Attachment

Uber Car leasing Policy | Pros and Cons





Uber has partnered Mumbai-based Xchange Leasing, XLI, 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, XLI 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"...

39 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
  3. 5954 is including your 20% comition are not?

    ReplyDelete
  4. 5954 is including your 20% comition are not?

    ReplyDelete
  5. this sure help those drivers who cant afford the heavy down-payments.

    ReplyDelete
  6. Yeah its true, the above mentioned calculation is true, that after three years you have to pay only 23000, and some more points, car transferring charges cost to driver about 60000 and earning slab of 13 rides per day will give max. 4800 to the driver. This plan is told to me when i also personally visited the leasing man in uber office.

    ReplyDelete
  7. fake news it is

    every day OLA charges Rs.950 per day and also 20% per ride

    So if you do a business of Rs.3000, then you get Rs.700 per day after deducting 20% of Rs.3000, and Rs.900 per day and after burning petrol of rs.700

    its a waste of business

    ReplyDelete
  8. These days individuals are getting pulled in towards renting designs as it has spread choices for individuals to drive the vehicles they need as opposed to getting it with exhausting huge measure of cash. Check Your Car Lease Options

    ReplyDelete
  9. You have not considered the maintenance expenses that Uber will incur to service and maintain the car for three years?

    ReplyDelete
  10. Why don't Uber luxury cars. Like BMW, audi etc.. Or at least an Toyota Innova. Which will benefit drivers as well as Uber customers.

    ReplyDelete
  11. if u give the leasing for sedan car it will be better.so the buisness also increases as people nowadays prefer for sharing then uber go.

    ReplyDelete
  12. A loan broker who is knowledgeable in motor finance options and the prevailing rates at the market may ease your work and make your rate selection much easier. Sell

    ReplyDelete
  13. Hi I want any other cars for x change lease agreement

    ReplyDelete
  14. It's only a mouse trap.xli and user both are cheaters.if you surrender your car than xli pay u only 10% of 27000 your hard earned money.Uberdriver partnersites earningso is 2000 per day if you drive for 12 to 14 hrs in a day.simple calculation.cng.500+750 xli+car maintenance+app maintenance=150, your earning will not be more than 500 per day.waste

    ReplyDelete
  15. is this policy requires own house documents? I need to get this but I'm staying in Hyderabadin a rent house pls any1 reply me

    ReplyDelete
  16. 1)Be cautious while choosing this program.
    2)Don't expect security deposit on return/cancellation of vehicle/policy but programs says its refundable.
    3) You won't get any help/discounts from uber team in terms of parts replacement/repairs as they are giving used cars under this policy if you find any repairs after taking vehicle you have to bare them.
    4)Make sure while taking vehicle have a workshop report with you, cause while you return a vehicle they will definitely check all these things and cut amount from your security deposit.
    5)Don't attract for leave policy for loan terms there is a limit upto three it seems clarify on this.
    6)Free maintenance has also some limits ask them clearly on the terms & conditions or write it in paper.

    ReplyDelete
  17. Sir l have my commercial learning license admission to Othrity I would like to drive car please help

    9312363479

    ReplyDelete
  18. Uber has better policy than ola . It's good

    ReplyDelete
  19. This is to costly for and the number are given for any other detail to known about its an wrong number. Had called I didn't get any response from it so uber is requested you to solve the problem for calling detail

    ReplyDelete
  20. Is earnings good or not compare than ola

    ReplyDelete
  21. As a rule, individuals get a kick out of the chance to movement in autos as it is the most agreeable approach to movement. Location voiture Marrakech AĆ©roport Agence pas cher Car Rental Ltd

    ReplyDelete
  22. You will find various offers from associations, anyway you should confront issues what you would need to pick. location voiture marrakech forum

    ReplyDelete
  23. Can I get a new car for lease at present

    ReplyDelete
  24. Awesome work! That is quite appreciated. I hope you’ll get more success.get a business loan for your business

    ReplyDelete
  25. Thanks for taking the time to discuss that, I feel strongly about this and so really like getting to know more on this kind of field. Do you mind updating your blog post with additional insight? It should be really useful for all of us. Party Bus Toronto

    ReplyDelete
  26. I definitely enjoying every little bit of it. It is a great website and nice share. I want to thank you. Good job! You guys do a great blog, and have some great contents. Keep up the good work Niagara Falls Limousines

    ReplyDelete
  27. I love significantly your own post! I look at all post is great. I discovered your personal content using bing search. Discover my webpage is a great one as you.I work to create several content this post. Once more you can thank you and keep it create! Enjoy! Limo Service Toronto

    ReplyDelete
  28. I’m eager to find the valuable information and for me this is the right place to get the good stuff. Car Sale Invoice Template

    ReplyDelete
  29. Great blog, learned many things about travelling from this article, very informative. The Tirupati car rentals is one of the best places to get car rentals in tirupati.
    Tirupati car rentals
    Tirupati car travels
    Car rentals in tirupati
    Car travels in tirupati
    Travels in tirupati

    ReplyDelete
  30. Great blog, learned many things about travelling from this article, very informative. The Tirupati car rentals is one of the best places to get car rentals in tirupati.
    Tirupati car rentals
    Tirupati car travels
    Car rentals in tirupati
    Car travels in tirupati
    Travels in tirupati

    ReplyDelete
  31. I'm impressed, I must say. Very rarely do I come across a blog thats both informative and entertaining, and let me tell you, you ve hit the nail on the head. Your blog is important.. hail repair denver

    ReplyDelete
  32. This particular is usually apparently essential and moreover outstanding truth along with for sure fair-minded and moreover admittedly useful My business is looking to find in advance designed for this specific useful stuffs… car detailing

    ReplyDelete
  33. This comment has been removed by the author.

    ReplyDelete
  34. You have no way of knowing how the previous owner treated the car, so it is very important that you get an expert opinion.Car Removals

    ReplyDelete
  35. Each organization has their very own advantages and advancements, so make certain to look at for them. The majority of these advantages incorporate free conveyance of the vehicle to your home, a total basic guide or guidance before utilizing your vehicle, and a GPS framework. cancun car rental

    ReplyDelete
  36. Most companies offering services related to car rentals offer various cars for various needs. From flashy models, to roomy sedans and even an eco-friendly car, if that is what you require.rhodium sevilla

    ReplyDelete

© the unseen. Powered by Blogger.