Consumer complaint received 2019-09-09
Company: Consumer Portfolio Services, Inc.
State: GA
Product: Debt collection
Sub-product: Auto debt
Issue: False statements or representation
Sub-issue: Attempted to collect wrong amount

Complaint:
Complaint 1. 

Consumer Portfolio Services ( CPS ) has refused to acknowledge and comply with the consent decree issued on XX/XX/XXXX which states : credit overcharges or permanently forbear collection on the account including by never 1 )  reporting the account to a consumer reporting agency, 2 ) seeking to collect a deficiency balance or 3 )  selling the account ( image 1 ).

- CPS has never refunded charges on the first loan that was opened in XX/XX/XXXX. Even after paying off the balance on XX/XX/XXXX, they still reported late payments to the credit bureaus in XX/XX/XXXX and XX/XX/XXXX ( image 2 ). 

- Unfortunately, I went against my better judgement and co-signed for a relative in XX/XX/XXXX. The car got repossessed in XX/XX/XXXX and was re-sold in XX/XX/XXXX. CPS continues to report the account status as charge off to purposefully decrease my credit score ( image 3 ).

Complaint 2. 

CPS misrepresented fees owed in monthly statements, modified loan terms and billing cycles without proper notice. 

- In a written agreement dated XX/XX/XXXX, they failed to disclose the financial effects of loan extensions, lied about payment methods and adjusted the original term. As outlined in the document, the maturity date was changed to XX/XX/XXXX. However, billing and reporting records list this date as XX/XX/XXXX ( image 4 ). 

- CPS sent billing notices between XX/XX/XXXX-XX/XX/XXXX which shows the same principal balance and past due amounts even though I made payments during that time period ( image 5 ). 

- CPS reported the first delinquency in XX/XX/XXXX and the account was never brought to current status within 180 days of this date. Theyre intentionally reporting the wrong charge off date by three ( 3 ) months to inflate interest fees on the past due amount and the principal balance ( image 6 ). 

- The VIN report shows that CPS re-sold the car in XX/XX/XXXX which is approximately five ( 5 ) months after repossession. They also delayed crediting the proceeds payment to the account balance in effort to collecting higher interest fees on the past due amount ( image 7 ).

Complaint 3. 

After repossession, I contacted CPS legal department to gather information and to get my personal belongings. I was placed on long hold times and hung up on which violated my right to redeem the car or reinstate the loan. 

By Ohio Law a creditor must provide written notice to the borrowers, including a Notice of Repossession and Post-Sale Notice that complies with the requirements of the Uniform Commercial Code : - Send notice of default and the right to cure to the debtor within five ( 5 ) business days. 

- Send another notice at least ten ( 10 ) days before the sale that states the time and place of the sale. 

- Any resale of a repossessed vehicle must be conducted in a commercially reasonable manner. 

- The creditor may not keep or sell any personal property found inside the car and must tell how you can retrieve your items.

Company response to consumer: Closed with explanation