Consumer Portfolio Services
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Dissatisfied Customer
I recently bought a car on the Westside of the city I live in. While at the dealership I put a decent amount down on the car. I finally received the payment coupon from CPS. It had the base amount that I owed. I started an online account. I clicked on the payoff amount. With the payoff amount they would stand to make over $100.00 profit. I went to my credit union and bought a cashiers check for said amount. That was the Thursday May 30,2024. I sent it buy first class USPS mail. I wanted to pay off this car loan because their interest is through the ceiling. I called a week later and they said they still did not received my payment. When I talked to one of their representative they said it would take two to three weeks for it to clear my account. that was close to two weeks. My due date is the 20th of the month. on June 15th I received a payment reminder tex. I talked to an agent two days later. I told them I sent a cashiers check through the mail. He said I could go to three places where I live or pay online. He said it is a risk sending it through the mail. He told me how to go about the issue with my cashiers check. My payment was due in three days. I paid online they charged me a $1.00 fee. The first agent said it would have taken two to three weeks to receive my check. I live in Ohio, they are based in California. I checked on the internet. They should have gotten my payment no longer than six business days. By right my loan should have been paid off. If I had not made another payment by my due date I would have lost my car. I have to wait ninety days before my funds can be returned to my account. I still have to make three monthly payments by then. I have sent cashiers checks in the past by the USPS, I always keep my receipts. When I paid my monthly balance more went towards the interest than the principal. I believe they could be holding my check and not allowing it to clear so they can make more money in interest. The loan I took is over a six year period. The amount that I would pay over that time would almost double the original amount. I prefer to deal with a bank than a finance company. A bank may have been in my home state and I could have taken the cashiers check to them in person and paid off my car loan. I do not trust finance companies they do not have as much integrity maybe a bank would.