Steve
Bradenton,#2Consumer Comment
Sat, January 05, 2008
Linzartart, If you did not like the interest rate, WHY did YOU sign the contract? Nobody held a gun to your head to sign it. You could have gone elsewhere. FYI.. A 620 credit score is not really that good. That is why you got the subprime lender. It was the only one that would finance you! I have multiple collections on my credit report and have a 618 middle score! 620 SUCKS! And, I was in the mortgage business for a few years, and can guarantee you that you did not get a low mortgage rate with a 620. You need at least a 680 to get a "good" mortgage rate.
Linzartart
Harrisburg,#3Author of original report
Fri, January 04, 2008
Steve Bradenton, Florida U.S.A. No such thing as 'fair debt collection act', and FDCPA does not apply here anyway. First, there is no such thing as a 'fair debt collection act'. It is called the Fair debt collections practices act. proper terminology is essential. Second, the FDCPA only applies to THIRD PARTY debt collectors. You are dealing with the actual lender, so the FDCPA does NOT apply whatsoever here. Your interest rate is high because you are dealing with a subprime lender. You are dealing with a subprime lender because you have bad credit. You elected to do business with them. You accepted the terms of the contract when you signed it! Did you even read it? ************************************** well steve, indeed we did read the contract & signed it - and my credit was a 620 at the time - had i known that cps was a subprime lender id have refused. all my other car loans were thru reg dealers ex toyota motor credit, gmac etc. (with same credit) the dealer did not inform at the time. thru research concerning this particular dealership, i have found people with decent credit scores that have been placed with cps. i believe that there is a colluding pattern here. i have a new house loan with 7% interest i shouldnt have been placed with cps. i read on the net one state atty gen came to an agreement w/one of a few dealerships that they had monopolized their financing by limiting buyers with one particular company. as for signing/accepting the terms of the contract for which i have right here in front of me - NO WHERE does it state that the 'reference sheet' the dealer had us complete w/6 names & addresses & ph #'s of people who could verify our address was contractual, nor did it state anywhere that this would be used for collection purposes. there was no mention of this reference sheet in said contract. my atty just so happened to have been one of those references and according to HIM what the dealer & cps did was deceptive and fraudulant. (and he is handling that) so take that and your cocky attitude somewhere else please.
Linzartart
Harrisburg,#4Author of original report
Fri, January 04, 2008
Steve Bradenton, Florida U.S.A. No such thing as 'fair debt collection act', and FDCPA does not apply here anyway. First, there is no such thing as a 'fair debt collection act'. It is called the Fair debt collections practices act. proper terminology is essential. Second, the FDCPA only applies to THIRD PARTY debt collectors. You are dealing with the actual lender, so the FDCPA does NOT apply whatsoever here. Your interest rate is high because you are dealing with a subprime lender. You are dealing with a subprime lender because you have bad credit. You elected to do business with them. You accepted the terms of the contract when you signed it! Did you even read it? ************************************** well steve, indeed we did read the contract & signed it - and my credit was a 620 at the time - had i known that cps was a subprime lender id have refused. all my other car loans were thru reg dealers ex toyota motor credit, gmac etc. (with same credit) the dealer did not inform at the time. thru research concerning this particular dealership, i have found people with decent credit scores that have been placed with cps. i believe that there is a colluding pattern here. i have a new house loan with 7% interest i shouldnt have been placed with cps. i read on the net one state atty gen came to an agreement w/one of a few dealerships that they had monopolized their financing by limiting buyers with one particular company. as for signing/accepting the terms of the contract for which i have right here in front of me - NO WHERE does it state that the 'reference sheet' the dealer had us complete w/6 names & addresses & ph #'s of people who could verify our address was contractual, nor did it state anywhere that this would be used for collection purposes. there was no mention of this reference sheet in said contract. my atty just so happened to have been one of those references and according to HIM what the dealer & cps did was deceptive and fraudulant. (and he is handling that) so take that and your cocky attitude somewhere else please.
Linzartart
Harrisburg,#5Author of original report
Fri, January 04, 2008
Steve Bradenton, Florida U.S.A. No such thing as 'fair debt collection act', and FDCPA does not apply here anyway. First, there is no such thing as a 'fair debt collection act'. It is called the Fair debt collections practices act. proper terminology is essential. Second, the FDCPA only applies to THIRD PARTY debt collectors. You are dealing with the actual lender, so the FDCPA does NOT apply whatsoever here. Your interest rate is high because you are dealing with a subprime lender. You are dealing with a subprime lender because you have bad credit. You elected to do business with them. You accepted the terms of the contract when you signed it! Did you even read it? ************************************** well steve, indeed we did read the contract & signed it - and my credit was a 620 at the time - had i known that cps was a subprime lender id have refused. all my other car loans were thru reg dealers ex toyota motor credit, gmac etc. (with same credit) the dealer did not inform at the time. thru research concerning this particular dealership, i have found people with decent credit scores that have been placed with cps. i believe that there is a colluding pattern here. i have a new house loan with 7% interest i shouldnt have been placed with cps. i read on the net one state atty gen came to an agreement w/one of a few dealerships that they had monopolized their financing by limiting buyers with one particular company. as for signing/accepting the terms of the contract for which i have right here in front of me - NO WHERE does it state that the 'reference sheet' the dealer had us complete w/6 names & addresses & ph #'s of people who could verify our address was contractual, nor did it state anywhere that this would be used for collection purposes. there was no mention of this reference sheet in said contract. my atty just so happened to have been one of those references and according to HIM what the dealer & cps did was deceptive and fraudulant. (and he is handling that) so take that and your cocky attitude somewhere else please.
Linzartart
Harrisburg,#6Author of original report
Fri, January 04, 2008
Steve Bradenton, Florida U.S.A. No such thing as 'fair debt collection act', and FDCPA does not apply here anyway. First, there is no such thing as a 'fair debt collection act'. It is called the Fair debt collections practices act. proper terminology is essential. Second, the FDCPA only applies to THIRD PARTY debt collectors. You are dealing with the actual lender, so the FDCPA does NOT apply whatsoever here. Your interest rate is high because you are dealing with a subprime lender. You are dealing with a subprime lender because you have bad credit. You elected to do business with them. You accepted the terms of the contract when you signed it! Did you even read it? ************************************** well steve, indeed we did read the contract & signed it - and my credit was a 620 at the time - had i known that cps was a subprime lender id have refused. all my other car loans were thru reg dealers ex toyota motor credit, gmac etc. (with same credit) the dealer did not inform at the time. thru research concerning this particular dealership, i have found people with decent credit scores that have been placed with cps. i believe that there is a colluding pattern here. i have a new house loan with 7% interest i shouldnt have been placed with cps. i read on the net one state atty gen came to an agreement w/one of a few dealerships that they had monopolized their financing by limiting buyers with one particular company. as for signing/accepting the terms of the contract for which i have right here in front of me - NO WHERE does it state that the 'reference sheet' the dealer had us complete w/6 names & addresses & ph #'s of people who could verify our address was contractual, nor did it state anywhere that this would be used for collection purposes. there was no mention of this reference sheet in said contract. my atty just so happened to have been one of those references and according to HIM what the dealer & cps did was deceptive and fraudulant. (and he is handling that) so take that and your cocky attitude somewhere else please.
Steve
Bradenton,#7Consumer Suggestion
Sun, December 23, 2007
First, there is no such thing as a "fair debt collection act". It is called the Fair debt collections practices act. proper terminology is essential. Second, the FDCPA only applies to THIRD PARTY debt collectors. You are dealing with the actual lender, so the FDCPA does NOT apply whatsoever here. Your interest rate is high because you are dealing with a subprime lender. You are dealing with a subprime lender because you have bad credit. You elected to do business with them. You accepted the terms of the contract when you signed it! Did you even read it?
Robert
Buffalo,#8Consumer Comment
Sat, December 22, 2007
""that once we trade the car off - as of that day - the car & loan is no longer mine."" You are mistaken. The loan is yours untill such time that it is paid off. Read your loan contract. They are not obligated to agree to refinance terms with anyone you sell the car to (a trade in is just that - you're selling the car.) What they told you about the dealer taking up to 60 days to pay them, and that if the payoff was that late, you're responsible, is correct. Most REPUTIBLE DEALERS will pay off your loan on the trade-in vehicle quickly - as soon as financing is approved. However, untill that loan is paid IN FULL, the loan is on you, not the dealer that you're selling it to. This is why it's important to choose a reputable dealership. The car is yours as well until such time as the lien holder (the folks who financed the car) release the title - I know of no lender who will release a lien on an auto title without the loan being paid off. I don't know why you think otherwise. You may verify this with your state department of motor vehicles. Please keep this in mind the next time you go car shopping. Oh, and never accept "spot delivery" from any car dealer, new or used. If the financing doesn't go through, they usually hit you up for a rental fee for the car you "purchased" but had to give back. They put this "rental fee" into the paperwork for the spot delivery. You're also on the hook for any payments due on your "old" car (if it's financed) that were not paid while you were driving your "new" vehicle. ""Into nov, as I am now one pmt behind, with nov due - mrs sweat offered me a deferment. she said if I could pay oct's pmt of 508.00, and novs 508.00 she would defer dec"" I can't tell if this is misinformation from them or that you misunderstood what they told you so I'll try to explain what and how a differment is for almost any loan. When a lender grants a deferment, what they are doing is suspending some due payments, but they don't do this for FREE. Here's an example: Let's say you request a 6 month deferment on a loan. If granted, this would mean that you don't make payments for 6 months and your credit is good. BUT, they will normally charge you the additional interest (6 months) based on the remaining principal of the loan. In effect you are extending the term of your loan by 6 months at a cost to you of the additional interest based on the 6 month extension of the loan. This additional interest is normally required to be paid UP FRONT. Then everthing is OK and your normal payment schedule resumes 6 months later. Hope this helps you in the future.
Linzartart
harrisburg,#9Author of original report
Thu, December 06, 2007
when Consumer Portfolio Svcs had me pay the 2 pmts re obtaining the deferment they charged me a deferment fee - when ms thomas claimed i wasnt approved for the deferment she wouldnt refund the deferment fee.
Linzartart
harrisburg,#10Author of original report
Thu, December 06, 2007
when Consumer Portfolio Svcs had me pay the 2 pmts re obtaining the deferment they charged me a deferment fee - when ms thomas claimed i wasnt approved for the deferment she wouldnt refund the deferment fee.
Linzartart
harrisburg,#11Author of original report
Thu, December 06, 2007
when Consumer Portfolio Svcs had me pay the 2 pmts re obtaining the deferment they charged me a deferment fee - when ms thomas claimed i wasnt approved for the deferment she wouldnt refund the deferment fee.
Linzartart
harrisburg,#12Author of original report
Thu, December 06, 2007
when Consumer Portfolio Svcs had me pay the 2 pmts re obtaining the deferment they charged me a deferment fee - when ms thomas claimed i wasnt approved for the deferment she wouldnt refund the deferment fee.