New Car Post 341 - Anyone Dealt with Consumer Portfolio Before?

[98daffodils]

Hi Everyone,

I filed a CH 7 and had intended to keep my car. However, it was underwater (majorly since I had a 25% APR from stuff that happened in my divorce long story), so my lawyer told me it would be better to see if I could get something else with a lower interest rate. I was able to get another car and CPS (Consumer Portfolio) offered me 14% (which isn't stellar, but def better than 25%).

Couple of Questions:

1. I left the old car with the dealership I got the new one from. They said they will send a certified letter to my old lender letting them know it has been surrendered (since I had originally intended to keep it). Has anyone ever done that before?

2. The auto loan I had completely dropped off of my credit report (even though I had planned to retain and pay). Will my surrendering it affect my credit score - like will it show as a repo? I was never late on it and it is still current today. Wasn't sure since it isn't on the report anymore and I surrendered it.

3. I see on the CPS website I can pay online for a fee. They offer a free, pay in person cash option at select stores... but I don't think I trust that. Anyone dealt with them in the past? Do they process online payments quickly?

Thanks!

[Carmella]

My car was totaled while I was in Chapter 13.

The financing I found was from CPS. It has been fine, but I am not crazy about them.

Yes, you can pay online for a $1.oo fee. You can pay with a debit card, bank account or even PayPal and maybe a few other options. If I remember all cost $1.00.

On the bill it has a list of places you can go in person and pay the bill. I have no desire to pay in person.

My last several payments have been through PayPal which is kind of weird to me, but it's easier as the website is strange and won't save my payment info. I can click PayPal and put in a password and it's paid. That's easier than putting in the whole bank account/routing or debit, code and expiration date. The payment is processed fairly quickly I get a text immediately telling me it was paid. My husband gets a text as well since we are both on the account. Now it does take time for them to actually get the payment especially with PayPal, but they consider it paid as soon as you make the transaction.

The bill that comes in the mail looks like it's from a collection agency and states "this is an attempt to collect a debt" I really don't like it because I would rather just have a normal bill instead of one that looks unfriendly and threatening. I am sure that's psychological on my part!

I have never had to call them or deal with customer service so I don't know what that is like. I just pay my bill every month.

[98daffodils]

Thank you Carmella! Yeah I would much rather pay online. Paying in person with cash doesn't sit well with me (unless it was directly to a CPS office which they don't have). Thanks so much for the processing time info- I was wondering if they count the day you pay it or the processed day. Whew!

Oh and the bill thing- THANK YOU - that would have stopped my breathing for a minute to have read those words. That is annoying ... but I guess they have to put it on there.... but jeez HAHA. I have never ever been late on any car I have had, and those words "this is an attempt" make me so anxious HAHA.

[Carmella]

98daffodils same here never late with a car payment, well except when I mailed one and it took well over 2 weeks to travel 60 miles! That was a long time ago. There is also a grace period with my car loan and I don't remember if it's 10 days or a little shorter, but check that out because it would help in a pinch. I use to use grace periods all the time just before BK and a few scarce times during active 13.

But now that we are discharged I haven't had to use any grace periods and I don't plan on doing that, but it's nice to know if something happened there is breathing space.

Like most online payments there is a time frame to submit the payment and have it count as the same day. I don't remember what the cut off time is.

My car payment stinks. Since we were in Chapter 13 I was just happy to get a loan period and even better didn't have sky high interest that I didn't realize the payment date is the 31st. Now we all know NOT every month is 31 days. If I wasn't totally stressed out I probably would have asked for a day other than 31 or 30! But it really doesn't matter at this point, but it is annoying LOL!