Trapped in a car loan thing is their Xchange leasing program. They give sub prime car loans to anyone with a pulse if they agree to do drive for uber. Their car payments are taken directly from their driver income. These leases are expensive, a corrola costs about 150 a week to lease. People got trapped because after signing uber dropped rates and the driver can't afford their payment and have to work more hours for the same money. Somne simply work to make the payment and no longer earn money for themselves. If you remember the driver that got in a argument with the CEO, this is what he was taking aboutvwhen he said he lost 90k
He leased a 2016 Toyota Corolla from Xchange in November, paying $155 a week. Two months later, Uber slashed fares nationally. Soon Hofstede had trouble keeping up with his payments. He went from making $200 in a weekend to $140 in a weekend, he said. "It got to the point that I would drive just to meet my payment," he said. "If you were short on your payment for a week it would roll onto the payment for next week. It starts adding up."
Check out point #5 https://consumerist.com/2016/05/31/5-things-you-should-know-...
Better article https://www.google.com/amp/s/www.bloomberg.com/amp/news/arti...
Quote from above article
He leased a 2016 Toyota Corolla from Xchange in November, paying $155 a week. Two months later, Uber slashed fares nationally. Soon Hofstede had trouble keeping up with his payments. He went from making $200 in a weekend to $140 in a weekend, he said. "It got to the point that I would drive just to meet my payment," he said. "If you were short on your payment for a week it would roll onto the payment for next week. It starts adding up."
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