Company: CPSS
Filing Date: 2025-05-23
Form Type: 424B2
Source: 0001683168-25-003971
Chunk: 14

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-23
Form: 424B2
Chunk 14
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, or the names or nature of the business of our subsidiaries; and                                  |
| · | engaging in transactions with our affiliates outside the normal course of business.                                                               |

| 12 |

These restrictions may limit
our ability to obtain additional sources of capital, which may limit our ability to repay the notes. In addition, the failure to comply
with any of the covenants of our existing credit facilities or the indenture or to maintain certain indebtedness ratios would cause a
default under one or more of our credit facilities and may cause a default under the indenture or our other debt agreements that may be
outstanding from time to time. A default, if not waived, could result in acceleration of the related indebtedness, in which case such
debt would become immediately due and payable. A continuing default or acceleration of one or more of our credit facilities, the indenture
or any other debt agreement, will likely cause a default under the indenture and other debt agreements that otherwise would not be in
default, in which case all such related indebtedness could be accelerated. If this occurs, we may not be able to repay our debt or borrow
sufficient funds to refinance our indebtedness. Even if any new financing is available, it may not be on terms that are acceptable to
us or it may not be sufficient to refinance all of our indebtedness as it becomes due. Complying with these covenants may cause us to
take actions that are not favorable to holders of the notes. See “Description of the Notes – Restrictive Covenants.”

Because there are limited restrictions on our activities under the indenture, you will have only limited protections under the indenture.

In comparison to the restrictive
covenants that are imposed on us by our existing credit facilities and other borrowing arrangements, the indenture governing the notes
contains relatively minimal restrictions on our activities. In addition, the indenture contains only limited events of default other than
our failure to timely pay principal and interest on the notes. Because there are only very limited restrictions and limited events of
default under the indenture, we will not be restricted from issuing additional debt senior to your notes or be required to maintain any
ratios of assets to debt in order to increase the likelihood of timely payments to you under the notes. Further, if we default in the
payment of the notes or otherwise under the indenture, you will likely have to rely on the trustee to exercise your remedies on your behalf.
You may not