Scrap Vehicle Title Loans?
Are you wondering where to receive cash for scrap cars with damaged vehicle removal and junk car towing? It is as simple as calling our junk car buyer for a junk car quote and you can have cash for scrap cars today! The junk car towing, also commonly referred to as damaged car removal, is always included in our junk car quote price anywhere in Franklin County. We are a junk car buyer that provides eco-friendly scrap vehicle recycling throughout the areas of Urbancrest, Valleyview, and Blendon. Our cash for junk cars program is now available in Bexley, Dublin, and Gahanna. We buy cars in any condition now in the regions of Grove City, Groveport, and Hilliard.
Our next topic examines a controversial topic that preys on individuals who are often unable to manage their personal finances or are experiencing troubling economic setbacks. The dreaded car title loan shops have appeared virtually “overnight” in this country. As laws have tightened the profitability of the payday loan lending business, it appears that these arguably predatory lenders have emerged. On January 28, 2016 an article composed by Susan Tompor of the Detroit Free Press titled ‘High-risk auto title loans blocked’ informed us of the following: “A fight to stop collections on auto title loans in MI continued with the granting of a preliminary injunction against an outfit DBA Liquidation LLC. Michigan AG Bill Schuette says the Ingham County Circuit Court issued the injunction to stop collections related activitities on illegal title loans to consumers.
Over (400) people took loans borrowing against their cars, which included high interest rates from 161% to 251%. The amounts of the loans ranged between $1K-5K and are secured using customer’s vehicles. Vehicle title loans aren’t permitted in MI, as they have high rates & risk of losing one’s car. This company does business as Vehicle Liquidation, Auto Loans, Car Loan, Sovereign Lending and more. Those with these loans who had their vehicle repossessed should contact the Michigan AG Office, who is working with the Secretary of State & the courts helping consumers with this debt to clear their titles. Schuette says he’d move for a default judgement — which would cancel these debs. A lawsuit alleges that Liquidation provided unlawful such loans and isn’t authorized for business in MI. The loans, done through online applications, resulted in possession of the vehicle title & installation of GPS tracking devices on the borrower’s vehicle.” The full article is available at this link.
Next we venture across the country to Arizona, where these title loan outfits are on the verge of being exterminated as well. On January 26, 2016 in the azdailysun.com an article titled ‘Car title loans worse than payday lenders’ was posted by Howard Fischer with the following details: “Rep. Debbie McCune Davis, says the interest rates charged to consumers are abusive, and the title loans are sometimes worse because there is no limit on the amount that can be borrowed. She wants to require title lenders to have the 36% annual interest cap that applies to other lenders. A report says the title lending industry has exploded in AZ since 2008 to include over 600 lenders. State law says any interest rates over 36% are illegal usury. Ms. Davis thinks that if there is too much risk to lend at 36%, then perhaps the loan shouldn’t be made. The story can be read in its entirety here.
In the US today people are simply living beyond their means. In our society we borrow for homes, cars, furniture, electronics, vacations and so much more. According to my research over 70% of US consumers have a credit card. Meanwhile, “26% of 50-to-54-year-olds have no retirement savings”[1]. For whatever reason, financial instability seems to be the norm in the US these days. I am not sure whether it is a lack of hard work or simply the idiotic spending habits among Americans, but those taking these title loans are essentially reaching out to the lender of last resort.
Columbus Scrap Cars is currently offering cash for scrap cars in the cities of Lockbourne, Marble Cliff and Minerva Park. Those seeking junk car buyer services and junk car towing in Brown, Clinton, or Franklin, should contact our junk car buyer for a junk car quote today. The process of damaged car removal and cash for scrap cars is much easier than you may think. Contact us for a junk car quote and we will be on our way to retrieve your vehicle. Residents of Hamilton, Jackson, and Jefferson are encouraged to call (614) 715-5005 to scrap a car for cash. We buy wrecked cars and totaled vehicles 6 days a week in the areas of Madison, Mifflin, and Norwich. Scrap vehicle hauling is available in Perry, Plain, and Pleasant Prairie for those wishing to obtain cash for an unwanted vehicle.
[1] http://www.cbsnews.com/news/shocking-number-of-americans-have-no-retirement-savings/