Consumer Portfolio Services - CPS If satan is in the auto loan biz. His name is CPS Phoenix Arizona

I understand how frustrating it is that you paid for insurance and felt you were completely covered just to find out you still owed the finance company more money however before filing a complaint you may want to get your facts straight. Your insurance company pays the value of the vehicle not the value if the loan and GAP does cover the remaining balance in the event you make all payments as scheduled on time GAP does not pay late payments, deferred payments or intrest due to late payments and this is why finance company's suggest you continue to make payments on your loan until the loan is paid in full. GAP request a full payment history to calculate out the amount they will cover starting on the date of loss.

CPS is also my finance company and although I do not agree with all of the company's policy & procedures, it is what it is and is perfectly legal.

It appears to me that the reason your auto insurance and GAP insurance has a shortfall on your loan might be because you were late or missed payments during your loan.

You need to understand that with most auto loans, late or missed payments will cause additional interest and late fees to be applied to the balance of your loan. Most GAP policies will NOT COVER additional monies assessed to the balance of the loan that are caused by LATE or MISSED payments. It seems to me that there might be some additional monies owed, but $1500 seems a bit too pat for me. I might accept $1435.86 but $1500.00 is too convenient (nice round number, eh?)

What I would do:

1. Review your main auto insurance policy and request a statement from the insurance company that indicates exactly what they paid to CPS and how they came to pay that amount.

2. Reveiw your GAP policy and request a statement from the GAP insurance company that indicates what they paid to CPS. You should also ask for a WRITTEN explanation as to why they did not cover the full difference between your loan balance and the value covered by your main insurance policy.

3. Request a full accounting (itemized) from CPS that shows the dates that any late fees (or other fees for that matter) were assessed to the balance of your loan and a full accounting of the additional interest that was applied to your loan as a result of the late and/or missed payments and fees. In other words, you want an accounting that details why the balance of your loan is different than what the balance would have been IF you had NEVER made a late payment. This difference is what you still owe them to satisfy your loan with them.

FYI, you would be in this exact same predicament no matter what business financed your auto loan-this is NOT a case of CPS being evil.

Hope this helps.