Consumer Portfolio CPS Didn't apply money to balance Irvine Nationwide

I admit that I went into this with my eyes wide shut but I have never experienced a loan place like this.  I have worked with and trusted the previous companies that I have dealt with and had never been cheated. You pay and you watch your balance with interest included go down. You cannot judge me because you do not know or understand my personal situation. All I know is this situation no matter what, was a predatory loan. Per the payment book it had my payments listed as deducted each month from the balance when that was not the case.

Any company that feeds off of low income people trying to be normal working citizens and have the same as anyone else seem to always fall victim to companies like this. Times have really changed. I thank you for your response. I opened my eyes to what I really got myself into. Again I stand by what I said. If you are reading this think twice before you loan thru this company and per my mistake READ everything!! I have obtained an attorney.

If you were Ripped Off...YOU let them do it.  Based on what you wrote here you do not have any idea of how a loan works and let the dealer walk all over you.  Just on the purchase of a car, no one ever thinks it is a good idea to pay more than 40% over the "blue book value" of the car.

First of all CPS is a "Sub-Prime" lender which is for people who have not shown they can handle credit.  This means that you either had no credit or have screwed up your credit in the past.  As such they charge you a very high interest rate.  The only way you will get your entire payment to apply to the balance is if you had a 0% interest loan, which if it was through CPS I can guarantee it was not.

Now, you failed to list several important items. Such as what is your Interest Rate, what was the length of the loan, and how much is your monthly payment.  All of these things were on the loan agreement YOU signed but apparently didn't read.  A few other factors you failed to mention is if you have made every payment on-time.  As every late payment you make increases the interest paid and will not lower your principal as much.  If you plug all of this information into an amoritzation calendar you can see how your payments and interest are applied over the length of a loan.  You always will pay more interest in the beginning of a car loan and less at the end, so having only about $2,500 deduction is in the realm of possibility.

Oh and as for your accident.  You are 100% correct.  It is unlikely that if the value of your car 3 years ago was $10,000 and you still owe $11,000 that the insurance will pay all of it.  Any balance left from this is your responsibility.  Oh and yes this was also in the loan agreement you signed, but again apparently didn't read.  The only way you will not owe any balance is if you also purchased "gap" insurance and have made all of your payments OnTime.  In this case the gap insurance will make up this difference leaving you owing nothing.