Uber Xchange is a program arranged by Uber that allows Uber drivers to exchange their car for a better and newer model. Drivers then pay for the car with their Uber earnings.
The program is quite limited as it offers only 15 models of cars from six car manufacturers. The car manufacturers are Chevrolet, Nissan, Ford, Toyota, Hyundai, and Toyota.
The car models include:
- Toyota Camry
- Toyota Prius
- Toyota Yaris
- Toyota Corolla
- Ford Focus
- Nissan Altima
- Nissan Maxima
- Nissan Versa
- Nissan Sentra
- Chevrolet Cruze
- Honda Fit
- Honda Civic
- Honda Accord
- Hyundai Sonata
- Hyundai Elantra
The leasing program offers some benefits like unlimited mileage, fast credit processing, 2 weeks cutoff notice period for cancellation after 30 days of lease, free basic maintenance services, inexpensive lease options for pre-owned cars etc. Uber also offers an Uber Xchange Access which allows you to take over a lease from someone that returned their car before their 36 months period was over.
To get a car through the Uber Xchange program, the car requirements include no salvage title, four full doors, a car of at most ten years old and a minimum of five seat belts for the driver and four passengers.
Some conditions of the lease are listed below:
- There is a 30-day return notification period
- For an early release, you’ll pay a fee of $250
- The weekly payments do not take into consideration fees, license, and taxes
- You must pay a down payment of $250
- You must not have a pending bankruptcy
- You must not have a discharged bankruptcy within the last one year
- A payment deduction authorization agreement must be signed
- The lease is for a period of one and a half years or 36 months.
The Uber Xchange Leasing program is one that can offer you a lot of benefits provided you know how to reap as many benefits as you can from the program. If you want to maximize the benefits of your Xchange leasing, there are some things that you must make do. Here are six ways by which you can maximize your Xchange leasing.
1. Don’t go for the first car you see:
A lot of Uber drivers will be tempted to go for the first car they see. Do not act like that. Take your time. Visit various dealers and check out all their offerings. You will likely find a dealer that will give you a better offering than the initial place you went to.
2. Take advantage of the free maintenance:
The Uber Xchange program gives you access to free periodic maintenance like oil changes, tire rotation, air filter replacement etc. Sometimes, Uber drivers think they are too busy, and they fail to take advantage of these free maintenance programs. The more regularly you maintain your car, the longer the car will last.
3. Don’t go for a car with a low market value:
When you go to get a car from a dealer, lots of them will try to sell you a car with less market value. This is because of Uber’s 105% payment of blue book lending value. Dealers will readily offer you car models that sell at less than 105%. Don’t feel pressured to go for these. They will hoard cars that sell higher than 105% and tell you these cars are not available or try to make you go for another car. Don’t let them convince you to go for less. Go for what you want. Cars like Toyota and Honda will sell for more than 105% while cars like Chevrolet, Kia, and Hyundai will sell for less than 105%.
4. Don’t fall for another lease program apart from Uber’s lease program:
Most dealers will attempt to persuade you to go for their lease program instead of Uber’s lease program. They will tell you that their program is cheaper than Uber’s lease program. Don’t forget that Uber offers you free periodical maintenance and unlimited mileage. The free periodical maintenance alone is a deal breaker that will save you a lot of money. Most car dealers can’t offer you unlimited mileage. Uber drivers use a lot of mileage. Other lease programs with mileage limitations will cost you more. For the Xchange program, you pay a $250 deposit fee while other lease programs will require that you pay thousands of dollars for down payment. The release fee for Uber Xchange is $250 while other lease programs will charge you thousands of dollars in penalties for early termination.
5. Don’t stick to one dealership:
There are several dealers available. Don’t get tied down to one dealer. You might have a good relationship with a dealer, but the dealer might only be interested in the profit that they will make from you. They don’t usually have your best interests at heart. Look for a car that will give you what you want. Do not be blindsided and stick to one dealer stubbornly. The car you want to buy is more important than the dealer where you get the car from. After all, you’re the one that is going to pay the lease and not the dealer.
Don’t be blinded by your emotions. A lot of dealers will have better deals. Also, don’t pay the $250 down payment unless you have selected a car and you are sure that you want to take the car. There are some dealers that will want to tie you down with the $250 down payment before you select a car. Don’t be held captive. Pay the down payment after you have picked a car.
6. Go for a used car if you wish:
If you feel that a used car will be sufficient for you, then, by all means, go for it. Most dealers will want to stop you from getting a used car. They will explain that the Uber Xchange program does not accept used cars. That is not true at all. The Uber Xchange program allows Uber drivers to go for used cars. If a used car is what you want, then buy it. Don’t allow a dealer stop you from buying a used car.
Patience is the key here. Remember that you may likely be stuck with any car you go for. Take your time and go for a car that will meet your needs. If you can’t find a car at a dealer’s place, remember that there are several other dealers that you can go to. Also, do your research and know all there is to know about the Uber Xchange program. Let the program work to your advantage.
When registering for the program, you should be aware that there are other programs like Uber Vehicle Solutions, Santander leases, BAMA etc. Don’t be confused by them. The Uber Xchange program is different from these other leasing programs and offers some excellent benefits for hustlers looking to earn a side-income.