In late 2012 i had to purchase a new car and my only finance option was Consumer Portfolio Services. Of course I had a very high interest rate and a large payment to go along with it., From then until the beginning of this month they have called at least once a week. Sometimes 4 times a day. They didn't care if I was at work even though I told them i couldn't receive calls while I was at work. They even called my office and had my boss tell me I had an emergency phone call. I did have one late payment but that is all. Every month they would call about a week before my due date and tell me I had to give a postdated check for that months payment. Several times they threatened to repossess if i didn't give them the next 3 or so months payments in postdated check. I found out that they were sued by the FTC for doing this exact thing to allot of their customers.
Almost a year ago I was fortunate enough to marry the most wonderful woman I have ever met. We had discussed this loan for a while and she was getting tired of the constant phone calls. I was about $8000 upside down on the car so it was difficult to trade in. Earlier this month we started looking again and found a car that was used as a demo. With the discount for being a demo and the factory incentives they were able to make the deal work. My wife has excellent credit, 845 when she last checked. Mine on the other hand is a bit lower than that. We were able to get a loan under both of our names with an interest rate of 3.5%. I went from 22% to 3.5%!!
I know this had noting to do with anything i did but I am happy as ever to be done with CPS!!!
