Ridesharing app Uber has announced it will offer an in-house leasing program for UberX drivers in the US.
The company has previously partnered with other lenders to offer its drivers reduced-rate leasing options. This is the first move by the company to bring those operations under its own roof.
The program, dubbed Xchange, is tailored to suit the financial and driving needs of Uber drivers. After 30 days in the program drivers may return their lease vehicle with only two weeks notice, lower early termination fees also apply.
UberX functions as Uber’s low-rate service with ‘everyday cars for everyday use’. In Australia Uber Black is also available offering high-end vehicles, comparable to traditional chauffeur hire services.
New and eligible used vehicles will be available through the Xchange program. Initially the program will be trialled in the US states of California, Maryland and Georgia.
Xchange Leasing will be provided by a wholly owned subsidiary of Uber. If the program proves successful we could see it expand globally, however Uber’s previous loan scheme did not extend beyond the US.
Unlike the controversial rideshare app, which has fallen afoul of regulators and establish taxi services around the world, Xchange promises to be fully compliant with all US lending regulations.