Discoveries On Lyft 70/30 Guarantee Clearing Up Misunderstandings
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- เผยแพร่เมื่อ 17 ก.พ. 2024
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What other questions do you have regarding the external fees, and 70/30 split?
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Lyft is promising 53%/47% used to be 80%/20% and the 20 used to cover all of their cost including insurance.
they have also been losing money trying to get the market share
The way to change how thay treat drivers, is to NOT ACCEPT any ride under $2/mile!!!
I agree and wish it was $2/mile payout hut the rideshare companies do not give more than $1/mile. I’m hoping regulars can put pressure on the rideshare companies to offer drivers fair wages.
😂
I don't even accept any trips from Lyft, I think l am going stop opening the app period, it's a waste of time..
Total waste
They can still fudge the numbers. No matter how you spin it. We should be getting paid appropriately on every ride. We shouldn't have to wait for the end of the week. They shouldn't be using a surge to off set Rides that under pay. They're using the lack lester pay To offset Surge. They will rob you on a really long trip to the airport as low as 20% of the trip. But then give you 100+% of ride that meets They're per hour rate agenda.
What? This comment doesn't make sense.
@@bossbrent I'm sorry You are confused. But that's how the new fee structure is supposed to be. Confusing.
@@agl6183 huh?
Fudge?
Rob?
Surge?
@bossbrent fudge : adjust or manipulate (facts or figures) so as to present a desired picture. Surge is a representation of demand. Increases driver's payouts. Rob: When someone believes somebody overpaid or underpaid of Said item or service.
I have been declining almost EVERY offer from Lyft over the last week. The only exceptions have been rides that are going where I wanted to be.
When I am downtown I'm sticking to uber 99% of the time b/c the base rate is higher than Lyft. $5.20 vs. $3.30 is HUGE. Lyft seems to think $17/hr will maintain my vehicle.
They do not care about your well being. They know $17 will not take care of your car. Find another way to make money. I did. I drove over 4000 rides and walked 18 months ago.
Why should they care?
Why does there have to be adjustments???? Why cant the app correctly pay us the correct percentage based on the distance and time of the ride after we drop off passengers?? In actuality they can do it correctly from the get go but psychologically they do this so that you think they're on your side.
not sure about recently, but when I was driving last year, they paid what the Rate Card said it'll pay. $0.87 + $0.77/mile + $0.13/minute with min $3.71. Only times when it gets shitty is when there's extra spots or rider being a dumbass.
Driving for Lyft in my city doesn’t make any sense at all. Uber only make sense during some surge.
That's in most cities
I would be totally cool with that if Iwe were to be able to out our expenses too. Right?
Bring back rate cards and all this shell-game bs goes away.
No profit in that so they're definitely not gonna do that. Rate cards are permanently in the past.
I took a customer to the airport, loading her huge 6 luggage and unloading them at the airport, I got paid (driving a Chevy Suburban) $5.95, and no tip! Delivering a package, I got paid $2.80, and no tip! The list can keep going! The bottom line is that when are no incentives or bonuses we are getting paid less then the minimum age since we have to pay for gasoline, oil change every 45 days and other vehicle maintenance , and a cleaning every day since is necessary!
$6 in a Tahoe means that your judgment is subpar
Thank you guys for all you do.
Here is an example of how it goes:
The passenger pays 89 for a trip. Let's say that the most paid to external expenses is 24%. That factors out as 89 x 24% = 21.36 for external expenses.
Now, you do this:
89 - 21.36 = 67.64 remaining passenger payment.
Now, let's say that there is a 70/30 split on 67.64.
In this case scenario, the driver pay is: 67.64 × 70% = 47.35 payout for this trip.
The Lyft platform fee is:
67.64 x 30% = 20.29 payout for this trip.
The 70% is the "floor percentage payout" for each week. Those drivers which do not make that "weekly floor percentage" will be paid the difference; in order to meet it.
Lyft will pay this difference from their own funds. That difference CANNOT be siphoned off the fares of the top 85% drivers.
The drivers which make 70% and above will make that. They will not be brought down to 70% when they are making more than 70% per week.
If that happens, then Lyft will immediately lose plenty of drivers which put in a lot of time. Each driver would immediately delete the app.
Lyft cannot afford to lose those drivers which receive 70% or more percentage of weekly passenger payments after external expenses.
Do you have proof that the external fees are mostly insurance cost or just the Rideshare companies word for it ?
The accountants at the Rideshare companies can easily buy the insurance and resell it to customers/drivers at a profit to get to 24%.
So do I have proof, no other than the smell test and some critical reasoning.
What about bonuses, surges etc does that also get a 24% insurance haircut ? Doesn’t make any sense. What about different categories of cars, they all pay the same 24% ?
My speculations, observations, theories, critical reasoning etc are to promote what is needed and that is for a call for a federal congressional and SEC investigation into these insurances fees.
Misrepresentation of these insurance fees is a Deceptive Trade Practice of which there are laws on the books to prevent this.
My speculation is Uber’s insurance fee is I guess 8% on average of the fare. Uber then triples that to 24% to make a profit on it and calls it an external fee with other items for opaqueness and confusion and plausible deniability.
Can you prove me wrong other than what Uber or Lyft says ?
You have as much proof as I do. That’s why strikers and protesters must call for congressional investigation into these insurance fee claims. If congressional forensic accountants found Ubers insurance costs fraudulent then will you believe it ? I say that is the only way to find out.
Here is some more critical reasoning for you. If Insurance was really taking 24% off the gross of every trip, and Ubers gross booking were 35 billion in 2023 that means Uber paid over 8 billion dollars in 2023 for insurance-do you really believe that ?
Does anybody anywhere pay 24 % of gross sales for insurance ? Even the mob takes less. How much are Uber’s accident claims ? I bet exponentially less. Show me on Ubers balance sheet a line item for 8 billion dollars insurance costs.
Also if losing 24% of their whole business to insurance, (8 billion dollars), wouldn’t Uber self insure up to 1 million dollars. Then have insurance with a million dollar deductible ? Some trucking companies like Knight transportation do that.
I am not some yahoo making wild accusations to shoot my mouth off. I am doing serious critical reasoning of the claims and lies Uber and Lyft are spreading publicly.
You may not believe me; but, we can both believe a congressional investigation result getting to the actual hidden data.
Do you agree ? If not, which parts do you disagree with ?
Used to drive for Lyft 2-3 years ago, since found out I got paid only 30% per a ride. Drove later only for Uber which display how much customer has to pay and how much driver will get paid which is about 60%-80% per ride. Lyft cares only a cheapest for customer not drivers who risk their lives on the streets
The payback of the 70% difference to the drivers which did not meet the "floor percentage" by the end of the week is paid back from the overpayment of Lyft platform fees which took place during that week.
As I have said previously, a number of rides taken on the right are twice as many as on the left. Yet insurance premiums are less on the right than they are on the left go figure
They claim they are paying us better yet in the last month they have had to back pay me over 250$. Every 2 weeks I get a 130$ pay back due to under paying me. Sure would be nice if they just paid me upfront
Why are you including tolls and tips in earnings? You need to deduct both lines from earnings!!!! Then do the math, much worse...you guys working for Lyft?
17:10
Chris, this was also the plot of Superman 3 when Richard Pryor took all the fractions of Pennies from the banks.
And Office Space!
Sergio, how do you figure the top 85% of Lyft drivers are subsidizing for the bottom 15% of Lyft drivers; concerning the 70% payoff? In what way is this done?
Because 1 day few hours seem less than 27 hours. They want to make it sound better.
The lyft fee will adjust on how much of a bonus you have going...if they show me a 20$ ride and I have no bonus I'll get 20$ for the ride..but if I have a 7$ bonus going they will show me a same ride but once I drop off..I'll only get 13$ for the ride and the 7$ bonus to make 20$ that's how they are getting us
When did Lyft release this 70/30 guarantee? I drive in Orange County California and I still can't see this feature on both my Android or IPhone. HELP!!
How do we KNOW that these companies aren't paying obscene amounts for the commercial auto insurance policies that they're buying and paying for?
Just as a side note Sergio, in the left screen shot Lyft fee of $76.80 is actually the amount Lyft had to chip in for some reason, it is a deduction when the number is preceded by a - minus sign. I had a ride last week that the pass paid $6.71 surge was 15.50 , I got 19.15 and Lyft contributed $13.32
@dougharo9138 7:25 Good catch. Yes, that first screenshot of the weekly payout shows that Lyft actually ONLY PAID OUT to that driver for that ENTIRE WEEK.
The completion of that pay week resulted in Lyft receiving ABSOLUTELY NO PAYMENT after the summation of passengers' payments. That driver snatched up some serious bonuses and surges that week for sure.
What about this:
If lyft starts with Total Amount Driver Paid
and then they take their fees (based on a percentage) your tips are included in that amount. The tips show up as a line item after the take fees but as an adjustment.
So aren't the drivers tips going to help pay lyfts expenses?
Calc's should look like this
Total Amount Paid By Rider
then subtract TIPS Paid Amount
This Amount should be the number lyft uses to extract their expenses
Lyft ADDS the tips as an adjustment after their take rate has been calculated
Am I missing something here?
@johndavidson4210 Click on the "I symbol" next to the passenger payment. You will find that the tips are NOT included in the passenger payment. Tips are not a part of the factoring process.
They are screwing us, commercial auto insurance for one million dollar policy only 300-400 per month for black drivers. They charging us four times the rate for standard and probably buying a bulk price. So it’s simple let get our own commercial insurance which will probably be 200 per month and allow us to keep our own money they charging us per mile on insurance already paid for in bulk
One of the unintended or maybe on Lyft part intended consequences is they can now discount a ride to the customer without reducing their revenue they make and that intern reduces the drivers revenue possibility.
Absolutele facts! Lyft was ALREADY undercutting Uber for two months before this announcement, so their driver retention team simply seized the opportunity.
Lyft has become some real Bullshxt, "Turbo bonus " . Basically that's when you turn on Uber, they overcharge the customer just to pay you 20% extra on a $10 ride, and sometimes the bonus isn't even noticed when a ride is offering less than a dollar a mile.
The way I see it, it’s a scam. Not sure why they count toll reimbursement as income 🤔
They treat all of their expenses as income for the driver. That is why they put it back on us so we have have to write it off during tax time
What I want to know is how that applies to surge pricing. Because I was literally just shown a guy's phone saying that it would cost him $400 to go 30 mi. And how much of that I would actually get. When I looked it up on my app it was $45. I would have seen a total of maybe $51 at best
I would almost guarantee the figure they give for passenger payments on the weekly breakdown is completely false. Someone needs to go on a mission and get pax screenshots for each ride given in a week. Add that up, and see how it compares to the actual figure they give you in the breakdown. This would be done much easier by a driver who is not giving a boatload of rides.
The point is drivers are not happy with their earnings. Lyft can try to prove itself. But if it walks like a duck, looks like a duck and quacks like a duck. You know what it is. Safe driving everyone
As a long time part time driver in Denver I started getting back to Uber & Lyft after a few months pause. I realized how suck the Uber rates are compared to the Lyft! I was never a fan of Lyft but I am pushed into the Lyft now because Uber rates are absolutely sucks!
We have an expression saying " There are such bad snakes in hell that you go shelter with the dragons!"
We shouldn't need a Calculus class get a decent wage...💯...
Individual screenshots are exactly what you should be looking at !!!!!
Why?
(You won't answer)😂
@@bossbrent because sometimes a driver only gives one or two maybe three rides a day . Anybody worth their salt knows , to only drive when there is a rush . Otherwise your just losing money . 1 out of every 10 days , every single ride will tip . The other 9 not a single person will tip . And I never had a negative review . 5 stars on every ride . Doesn't help you make any money thou
No matter how many times Sergio keeps telling drivers to not pay attention to individual rides we're gonna keep doing it because getting ripped off on one ride is one ride too many. These companies are NEVER entitled to take more than 25% of ANY ride, period.
😂
My app does not show this. Lyft says it's available in ''Most Major cities, and expanding soon'' Not everyone is getting the Earnings Guarantee. Totally not fair, everyone should be getting the same guarantee!
Can't even find a lawyer to help me sue lyft. You have to be a passenger not a driver
How to send the screenshot to you guys? Because Passenger paid 1197.31 and External fees was 500.81 on my screen.
At this point lyft should just say 50/50 and keep your tips
The commercial insurance what the Lyft/Uber drivers paying for, only covers the drivers in case of an accident! If you are getting a blood clot in your leg because you are driving and seating in the same position for many hours, thereafter you cannot work for several months, you won’t get paid a dime! Even when you are involved in a car accident, the same Insurance (INTACT) is giving you the roundabout! They send you a list with medical providers who are not accepting to treat you because is not a worker’s compensation claim! If you don’t get a medical temporary disability note from a primary treating physician, you don’t get paid anything! When you have a PTP and waiting for an appointment to schedule your visit up to 30-45 days: you can’t work, and you don’t get paid any TD benefits either! You’re screwed!
no one told you to sit in the same position for hours months on end. It's your responsibility to care for yourself. Stop working or take breaks, if you're not feeling well.
Lyft isnt showing me what the passenger paid. They havent even sent me anything about me making 70% i can sens you a screeshot it only shows what i made. It doesnt show the ext expenses or what is being taken from me. Everyone else is getting the transparency but me! Wth is going on. Plus lyft hasnt sent me an update in over a year!
I'm an extremely experienced and strategic driver, and from all I've seen of Sergio's earnings in the past, I earn a lot more than he does. Yet, based on the past couple of weeks of summaries, I still fall below the 70% (which BTW is a fake split, because we drivers actually get less than 45% of what the customer pays on average). What percentage you get in that split has NOTHING, NOTHING to do with how smart/strategic you are as a driver. It is completely arbitrary what Lyft's algorithm charges, and what it pays, and includes hundreds of proprietary predatory factors all of which are designed to squeeze the most from each rider and give the least to each driver. Only a beans for brains would assume drivers' behavior have a big impact on this split, broadcast this BS on TH-cam, and repeat it in interviews. Sergio, stop running your mouth and trying to create a rift between struggling drivers, making them believe other drivers are stealing their bread, when it is always clearly Lyft. Focus on the fact Lyft has been taking an AVERAGE of over 60% from every ride (and now is promising to only take 55% if you read their fine print, not the 70% fake number they are misleading the media with). Charging $2500 deductibles, then taking a whopping $24 out of every $100 for insurance is a farce on its face! If true, Lyft and their insurance company need to be criminally investigated for conspiracy to commit fraud, to see if they're getting refunds or kickbacks on the backend for massively overcharging for insurance.
Uber Insurance doesn’t pass the smell test claiming about 20% gross sale goes to insurance, really ?
Last year Uber did 35 billion in gross receipts. So that means Uber paid 7 billion in insurance❗️
Yes we need a congressional investigation.
First thing to investigate where is the balance sheet line item for 7 billion insurance payment for driver insurance.
Follow-up referrals to SEC and U.S. Attorney.
😂
If every ride is not held to the same profitable standards then we are gambling addicts in Lyfts Virtual Casino
Lyft , so my passenger broke my windows, ripped 2 door handles off last yr. They did nothing. Another passenger punched me. They did nothing. Another passenger a few months ago threw up all over yhe car. They did nothing. They don't care about me. 70 to 80 percent increase pay. Where. What did they do ? Probably lower the cost for passengers. I'm not seeing it. Airport ride from George bush for a 45 min trip was going to be 17 dollars. Seriously lyft is destroying me financially. I've had my car thrown up in uber. Got 150 within minutes of report. Forgot to mention the time a potential passenger kicked a hole through my car
A cabbie! 😂
Stop driving, it will never be a profitable situation.
@@stephenbraverman4484 he's a cabbie so it's in his blood
So they add your tips to the total then take out the 30 % for them self . SMH trickery
I have been given no such notice by Lyft of this new policy
That's bullshit , I drive for Lyft and they always take around 70% and the driver gets 30 %. They might have sent you whatever but I know because I drive for them . The problem is not what they keep , the problem is 20 dollars out of the 32.00 dollar an hour the driver makes , goes to fuel .
This 70-30 story is the biggest BS of the century.
Whatever shenanigans they come up with, drivers will still make 6-7 dollars net an hour before taxes.
This is what they should tell drivers clearly that they will make 6 dollars an hour not 32 dollars an hour. Look for another job stop doing rideshare it’s not worth it !!!
It's anti-robin-hood. Taking from the poor driver to give to the rich CEO, BOARD MEMBERS million dollar bonus's
This is still ridiculous they take too much in their “fees” they don’t do shit and the amount they take for platform fees is way to much per ride. The only way it’s somewhat reasonable is when u get a decent ride surge bonus. Their still gauging the customers especially from the airports!
By now deep down sergio has to be getting sick and tired by the igonarance of so many drivers
P. S. Then we do the 70/30 split
Bonuses and promotions should not be factored into any of this at all. The 76% should only be based on fares only, all other monies should be untouched…tips, bonuses, promos should be untouched by any of their garbage math.
Gives me something to do. And I want to open the drivers eyes to a very bad situation. Sergio, you are way too intelligent to do this type of work any longer. Stop wasting your time.
This wouldn't work for me. I can estimate travel times on my own very accurately
Misunderstanding ? Before this "change" there were multiple $2.62 rides. Still today $2.62 rides. Nothing has changed. Every ride is a separate contract. How can I say that because Lyft tells you that you accept a ride at a price and will not pay more if time and distance are greater than estimated.
Walk away. Remember, you are not being paid to get the passenger. This is on you, time and distance.
But is it still better to drive for Uber vs. Lyft? So I heard
I make exactly between 30%to 40 % of what all my passengers pay
Stop driving and find another way to make a living.
Tips should be left out of the 70/30 split!!!! They swear up and down that 100% of tips go to the driver. So they should not be using it in their math to help them get to the 70/30 ratio. Just like they take their fees off the top. Are tips have not to do with the fare!
Incorrect the way it’s being billed out. We did an airport run and they took out those fees automatically then we could write those fees off on our taxes, but since they’re in control The skewed also if we were being billed four dollars for going to the airport or other external fee, then we could then go to legislator. Also, when you say commercial insurance, you’re talking about a corporation that could easily ensure themselves by taking out bonds I was speaking with the driver and he said he had an accident with a customer in the vehicle with Uber and the deductible was $2800 The math does not work. I have picked up four people that used to drive for a Lyft or Uber or drive share companies every one of them. Their vehicles were broke and they cannot repair the vehicle because the math does not work. There’s not enough funds to replace vehicles when they’re supposed to be replaced at 150,000 miles.
These rideshare companies are playing a game where they can only win. 💯. Everything always is in their favor..👍🏿They are in business to win. 👀
The way I look at it is they are just explaining where the money going that they take I don’t think the drivers are going to see any difference .We all know they take the most for what use to be the most profitable rides for drivers bar closing airport rides and major events in your city .
12:36 - 12:39 : This industry has been subsidized every single year since 2009!
Stop splitting hairs on pay and just raise the rates to passengers so you can afford to pay the drivers.
Brent, what you are saying is that Setgio is a cabbie? If that is the case, now i understand why he is not interested in doing something else.
They are not going 70/30 per ride, they add all the rides then do an average
Its this new Girl Math
Has anyone seen the 70 percent at the end of the week
I prefer to have the choice of but own commercial insurance wich it will be expensive but cheaper than lyft and if we add the outrageous 2500 deductible it is a financial disaster
Send individual trip ripoffs to your legislators.
Here is the Truth,
Lyft 70%
Drivers 30%
Just curious at the end of the week if you're 72% will Lyft adjust down to 70% actually reducing your pay.
Sergio, first I would like to say, I believe that u are not doing this for youtube money. That being said, if you are doing other things, make them your main income producing gig. It sounds to me you are driving more than 10 to 12 hours a week. Which is what I did when I drove.
Complaining will never change the way these companies pay the drivers. The business model has been changed since the inception. Uber/lift both realize that there are many desperate people willing to drive for 10 to 12 hours a day for 125 to 150 gross. You will never change anything with your pod cast.put your energy into something else. About two months ago you spoke with the CEO of Lift. The guy is worth north of 160 million. He does not care what you say. If he did, he would invite you to lunch and discuss it with you. Let me know when that lunch happens.
Great video guys, but don't get too bugged down on the minor rounding of pennies. That's what they want as long as you don't discuss further the round down from 80/20 to 53/47. They will gladly give you the pennies.
BTW
1)they should call it 53/47 and stop using insurance etc as a Cover, as you have shown they take turns taking the bulk fee anyway.
2)Every trip should be concise and predictable, this idea that a single trip is not enough is a slippery road and allows for all the manipulation necessary. There is absolutely no need for varying %ages fees vs take rates, except for benefit one group.
3) the top ups to 53% are going to come from the earnings of the driver as they clawed too much from 2) above and are simply returning it.
Psychological Gymnastics, find a better way to say 50/50 without saying 50/50 is an insult.
Decline decline decline!!!
Hey Guys good analysis you provided with all the worthless information you had. LYFT is full of crap and blowing smoke up everyones Ass! Let me bottom line this for you all. If the rider pays 100 dollars for the trip. On a 70/30 driver split I the driver should get 70 dollars. Simple as That! LYFT is just dicking every body around. If LYFT was being honest they could just give drivers a 50/50 split period! They pay their costs drivers pay their costs from each others cut! They could factor in all the costs into the price they charge the rider and quit nickel diming the drivers! Nickel dime the riders instead!
It's a rip off customer paid 60 I got 25
Serge, there's no such thing as cherry picking in my city. These idiots snag the ride in seconds. Saturated is an under statement.
They are Crooked lift and uber
Very misleading
If you don’t like working Uber , go work at Walmart for minimum wage . Stop bitching. Working ride share is a privilege not everybody can do . I’m not even allowed to do it I work under someone else’s account
Stop driving
Find another way to make a living. Ubers rules & checkbook. It will always be their way or the highway. Except that fact and move on.
I hate to say this, but these two guys are lost. The gig business is over for the drivers. These companies are Public and the shareholders are a more important group to keep happy not the drivers. This job is for a 3rd world person who can and is willing to work 6 to 7 days a week and Uber & Lift know this. It is time to get another income source.
Call it for what it is. Miss leading. This TH-cam channel is a sell out.
@dougharo9138 7:25 Good catch. Yes, that first screenshot of the weekly payout shows that Lyft actually ONLY PAID OUT to that driver for that ENTIRE WEEK.
The completion of that pay week resulted in Lyft receiving ABSOLUTELY NO PAYMENT after the summation of passengers' payments. That driver snatched up some serious bonuses and surges that week for sure.
What’s your email address?
I want to send you screenshots proving how they are fudging numbers. I drive an EV for the $150 weekly bonus. After the 50th trip, they pay me $150 and deduct $150 from Lyft fees, so instead of Lyft fees at 33%, by reducing $150, it’s now below 30% threshold. I can send you the screenshots.