Auto Title Loans 

Auto title loans are a relatively new business preying on US consumers. Vehicle owners who need cash and have poor credit and limited options will take out a loan using their car as collateral. On October 13, 2014 Yahoo Autos posted an article by Steven Lang that looks at this further in a posting titled ‘Why car title loans are the financial drug many Americans can’t quit’. “The business of loaning money, in exchange for a lien on their vehicle’s title, has become the fastest-growing financial instrument over the last five years. Unlike a credit card, when you default on a title loan, the lender has the immediate right to seize your vehicle and then sell it for the overdue balance after a 10- to 30-day holding period.” The regulations on this practice, regarding the APR that can be charged varies by state. For example, California and Texas have no limit on the APR, while Ohio and Kentucky have a limit. Some states including Washington and Pennsylvania do not allow these types of auto loans. “The rate of success for title loans is about 80 percent. Lenders, who typically lend out $500 to $2,000 in cash, face the risk of not being paid back. There is no shortage of scam artists who will do everything from taking the car out of state, switching the car with a family member, or even crushing the car at a recycling facility, after they have taken a loan on it.” From the lender’s perspective it seems risky since unlawful “cash for clunkers” buyers could be buying junk cars for recycling and such. Lang states that “Thousands of cars are never recovered, while more wind up with mechanical problems that make the vehicles worthless. As a result, far more title lenders have gone bankrupt over the last 5 years versus banks & other lending institutions.” The full story is available at https://autos.yahoo.com/blogs/motoramic/why-title-loans-are-the-financial-drug-many-americans-can-t-quit-161024511.html

Sell Junk Car

If wondering how to sell a junk car in Summit County–the solution is simple. Call Barberton Junk Cars to get cash for clunkers in Akron, Barberton, Copley or Norton. We have been buying junk cars in Ellet, Firestone Park and Cuyahoga Falls for years. To sell a junk car in the Portage Lakes, Stow or Tallmadge, contact our phone for buying junk cars at (330) 732-JUNK and get cash for your car, truck or SUV. The requirements are that the seller has the vehicle title and an ID. We buy scrap cars throughout the greater Akron area, covering most of the 330 area code located within Summit County. Our cash for clunkers program allows you to sell your junk car for cash 7 days a week and our buying junk cars price includes free towing of your junk vehicle. For a junk car quote visit us at https://www.barbertonjunkcars.com today.