CNBC recounts the trials and tribulations of Uber's entrance into the $1tn auto-loan financing marketing since its creation of Xchange Leasing last year. Last week, Xchange has secured a $1bn credit facility led by Goldman Sachs, with participation from a number of other major investment banks.
But of course, as with anything related to Uber, there's controversy. Drivers approved for the program pay around $120 to $160 a week, and the money is deducted automatically from their earnings. At $600 a month or so for many drivers, that's a hefty lease, leading critics to claim that the terms are predatory. Uber also continues to drop its ride prices, making it harder for some drivers to keep up.