Company: CPSS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001683168-25-003436
Chunk: 33

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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) purchased immaterial amounts of vehicle purchase money loans
from non-affiliated lenders. In this report, we refer to all of such contracts and loans as "automobile contracts."

We were incorporated and began
our operations in March 1991. From inception through March 31, 2025, we have originated a total of approximately $23.5 billion of automobile
contracts, primarily by purchasing retail installment sales contracts from dealers, and to a lesser degree, by originating loans secured
by automobiles directly with consumers. In addition, we acquired a total of approximately $822.3 million of automobile contracts in mergers
and acquisitions in 2002, 2003, 2004 and 2011. Recent contract purchase volumes and managed portfolio levels are shown in the table below:

Contract Purchases and
Outstanding Managed Portfolio

    $ in thousands 
  
    Period 
    Contracts Purchased in Period  
    Managed Portfolio at Period End 
  
    2019 
     1,002,782  
     2,416,042 
  
    2020 
     742,584  
     2,174,972 
  
    2021 
     1,146,321  
     2,249,069 
  
    2022 
     1,854,385  
     3,001,308 
  
    2023 
     1,357,752  
     3,194,623 
  
    2024 
     1,681,941  
     3,665,725 
  
    Three months ended March 31, 2025 
     451,218  
     3,774,629 

In May 2021 we began purchasing
some contracts for immediate sale to a third-party to whom we refer applications that don’t meet our lending criteria. We service
all such contracts on behalf of the third-party. We earn fees for originating the receivable and also servicing fees on active accounts
in the third-party portfolio. For the three months ended March 31, 2025, we originated $4.3 million under this third-party program. As
of March 31, 2025, our managed portfolio includes $160.1 million of such third-party receivables.

Our principal executive offices
are in Las Vegas, Nevada. Most of our operational and administrative functions take place in Irvine, California. Credit and underwriting
functions are