Tag Archives: SubprimeLending

Uber Accused Of Promoting Subprime Auto Loans For Drivers

Uber, one of the largest transportation companies in the country, has been accused of promoting subprime auto loans to increase its pool of drivers. Uber works much like a taxicab, except people in need of rides utilize a smart phone application to call for drivers. In January, it was estimated that Uber had more than 162,000 drivers working for the company. According to the accusations, Uber uses subprime lending tactics to attract drivers with poor credit. One incident of the company and subprime lending recently appeared in the news outlet Al Jazeera, which covered the story of an Uber driver now suffering with weekly payments of $450! The driver, who has a poor credit history, heard about Uber’s vehicle-financing program and signed a lease through a company partner. What the driver did not know is that the servicer for his lease was Santander Consumer USA, a company that had been…
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