Uber Xchange Leasing
After having an issue trading in my scion tc and buying a new car at Honda Buena Park I decided to just go for it and try Uber Xchange leasing. I’m going to share my experience and also answer many questions that I had when looking into it.
What is Uber Xchange Leasing?
Xchange leasing is Ubers way of getting almost anyone behind the wheel of a car to drive for Uber Xchange leasing as been through a lot of changes the last few years. A lot of the information on xchange leasing is outdated or else it’s talked about by people who haven’t been through the process. (Basic practice of bloggers is to read experiences of others and sum it up)
How to sign up for Xchange leasing?
The first step in signing up for xchange leasing for current drivers is to go to your account tab and then choose vehicle financing and rentals. From there you’ll choose to apply for xchange leasing. Once you apply you should receive a response typically in an hour or less. If you are a new Uber driver then you can go to the driver sign up screen here and then choose I need a car when signing up. Once you are an approved Uber driver then you will have the option of applying for xchange leasing.
Getting Approved For Xchange leasing
When you are approved for Xchange leasing ou will put into either Tier 1 (Xchange) or Tier 2 (Xchange Access) With Tier 1 approval you’ll be able to choose a brand new or used car and start a new lease. With tier 2, Xchange Access, you will only be eligible to take over a lease from a driver that returned their Tier 1 vehicle early. They call this a re-assignment. With a re-assignment you basically take over the remaining lease payments.
What Happens Once I’m Approved?
Once you are approved then you will get a list of dealers in your area that work with Uber drivers and xchange leasing. For regular xchange you should have no problem finding and getting into the car that you want but Xchange Access on the other hand could take some fishing and waiting to get a car. Even longer to get a decent car. I was approved for Xchange Access so I had the fun of searching for a car. Hertz was one of the dealers on the list, after reading a post on therideshareguy from the lead Uber salesman from hertz in Norwalk I decided to call and speak with him. I was then told that hertz does not do Xchange re-assignments. So hertz was a big failure. I then kept my search on by calling Penske Chevrolet in Cerritos. They had a few cars to choose from but nothing that interested me at the time. I then called Toyota in Huntington Beach which was next on my list. They have 1 guy at the Toyota dealer that does uber sales and he wasn’t in. After finally hearing from him 2 days later he said that they had no cars available nd that he would call me when something omes in. All of the other dealers were further than I was willing to travel so I decided to stick with Penske Chevrolet since they were the most responsive.
Picking The Perfect Car
At Penske Chevrolet in Cerritos I received great service from beginning to end . The first set of cars they had to offer me were junk. A nissan sentra, a chevy malibu and a nissan altima. The altima had 80,000 plus miles on it. The others in the 40’s and 50’s. There is no way I was going to settle for a vehicle that would need maintenance soon. Im looking for a vehicle that I can use worry free for 6 months to a year and then take it back. 10/21/16 I decided to wait out the weekend and try my luck again on monday. Called monday morning and they told me that they had a Toyota Corolla with 19,800 miles… Bingo!!! That’s the car I wanted. They were taking no appointments on that monday but I scheduled an appointment for the next morning right when they opened.
Picking Up The Car
10/25/16 Tuesday morning, I get to the dealer, check out the car, give them my debit card for a deposit and get the paperwork started. The whole process of preparing and signing the documents took about an hour to 2 hours. One thing to know is that they won’t let you pick up the car unless you have insurance. This is the biggeat reason why most people have to wait 3 to 5 days to get their cars. I purchased rideshare insurance through mercury a week earlier for the honda civic that I bought but had to give back. This made it really easy for me to make the call to my insurance agent and get the Uber car put on my insurance within a matter of minutes. My agent emailed me my insurance binder which I then forwarded to the dealer. After signing all of the paperwork I then went home and waited to hopefully hear from the dealer that same day. A couple hours went by and then I started getting messages from uber saying congratulations. Not long after that I received a call from the dealer telling me that my car is ready to be delivered to me. I made an appointment to go pick it up later that night. The whole process from when I signed the paperwork to when I got the ok took about 5 hours. If you are thinking about Xchange leasing in Los Angeles or Orange County then I would recommend Penske Chevrolet in Cerritos for Xchange Access Vehicles.
Xchange Leasing Terms
After starting out with rideshare through the lyft express drive program and almost buying a car that was going to cost me 600 a month I am starting to think that Xchange leasing is probably the best option for me. To get started with Xchange leasing all you need is a $250 deposit. If after 30 days you decide you want to give back the car then you just need to give a 2 week notice prior to the return and all you will pay is $250 to get out of the lease. Unlimited miles: Unlimited miles is a huge deal. Knowing exactly what I pay a week means a lot to me. When I was doing lyft it was ridiculous. They would charge you for every mile driven that wasn’t while online. You would also have to do a minimum of 45 rides and have a minimum acceptance rate of 90%. If not then you pay for all miles. Even miles driving passengers. Because of the fact that I wasn’t driving full time I ended up owing money because of the mileage charges. One day I took a passenger from Buena Park to Malibu. I paid for not only my gas to get home but the miles as well, cutting all profits in half. When I bought my civic I was planning on ust driving o pay for the car because I didn’t want to put crazy miles on my brand new car. With this Uber car the only money I will ever lose is the $250 deposit when I return it rather than $1000’s in deprecation and needed maintenance so I will be able to drive more and make more money without worrying about owning a piece of junk in the end. I pay $150 a week including taxes. Exactly what the new civic was going to cost me per month but I still have my scion that I’m also still paying so there goes my offset. For me it will be a bigger struggle having 2 car payments but atleast my scion will sit there while it’s being paid off without adding any mileage to it.
How Much Is The Down Payment For Uber Xchange Leasing?
The down payment for your vehicle will be $250.00. Make sure to check with your dealer as some only accept cashiers check or personal check for the down payment. Not all dealers will accept debit cards and cash.
You get unlimited miles with Xchange leasing and there is no penalty for mileage when ending your lease early.
How Much Are Xchange Weekly Payments?
Your weekly payments will typically range between $120 to $180 depending on the type of vehicle you choose. Payments are deducted weekly from your earnings. If you don’t make enough in any given week then there are several other methods of payment accepted including ACH bank transfer, paying by phone and western union bill pay just to name a few.
What if I Want To Stop Driving For Uber And End My Lease Early?
To get out of the lease there is a fee of $250 which is your deposit. You must keep the car atleast 30 days and give a 2 week notice when returning our vehicle. You will still be charged for the 2 weeks of which the notice was given for. To give your 2 week notice simply send an email to Returns@xchangeleasing.com
Xchange vs Xchange Access:
Xchange let’s you lease a brand new or used car. Xchange Access let’s you take over a lease and have it reassigned to you for the remainder of the term.
How Long Will It Take?
Generally it can take 3 to 5 days to get everything together and get into a car, however if you already have a rideshare insurance policy then adding the new car could save you days and you could get into your car the same day.
What Type Of Insurance Do I Need?
With Uber Xchange leasing you will need to provide your own insurance. Leasing through Xchange requires all drivers to carry a ridesharing endorsementon their insurance policy. The minimum coverage requirements are 50/100/50 and the maximum deductible is $1000 Lienholder/Additional interest must be clearly stated as follows
Xchange Leasing LLC PO Box 390785 Minneapolis, MN 55439-0785
It is vital that the requirements listed above are met. If there is an error on the insurance policy then the process of getting your vehicle will be delayed until adjustments are made to your policy. For some insurance companies this can take an additional day to process. Your leasing contract will not be submitted until the insurance requirements are met.
Basic maintenance including oil changes and tire rotations are covered every 5,000 miles. Every 25,000 miles the cabin air filter will be replaced. You will need to take the car to the dealer to have the maintenance done. If you choose to go to a third party for maintenance then you will be paying out of pocket and will not be reimbursed.
When Do I Have To Make My First Payment?
You will have at least 7 days from the day you pick up your vehicle to make your first payment.
When I Pick Up The Car Is It Ready For Uber?
Your dealer should be able to perform the required inspection and Uber will add the registration and insurance information for you. Once you pick up your car you should be ready to go online and start picking up passengers without any further steps.