May 14, 2013
I quit my job to drive 13,500 miles and visit every state capital (except Alaska and Hawaii's).
If you drive an average of 500 miles per day, you can finish this trip in 4 weeks. So what's the downside? You need a car and that's a lot of wear and tear. Expensive!
That's where Uber comes in.
May 31, 2016
Inside Uber’s Auto-Lease Machine, Where Almost Anyone Can Get a Car
Uber's lease is more flexible than most subprime leases, the company said. After the first 30 days of the lease, a driver can return the car to Uber with two weeks notice, without any additional fees, apart from the payments they owe and the $250 they paid up front. Many other leases also charge drivers by the mile if they exceed a certain mileage threshold. Not Xchange, though; Uber wants to incentivize drivers to keep logging miles.
For less than $700 you get a brand new car for 4 weeks. You can personally use it to visit every state capitol in the continental US? What's the catch?
Xchange isn't intended to be a moneymaker, said an Uber spokesman. But it has plenty of critics who accuse the company of looting the pockets of its drivers. The program is plagued by a lot of questions that surround other subprime lending programs aimed at risky borrowers with bad credit. Is Xchange really offering good deals?
Risky borrowers with bad credit probably can't afford the gasoline and hotels. For good borrowers with good credit, this might be the perfect touring vehicle though! Woohoo!
Seriously. I guess it all depends on what is in the 28-page lease agreement.
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