Consumer Portfolio Services Complaint

Consumer Portfolio Services Consumer Loan department,

Vehicle loan Managing the loan or lease Wisconsin

I bought a new car from - - of - in -/-/- and they got me financed through Consumer Portfolio Services ( CPS ). Later I found that they hard pulled my credit 10 times to get this deal to work. From the start - was nothing but nasty to me. I decided for my first payment to send in my payment with a check instead of incurring a $12.00 fee for paying online or over the phone. I sent it in plenty of time for the mail to reach them by my due date. The day after my due date I got several calls a day from them. When I did talk to a representative, things got so bad that I asked to speak to someone else. This person explained to me that a 3rd party processor receives the checks and until they have completed processing payments which could be - to - business days after they received my check that it would be considered late. Because of this they changed my due date from -/-/- to -/-/-. I verbally approved this over the phone and they sent me a letter that verifies the change. As time went on

which means longer loan term and more interest collected for them. The only time I have ever asked for an extension was -/-/- which I called and asked for, they sent me paperwork, I signed and sent back for their approval. The last piece to this is the interest they are collecting. I noticed that I have been paying on this car for a little less than 2 years and my loan balance is not moving, and most of my payments they are applying to interest. I called the week of -/-/- to speak to a representative on my interest and how they calculate how much is applied to each of my payments. She had told me that my loan is a simple interest loan with 16 % interest annually based on my original loan amount. She told me that my yearly interest amount is $3500.00 which multiplied by 6 years equals $21000.00 almost the same amount as my loan. Although on my sales contract it states that my interest for the life of the loan is $12000.00. That 's a big difference. There has been a lot of interest applied to my payments and hardly none to the principal. This company is a scam. They are harassing with their phone calls, nasty to me when I do talk to them, changing my loan terms by giving me a " courtesy due date change '' without my authorization and taking more for interest than what my finance contract states. These people are predatory lenders and they need to be stopped and the car dealers that are using them are not helping people with poor credit rebuild!!