Auto Loans for Vehicles

Much of the recent automotive news has centered on the financing of vehicles, particularly the subprime (aka: bad credit) sector of the business. Here at Barberton Junk Cars we continue to update on the topic, as it indirectly has an impact in the vehicle scrap market. As a scrap car hauler we often see instances where we are contacted to pick up a totaled car that is a late year model, from a would-be seller that was not keeping up on their insurance premiums. These potential sellers are unable to sell us their scrap car since the lender still owns the car they were driving and they often attribute their lack of insurance coverage to the large monthly auto loan payment they must pay.

Dan Weil of newsmax.com posted a story on April 16, 2015 titled ‘Auto Loan Market Looks Increasingly Like Pre-Crisis Housing Market’ with the following details: “Add Elizabeth Warren, D-Mass, to those concerned about the growth — and deteriorating quality — of the subprime auto loan market.” Warren, a Massachusetts Senator, recently stated: “Right now, the auto loan market looks increasingly like the pre-crisis housing market, with good actors & bad actors mixed together. The market is now thick with loose underwriting standards, predatory lending practices & increasing repossessions. Investors are going nuts over subprime auto-loan bonds, enticed by their hefty yields in a low interest-rate environment. Some experts are worried that the investment spree could end in disaster, as strapped borrowers default on their loans. Sounds eerily familiar to the subprime mortgage market before the 2008 financial crisis, doesn’t it?  Fortunately, the size of the overall auto loan market pales in comparison to the mortgage market — $948 billion compared with $8 trillion.” The complete article is available at this link: http://www.newsmax.com/Finance/StreetTalk/Warren-auto-loan-market/2015/04/16/id/638892/

Barberton Junk Cars is a scrap car hauler that buys junk cars throughout East Akron, Kent, and Peninsula. Even if you have a totaled car or wrecked vehicle in Firestone Park, Highland Square and Barberton, we will buy it. The process for vehicle scrap in Ravenna, Springfield Township, and Merriman Valley is easier than you may think. You can simply contact the area’s best scrap car hauler at (330) 732-JUNK and we can pick it up regardless of whether you are located in Bath, Canal Fulton or Silver Lake. Do you have a totaled car in Canton, Copley or Mogadore? Are you in need of a vehicle scrap solution in Warren, Stow or Lakemore? The requirements for selling a car for cash in Clinton, Medina or Coventry Township are simply that you have the vehicle title and an ID. Residents of Cuyahoga Falls, the Portage Lakes and Fairlawn are able to get cash for their old car and same-day pick up. If your vehicle is at a repair shop such as Firestone, Conrad’s, transmission shops or Goodyear store in Norton, Monroe Falls or Tallmadge—give us a call for a junk car quote. Those seeking cash for a car and junk auto pricing in New Franklin, Massillon and Kenmore are encouraged to contact BJC!