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I had a car loan through CPS in 2012 on a 03 Jeep Grand Cherokee. I had subprime credit no one else would finance me. CPS was the only one who trusted me so I had to show this company I was determined to pay on time by any means. I paid extra when possible to cut the interest down and put income tax checks toward my loans. By doing this I paid Jeep off a few months ahead of time. I never had any bad experience with anyone at CPS. To this day I owe everything I have for CPS because without them I wouldn't have been able to get to work. Thank you CPS. You get 5 stars from me.
In April 2016, my minivan was flooded during the "Tax Day Flood". I was in Chpt 13 Bankruptcy, but needed to replace my vehicle. CPS the only bank that would finance me, with the Chpt 13 guidelines of getting a car loan. Yes it's a higher interest rate; Yes it's a simple interest loan; Yes if you do not pay in a timely basis, you accrue interest, even after your loan term is up. It is what it is folks. If you cannot make your loan payments on time, then you will feel like you're getting screwed, BUT you're not. The loan accrues interest on a daily basis, so you need to PAY THIS LOAN ON TIME, Consistently. If not, you will accrue interest. I do not like the high interest (near 18%), but that is the consequence of bad credit/bankruptcy. But at least I have a car. And I will pay off the loan on the "maturity date". I have my monthly payment deducted every 1st day of the month, by autopay. This is the way to pay these simple interest loans.
In 2015 I purchased a new Hyundai Elantra. However, my credit was very poor at the time (around 517 FICO score). CPS was the only company willing to help me. My interest rate was 17%, but at least they were willing. At the time of purchase the finance office at the dealer set my payments up for the 26th of the month when I clearly told them I was paid on the 1st of the month. The only call I ever received from CPS was after the payment was not paid on the 26th. When I told them I was paid on the 1st, they moved my pay schedule to match.
For over 3 years I made on time payments (auto pay) and never heard a peep out of the company and paid off almost 9K in principal on my loan. As of last month my loan with CPS is paid in full as I traded in my Elantra for a newer vehicle. My credit is a lot better now, so I have a lower interest rate with a different finance company, but when your creditworthiness is poor only so many companies will help. CPS helped me, and I'm sure if I ever had a credit problem again I would use this company if they were willing to help me.
I do not, repeat do not work for Consumer Portfolio Services. I got approved for an auto loan while being in year 2 of a 3 year chapter 13 bankruptcy. They were the only lender I could use. I purchased a certified preowned 2015 Ford Fusion. I immediately set up auto payments for $200 every 2 weeks when my regular payment is $298. I've not been harassed nor has any of my references. If you make your payments on time and set up auto payments you won't have a problem.
All the negative reviews bash this company for overcharging them but they didn't read the paperwork. If you don't make on time payments you will pay more interest charges. In 3 months my balance went from $13850 to $13375. I simply don't understand the lunacy of people constantly paying late and missing payments all together and expect your loan to be paid off as scheduled from the contract. If all holds up I will have my loan paid off in 42 months from 72 from the contract.
If I pay ahead, my next required payment is less the full amount which sometimes helps me if I'm a bit behind one month. I've been ahead a few months and then lost my job so I didn't have to make a payment for months. Saved my payment history/credit score with CPS. After establishing a good payment record, I explained I had been out of work for a while and would be behind. They suggested they extend my payment date so I won't be late. I didn't even think of that. Now that is great customer service.
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I applied to this joke of a company this past week, Natalie and Martha were the 2 minions working on my loan. I am actually extremely relieved these 2 could not "verify my employer", even though they had every damn number to my company I work for I could give them. Severe incompetence at its best. After reading on here the absolute nightmares people have gone through, I thank my lucky stars they were as dumb as they are. 17.7% interest, for 6 years on the $13K car I was ready to buy (because dumb and dumber told me to secure a car, also making me lose $100). I ended up getting financed elsewhere for 9.9% on a 4 year loan for almost the same car!!! So thank you CPS or New Roads Auto Loans for being so incompetent, I actually appreciate not getting bent over by you. BEWARE, THESE PEOPLE ARE LOAN SHARKS, READ ALL THE REVIEWS!
Don't ever use this company. They're very rude to customers and charge an absurd amount of interest. They don't help their customers either. The company also writes fake letters on you. This company will also lie to you.
I got a vehicle from them in April 2018. I like the vehicle, it’s fully loaded. Few months Down the line we got rear-ended in the vehicle (everyone was fine no one got hurt) by a rental company. Now the vehicle is in the body shop for more than 3 months. While in the shop it came to our attention that the vehicle had been hit not once but twice before we got the vehicle. So we visit the dealership that sold us the vehicle, they pretty much ran our credit & nicely kicked us out. So while we do not have the vehicle Consumer Portfolio Services (CPS) is steady adding interest, while in the loop of every situation with the vehicle. We finally get the vehicle back & it’s bent from the driver side of the vehicle to the rear of the vehicle. This is the thing that gets me. They say they did put a repossession on the vehicle but we do not have the vehicle, so who got it because it’s not parked in front of my door but they don’t have have it. They full of crap.
I applied for and received an auto loan for over $19,000 in 2007. I paid the loan satisfactorily for the life of the loan until I decided to pay the loan off, in total. I requested the pay off amount, and sent that amount in cashier's check immediately to the prescribed address. Two months later I had not received my title in the mail, as promised. I called and discovered that the reason why is I had not “paid the total”. They charged me interest on my loan after giving me the payoff total. They reported the small amount that was remaining on my loan for 3 months as negative, late payment for 30-60-90 days. The amount was between $100-200 dollars, and has negatively affected my credit rating.
While doing a deep look at my credit report and trying to increase my credit score, I tried to work with them to remove the negative reporting since it was not my fault, and a confusion of communication on their end. They stated they were unable to do so. Their inflexibility on this matter has compelled me to write a review about their business practices which include this, and predatory lending at extremely high rates. I was young, with little credit history. Knowing what I know now, I would never have accepted the loan terms. Please find a more reputable loan company.
At first I was just grateful that someone would extend me a car loan fresh out of a bankruptcy; I didn't know I'd be selling my 'financial soul' to a loan shark. I signed up for a 5-year loan, but the way they apply your payments to interest, it will take me 15 years to pay off a car, that should be 3/4 paid down by now. ADVICE: Stay away! I've been in the process of raising my credit score so that I can refinance with an establishment offering a more affordable interest rate. If I wanted to pay $30,000 for a car, I would have picked a Mustang, instead of a $10,000.00 Kia. You've been warned.
I have been fighting with them for years to get a lien release. I was fully paid and they sent a letter stating as much. Still can't get a release and they actually tried to repo me. I showed my letter of fulfillment and got my vehicle back (after the repo checked with them). Crappy company that claims to help subprime (my credit is great now) but actually works toward repo with ** auto lots. Sign up for their "seller" portal. You'll see how they pay huge kickbacks to vendors of their services and bonuses to resell repossessions. This is a seriously illegal company. If not, then it's shady and acting on laws that need to be changed. Shade and **.
Set up auto payment and pay ahead or at least by the due date. This loan is a simple interest loan, you accrue interest daily. So, when you pay late your balance goes up. I have my loan in bi weekly payments and I've never had any issues. I started paying before my first payment was due and continuing. My interest is decreasing before of the advance payments. Learn more on simple interest loans. They can be very expensive if you don't understand them.
I have had several harassing calls a day for months and emails from CPS. I am 4 months behind. I live alone and I tried to tell them I am waiting on checks from my company. I explained that I am hospitalized due to a back injury and if I could defer my payments to help at least one they said, "No. We can't help you." They stated I need to make one payment then they will change my billing cycle, how can I make a payment with no income, I'm hospitalized and do not have anyone to borrow the money.
I told them I should have it in a week. I was not able to contact them did not have access to a phone and in the hospital. They threatened to repossess vehicle I bought in 2015! I also bought the car at like $15000 and my balance is $15200 and I made monthly payments and sometimes more and 2 or 3 additional payments around income tax time but I still owe $15200. I bought it at that price. I'm not sure where my money is going. It's like I only made one payment, they are scammers and they won't help and I get harassing calls from 2 to 5 reps a day...
It's ridiculous. I'm trying to recover and after 3 years I only have 2 years left. I need my car for work. They will not explain and they are harassing me and will not help me. I want answers and I want to know where my $375 or $400 a month for 3 years has been going? I want to sue them for falsifying information, taking my money and harassing me. Please help??? I need to sue these people for taking my money and where's it going. Ridiculous! I need help and advice. These people are crooks. Thank you. Please help?
You call to ask a question on this company they hang up on you. You call back they hang up on you. Again they are very rude, discourteous and cannot treat a customer with respect. I call and speak to a manager. They act like they don't care and that they have no respect for customers and that they would rather treat customers like lower than dirt rather than being courteous to them.
I obtained a loan from CPS in March 2014 for a 2012 Ford Focus. The loan was in the total amount of 20455.00. I've been paying on this car for four and a half years and I thought the payoff amount would be around 9000 or less since this is a six-year loan... I was shocked to see that I still owe 19400! This means in the four and a half years I barely paid over 1K of the loan. At this rate It'll take me 30 years to pay back. Today I asked them to come take the car and I am trying to figure out how to fight them. This HAS to be illegal. How could I have only paid a little over 1K off the balance when my payments were 503.00 a month!
This company is a ripped off company. Don't ever use this company. I bought a truck from them. Make payment for six years $587 for a $19000 total financed. I argued with them after six years for my title they told me I still owed them $11000. I told them I will seek a Lawyer, that I already paid them too much money. They came and tow my truck and hide it. I have to meet up at a restaurant parking with a person to give me my personal properties that was in the truck. They don't want me to know where my truck is. I will not recommend this company to anyone.
Very rude customer services. Asked to file complaint. They kept calling me a female when I am a male. They won't offer a reference number for the complaint. Long story short it took them 1 month to tell the dealership and I that the loan would not get approved and I had no other options but to return the car. Know, without a car it will be tough on me to get to places or work.
I PURCHASED A 2008 TOYOTA CAMRY BACK IN JUNE 2015, WHICH THIS COMPANY FINANCED MY LOAN. I'VE NOTICED THAT A MAJORITY OF MY payments are going towards interest, with none going towards the amount I owe. At this rate I'll be stuck with this vehicle for another 3 years. Can anyone suggest what I can do to get this settled, if so please email me at **. I would really appreciate it.
I used this finance company for a auto loan after a bankruptcy to try to build my credit back. I purchased a 2008 Mustang for $10,000 with 60,000 miles on it. The 2nd time I drove the car the alternator went on it. I brought it back to dealership. They said battery was not strong enough and replaced battery. Got it home and then the next day same thing. Took it back to dealership and they replaced alternator. Then a week later lost all power while driving the car. Took it back to dealership and when they had the code reader in the engine started smoking really bad and coming through dashboard. The dealership unplugged code reader and said nothing showed up.
I contacted bank to complain about dealership they were doing business with and the bank said to take it somewhere else to get looked at. I took it to a Ford dealership and they said the car had no catalytic converter and it wasn't legally supposed to be sold with notifying me of that fact due to it being illegal to sell a car without one. I called the loan company to inform them of this and they stated they would look into it. I never heard from them again. In the mean time I had a car that was not driveable due to not being able to pass inspection due to no catalytic converter and the loan company not willing to do anything about the car being sold illegally.
Needless to say I had no choice but to voluntarily surrender the car after 1 car payment. The bank told me to surrender the car back at the dealership where I bought it from which I did. It is now 4 months later. The car is still sitting at the dealership waiting to be picked up by the finance company all while they are still charging me late payment fees and the owner of the dealership is driving the car as his daily car every day. Stay away from this bank. They do business with shady dealerships and finance lemon cars. If you need finance for bad credit use Credit Acceptance. They use real dealerships and CD cars are warranted by the finance company.
I have poor credit and totaled my car. This is the only company that would give me credit. However I just realized I have paid $1,600 year to date and $1,200 has been applied to interest. My last payment was due on the 19th but I paid it late. Wow. $350 went to interest. I found this by accident, seeing if I was charged a late fee. It makes me want to cry. Reading the other reviews, I see how so many people are affected by these loan sharks.
I strongly urge you to never use this company. They are going to rob you blind and then take your car when you have about five payments left without notifying you. We had less then perfect credit and were told that we had no other option but to go with them. The interest rates are sky high and they apply all your payments to it before the principal amount. We purchased a Nissan Sentra in 2012 for a little over 17,000. It's 2018 and we were to be finished with our payment in September roughly. Last month we woke up only to find our car gone with no notice and them saying we still owe over 11,000. Our monthly payments were that of a one bedroom apartment in a rural area. We have paid over 30,000. They are rude when you call and will not work with you for ANYTHING.
We tried moving our payment due date to mid month so that we would not be late only to find out that we had called back in and changed it back to the start of the month. Why would we have done that... We did not. They will call you nonstop. Even if you make your payment they will still call you the very next day along with everyone that you listed as a reference. It is so embarrassing. We are currently collecting all of our bank statements proving when we paid and how much.
WE know we won't get the car back and that's fine. We don't need it seeing that we bought a car outright and own it with no payments with only a fraction of the mileage but we will be seeking out the money that we have overpaid. Ride the bus, use Lyft or Uber, but don't go with these crooks. We did the math and in our area. You can rent a car for 3 weeks for less than what our payments were. Save your money and buy a used car outright. This company should not be allowed to operate.
I set up recurring payments to confirm there would be zero issues. I still have had issues since my first payment. My 1st payment was returned, but never taken out. I called twice (in worry of all reviews I've read), telling them the money hasn't been taken out. Was told, "No worries, everything's fine." A few days go by and a returned payment letter comes. What! 2nd payment was now declined. Money's there, account number is correct. If I pay with a person I get charged a 3rd party fee. Wth. Why? This isn't my mistake! I don't know what to do. Any ideas?
Their customer service is garbage! Nobody knows what the next person did, so you always have to repeat things. They either lose or never get the information you send them, of it's more than once. They harass people you know when they can't reach you, even if you give them the specific times you are available. They are simply not the easiest route or logical route to go through. When I left the car lot I was told they had everything they needed, days later I'm being harassed and highly annoyed. I have set up autopay since the day I drove off so they know they will get $ yet they still are tediously calling. Gave my bank/payroll statement already but they call for it like every day! This company is just not competent, AVOID AT ALL COST.
I have been dealing with this crazy car loan for about 3 years. Anytime I change payment, even if not late, they get mad. Also, I am behind so called to make arrangements to make current and 'Sheree' was super, super rude!! Asked more questions than my mortgage company does saying, "Well why can you pay the next 2 wks instead of 1 month," etc. I've had 1 person at this company treat me good. They shouldn't be in business! Next phone call I am recording!! I have several 'normal' loans and they do not treat me rude or with disrespect! No matter how bad you want a car, don't go with this crazy company!!!
I have had my car for over 2 and a half years already. Didn't have the best credit when I bought it and this was the only way I could get a vehicle. In the time I have had it I made a few late payments the first year. Harassing phone calls non stop. No late payments since and family and friends still get calls harassing them. I have also paid 36 payments of $384.99. That's $13859.64. For a $14275.34 loan. And yet after 36 payments I still owe over $9000.00!? I get there is interest to pay but even with the $5047.80 already paid in interest it should still be lower than over $9000.
I purchased my 2016 Corolla in October 2015, I went to trade it in for a newer vehicle and they tell me I owe more than what I purchased this car for... How does this happen??? This company is a rip off and now I will never get out of this loan. Even when I tried to refinance it through a different company they told me I owe 230% over what my car is worth... Something needs to be done with this company. They are taking advantage of working class citizens who work hard for their money. I am officially going to find an attorney to check into this corrupt company.
I purchased a 2013 Nissan Cube from a Nissan dealership back in 2014 for a good price. CPS was my loan provider and, for a while it appeared as if they offered great service. However, recently my car was almost repossessed by them because they reported I was 5 months behind on my payments. I challenged them on these accusations by calling out my confirmation numbers on payments that cleared my bank account from September through December. They came and took my car and upon further review, they finally admitted they routed my account to the wrong department. I only had to reinstatement fee to get my car which I do currently have right now.
They also found out the five payments I made from September through December were indeed cleared and verified. I lost my job being out without my vehicle for 2 weeks because of their gaffe. These people have shown their true illegal, illicit, and incompetent business practices to be evident. And they're not accredited by the BBB either. Plus, they were already nailed for $5.5 million in fines by the FTC for these same malpractice deeds. If there's a way I can make these scumbags eat my loan and get my bill-of-sale please let me know. CPS is truly criminal, deviant, and should be put out of business for good. They are scavengers, and their customer service is the worst I've ever dealt with. DON'T GO TO A DEALERSHIP THAT DOES BUSINESS WITH CPS! YOU WILL BE SORRY!
I bought my car in April 2016, they didn't actually make me make a payment until August 2016. It was 10 percent interest rate. After a year I decided to trade it in and when I got the pay off balance it said I owed almost as much as I financed it for with no reduction of payments. I kept the car because no one would take it as a trade in because I owe to much money on it. I tried again this weekend and I again I got the pay off and it was 1400 more than it was last year. I called and they told me I missed a payment, I told them no way because it gets deducted out of my check, they argued with me, telling me that was not true and that I missed 3 consecutive payments. I have proof through my paycheck that I did not pay late. No one will give me even close to what I owe on it (Kia Soul). I will never ever get financed through them again.
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.
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 monthly...to 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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