Fraudulent! So in 2015 I bought a Chevy Malibu an made all my payments on time for two years up until Alcoa my job had shut down I had to push back payments few months because I had no employment after they laid everyone off in mean time while this was going my fianc hit a deer an insurance deemed the car to be total loss I had purchased gap insurance when initially buying the car but was told after the insurance paid their part that my gap insurance wouldnt cover anything because I had to set back payments a few times due to loosing my job the insurance paid out their portion took the car an after we didnt hear much of anything else about the car or from consumer portfolio it was on my credit report as charged off but other then that dead silence fast forward to two months ago when I received a letter from an attorney office Thomas an thomas I called the number an they said they wanted list of all my bills an asked what I could afford a month to pay. Its all going to interest!! Enrolling in Autopay from your checking account. Your student loan servicer is obligated to provide you with the following information: Your loan repayment schedule. They have reduced me to tears several times as well. Fifth Third Currency Processing Solutions (CPS) is a cash management solution for businesses handling a few hundred dollars in cash a day to hundreds of thousands of dollars a day. Repossession is bad but I have two cars and CPS customer service sucks so they can have their car back. They call so much that I have to turn the volume down at work. I have paid my car payment monthly since then only to be harrassed every month because I can not make a double payment to get current. Long hours, cut hours, emotional stress so when I get a text saying that please contact consumer portofolio regarding your account being past due even though I made a payment. THEY HAVE DONE THIS BEFORE AT MY WIFES WORK. They threaten to take the car and yell at you, then say you are having an attitude. How can they get away with doing these kind of loans? The point is that the rep called customer back with threat. Sound off and share your experience with other visitors in the comment box below. If anyone calls let them leave a message and return the calls that is important to you. I have been let go from one job because of these ignorant peoples phone calls and on the verge of being let go from the current one! We Stop Calls and Harassment. Its a huge joke. $24,366 initial loan amount $21,560 total amount paid since the loan was funded (as of 1/26/20) $19,061 total amount applied to interest $2,392 total amount applied to principal $22,081 current amount owed (incl. Respond to this report! How can you get sent to jail for robbing someone in person but when a company does it then its ok? These people have done the same things to my wife and I. They have called my job several times and give my personal information to the secretary. You not only got the calls to stop but you have the company to dismiss the accounts once and for all! I sent the check to the payoff address. Also unnecessary high late fees. However, most credit cards provide a grace period on purchases. Link. Let the financing world know that we won't take but so much of their crap! Now in negotiations for the $12k. Fixed Deposit Interest Rates by Different Banks. HOPE YOUR HAPPY PAYING 23 TO 28% APR IN THE NEXT 7 YRS - HA HA LOOSER. They will try to pinch every penny from you. If it wasn't a govt owned company there is no way they wouldn't have been sued. Do you want the payment or not? I registered my vehicle on July 05, 07 in the new state. I came into some money and I called the payoff phone number. Enjoy reading our tips and recommendations. I will not be bullied. I told her that she don't have nothing to do with my bills and that I didn't owe her nothing, I owed the bank. I've been hiding the car bcs im worried they reallywill take it. Waited weeks to get response an I find out today they are demanding $500 a month but will settle with $425 a month until paid in full its like $8000 they want the car was totaled out I havent had it since 2017 I cant afford $425 a month an have money to live off of how can these places do this ! My car has been financed through them Since 2016.I am nowhere near paying off the vehicle, making payments every 2 weeks when I get paid, my payoff balance is $13,000.00. Insurance companies still have to put labor hours toward processing claims . As for my complaint: I have been on time with payments for a year but of course recently I have fell behind on the car note. I would like to get everyone that has had any kind of bad experience with this company an opportunity to take part in this law suit. harrassing me with calls on my job,telling my boss and co-workers i owe money on my truck while i was off on medical leave. The guy was really rude and told my husband we better not take the car anywhere and to make sure the car is cleaned out and hung up on my husband. Once that payment is made and all repayment terms have been met, the promissory note that is a record of the original debt is retired. I dont mind having to pay higher rate for my dumb mistakes but it should be fair, an LEGAL! i do my best to be on time so they'll have no reason to call me or my job (which they've done).. So my mother died months ago. Copyright 20042023 Yelp Inc. Yelp, , and related marks are registered trademarks of Yelp. In July 08 I was hired as PT employee with it becoming FT sometime in 09, so I took it because it was a little more money then unemployment but not much. How can so little of my payment be applied to principal when Im more than halfway through the loan contract and have paid them so much??? YOU ALWAYS HAVE A GRACE PERIOD TO MAKE YOUR PAYMENT YOU SHOULD FIND OUT WHAT THAT IS BEFORE YOU GET INTO IT WITH PEOPLE THAT ARE WILLING TO EXTED YOUR PAYMENT - GRACE PERIOD AR ALWAYS 5 TO 10 DAYS THAT WOULD HAVE SOLVED YOUR PROBLEM. That why banks cant aford to give any loans out to people that REALY want to fix there credit not just get a FREE RIDE. The interest will continue to accrue on the balance you owe. But this business is going to tell you how to spend your stimulus checks when I dare say everybody in the nation right now is running 30 days behind trying to buy FOOD these days! They said they would call me back with a solution. A student loan grace period is the temporary window before you're required to start making payments on your debt. Which in a sense should do but would of never thought of doing if it want for this truck, I cant afford for them to take more a month from me than my monthly payments are and not have the truck. Report: CPS Can you pay Consumer Portfolio Services with a credit card? In Oct 08 I received Explanation of Calculation of Surplus or Deficiency, showing amount owed was about another 1k then what it was or should have been to my belief of what was owed after all payments made, amount sold for and stating I owed them around 2k so I looked at it as that isn't so bad when I next my Tax Refund for 08 in 09 I will call and try to settle with them, but in Nov 08 I received a letter saying that they have made several attempts to contact me which now was so FALSE not one phone call from anyone and I owed them around 5, 600. As soon as I tell them my name/account number they hang up on me or say they have to transfer me and then we get disconnected! AND I DID NOT APPRECIATE THE WAY THEY TALK TO MY MOTHER AND OTHER REFERENCES. But its not only the loan itself that affects your credit scores. Once my payment was late (even know I had a credit on my account for about 50.00 I pay extra every month), they were calling constantly, 3 to 4 times a day. Don't know what to do, I can't get a hold of anyone. If anyone asked about CPS I would tell them that I would rather ride a bicycle than get a loan from them. Does Consumer Portfolio Services have a grace period? To those of you that are currently being harassed by Consumer Portfolio Services please read this post. We promise not to send you any unrelated messages, Click here if youd like to unsubscribe from notifications about new complaints of Consumer Portfolio Services, im not just happy with the service off consumer portfolio services. Pended claims during those periods . I would say yes but make sure that you were always on time with your payments even though life happens make sure that you make a way to work out things with them and always stay in contact with them because much like any other place if you lose contact or make it seem like youre trying to avoid them, there will be consequences. The BBB profile page for Consumer Portfolio Services lists no complaints, but it includes 18 negative reviews of CPS, most of which allege Consumer Portfolio Services used threatening and harassing communications to attempt to collect a debt, made misrepresentations about fees and loan terms, acted as a predatory lender, or otherwise engaged in improper communication and collection tactics. Is this your company? a thorough thought leadership piece about it, you are overpaying and can save money through refinancing, reduce your monthly payments within 2 minutes or less, Consumer Portfolio Services refinance offer, follow our three simple steps to get a firm offer, three simple steps to refinance your auto loan. 4,174,610 reviews on ConsumerAffairs are verified. Get real and pay your bills on time. Because they break every law that can be broken and they are still in business, it leads me to believe that the govt set up this company to give the poorest of poor and those that struggle the most to pay their debts for whatever reason, a loan to get a car so they can continue to work. I am, by no means, a financial expert but their math doesnt seem right to me. Claiming we would have to pay over $2,600 plus repossession fee of $370 to get the car back by the 21st of October, before it goes to auction. File a [redacted] and dont let them get away with it! How is this legal? The list above is not all the numbers that Consumer Portfolio Services uses. We need to get a class action lawsuit together for all the embarassment and pain they have caused. The cap if I remember correctly is between 7-12% depending on the state. How Does the CFPBs Debt Collection Rule Affect You? We look forward to working with you to resolve your legal issues. I was going to pay the amount required to get the car back but after reading the reviews and finally seeing that I am not the only person that all of the things that I have mentioned has happened to. Here are some Sample Cases against Consumer Portfolio Services Inc. I had just bought 4 brand new tires and had just got the registration in April. I'm sure CPS will try to sue me, my plan is to file a countersuit if they try to put the repossession on my credit report. This will surely increase the credibility of your complaint. (This is based on the year to 2017). Now I hold no ill will toward the company itself. I always made my payments and never let it get more then 1 month behind. All they did was threaten meApril of 2022 they came and repossessed the car. Meeting requirements results in lower interchange processing fees. I too have suffered all the same phone harassment as well as having all my family members being told that they were coming to repo my car. This company is rude. People have been complaining about this company since its induction into the auto loan industry. However that did not last long. I am in the process of contacting a lawyer to see if I have some type of case. They threatened me in all kinds of ways from court, garnishing pay, taking assets. With credit cards, for example, a grace period is the time between the end of a billing cycle and the date your payment is due. They call so much of their crap its not only the loan itself affects... Phone number of you that are currently being harassed by Consumer Portfolio Services please read this post of. 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