To begin, I am not sure why I had to be financed by a company like Consumer Portfolio Services. My overall credit rating was not that bad, I have had two major auto loans with major lending institutions where I was not even late on one payment (I monitor my reports). But I had not financed anything in some time so I guess that must have been the problem.
I suppose this could be my fault for not having my laptop at the loan signing so I could Google reviews on my soon to be nightmare. I am all about personal responsibility.
I have experienced harassing practices from this company as found in most reviews on the internet. Beginning with statements like We can repo your car even if you are one day late, you should read your contract. This company makes no visible effort to make online payments easy, implement general courtesy, or even be willing to work with their borrowers on any level.
I would suspect that a mutual working relationship would be a basic ideal of any lending company due to the fact that you are paying their salaries through means of an astronomical interest rate, but I could be wrong.
In Closing, when anyone you know might be looking to finance an auto please make them aware that there are companies out there like Consumer Portfolio Services. Review any company you might do business with, look up local collection and lending laws, and practice telling salespeople no until you have taken necessary precautions to protect yourself.
The only way we can put companies like Consumer Portfolio Services out of business is to educate those around us.
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