Barberton Junk Cars is a buy my junk car solution for owners of scrap vehicles. To obtain cash for wrecked cars, the first step is to receive a quote for a junk car. This quoted price that you receive from us will also include junk vehicle removal from your location. Old vehicle recycling conserves in excess of 80 million barrels of oil annually. This oil would normally be lost in the manufacturing of new auto components. Did you know that auto recycling with BJC helps to limit energy usage & consumption of critical materials?
A 2014 study titled ‘Fair Lending: Implications for the Indirect Auto Finance Market’ was prepared by Arthur Baines and Dr. Marsha Courchane. The report was compiled and directed to the American Financial Service Assoc. In our first look at this study, we learned as follows: “The auto finance market provides credit through both leasing and purchasing options for a broad range of market segments which include direct & indirect finance passages, new and used vehicles, and prime, non-prime, and subprime buyers.
Financial associations in the direct channel originate loans directly to customers for the purpose of buying a new or used vehicle. Once a consumer is accepted by the financial institution, the consumer completes the vehicle purchase, generally at a dealer, subject to the rates dictated by the financial institution. In the direct channel, financing and buying the vehicle are related but two separate transactions. Financial institutions in the indirect channel buy retail installment sale agreements from a dealer. The pricing variances within the indirect channel are a focal point of current regulators to determined fairness. In the indirect channel, there is no direct interaction between the bank and the customer when they buy. The contracts are assigned by the retailer directly with a buyer. To allow such transactions, lenders regulate which contracts they will take and offer retailers wholesale finance rates, often referred to as ‘buy rates.’ The seller and buyer negotiate the financing in one transaction amid the car purchase. The dealer allocates the contract to a lender willing to buy it. Essentially the dealer auctions the deal and financial groups are in competition to acquire the resulting dealer business. This research effort focused primarily on the indirect channel, the subsequent results in one channel have some impact to the other channel (direct) and all others involved.
New vehicles & used cars are both present in the arena. New vehicles are typically retailed by franchised dealerships. Franchised dealers are fundamentally different than independent auto retailers. Pre-owned vehicles, unlike new vehicles, may be sold by franchised dealers, independent auto retailers and in private-party deals without dealer involvement. Pre-owned vehicles have several categories such as: 1) certified used vehicles, one to three years old; 2) later-model cars, typically less than 6 years old, and 3) older-model used vehicles. The prices can vary significantly in each case. NADA reports the average pre-owned vehicle price at franchised dealers was $18,111 in 2013. The average pre-owned vehicle price at independent dealers and in private party sales were $9,500 and $7,000. In 2013, about fifty-two percent of used vehicles were financed.
The credit market classifications have different thresholds for each group; nearly all of them used an automated credit score, obtained from some source, to accurately label each buyer. Unlike mortgage markets, where certain financial products came to be known as ‘sub-prime products,’ in auto lending there isn’t an equivalent subprime car product. According to Experian Auto, the 2013 market for financed new cars consisted of sixty-four percent prime buyers, twenty percent non-prime buyers and sixteen percent sub-prime buyers. The volume of sub-prime deals in the preowned vehicle segment is a considerably higher percentage.” The study can be viewed in its entirety at http://www.crai.com
Who will buy my junk car?
Did you know that Barberton Junk Cars now pays cash for wrecked cars throughout Summit, Portage and Medina Counties? Our scrap car buyer is available 6 days a week to give you a quote for a junk car right over the phone. There is no need t be concerned if your car is non-running, damaged or wrecked, as we offer complimentary junk vehicle removal throughout our scrap my car service area. The eco-friendly manner in our recycling processes which help to conserve precious raw materials and protect the environment that we all share. As an eco-conscious organization, our junk car scrap program reduces pollution to the air, water and land, as well as a multitude of other environmental benefits.