Buy scrap cars, cars for cash, damaged vehicle removal, junk car removal, old car scrap

Lenders Scrapping Subprime Auto

Cash 4 Cars Akron is in the cars for cash business handling old car scrap and damaged vehicle removal. We buy scrap cars and include complimentary junk car removal services. Do you have an old car to sell for cash? In the US annually approximately 12 million to 15 million junk cars are scrapped, providing tremendous amounts of salvage components & various recyclable materials. The eco-friendly manner in which we handle old vehicle recycling helps in retention of key raw materials & protects various natural habitats

On July 3, 2016, Jim Henry in Auto News posted a story titled ‘Auto financiers tapping the brakes on subprime lending’ with the following dialogue: “Execs at some of the largest banks in auto financing said at a conference that they’re cutting back on subprime lending, especially at the lowest end of the credit spectrum. They did insist that the credit environment is solid for auto lending overall. Richard Fairbank, CEO of Capital One Financial Corp says they love the auto business, but they must do it on their own terms.

Jeffrey Brown, CEO of Ally Financial Inc., says Ally is cutting back on lending to consumers at the lowest end of the sub-prime market. He said sub-prime, with credit scores of 540 to 620, made up for about 11% of their originations in the 2nd quarter, down from around 13% in 2015. Fairbank said Capital One says subprime auto lending is worrisome on two fronts: first, some lenders take greater risks in subprime, and second, used-vehicle auction prices are reverting to more reasonable levels from relative highs. Some dealers may acknowledge Cap One’s caution by taking the business elsewhere, and he’s OK with that.

At the end of the 1st quarter, customers with credit scores of less than 620 accounted for 32% of Cap One’s auto loans, down from 35% a year earlier. Meanwhile, the mix of credit scores greater than 660 increased to 51%, from 48%. Ally’s Brown said that, in pursuit of higher profit margins, Ally raised interest rates at the beginning of 2016. The adjustment cost Ally some share at both super-prime, where risk is low & margins are low, and at the low end of sub-prime, where margins are high and risk is high”. The full article is available at http://www.autonews.com/article/20160603/RETAIL/160609932/auto-financiers-tapping-the-brakes-on-subprime-lending

Who will buy scrap cars in Kent, OH?

In the cars for cash arena, the old car scrap price can be in a state of flux. The global demand for commodities such as steel and aluminum can impact the prices offered when processing junk car removal. Our damaged vehicle removal program is typically able to offer you same-day or next-day service throughout Summit, Medina and Portage County. Doing what is necessary for protection of the environment is our focus with the auto scrap & recycling process. Take a positive step for protecting out air, water and land by contacting our scrap vehicle buyer at (330) 271-6464 for eco-friendly and fast vehicle recycling.