Consumer complaint received 2016-06-24
Company: Consumer Portfolio Services, Inc.
State: AL
Product: Consumer Loan
Sub-product: Vehicle loan
Issue: Managing the loan or lease

Complaint:
My car loan company, Consumer Portfolio Services , Inc. ( CPS ) has done the following : 1. Misrepresented fees that I owed in collection calls, monthly statements, and pay-off notices, and with companies that I gave authorization to contact them regarding refinancing 2. Made unsubstantiated claims about the about that I owed and continually say that fees will be waived that are then added back to my account 3. Improperly assess and collected fees and other amounts because of mistakes that are made by their employees and then attempting to make me prove that the conversation happened rather than checking supposed notes on the account 4. Continues to increase principal balances with an outrageous accrued interest rate of 21.45 %. 
5. Failed to disclose financial effects on loan extensions, except for a late fee, not letting me know that there was also a daily fee that was being charged because of the interest 6. Misrepresented particular payment methods and requiring service fees, and posting payments that are mailed in as late despite a contract grade period 7. Contacting me during my XXXX work day and when I am unable to answer because I am at work, contacting third parties from a list of contacts that I gave to the dealer that I bought the car from and disclosing to them existence of debts and delinquencies in an effort to force me to return their call during work hours 8. Calling and texting repeatedly to harass during work hours and even after an extension has been granted 9. Continually threaten car repossession because excessive fees 10. Deceptively manipulating Caller ID to have me answer the phone during my work day 11. Out of 9 months of payment ( totaling {$3100.00} ), only {$500.00} has gone toward the principle of the loan. By the end of this loan, at this rate, I will have paid over {$28000.00} in interest on a original contract loan of XXXX. 
12. I asked for a pay-off amount so that I can refinance the loan and the pay-off amount was more than the original contract of the loan ( pay-off amount {$15000.00} ) and the reason that I was given if because my 21.45 % interest rate is accrued daily. 
This can not be a fair agreement and none of these terms were disclosed to me at the time that I contracted the loan on this car. Maybe that was because I never actually talked with anyone from CPS until after I had signed the loan contract with the dealer. The dealer, as a representative of CPS on her lot, did not disclose any of this information with me. They did not give me another option for a different lender because I believe that this lender is giving them kickbacks for stirring people their way. This company was sanction in XXXX 2014 by the Federal Trade Commission for these same type of practices in California. In that judgment, it was determine that the law surrounding loan servicers is very clear. They can not charge consumers more than they owe with inflated fees and interest rates. And they can not threaten and harass consumers about delinquent debts, especially after extension have been granted by representatives in their company.

Company response to consumer: Closed with monetary relief