Uber now offers its own car leases to UberX drivers


As Uber continues to evolve beyond just dominating on-demand rides, the company is furthering its bets on leasing cars to drivers. Uber announced today a new pilot program, called Xchange Leasing, allowing Uber to directly lease cars to its UberX drivers. UberX is the ride-sharing company’s cheapest ride service.

Uber previously launched a leasing program in the U.S. in late 2013. The company partnered with General Motors [fortune-stock symbol=”GM”] , Toyota [fortune-stock symbol=”TM”] , and other financial institutions to lease cars to Uberx drivers, while also reducing drivers’ monthly payments. The idea behind the initial leasing program was that Uber had data on the cash flow from drivers, which could in turn lower their risk to lenders. Under the program, drivers could borrow at better interest rates than they might find through traditional leasing programs, and be able to get on the road faster.

Uber says that nearly 20,000 drivers…

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