Automobile Lending Information
Cash 4 Cars Cleveland is involved in auto recycling of junk cars through Cuyahoga, Lake and Geauga Counties. Our buyer of scrap cars is eager to provide you with a junk car quote for the scrap value of the vehicle. We are paying cash for junk cars 6 days a week. Those seeking a price for a damaged car can reach us at (216) 359-1010. Our next topic relates to automobile related financing within the US.
The credit market segments within the auto financing markets are basically based on the credit score of the consumer. While different lenders may have different thresholds for each group, nearly all utilize some form of sourced credit score, obtained from internal sources or external data to place potential car buyers. Unlike home mortgage markets, where certain lending options came to be known as ‘sub-prime products,’ in automotive finance there is no equivalent sub-prime auto product. For example, in auto financing there are no commonly used auto loan products that are interest only loans, negatively amortizing loans, or loans without providing documentation.
Based on data provided by Experian the 2013 market for financed new vehicles consisted of 64% prime customers, 20% non-prime consumes and 16% sub-prime buyers. The proportion of buyers who finance used vehicle transactions in 2013 is significantly more weighted to the non-prime (22%) and subprime (43%) categories, with only 35% of financed used car buyers in the prime segment.
Lenders / Market Share / Cumulative -Market Share
Wells Fargo Dealer Services 5.8 5.8
Ally 5.0 / 10.7
Chase Auto Finance 4.8 / 15.5
Toyota Financial Services 4.6 / 20.10
Capital 1 Auto Finance 3.8 / 23.9
American Honda Finance 3.6 / 27.4
Ford Motor Credit 3.4 / 30.8
Nissan / Infiniti Financial Services 2.4 / 33.3
Bank of AM 2.4 / 35.60
Santander Consumer Finance 2.1 / 37.7
What is the price for a damaged car?
Those of us who work within the field of auto recycling junk cars pay fast cash for junk cars and scrap vehicles. Our junk vehicle buyer is standing by to offer you a junk car quote. Are you seeking a buyer of scrap cars? We’re a recycling outfit with a true commitment to “green” procedures and practices; in fact, our auto recycling of scrap steel uses nearly 60% less energy. The protection of the environment with our vehicle scrap program is an cost-effective means to reduce dependence on expanding landfills.
