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Vehicle Lenders Use Tracking Technology

Calling an auto junk removal staff is often the best existing option for disposal in Obetz, Jackson, and New Albany, OH. We are now offering same-day auto scrap services throughout the Galloway, Hamilton, and Reynoldsburg areas. The recycling aspects of the cash for junk cars market in Montgomery, Mifflin, and New Rome are important to the environment. When our junk car buyer purchases a car in Lake Darby, Whitehall, or Worthington, the process of scrap recycling is the next step taken.

In February 26, 2017 edition of Auto News, Sharon Silke Carty posted a story of interest as follows: “Those making auto payments with that have poor credit are sometime subjected to surveillance from their auto loan lenders, who install GPS tracking devices and kill switches on the car to disable it if the owner fails to keep up with the payments on time. Now the FTC is taking a look at this exercise to see if the devices are a violation of consumer privacy or can be considered harassment from the banks. Credit Acceptance Corp., based in Southfield, Mich., says it is being investigated by the FTC involving its policies & practices for using the devices.

Bloomberg reported that another lender, DriveTime Auto, is also being looked into. DriveTime told Bloomberg it does not use kill switches, but the autos that it finances have GPS trackers already installed. These devices are being used increasingly as the pool of subprime auto loans increases. The Fed Reserve Bank of NY says that subprime auto loans are rising, along with an increase in delinquencies. About 6M people were 90 behind on their car payments at the close of 2016, according to a recent study by the bank. Devices such as kill switches & GPS tracking units help lenders lower losses when loans are unpaid by allowing  faster repossession according to Michael Benoit, partner at Hudson Cook, a law firm focused on consumer financial services.” The entire article is available at this link.

Auto Junk in Columbus, OH

When it comes to who buys auto junk in Valleyview, Upper Arlington, or Brice, we are among the best in quick turnaround & personal service.   Those with a vehicle in Flint, Westerville, or Truro, which is essentially now auto scrap, should try our convenient service. Those with junky cars in Madison, Gahanna, and Franklin can now receive cash for junk cars. Those with a lousy car on-hand within the borders of Grandview Heights, Blendon, or Blacklick—call our junk car buyer! Protecting the environment with our auto scrap program is an effective way to reduce reliance on expanding landfills