Consumer Portfolio Services (CPS) is a leading provider of automotive financing services, offering a variety of loan products to consumers with varying credit needs. The company was founded in 1991 and has since provided financing to over five million customers. CPS also offers services such as vehicle repossession, collections and lease-end management.
If you are a CPS customer and are struggling to keep up with your payments, you may be wondering when CPS will repossess your car. The answer to this question depends on a variety of factors, including your payment history and the specific terms of your loan agreement. In this article, we'll take a look at what you need to know about when CPS will repo your car.
What Happens if You Miss a Payment?
If you miss a payment to CPS, you will receive a notification from the company. This notification will outline the details of your missed payment and the steps you need to take to make it up. Depending on the terms of your loan agreement, you may have up to 10 days to make the payment before CPS begins the repossession process.
If you are able to make up the missed payment within the allotted time, you will be able to avoid repossession. However, if you fail to make the payment, CPS will begin the process of repossessing your vehicle. The company will contact you to inform you of their intention to take possession of your car.
How Long Does the Repossession Process Take?
Once CPS has notified you of their intention to repossess your car, they will begin the process of taking possession of the vehicle. This process can take anywhere from a few days to several weeks, depending on the specific terms of your loan agreement. CPS will typically try to repossess the vehicle as quickly as possible.
In some cases, CPS may be able to take possession of the vehicle without notifying you. This is known as a “silent repossession” and is only allowed in certain circumstances. If CPS has taken possession of your car without notifying you, they must notify you of the repossession within five days.
What Happens After the Repossession?
Once CPS has taken possession of your car, they will typically sell the vehicle at auction. The proceeds from the sale of the car will be used to cover the outstanding balance on your loan. If the proceeds from the sale are not enough to cover the balance, you may still be liable for the remaining amount. CPS may also charge you for any additional costs associated with the repossession and sale of the vehicle.
Once the vehicle has been sold, CPS will notify you of the sale and provide you with documentation detailing the amount of money they received and how it was used to settle your loan. This information is important if you need to dispute any charges or if you have any questions about the repossession process.
Can CPS Repossess Your Car Without Notifying You?
In some cases, CPS may be able to take possession of your car without notifying you. This is known as a “silent repossession” and is only allowed in certain circumstances. Some states require CPS to notify you of their intention to repossess the vehicle before they can take possession of it. If CPS has taken possession of your car without notifying you, they must notify you of the repossession within five days.
What Can You Do to Avoid Repossession?
If you are struggling to make your car payments, there are a few steps you can take to avoid repossession. The first and most important step is to contact CPS as soon as you realize you will be unable to make your payment. CPS may be able to offer you a payment plan or other options that can help you avoid repossession.
You can also reach out to a credit counseling agency or a debt consolidation company to help you manage your debt. These companies can often help you negotiate with creditors and may be able to help you avoid repossession. Finally, you can consider selling your car and using the proceeds to pay off your loan.
Frequently Asked Questions
What happens if I miss a payment to CPS?
If you miss a payment to CPS, you will receive a notification from the company. This notification will outline the details of your missed payment and the steps you need to take to make it up. Depending on the terms of your loan agreement, you may have up to 10 days to make the payment before CPS begins the repossession process.
How long does the repossession process take?
Once CPS has notified you of their intention to repossess your car, they will begin the process of taking possession of the vehicle. This process can take anywhere from a few days to several weeks, depending on the specific terms of your loan agreement.
Can CPS repossess my car without notifying me?
In some cases, CPS may be able to take possession of your car without notifying you. This is known as a “silent repossession” and is only allowed in certain circumstances. Some states require CPS to notify you of their intention to repossess the vehicle before they can take possession of it.
What can I do to avoid repossession?
If you are struggling to make your car payments, there are a few steps you can take to avoid repossession. The first and most important step is to contact CPS as soon as you realize you will be unable to make your payment. You can also reach out to a credit counseling agency or a debt consolidation company to help you manage your debt. Finally, you can consider selling your car and using the proceeds to pay off your loan.
What happens after my car is repossessed?
Once CPS has taken possession of your car, they will typically sell the vehicle at auction. The proceeds from the sale of the car will be used to cover the outstanding balance on your loan. If the proceeds from the sale are not enough to cover the balance, you may still be liable for the remaining amount. CPS may also charge you for any additional costs associated with the repossession and sale of the vehicle.
What should I do if I have questions about the repossession process?
Once the vehicle has been sold, CPS will notify you of the sale and provide you with documentation detailing the amount of money they received and how it was used to settle your loan. This information is important if you need to dispute any charges or if you have any questions about the repossession process.
Can I dispute a repossession fee?
Yes, you can dispute a repossession fee if you believe it is unfair or unjustified. You should contact CPS to discuss your concerns and explain why you feel the fee should be waived or reduced. If CPS is unwilling to negotiate, you may be able to take legal action.
Do I need to pay the balance of my loan after my car is repossessed?
Yes, if the proceeds from the sale of your car are not enough to cover the balance of your loan, you may still be liable for the remaining amount. You should contact CPS to discuss your options for paying off the remaining balance.
Will CPS report my repossession to the credit bureaus?
Yes, CPS will typically report your repossession to the credit bureaus. This can have a negative impact on your credit score and may make it more difficult for you to qualify for future loans or credit cards.
Do I have any legal rights if CPS repossesses my car?
Yes, you may have certain legal rights if CPS repossesses your car. Depending on your state's laws, you may be able to challenge the repossession in court or seek compensation for any damages caused by CPS during the repossession process.