In its relentless pursuit for growth, Uber needs new drivers, and many of those drivers need cars. To help them get started, Uber has been offering short-term leases since July through a wholly owned Delaware-based subsidiary called Xchange Leasing, LLC. It partners with auto dealerships, advertises to drivers, manages risk, and even pays repo men to chase down cars whose drivers aren't making their payments.
But it has plenty of critics who accuse the company of looting the pockets of its drivers. Is Xchange really offering good deals? Does it ensnare drivers with commitments they can't meet?
LMCPays will be the newest agent office for the major industry credit card processor.
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A package of bills passed Aug. 8 will shake up for-hire transportation in New York City.
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The city plans to enforce a limit on the number of private ground transportation vehicles allowed.
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