finance
Uber Driver Seeks Advice on Voluntary Repossession After Two Car Loans
A San Francisco Uber driver who financed a Honda CR-V for nearly $60,000 in 2022 asked Dave Ramsey whether returning the vehicles would be advisable. The driver reported that his income fell after Uber ended a hybrid-vehicle earnings program.
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A San Francisco Uber driver contacted personal finance commentator Dave Ramsey after accumulating two car loans and falling behind on payments. The driver financed a Honda CR-V for nearly $60,000 in 2022 during a period of elevated vehicle prices. He stated that larger vehicles initially appeared to generate higher earnings on the Uber platform.
Uber later removed a program that increased pay for hybrid drivers. The driver reported that weekly income declined after the change. Ramsey told the driver that the gross revenue had been offset by loan costs. He said the driver had been working for free for Uber.
The cars lost value faster than the loan balances decreased. The driver asked whether a voluntary repossession would be a reasonable step. A voluntary repossession occurs when a borrower returns a financed vehicle to the lender after missing payments.
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