Complaint Review: Consumer Portfolio Services, California - Irvine California
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- Author Not Confirmed
- Consumer Portfolio Services, California 19500 Jamboree Road Irvine, California United States of America
- Phone: 949-753-6800
- Web: http://www.consumerportfolio.com
- Category:
Consumer Portfolio Services, California FOR MONEY - NOT FOR PEOPLE! Irvine, California
*Consumer Comment: Bankruptcy..
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I'm writing this on behalf of my fiance. An unemployed, but hard-working man who lives in Michigan - a state that has one of the highest unemployment rates in the country; a state where it's almost impossible to find a job that pays more than his unemployment. This man wants to work, but can't find a job. Because of his unemployment status, he had to file for Bankruptcy just so he could keep his house and put food on the table for him and his son, and to pay off the money he owes for his car that he financed through Consumer Portfolio, Inc. The Kelly Blue book of his car is $700, and because of the shape the car is in, I doubt the car would be worth that; however, Consumer Portfolio's so-called "appraiser" claims the car to be worth $2800, so instead of having some heart and letting this go, they are asking the courts that he pay the $2800. I'm sure it's probably cost them more than that already just to fight this in court.
Sadly, because my fiance doesn't have any money, he won't be able to come up with the money to keep his car. Without a car, how will he get a job?
This company is absolutely heartless and relentless in only caring about money as opposed to caring about people.
Do NOT get any loans from this company and please pass this on to all your friends.
This report was posted on Ripoff Report on 02/01/2010 09:11 AM and is a permanent record located here: https://www.ripoffreport.com/reports/consumer-portfolio-services-california/irvine-california-92612/consumer-portfolio-services-california-for-money-not-for-people-irvine-california-562996. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
Bankruptcy..
AUTHOR: Robert - (U.S.A.)
SUBMITTED: Monday, February 01, 2010
It sounds like he is trying to "Redeem" the car. In a redemtion you are required to pay the creditor the RETAIL value of the car. While the car may not be worth $2,800 if it moves it is probably worth more than $700. If it doesn't move it might just be worth not paying them anything and using the $700 toward another car.
They can "ask" the court for anything they want, but in the end it is up to the court as to if they agree. So the best thing to do is take a look at both NADA and Blue Book values of your car. In this be honest as to the true condition based on the descriptions. You may also want to do a search around your immediate area for similar cars, if they are selling for much less than the "book" values you can use that as well. For example if the NADA value for the car is $2800, but you have 7 ads from your area that show a similar car is only selling for $1000 that may be good enough for the Trustee to set the value lower. So when he meets the Trustee he can bring these values in to show why he thinks the $2,800 is too much. Unless you really underestimated the actual condition of the car it will be next to impossible for CPS to deny the PRINTED values.
This is only a suggestion as there may be several other factors that you do not even know about that could effect what he should do. This is why he needs to talk to his lawyer who can advise him as to the best course of action. If he does not have one, this is exactly why he NEEDS one.
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