Company: CPSS
Filing Date: 2025-08-22
Form Type: 424B2
Source: 0001683168-25-006421
Chunk: 8

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-08-22
Form: 424B2
Chunk 8
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 increase in interest rates results in a decrease in our cash flow from excess spread,                                    
 our results of operations may be impaired.                                                                                  |

| 9 |

<div align='center'>RISK FACTORS</div>

The risks described below set forth the material risks associated with the purchase of notes and our company. Before you invest in the notes, you should carefully consider these risk factors, as well as the other information regarding the notes and the company contained in this prospectus and in the documents incorporated by reference into this prospectus. In particular, we note that risk factors are described in our annual report on Form 10-K (which report is incorporated by reference), and that we may include updated or expanded risk factors in our quarterly or other reports, which also are incorporated by reference.

<div align='center'>Risk Factors Relating to the Notes</div>

Because of their characteristics, the notes may not be a suitable investment for you.

The notes may not be a suitable
investment for you, and we advise you to consult your investment, tax and other professional financial advisors prior to purchasing notes.
The characteristics of the notes, including maturity, interest rate and lack of liquidity, may not satisfy your investment objectives.
The notes may not be a suitable investment for you based on your ability to withstand a loss of interest or principal or other aspects
of your financial situation, including your income, net worth, financial needs, investment risk profile, return objectives, investment
experience and other factors. Prior to purchasing any notes, you should consider your investment allocation with respect to the amount
of your contemplated investment in the notes in relation to your other investment holdings and the diversity of those holdings.

Because the notes rank junior to substantially all of our existing and future debt and other financial obligations, your notes will lack priority in payment.

Your right to receive payments
on the notes is junior to substantially all of our existing indebtedness and future borrowings (including debt of our special purpose
entities). Your notes will be subordinated to the prior payment in full of all of our other debt obligations, other than our issued and
outstanding renewable unsecured subordinated notes, and your notes will be pari passu in right of payment with our issued and outstanding
renewable unsecured subordinated notes. As of December 31, 2024, and June 30, 2025, we had approximately $3,104 million and $3,364 million,
respectively, of debt outstanding that is senior to your notes, all of which was issued by