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Low-End Auto Financing Could Present Problems

Why put it off further when we are buying auto scrap 6 days a week throughout Springfield Township, Kenmore, & North Akron. Most of the junk cars in Ohio are resting somewhere, perhaps out in Doylestown, Sharon Center, or Mogadore, for no reason.  You have the ability to sell us your car 6 days a week throughout Stow, Monroe Falls, & East Akron. Do you know how to sell a junk car in Silver Lake, Wadsworth, or Medina? If not, give us a call today.

A May 22, 2017 article on Bloomberg by Lisa Abramowicz informed us as follows: “The auto finance market has been producing a significant volume of business recently. Lending standards have increasingly become more lenient. Santander Consumer USA is a large player in loan offerings to those with substandard credit, also known as the subprime auto finance market. Loans secured by bonds are much lower for them compared to a 64% rate in a security reports by GM Financial Co.’s AmeriCredit segment. In May, Moody’s reported that Santander had an advanced proportion of loans combined with dangerous terms, poor consumer credit and minimal verification of income compared to their competitors.

Santander is largely viewed as an anomaly among some of the large vehicle lenders, along with many independents, some of which also are known to facilitate risky lending practices. It appears somewhat similar to the 2008 financial meltdown, where lenders had infamously lax standards. In the years prior, lending institutions allowed for massive mortgage debt, which turned out poorly. This market is different because the groups of vehicle loans are small smaller in volume (value). Auto loan terms are much shorter, and the amount of outstanding debt is comparatively less. Lax vehicle financing practices may result in greater rates of default. This is bad news for automakers, who may decide to begin limiting their share of the lower end of the market. U.S. auto manufacturers are amid great change in their marketplace from the potential of self-driving cars.” The complete story is available at this link.

Auto Scrap Car Recycling

We strive to boost positive public opinion of the auto scrap and recycling community. Are still undecided about your old car going to auto scrap in Kent, New Franklin, & Firestone Park? The market for junk cars in Ohio is volatile throughout Highland Square, Copley, or Barberton.  When you take action to sell us your car in Ravenna, Lakemore, or Clinton, the process of scrap recycling begins. A message to those with a “piece of junk” car sitting there in Rootstown, Rolling Acres, or the Portage Lakes—learn how to sell a junk car!