8 years ago
Wall Street loans Uber $1 billion to offer subprime auto leases
Uber, which has recently been trying to appease its drivers, has secured a $1 billion loan in a deal led by Goldman Sachs to underwrite new car leases for drivers, Bloomberg reports. The ride-sharing giant's wholly owned subsidiary, Xchange Leasing, LLC, which received the massive loan, started in July 2015. Xchange offers subprime leases to people who have been cleared to drive for Uber, but have poor or nonexistent credit scores that prevent them from getting cars.
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