Auto Finance Update
Cleveland Scrap Cars offers cash for a damaged car and serves as a damaged and wrecked vehicle buyer. Are you wondering how to scrap my car for cash in Cuyahoga Heights, Oakwood Village, or North Olmsted? Those that are curious to know what is a junk car worth in Parma, Beachwood, and Bedford Heights, are encouraged to call. To get cash for a damaged car in the regions of Sagamore Hills, Middleburg Heights, and Glenwillow we recommend you call (216) 282-JUNK. When you sell a car to a wrecked vehicle buyer, the materials that comprise your car I can be recycled, repurposed and remanufactured?
In a February 4, 2016 story on CNBC titled ‘Banks and automakers drive auto lending spike’ authored by Jon Marino tells us the following: “Wall Street banks are moving forward with the auto lending finance business and automakers, which have expanded their financing capabilities in recent years, are backing more borrowers also. By the end of 2015, banks — the primary source of credit to car buyers who need to borrow — expanded their market share to more than 35%. (according to Experian) Banks control more of the auto financing market than any other entity. Lenders are channeling cash to car buyers as loans that are extended for longer periods. Consumers are spending more on monthly payments and borrowers with increasingly worse credit are getting loans. The flood of credit to the auto market has been met with skepticism, comparing it to the same lending that preceded the home values crash that of the global financial crisis. But credit quality — similar to the banking industry’s exposure to energy debt — varies from firm to firm.
Bruce Jackson, head of retail lending at JPMorgan Chase, says they are prime focused with less than 5% of business for consumers with credit scores of less than 620. Cheap credit from the Fed has fostered a new renaissance of auto sales in the U.S., with automakers producing as many cars as they did before the financial crisis.
Both banks and big auto companies nudged “buy here, pay here” in-dealership financing options further out of the market. The BHPH lenders lost nearly 10% of their share of the market. Wells Fargo, according to Experian, has become the biggest lender to used car buyers, with more than $31B in auto loans.
JPMorgan expanded its auto loans by about 10%. A Reuters article highlighted a substantial rise in lending for Bank of America, which has also boosted staffing in auto lending. Capital One grew loans held for investment by about 15% from 2014 to 2015. Bank participation in used car lending has increased partially because of automakers’ captive finance units being able to capture loans thanks to monetary policy that has created years’ worth of low interest rates. General Motors’ finance arm noted it now provides substantially more of the financing on vehicles leased by our customers.” The full article is available at this link.
What is a junk car worth?
The questions of how to scrap my car and what is a junk car worth are quite common. Doing what is best for our environment is our goal with our auto scrap and recycling operation when we serve auto sellers in Linndale Village, Newburgh Heights, and Collinwood. Take a step in the right direction by getting cash for a damaged car. As a wrecked vehicle buyer in the auto recycling market we are all for protecting our environment. Those seeking to find out how to scrap my car can contact us for eco-friendly vehicle recycling details. Residents of Maple Heights, Middlefield, and University Heights can scrap their car for fast cash today! Even if your car is broken down at a repair shop in Westlake, Shaker Heights, or North Randall—we can pick it up. Complimentary junk car hauling service is included in our junk car quote for those in Macedonia, Bedford, and Aurora. We handle old car scrap and related auto scrap 6 days a week throughout Solon, Walton Hills, and Streetsboro.