100 cleaning fee. Tolls that are missed or fined will also accrue charges. Getaround Uber drivers need to make sure they are meticulous in their operation, conduct, and choices while behind the wheel.
MavenMaven is similar to Fair in that it provides rentals to Uber drivers. Generally, the company has lots or zones where people can pick up listed rental cars. For gig work, though, Maven charges similar prices to Fair: $185 per week plus tax. Maven also works with other gig jobs, such as food delivery and grocery delivery.
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