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Uber Car leasing Policy | Pros and Cons





Uber has partnered Mumbai-based Xchange Leasing, which will own the cars, to run the leasing business.

The programme asks Uber drivers to pay a security deposit of Rs 27,000 to be a part of the initiative, along with a monthly lease payment. In return, drivers get the option to own the vehicle after three years.

I met Xchange Leasing Company representatives last week to gather info on this. The guys over there were very clear and straightforward about their terms and conditions. 

Here are the details : 

Down Payment : Rs. 27,000
How much you will pay per week : 5,954 per week for 3 years

Which Vehicle you will get : Maruti Suzuki Ritz
After three years of leasing you will have option to own the vehicle.
Lets dig more into it :

Cost of Ritz : 6,00,000
5,954 per week for 3 years make it : 5954 X 4 X 12 X 3 = 8,57,376
Which sums up to a whooping 42% interest (But For your info, its not EMI; its the rent for using their Car) over a period of 3 years, which didn't appeal me much even if its giving an option to own it after 3 years.


Details on owning the vehicle after 3 years : Xchange Leasing will reevaluate the vehicle. Let say the resale value of your car is 2,00,000 after using it for 3 years. This should be the amount you should pay Xchange Leasing to own it. But Xchange Leasing pays all your scheduled services (oil change and all). So let say it amounts to 1,50,000 for a period of 3 years. 
2,00,000 - 1,50,000 = 50,000
So you should pay 50,000 to Xchange Leasing. But wait you have paid 27,000 down payment. So they will deduct 27,000 from 50,000, which makes it 23,000.
So after 3 years of usage and paying rent of 8,57,376 you can get the vehicle by paying 23,000 more.

Documents Needed :
1. Residence Proof Copy & Original
2. ID Proof Copy & Original
3. Bank Passbook Copy & Original
4. PAN Card Copy 
& Original
5. DL Copy 
& Original

CONS:
1. Only 
Maruti Suzuki Ritz is available for leasing.
2. Only Driver cum owners are eligible for leasing which means if you want to hire driver for your car, sorry, its not for you.
3. You need to drive only with Uber.

IMP : Uber Car leasing Policy only applicable for Driver cum Owners not for those who hire drivers for their cars.

For Details contact these numbers:
They will help you out understanding it better
9148439782
9901164753
9148439810


 Tell us what do you think about this leasing policy of Uber.

About Nihar Pradhan

An Entrepreneur at heart, Likes to be "Free but Busy" ...
Love everything about digital contents and the freedom.

2 comments:

  1. It will be good if this policy is available for owner also who keeps the driver for car

    ReplyDelete
  2. Hi Adithya,
    The whole idea behind this leasing Policy of Uber is to wipe out us, the owners. Sadly yes. When some one rides his own cab he gives his 100% rather than driving for someone else.

    ReplyDelete

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