If you’ve been contacted or sued by Consumer Portfolio Services Inc. (CPS), it’s essential to understand your rights and the steps you can take to protect yourself. CPS is a specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes, or limited credit histories.
Understanding Consumer Portfolio Services Inc.
Founded in 1991, CPS purchases retail installment sales contracts primarily from franchised automobile dealerships. They operate in 48 states and have a managed portfolio of approximately $3.5 billion as of September 30, 2024.
Legal Actions and Settlements
In 2014, CPS agreed to a $5.5 million settlement with the Federal Trade Commission (FTC) over allegations of harassing consumers and collecting amounts they did not owe.
Your Rights as a Consumer
If you’re facing legal action from CPS, consider the following steps:
- Respond Promptly: Ignoring legal notices can lead to default judgments against you.
- Seek Legal Counsel: An experienced attorney can help you understand your rights and develop a defense strategy.
- Document All Communications: Keep records of all interactions with CPS representatives.
- Know Your Rights: Familiarize yourself with consumer protection laws, such as the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from using abusive, unfair, or deceptive practices.
How The Fullman Firm Can Assist You
At The Fullman Firm, we have extensive experience defending clients against aggressive debt collection practices. Our team is dedicated to providing personalized legal strategies to help you achieve the best possible outcome. Contact us today for a consultation to discuss your case and explore your options.
