Uber to Lease Cars Directly to Its Drivers
Car services like Uber and Lyft changed the game when they showed us how good getting a ride could be from someone other than a taxi. Not only were the cars clean and the drivers friendly, but the technology component meant not having to hail a cab and knowing exactly where your driver is. Well, Uber is looking to raise the bar once again, by leasing directly to its drivers. Today, Uber announced a new pilot program that will allow UberX drivers to lease new cars directly from the on-demand ride company. According to Fortune, the service is called Xchange, and will allow drivers to get competitive rates and lease in a way that cuts out the middle man–very much the Uber way. RELATED: A D.C. Uber Driver Took Passengers on a Wild Ride
Uber had previously launched a limited leasing program for its drivers. It was a partnership with General Motors and Toyota, and nearly 20,000 drivers took place in it. Xchange takes that concept to a new level, by issuing the leases not through any automaker, but through a subsidiary of Uber that is owned and funded by Uber.
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The Xchange program includes unlimited mileage, the option to lease pre-owned, and free routine maintenance. If you are an Uber driver, or thinking of becoming one, and want to take advantage of the leasing program, expect to pay about $100 a week for a 2013 Toyota Corolla for a 36-month lease term. If you want to up to a 2013 Toyota Camry, it will cost you about $120 a week for 36 months.
The program is currently being rolled out in Los Angeles, San Fransisco, and San Diego. Cities in Maryland and Georgia will also be given the opportunity to participate. We’ll be watching the rollout of this program to see how it expands and how well it is received by Uber’s drivers.
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