The company buys vehicle-sales contracts from franchised dealers, funds them long-term and collects debts from about 110,000 borrowers.
The FTC alleges the company misrepresented fees owed during debt-collection calls and on billing statements, telling third parties about borrower debts and debiting money from bank accounts without consumer approval, among other claims.
As part of the settlement, CPS will pay
"The law is very clear,"
Company officials, who could not be immediately reached for comment, will start refunding money and adjusting accounts within the next 90 days, the FTC says.
The agency is telling consumers with questions to email FTCsettlement@consumerportfolio.com or call 1-888-806-2367.
CPS, which boasts 700 employees, manages a nearly
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