Uber is launching a new pilot program called Xchange Leasing, allowing customers to lease a used car for $250 down.
The company's Vehicle Solutions program launched a year and a half ago as a solution to potential driver-partners who didn't have access to an eligible uberX car, yet still wanted to be a part of the Uber platform.
According to the company, nearly 20,000 drivers have joined the program since then, raking in more than $200 million collectively, driving with Uber.
"We've learned a lot -- about when and where people drive, details about their vehicle needs, and how we can connect partners with options that work best for them. There is a lot of variability in how drivers use Uber, from the reasons they drive to the amount of time they spend on the platform. But one thing is clear: the key to flexible earnings is flexible financing," Uber explained.
Toward this endeavor, Uber is now launching the Xchange Leasing pilot program. An Uber subsidiary will be in charge of administering this new leasing option, which aims to give drivers more flexibility. The company touts that its new program is unique and customers will not find such value with a traditional vehicle leases.
First of all, Uber boasts that it will not charge hefty fees for early termination. Instead, drivers who enroll in its Xchange Leasing program and participate for at least 30 days will be able to return the vehicle with just a two weeks' notice, with "limited" extra costs.
Xchange Leasing will also offer unlimited mileage, as well as the option to lease a used car, complete with routine maintenance part of the package. The program is now available in California in metropolitan areas such as San Francisco, San Diego and Los Angeles, and in select cities in Maryland and Georgia. Uber will be extending the program to more locations in the near future.
Lastly, the new Xchange Leasing program comes in addition to existing options from the Vehicle Solutions program, which include discounts from automakers, streamlined financing deals and rental pilot (available through Flexdrive in Atlanta, Nashville and Dallas).
The new Uber Xchange Leasing program aims to take on traditional leasing options, touting that customers can "start driving and earning" with extra convenience.