FTC Orders Auto Lender to Repay Clients

FTC Orders Auto Lender to Repay Clients

Posted: Updated:
ATLANTA -

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.

  • I-Team Story ArchiveMore>>

  • Whistleblower Seeks Sanctions Against Attorney General's Office

    Whistleblower Seeks Sanctions Against Attorney General's Office

    Friday, July 25 2014 9:59 PM EDT2014-07-26 01:59:29 GMT
    In a letter, obtained exclusively by the Fox 5 I-Team, former Ethics director Stacey Kalberman's plans to seek sanctions against the state Attorney General's office.
    More controversy involving the State Ethics Commission. In a letter, obtained exclusively by the Fox 5 I-Team, former Ethics director Stacey Kalberman's plans to seek sanctions against the state Attorney General's office.
  • FOX 5 I-Team Investigation

    State proposes action for home elevator safety

    State proposes action for home elevator safety

    Friday, July 25 2014 2:12 PM EDT2014-07-25 18:12:46 GMT

    The state is inching closer to closing a gap that should make residential elevators safer for children .It was the I-Team's stories about children nationwide being hurt that prompted the state to propose an emergency amendment to the state code.

    The state is inching closer to closing a gap that should make residential elevators safer for children .It was the I-Team's stories about children nationwide being hurt that prompted the state to propose an emergency amendment to the state code.

  • I-Team Investigation

    Former Douglas Co. D.A. office manager indicted

    Former Douglas Co. D.A. office manager indicted

    Friday, July 25 2014 12:30 PM EDT2014-07-25 16:30:44 GMT
    There are major new developments today in the state investigation of the Douglas County District Attorney's office. Tammy Agan, the former office manager, has been indicted on 58 counts of theft and making false statements.
    There are major new developments today in the state investigation of the Douglas County District Attorney's office. Tammy Agan, the former office manager, has been indicted on 58 counts of theft and making false statements.
  • Contact the FOX 5 I-Team

    * denotes required fields

    We're sorry, but only one entry is allowed per person.
    Thank you for your continued interest.

    Thanks for contacting FOX 5.  To reach our newsroom by phone, please call (404) 898-0100.

  • Good Day ArchiveMore>>

  • Back to School Jamboree with Hosea Feed The Hungry

    Back to School Jamboree with Hosea Feed The Hungry

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

  • Stars of 'Get On Up' The Story of James Brown, visit Good Day

    Stars of 'Get On Up' The Story of James Brown, visit Good Day

    Friday, July 25 2014 9:55 AM EDT2014-07-25 13:55:46 GMT
    In his follow-up to the four-time Academy Award®-nominated blockbuster The Help, Tate Taylor directs 42’s Chadwick Boseman as James Brown in GET ON UP.
    In his follow-up to the four-time Academy Award®-nominated blockbuster The Help, Tate Taylor directs 42’s Chadwick Boseman as James Brown in GET ON UP.
  • Good Day Atlanta

    Pike Nurseries: Attracting Hummingbirds

    Pike Nurseries: Attracting Hummingbirds

    Friday, July 25 2014 9:05 AM EDT2014-07-25 13:05:09 GMT
    Hummingbirds and other winged wildlife can add beautiful color and movement to a garden. You can enjoy the stunning sights and sounds of these featured friends, while also helping them access food, shelter, water and sunlight with hummingbird gardening.
    Hummingbirds and other winged wildlife can add beautiful color and movement to a garden. You can enjoy the stunning sights and sounds of these featured friends, while also helping them access food, shelter, water and sunlight with hummingbird gardening.
Powered by WorldNow

4739 NW 53rd Avenue, Sutie B
Gainesville, FL 32653

Phone: (352) 371-0051

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices