Report: #601120

Complaint Review: "Consumer Portfolio Services" And "The Finance Co."

  • Submitted: Fri, May 07, 2010
  • Updated: Mon, September 17, 2012
  • Reported By: Amanda — Columbus Ohio United States of America
  • "Consumer Portfolio Services" And "The Finance Co."
    PO BOX 57071,
    IRVINE, California
    United States of America

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My boyfriend financed a car through CPS back in June of 2006. The loan was SUPPOSED to be for 17,000 and was a four year loan. It is now coming up on four years and they are trying to say we still owe them 13,000. Just this month, they took two payments out of my checking account, unauthorized, and now they won't even speak with us over the phone. When I realized they took the money, I called them to ask why and how they justified taking out two payments. Their response floored me. They told me that we had set up a deferred payment and that they did not take out any money. Well, little do they know I have record of their withdrawls through my bank. Now, as soon as we say our names they hang up on us. We are just so fed up with all of their nonsense and do not know where to even begin. I feel like they are just scamming us out of money. I know that the interest rates are high because he did not have any credit at the time and had a hard time finding someone to finance him. There is no way possible that we are still in debt to them 13,000. I would love for someone to give me some advice on where to go from here.
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#1 Consumer Comment

Couple of more questions

AUTHOR: Tagurit - (USA)

To the original poster.  Need a few more pieces of info to determine the situation:

Do you have paperwork that clearly outlines how the payment each month will be applied?   This should have been provided at the time the loan was made.  Please reply back with what it says.

Do they provide you with monthly statements showing your running balance and payments?  If you do not have it, have you asked them for it?   If not, why have you not asked for this before now?

Have you ever missed a  payment or been late on a payment (even if only 1 day) and is there any language in the contract that specifiies penalties if you miss a payment or are late on a payment.

Cannot provide adivce without the above info.  Happy to help if I can.

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#2 Consumer Comment

Typical dumbass remark

AUTHOR: Hard working and ticked - (United States of America)

Jim, you are a drooling idiot. Contract law is the same in finance as it is in real estate. a 30 yr mortgage is 30years, and a 5 year car loan is 5 years. If the payments are made on time the contract should terminate accordingly, failure to abide by the contract by CPS surrenders any claim they have. It is called a "breach of contract", ever hear of it? It is unethical and immoral, and I believe you are as well. Have a nice ugly life living with your head up your a*s.
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#3 Consumer Comment

Very Simple Explanation


Interest is paid down first then the principle. Because you are a SUBPRIME borrower, your interest rate is high meaning tons of interest dollars are part of the loan. NOTHING illegal, immoral or unethical here. NO rip off.
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#4 Consumer Comment

Attorney General

AUTHOR: Hard working and ticked - (United States of America)

File an on-line complaint with the CA's Attorney General's office. Also file an economic crimes complaint with the DA responsible for Irvine CA, I think it's the Orange County DA. Maybe if enough complaints get filed these people will finally be held accountable for their incredibly unethical behavior. 
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