auto recycling of junk cars, auto scrap, buy my junk car, cash for scrap cars, junk car scrap

Predatory Car Lending Problems

Those with abandoned and unwanted cars, trucks and vans in Wadsworth, Medina, and Kent should call our auto buyer. In 2016 the price for a junk car has diminished quite a bit regardless if located in New Franklin, Firestone Park, or Highland Square. Call our scrap car buyer and we will give you cash on the spot and tow your car away from Copley, Barberton, or Ravenna. Where is a good place for selling an old car in the regions of Merriman Valley, Bath, or Lakemore, OH?

In the March 4, 2017 edition of Crain’s Cleveland, Jeremy Nobile looks at the short-term lending problem in the region as follows: “The short-term lending industry is running wild in Ohio, preying on locals, such as in Cleveland, where the lenders are particularly active. Lawmakers have expressed interest in regulating the industry, but efforts have not slowed the growth of new stores. Payday & vehicle title lenders are thriving in the Cleveland area and under names such as Advance America, Cashland and Check into Cash. You may notice competing shops packed in together on the same block, usually in the region’s poorer areas. Lenders say they’re serving a credit need banks won’t touch, providing a significant resource to consumers.

The Small-Dollar Loan Project of The Pew Charitable Trusts explains that the typical APR on a payday loan in OH is 591%. These rates make it virtually impossible for consumers to comfortably pay them back. Past laws have targeted those APRs directly, capping them in Ohio at 28%. But the industry has found loopholes in laws allowing them to add many additional fees that boost the rates. A recent report indicates that a $300 loan paid back over 5 months costs at least $680 just in fees. The credit is so expensive that it can create havoc on people and their families.  One local instance in 2015, a single mom with 5 kids took out a vehicle title loan. She ended up paying the rent rather than the loan on the due date.  Vehicle title loans are quite similar to pay-day loans in their terms, except they hold the debtor’s car as collateral in the deal. After she lost her car, she then lost her job and became homeless at one point. Without transportation, her kids even stopped going to school.  The issue took several months to with assistance from Legal Aid to restructure a payment arrangement. A Pew’s study reported that Ohio had over 600 such loan locations.” The complete article is available at this link.

Our auto buyer in Silver Lake, Green, and Fairlawn is the fast solution for disposal of an old car. The overall price for a junk car is poised to remain low in the short-run in Springfield Township, Kenmore, and North Akron. As a scrap car buyer in Doylestown, Sharon Center, and Mogadore, we buy junk cars and broken-down vehicles readily. Selling an old car for scrap in the areas of Stow, Monroe Falls, and East Akron is quite simple. Did you know that in the US, 12M to 15M cars are scrapped, providing tremendous amounts of salvageable components and recyclable material?