Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 1089

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 6
Chunk 1089
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 and (ii) the audit effort involved professionals with specialized skill and knowledge to assist in
evaluating the audit evidence obtained from these procedures.

Testing the design and operating effectiveness
of controls over the application of the assumptions used to support the estimate of loans at fair value included addressing:

    ·
    The
completeness and accuracy of data

    ·
    Third-party
model review

    ·
    Review
of management’s judgments and significant assumptions over inputs

Substantively testing management's process, including
evaluating management’s judgments and assumptions, for developing the estimate of loans at fair value included:

    ·
    Using
an auditor employed valuation specialist to assist in testing the Company’s estimate of fair value of the finance receivables. Testing
included evaluation of certain management significant assumptions and, evaluating the appropriateness of the methodology including a recalculation
of the model.

    ·
    Testing
the completeness and accuracy of the underlying data used in the fair value of finance receivables estimate.

Crowe LLP

We have served as the Company’s auditor since 2008.

Dallas, Texas

March 12, 2025

 F-3 

CONSUMER PORTFOLIO SERVICES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

    December 31,  
    December 31, 

    2024  
    2023 
  
    ASSETS 

    Cash and cash equivalents 
    $11,713  
    $6,174 
  
    Restricted cash and equivalents 
     125,684  
     119,257 
  
    Finance receivables measured at fair value 
     3,313,767  
     2,722,662 

    Finance receivables 
     5,420  
     27,553 
  
    Less: Allowance for finance credit losses 
     (433) 
     (2,869)
  
    Finance receivables, net 
     4,987  
     24,684 

    Furniture and equipment, net 
     943  
     1,372 
  
    Deferred tax assets, net 
     1,010  
     3,736 
  
    Other assets 
     35,764  
     25,861 
  
    Total assets 
    $3,493,