Uber is about to change "the rules" yet again by now leasing vehicles to its drivers. While there is great uncertainty of how "employment status" will be interpreted going forward in the new sharing economy, one thing is for certain, the concept will continue to evolve and redefine the traditional workplace.
"Uber will be directly leasing the cars, both new and used, to drivers through an Uber subsidiary called Xchange Leasing.
"Under the new terms, drivers can lease a used car, such as a 2013 Toyota Corolla, with a $250 deposit and monthly payments that are much higher than in a typical lease (see more below). There are some benefits to Uber’s new terms, however, including no limit on the amount of miles they can drive as well as the ability to break the lease before the end of the three year term by paying a $250 fine.
“The information comes from an email Uber sent to drivers in the San Francisco area Monday. One driver in Oklahoma City told Re/code he didn’t receive the email, suggesting that the loan program is only available for some markets.
“Uber says the pilot program will initially run in California, Maryland and Georgia.