Many individuals want to drive for Uber but do not have the necessary vehicles to reliably do so. In fact, there are many who do not have any vehicles at all. Seeing this, Uber spotted an opportunity and decided to capitalize on it. Uber wanted to expand its driver base, and one of its solutions was to allow drivers to finance vehicles through the company. After some time, the program was suspended, and other solutions were implemented, now known as Uber Vehicle Solutions.
Uber Xchange Leasing History
Uber 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.
As 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.
Get started today by calling (855) 339-8879.
Fair 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.
Hertz 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.
Getaround 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.
Maven 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.
Learn more about your options for compensation by calling (855) 339-8879.
Perks of Vehicle Solutions
All of the above-listed vehicles have unlimited mileage when you rent the vehicle through the partnership of Uber and the company. The fees also include roadside maintenance, insurance coverage, and more. For some, these costs are much lower than leasing a vehicle (which may cause you to pay late fees or broken-lease fees if you do not want the car anymore) or buying one (cars are thousands of dollars).
Vehicle Solutions and Accidents
The main protocol if you are in an accident while driving an Uber vehicle rented from any of the partnerships is to alert both companies to the incident. You should let them know that you were in a crash and inform them of any injuries. Uber’s insurance coverage and the rental company’s insurance coverage offers different limits. For example, Uber offers $1,000,000 in liability and underinsured/uninsured motorist coverage, but only if you were driving a passenger or en route to meet one. Otherwise, it was $50,000 for liability.
After an accident, make sure you take photos, interview eyewitnesses, call the police
, get medical help, and anything else that might benefit you if you choose to take legal action.