Consumer Portfolio Services, Inc. operates as a specialty finance company in the United States. It is involved in the purchase and service of retail automobile contracts originated by franchised automobile dealers and select independent dealers in the sale of new and used automobiles, light trucks, and passenger vans. The company, through its automobile contract purchases, offers indirect financing to the customers of dealers with limited credit histories or past credit problems. It also serves as an alternative source of financing for dealers, facilitating sales to customers who are not able to obtain financing from commercial banks, credit unions, and the captive finance companies. In addition, the company acquires installment purchase contracts in merger and acquisition transactions; and purchases immaterial amounts of vehicle purchase money loans from non-affiliated lenders. The company services its automobile contracts through its branches in California, Nevada, Virginia, Florida, and Illinois. Consumer Portfolio Services, Inc. was incorporated in 1991 and is based in Las Vegas, Nevada.
CPS Announces $80.0 Million Securitization of Residual Interests
Consumer Portfolio Services closed an $80.0 million securitization of residual interests, selling asset-backed notes with a 10.25% coupon to a qualified institutional buyer.
The notes are secured by residuals from four prior CPS securitizations and an 80% interest in an affiliate owning residuals from three others issued between July 2023 and April 2026.
Proceeds from the offering were used to fully repay notes from a higher-coupon financing issued in March 2024, effectively refinancing that exposure at the new rate.