FTC Fines CPS $5.5 Million

WASHINGTON, D.C., and IRVINE, Calif. –

The Federal Trade Commission said Thursday that Consumer Portfolio Services will pay more than $5.5 million to settle charges that the subprime auto finance company used “illegal tactics” to service and collect consumers’ loans, including collecting money consumers did not owe, harassing consumers and third parties, and disclosing debts to friends, family and employers.

According to regulators, CPS agreed to refund or adjust 128,000 consumers’ accounts constituting more than $3.5 million and forebear collections on an additional 35,000 accounts to settle charges the company violated the FTC Act

– See more at: http://www.autoremarketing.com/subprime/cps-pay-55m-settle-ftc-charges