Consumer Portfolio Service (CPS) Beware Wolves in Sheeps Clothing Phoenix Arizona

Interest is NOT a 1 Time charge, I don't know who told you that but who ever did was wrong. There are a few different types of calculations and I think CPS may just be a Simple Interest loan. So it would be accrued and applied every month on the remaining balance. If you are late(which you admit you were) then you are charged additional interest than originally calculated because you are not making the payments as scheduled.

You didn't post the scheduled monthly payment so this is just an estimate, but seems pretty close to your numbers. With the amount Financed $16,700 at 19.7% and using a 5 year repayment(estimate). If you pay EVERY payment on-time the first year you will make about $5268 in payments, but over $3000 of that goes toward interest. But by the end of the loan the same $5268 in payments would only have a few hundred dollars going to interest. But if you make any payment late you are charged additional interest. If you are late at the beginning of the loan this can wipe out quite a bit of the principal you have paid, and if you are severly late it may even cause negative amoritzation in which you would owe more than the original amount.

The best thing you can do is to search for Amoritzation Tables putting in your exact numbers. You can then see how each of your payment is applied and what happens when you made those late payments. You may even be able to call CPS and have them give you a detail statement that would show your amoritzation.

Also, as for refinancing, no bank will refiance their own car loan. So if you were ever told that you were told wrong. You would have to go to another lender and see if they would refiance you.

Since I wrote this, my husband and I have been doing some "research". We are paying 16,700.00 for the truck with 19.7%. We had to file bankruptcy because my husband got a whole in his large intestine about 6 years ago and was off work for 6 months, with a colostomy and surgeries and we could not afford the house payments any longer. ANYWAY, at 19.7% interest the interest on 16,700.00 is 3,289.90. We HAVE payed CPS 11,000.00. So that means that with the 3,289.90 already paid on the interest, we should owe CPS 8989.90 (16,700.00 - 7,710.10 (left over after interest = 89890.90) for the rest of the vehicle. CPS says that we still owe 15,175.62 on the truck, so my question is where did the additional 4,185.72 go? CPS has only put 524.38 toward the payment of the truck.
Is that enough facts for you, you jerk? and if not i really dont care.

Perhaps you should ask God how to better understand those that are showing you the error of your ways.

I hope that when you stand before your God that he/she shows you the same understanding and mercy that you have shown me and eveyone else here.

Kay- the Fair Debt ONLY applied to 3rd PARTY COLLECTORS NOT ORIGINAL CREDITORS-- What about that don't you get...

Check the FTC.gov website that is where I got the above statement from....
http://www.ftc.gov/os/2008/03/P084802fdcpareport.pdf

page 2 2nd paragraph... DOES NOT APPLY TO CREDITORS COLLECTING THEIR OWN DEBTS.

Next time, actually do your research before you post incorrect and misleading info please.

After writing about Consumers Portfolio Services, I started reading other posts that people have wrote and even though they have not called my husbands work, yet, they have called my mother and brother and have called home many, many times in one day, always a different person and each one doesn't have a clue about what I have said to the person that I just talked too an hour ago and all hours of the day and night sometimes as late as 10:30 pm on a Saturday and Sunday.

As I stated before, I just recieved my "statement" from them about what is owed and it says that we're still one month behind in our payment. So, I went through our bank statements which started in 10/2007 (that's when we moved and opened the account with our current bank) and every month it shows a payment to these jerks. Half of the payments were payed a week before they were due and the other half is only from a couple of days to about a week late. I see NO WHERE where we are a month behind. They also have a 115.48 late service charge on the statement, I have no idea what that's for, one month? I'm not behind according to my bank records execpt for this month which my car payment was due on the 12th and is now 7 days late.

I added up all the payments and we have paid them over 7,000.00 for a truck (and that is JUST through that bank that does not include the bank that we moved from) that we are supposed to pay 16,000.00 for and is only worth 9,000.00 if we're lucky, it's a 2004. I talked to my husband about it today and he said that we have been paying the interest on it all this time and not the principal because 8 years ago we had to file bankruptsy and we have a high intrest rate on it which means that by the time that we pay the over 15,000.00 that CPS still says we own on the truck we will have payed them OVER 22,000.00 on a 9,000.00 truck that they keep harassing us for the money over. How much do we still owe on the interest rate? is what i'm asking myself. Have we payed them amost 10,000.00 for nothing but harassing phone calls?

After reading some of your posts, I told my husband that after his check goes into the bank tomorrow I am closing that account so they don't just decide to withdrawl the money out for themselves. We had that done to use already this month by Direct TV, without warning they took almost 600.00 out of our account and put us into overdraft in the amount of 200.00 in NSF charges. That's why the truck payment is late and when I tried and explain it to CPS they didn't care and now they call me all the time (starting the very next day) asking if I'd heard anything from the bank about the action I've taken against Direct TV. I keep telling them no and it's going to take a while and as soon as we get the money we will make the truck payment but as of right now we don't even have the money for my medication or buttwipe.
I did some reasearch and found a link that EVERYONE on this sight needs to read:

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf

They ARE in violation of the Fair Debt Collections Act of 2006 in many, many, many ways and could be taken to court and sued for their actions. I STRONGLY recommend reading this so next time they call you at home, work or anyone other than yourself you can quote them from this document. I SURE THE HELL AM!!!!!!!!!!
I am also going to persue looking into a lawyer about getting a class action suit going against these buttholes so if anyone can help out I would appreciate it.

After writing about Consumers Portfolio Services, I started reading other posts that people have wrote and even though they have not called my husbands work, yet, they have called my mother and brother and have called home many, many times in one day, always a different person and each one doesn't have a clue about what I have said to the person that I just talked too an hour ago and all hours of the day and night sometimes as late as 10:30 pm on a Saturday and Sunday.

As I stated before, I just recieved my "statement" from them about what is owed and it says that we're still one month behind in our payment. So, I went through our bank statements which started in 10/2007 (that's when we moved and opened the account with our current bank) and every month it shows a payment to these jerks. Half of the payments were payed a week before they were due and the other half is only from a couple of days to about a week late. I see NO WHERE where we are a month behind. They also have a 115.48 late service charge on the statement, I have no idea what that's for, one month? I'm not behind according to my bank records execpt for this month which my car payment was due on the 12th and is now 7 days late.

I added up all the payments and we have paid them over 7,000.00 for a truck (and that is JUST through that bank that does not include the bank that we moved from) that we are supposed to pay 16,000.00 for and is only worth 9,000.00 if we're lucky, it's a 2004. I talked to my husband about it today and he said that we have been paying the interest on it all this time and not the principal because 8 years ago we had to file bankruptsy and we have a high intrest rate on it which means that by the time that we pay the over 15,000.00 that CPS still says we own on the truck we will have payed them OVER 22,000.00 on a 9,000.00 truck that they keep harassing us for the money over. How much do we still owe on the interest rate? is what i'm asking myself. Have we payed them amost 10,000.00 for nothing but harassing phone calls?

After reading some of your posts, I told my husband that after his check goes into the bank tomorrow I am closing that account so they don't just decide to withdrawl the money out for themselves. We had that done to use already this month by Direct TV, without warning they took almost 600.00 out of our account and put us into overdraft in the amount of 200.00 in NSF charges. That's why the truck payment is late and when I tried and explain it to CPS they didn't care and now they call me all the time (starting the very next day) asking if I'd heard anything from the bank about the action I've taken against Direct TV. I keep telling them no and it's going to take a while and as soon as we get the money we will make the truck payment but as of right now we don't even have the money for my medication or buttwipe.
I did some reasearch and found a link that EVERYONE on this sight needs to read:

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf

They ARE in violation of the Fair Debt Collections Act of 2006 in many, many, many ways and could be taken to court and sued for their actions. I STRONGLY recommend reading this so next time they call you at home, work or anyone other than yourself you can quote them from this document. I SURE THE HELL AM!!!!!!!!!!
I am also going to persue looking into a lawyer about getting a class action suit going against these buttholes so if anyone can help out I would appreciate it.

After writing about Consumers Portfolio Services, I started reading other posts that people have wrote and even though they have not called my husbands work, yet, they have called my mother and brother and have called home many, many times in one day, always a different person and each one doesn't have a clue about what I have said to the person that I just talked too an hour ago and all hours of the day and night sometimes as late as 10:30 pm on a Saturday and Sunday.

As I stated before, I just recieved my "statement" from them about what is owed and it says that we're still one month behind in our payment. So, I went through our bank statements which started in 10/2007 (that's when we moved and opened the account with our current bank) and every month it shows a payment to these jerks. Half of the payments were payed a week before they were due and the other half is only from a couple of days to about a week late. I see NO WHERE where we are a month behind. They also have a 115.48 late service charge on the statement, I have no idea what that's for, one month? I'm not behind according to my bank records execpt for this month which my car payment was due on the 12th and is now 7 days late.

I added up all the payments and we have paid them over 7,000.00 for a truck (and that is JUST through that bank that does not include the bank that we moved from) that we are supposed to pay 16,000.00 for and is only worth 9,000.00 if we're lucky, it's a 2004. I talked to my husband about it today and he said that we have been paying the interest on it all this time and not the principal because 8 years ago we had to file bankruptsy and we have a high intrest rate on it which means that by the time that we pay the over 15,000.00 that CPS still says we own on the truck we will have payed them OVER 22,000.00 on a 9,000.00 truck that they keep harassing us for the money over. How much do we still owe on the interest rate? is what i'm asking myself. Have we payed them amost 10,000.00 for nothing but harassing phone calls?

After reading some of your posts, I told my husband that after his check goes into the bank tomorrow I am closing that account so they don't just decide to withdrawl the money out for themselves. We had that done to use already this month by Direct TV, without warning they took almost 600.00 out of our account and put us into overdraft in the amount of 200.00 in NSF charges. That's why the truck payment is late and when I tried and explain it to CPS they didn't care and now they call me all the time (starting the very next day) asking if I'd heard anything from the bank about the action I've taken against Direct TV. I keep telling them no and it's going to take a while and as soon as we get the money we will make the truck payment but as of right now we don't even have the money for my medication or buttwipe.
I did some reasearch and found a link that EVERYONE on this sight needs to read:

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf

They ARE in violation of the Fair Debt Collections Act of 2006 in many, many, many ways and could be taken to court and sued for their actions. I STRONGLY recommend reading this so next time they call you at home, work or anyone other than yourself you can quote them from this document. I SURE THE HELL AM!!!!!!!!!!
I am also going to persue looking into a lawyer about getting a class action suit going against these buttholes so if anyone can help out I would appreciate it.