ComplaintsforConsumer Portfolio Services, Inc.

• Initial Complaint

  07/09/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I want to return a car The voluntary repo but the company refused to start the process because I have a cosigner the cosigner is nowhere in sight cannot find her she doesn't have a number or an email that I know of she's not even in the state last I've heard and they will not start the process after I've told them all of this stuff they just continue to deny picking up the car no one is trying to help me with returning this car that I don't need.

  Business response

  07/16/2024

  Consumer Portfolio Services, Inc. (CPS) has reviewed the complaint and our records. Our records show *********************** signed a Retail Installment Contract and Security Agreement on July 22, 2023 for the purchase of a 2016 Buick Encore (the Vehicle) with *************************.
  
  CPS acknowledges *********************** has intentions of surrendering the Vehicle.  Please note that ************** and ************ are contractually obligated to make the required payments as specified within the terms of the contract. In addition, if the ************* and/or ************ elects to surrender the Vehicle, please note that they will both remain contractually obligated for any remaining deficiency balance after the Vehicle is sold and the proceeds are applied to the account. A review of the account does not show either ************** or ************ have completed the voluntary surrender paperwork. Please note, the Voluntary Surrender form may be completed and signed via their online account at www.consumerportfolio.com.
  
  Due to CPS having no records of a completed signed Voluntary Surrender form, CPS is required to send the debtors a Notice of Default and Intent to Repossess Vehicle prior to assigning for repossession. As stated in the notice, CPS can exercise the right to repossess if the debtors do not make satisfactory payment arrangements within 10 days of the date of the notice. CPS will mail the required notice referenced above today, July 16, 2024. CPS must wait 10 days from the date of the notice before the assignment for repossession may be completed. 

• Initial Complaint

  06/28/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I recently discovered that I am a victim of identity theft. While reviewing my credit report, I noticed an account that was opened in my name without my knowledge or consent. I immediately contacted the creditor to request proof of my authorization for this account. However, I have yet to receive any documentation or evidence from the creditor that verifies I initiated or authorized the opening of this account. Given the lack of evidence provided by the creditor, it is clear that this account does not belong to me and has been opened fraudulently using my personal information. Here are the details related to this incident that I found in my credit report:Account Name: ********************************************* SVC Account #: *********** Date Opened: 8/23/2014

  Business response

  07/03/2024

  Consumer Portfolio Services, Inc. (CPS) has reviewed the complaint, attachment and the account. CPS has attached the contract signed by the customer, which was opened in 2014 to finance a 2011 *** 328I, as well as the payment history. A review of the account shows that the customer was in contact with CPS and verified her identity on multiple occasions. The customer made 34 payments. Please note, the last payment received by the customer was on October 01, 2018. As a result of default, the vehicle was repossessed and sold,and the proceeds were applied to the account. If the customer would like information about when the tradeline will fall off a credit report, please contact the credit reporting agencies, as that is exclusively their decision.If the customer would like to pursue the identity theft claim further, please provide additional information so that CPS can further investigate, including all phone numbers and addresses belonging to Ms. *************************** since 8/23/2014.Additional information that *** be helpful could include a police report,information about whether the payments were made from Ms. ************** account or not, and any other information that would support that it was not Ms. *************************** that was in contact with CPS, in possession of the vehicle,and making payments during the life of this account.

• Initial Complaint

  06/25/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Me and my wife purchased a new vehicle which eventually was financed by CPS. After requesting a copy of the contract from CPS we noticed that our signatures were FORGED on the contract CPS provided to us. We brought this to CPS attention on the 05/06/2024 as soon as we saw this and we filed a police report in regards to this matter. We sent all documents including the page from our original contract that showed CPS that we never signed the contract which is time dated and stamped the same page of the contract as CPS. After over a month of continuous back and forward with CPS and after explaining to CPS that we never signed the page in Question as our document showed Manager ************************* told us that ; '' We could've taken the picture of the document before we signed it" which we have the original document. ************************* admitted that their document had what appears to be me and my wife signature which we informed her that it is not our signature and that the Document which both are time dated and stamped the same somehow ************************* insinuated that me and my wife over two years ago pre planned to take a picture of a particular document and guess that years later we would look into the future and scan the document in CPS possession and see a document with our forged signature. This is clearly fraud as I pointed it out to CPS and pointed out that according to Texas Law Per The Attorney General Of Texas that makes the contract Void and unenforceable. I informed CPS that we wish to Rescind the Contract in full but CPS refuses to Rescind the contract and force us to continue to pay them even though we have been a victim of Fraud. Included is a copy of the forged documents. The document without a signature is me a part of the original contract me and my wife has. and the one with the signature is the one CPS emailed to us.

  Business response

  07/16/2024

  Consumer Portfolio Services, Inc. ("CPS") has reviewed the complaint,attachments and account. Our records show that CPS received correspondence,dated June 28, 2024, from the ********************* of ********* Protection and Innovation (*****) regarding ***************** complaint, which is substantively the same as this one here with the Better Business Bureau (BBB). As required by the *****,CPS responded directly to the complainant in writing and has sent a copy of this response to the ***** on July 16, 2024. ********************* may contact our ***************************** after receiving CPSs response referenced above, to discuss the offered solution. Our **************************** can be reached at ************. 

• Initial Complaint

  06/21/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I completed 72 out of 71 payments for a 2015 ****** Sentra, for which $16,156 was financed through Consumer Portfolio Services. I also made a $2000 down payment. The total paid for the vehicle has been $32,740 which exceeds the contracted price of $32,352.32. I have also paid $550.36 in CPS-assessed fees. Out of the $30,840.77 in installments that have been paid to Consumer Portfolio Services between February 2017 and February 2024, ONLY $6,779.17 HAS BEEN APPLIED TO PRINCIPAL. I continue to receive threats of repossession. I have filed a dispute and am currently following the arbitration steps recommended in my contract. I have also reached out to ******************* but I have not received a response yet.

  Customer response

  06/22/2024

  The amount in dispute is $9,373.69 that CPS claims that I still owe. This amount is in addition to the $32,740 that has already been paid for the vehicle between 2017 and 2024. The contracted sale price of the vehicle, including the payments and a $2000 down payment, was $32,352.32.

  Business response

  07/16/2024

  Consumer Portfolio Services, Inc. (CPS) has reviewed the complaint, attachments and our records. Our records show the customer signed a Retail Installment Sale Contract on January 27, 2017 for the purchase of a 2015 ****** Sentra. Per the signed contract, the customer agreed to pay CPS the principal amount of $16,156.16, plus finance charges accruing on the unpaid balance at the rate agreed upon and per year from the date of the contract until paid in full. For clarification, the customer signed a simple interest contract where the payment is first applied to the accrued interest and then the principal. Simple interest is based on the customers agreed annual percentage rate and the principal balance on the account. If the customer pays on time, the customer can expect to pay the exact amount listed on the contract. If there are more days in between payments, for example when payments are late or the customer requests a due date change and/or an extension, then more interest accrues by the time the next payment is made so more of the next payment will go to interest.
  
  A review of the payment history shows the account was delinquent between ***** days on 9 occasions, and between ***** days on 32 occasions, and over 90 days delinquent on 2 occasions. A review of the account and records show the customer signed and agreed to four ******* extensions, two 2-month extensions and one 31-day due date change. By signing and processing the extension, the customer had acknowledged and agreed to the terms listed in the extension agreement,including subsection Simple Interest Accrual, which states, You acknowledge that you have a simple interest contract, where interest accrues daily, and that interest as disclosed within your retail installment contract will continue to accrue daily, unaffected by this extension. The interest that accrues during your deferment period becomes due immediately when you resume making payments. More of your next payment will be applied to interest and less to principal than if the payment were made on the original due date. The deferment may delay the repayment of principal resulting in additional interest accruing over the term of your contract
  
  CPS conducted an audit and can confirm that 1. all payments received have been applied accurately and 2. the current outstanding balance owed is accurate. CPS will mail a copy of the audit, signed contract and payment history to the address listed on the account. For more information, or further explanation on the account, audit results and/or contract, please contact the *************************** at ************. Please note, as of the date of this response, July 16, 2024, CPS has not received notice of an Arbitration filing from the customer. 

  Customer response

  07/16/2024

   
  Complaint: 21884224
  
  I am rejecting this response because: I was not advised of, nor did I agree to, a change in interest terms as a result of payment extensions added to the end of my loan term. I did, however, agree to extension fees, which were paid. Regarding the arbitration, I have signed **** receipts indicating that the arbitration notices were received at the Irvine CPS location.
  
  Sincerely,
  
  ***************************

  Customer response

  07/19/2024

  This matter has been accepted by ******************************** (AAA), which is further evidence that CPS received notification of my request for arbitration. A CPS representative was copied on correspondence from AAA.

  Business response

  07/24/2024

  CPS reviewed the additional correspondence from the customer.CPS received an email notice, dated July 17, 2024, regarding the customers ******************************** (AAA) case filing. As a result of the customers filing,CPS will now address the complaint via AAA. 

• Initial Complaint

  06/20/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I have been giving them ****** since 2019 for a car that was recalled for one- scam sale- didnt make me aware- my payments does not go down - the car was *********- I have gave ********* - I still owe ********* on top of that everytime I pay them I take a screen shot and the amount is the same - I have asked for payment printouts and the car was recalled and they got me at a 15 apr and my credit is okay - *********************** sold this car but I need help

  Business response

  07/05/2024

  Consumer Portfolio Services, Inc. (CPS) has reviewed the complaint, attachment and our records. CPS notes that the customer states, I have been giving them $460.54 since 2019, however, CPS confirmed this statement is untrue. Our records show the customer signed a Retail Installment Contract and Security Agreement on July 20, 2021 for the purchase of a 2017 Chrysler 200. Per the signed contract, the customer agreed to pay CPS the principal amount of $21,672.97, plus finance charges accruing on the unpaid balance at the rate agreed upon and per year from the date of the contract, in monthly installments of $460.54 beginning September 03, 2021 until paid in full. CPS received the customers first payment on August 18, 2021. For clarification, the customer signed a simple interest contract where the payment is first applied to the accrued interest and then the principal. Simple interest is based on the customers agreed annual percentage rate and the principal balance on the account. If the customer pays on time, the customer can expect to pay the exact amount listed on the contract. If there are more days in between payments, for example when payments are late or the customer requests a due date change and/or an extension, then more interest accrues by the time the next payment is made so more of the next payment will go to interest. A review of the account and records show the customer signed and agreed to three ******* extensions on May 25, 2022, March 10, 2023 and December 31, 2023. Please note, The extension agreement states, The deferment may delay the repayment of principal resulting in additional interest accruing over the term of your contract. By signing and processing the extension, the customer had acknowledged and agreed to the terms listed in the extension agreement. CPS conducted an audit and can confirm that 1. all payments received have been applied accurately and 2. the current outstanding balance owed is accurate. CPS will mail a copy of the audit, signed contract and payment history to the address listed on the account. For more information, or further explanation on the account, audit results and/or contract, please contact the *************************** at ************.

• Initial Complaint

  06/18/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Consumer Portfolio has made harassing and threatening phone calls and the payment has not even reached being 30days late. Steadily calling making threats and harassment . The high interest rate and all. No proper communication at all. Sent a email and never received a response

  Business response

  07/03/2024

  Consumer Portfolio Services, Inc. (CPS) has reviewed the complaint. CPS has placed a Cease and Desist on the account so that all future communication will be done in writing. If the customer would like the Cease and Desist removed, the customer can contact our *************************** at ************.

• Initial Complaint

  06/18/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I have an auto loan with CPS Auto and on 10/12/23 I logged into my online account and reviewed the options listed which were regular payment amount, past due amount and payoff amount. I selected the payoff amount and paid $2963.94. Instead of that amount paying off my account as it legally should have CPS auto sent me a bill for the next year six months later for 4/1/24 in attempt to illegally charge more fees and interest and didnt apply my payment towards the principal and payoff amount as their website indicated. I sent several emails through their website no response. I called and spoke with a manager ************************* who said they did an audit which answered zero questions. If a consumer logs in and selects payoff amount and pays that amount legally the balance should be paid in full. Where did I obtain that amount to pay if not offered by the website and why would you send me a bill scheduled for six months later instead of applying my payment towards the principal balance? These business practices are illegal. I am requesting that this business **** my account paid in full as of 10/12/23 and refund any payments made since that date. I have also attached screenshots that clearly reflect the options on their website which show payoff amount but if you select this amount and pay the amount indicated the balance will never be paid off and that illegal. If there is an issue with the website fix it but dont penalize the consumer for a business mistake.

  Business response

  07/03/2024

  Consumer Portfolio Services, Inc. (CPS) has reviewed the complaint, attachments and our records. Our records do not indicate that the customers received a payoff quote via their online account. CPS believes the customer intended to payoff the outstanding principal balance listed as $2,962.94.Please note, the principal balance listed does not include the outstanding fee balance, which was $862.76, and the accrued interest balance as October 1, 2023.Our records show the customer called in on October 13, 2023 and was provided a payoff quote via telephone. Upon review of this interaction, CPS informed the customer of the outstanding balance remaining, following their October 1, 2023 payment.  CPS conducted an audit and can confirm that all payments received have been applied accurately. CPS will mail a copy of the audit, signed contract and payment history to the address listed on the account. For more information, or further explanation on the account,audit results and/or contract, please contact the *************************** at ************.

• Initial Complaint

  06/13/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I.m content and dispute against Consumer Portfolio service on this account cause I don't have funds to apply to this account...in financial cause i.m in hardship financial and it is destroying my credit report on apply for new homes and vehicles and i.m content and dispute this account of the amount they are asking for....

  Business response

  07/03/2024

  Consumer Portfolio Services, Inc. (CPS) has reviewed the complaint, attachments, and the account. Our records show the customer signed and entered into a Retail Installment Sale Contract on May 26, 2021, with CPS, for the purchase of a 2013 ******* Sonata. Per the signed Contract, the customer agreed to pay CPS the principal amount of $14,608.00 plus finance charges accruing on the unpaid balance at the rate agreed upon the contract, per year from the date of the contract until paid in full. CPS conducted an audit and can confirm that the outstanding balance owed is accurate. CPS will require that the customer fulfill their existing obligations, unaffected by the customers recent complaint.The customer *** reach out to the ********************* at ************ to discuss any payment arrangements that *** be available for the remaining principal balance, interest and any fees that *** be owed. CPS will mail a copy of the audit, signed contract and payment history to the address listed on the account. For more information, or further explanation on the account, audit results and/or contract, please contact the *************************** at ************. CPS has forwarded part of the complaint to our Credit Reporting Response Team. Per their investigation, they have concluded that CPS is furnishing the information to the credit bureaus accurately. Any questions about how individual credit bureaus reflect the information furnished by CPS must be directed to the respective credit bureau.
  
  
  
  
  
  
  

• Initial Complaint

  06/12/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I am filing a complaint against Consumer Portfolio Services, Inc. (CPS) regarding a vehicle loan I obtained on August 12, 2022, with a principal amount of $17,302.00 and an annual percentage rate (APR) of *****%. According to Florida usury laws (Section ******), the maximum allowable interest rate for loans up to $500,000 is 18%. Despite this, CPS charged me an interest rate well above this legal limit.The loan was paid off on July 16, 2023. Over the 11 months, my total payments amounted to $5,525.19. Based on my calculations, a significant portion of these payments was interest, estimated at $4,420.15. Under Florida law (Section ******), I am entitled to double the amount of interest paid, which totals approximately $8,840.30.I have already filed complaints with the ************************ (FTC) and the Florida ************************ regarding this matter. I am requesting that CPS reimburse the overpaid interest and adjust any remaining financial records to reflect the correct interest calculations. This has caused me significant financial harm, and CPSs business practices must comply with legal guidelines, which have been disregarded in this instance.Specifically, per Florida Statutes Section ******, CPS must forfeit all the interest charged and repay double the amount of interest paid due to the usurious rate. Furthermore, as required by law, CPS must ensure that any adjustments to financial records reflect the correct interest calculations in accordance with the legal limits established by Florida Statutes Section ******.If this matter is not resolved promptly, I will be forced to take legal corrective action to protect my rights and seek the reimbursement to which I am entitled under Florida law.I appreciate your assistance in resolving this matter.Thank you,

  Business response

  07/03/2024

  Consumer Portfolio Services, Inc. (CPS) has reviewed the complaint. Please see the attached letter which was sent to the Florida Attorney General in response to this complaint, which is substantively the same.

• Initial Complaint

  06/12/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  On 4/13/2024, a payment was made on my account in the amount of ******. However, I was unaware at that time I only owed ******, due to me paying increased payment amounts. For my April car payment. On 5/13/2024, my bank issued a credit of ****** and I made my ***** payment of ****** on May 15,2025. However, consumer portfolio adjusted the entire amount of ****** . I have spoken to several people supplied supporting documentation and no one from your company has resolved this issue. I continue to receive at least 6 calls per day asking me to pay an outstanding amount of ****** that I do not owe. My only concern is if you could have someone in your accounting department please resolve my issue immediately as Im less than ***** away from paying off a car.

  Business response

  07/03/2024

  Consumer Portfolio Services, Inc. (CPS) has reviewed the complaint, attachments, account and our payment records. A review of the payment history shows the payment referenced in the complaint was returned on May 20, 2024. CPS forwarded part of the complaint to the ********************* for review. Per their investigation, the identified the payment was a partial return and the a payment credit was applied on June 13, 2024. Please note, the account is reflecting as current and next due for a payment on July 14, 2024. For more information, or further explanation on the account, payment history and/or payment credit, please contact the *************************** at ************.

  Customer response

  07/08/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ******************

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩