Consumer complaint received 2026-06-10 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Problems at the end of the loan or lease — Problem related to refinancing
Company: Consumer Portfolio Services, Inc.
State: NY

Complaint narrative:
I am filing this complaint against Consumer Portfolio Services regarding my high-interest auto loan, Account # XXXX, because I believe the loan terms, servicing practices, and lack of meaningful refinance, modification, or hardship assistance are unfair, unaffordable, and potentially predatory. My XXXX account shows a contract date of XX/XX/XXXX, an amount financed of {$14000.00}, an APR of 24.90 %, and a monthly payment of {$430.00}. As of XX/XX/XXXX, the principal balance is still listed as {$14000.00}. This means the principal balance has only decreased by approximately {$200.00} from the original amount financed, despite the loan being open since XX/XX/XXXX. The account also shows a past due amount of {$870.00}, fees of {$43.00}, and an amount due of {$1300.00} by XX/XX/XXXX. These numbers show that the loan is extremely difficult to pay down and that a substantial portion of the payment appears to be going toward interest, fees, or other charges rather than meaningfully reducing the principal balance. I am requesting a complete written explanation of how my payments have been applied, including the exact amounts applied to principal, interest, late charges, fees, and any other charges. I have attempted to resolve this matter by seeking a reasonable refinance, lower payment, loan modification, hardship assistance, or other loss-mitigation option. However, I have not been provided a fair or clear path to reduce the excessive interest burden. I believe I XXXX have been steered into a loan I could not reasonably afford based on my income and ability to repay at the time of origination. I am requesting that the CFPB review whether Consumer Portfolio XXXX and/or the originating dealer properly disclosed the full cost of credit, including the XXXX, finance charge, amount financed, total of payments, payment schedule, and all material loan terms as required under the Truth in Lending Act and XXXX XXXX I also request review of whether the companys servicing practices, payment application, payoff balance, fees, and failure to provide a reasonable refinance, modification, or hardship option XXXX constitute unfair, deceptive, or abusive acts or practices under the Consumer Financial Protection Act. If Consumer Portfolio Services denied, discouraged, or failed to process my refinance, modification, or hardship request, I request that the company provide the specific reason for that decision in writing, consistent with the Equal Credit Opportunity Act and Regulation B, to the extent applicable. If Consumer Portfolio XXXX is furnishing this account to the credit bureaus, I request that the company verify the accuracy of all reporting, including the balance, payment history, late-payment dates, account status, fees, and any derogatory reporting, consistent with the Fair Credit Reporting Act and furnisher obligations. I am not refusing to pay a valid debt. I am requesting a fair review, a complete accounting, and relief from a loan that appears excessive and unaffordable.

Company response to consumer: Closed with explanation