Vehicle Sub-Prime Lending
We operate within the auto junk and junk car scrap markets within Darbydale, Flint, and New Rome, OH. Our buy my junk car program is also now available throughout Lincoln Village, Amlin, and Groveport, OH. Our car buyers are on-hand 6 days a week to facilitate damaged car removal in the regions of Plain, Sharon, and Washington. Were you aware that green companies like Columbus Cash 4 Cars are great for the environment and also create green job opportunities?
On June 3, 2016 Lindsey Smith posted a story on The Verge titled ‘Wall Street loans Uber $1 billion to offer subprime auto leases’ with the following information: “Uber, in efforts to appease its drivers, has obtained a $1B loan in an agreement with Goldman Sachs to for new vehicle leases for drivers. The now giant reide-share, Xchange Leasing, LLC, was the recipient of the massive loan, beginning in July 2015. Xchange allows sub-prime leases to those who drive for Uber, but have subpar credit. Uber’s big Vehicle Solutions program, has developed after the organization realized that many drivers had vehicles that were too old, too small, or didn’t meet standards in some ways. In addition, the program offers drivers discounts with specific auto manufacturers, more traditional financing, as well as rental.
The major selling point is its flexibility. To obtain the lease, drivers submit a $250 deposit; and payments on a weekly basis — which average around $125+— are deducted directly from driver paychecks. Unlike most sub-prime leases, which often have harsh terms, they offer unlimited mileage & regular maintenance such as oil changes, tire rotations, and filter replacements. Also, drivers can return the cars with (2) weeks’ notice at any time 30 days after their 1st payment. When the lease expires, either through early termination or at the end of the 36 month terms, drivers owe a final $250. A driver’s credit score won’t be impacted by early termination; on the flipside, leases do not help to build a person’s credit, even if payments are made properly.
Despite the flexibility, critics note the higher cost associated with the leases. If drivers keep the cars for the 3-year term, they will have spent thousands at a higher purchase price. Higher costs are the norm with subprime leases & Xchange’s terms are similar. These leases are often the lone option for those who are a credit risk. The big plans of expanding are not without risk, especially when leasing to people with poor credit. The agreement between Xchange and its lenders loans Xchange $1B up front, at a fixed interest %, shifting some of the risk to investors. Uber has no legal ties under the agreement. In addition to Goldman, financiers include Citigroup, Deutsche Bank, JP Morgan, and more.” The full story is available here.
Who will buy my junk car?
We are proud to be offering auto junk removal services in the regions of Mifflin, Norwich, and Perry, OH. By contacting our car buyers for a junk car quote, you will receive damaged car removal throughout Georgesville, Brown, and Clinton, OH. Residents of Riverlea, Urbancrest, and Blendon should be happy to know that same-day and next-day scrap vehicle removal is available. The junk car scrap price you receive can change frequently. Those with a scrap car in Worthington, Lockbourne, and Marble Cliff, are encouraged to call. As an eco-friendly group, our programs reduce water waste and harmful land and air pollution, as well as a host of other benefits.