Subprime loans report

4 Nov, 2014

Nitasha Tiku of Gawker sister site Valleywag publishes a 3,000-word article on alleged subprime car loans are being pushed through Uber’s Vehicle Financing Program. Uber marketing material:

Even if you have bad credit or no credit at all, we can help you get behind the wheel in a week . . . The down payment is as little as a few weeks of earnings on Uber and you’ll have access to serious savings . . . We’ve created a program designed for those with poor credit.

While Toyota and General Motors are among those partnering on the financing service a major point of controversy is apparently the participation by financing provider Santander. Among news articles, comments from forums devoted to Uber drivers, an Uber sub-Reddit, and direct interviews with drivers, she quotes Youtube user UberMan, who publishes information for ridesharing drivers:

You get this nice little email from Uber saying, ‘Guess what, you are approved for our special financing’ […] Stay away. Delete the email, you don’t need to read it. Don’t even log on, do not be enticed, do not get drawn in by their gimmicks, they make it sound great, but at the end of the day, they are screwing you over.

Lyft is reported to have started a program to get drivers to buy tricked-out Ford Explorers then canceled the program several months in, offering a rebate of $10,000 on a $37,500 truck.

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