The Basics of Auto Financing – All You Need to Know about Consumer Portfolio Services
Consumer Portfolio Services , or CPS, is a financial services provider with a focus on auto finance. It provides loans, lease agreements, and other services related to buying or leasing a car. The company is a major player in the auto finance industry and serves customers across the country.
How Does Auto Financing Work?
Auto financing helps individuals purchase or lease a vehicle when they don’t have the cash to buy it outright. Most banks, credit unions, and other financial institutions offer auto loans. When you apply for an auto loan, you agree to make monthly payments over a set period of time, with interest. The lender pays the amount of the loan directly to either you or the dealer from whom you are purchasing the car. You then pay back the loan, plus interest, in installments over the agreed-upon loan term.
What Is Consumer Portfolio Services?
CPS is a financial services provider that offers automotive loan and leasing services to customers across the United States. The company was founded in 1991 and has become one of the leading players in the subprime auto finance market. CPS specializes in providing financing to borrowers who may not qualify for traditional auto …
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