Consumer Portfolio Services
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    Consumer Portfolio Services

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    Last updated: Jan. 21, 2018

    104 Consumer Portfolio Services Consumer Reviews and Complaints

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    Verified Reviewer
    Original review: Jan. 21, 2018

    At first while making always on time payments and paying more towards the monthly payment I noticed the interest going down and more going towards the principal but then I’ve noticed the last two payments out of nowhere the interest went up tremendously after 7 months of completely on time payments. I HAVE NEVER BEEN LATE NEVER! Everything was fine the first 5 months and then this! They have been sued for doing this to people and I am already looking for an attorney. Anyone that wants to join me can let me know. I’m done with this company. I will never get out of this at this rate.

    Verified Reviewer
    Original review: Jan. 20, 2018

    I hate this ** company. Don't get a loan through them. They take more than half your loan payment every month and pocket it. Then apply to the balance of the car loan you truly own. It's hard to refinance your car (which they don't offer of course) loan. You're several thousand over what the car is worth (I tried) and you'd have to get gap insurance which increases for car insurance cover your car trumped up worth. You can't pay online for a current month (on same day). It has to be set up a month ahead or suffer late charges which don't reflect the same on their automatic call in service which is another $12 charge which they claim from a third party which collects and the recording will tell you they get a portion of the fee as well. Greedy...these are "loan sharks".

    If you look them up online their rating is 1 star. If you read other stories about people whom have loans with them their stories are nightmares. No one praises them or has a great experience with them. If you pay by automatic services their charge is one thing. You go online it's another charge. Either way is more than what the car is worth and they will get you. Do NOT DO BUSINESS WITH THESE FOLKS. I PRAY THEY BURN TO THE GROUND.

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    Verified Reviewer
    Original review: Jan. 5, 2018

    This is a looney tune operation here. They lose checks and even lost a check from my insurance adjuster. They don't return calls and love to rape you of your money. I would not know why anyone would even attempt to ask these crooks for money. They take their sweet time reporting to the credit bureaus. Please DO NOT USE THESE CRIMINALS!

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    Verified Reviewer
    Original review: Dec. 3, 2017

    I have been dealing with this company since 2014. I find them very flexible and easy to work with. I have had a situation where I changed jobs and had was able to get them to change my payment due date. When I was out of work for a whole month due to being sick they gave me a deferment. The things is if you even suspect you’re going to be late call them before the due date. If you’re having problems making a monthly payment they will accept bi-weekly.

    Verified Reviewer Verified Buyer
    Original review: Sept. 1, 2017

    This company is a fraud and will ultimately wind up hurting you. I was solicited by them and provided all necessary documents and was sent a finalization and approval letter. They had me pick out a car and insure it and told the dealer they were overnighting a check. Never happened! I also had sold my used car (after I was told I was approved). Out of nowhere I was told I was turned down for lack of proof of address! The home is on my credit report and I supplied a utility bill that they verified!!! I was left with no car and they refused to take my calls or call me back after numerous messages. STAY AWAY. YOU HAVE BEEN WARNED! Just look at all of the other reviews.

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    Verified Reviewer
    Original review: June 8, 2017

    I just purchased a car from LAcarGuy one week ago. CPS called all my references yesterday which I don't have a problem. The issue I'm having is that I have drove off the lot with this car and now they're coming up with some ** saying they can't finance my car now. What kind of company is this running. I called the dealership with the information I'm getting from CPS and they are telling me the that CPS hasn't told them that and if so they have another finance company for a back up but it's all a **.

    When we was going over the phone interview with CPS all the information and some phone numbers was disconnected. Nothing I gave them was disconnected like my mom's number, work number. I'm very upset I haven't gotten out of bed cause I'm so upset and disgusted with the matter. I understand my credit wasn't great but I explain that to the sales guy who was doing the paperwork. Someone definitely needs to get this company out of business cause the way they do business is wrong and misleading.

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    Verified Buyer
    Original review: May 4, 2017

    Only $21.20 was applied to the principal of my loan for this month. I paid the balance of $125.64 for the month of April 2017 - but then CPS demanded another $100 stating the payment was not complete and late. I had paid an additional $100 in March. I want this matter to be reviewed by someone who has the authority to make decisions. I am being misused and this practice is unfair. My money should not be going only to interest. What kind of company/business/organization is CPS? I needed a loan to purchase my vehicle and I agreed to this high interest and I have made my payments. But this practice of claiming almost all my payment to interest is an outrage.

    Verified Reviewer
    Original review: April 16, 2017

    My husband lost his job in Dec 2016. We could no longer afford our vehicle thru CPS so I ask them to come and get it. Today is 4-15-17 and this vehicle still sits in my driveway with no payments made since Dec. 2016. CPS continues to send me letters offering to defer payments which I decline. I can't afford the vehicle and deferred payments are only going to increase what I owe in the end. CPS sends me a letter telling me they have given me a due date change as requested. Problem is I never made such a request.

    They moved my payment due Dec 15th to Jan 15th. Sounds like a deferment to me, which I clearly rejected time and time again. Given CPS's shady past, I reported them to the FTC. FTC followed up with them and CPS agree to waive all late fees (were none). I'm wondering if this is why this vehicle continues to sit here after multiple requests to pick it up. The response I receive from CPS is these things take time? My intentions are after they repo to go to court and fight the balance owed and reference what I believe are less than legal business practices. Can anyone provide any insight or information on this?

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    Original review: March 23, 2017

    I purchased a 2013 Dodge Challenger through a dealership where they had got me approved through this company. I put down a great amount of cash and drove off the lot with my brand new car. A month later I receive a call from the dealership stating that they will have to find another bank to finance my car because CPS decided not to go through with the loan because one of my jobs wouldn't be considered a real job... you talking about highly pissed. I'm like first off why a whole month later. But after reading these complaints I'm glad that it didn't work out, this company is a piece of **, and not only did they do me like that, the dealership stated that they have done tons of their other customers like that. This shouldn't be legal at all. I recommend nobody to use this company for financing. I know sometimes we get happy just to be approved and often take what we can get, but this company is not the one.

    Verified Reviewer
    Original review: March 14, 2017

    Was trying to buy a good used vehicle from Erwin Chrysler, Dodge and Jeep for my wife and these guys ended up being the finance company that came through with the best APR, term and monthly payment considering our credit isn't the best after hitting a hard patch a few years ago. We put down a pretty decent cash down payment, everything was good, or so we thought, and we drove her 2010 Jeep Grand Cherokee off the lot. A week later, CPS calls and wants my past 2 years W-2's, cancelled payroll checks for the pay stubs I gave the finance guy at the dealership and a signed 4506-T so they can view my tax returns.

    I told them W-2's no problem, the tax returns ok but don't understand why, the cancelled payroll checks I don't have access to and there's no way my boss is going to give a copy of those out considering they have account and routing numbers on them. So I email the W-2's the same night as they requested them, because I have them handy and the 4506-T I was still considering. Next day I get a call from the dealership saying that CPS killed the deal because my W-2's were fraudulent and they were ordered or printed from a website that is known to provide fraudulent financial documents and furthermore my paystubs look like they were printed on a word processor.

    Now let me say this, I work for a small family owned company that only has about 6 employees including myself, yes my paystubs are originated and printed using MS Excel and my W-2's are your "run of the mill" looking W-2's not printed on perforated paper with fancy logos or anything like that. I have financed 2 other loans in the past 9 years including a $22, 000 truck loan with Ally Bank using the same documents I provided CPS. I may be several things but a liar and a fraud I am not. CPS you can kiss my ** and next time you decide someone is providing you fraudulent information why don't you pick up the phone and call the employer or even better, look up the employer identification number on the documents and see if they're real or not. Buyers beware, seek financing elsewhere!!

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    Verified Reviewer
    Original review: March 4, 2017

    We have been with this loan company for 2 years. The moment you are an hour late with your payment the interest rate goes up. Whatever payment you make all goes towards interest, hardly any payment goes towards your loan. We set up automatic payments that never went through on their end. Don't know why this system doesn't work but don't bother trying. Trying to talk to their people is a dead end. Nothing but rude, arrogant individuals. You have a better chance of committing murder and getting away with it than having them work with you towards your payments. If you have another loan option take it. Do not go with this company. You end up and triple of what your car is worth or what your loan was originally written for. BUYERS BEWARE!!!

    Verified Reviewer
    Original review: Feb. 27, 2017

    I bought a vehicle while in a ch. 13 (reorganization) and so I felt like I was lucky to get what I could get. I've been paying more each month - like $100-$200 more than the $263 payment. Instead of applying the excess to the loan principle, they apply it to the next payment. So here in February of 2017 I don't have a payment due until November, theoretically. But the idea of paying more each month is to pay down the principle. CPS says the fine print in their loan document does not allow for "early payoff". In addition, when I get my payment coupon each month - they don't give you a book, they send you a bill each month, which is MUCH less cost effective - in large bold letters at the top it says ACCOUNT OVERDUE and in the column next to "Past due amount" is what they tell me the amount I've paid into the next payment. None of this makes any kind of sense and blasphemes the very nature of corporate ethics.

    Original review: Feb. 21, 2017

    Ok to start off I've had nothing but problem after problem with these so called people. I called to pay off my loan today. Before I called I requested a pay off amount online. When I call the price was totally different. She said they charged me 215 in interest from Feb 19 to the 21. Wow that's a lot. Then she told me I needed to pay all of it and only on the phone which I would of has to pay 12.50 twice. That's ridiculous. They have always been very rude and unprofessional with me. They say one thing and do another. Back in July the lady processed my payment 50 cents short. They called and yelled at me like it was my fault and like I never made a payment at all. I'm so glad to be done with this pathetic company. I would not send a cockroach them. Thanks for the rip off. Also do not use Hollywood Motor Company. They are the ones who got me in with CPS and sold me the car that had nothing but problems from the start...

    Verified Reviewer Verified Buyer
    Original review: Jan. 27, 2017

    Ashley and Eileen in customer service - We recently used this company for an auto loan and it was complete chaos. Firstly, their customer service reps are extremely unprofessional. The supervisor "Eileen" is the most passive person I've spoken to there out of FOUR reps. She had the highest title. The company is unorganized and claims they could not confirm my employment. However I answered the monitored and recorded phone call in which my employment was verified. The company also stated I had no proof of insurance when I use AAA and had to use the insurance on the new car I have just last week from a blowout. I have been a gold card member with AAA for 8 years. Not that hard to verify. Not at all. Anyway, if you can avoid using this company I highly suggest it. They're extremely unorganized and unprofessional.

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    Verified Reviewer Verified Buyer
    Original review: Dec. 27, 2016

    Hi. I was wondering if you can help me. I have a 2012 Nissan Sentra S. I did not pick this car. The deal told me I had to come up with more money. After putting over fourteen hundred down they said to get something else. I would have to come up with another grand so it's two and half years later and I can't trade it in. No one wants it because I owe so much. I have kept the payments up. Now I'm forced to a repo because they won't lower the payments.

    Original review: Dec. 2, 2016

    I missed a month because of some personal reasons and before I realized it, I was already 30 days past due. The second bill came in and I was like oh crap. Anyhow, I said, okay, next paycheck I will play catch up. Nope, I get the infamous 1-800 call. Actually, I think their number was 1-888. Anyhow, the guy over the phone explained that I was 2 months past due, and I said "I know. Can I pay next week on this day?" He said sure. He then said he will extend my payment date out so I won't be late on this second month. He took my debit card info and it was as simple as that. He did inform me to make sure the funds were there, if not the file would have to leave his desk and there was nothing he could do at that point.

    I was pretty surprised. Being a subprime auto loan company, I thought I was going to be yelled at and lectured over the phone. Nope. They kept it professional. Better yet, it seems as if the 1st month I was late did not appear on my credit report. =) Fast forward today, and I am back on track and a month ahead in my payments.

    Everyone at one point has had or will have to get a subprime auto loan. For those who say the payments are too high, perhaps you should go somewhere else if you have better credit. (Your payment is high because of the interest rate, if you cannot understand how interest rates works, you should wait to buy a car and attend a free financial education course at your local community college or somewhere, never pay for that.) I would recommend this company to anybody since I have had a pretty good time with them.

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    Original review: Oct. 27, 2016

    Back in 2006 I bought a trailblazer through cps financial. I bought one car but I paid for 2. I had down payment and trade in. My payment was 560 a month. Was never late with a payment. I was so ripped off. I found out they are a 2nd financed company. You can't be late with one payment with this. I want some of my money back. That's horrible and they treat you like crap.

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    Verified Reviewer Verified Buyer
    Original review: Oct. 26, 2016

    My bankruptcy was discharged last month and some money is owed on my 2009 Volkswagen Jetta. I was planning to pay off the car in full using money from a legal settlement I received and then pay cash for a new car. Since the discharge, I have not received a statement or any mail from CPS or any calls from them with the total amount owed. (FDCPA violation?) I made sure that my contact information was up to date so that we could get in touch with each other. Today, they repossessed the vehicle at 4am. I was not even given the opportunity to pay them since they wouldn't tell me what is owed. They just took the car with no conversation at all. I have the funds to pay off this car but now there's a repossession on my credit report so I'm really not motivated to give them anything. The car needs about $5000 worth of work and the check engine light is on. I believe that there's about $3200 owed.

    One page on the website says that my payoff amount is $3200 but another says that $8000 is due in October, 2019? Seriously, they couldn't even send me a bill or call me?? So, today I called the Reinstatement Department 3 times and after holding for a few seconds, the system hung up on me EACH time. So, I called back and pushed 1 to get a voicemail box. That was a few hours ago and I have not yet heard back from them. I really can't spend all day on the phone with these people. What a horrible way to treat customers.

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    Original review: Oct. 15, 2016

    Like everyone else. Making payments on time and my balance still does not seem to go down. I was 50 short on one payment and made arrangements to pay it and they still called me like I hadn't paid them anything. They should be sued and hung out to dry. Terrible way to do business. Might as well file bankruptcy because that may be the only way out. Smh. Please don't do business with this company.

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    Verified Reviewer
    Original review: Oct. 12, 2016

    My husband and I financed a vehicle through Consumer Portfolio Services post bankruptcy. The interest rate for the auto loan was absurdly high, but what other choice did we have at that time? A few months later (and not one single late payment made), we decided to trade in our vehicle for a cheaper one with a bank that offered lower interest rates. We informed CPS that the vehicle was traded in and that the dealership would be paying off our loan within twenty days. We maintained proper communication with them to avoid any damaging late payments on our credit report. My husband then misses a call from CPS. When he returned the call, after being transferred multiple times, he ended up speaking to a woman who demanded that he give her his social security number. He told her that he did not want to give his social security number, and she continued to insist that he do so.

    He told her that he did not have to give it to her, and that he would verify account information another way. She repeatedly said, "Wow" and "This call is being recorded. You know this call is being recorded," in a rude and condescending manner that was extremely unprofessional. After arguing with her for several minutes, she finally verified the account information via phone number, name, address, and last 4 digits of his social security number. My husband then informed her that we had traded in the vehicle and had notified them of that, and asked if the payoff had been made. She said there was no note in the account that the vehicle had been traded. Then she told him he "better contact the dealership and tell them to get them their money soon," in a very threatening tone, that reminded me of some sort of ghetto gangster altercation over drug money.

    As soon as my husband got off the phone with her, we called our dealership where we learned that the vehicle had already been paid off that same day. My husband then called back to Consumer Portfolio Services and asked to speak to a manager, which led him to a voicemail box where he left a message. The call has yet to be returned. Had I read the reviews for this company, we would never have used them for our auto loans. They have obviously learned nothing from the lawsuit against them a few years back. Please do not make the same mistake we did out of desperation, and be taken advantage of and disrespected by such an atrocious company.

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    Original review: Oct. 3, 2016

    I have been around the world and back with this company and I am so tired of them! Never once have I heard of a company charging a $300 late fee on an account that is only a few days late or harassing customers every day after a payment arrangement has been set up on their website! This is ridiculous! Please do not do business with this company. They are a rip-off! The interest is awful which has sent the payoff to the roof and now I can't get the vehicle financed through another lender. No one will touch it! I've had my car 2 years and it seems like an eternity already! Please exhaust every opportunity before going into business with them! They are not worth your time and energy! I only regret not reading the reviews before I decided to go into business with them!

    Verified Reviewer Verified Buyer
    Original review: Sept. 14, 2016

    This place is horrible... PLEASE DONT DO BUSINESS with them!!! They are trying to charge me 30K for a 14K car that I've paid 18k to. They were sued for doing this before and I think they should be sued again.

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    Verified Reviewer
    Original review: Aug. 14, 2016

    I have had my car for 9 months now, and was late on a few of my payments, but on time with a few, I ask for a deferment on my last payment and they faxed me a paper stating my last payment maturity date would be due on August of 2021, I brought it to their attention and they said they couldn't see that on their end. I told them I wasn't signing it until it's fixed, I was told if I didn't sign it I would be in default and they would repo my car. I said I will circle it and and send it back to them, but I am not agreeing to that maturity date. After reading these reviews I am getting worried. I can't afford to lose my car. But I hope someone steps in to investigate this company, I cannot believe they are allowed to treat people this way. I am trying right now to get refinance by someone else but nobody want touch it, I am thinking I have been hung out to dry. Help if you can... God bless all my brothers and sisters of being financed by them...

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    Verified Reviewer Verified Buyer
    Original review: July 28, 2016

    I have been harassed repeatedly by this company. One guy called and had me in tears with his rudeness. I explained to him why I was late with my payment (my husband was hospitalized and with him being retired I am on a fixed income) and he started yelling at me stating that I need to plan better so that I can make my payments on time. My balance never seems to go down. The balance was originally $7,000 and after 2 years (yes I said 2 years) it is 4,378. My payments are 322.73 a month for a 2006 Mitsubishi Eclipse. I hate this company so much!!!

    Original review: July 27, 2016

    After reading all these reviews on CPS I am fearful that I have made the wrong choice by getting financed through them. After months of miscommunications and late payments due to this I am afraid I have no options at this point to get away from CPS. If anyone has any recommendations as to what I could do to help please email me **. Thanks in advance.

    Verified Reviewer
    Original review: June 28, 2016

    Went to a local dealership to purchase a car I had my eye on for a couple years. Had tried getting this vehicle and was denied at least three times. Finally, in 2014, I went back to the dealership I had previously did business with and was able to secure the vehicle I wanted with CPS, Inc. as the finance company with a 24% interest rate.

    I knew that the interest would be extreme as my credit was not the best. I begin making payments on my 2012 Kia Sportage, beautiful car with only 12,000 miles at the time I bought it. Payments were steep ($510.81), with a 72 months' term. Like everyone, I wanted that car so I endured and struggled until it became too much. I fell behind three months and hoped and prayed daily when I went out to go to work that my car would still be in the driveway, or I was scared it would be snatched from my job. It never happened, only by the grace of God.

    I was able to come up with the three months of missed payments at one time, which totaled more than $1,700.00 in a lump payment. First, let me mention that the amount financed was 19,650.00 in April 2014. Two years later and at least 22 payments ($11,237.82) and that lump payment, it still showed me owing 19,351.00!!! All the payments I had made, including that lump sum went to the interest, except for four minimal amounts. Unbelievable.

    I called and complained about this and was given the reasoning that it was because I had a simple interest loan. This loan is one you want to run far away from. With this loan, interest is accrued DAILY. So, if you make your payment even one day late, interest will be charged. Fortunately, I got lucky and they suggested I try finding a dealer to buy it from me on a settlement. I went to the dealer I bought the car from and they bought it back for $12,000.00, and they accepted that as payment in full, because they knew that it was not worth what was owed. Now the magic is seeing if they will report to the credit bureau that it is paid in full. So, if any of you are still having issues with CPS, bring that option to them and see what they tell you. Good luck to you all.

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    Verified Reviewer
    Original review: June 21, 2016

    I have been financed by them for about a week now (16-June-2016) and it has been a real mess with these guys. This is for an auto loan by the way. They wanted proof of income so I have given them my pay stubs for the last 3 months along with my wife's and that wasn't enough. They called my wife's work and asked if she worked there, they said yes, but called me and said that the company had fired my wife for a while now... I said I have a pay stub from yesterday, he asked to email it. I did and he calls them again.

    Her work answers again but this time I was at her work when they called and they DID say she works there and then they gave the employer attitude and told them they would call back later. I then called them and you'd never guess... They don't answer even after I just talked to the guy. One thing he told me when I did get a hold of him was that they don't answer for just anyone. I swear this to be true and accurate. So, WTF, how do these guys even stay in business?

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    Verified Reviewer
    Original review: April 14, 2016

    I purchased a vehicle in 2011 for 23636.00. I paid $2000 cash down, financed 21,636. 60 payments later I was told I owe over $8100. The way they moved money around on my account was unbelievable. After 6 phone calls and told I was sol. I traded the vehicle. Got a 10 day pay off from them. Dealership paid them and now they are asking for more $$$. Do yourself a favor and never do business with these people. Karma will get them or the gates they think they are headed for is actually a trap door to a hot place.

    Verified Reviewer
    Original review: March 28, 2016

    I just paid off my car with CPS. Financed in 2012 with CPS for 18,000 loan. Added up total payments and I paid 28,000 total - over 50% interest and this makes me sick. Seriously feeling ill because of this. Car is only worth about 8k now. If there is anyone who has advice on how we can see how this is even possible I appreciate it!

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    Verified Reviewer
    Original review: March 10, 2016

    Repoed car. Won't tell me where my personal belongings are after they snuck up and took it. Just want my stuff, been almost 3 weeks. I call, email and text 5 times a day to be put on hold for 30 minutes at a time.

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