Money

Uber Trolls In Subprime Underground To Finance Vehicles

Posted on May 27, 2015

Maybe Uber will precipitate a vehicle financing bubble, like the subprime housing bubble of 2008.
Maybe Uber will precipitate a vehicle financing bubble, like the subprime housing bubble of 2008.

A driver for a fleet owner in Boston was looking for a way to obtain his own car and drive for Uber, the popular ride-sharing service. He heard about a vehicle financing program Uber was promoting to drivers who, like him, had a poor credit history. Roger, who asked to use only his first name for business reasons, signed a lease in September with an Uber-referred lender for a brand new Chrysler minivan.

Now less than a year later, Roger says he is on the brink of bankruptcy while facing weekly payments of $450 for his car lease plus late fees.

AlJazeera America article here

Related CNNMoney article here: Rent A Car, Drive For Uber

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