FTC Orders Auto Lender to Repay Clients

FTC Orders Auto Lender to Repay Clients

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A national auto lender faces millions of dollars in fines. And, there could be many people from Georgia affected and possibly due refunds. The FTC charges that a company out of California called Consumer Portfolio Services used "illegal tactics" when selling and collecting on loans.

An FTC spokesman tells the I-Team the company may have taken money from Georgians, too, as it does a lot of business here.

In the FTC order, the company doesn't admit any wrongdoing, but it does agree to change how it does business going forward. In the meantime, if you've done business with this company, here's how you find out if you're due a refund. You can call or email.  Call 1-888-806-2367.  Email FTCsettlement@consumerportfolio.com.

Or, you can also visit the company's Web site and that address is www.consumerportfolio.com . You'll see at the bottom of that page the refund information.

The FTC says Consumer Portfolio Services violations include improperly assessing and collecting fees, misrepresenting what customers owed, modifying contracts by increasing the principal balance. The list goes on.  CPS is ordered to repay customers $3.5m.  CPS will pay another $2m in civil penalties.

Now the name Consumer Portfolio Services might not ring a bell for you because the company worked with dealerships. The FTC tells us dealers actually originate the loans, then assign the loans or sell the loans to CPS. An interesting little tidbit, because CPS never originates loans, they are not covered by the truth in lending requirements which offers consumers some protections.

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