Many Uber drivers are utilizing the Uber Xchange leasing program to leverage a new or used car due to the easy repayment scheme. Getting approval is only the first step in the chain of acquiring a car. Now that you have your approval, you have to go out and find a car.
There are two levels to exchange leasing program:
Level 1: Xchange leasing; this entitles the driver to go to any Uber partner dealership and choose a new or used car. However, most dealers prefer to sell new models due to the Uber Xchange lease prices, and will not allow the driver to buy a used car, or at least not all used cars. So, before you jump for joy, goto a few dealers and find out which cars they agree to include in the lease package. It might take you some time to find the right one.
Level 2: Xchange leasing access: some consider this better than level 1, others not. Access gives the driver access to all the vehicles that were returned to Uber Xchange lease within 12 months of their lease (early returns) and not to all the vehicles available in level 1. However, this access means you continue paying the original lease until completed. So while there are disadvantages, there are also advantages.
Uber limits the car make and model to the following list:
HONDA: Accord, Civic, Fit
HYUNDAI: Elantra, Sonata
NISSAN: Altima, Maxima, Sentra, Versa
TOYOTA: Camry, Corolla, Prius, Yaris
Uber also limits these cars to certain constraints:
2009 or newer
No salvage title
Four full-sized doors
Minimum of 5 seat belts (driver and four passengers)
Once you have chosen a car, its time to test drive it.You might need to test drive some options before you find the one that suits you. When scheduling a test drive, concentrate on the car and not its value. Feel how it handles you as much as you handle it.Some cars are temperamental while others are sluggish. Remember, you are not buying a car that will sit in the parking zone for 22 hours a day, you will be driving it a lot, so it must be both comfortable as well as easy to drive.
Estimating the lease payments
After you have test driven a few cars, and have decided on a few options, this is the time to look at the lease figures and decide which car gives you the best drive experience to cost ratio. You will need to go to the Xchange lease office and ask them to calculate the exact weekly sum. Xchange lease office hours are between 9 am to 5 pm daily, so make sure you arrive no later than 4 pm.
The exchange lease security deposit is $250. Once you have decided which car you want, go to the exchange lease offices, sign all the necessary documents and pay the $250. Check with the dealership what they prefer, it can either be cash, personal or cashiers check or as a money order depending on the dealership.
Insurance is a must; you cannot take a car out until you have “rideshare insurance” and exchange lease will not release your car until you prove to them that you have this insurance.
Many insurance brokers are offering different levels of coverage, here is a list of companies offering ride-share insurance: