Company: CPSS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001683168-25-003436
Chunk: 11

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 existing plans as of March 31, 2025.

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CONSUMER PORTFOLIO SERVICES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS

Purchases of Company Stock

The table below describes the purchase of our
common stock for the three months ended March 31, 2025, and 2024:

    Schedule of purchase of our common stock 

    Three Months Ended 

    March 31, 2025  
    March 31, 2024 

    Shares  
    Avg. Price  
    Shares  
    Avg. Price 
  
    Open market purchases 
     –  
    $–  
     101,355  
    $8.51 
  
    Shares redeemed upon net exercise of stock options 
     –  
     –  
     105,758  
     7.89 
  
    Total stock purchases 
     –  
    $–  
     207,113  
    $8.19 

Reclassifications

Some items in the prior year financial statements
were reclassified to conform to the current presentation. Reclassifications had no effect on net income or shareholders’ equity.

Financial Covenants 

Certain of our securitization
transactions, our warehouse credit facilities and our residual interest financing contain various financial covenants requiring minimum
financial ratios and results. Such covenants include maintaining minimum levels of liquidity and net worth and not exceeding maximum leverage
levels. As of March 31, 2025, we were in compliance with all such covenants. In addition, certain of our debt agreements other than our
term securitizations contain cross-default provisions. Such cross-default provisions would allow the respective creditors to declare a
default if an event of default occurred with respect to other indebtedness of ours, but only if such other event of default were to be
accompanied by acceleration of such other indebtedness.

Provision for Contingent
Liabilities

We are routinely involved
in various legal proceedings resulting from our consumer finance activities and practices, both continuing and discontinued. Our legal
counsel has advised us on such matters where, based on information available at the time of this report, there is an indication that it
is both probable that a liability has been incurred and the amount of the loss can be reasonably determined.

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