Start My Answer
loading...

What is Consumer Portfolio Services?

Sarah Edwards | March 23, 2023

Sarah Edwards
Legal Expert
Sarah Edwards, BS

Sarah Edwards is a professional researcher and writer specializing in legal content. An Emerson College alumna, she holds a Bachelor of Science in Communication from the prestigious Boston institution.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: Consumer Portfolio Services provides new and used car financing to individuals with poor credit and low incomes. If you’re being sued by Consumer Portfolio Services, SoloSettle can help you settle the debt and avoid going to court.

Shopping for a new car is exciting but can also provoke anxiety. There are a lot of factors that go into purchasing a vehicle, like its price, condition, and features. If you’re not buying the car outright, you’ll also need to consider financing options.

People shopping for vehicles may come across Consumer Portfolio Services. Consumer Portfolio Services offers financing to people with poor credit, low income, or lack of credit history. The company primarily collaborates with independent franchise dealerships that sell used vehicles.

Consumer Portfolio Services offers different types of loans

Consumer Portfolio Services exclusively markets loans for used and new vehicles. Individuals interested in obtaining a loan from Consumer Portfolio Services must purchase a car from a dealership that collaborates with the firm. Consumer Portfolio Services does not offer independent loans that a consumer can use to shop around various dealerships.

Unfortunately, Consumer Portfolio Services does not list its financing terms or interest rates on its website. However, since Consumer Portfolio Services primarily services consumers with poor credit, we can assume its interest rates are higher than a traditional auto loan from a bank.

Watch our video to learn how to settle your Consumer Portfolio Services auto loan:

What the BBB has to say about Consumer Portfolio Services

Consumer Portfolio Services maintains an A+ rating with the Better Business Bureau (BBB). However, customers rate Consumer Portfolio Services 1.13 out of 5 stars, and there are numerous complaints.

Several complaints relate to the company’s policies for reporting information to the credit bureaus. For instance, one person totaled the car they bought, and the insurance agency paid the remaining balance due to Consumer Portfolio Services. However, Consumer Portfolio Services erroneously reported the vehicle as a repo on the customer’s credit report.

Another complaint relates to obtaining a vehicle’s title. The customer paid the car off, then had difficulties getting the title from Consumer Portfolio Services. After nearly five months, the customer finally received the title to their vehicle.

One customer experienced severe financial distress after totaling the vehicle they bought with a Consumer Portfolio Services loan. Their car insurance didn’t cover the remaining balance of the loan. They owed $8K and had no working vehicle. Consumer Portfolio Services offered the client a settlement, but it was too much to repay. Their only remaining option was to declare bankruptcy.

Use SoloSuit’s Debt Validation template to validate your obligation with Consumer Portfolio Services.

Financing through Consumer Portfolio Services may not be a good idea—here’s why

Consumer Portfolio Services markets its loans to individuals with poor credit or limited income. While there’s no doubt that their services can help clients in immediate need of a vehicle who can’t obtain a low-interest loan through traditional financing, customers will pay much more in interest and financing charges.

You should also consider the condition of the vehicle you buy. Since Consumer Portfolio Services primarily serves the used car market, you can’t guarantee that the vehicle you purchase won’t need extensive future repairs.

On top of a high monthly payment, you may also spend thousands of dollars making the car safe for driving. In the worst case, you’ll end up with an unrepairable lemon and a debt you’ll have to repay.

The longer your repayment terms are, the more likely you will encounter issues. You can’t predict the future, and circumstances may arise that impact the vehicle’s performance or affect you financially.

Before taking out a loan with Consumer Portfolio Services, carefully examine the repayment terms and interest rates. If you can, it’s best to repay your loan within two to three years rather than taking an extended option that offers lower monthly minimum payments.

Let’s consider an example.

Example: Stacy needs a car to get to work. She visits her local used car dealership and selects a 2016 Toyota Corolla. Stacy needs financing to purchase the vehicle, so the dealership allows her to apply for a loan with their partner, Consumer Portfolio Services. Stacy receives approval for a $15K loan with 19.99% financing over 72 months. After two years, she totals the vehicle, and her insurance company won’t repay the entire loan balance. She has nearly $10K in remaining debt and no car. She uses SoloSettle to send an offer to settle the debt with a lump-sum payment.


Consumer Portfolio Services is an auto loan lender

Consumer Portfolio Services helps people obtain the financing they might not qualify for through commercial banks or credit unions. If Consumer Portfolio Services offers you a loan, read the terms of your agreement closely.

Accept the loan only if you don’t foresee any problem repaying it and the car is in good condition. You should strive to pay off the loan quickly to avoid additional finance fees.

Is Consumer Portfolio Services suing you for an outstanding vehicle debt?

Settle your debt with Consumer Portfolio Services

If you’ve been sued by Consumer Portfolio Services, you can settle the debt for less at any stage of the lawsuit process.

SoloSettle makes the debt settlement process easy. Our software sends and receives settlement offers until an agreement is reached, then helps you manage your settlement agreement documentation. Most importantly, SoloSettle transfers your settlement payment for you, keeping your financial information private and secure.

Debt settlement can help you save thousands and avoid going to court. Check out our guide on how to settle a debt in 3 steps to learn more.

Settle with SoloSettle

Make an Offer

What is Solo?

Solo makes it easy to resolve debt with debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt. SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

SoloSettle can help you contact your debt collector or creditor and negotiate the debt to settle for less, all online. It simplifies and streamlines the process to settling your debt.

No matter where you find yourself in the debt collection process, Solo is here to help you resolve your debt.

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

How to Answer a Summons for debt collection in all 50 states

Here's a list of guides on how to respond to a debt collection lawsuit in each state:

The Ultimate 50 State Guide

Guides on how to resolve debt with every debt collector

Are you being sued by a debt collector? We’re making guides on how to resolve debt with each one.

Resolve your debt with your creditor

Some creditors, banks, and lenders have an internal collections department. If they come after you for a debt, Solosuit can still help you respond and resolve the debt. Here’s a list of guides on how to resolve debt with different creditors.

Settle your medical debt

Having a health challenge is stressful, but dealing medical debt on top of it is overwhelming. Here are some resources on how to manage medical debt.

Guides on arbitration

If the thought of going to court stresses you out, you’re not alone. Many Americans who are sued for credit card debt utilize a Motion to Compel Arbitration to push their case out of court and into arbitration.

Below are some resources on how to use an arbitration clause to your advantage and win a debt lawsuit.

Stop calls from debt collectors

Do you keep getting calls from an unknown number, only to realize that it’s a debt collector on the other line? If you’ve been called by any of the following numbers, chances are you have collectors coming after you, and we’ll tell you how to stop them.

Federal debt collection laws can protect you

Knowing your rights makes it easier to stand up for your rights. Below, we’ve compiled all our articles on federal debt collection laws that protect you from unfair practices.

Get debt relief in your state

We’ve created a specialized guide on how to find debt relief in all 50 states, complete with steps to take to find relief, state-specific resources, and more.

Debt collection laws in all 50 states

Debt collection laws vary by state, so we have compiled a guide to each state’s debt collection laws to make it easier for you to stand up for your rights—no matter where you live.

Statute of limitations on debt state guides

Like all debt collection laws, the statute of limitations on debt varies by state. So, we wrote a guide on each state’s statutes. Check it out below.

Statute of Limitations on Debt Collection by State (Best Guide)

Check the status of your court case

Don’t have time to go to your local courthouse to check the status of your case? We’ve created a guide on how to check the status of your case in every state, complete with online search tools and court directories.

How to stop wage garnishment in your state

Forgot to respond to your debt lawsuit? The judge may have ordered a default judgment against you, and with a default judgment, debt collectors can garnish your wages. Here are our guides on how to stop wage garnishment in all 50 states.

Other wage garnishment resources

How to settle a debt in your state

Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created a guide on how to settle your debt in all 50 states. Find out how to settle in your state with a simple click and explore other debt settlement resources below.

How to settle with every debt collector

Not sure how to negotiate a debt settlement with a debt collector? We are creating guides to help you know how to start the settlement conversation and increase your chances of coming to an agreement with every debt collector.

Other debt settlement resources

Personal loan and debt relief reviews

We give a factual review of the following debt consolidation, debt settlement, and loan organizations and companies to help you make an informed decision before you take on a debt.

How to repair and improve your credit score

Debt has a big impact on your credit. Below is a list of guides on how to repair and improve your credit, even while managing major debt.

How to resolve student loan debt

Struggling with student debt? SoloSuit’s got you covered. Below are resources on handling student loan debt.

Civil law legal definitions

You can represent yourself in court. Save yourself the time and cost of finding an attorney, and use the following resources to understand legal definitions better and how they may apply to your case.

Get answers to these FAQs on debt collection

How-to debt guides

Learn more with these additional debt resources

It only takes 15 minutes.

And 50% of our customers' cases have been dismissed in the past.


"Finding yourself on the wrong side of the law unexpectedly is kinda scary. I started researching on YouTube and found SoloSuit's channel. The videos were so helpful, easy to understand and encouraging. When I reached out to SoloSuit they were on it. Very professional, impeccably prompt. Thanks for the service!" - Heather



Get Started

Contents