Auto Cash Loans

As most people are aware, payday lenders are a lousy option. The auto title loan market seems to be the latest target among legislators. The “cash for car title” loan industry is the same basic philosophy designed to take advantage of people who really need cash. The lender agrees to offer a loan using the recipients vehicle title as collateral.  The lender determines the value of the vehicle and loans a portion of the value to the borrower and in the event that the loan is not repaid, the lender attempts to possess and likely sell the vehicle to recoup the cost of the loan. This is obviously a worse-case scenario, as the lender would be satisfied by simply adding additional fees to the balance due until the loan is repaid in full.

On August 8, 2014, Sheryl Harris, a writer for the Cleveland Plain Dealer produced an article on the topic which was posted on Cleveland.com. The article can be viewed in its entirety at this link: http://www.cleveland.com/consumeraffairs/index.ssf/2014/08/auto_title_loan_ads_gloss_over.html#incart_more_business

Ms. Harris’ article reveals that “Auto title lenders advertise heavily to convince Ohioans to borrow against their paid-off cars with the annualized interest rate on the loans being 300 percent or more.” Harris states that “Matt Lundy, a state representative, is trying to drum up support from Republicans and Democrats to stop auto-title lenders”.

The report did not indicate how the lender goes about claiming possession of the vehicle in the event of a default on the loan, but likely these cash for car lenders verify home addresses, work addresses and several references to aid in their efforts to track down the cars, trucks and vans. It seems to me that if you require a vehicle for transportation to your place of employment, that putting your car at risk could potentially impact your ability to earn a living if the car is confiscated by the lender.

About Cash 4 Cars Cleveland:

We are a buyer of scrap cars, junk cars and wrecked cars based in Cleveland, OH. We pay cash for cars on the spot throughout Cuyahoga County. Asking where to junk a car for cash? Asking how to scrap a car for cash in Cleveland? Cash 4 Cars Cleveland is the easy solution for scrap car hauling and junk vehicle removal 7 days a week. Call 216-359-1010 or visit https://www.cash4carscleveland.com

What is required to sell a car for cash? Our requirements include the title for vehicle and a photo ID to confirm ownership. In the state of Ohio it is illegal to obtain possession of a car, truck or van in an manner that does not allow for a legal transfer of ownership, which requires the title as the key document.