Uber is ending its subprime car leasing program in the US

Uber plans to shutter Xchange Leasing, its US subprime car leasing operation, the Wall Street Journals reports. Uber executives decided to wind down Xchange, a wholly owned subsidiary, after realizing that the average loss per vehicle was 18 times what they had thought. From the Journal:

The Xchange Leasing division had been estimating modest losses of around $500 per auto on average, these people said. But managers recently informed Uber executives that the losses were actually about $9,000...

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