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Vehicle Lender Banned

Cash 4 Cars Akron operates in a field involving auto recycling of junk cars. The auto scrap and recycling business is far from glamourous, working with junk car scrap. Are you seeking someone to buy my junk car today? We pay cash for scrap cars 6 days a week and are an environmental advocate. Recycling your old car with us is the responsible way to dispose of an end-of-life vehicle. Contact us today for fast cash with complimentary scrap vehicle removal.

In a recent May article in the News Herald titled ‘Online car title lender banned from NC for unlawful loans’ we learned the following: “An online auto title lender charging outrageous interest rates & took consumers’ cars with little to no warning is now banned from loaning in NC. Attorney General Roy Cooper says those who needed extra money deserved a loan–not a ripped off.  NC had made illegal loans with excessive interest rates. The lender does business as Autoloans, Car Loan, Sovereign Lending Solutions and Title Loan America. Average interest rates were 250+%  on $1K to $2.5 amounts. Title loans are low dollar loans secured by consumers’ car titles. NC law caps the rates on such loans at 30% for licensed lenders and at 16% for those who are unlicensed, such as the defendant.

Over 700 NC consumers took out title loans from them. In addition to charging interest rates of between 160-575%, most of the loans included “interest only’ payments for the first 11 months and a last “balloon” payment. The lawsuit contends that when consumers couldn’t make their payments, the defendants repossessed the vehicles illegally. The lender sent borrowers a GPS tracker to install on their vehicle, while placing a lien on their vehicles. If a consumer paid late or missed a payment, the defendants used the GPS tracker to find & assume repossession of the vehicle.

Affidavits filed with the suit show examples: A Greensboro, NC couple took out a loan from TLA to help with medically-related expenses. They paid over $3,300 on a $2,000 original loan and were told they owed a final balloon payment of $1,700—which they didn’t know because they never received a copy of the agreement. The couple could not make the payment and the lender repossessed their car and sold it at auction.

A Garner borrower of $1,250 paid more than $4K on the loan but was told he owed almost $4,500 more. He asked for an extension and was denied–the defendants still towed it & sold it. A suit is underway and the company and its owners are barred from conducting such business in NC. AG Cooper says consumers who are desperate for fast cash may be pressured to overlook the red flags of a bad loan. The complete article is available at http://www.morganton.com/news/online-car-title-lender-banned-from-nc-for-unlawful-loans/article_cba9dec6-1308-11e6-b1bb-47dd6030d857.html

Who will buy my junk car?

When the auto recycling of junk cars takes place, our auto scrap process involves reusing, recycling and repurposing. Those seeking cash for scrap cars are encouraged to call us at (330) 271-6464 for a junk car quote. Our price for junk car scrap includes pick up and removal of the vehicle. Our organization advocates waste diversion by aiming to reuse & recycle as much as possible. We seek to have favorable environmental outcomes and to preserve and protect resources.