Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 302

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1A
Chunk 302
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 following table presents the leases expense
included in Occupancy, General and administrative on our Condensed Consolidated Statement of Operations:

    Schedule of lease cost 

    Year Ended December 31, 

    2024  
    2023  
    2022 

    (In thousands) 
  
    Operating lease cost 
    $3,582 
    $5,547  
    $6,650 
  
    Finance lease cost 
     115  
     158  
     987 
  
    Total lease cost 
    $3,697 
    $5,705  
    $7,637 

The following table presents the supplemental cash
flow information related to leases:

    Schedule of supplemental cash
flow information related to leases 

    Year Ended December 31, 

    2024  
    2023  
    2022 

    (In thousands) 
  
    Cash paid for amounts included in the measurement of lease liabilities: 

    Operating cash flows from operating leases 
    $5,308 
    $5,547 
    $7,056
  
    Operating cash flows from finance leases 
     97  
     152  
    948 
  
    Financing cash flows from finance leases 
     18  
     6  
     40 

Legal Proceedings

Consumer
Litigation. We are routinely involved in various legal proceedings resulting from our consumer finance activities and practices, both
continuing and discontinued. Consumers can and do initiate lawsuits against us alleging violations of law applicable to collection of
receivables, and such lawsuits sometimes allege that resolution as a class action is appropriate. For the most part, we have legal and
factual defenses to consumer claims, which we routinely contest or settle (for immaterial amounts) depending on the particular circumstances
of each case.

Following our
filing of a complaint for a deficiency judgment in the Superior Court at Waterbury, Connecticut, the defendant filed a cross-claim on
October 16, 2019 alleging that our deficiency notices were not compliant with Connecticut law, and seeking relief on behalf of a class
of Connecticut obligors whose vehicles we had repossessed. The complaint seeks primarily damages, injunctive relief, waiver of contract
deficiencies, and attorney fees and interest. The defendant’s contract provided for resolution of disputes exclusively by arbitration,
and exclusively on an individual basis, not a class basis. Nevertheless,