ComplaintsforConsumer Portfolio Services, Inc.

• Initial Complaint

  02/04/2022

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  Since July, 2019, I've been going back and forth with my car loan provider regarding collection calls before even receiving information regarding my payment due date or how to make payment. I received my first notice of payment as a collection call, at which time I was in a car accident where I was told that my vehicle may be totaled. After advising the collection's representative of what I was told, she stated I would hear from the insurance/claims department. I kept receiving calls but each time was addressed as collections. Finally in October of 2019, I spoke with someone in the insurance department and made arrangements for payment. A few days later, I received a letter by mail advising me to continue making payments as normal, dated roughly October 24th. By the time I received this letter, I was already behind 4 months and accrued interest when I inquired, no one was able to assist with a resolution. There's been nothing but issues regarding during business with this company since the beginning. I was making $500, $700, even $1000 payments every 2 weeks to get caught up and every time I'm advised of one total the next time I call to make a payment it's something different. The online portal is a joke. None of the information is up to date or accurate ever. So it forces you to call and when you call depending on who you speak to, there may or may not be notes left on the account and everyone has their system they use to give you the information apparently. I've requested someone to complete a full audit on my account about two months ago and I have yet to receive it. It is extremely frustrating, time consuming and I really don't feel comfortable with any of the information being given to me at any given time. *********

  Business response

  07/08/2022

  Business Response /* (1000, 5, 2022/02/16) */ Consumer Portfolio Services, Inc. ("CPS") has reviewed the complaint and the account. Per the contract signed on June 28, 2019, the customer agreed to pay CPS the principal amount of $16,302.15 plus finance charges accruing on the unpaid balance at the rate of 18.70% per year from the date of the contract until paid in full. A further review of the contract, section "8. Additional Provisions" and subsection "(a) Maintenance of Collateral.) states, "Loss of or damage to the Collateral shall not release me from any of the Obligations." By signing the contract, the customer agreed to all terms and obligations, including making the monthly payments starting July 28, 2019, regardless the condition of the Collateral. CPS was notified of the accident on August 19, 2019. A review of the account and an interaction on August 21,2019 shows Ms. ***** did not want to make a payment until her insurance company provided an update on the claim and whether the vehicle will be deemed a total loss or fixed. Our records show Ms. ***** was sent a "Welcome Letter" on July 10, 2019. A "Billing Statement" is generated monthly . Please note, the customer's account had a "Billing Statement" first generated and mailed on August 06, 2019 and was sent one every month since. The statements are available on the customer's online account once generated. The customer was advised she can access her online account, via CPS website, for payment options. CPS confirmed the information reflected on the customer's online account is accurate and up to date. An audit was conducted and concluded that the account's current, current delinquent amount owed and all payments received have been reflecting and applied accurately. A result of audit and the account reflecting accurately also concludes CPS has reported the account tradeline accurately. Please note, CPS must report accurately and cannot change or delete accurate information. For more information, or further explanation on Tradeline reporting, you may contact our Credit Reporting Response team at XXX-XXX-XXXX. If the customer wishes to discuss the audit results, the customer may contact our Customer Service Department at XXX-XXX-XXXX. CPS will send a copy of the audit and include a copy of the account's payment history, and signed contract to the customer's address on file. Consumer Response /* (3000, 7, 2022/02/21) */ (The consumer indicated he/she DID NOT accept the response from the business.) Most of this is inaccurate. Never received a welcome letter, never received any communication until I received a collections call for a late payment. Someone should really review the notes on the account. There's been nothing but issues. Business Response /* (4000, 9, 2022/02/23) */ Consumer Portfolio Services, Inc. ("CPS") has reviewed the additional correspondence received by the consumer and the account. As previously stated, our records show a "Welcome Letter" was sent on July 10, 2019. A "Billing Statement" is generated monthly. Please note, the customer's account had a "Billing Statement" first generated and mailed on August 06, 2019 and was sent one every month since. The statements are available on the customer's online account once generated. The customer was advised she can access her online account, via CPS website, for payment options. A copy of the "Welcome Letter" and first "Billing Statement" is attached for reference.

• Initial Complaint

  02/01/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Consumer portfolio services, i called and they were being very rude to me over the phone. I have never been late and my dad passed and are not trying help. And talking about taking my car.

  Business response

  08/11/2022

  Business Response /* (1000, 5, 2022/02/07) */ Consumer Portfolio Services, Inc. ("CPS") has reviewed the complaint and the account. CPS would like to send our condolences for the recent loss of the customer's father. A review of the account shows CPS has attempted to communicate payment arrangements to assist with the account's current delinquency. CPS conducted an audit and can confirm that 1. all payments received have been applied accurately, 2. the account's current status is reflecting accurately. Per the contract signed on November 21, 2020, the customer agreed to pay CPS the principal amount of $13,649.88 plus finance charges accruing on the unpaid balance at the rate of 26.70% per year from the date of the contract until paid in full. The customer has made 10 payments but had paid late 8 times (including 7 times 10-29 days delinquent and 1 times 30-59 days delinquent). CPS will mail a copy of the audit, signed contract and payment history to the address listed on the account. A further review of the account shows the last payment made on the account was on December 14, 2021. CPS offered a one-month deferment on December 23, 2021. At this time, the customer is not eligible for additional deferment assistance but CPS is willing to continue with payment arrangements. For more information, or further explanation on the audit results and/or wishes to place a Cease and Desist on future telephone communication from CPS, please contact the Customer Service Department at XXX-XXX-XXXX. If the customer would like to make a payment, discuss payment arrangements and/or possible payment options, please contact our Collections Department at XXX-XXX-XXXX Consumer Response /* (3000, 8, 2022/02/10) */ (The consumer indicated he/she DID NOT accept the response from the business.) I have not paid late over 8 times. I also lost my mom last year which is why i only needed one deferment. This year i asked for one more since i lost my father. Life situations do happen and this company is very heartless when it comes to that. I have always paid them on time except for those two situations. They are not even trying to work with me at all. I have had my car over a year. I love my car and work hard but since I lost my mom now my dad i needed a little extra time i am not a robot. Business Response /* (4000, 16, 2022/04/13) */ Consumer Portfolio Services, Inc. ("CPS") has reviewed the complaint and the account. CPS would like to send our condolences for the loss of the customer's mother and father. ​Although the customer is not eligible for additional deferment assistance, CPS is willing and has continued with payment arrangements with Ms. ********. A review of the account notes show the customer has scheduled a payment arrangement for April 21, 2022 for $837.94. Once the payment is posted and does not return for insufficient funds, the account will be current and next due for May 2022 payment. If the customer would like to make a payment and/or discuss her current payment arrangements, please contact our Collections Department at XXX-XXX-XXXX.

• Initial Complaint

  01/12/2022

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  I called CPS and told them I want to apply my $400.00 car payment to principal only for the month of November 2021, and also stated that on the check I sent. I was told by the company that I could pay on the principal amount only as long as I stated so on the check. But they still took out $159.00 for the interest. The same issue happened in December of 2021. I payed $400.00 on my principal balance and even called the company so they could handle the issue the right way this time, but again CPS collected $159.00 for interest and did not apply my payment of $400.00 to the principal only. I just called CPS today January 12, 2022 at 4:00pm and filed a complaint with them and also told them that I would be filing a complaint with the BBB.

  Business response

  07/06/2022

  Business Response /* (1000, 8, 2022/02/01) */ Consumer Portfolio Services, Inc. ("CPS") has reviewed the complaint, attachment and the account. A review of the account shows the customer sent the checks to the address listed on the monthly billing statement. Please note, the lock box address is intended for regular payment processing. Instructions to make a principal only payment may be located within the customer's online account under Customer Service > Frequently Asked Questions > Managing My Account > How Do I Make A Principal Only Payment. It is also copied here if that is more convenient for the customer. Please follow all instructions exactly when sending a payment to the PO Box, specifically and clearly noting that the payment is intended for principal only and please remember to include your account number. "You may make a principal-only payment by mailing your principal-only payment to: Consumer Portfolio Services, Inc. PO Box XXXXX Irvine, CA XXXXX-XXXX. Make sure you clearly mark the payment as principal-only. Principal-only payments may also be made over the phone, please inform the representative that you would like to make a principal-only payment. Principal-only payments reduce the principal balance but are not applied to the next monthly payment and do not change your next due date or next amount due. A further review of the account shows the customer spoke to a CPS representative on January 14, 2022 regarding the customer's complaint and concerns. To clarify, principal only payments are additional payments made on top of the monthly regular payments. For more information, or further explanation on payment types and payment options, please contact the Customer Service Department at XXX-XXX-XXXX.

• Initial Complaint

  01/03/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  June 17,2021 Amt 45,000 I am writing this complaint due to the dishonesty from the Dealer and this Lender. The car that was purchase I was told would not be for the amt of 45,000 for a 2015 ************ which is over priced by 3'x. Have spoke and emailed reps at this company and was told that was the price and there was no way to dispute. Also having major electrical problems with the car and have only had it for 6 months. I would like to be let out of this loan and it not impact my credit due to the dishonest between the Dealer and the Lender that are in co-hoots together to impact consumers credit in the worst way with out any impact to them for the uncanty sales pitch and 12 point checks that they do not fulfill. I just got out of BK thinkin this would be a way to restart it only restarted a nightmare for me. I would like for them to take their car back and not impact my credit with a repo so that I can obtain dependable transportation for my family. This has been a true horror movie with this car and I don't want it it end in *****.

  Business response

  06/29/2022

  Business Response /* (1000, 5, 2022/01/13) */ Consumer Portfolio Services, Inc. ("CPS") has reviewed the complaint and account. A review of the account shows ******* ***** signed the Retail Installment Sale Contract on 06/17/21 for the purchase of a 2015 ********* ******. Per the signed contract, the customer agreed to pay CPS the principal balance of $20,593.44 plus finance charges accruing on the unpaid principal balance at the rate agreed upon in the contract until paid in full. CPS encourages the customer to call our customer service department at 888-718-7823 for an explanation of her contract. Please note, the customer has paid a total of $1,790.11 throughout the life of the account. Please note, multiple representatives have attempted to work with Ms. ***** to make payment arrangements to bring the account current; however, these attempts were unsuccessful. As of 1/13/2022, the vehicle has not been repossessed. A review of the account showed that a CPS representative informed Ms. ***** to report her vehicle issue to our Dealer Compliance Department for investigation; however, no claim was ever made. Please call our Dealer Compliance Department at ************ for an investigation into the dealer issues. Thank you.

• Initial Complaint

  12/31/2021

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  I need help trying to find out what's going on. This company has stated that my payment is one month behind because they never received my September payment. Due to hard times I applied to their extension plan (I believe that's what it is called) and I was approved and September payment was waived and added to the end of my loan. So how do I still owe for September? As the result I have accumulated so many late fees because of their error! My august payment was paid 8/18 September waived October 10/23. November was paid 11/29/11/30 and 12/8. And December was paid on 12/22. So how do I owe for September? I've asked so many times and no one has helped me. How do I owe for a waived month? I just need help figuring this out. The reason I applied for the extension was to avoid this situation so it's crazy that I applied was approved and still in this situation. Can the BBB help me because this company has done nothing but make excuses

  Business response

  06/27/2022

  Business Response /* (1000, 5, 2022/01/13) */ Consumer Portfolio Services, Inc. ("CPS") has reviewed the complaint and the account. CPS conducted an audit and can confirm that 1. all payments received have been applied accurately, 2. the current principal and past due balance is reflecting accurately. As of January 13, 2022, the account is currently past due for the December and January payments and is reflecting 41 days delinquent. A review of the account shows the delinquency started when September's payment was missed. Please note, Ms. ****** agreed to a 1-month deferment on August 01, 2021. Per the agreed deferment, Ms. ****** agreed to defer the July 2021 past due payment and would make the next payment due on August 02, 2021. Please note, August's payment was made on August 17, 2021. A copy of the deferment agreement is attached for reference. A review of the payment history shows there was no payment made during the month of September. A further review of the account and collection notes shows there was never any discussion of a deferment for September's payment. Ms. ****** continued to make payment arrangements in attempts to bring the account current. CPS continued to work with Ms. ****** with the payment arrangements, however, payment made on November 24, 2021 and December 02, 2021 returned due to insufficient funds. A copy of the payment history is attached for reference. 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 audit results and/or contract terms, please contact the Customer Service Department at 888-718-7823. If the customer would like to make a payment or payment arrangements with a representative, please contact our Collections Department at ************* Consumer Response /* (3000, 8, 2022/01/14) */ (The consumer indicated he/she DID NOT accept the response from the business.) I just pulled my bank statements. July payment was paid on July 21st and August payment was paid on August 24th per my conversation with consumer portfolio September payment was suppose to be waived. I missed the September payment because I was in an car accident on September 3rd. Consumer portfolio called and ask me when I was making a payment I informed them of the accident as well as me having to get an attorney because of it so I didn't not know when I was going to pay it. So the lady offered for me to request some sort of waiver where the September due amount would be added to the back of my loan. They can pull the September called to verify that! Business Response /* (4000, 10, 2022/01/19) */ Consumer Portfolio Services, Inc. ("CPS") has reviewed the complaint and the account. Please note, prior to the payment made on July 20, 2021, the account was 47 days delinquent and past due for both June and July 2021 payment. The payment that was made on July 20, 2021 covered the past due payment for June 2021, making the account now 17 days delinquent and past due for the July 2021 payment. As stated before, a payment deferment was given on July 31, 2021 to cover the past due July 2021 payment. A further review of the account shows CPS made several attempts to get into contact with Ms. ****** during the month of September but was unsuccessful. CPS received correspondence from Ms. ****** on or around September 16, 2021. The correspondence from Ms. ****** mentioned she would be making September's payment on the 29th. As stated in CPS's previous response, a review of the payment history shows there was no payment made during the month of September. A further review of the account and collection notes shows there was never any discussion of a deferment for September's payment. Ms. ****** continued to make payment arrangements in attempts to bring the account current. If the customer would like to make a payment or payment arrangements with a representative, please contact our Collections Department at *************

• Initial Complaint

  12/28/2021

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  I bought a vehicle back in November of 2016. The loan amount was for $20,930.92 at an APR of 24.2% for 72 months. Making my monthly payments $559.09. $559.09 x 72 is $40,254.48. My principal balance shows I still owe $14,880.59. As of December 2021 I've owned the vehicle for 61 months. Normally the loan will be paid in full by December 2022. However I have utilized a few extensions that have pushed the maturity date to July of 2023. That leaves 19 payments left on the account. $559.09 x 19 is $10,622.71. Where does the extra $4,257.88 come from?! I have only paid $6,050.33 of the principal balance. Yet have paid $23,583.18 in interest! I was only supposed to pay $19,324 in interest. With the math I've done based on the payment history on my account just to simply pay the payoff balance it'll take 28 more payments of $559.09. I'm paying way more than I agreed to pay. I'm only contracted to pay $40,254.48 NOT over $45,000. Also I've noticed an entire year of payments are not being reported correctly on my ********** and ******* credit reports. November 2016 through October 2017 is missing. I filled a dispute to ********** to fix that. After a few days I was notified that the information was updated and accurate but those payments were still missing on my reports and nothing was changed. At the time of writing this my account is on time and current. My next payment is due January 15 2022.

  Business response

  06/29/2022

  Business Response /* (1000, 5, 2022/01/13) */ Consumer Portfolio Services, Inc. ("CPS") has reviewed the complaint and account. A review of the account shows ****** ********** signed a contract with CPS on 11/01/16 for a purchase of a 2013 ******* ******** Per the signed contract, the customer agreed to pay CPS the principal amount of $20,930.92 plus finance charges accruing on the unpaid balance at the rate agreed upon in the contract until paid in full. A copy of the signed contract is attached for reference. CPS conducted an audit of the account and can confirm that all payments have been applied correctly and that the balance is correct. 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 customer's 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 an extension, then more interest accrues by the time the next payment is made so more of the next payment will go to interest. Please note, the account has been delinquent 38 times throughout the life of the loan, including 27 times 10-29 days delinquent and 11 times 30-59 days delinquent. As a result of the customer's payment habits, more of his payments have gone towards interest. Additionally, the customer signed 6 extensions, moving the maturity date to a later date. CPS can confirm we are reporting accurately to the credit reporting agencies. If you have questions regarding how CPS is reporting, please call our Tradeline Reporting Department at XXX-XXX-XXXX. Consumer Response /* (3000, 8, 2022/01/20) */ (The consumer indicated he/she DID NOT accept the response from the business.) I've spoken with someone at CPS and they explained everything to me so there isn't much I can do apparently. However I still don't agree with the fact I've paid $23K in Interest and only $6K of the principal. I was never told that filing an extension would cause more interest to be paid. Other wise I never would have filed any. Now I have to pay an additional $300/ month just to pay the loan off on time. And not every payment has been late. Just one example, I made 3 payments within a few days apart. The first payment half went to interest which should have paid the accrued interest at that time. However within couple days I made 2 more payments. With the 10 day grace period I was told about where if a payment is made no interest will accrue. But both payments interest was applied. This was December 2021. I then made a full January 2022 payment a week early and almost half the payment went to interest. I had talked to someone on the phone about my balance. She told me my principal was $14,880 with a payoff of $15,666. And was valid till January 13th. So if a payment is made before the 13th that it won't increase. On the 7th I went online to make the January payment and noticed my payoff was $15,730. So I called and I was told that's correct and was explained why. However that person ignores the fact I kept saying what I was told a few days ago doesn't match what I'm seeing or what you're saying. If it's only the 7th and not the 13th yet why did my payoff increase already? The only thing he said was my account accrues interest daily. But there's supposed to be a 10 day grace period before daily interest gets tacked on? I understand the simple interest loan now but something still seems off to me. I get told one thing and see another and my payments don't get applied the way I'm told they will. At this point it seems my interest of 24.2% is going to make it impossible to pay the loan off. Every payment I make over half will be applied to interest. $10/day with 30 days in between payments. That's $300 interest with $259.09 principal. I'll end up making more than 72 payments by the time its paid off. Even if it is a simple interest loan I only agreed to pay 72 payments of $559.09. Business Response /* (4000, 12, 2022/02/03) */ Consumer Portfolio Services, Inc. ("CPS") has reviewed the complaint and the account. A review of the deferment agreement signed on November 16, 2020 subsection "Simple Interest Accrual" 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." By processing the deferment, the customer acknowledged and agreed to the terms listed in the deferment agreement. Please note, the grace period is only applied to late charges. As mentioned previously, interest is accrued daily. A payoff quote will include the account's current principal balance owed, assessed fees, current interest balance accrued plus 10 days of expected interest accrued to allow time for a payoff payment to be received. For more information, or further explanation of simple interest, copies of any and all deferment agreements or payoff quotes, please contact the Customer Service Department at XXX-XXX-XXXX.

• Initial Complaint

  12/28/2021

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  The extensions customers had to use during the pandemic were our own extensions . There wasn't any pandemic assistance in place for the customers who needed help during the time of loss of job or income due to the world pandemic. We had to use our own extensions given to help ourselves.

  Business response

  06/30/2022

  Business Response /* (1000, 5, 2022/01/24) */ Consumer Portfolio Services, Inc. ("CPS") has reviewed the complaint and the account. CPS conducted an audit and can confirm that the account is reflecting accurately. Out of the 38 payments made to the account, the customer has paid late 32 times (including 6 times 10-29 days delinquent, 23 times 30-59 days delinquent and 3 times 60-89 days delinquent). A further review of the account shows the customer signed a total of 6 one-month extensions and 2 due date changes since the loan was opened. Please note, ********* ******* received the maximum amount of assistance she was eligible for. CPS representatives made multiple attempts to work with the customer to bring the account current and assist with payment arrangements throughout the life of the loan. A copy of the payment history is attached for reference. Consumer Response /* (3000, 8, 2022/01/25) */ (The consumer indicated he/she DID NOT accept the response from the business.) This did NOT answer my concern. Cps is bringing up that i have received help that is true! What my concern was that there was not pandemic HELP. Any help given out at that time was the regular extensions that i would have to use during the term of my loan. Most auto companies have out extensions specifically for the pandemic , those companies did not have the customer use their own extensions to get help during a world pandemic. The response cps has provided shows how trash of a company they are. You can attach my payment history as you did that shows i have used my own extensions for a world pandemic . Which is to why i am at my MAX HELP. Because as a company you guys gave no additional help! Payment arrangements not kept sorry a virus kept us Americans out of jobs! CPS didn't answer my question not one bit. Business Response /* (4000, 10, 2022/02/03) */ Consumer Portfolio Services, Inc. ("CPS") has reviewed the complaint and account. CPS is committed to compliance with the consumer protection laws, including those enacted in reaction to the Coronavirus pandemic. As CPS noted in the previous response, the customer has received the maximum amount of assistance her account is eligible. CPS representatives continuously attempted to make payment arrangements with the customer, however many of these arrangements were broken or paid later than the agreed upon date. CPS understands the customer is frustrated by the delinquent status of her account. If you wish to discuss payment arrangements, please contact our Collections Department at ************.

• Initial Complaint

  12/22/2021

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  I simply did an app for pre approval and they hit my credit score hard causing it to drop. I wouldn't advise that anybody use this company. The pre approval process shouldn't have resulted in a hard inquiry. That's the whole point of it being a pre approval. I regret the whole process of trying to get pre approved. The hard inquiries need to to be removed off of my ********* and ******* reports.

  Business response

  06/27/2022

  Business Response /* (1000, 5, 2022/01/11) */ Consumer Portfolio Services, Inc. ("CPS") records show that ****** ******** applied for an auto loan on December 22, 2021 via www.*****************.com. CPS received the credit application electronically. A copy of the disclosure and consent is attached. Ultimately, CPS did not finance ****** ********. If ****** ******** believes that this application was sent in error or believes this is a matter of identity theft, please submit all documentation, such as a letter from ***************** stating that the application was submitted in error or a local police report of identity theft and send it to our Credit Report Response Team for investigation at Consumer Portfolio Services, Inc., Attn: Credit report Response Team, P.O. Box *****, ******, CA *****. Please note CPS must report accurate information to the credit reporting agencies and cannot remove accurate information. For more information or further explanation on the credit inquiry, please contact our Credit Reporting Department at ************.

• Initial Complaint

  12/08/2021

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  I am not liable for this debt with Consumer Portfolio Services plus they did not provide me with the original application like I asked. Account No: ******* Amount Disputed: 0.00

  Business response

  06/27/2022

  Business Response /* (1000, 6, 2021/12/15) */ Consumer Portfolio Services, Inc. ("CPS") has reviewed the complaint, account, and attachments provided by the customer. Our records show the customer settled the balance owed on or around April 30, 2020. CPS records show the customer does not have an outstanding balance owed as of December 15, 2021. CPS has forwarded part of the complaint to our Credit Reporting Response team. The Credit Reporting Response team has sent an update to correct any incorrect information on the tradeline. Please note, CPS has no control over how or when the bureaus report this update. . For more information, or further explanation on Tradeline reporting, you may contact our Credit Reporting Response team at ************. Consumer Response /* (3000, 12, 2022/01/10) */ ***Documents attached*** I am not liable for this debt with ************ plus they did not provide me with the original application like I asked. Account No: ******* Amount Disputed: $0.00 Business Response /* (4000, 14, 2022/01/13) */ Consumer Portfolio Services, Inc. ("CPS") has reviewed the complaint and account. A review of the account shows **************** signed a contract with CPS on or about 04/02/16 for the purchase of a 2011 *************. Per the signed contract, the customer agreed to pay CPS the principal amount of $15,391.56 plus finance charges accruing on the unpaid balance at the rate agreed upon in the contract until paid in full. A copy of the signed contract is attached for reference. CPS records show the customer settled the balance on or around April 30, 2020. For more information, or further explanation on Tradeline reporting, you may contact our Credit Reporting Response team at ************.

• Initial Complaint

  11/27/2021

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  First, I want to clarify that I am NOT the primary on this loan. The primary has NOT made one single payment on this vehicle since date of purchase. I have made every single one, as the co-signer. My soon to be ex wife is the primary on the account but in order to salvage my credit, I've been making the monthly payments. Here are my issues: 1.) I don't remember the exact date, but I believe it was May 2020, I was short $100 of the $407 monthly bill. I asked if it could please be placed at the end of the loan. They have yet to do so & have been adding late fees ever since to where I now owe over $200. 2.) I also wanted info about removing my name from the loan entirely. 3.) I have told them NUMEROUS times that, unlike the PRIMARY who DOES have a full time job, I am retired & collect SSD. I told them my check gets deposited the 3rd of every month, & to PLEASE change the due date to the 3rd, yet they keep saying I am late every month because it's due on the 14th or whatever day it's due. Then, they call 4 times a day & harass me about it !!! Ya know, CPS is not an easy company to do business with. If I didn't care about my credit, I would've let them repo it the first month because it's not even MY vehicle, I only co-signed. And, yes, I know that was my fault - but can you at least help me out, just a little bit??? Other than the $100 I was short, I have paid $407 consistently &, if you look at the payment history, you'll see for yourself that payment is made, online, on the 3rd of every month & comes out of MY bank account. I am SO fed up with this company. I can't refinance or trade it in to finally be free of this loan because she REFUSES to go in to sign papers. I also can't purchase a vehicle of my own because I'm stuck paying this loan! There really should be exceptions so when situations, like mine, arise.. co-signers have some protection! If they can prove they've been solely paying, they should also be able to solely make decisions.

  Business response

  06/22/2022

  Business Response /* (1000, 5, 2021/12/14) */ Consumer Portfolio Services, Inc. ("CPS") has reviewed the complaint and account. CPS records show that **** ********* signed the retail installment sale contract with CPS on 06/12/18 for the purchase of a 2016 **** ******** Please note, Mr. ********* is the Co-Buyer on this account. Per the signed contract, Mr. ********* agreed to pay CPS the principal balance of $16,061.00, plus finance charges accruing on the unpaid balance at the rate agreed upon in the contract until paid in full. Please note, the account has been delinquent 34 times, including 33 times 10-29 days delinquent and 1 time 30-59 days delinquent. CPS records show a cease and desist was placed to the account on November 26, 2021 so that all further communication with Mr. ********* will be in writing. Please note, Mr. ********* will still be required to fulfill his contractual obligation to CPS, unaffected by this complaint. If the customer would like to discuss assistance, such as a due date change, the customer should contact customer service at XXX-XXX-XXXX.

*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. ↩