Company: CPSS
Filing Date: 2025-05-23
Form Type: 424B2
Source: 0001683168-25-003971
Chunk: 12

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-23
Form: 424B2
Chunk 12
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           410,898 |
| Residual interest financing (1) |     |   |        163,391 |     |   |            99,176 |
| Securitization trust debt (1)   |     |   |      2,743,269 |     |   |         2,594,384 |
| Subordinated renewable notes    |     |   |         27,547 |     |   |            26,489 |
| Total debt                      |     | $ |      3,299,890 |     | $ |         3,130,947 |

(1) Debt obligations of our
special purpose entities

Our debt-to-net worth ratio
at December 31, 2024 was 10.69. Excluding securitization trust debt, our debt-to-net worth ratio was 1.49, and our ratio of earnings to
fixed charges, including interest expense on the above-mentioned total debt, was 1.14.Our debt-to-net worth ratio at March 31, 2025 was
11.06. Excluding securitization trust debt, our debt-to-net worth ratio was 1.87, and our ratio of earnings to fix charges, including
interest expenses on the above mentioned total debt was 1.12.

| 11 |

Our substantial indebtedness
could adversely affect our financial condition and prevent us from fulfilling our obligations under the notes by, among other things:

| · | increasing our vulnerability to general adverse economic and industry conditions;                                                                                                                                                   |
| · | requiring us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing amounts available for working capital, capital expenditures and other general corporate purposes; |
| · | limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;                                                                                                             |
| · | placing us at a competitive disadvantage compared to our competitors that have less debt; and                                                                                                                                       |
| · | limiting our ability to borrow additional funds.                                                                                                                                                                                    |

Although we believe we will
generate sufficient free cash flow to service this debt and our obligations under the notes, there is no assurance that we will be able
to do so. If we do not generate sufficient operating profits, our ability to make required payments on our senior debt, as well as on
the debt represented by the notes described in this prospectus, may be impaired.

If we incur substantially
more indebtedness that