Company: CPSS
Filing Date: 2025-06-30
Form Type: 11-K
Source: 0001683168-25-004829
Chunk: 5

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-06-30
Form: 11-K
Chunk 5
---
in the Plan after completing 90 days of service. In accordance with the Plan, participants may contribute up to 100% of their annual compensation,
after required deductions, such as those required by the Federal Insurance Contributions Act. Contributions are subject to certain limitations
as defined in the Plan agreement, as well as a maximum of $23,000 and $22,500 for the years ended December 31, 2024, and 2023, respectively,
under the Internal Revenue Code (“IRC”) of 1986. Catch-up contributions (within the meaning of Section 414(v) of the IRC)
can also be made by participants who reach age 50 during the plan year. Participants are only permitted to make catch-up contributions
after they have already contributed the maximum amount for the year. The catch-up contribution limit was $7,500 for the years ended December
31, 2024, and 2023. Participants may rollover into the Plan amounts representing distributions from other qualified plans.

| 5 |

<div align='center'>CONSUMER PORTFOLIO SERVICES, INC. 401(K) PLAN

Notes to Financial Statements

December 31, 2024, and 2023</div>

(1) Description
of the Plan (continued)

| (c) | Eligibility and Contributions (continued) |

The Plan Sponsor may make a discretionary
matching contribution equal to a discretionary amount of each participant’s pretax contributions up to a maximum of $2,000. Discretionary
cash matching contributions were $1,534,968 and $1,366,953, for the years ended December 31, 2024, and 2023, respectively.

| (d) | Participant Accounts |

Each participant’s account is
credited with the participant’s contributions, allocations of the Plan Sponsor’s matching contributions and investment earnings
or losses and charged with an allocation of expenses. Allocations are based on participant earnings, losses, or account balances, as defined
in the Plan agreement.

| (e) | Vesting |

Participants are immediately vested
in their contributions plus actual earnings thereon. Vesting in the Plan Sponsor’s matching contributions plus actual earnings thereon
is based on years of continuous service. A participant vests at the rate of 20% after two years of credited service and 20% each year
thereafter until 100% is reached after six years of credited service. Participants are also fully vested at death, retirement and upon
termination for disability.

| (f