Tuesday, March 26, 2013

Consumer Portfolio Services: a mystery no longer.

Did you ever wonder, when watching those commercials that promise to get someone financed for a new or used car even if they have bad credit or no credit, how the companies manage to do it and who is lending that money?

Okay, so it's just me, then? I did wonder, and that's how I found out about Consumer Portfolio Services -- that link, which you should check out, takes you to their Better Business Bureau page, where you can find out (as I did) that Consumer Portfolio Services is 'accredited', which means it has committed to meeting BBB standards in its business.

That business is auto lending.  Consumer Portfolio Services is how people get loans for cars when they have less-than-great credit.  What they do is they buy loans from dealers and securitize them, and then service those loans.  So they provide a service for buyers and dealers and lenders and investors, and make it all work out for everyone.  They're active in 45 states and have been in business since 1991, so it seems like they're doing something right.

See? Learn something every day.

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