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DO NOT USE THIS COMPANY UNDER ANY CIRCUMSTANCES!!!! When I purchased my car I was in a desperate situation because my current car completely died and I needed a car to get back and forth to work. Being uneducated about the car loan process I ended up with a "simple interest" loan which charges interest daily so I've actually ended up paying more in interest than what I paid for the actual car. I cannot believe there aren't better regulations to protect consumers from this type of company. RUN from ANY dealership who presents this loan company as an option!!!
I had mediocre credit back in 2017, but my car at the time died on me and I didn't have the money to buy anything cash. I went to the Ford dealership and CPS was the only one to give me a loan. Interest was at about 22% I believe, but I was desperate. 2016 Ford Fusion SE... $16942. I made my payments of $427 on time every month for that first year, and less than a $1000 of that went towards the principal. The following year I lost my job, and I had to make payments late here and there. Little did I know any late payment I made whether a day or a week, ALL of it went to interest.
I realized at that point that I would never get out from under that loan. Couldn't trade it in. Couldn't get it refinanced because what I owed was not the value of the car. I saved up some money, bought something cash for half of what I owed on the Ford. I have reached out to them twice over the last two weeks telling them to come and get the car. It's parked in my driveway... No insurance... No tags. They responded once asking why I wanted to get rid of it followed with questions of where the vehicle was (even though I told them already). Vehicle still sitting here going on 3 weeks, and they are still calling me about a payment. I plan to move and I will leave it right there if they don't come and get it. These people are a RIP off and prey on the desperate. They need to be shut down.
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.
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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?
Consumer Portfolio Services Company Information
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- Consumer Portfolio Services