Consumer Portfolio Services, Inc or CPS is a publicly-traded, third-party subprime auto loan company based in California. CPS has received consumer complaints alleging violations such as improper communication tactics and sharing of information. If you have been contacted by CPS, make sure you understand your rights before taking action.
According to the Better Business Bureau (BBB), Consumer Portfolio Services was founded and incorporated in 1991 in California. The BBB lists CPS as a consumer finance company and a collection agency. According to its website, CPS works “with thousands of franchised dealers nationwide to make vehicle ownership possible for everyone.” CPS“is committed to bringing dealers the most competitive subprime programs and financing options available.” The dealers CPS works have access to its “knowledgeable marketing representatives in the field that are skilled in executing all aspects of subprime finance…for maximizing profit and fast funding.” For car buyers, CPS, through its “direct to consumer division” New Roads Auto Loans (New Roads), “specializes in giving auto loans to people with credit problems.”
Consumer Portfolio Services website provides information for car dealers and information for car buyers. Their dealer pages inform site visitors that Consumer Portfolio Services has programs for franchised and independent dealers and that partnerships with auto dealers have made CPS “a leading subprime auto lender.” CPS also helps dealers “build a successful subprime operation” by providing training and support from CPS marketing representatives who “know the market” and know how to bring dealers “qualified leads”, to ask “customers the right questions to help dealers maximize approvals and profits” and to “get paid” on deals.The dealer FAQ page outlines CPS programs and informs site visitors that more information is available by contacting CPS.
The Consumer Portfolio Services website includes a customer portal and a link to the New Roads website, which assures site visitors that The New Roads website provides “car buying tips” and “credit basics” that include advice for car buyers to “get their financing in place before” shopping for a car if there are “credit problems” to avoid being “turned away, asked to add a co-signer, steered to a lesser car, or asked to come up with a very large down payment” by a dealer. The website also includes a payment calculator, online applications, and information about which cars to buy to reduce interest rates.
The Consumer Portfolio Services and New Roads websites do not provide a lot of detailed information about their business practices or compliance policies. They do include standard, legally mandated information about information privacy and security.
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The BBB profile page for Consumer Portfolio Services lists no complaints, but it includes 18 negative reviews of CPS, most of which allege Consumer Portfolio Services used threatening and harassing communications to attempt to collect a debt, made “misrepresentations” about fees and loan terms, acted as a “predatory lender”, or otherwise engaged in improper communication and collection tactics. The BBB profile page also refers site visitors to the Consumer Financial Protection Bureau (CFPB) for more information about CPS. CPS Since June 2012, the CFPB has received 385 complaints about CFBP. Many of those complaints alleged problems with billing, collections, and customer service and include allegations of harassing and improper communications, sharing of information and credit reporting. Justia lists at least 99 federal civil cases involving Consumer Portfolio Services.
Absolutely. Here are some Sample Cases against Consumer Portfolio Services Inc.
According to the complaint data available on the CFPB website, complaints against Consumer Portfolio Services relate to billing, collection and customer service issues. Specifically, consumers complain that CPS engages in harassing, aggressive, and threatening collection tactics, makes unauthorized credit inquiries, improperly uses or shares customer information, and that are unable to resolve loan payment problems even after following the direction of CPS employees. The 18 negative reviews on CPAs BBB profile support these allegations.
In September 2017, a complainant alleged that CPS engaged in “fraud and abuse” by intentionally reporting incorrect information to the credit reporting bureaus about the complainant’s car loan status. According to the complainant, CPS repossessed his car in 2014, but “intentionally”continued to report the account status as “failure to pay, 30 days late, 60 days late” even though he no longer had the car and the car had been re-sold. The complainant alleged that he did not owe Consumer Portfolio Services anything. He indicated that the account status should be reported as “Repossessed-Closed” and that CPS is purposely decreasing his credit score.”
In August 2017, a complainant alleged that when he fell behind on his car payments due to unemployment, CPS called him 5-6 times a day and were “very rude and threatening.” He indicated that he had to “hang up the phone because one Consumer Portfolio Services caller would not” end the call unless the complainant gave him a checking account number. Once the complainant began working, he resumed making payments, but CPS repossessed his car while he was “catching up on the payments.” In addition, according to the complainant, Consumer Portfolio Services called two of his references and “told them both he was behind on my car payments” and harassed “one of his references to the point” that the individual “became upset.”
Consumer Portfolio Services, Inc.
19500 Jamboree Rd
Irvine, CA 92612
Telephone: (888) 718-7823
Understanding Your Debt Collection Rights
Consumers are protected from abusive debt collectors from the Fair Debt Collection Practices Act (FDCPA). By way of instance, the debt collector must identify himself or herself, who they’re working for, and what debt they’re collecting. The FDCPA claims that debt collectors can’t use any deceptive or misleading representation, like implying the debt is secured by the USA or any particular state. Additionally, they can’t use a badge or uniform to pretend they’re a government employee collecting a debt. Misrepresentation is a violation of the FDCPA and could be reported as such.
In case you’ve been a victim of a debt collector’s wrongdoing, then you can search for justice under the FDCPA. You have the right to pursue a claim against the debt collector; if you prevail, you can collect up to $1,000, plus attorney fees and court costs.
Your debt harassment checklist:
- You are receiving multiple calls per week from third party collection agencies
- You are receiving early morning or late night calls from debt collectors
- You are recieving calls at work from a debt collection agency
- Debt collectors are calling your friends, neighbors, or coworkers
- Collectors are threatening you with violence, a lawsuit, or arrest
- A debt collector attempts to collect more than you owe
- You are being threatened with negative credit reporting
- A debt collector attempts to intimidate you
- Criminal accusations are being made towards you
- Use of obscene language during an attempt to collect
- Automated robocalls are being made to your phone in an attempt to collect
If you’ve been harassed by debt collectors and even one of these has happened to you, we can help. We will fight for your rights.
The Lemberg Law legal team is committed to holding debt collectors accountable, so complete our form for a FREE case evaluation, or call 844-685-9200.
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