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Report: #289150

Complaint Review: Consumer Portfolio - Irvine California

  • Submitted:
  • Updated:
  • Reported By: harrisburg Pennsylvania
  • Consumer Portfolio Pob 57071 Irvine, California U.S.A.
  • Phone: 800-895-7965
  • Web:
  • Category: Loans

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CPS aka Consumer Portfolio Svcs, is a predatory auto loan company.

Oct 30 2007 I was 29 days "late"; my first time being so as I had a perfect paymemnt history w/them. I called to let them know that I ran into difficulty and asked for cooperation in regards to making the payment due. I actually wanted to trade the car off b/c their interest rate was outrageous and stated his to the rep. The rep became obtuse and said 'you will still be responsible for the oct pmt even if you trade the car off and for nov too b/c the dealers can take up to 60 days - maybe more to pay the car off. I told her that she was providing incorrect "collection" information, that once we trade the car off - as of that day - the car & loan is no longer mine. She became irate and demanded I make the oct pmt. I asked for her name, she refused, I explained that she was violating my rights under the FDCA by concealing her representative identity then I hung up on her.

I couldnt trade the car off, apparently this 2007 toyota had negative equity in it so I called CPS back and asked for a supv. I got this rep mrs sweat 800-363-9608 x5316 and I told her my situation, I also told her what the other rep did to me. she said she couldnt tell who that person was, but there was a set of initials at the time of my call & she would try to find out who it was & apologized. mrs sweat promised to work with me.

Meanwhile CPS was calling my neighbors (at time of signing autoloan i was told to fill out a reference paper to validate my address) and telling them to get a message to me to pay my car or they will repo it. i had to report this to the BBB, state atty general and FTC. This one man from CPS called my house when i wasnt home and scared my children telling them that if their mom doesnt pay the car, they will come & get it.

Into nov, as I am now one pmt behind, with nov due - mrs sweat offered me a deferment. she said if I could pay oct's pmt of 508.00, and novs 508.00 she would defer dec. she went to her supervisor ms thomas. ms thomas x5340 spoke to me and reiterated the deferment. mind you now, CPS charges a fee for this deferment. i explained that I couldnt do it right now but to give me a bit, I would try to come up with the money. The week of thanksgiving, I called CPS and told them I would have the money by the end of the month. ms thomas said I HAD to set up 2 post dated checks. nov 30 for 516.00 and dec 3 for 518.74 & they would defer dec's pmt. no if's and's or butts, no miscommunication - I made certain that our arrangement was gospel. ms thomas told me to call her back when the pmts cleared my bank so she could fax me the deferal form, id sign it and fax it back to her.

I noticed on monday dec 3 that both pmts cleared my checking acct but the pmt for 518.74 was NOT correct, they deducted 526.74 from my acct. I called ms thomas and asked for the deferal form. she avoided me all that morning telling me she was busy. I finally got her around 11am and she promised to fax the form to staples where i designated her to. I waited at staples. no fax. i called her back, ms thomas said her supervisor does the deferal faxes and shes very busy, the fax would come in by 3pm, and she would call me once its sent.

the fax never came. i kept calling her ph# got voice mail.

I call this morning and demanded to know where the deferal form was. ms thomas said "well, my supervisor denied it, we will give you a pmt plan instead". i said - that wasnt our arrangement, you promised me a deferal if i made 2 pmts, i complied, and you renegged. she 'tried' to say her supervisor had to approve it - then i had to remind her that she already HAD IT APPROVED and recapped every conversation we had. i accused her of committing deceptive collection tactics and violating the fair debt collection act plus she collected 526.74 from my acct, when she had me set the draft up for 518.74 - that she had me pay a deferment fee ahead - then claims after the fact im denied? . i told her i was calling my bank and reversing the drafts, and i told her to come get the car. i told her she committed deceptive collection practices and violated my rights under the FDCA & i was going to make reports to FTC, BBB & Pa State atty general - i hung up on her. she tried to call me back 4 times but i refused to answer the phone.

Beware & be AWARE that this company is deceptive.

Has anyone ever had a car repo'd by CPS? What do they do? What happends as a result?

Linzartart
harrisburg, Pennsylvania
U.S.A.

This report was posted on Ripoff Report on 12/05/2007 11:15 AM and is a permanent record located here: https://www.ripoffreport.com/reports/consumer-portfolio/irvine-california-92619/consumer-portfolio-deceptive-collection-practices-violating-fair-debt-collection-act-irvin-289150. 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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REBUTTALS & REPLIES:
0Author
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#11 Consumer Comment

Linzartart, the interest rate was clearly displayed on the contract YOU signed. GUARANTEED!

AUTHOR: Steve - (U.S.A.)

POSTED: Saturday, January 05, 2008
Linzartart,

If you did not like the interest rate, WHY did YOU sign the contract?

Nobody held a gun to your head to sign it. You could have gone elsewhere.

FYI.. A 620 credit score is not really that good. That is why you got the subprime lender. It was the only one that would finance you!

I have multiple collections on my credit report and have a 618 middle score!

620 SUCKS!

And, I was in the mortgage business for a few years, and can guarantee you that you did not get a low mortgage rate with a 620. You need at least a 680 to get a "good" mortgage rate.
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#10 Author of original report

Att Steve

AUTHOR: Linzartart - (U.S.A.)

POSTED: Friday, January 04, 2008
Steve
Bradenton, Florida
U.S.A.

No such thing as 'fair debt collection act', and FDCPA does not apply here anyway.
First, there is no such thing as a 'fair debt collection act'. It is called the Fair debt collections practices act. proper terminology is essential.

Second, the FDCPA only applies to THIRD PARTY debt collectors. You are dealing with the actual lender, so the FDCPA does NOT apply whatsoever here.

Your interest rate is high because you are dealing with a subprime lender. You are dealing with a subprime lender because you have bad credit. You elected to do business with them. You accepted the terms of the contract when you signed it!

Did you even read it?

**************************************
well steve, indeed we did read the contract & signed it - and my credit was a 620 at the time - had i known that cps was a subprime lender id have refused. all my other car loans were thru reg dealers ex toyota motor credit, gmac etc. (with same credit) the dealer did not inform at the time. thru research concerning this particular dealership, i have found people with decent credit scores that have been placed with cps. i believe that there is a colluding pattern here. i have a new house loan with 7% interest i shouldnt have been placed with cps. i read on the net one state atty gen came to an agreement w/one of a few dealerships that they had monopolized their financing by limiting buyers with one particular company. as for signing/accepting the terms of the contract for which i have right here in front of me - NO WHERE does it state that the 'reference sheet' the dealer had us complete w/6 names & addresses & ph #'s of people who could verify our address was contractual, nor did it state anywhere that this would be used for collection purposes. there was no mention of this reference sheet in said contract. my atty just so happened to have been one of those references and according to HIM what the dealer & cps did was deceptive and fraudulant. (and he is handling that) so take that and your cocky attitude somewhere else please.
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#9 Author of original report

Att Steve

AUTHOR: Linzartart - (U.S.A.)

POSTED: Friday, January 04, 2008
Steve
Bradenton, Florida
U.S.A.

No such thing as 'fair debt collection act', and FDCPA does not apply here anyway.
First, there is no such thing as a 'fair debt collection act'. It is called the Fair debt collections practices act. proper terminology is essential.

Second, the FDCPA only applies to THIRD PARTY debt collectors. You are dealing with the actual lender, so the FDCPA does NOT apply whatsoever here.

Your interest rate is high because you are dealing with a subprime lender. You are dealing with a subprime lender because you have bad credit. You elected to do business with them. You accepted the terms of the contract when you signed it!

Did you even read it?

**************************************
well steve, indeed we did read the contract & signed it - and my credit was a 620 at the time - had i known that cps was a subprime lender id have refused. all my other car loans were thru reg dealers ex toyota motor credit, gmac etc. (with same credit) the dealer did not inform at the time. thru research concerning this particular dealership, i have found people with decent credit scores that have been placed with cps. i believe that there is a colluding pattern here. i have a new house loan with 7% interest i shouldnt have been placed with cps. i read on the net one state atty gen came to an agreement w/one of a few dealerships that they had monopolized their financing by limiting buyers with one particular company. as for signing/accepting the terms of the contract for which i have right here in front of me - NO WHERE does it state that the 'reference sheet' the dealer had us complete w/6 names & addresses & ph #'s of people who could verify our address was contractual, nor did it state anywhere that this would be used for collection purposes. there was no mention of this reference sheet in said contract. my atty just so happened to have been one of those references and according to HIM what the dealer & cps did was deceptive and fraudulant. (and he is handling that) so take that and your cocky attitude somewhere else please.
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#8 Author of original report

Att Steve

AUTHOR: Linzartart - (U.S.A.)

POSTED: Friday, January 04, 2008
Steve
Bradenton, Florida
U.S.A.

No such thing as 'fair debt collection act', and FDCPA does not apply here anyway.
First, there is no such thing as a 'fair debt collection act'. It is called the Fair debt collections practices act. proper terminology is essential.

Second, the FDCPA only applies to THIRD PARTY debt collectors. You are dealing with the actual lender, so the FDCPA does NOT apply whatsoever here.

Your interest rate is high because you are dealing with a subprime lender. You are dealing with a subprime lender because you have bad credit. You elected to do business with them. You accepted the terms of the contract when you signed it!

Did you even read it?

**************************************
well steve, indeed we did read the contract & signed it - and my credit was a 620 at the time - had i known that cps was a subprime lender id have refused. all my other car loans were thru reg dealers ex toyota motor credit, gmac etc. (with same credit) the dealer did not inform at the time. thru research concerning this particular dealership, i have found people with decent credit scores that have been placed with cps. i believe that there is a colluding pattern here. i have a new house loan with 7% interest i shouldnt have been placed with cps. i read on the net one state atty gen came to an agreement w/one of a few dealerships that they had monopolized their financing by limiting buyers with one particular company. as for signing/accepting the terms of the contract for which i have right here in front of me - NO WHERE does it state that the 'reference sheet' the dealer had us complete w/6 names & addresses & ph #'s of people who could verify our address was contractual, nor did it state anywhere that this would be used for collection purposes. there was no mention of this reference sheet in said contract. my atty just so happened to have been one of those references and according to HIM what the dealer & cps did was deceptive and fraudulant. (and he is handling that) so take that and your cocky attitude somewhere else please.
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#7 Author of original report

Att Steve

AUTHOR: Linzartart - (U.S.A.)

POSTED: Friday, January 04, 2008
Steve
Bradenton, Florida
U.S.A.

No such thing as 'fair debt collection act', and FDCPA does not apply here anyway.
First, there is no such thing as a 'fair debt collection act'. It is called the Fair debt collections practices act. proper terminology is essential.

Second, the FDCPA only applies to THIRD PARTY debt collectors. You are dealing with the actual lender, so the FDCPA does NOT apply whatsoever here.

Your interest rate is high because you are dealing with a subprime lender. You are dealing with a subprime lender because you have bad credit. You elected to do business with them. You accepted the terms of the contract when you signed it!

Did you even read it?

**************************************
well steve, indeed we did read the contract & signed it - and my credit was a 620 at the time - had i known that cps was a subprime lender id have refused. all my other car loans were thru reg dealers ex toyota motor credit, gmac etc. (with same credit) the dealer did not inform at the time. thru research concerning this particular dealership, i have found people with decent credit scores that have been placed with cps. i believe that there is a colluding pattern here. i have a new house loan with 7% interest i shouldnt have been placed with cps. i read on the net one state atty gen came to an agreement w/one of a few dealerships that they had monopolized their financing by limiting buyers with one particular company. as for signing/accepting the terms of the contract for which i have right here in front of me - NO WHERE does it state that the 'reference sheet' the dealer had us complete w/6 names & addresses & ph #'s of people who could verify our address was contractual, nor did it state anywhere that this would be used for collection purposes. there was no mention of this reference sheet in said contract. my atty just so happened to have been one of those references and according to HIM what the dealer & cps did was deceptive and fraudulant. (and he is handling that) so take that and your cocky attitude somewhere else please.
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#6 Consumer Suggestion

No such thing as "fair debt collection act", and FDCPA does not apply here anyway.

AUTHOR: Steve - (U.S.A.)

POSTED: Sunday, December 23, 2007
First, there is no such thing as a "fair debt collection act". It is called the Fair debt collections practices act. proper terminology is essential.

Second, the FDCPA only applies to THIRD PARTY debt collectors. You are dealing with the actual lender, so the FDCPA does NOT apply whatsoever here.

Your interest rate is high because you are dealing with a subprime lender. You are dealing with a subprime lender because you have bad credit. You elected to do business with them. You accepted the terms of the contract when you signed it!

Did you even read it?
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#5 Consumer Comment

You are mistaken on a few points.

AUTHOR: Robert - (U.S.A.)

POSTED: Saturday, December 22, 2007
""that once we trade the car off - as of that day - the car & loan is no longer mine.""

You are mistaken. The loan is yours untill such time that it is paid off. Read your loan contract. They are not obligated to agree to refinance terms with anyone you sell the car to (a trade in is just that - you're selling the car.) What they told you about the dealer taking up to 60 days to pay them, and that if the payoff was that late, you're responsible, is correct. Most REPUTIBLE DEALERS will pay off your loan on the trade-in vehicle quickly - as soon as financing is approved. However, untill that loan is paid IN FULL, the loan is on you, not the dealer that you're selling it to. This is why it's important to choose a reputable dealership.

The car is yours as well until such time as the lien holder (the folks who financed the car) release the title - I know of no lender who will release a lien on an auto title without the loan being paid off. I don't know why you think otherwise. You may verify this with your state department of motor vehicles. Please keep this in mind the next time you go car shopping.

Oh, and never accept "spot delivery" from any car dealer, new or used. If the financing doesn't go through, they usually hit you up for a rental fee for the car you "purchased" but had to give back. They put this "rental fee" into the paperwork for the spot delivery. You're also on the hook for any payments due on your "old" car (if it's financed) that were not paid while you were driving your "new" vehicle.

""Into nov, as I am now one pmt behind, with nov due - mrs sweat offered me a deferment. she said if I could pay oct's pmt of 508.00, and novs 508.00 she would defer dec""

I can't tell if this is misinformation from them or that you misunderstood what they told you so I'll try to explain what and how a differment is for almost any loan. When a lender grants a deferment, what they are doing is suspending some due payments, but they don't do this for FREE.

Here's an example: Let's say you request a 6 month deferment on a loan. If granted, this would mean that you don't make payments for 6 months and your credit is good. BUT, they will normally charge you the additional interest (6 months) based on the remaining principal of the loan. In effect you are extending the term of your loan by 6 months at a cost to you of the additional interest based on the 6 month extension of the loan. This additional interest is normally required to be paid UP FRONT. Then everthing is OK and your normal payment schedule resumes 6 months later.

Hope this helps you in the future.
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#4 Author of original report

additional fraud & deceptive practices

AUTHOR: Linzartart - (U.S.A.)

POSTED: Thursday, December 06, 2007
when Consumer Portfolio Svcs had me pay the 2 pmts re obtaining the deferment they charged me a deferment fee - when ms thomas claimed i wasnt approved for the deferment she wouldnt refund the deferment fee.
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#3 Author of original report

additional fraud & deceptive practices

AUTHOR: Linzartart - (U.S.A.)

POSTED: Thursday, December 06, 2007
when Consumer Portfolio Svcs had me pay the 2 pmts re obtaining the deferment they charged me a deferment fee - when ms thomas claimed i wasnt approved for the deferment she wouldnt refund the deferment fee.
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#2 Author of original report

additional fraud & deceptive practices

AUTHOR: Linzartart - (U.S.A.)

POSTED: Thursday, December 06, 2007
when Consumer Portfolio Svcs had me pay the 2 pmts re obtaining the deferment they charged me a deferment fee - when ms thomas claimed i wasnt approved for the deferment she wouldnt refund the deferment fee.
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#1 Author of original report

additional fraud & deceptive practices

AUTHOR: Linzartart - (U.S.A.)

POSTED: Thursday, December 06, 2007
when Consumer Portfolio Svcs had me pay the 2 pmts re obtaining the deferment they charged me a deferment fee - when ms thomas claimed i wasnt approved for the deferment she wouldnt refund the deferment fee.
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