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Uber Debuts Its Own Car Leasing Unit
Uber Technologies Inc. is testing a new in-house leasing program intended to help would-be drivers participate in the company's uberX car-hailing service.
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Uber Technologies Inc. is testing a new in-house leasing program intended to help would-be drivers participate in the company's uberX car-hailing service.
Called Xchange Leasing, the plan is for drivers who lease a qualified vehicle and use it to provide uberX service. Customers who participate in uberX for at least 30 days may return the car on two weeks notice and step out of the deal with "limited" additional costs, according to the company.
Uber says nearly 20,000 drivers have participated in a previous lease program with Banc Santander USA Holdings Inc. That partnership, which launched in November 2013, ended earlier this year.
Uber is testing the new scheme in Los Angeles, San Diego, San Francisco and a handful of cities in Georgia and Maryland. The company has revealed few details but says customers can arrange for unlimited mileage and have the option of leasing a used car with routine maintenance included.
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