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by gleenn
3676 days ago
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I might give Uber a hard time about some things but I'm failing to see the evil in this. Yes, the leases might seem predatory, but if the target is high risk buyers and the apr is not off by an order of magnitude, seems like they are just enabling their work force. I could think of a lot worse things than a company giving someone a job and then offering them expensive tools to do it. |
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They cite a $96 average weekly payment for all Americans, and compare it to a $130 weekly payment for Xchange. The article's tone implies that I'm supposed to go "30% markup, shocking!", but it's comparing all borrowers to bad-credit borrowers. Knowing how other loans are priced, that seems like a pretty standard adjustment (especially for the easy-use terms of the lease).
I honestly had a lot of trouble finding the malice here. Yes, the cars are expensive, but it's like complaining about on the level payday loans as 'extortion' - the prices are set by a high default rate, not by some inexplicable market failure.