Introducing Xchange Leasing: Lease Options Built for Uber Driver-Partners
We launched our Vehicle Solutions program 18 months ago in response to feedback from prospective driver-partners who wanted to join the Uber platform but didn’t have access to a qualifying uberX car. Since then, nearly 20,000 drivers have participated in the program and collectively taken home over $200 million dollars driving with Uber.
We’ve learned a lot –– about when and where people drive, details about their vehicle needs, and how we can connect partners with options that work best for them. There is a lot of variability in how drivers use Uber, from the reasons they drive to the amount of time they spend on the platform. But one thing is clear: the key to flexible earnings is flexible financing.
With this in mind, we have developed a new pilot program – Xchange Leasing – which is a leasing option administered by an Uber subsidiary and designed to fit with the flexibility that drivers value most. The Xchange lease is one of a kind, and offers value that traditional auto leases do not provide. Unlike most multi-year leases that have high fees for early termination, 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. The program allows for unlimited mileage and the option to lease a used car, with routine maintenance also included. These features combine to create a product unlike anything on the market today.
Xchange Leasing is currently operating in major metropolitan areas in California (Los Angeles, San Francisco, and San Diego) and select cities in Georgia and Maryland. We look forward to piloting the program in additional locations soon. Xchange Leasing complements additional options currently available within Uber’s Vehicle Solutions program, including:
- Discounts from auto manufacturers: We’ve expanded our partnerships with auto manufacturers to help drivers save money on new vehicle purchases. Participating manufacturers include: Toyota, GM, Ford, Hyundai, Nissan, VW, and Chrysler. To date, participating Uber driver-partners have saved over $7 million through these manufacturer discounts.
- Streamlined financing partnerships: Drivers looking for a vehicle have access to financing available through Westlake Financial Services, which offers traditional auto financing to U.S. drivers across the credit spectrum, and BAMA Leasing, which offers leases to drivers in Boston and San Francisco.
- Rental pilot: Some drivers want to rent a car when and where they’d like to drive, instead of leasing or buying one. We’re working with Flexdrive, a Cox automotive company, to pilot a weekly rental option in Atlanta, Dallas, and Nashville. Drivers can rent an uberX-eligible car on a weekly basis, with insurance and maintenance included. We hope to make rental options available in more cities in the future.
We’re excited about how these new solutions meet drivers’ unique needs, and offer more and better choices and greater flexibility than ever before. To find out more about Xchange Leasing click here. Or, signup with Uber SF today to get started.