Company: CPSS
Filing Date: 2025-03-26
Form Type: 424B2
Source: 0001683168-25-001896
Chunk: 31

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-26
Form: 424B2
Chunk 31
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 certain financial tests. These restrictions may have an adverse effect on our business activities,
results of operations and financial condition. These restrictions may also significantly limit or prohibit us from engaging in certain
transactions, including the following:

| · | incurring or guaranteeing additional indebtedness;                                                                                                |
| · | making capital expenditures in excess of agreed upon amounts;                                                                                     |
| · | paying dividends or other distributions to our shareholders or redeeming, repurchasing or retiring our capital stock or subordinated obligations; |
| · | making investments;                                                                                                                               |
| · | creating or permitting liens on our assets or the assets of our subsidiaries;                                                                     |
| · | issuing or selling capital stock of our subsidiaries;                                                                                             |
| · | transferring or selling our assets;                                                                                                               |
| · | engaging in mergers or consolidations;                                                                                                            |
| · | permitting a change of control of our company;                                                                                                    |
| · | liquidating, winding up or dissolving our company;                                                                                                |
| · | changing our name or the nature of our business, or the names or nature of the business of our subsidiaries; and                                  |
| · | engaging in transactions with our affiliates outside the normal course of business.                                                               |

| 23 |

These restrictions may limit
our ability to obtain additional sources of capital, which may limit our ability to generate earnings. In addition, the failure to comply
with any of the covenants of one or more of our debt agreements could cause a default under other debt agreements that may be outstanding
from time to time. A default, if not waived, could result in acceleration of the related indebtedness, in which case such debt would become
immediately due and payable. A continuing default or acceleration of one or more of our credit facilities or any other debt agreement,
would likely cause a default under other debt agreements that otherwise would not be in default, in which case all such related indebtedness
could be accelerated. If this occurs, we may not be able to repay our debt or borrow sufficient funds to refinance our indebtedness. Even
if any new financing is available, it may not be on terms that are acceptable to us or it may not be sufficient to refinance all of our
indebtedness as it becomes due.

In
addition, the transaction documents for our securitizations restrict our securitization subsidiaries from declaring or making payment
to us of (i) any dividend or other distribution on or in respect of any shares of their capital stock