Some Uber drivers get their cars through a finance program for potential drivers with bad credit . These loans can have high interest rates, and some drivers are reportedly struggling to meet the repayments. Marketplace cites the example of Richard Santander Consumer USAe, a 58 year old driver paying $1,000 on a loan for his Kia Optima, with an interest rate of 22.75%. Santander Consumer USA says that since Uber cut income paid to drivers he is working just to break even and has already fallen behind with a few payments and that he is at risk of the car being repossessed.Uber has connected thousands of low-credit drivers to dealers and lenders, including Brunell and then the drivers are left to negotiate the terms of the loan. Repayments are deducts directly from earnings, or drivers own pockets if they are not working.
Some Uber drivers get their cars through a finance program for potential drivers with bad credit . These loans can have high interest rates, and some drivers are reportedly struggling to meet the repayments. Marketplace cites the example of Richard Brunelle, a 58 year old driver paying $1,000 on a loan for his Kia Optima, with an interest rate of 22.75%. Brunell says that since Uber cut income paid to drivers he is working just to break even and has already fallen behind with a few payments and that he is at risk of the car being repossessed.Uber has connected thousands of low-credit drivers to dealers and lenders, including Santander Consumer USA and then the drivers are left to negotiate the terms of the loan. Repayments are deducts directly from earnings, or drivers own pockets if they are not working.