What You Need to Know About Auto Loans and Total Loss Cars

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If you are in the red with your car loan, you can add yourself to a long list of other car owners in Kentucky. It is not uncommon as you think to receive a low settlement check from your insurance provider when your auto loan vehicle is totaled. If you recently totaled your car, and you still owe money on your car loan, you may be in for a rude awakening. Likewise, if you already made a claim with your insurance company, and received a check that did not seem very fair, you may also be in for some bad news.

Continue reading to learn the most important points about auto loans and total loss cars, including what your options might be if you still owe on your loan or got a low settlement.

Louisville Junk Car Buyers
Louisville Junk Car Buyers 502-804-5605

Actual Cash Value and GAP Coverage

When it comes to your automotive coverage, your vehicle is probably insured at “Actual Cash Value”, which estimates the value of your car at the time of loss. Such assessments consider depreciation, market value, and more. So, if you were not able to make at least a 20% down payment on your car, you should have been encouraged to opt for GAP insurance, which basically protects against the depreciation loss of a car that is more than the amount of money you owe a creditor on that car. This means if you had a GAP policy, it would pay the difference between what the car is worth and what you owe.

For example: you purchase a car with a 5 year automotive loan. After one year, you total the car. Your car is now worth less than what you still owe, and the insurance check you receive for the accident claim will not cover the amount you have left on the loan because the majority of the payments you’ve made over the last year went straight to interest, and the car depreciated significantly.

This situation happens every day to millions of car owners across the country. If this happens to you, your best option would be to forfeit your loss and consider GAP insurance coverage on your next vehicle purchase. If you have an old auto loan that you are still paying off after totaling a car, avoid combining it with a new auto loan. This is a setup for many problems. Furthermore, it is important to know that warranties are not covered in a total loss situation, so you will be obligated to fulfill your financial duty even though you are no longer have the car.

Where to Get Advice on Total Loss Cars

Call GC’s Junk Cars at 502-804-5605 if you have a totaled car in Louisville and its surrounding areas. Not only do we buy all vehicles, regardless of age, make, model, and condition, we also payout the highest returns for junk vehicles in Kentucky. Just accept our offer and we will come pick up your junk car! No title? No problem! Contact us today to request a free estimate.

Louisville Junk Car Buyers 502-804-5605
Louisville Junk Car Buyers 502-804-5605

3 Reasons Why a Car is Never Wasted

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Whether you total a car, or have an old rusty chassis in the backyard shed, you might think your asset it wasted. But the truth is, they are indeed an asset, as they can be dismantled and sold for cash at your local scrap yard! Furthermore, cars are primarily made of metal constituents, and since metal can be recycled over and over, a vehicle is never wasted.

Continue reading to learn all the applications for junk cars in the automotive and metal reprocessing industry.

Louisville Junk Car Buyers 502-804-5605
Louisville Junk Car Buyers 502-804-5605

❶ Junk Car Parts

When a vehicle is junked, it still contains its useful parts; even if the most vital or valuable ones are missing or damaged. Some automotive parts can be restored, and then sold on the market as refurbished auto parts. Other parts are dismantled and separated into categories of metal. Different auto parts have different values, depending on their type of metal, the quantity of metal, and the current market prices for metal.

Although you can choose to dismantle a junk car on your own, either yourself or by hiring a private mechanic, but this can be tedious and expensive. However, selling individual scrap automotive parts is sometimes more profitable than selling a junk car as a whole.

❷ Metal Recycling

Another big industry that seeks out automotive scrap is the metal reprocessing industry. Metal recycling companies will accept junk vehicles regardless of condition. They generally dismantle them for their metal constituents, melt down the metals according to type, and then remold scrap metal into sheets, shapes, and other commodities for metal fabrication and construction applications. Such companies will accept scrap metal donations, including junk cars and motorized vehicles.

❸ Cash for Cars

One of the most promising ways to make sure your junk car doesn’t go to waste is to turn it into a profit! You can choose to sell your junk car as a whole to a local scrap yard or junk car buying company in your town. Many companies offer free pickup and haul away service, and some can even do business without a title. However, it is very easy to get taken advantage of in this industry. So be sure to choose a reputable and licensed Louisville junk car buyer to do business with.

Who Can You Trust for the Best Junk Car Offers in Louisville?

Call GC’s Junk Cars at 502-804-5605 if you have a junk car to sell in Louisville and its surrounding areas. Not only do we accept all vehicles, regardless of age, make, model, and condition, we also payout the highest returns for junk vehicles in Kentucky. Just accept our offer and we will come pick up your junk car! Contact us today to request a free estimate!

Louisville Junk Car Buyers 502-804-5605

How to Get Paid for a Totaled Car

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Whether or not a vehicle is deemed a total loss depends on both the extent of damage and the overall value of the vehicle. Without using any confusing insurance legalese, a total loss vehicle is one that cannot be repaired and operated, safely. Basically, if the cost to repair a damaged car exceeds the actual value of the car, then it is totaled, and thus, a total loss.

Now then, if this has happened to you, there is no need to worry. There are plenty of opportunities to get paid for your totaled car. Continue reading to learn the top two most promising methods of doing just that!

Totaled Car Buyers Kentucky
Louisville Junk Car Buyers 502-804-5605

Insurance

Your first option is to make a claim with your insurance carrier; that is, if the car is in fact, insured. In the case that you chalk your car up to the insurance company, you will likely receive a check for the current market value of your vehicle, minus depreciation rates and more. This will vary depending on the policy, carrier, vehicle model, and more.

An insurance adjuster will examine your car report once it is inspected by a mechanic, and determine how much your vehicle was worth before it was totaled. Of course, everyone’s insurance policies are different, so it is important to check firsthand with your carrier to learn the conditions and coverage of your policy. Collision may or may not be covered under yours.

No Insurance

For vehicles that are not insured or fully-covered under a policy, they can be sold, either privately or to a scrap yard. Local junk car buying companies are a good route to take since they pay cash on the spot and tend to haul away your car for free. Just be sure you choose a qualified and reputable business, and not one that is more the take-your-money and fly-by-the-night type.

Where to Get the Most for Junk Cars in Louisville

Call GC’s Junk Cars at 502-804-5605 if you wish to sell a junk car for cash in Louisville and its surrounding areas. Not only do we accept all vehicles, regardless of age, make, model, and condition, we also payout the highest returns for junk vehicles in Kentucky. Just accept our offer and we will come pick up your junk car! Contact us today to request a free estimate!

Louisville Junk Car Buyers 502-804-5605

Tips on How to Make the Highest Profit for a Junk Car

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When it comes to selling a junk car for cash, or any other type of vehicle for that matter, be sure to know the right steps to get the most for your money.  It’s helpful to learn how to sell a junk car without getting into a bind, or making a bad deal.  Knowing your steps ahead of time can benefit your financial gain and your car selling experience tremendously. 

When it’s time to sell your junk car, rely on these tips to get the most cash!

Louisville Junk Car Buyers 502-804-5605
Louisville Junk Car Buyers 502-804-5605

Assess Your Vehicle

When you have finally decided to get rid of your junk car, you must first complete a brief assessment of the vehicle.  It is crucial to establish this analysis to determine the current status of your car. Once this is done, it is suggested to have the car assessed and inspected by a professional mechanic to more accurately distinguish the degree of value for your vehicle.  This is not mandatory, but it can give you a leg up on negotiating prices with a potential buyer.  This is because the better condition a car is in, the more money it’s worth.

Find a REPUTABLE Junk Car Buyer

Once your initial self-assessment is completed, it is time to start calling around to various junk car buying businesses. It is important to contact multiple businesses, even if they are not in your area. This type of research will give you an idea for the going rate of the junk vehicle you have and the condition it is in; then you can confidently distinguish between fair offers and potential scams.

Furthermore, there are particular things you want to look for when you call these companies.  Ask them about their towing policy. Do they tow junk cars for free?  Since most reputable junk car buyers offer free tows for junk cars, it could be a bad sign if they charge a fee to pick up your vehicle.  Also, check for licenses, certifications, references, websites, and online reviews, which can all help determine which company can offer the best deal and who can be trusted the most.

Locate Your Car Title

Last, you must find the car title to your junk car.  If you are not the title holder, then you may not be in position to sell the car at all. If you do not have the title but you are the owner of the vehicle, you must contact the local BMV for information on replacing or applying for a duplicate car title.  Most junk car removal companies and “cash for cars” services prefer to purchase junk cars with the title.  In some cases, junk car buyers don’t mind purchasing cars without titles. Don’t have a title? Read our blog, “How to Sell a Junk Car Without a Title” to learn what your options are

Sell Your Junk Car

Once the title is located, you are ready to sell your junk car.  From here, simply choose one of the companies you contacted earlier and schedule a pick up time for your car.  The tow technician will have you sign over the car title and then hand you the money.  They should be able to give you cash on the spot, but some companies hand out checks.  Once they leave with the signed title, you are no longer the legal owner of the vehicle.

Who Pays the Most for Junk Cars in Kentucky?

GC’s Junk Cars of Louisville!

Call GC’s Junk Cars at 502-804-5605 to sell a junk car in Louisville and its surrounding areas. Not only do we accept all vehicles, regardless of age, make, model, and condition, we also payout the highest returns for junk vehicles in Kentucky. Just accept our offer and we will come pick up your junk car! Contact us today to request a free estimate!

Louisville Junk Car Buyers 502-804-5605
Louisville Junk Car Buyers 502-804-5605

Current Scrap Prices for Catalytic Converters

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Catalytic converters primarily manufactured from a precious metal called platinum, but can also contain several other precious metals, such as nickel, manganese, rhodium, palladium, and cerium. Precious metals are rare, naturally-occurring elements with high economic value, meaning they can render a decent profit on the market.

If you have junk vehicles, or scrap catalytic converters, you are sitting on a pile of profit! Although scrap metal prices and values change almost on a daily basis, any kind of asset containing precious metal will get you some fast cash at your local junk car buying business.

Continue reading to learn what the current scrap prices are for catalytic converters, and who to call for the highest offer in Kentucky.

Louisville Junk Car Buyers 502-804-5605
Louisville Junk Car Buyers 502-804-5605

Scrap Prices for Catalytic Converters:
(as of April 13th, 2019)

AC Cats = $63-$78/each

Aftermarket = $8/each

Bead = $25-$35/each

Diesel = $5.00-$40/each

Domestic = $51-$62/each

DPF = $15-$450/each

Ford = $68-$82/each

Ford Pre-Catalytic = $22-$28/each

Foreign Pre-Catalytic = $32-$45/each

Half Catalytic Converter= Varies

Large Chrysler = $78-$97/each

Large Foreign = $117-$250/each

Large GM = $88-$117/each

Large Wire = $36-$48/each

Medium Foreign = $105-$130/each

Pre-Domestic = $24-$34/each

Regular Breadloaf = $87-$100/each

Small Chrysler = $57-$71/each

Small Foreign = $82-$97/each

Small GM = $83-$97/each

Small Wire = $13-$17/each

Wire Pre-Catalytic Converter= $7-$12/each

Where to Sell Your Junk Car in Kentucky

Call GC’s Junk Cars at 502-804-5605 if you have a junk car to sell in Louisville and its surrounding areas. Not only do we accept all vehicles, regardless of age, make, model, and condition, we also payout the highest returns for junk vehicles in Kentucky. Just accept our offer and we will come pick up your junk car! Contact us today to request a free estimate!

Louisville Junk Car Buyers 502-804-5605

Top 2 Precious Metals in Junk Cars

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Precious metals are naturally-occurring elements with high economic value. Common precious metals include gold, silver, platinum, titanium, tungsten, and cobalt. In the junk cars market, precious metals play an important role since they have higher economic value compared to the majority of metals found in cars, like steel and iron. If you have a junk car at your discretion to sell, you may just want to move forward with a deal while metal prices are good. That is because junk cars, although “scrap”, may still contain precious metals.

Continue reading to learn which precious metals are most common in automobiles, and how much you can expect to get for them in terms of a cash payout from a local junk car buyer.

Louisville Junk Car Buyers 502-804-5605
Louisville Junk Car Buyers 502-804-5605

💿 Platinum

Platinum is one of the most known and obvious precious metals in vehicles because of the catalytic converter. Catalytic converters are mostly comprised of this precious metal, but might also contain various others, such as palladium and, rhodium. Furthermore, catalytic converters retain other valuable metals, like ceramic, or even metal foil and shielding. Like all metal, platinum is priced by weight on the market, and changes depending on various influences, including changes in national and international economics. Right now, platinum is worth around $850 or so, depending on the grade.

But don’t think you are going to get $800 for just this piece alone, and then more for the scrap metal in your car; it doesn’t work that way. The reality is, a standard catalytic converter usually has between 3 and 7 grams of platinum group metals, which means that the average amount of platinum inside ranges between 0.10 and 0.24 ounces. So you can expect your catalytic converter to be worth between $80 and $100 or so.

📀 Gold

Gold is another common metal found in junk cars, especially if they are newer models. Gold-plated fingers in computer circuit boards are the first place scrappers look for gold in a junk car. Computer systems like GPS, airbag units, stereos, cameras, DVD players, and electrical systems, use computer boards that may contain gold; they may even contain silver and other precious metals too!

Right now, gold is worth around $1,300 per ounce. But do not expect to recover hundreds of dollars’ worth of gold in a single junk car; the average amount of gold per vehicle is around a few grams or so. Nonetheless, gold in junk cars still makes junk cars that much more valuable!

Sell a Junk Car Today!

GC’s Junk Cars Louisville Kentucky
GC’s Junk Cars Louisville Kentucky

Call GC’s Junk Cars at 502-804-5605 to sell a junk car in Louisville and its surrounding areas. Not only do we accept all vehicles, regardless of age, make, model, and condition, we also payout the highest returns for junk vehicles in Kentucky. Just accept our offer and we will come pick up your junk car! Contact us today to request a free estimate!

How Much Money is My Junk Car Worth?

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When you are ready to get rid of your junk car, your first thought is likely about its economic worth. The best way to estimate how much money you can expect to get for your junk car is to learn more about the industry. By knowing what junk car buyers are looking for and why can help you understand the probable total value of your junk car.

Continue reading to learn how junk car values are estimated, and how to get the most money for your asset.

Louisville Junk Car Buyers 502-804-5605
Louisville Junk Car Buyers 502-804-5605

Junk Car Values

The formula used to assign a dollar value to a junk car is pretty straight forward. You see, junk car buyers purchase junk cars and scrap them for the metal. So the current market values for metal, combined with the total weight of the vehicle and the quality of metal within it, are the primary factors that will affect how much a junk car is worth.

In order to determine this value, junk car buyers use a variety of techniques and approaches. The more professional businesses will retain innovative technologies, such as XRF analyzers and electronic platform weight scales, to ensure a more precise evaluation. Other business might rely on a mathematical formula that calculates current metal values with the contents of the junk car.

Local Junk Car Buyers

To get the highest payout for your junk car, it is vital that you choose a reputable and experienced junk car buyer in Louisville. They will have the best resources, which means they will be capable of providing accurate assessments and fair payouts. They should also be able to provide flexible pickup and haul away service at no extra charge to you.

So where can you find such a company in your town? Start with references, and then refer to your community’s business recommendation portals, online. If you live in Kentucky, you are in luck! See our blog, “How to Sell a Junk Car in Louisville” to learn just how easy it is to get started! Or skip straight to the finish line and simply call GC’s Junk Cars at 502-804-5605 to sell a junk car for cash on the spot!

GC’s Junk Cars

GC’s Junk Cars Louisville Kentucky
Call 502-804-5605 Today!

Here at GC’s Junk Cars, we are a local auto salvage yard in Louisville that offers the highest cash payouts for junk cars and motorized commodities in Kentucky. For more than 2 decades, we have buying and recycling junk vehicles and scrap metal, all while paying sellers cash on the spot! Call 502-804-5605 to request a free estimate, anytime.

What is a Junk Car?

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If your car was just involved in a serious collision or accident, you may be asking yourself, “what now?” Well, your first step is to contact your automotive insurance carrier to review the details of your particular policy. From there, an adjuster will determine whether or not your vehicle is a “total loss”, which is a fancy surety term for a junk car. If you do not have car insurance, you can still get rid of your car, and even make some money at the same time.

Continue reading to learn how an insurance company defines a junk car, and what your options are for selling on, whether insured or not, here in Louisville.

Louisville Junk Car Buyers 502-804-5605
Louisville Junk Car Buyers 502-804-5605

Total Loss Vehicles

It’s actually pretty simple. Total loss vehicles are simply cars that are too far damaged to be worth repairing. The more technical definition is, “a vehicle that costs more to repair than the actual cash worth before the damage.” So, to explain in plain language, if your vehicle is worth $4,000 before the accident, but then costs $5,500 to repair it back to the condition it was in before the accident, it would be deemed “totaled.” There are some cases in which this does not apply, such as brand new Luxury vehicles with values much higher than average or older cars.

Here is Another Example:

If your car is worth $7,000 but the cost to repair it back to the condition it was in before the damage exceeds that amount, your vehicle would be deemed a total loss because it would not be worth repairing it for that amount of money. Instead, it would make more sense to simply cash in the insurance money under your policy terms, and purchase a new vehicle.

No Insurance?

If you do not have auto insurance, your totaled car can still reap you a nice profit. All you have to do is find a reputable and experienced Louisville junk car buyer that offers cash payments and free haul away. Just be careful choosing a buyer to work with; in the junk car industry, there are thousands of unethical, unprofessional, fly-by-the-night businesses that will rip you off. Always choose a company that has professional grade equipment, technologies, and experience. This shows that they are a trusted junk car buyer that does good business.

Where to Get Started

GC’s Junk Cars Louisville Kentucky
GC’s Junk Cars Louisville Kentucky

Call GC’s Junk Cars at 502-804-5605 if you have a junk car to sell in Louisville and its surrounding areas. Not only do we accept all vehicles, regardless of age, make, model, and condition, we also payout the highest returns for junk vehicles in Kentucky. Just accept our offer and we will come pick up your junk car! No title? No problem! Contact us today to request a free estimate.

How to Sell a Junk Car Without a Title

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In our previous blog, we reviewed the easiest and most convenient way to sell a junk car in Louisville. You learned that GC’s Junk Cars lets you skip the hassle of finding a trusted junk car buyer near you, and offers abundant customer conveniences that make the junk car selling process even simpler. Not only do we offer free quotes and the highest returns in town, we also have our own in-house tow truck that will pick up your junk car for free! That means all you have to do is contact our office, accept our offer, and wait for us to arrive. There is no easier way to get fast cash for a junk car in Louisville.

But if you do not have proof of ownership, you may have doubts about selling your junk car. After all, titles go missing or get destroyed every day, so you are not alone. If a missing title has been holding you back from getting rid of your junk car, you will be happy to know that you still have viable options.

Continue reading to learn how to sell a junk car without a title, including accommodating links and resources to help you meet your goal.

Louisville Junk Car Buyers 502-804-5605
Louisville No Title Junk Car Buyers 502-804-5605

Titles are Best, But Not Necessary

Vehicles are certainly worth more with a title because there is a better potential for resale, however, if you are selling to a local Louisville junk car buyer or scrap yard, a title is not always necessary. That is because junk car buyers are not looking to resell your junk car; instead, they are in the business of dismantling junk vehicles, and re-purposing the valuable scrap metal within them.

If you have a title for your junk car, the only purpose it would serve in relation to doing business with a scrap yard is to simply prove ownership. Basically, a car title proves that you have legal permission to do what you want with the vehicle.

To Replace or Not to Replace…

Missing or Faulty Titles

In the case that your car title is lost or destroyed, and you wish to replace it, you can apply for a duplicate title by filling out an “Application for Kentucky Certificate of Title or Registration” at your local BMV. The Bureau of Motor Vehicles (BMV) permits vehicle owners to replace lost, faulty, or stolen car titles so long as they meet all state requirements for replacement. Once issued, your new title will have “DUPLICATE” printed on its face to demonstration that is it not the original document. And once a duplicate title is issued, the original one is no longer valid.

Don’t Want a Replacement Title?

In the case that you do not want to replace your lost or stolen car title, you can just contact your Indianapolis junk car buyer and ask them about their policies for proving ownership. You may be able to prove ownership of your vehicle by alternative means, such as the registration paperwork, insurance policies, and more. Although it is not always a guarantee, it is common practice for junk car buyers to do business without a title provided by the seller.

Where to Get Started

GC’s Junk Cars Louisville Kentucky
Call 502-804-5605 Today

Call GC’s Junk Cars at 502-804-5605 to sell a junk car in Louisville, Kentucky. Whether your vehicle runs or not, we are ready to make you an excellent offer and take it off your hands for free. Plus, we have an in-house tow truck that will come directly to your location to pick up your junk car! Call 502-804-5605 anytime for a free quote!

How to Sell a Junk Car in Louisville

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When you have a junk car on your hands, your best option is to sell it to a local junk car buyer for cash on the spot! Continue below to learn the easiest and most profitable approach to selling a junk car in Louisville, Kentucky.

Louisville Junk Car Buyers 502-804-5605
Louisville Junk Car Buyers 502-804-5605

First – Find a Reputable Junk Car Buyer

If you want to make the most money from selling a junk car in Louisville, you must first make the right choice of buyer. There are dozens and dozens of fly-by-the-night junk car buying companies that do not offer responsible nor honest service. It is important that you filter out the unprofessional ads and choose a local and experienced Louisville junk car buyer who will provide the full and fair amount of money you deserve for your junk vehicle. In addition to honest quotes and payouts, look for a company that can also provide convenient customer amenities, such as free haul-away and cash payments.

Second – Locate Proof of Ownership

In addition to finding a local and reputable junk car buyer, you want to begin the junk selling process by locating the title or proof of ownership for the vehicle. If you cannot find the title of the vehicle, you may be able to prove ownership other ways, such as the car’s registration, insurance, and more. Contact a local and trusted Louisville junk car buyer for details on how to sell a junk car without a title. In fact, stay tuned for next month’s blog explaining exactly how to do this!

Next – Contact Your Choice of Buyer for a Quote

Once you have chosen a list of potential junk car buyers you are interested in doing business with, your next step is to contact each one and request a free, over-the-phone quote. Now, you have two options here: you can both trust and accept the phone quote, or you can choose to bring your junk car to the complex to be weighed electronically. Your choice depends on the quality of your junk car. The more common option is to accept the phone quote since most junk cars fit into a standard weight bracket for scrap metal. However, if you have a 2010 Lincoln Navigator that has been totaled, you might want to bring that in for on-site evaluation. Trust the advice of your licensed junk car buyer if you are unsure.

Last – Accept the Offer and Schedule a Pickup

In the case that you have accepted the phone offer, you then would just need to schedule a time for the junk car buying company to collect your vehicle. Hopefully, you have chosen a buyer who provides free pickup with their own, in-house tow truck; otherwise, you will have to pay out-of-pocket to have your junk car transported to their lot. Once the tow truck operator arrives to haul away your junk car, simply hand them the documents requested by the buyer, and they will hand you CASH ON THE SPOT! You may receive a check in the mail instead, if you have chosen a company that does business this way.

Or Just Skip the Hassle and Trust Our Pros!

GC’s Junk Cars Louisville Kentucky
Call 502-804-5605 – Louisville Kentucky

Call GC’s Junk Cars at 502-804-5605 if you have a junk car to sell in Louisville and its surrounding areas. Not only do we accept all vehicles, regardless of age, make, model, and condition, we also payout the highest returns for junk vehicles in Kentucky. Just accept our offer and we will come pick up your junk car! No title? No problem! Contact us today to request a free estimate.