The Consumer Portfolio Services (CPS) program offers a variety of benefits to individuals who borrow funds from the FDIC. These services include Refinancing, Repossession, Rate discounts, and more. This article discusses several of the benefits of this program. It also includes some of the laws that may affect your decision to take advantage of the program.
Refinancing your car loan
Refinancing your car loan is one way to improve your credit. This will lower your monthly payments, as well as the overall cost of interest. If you are looking to refinance your auto loan, you may want to consider Consumer Portfolio Services, Inc.
Founded in 1991, Consumer Portfolio Services is an indirect lender that provides automobile financing to consumers with limited or bad credit histories. Its loans can be obtained through franchised or independent dealerships.
Consumer Portfolio Services works with car dealerships in 48 states. Car shoppers can refinance their auto loan after making the first six to 18 payments. However, it is important to remember that the initial loan term will vary from lender to lender.
Refinancing with flexibility
One of the biggest draws of a Consumer Portfolio Services auto loan is the flexibility. The company allows you to stretch out your payments by up to a year. Those with a modest income or a shaky credit history are in luck. And the best part is you don’t have to sacrifice a quality car to get a better rate. You can even refinance if you so choose.
If you’re not in the market for a new car, you might as well refinance your current loan. You’re likely to find that the lender offers you the same rates, but they’ll also let you use their money to improve your credit score. It’s an easy way to boost your rating, but it’s best to do it at your own risk.
Choosing the right refinancing company can make or break your credit scores, so take a close look at your budget and see if you can snag a better deal. Consumer Portfolio Services is just one of many lenders with a track record of providing loans to borrowers with less-than-perfect credit.
Rate discount for enrolling in autopay
It is no secret that car owners are notoriously bad about paying their bills on time. Having your money automatically withdrawn from your checking account will not only save you the hassle of having to make payments on the spur of the moment, but it will also save you from the wrath of the credit card company. To top that off, it can be done from the comfort of your own home. A plethora of auto loan providers are willing to cut you a deal.
The trick is choosing the right one for your needs and budget. If you do decide to go with the big boys, be sure to do a little homework on the types of car loans they offer. Most offer a few different options, so check out their websites and see what suits you best. Lastly, be sure to ask your financial adviser about any potential red flags you may have.
Repossession laws vary from state to state
Repossession laws vary by state, but generally, repossession is an action by a creditor when the borrower has missed a payment. However, repossession can also occur when a person has disabled a car on his or her property.
In addition to the loan or lease contract, there are specific repossession rules in each state. When a vehicle is repossessed, the creditor may keep the car to help cover the debt or sell it at a public auction.
A “right to cure” notice is required if you are more than ten days late on a payment. The notice states how long you have to correct the default and the amount of money you must pay to bring the loan current.