- Report: #493276
Complaint Review: Consumer Portfiolio Service - CPS - Internet
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Consumer Portfiolio Service - CPS
www.cps.com Internet, United States of America
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Consumer Portfiolio Service - CPS CPS Threaten of Repo~only 21 days late! Internet
CPS is a scam company. Do not do business with them. I am now 21 days late~yes I am late for my car payment (no excuses) but they are threating Reposession. I have had the loan with them for almost 3 years and now that I put $7,000 worth of repairs on a car that was supposed to have a warranty they want to pick it up.
I have cleaned out my car and am waiting to see a copy of the court order for repossesion. I am SO disappointed in this company. Every time I try to talk to someone they are rude and swear at me to pay my bills. If they want "their colletral
" after 3 years of faithful payments than I say come and get it!
I have a friend that sells cars for a rather large company in the Philadelphia area and I will make sure that he "spreads the word" for no-one to use CPS.
2 Updates & Rebuttals
Flynrider
Phoeix,Arizona,
U.S.A.
What do you expect?
#2
Fri, September 11, 2009
A subprime lender is not going to spend a lot of time and effort fooling around with someone who won't make their car payment. Of course they're threatening repossesion. That's all they can do.
I'm not sure what this "court order" is that you're waiting to see. In every jurisdiction I know of, they can simply take the car whenever they want to. All they have to do is notify local law enforcement that they are repossesing (so it won't be reported stolen).
Your best bet is to do what you can to get caught up. If they do reposess, it'll cost you a lot more than your outstanding payment to get it back. If you let them keep it, they'll sell it at auction. If your outstanding balance is higher than the relatively low wholesale price they get for the car, they'll come after you for it. This could end up hanging over your credit history for a long time to come.
Robert
Irvine,California,
U.S.A.
Your friend won't change..
#3
Fri, September 11, 2009
CPS is a Sub-Prime lender and the usually the lender of last resort. So you are with CPS because no other lender would finance you. Because they deal with people with credit issues they are going to be a bit more aggressive in getting people to pay.
You are late and they have a legal right to reposes the car. Right now it is just threats. They don't want the car they want the money. So they will probably continue to "threaten" to take the car for several more weeks before they actually do it.
By the way don't expect your "friend" to give up a sale if the only one who will finance the person is CPS(or other Sub-Prime Lenders). They are not going to give up their commission.
