- Report: #1306412
Complaint Review: Cps portfolio services -
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Author Not Confirmed
Why?
Cps portfolio services
USA
Phone:
888 469 4520
Web:
Consumerportfolioservices.com
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Cps portfolio services Told I will be paying thousands of dollars after payoff loan date Irvine California
I originally got a auto loan through Cps portfolio in March 2012 for 20000. About a year into my loan, my due date changed. I called and asked why, the lady told me " because you were 3 days late, so we had to change your due date or your car would have been repoed." At that time I told her the new due date would not work for me, I never requested it to be changed. She then stated," there will be no way changing it back." Foward 4 years into the loan, spurts of harassing phone calls, I noticed on a photocopy statement that they share on their website, my balance was only down to 14000. My maturity date is 12 of 2017! I pay 575 a month to these people and I still owe 14000 after 4 years of paying them! I asked about why this was so. They told me well I was late a few times I get that I paid the late fees. They also told me a dusky interest rate changes if I'm late. So I get charged a late fee on top of my interest rate on top of an interest rate if I am late! I told the lady if they put the remainder of my payments all toward principle, it would only be around 10000, I will still owe thousands of dollars after my maturity date. Why!!!?? And what will happen then!!?? She told me she does not know I will find out when my loan ends. I asked for the exact percentage of the breakdown of interest and principle. She said she couldn't send me the paper work. It is company property. I asked her why there is inconsistency on my statements. She said it's the system that determines how much goes to principle and interest. Why is only 60 dollars of my payment is going to principle after 4 years of paying you people! The way they move money on my account in insane! I can not get any real answers from these people! I requested to speak to a supervisor never got a call back! I will be paying this loan for the rest of my life! I need advice. I'm stuck! I need to get out from under these people before it's too late!
2 Updates & Rebuttals
Jim
Florida,USA
Here's Why
#2Consumer Comment
Thu, May 19, 2016
When YOU are late, YOU generate extra interest for them. Since this is a subprime deadbeat lender, YOU are paying a high interest rate because of YOUR self-generated credit reputation. When you make payments, the money is first applied to interest then principle. As time goes on, more and more money is paid to principle. At the end of loan period all the interest and all the principle is paid down to zero. Its called AMORTIZATION. YOU should have been paying on time like you promised in the contract!
Robert
Irvine,California,
USA
Typical Sub-Prime attitude
#3Consumer Comment
Thu, May 19, 2016
Let me just get right to it with some facts for you.
First of all you are with a SUB-PRIME lender because you have FAILED in the past to show you can handle credit. As a result you are paying extreamly high interest rates. Before you start to go off, the reason you are with them does not matter so please save your 1001 excuses as to why.
Next, an auto loan is a Fixed Payment loan. Which means you always pay more interest in the beginning than you do at the end. If you plug in your terms from the beginning of the loan(Interest Rate, Starting Balance, Number of Months) into any amortization calculator it will tell you EXACTLY how the Principal and Interest break down month by month. Oh and yes, all of the terms were in the original loan contract you signed and received when you got the car. If you don't have that any more that unfortunatly is on you.
Now, this amortization is based on actually making your payment ON-TIME. Once you are late, additional Interest is assessed. With your high interest rate, a single late payment of just a few days could wipe out the entire principal payment you made for 2-3 months. Especially at the beginning.
You want advice..okay but you aren't going to like it.
First pay every bill ON-TIME. This will help you tremendously. Next, pay as much as you can every month. IF you can put down an extra $25 that is an additonal $25 that comes off your balance.
Oh and before you even say it, NO I do not work for this or any other finance company.
