Uber is launching a flexible lease program to help increase the number of drivers it has on the road.
Called Xchange Leasing, the new program claims it can get people into a vehicle for $250 thanks to the company’s partnership with automakers including Toyota, GM, Ford, Hyundai, Nissan, Volkswagen and Chrysler. Making the Xchange lease program unique is that drivers who participate in Xchange for at least 30 days will be able to return their leased vehicle with only two weeks notice and limited additional costs. In addition, those that lease a vehicle through Uber’s Xchange lease get unlimited mileage, the option to lease a used car and routine maintenance is included.
Currently, Xchange Leasing is conducting a pilot program that is available in major metropolitan areas of California including Los Angeles, San Francisco and San Diego, as well as select cities in Georgia and Maryland. According to the program’s website, the standard lease plan is for 36 months although owners have the option to opt-out after 30 days and pay a $300 disposition fee. Vehicles available under the Xchange include: Chevrolet Malibu, Cruze and Equinox; Ford Edge, Escape and Fusion; Honda CR-V, Pilot, Accord, Fit and Civic; Hyundai Elantra and Sonata; Nissan Rogue, Murano, Maxima, Altima and Sentra; Subaru Outback, Impreza and Forester; Toyota Highlander, RAV4, Venza, Sienna, Camry, Avalon, Prius, Corolla, Matrix and Yaris, as well as a Volkswagen Jetta.
All vehicles leased through the program are model year 2010 or newer with 60,000 or less miles. No vehicles leased will have a salvage, rebuilt or flood vehicle title. The company also gave a sample of the lease payments, with a 2013 Toyota Corolla costing 156 payments of $110 with $250 due before getting into the vehicle. That calculates to $17,410 for a used 2013 Corolla (not including the $250 end-of-lease disposition fee), nearly comparable to a brand new 2015 Toyota Corolla that starts from $17,775 including destination.