Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 410

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 410
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    Residual interest
                                 financing 
    11.50% 
      
    March 2029 
     50,000  
     – 

    Subordinated renewable
                                                      notes 
    Weighted average rate of 9.24% and 8.45% at December 31, 2024 and December 31, 2023, respectively 
      
    Weighted average maturity of December 2026 and February 2026 at
                                              December 31, 2024 and December 31, 2023, respectively 
     26,489  
     17,188 

    $541,688  
    $301,813 

     F-22 

CONSUMER PORTFOLIO SERVICES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Debt issuance costs of $4.3
million and $599,000 as of December 31, 2024 and December 31, 2023, respectively, have been excluded from the table above. These debt
issuance costs are presented as a direct deduction to the carrying amount of the Warehouse lines of credit and residual interest financing
on our Consolidated Balance Sheets.

On May 11, 2012, we entered
into a $100 million one-year warehouse credit line with Citibank, N.A. The facility is structured to allow us to fund a portion of the
purchase price of automobile contracts by borrowing from a credit facility to our consolidated subsidiary Page Eight Funding, LLC. On
July 15, 2022, we renewed our two-year revolving credit agreement with Citibank, N.A., and doubled the capacity from $100 million to $200
million. The facility is structured to allow us to fund a portion of the purchase price of automobile contracts by borrowing from a credit
facility to our consolidated subsidiary Page Eight Funding, LLC. The facility provides for effective advances up to 95.00% of eligible
finance receivables. The Class A loans under the facility generally accrue interest during the revolving period at a per annum rate equal
to the CP Cost of Funds Rate plus 2.85% per annum, with a minimum rate of 3.60% per annum and during the amortization period at a per
annum rate equal to the CP Cost of Funds Rate plus 3.85% per annum, with a minimum rate of 4.