- Report: #481678
Complaint Review: Consumer Portfolio Services- Irvine California - Irvine California
Reported By:
Schester200 -
Brookfield, Missouri, USA
Submitted:
Updated:
-
Author Not Confirmed
Why?
Consumer Portfolio Services- Irvine California
PO BOX 57071 Irvine, 92619-7071 California, United States of America
Phone:
8884694520
Web:
N/A
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Business Rating:
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Consumer Portfolio Services- Irvine, California CPS, Inc., PO BOX 98742, Phoenix, Arisona 85038-0742 Do NOT do business with this company. Brookfield, Missouri
When I signed for a vehicle I was supposed to be the co-signer. Months later I find out that CPS has me down as the original buyer. CPS has called my family, friends and employer. They told my mother that she should come get my kids because they were calling the police and having my kids taken away. They hang up on me after I ask them to contact the other party on the loan.
CPS calls my employer where several employees work and tell whom ever answers the phone my business. This company also calls acting as other companies.
I have told them I am not the owner of the vehicle and they should contact that person. I have also advised them that I am willing to voluntarily give them the vehicle. I understand very well what this does to my credit and I am primarly responsible for seeking payment from the buyer (I am the co-signer).
CPS calls at all hours of the day or night and do not seem to understand when you say go get the vehicle. I do not recommend this company to anyone. I have several other complaints regarding this company. Please stay away from this company.
1 Updates & Rebuttals
Robert
Irvine,California,
U.S.A.
Cosigner..
#2
Tue, August 18, 2009
Here is something you need to know about financing. It does not matter if you are the primary borrower or co-signer, as both are EQUALLY responsible for the loan. That is the exact purpose of a co-signer, in that you are making a legal agreement that if the primary borrower does not/can not pay you will. That does not mean that you will do your best to make sure the other party pays, that means that if they don't pay YOU will make the payments. It does not matter if you are the owner of the vehicle or not, you are on the loan. If the payments are not made the company can go after both people, but they will tend to go after the person who has a better chance of paying them.
Now, about CPS. They are a sub-prime lender, and usually a lender of last resort. That means that they are with CPS because NO other bank would offer them financing. Unfortunatly while they use very agressive techniques they are legal, because they are considered an Original Creditor.
As for giving back the vehicle, that does not relieve you of your obligation to the loan. They will sell the vehicle at auction for a fraction of the value. You will still be responsible for the balance of the loan. The only good news is that they will eventually repo the car, and sell the debt to a Collection Agency. Once that happens the collection agencies are covered under the Fair Debt Collection Practices Act(FDCPA).
