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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"...

34 comments:

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

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  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.

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

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

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

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  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

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  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

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

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  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.

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  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.

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

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  13. 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

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  14. 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

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  15. 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.

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

    9312363479

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

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  18. 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

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  19. Is earnings good or not compare than ola

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  20. Can I get a new car for lease at present

    ReplyDelete
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