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...Uber also had its own subprime auto lending division — Xchange Leasing — but decided to sell up after big losses....
...Uber is shutting its lossmaking car leasing business Xchange Leasing, which bought cars and loaned them to drivers unable to purchase their own....
...Uber now operates its own vehicle finance programme, called XChange Leasing, and has a credit facility of up to $1bn to help fund its car loans....
...Uber says its Xchange leasing programme is not profitable....
...It set up Xchange Leasing to provide aspiring Uber drivers with vehicles on lease, but they represent just a fraction — a “few thousand” — of Uber’s Indian fleet....
...Mr Jamieson adds that Google, Facebook, Amazon and Microsoft are not content with leasing capacity on services managed by others....
...*According to Bloomberg, the latest twist sees Uber’s Xchange leasing solution benefit from a $1bn credit facility from Goldman Sachs for the purpose of funding new car leases directly, linking the company...
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