CPS is a publicly traded company that purchases and services retail installment auto contracts from dealerships.
Is Consumer Portfolio Services a reputable company?
Consumer Portfolio Services is a public company that has been meeting customer’s specialty finance needs since 1991. CPS is licensed in every state in which we operate.
How do you train the people who are calling me?
We have a compulsory and intensive program to train all servicing employees. Beyond that, to ensure that the training we provide our employees is retained and upheld, supervisors extensively monitor servicing employees to ensure that they fully comply with the law and also actually help you with solutions to your real problems.
Do you monitor your people to ensure that they are following your higher standards and fair business practices?
We take very direct steps to ensure that we know how our associates speak to you when they are attempting to collect. Our Quality Assurance program ensures we listen to the calls that our employees make to attempt to collect debts.
When you call many types of companies for various reasons, you often hear the statement that “this call may be monitored for quality control.” At CPS, our policy is to monitor every servicing employee every month, in order to ensure that you are treated with fairness and respect.
What if I can no longer afford to make the payments on my account?
You should contact our Servicing Department at 888-469-4520 to explain your situation and discuss what options are available to you. We’re here to help you during difficult financial times. Let us show you how committed we are to helping you find solutions to your financial hardships.
Can I skip or defer a payment on my account?
Your account may qualify for a payment extension. Please contact our Servicing Department at 888-469-4520 for assistance. We’re here to help you.
What does it really mean when you say you will ‘work with me’?
It means that we will listen to you. The more we know about your situation, the more we can help you. Once we know the problems you’ve had, we can help you create a plan that will help you maintain your auto account in good standing.
What if I decide to simply ignore you?
Communication is our best tool to help you maintain your account in good standing. Under certain circumstances and when appropriate, CPS has repossessed collateral from people who haven’t provided payment. It is not something we always do or necessarily want to do, but, unfortunately, there are instances in which we may choose to recover the collateral after non-payment.
I’ve read that I can have a ‘Cease and Desist’ letter sent to you that will legally prevent you from calling me.
According to the law, you have the right to send CPS a cease and desist letter. At that point, our communications to you will stop. However, a cease and desist letter does not affect a person’s legal obligation to pay the debt. Communication is our best tool to help you maintain your account in good standing.
If I get a letter from CPS, what should I do?
It’s important that you contact us as soon as possible. You can reach us online or by phone. By contacting us as soon as possible, you are giving us the opportunity to show just how committed we are to helping you maintain your account in good standing.