Company: CPSS
Filing Date: 2025-11-24
Form Type: 424B2
Source: 0001683168-25-008655
Chunk: 47

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-11-24
Form: 424B2
Chunk 47
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 generally refuse such requests. We are bound to refuse
such a request if such repurchase would cause us to exceed the quarterly limitation non repurchases described below.

Limitations on Requirements to Repurchase. Our obligation to repurchase notes prior to maturity for any reason will be subject to a calendar quarter
limit equal to the greater of $1 million of aggregate principal amount for all holders or 2% of the total principal amount of all notes
outstanding at the end of the previous calendar quarter. This limit includes any notes we repurchase upon death or total permanent disability
of the holder, and would apply even in the absence of our contractual prohibition on repurchases, noted above.

| 32 |

Modifications to Repurchase Policy. We may modify the policies on repurchase in the future. No modification will affect the right of repurchase
applicable to any note outstanding at the time of any such modification.

Transfers.The notes
are not negotiable debt instruments and, subject to certain exceptions, will be issued only in book-entry form. The purchase confirmation
issued upon our acceptance of a subscription is not a certificated security or negotiable instrument, and no rights of record ownership
can be transferred without our prior written consent. Ownership of notes may be transferred on the note register only as follows:

| · | The holder must deliver us written notice requesting a transfer signed by the holder(s) or such holder’s duly authorized representative on a form to be supplied by us. |
| · | We must provide our written consent to the proposed transfer.                                                                                                           |
| · | We may require a legal opinion from counsel satisfactory to us that the proposed transfer will not violate any applicable securities laws.                              |
| · | We may require a signature guarantee in connection with such transfer.                                                                                                  |

Upon transfer of a note,
we will provide the new holder of the note with a purchase confirmation that will evidence the transfer of the account on our records.
We may charge a reasonable service charge in connection with the transfer of any note.

Quarterly Statements.We will provide holders of the notes with quarterly statements, which will indicate, among other things, the account balance at the
end of the quarter, interest credited, redemptions or repurchases made, if any, and the interest rate paid during the quarter. These statements
will be mailed not later than the 10th business day following the end of each calendar quarter. We may charge such holders a reasonable
fee to cover the charges incurred in providing such information.

Subordination.The