Scrap Auto Title Loans?

Here at Cash 4 Cars Akron, a provider who buys junk cars in Summit, Portage, Medina, Stark, Mahoning and Trumbull counties, we offer cash for junk cars. Our business is not to be confused with the providers of auto title loans, which are a source of controversy. On March 25, 2015, Herb Weisbaum of nbcnews.com composed an article titled ‘Auto Title Loans Riskier Than Payday Loans’ with the following highlights: “When you’re desperate for cash and have run out of options, you might be willing to risk your car to buy yourself some time. That’s what happens with an auto title loan. You keep your car, but sign over the title to the lender who uses the vehicle as collateral. If you don’t pay on time, the lender can repossess your wheels. But the auto title loan market is plagued by problems including unaffordable payments & excessive prices, according to a new report from the Pew Charitable Trusts.

Fewer people use title loans than take out payday loans, but they are usually for larger amounts; they typically carry higher costs than payday loans. One of the most significant findings in this report: The average customer pays more in fees than the amount borrowed. The average auto title loan is for $1,000 & the monthly fee is $250 (equivalent to a 300 percent APR). That $1,250 payment is typically due in 30 days and is more than most borrowers can handle. Pew estimates that it’s about 50 percent of most borrowers’ monthly income, so they renew the loan – again and again. Add up all those fees and the average customer pays $1,200 to borrow a thousand dollars. The Pew study also found that 6 to 11% of the people who take out an auto title loan have their vehicle repossessed.” Here is the link to the full article:
http://www.nbcnews.com/business/consumer/auto-title-loans-worse-payday-loans-new-report-says-n330056

These types of auto title loans are prevalent in an estimated 25 states in the US. The mere fact that they are only available in ½ of the states is a clear indication that they are not a favorable consumer product. It is the latest way that lower-income Americans are targeted by lenders. At the core, the problem is still the way many Americans live above their means, paycheck to paycheck, with a lack of savings.

Cash 4 Cars Akron is a company who buys junk cars. Our scrap vehicle buyer is available 7 days a week to provide a junk car quote for your old car, junk vehicle or scrap car. To get cash for junk cars in Chapel Hill, Kent, Highland Square, Barberton or Ravenna–call us at (330) 271-6464. If you are wondering who buys junk cars in Springfield Township, the Merriman Valley, the Portage Lakes, East Akron, North Akron and Wadsworth—look no further. We will pick up and pay you cash for junk cars at repair shops such as Firestone Service Centers, Conrad’s locations, transmission shops, Goodyear stores, Midas locations, NTB locations and Monro Muffler & Brake shops. We provide you an instant junk car quote to buy your damaged or wrecked vehicle throughout the areas of Bath, Canal Fulton, Silver Lake, Canton and Copley.

Our typical junk car quote is between $150-$350 in cash, regardless of whether the automobile is located in Mogadore, Warren, Stow, Lakemore or Clinton. Free towing is included in our cash for cars in these areas also: Medina, Cuyahoga Falls, Fairlawn, Firestone Park, Norton, Monroe Falls, Peninsula, Tallmadge and New Franklin. Scrap your car for cash today in Massillon, Kenmore, Green and Hudson by contacting us. Same-day removal of your junk car, scrap van or wrecked SUV is available as long as you contact us before 2PM and have the car’s title and an ID.