Uber, a San Francisco based ride hailing company started its new program to get more drivers on the road. This car leasing program has already launched in San Francisco, San Diego, Los Angeles and some cities in Maryland and Georgia.
With the new driver program Exchange leasing Uber drivers get three year aura leases through dealers with an opportunity to terminate their contracts anytime after the first month, with a two weeks’ notice and security deposit fee. Both new and used leased cars will come with routine maintenance and unlimited mileage.
Uber considers this program to be much better than its previous leasing program. Its previous leasing program with Santander consumer USA receives many bad feedbacks, as one of the expensive plan with almost no way for drivers to cancel. None of the drivers were happy with this program, but few drivers signed up for the process and Uber started to cut fares within few months, so Uber cancelled the program.
The flexibility of this new program will appeal to drivers and it seemed to be a challenge for the leasing program of the startup Breeze.
The terms of Exchange leasing depends on the vehicle. Nowadays the common problem among potential drivers is the difficulty in getting cars. Some of the common impediments include lack of payments, poor credits and other financial problems. Uber formed partnership with manufacturers and dealers to help Uber drivers to lease vehicles. It is clear from a report that more than 20,000 drivers have used the program.