Company: CPSS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001683168-25-003436
Chunk: 71

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 71
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.9 million during the three months ended March 31, 2025, from $4.9
million for the same quarter in 2024. We purchased $451.2 million of new contracts during the three months ended March 31, 2025, compared
to $346.3 million in the prior year period.

Occupancy expenses was $1.4
million for the three months ending March 31, 2025, which is down from the $1.6 million in the first quarter of 2024.

Depreciation and amortization
expenses increased to $249,000 compared to $215,000 in the previous year.

For the three months ended March 31, 2025, we
recorded income tax expense of $2.1 million, representing a 31% effective tax rate. In the prior period, our income tax expense was $2.0
million, representing a 30% effective tax rate.

Credit Experience 

Our financial results are dependent
on the performance of the automobile contracts in which we retain an ownership interest. Broad economic factors such as recession and
significant changes in unemployment levels influence the credit performance of our portfolio, as does the weighted average age of the
receivables at any given time. The tables below document the delinquency, repossession and net credit loss experience of all such automobile
contracts that we originated or own an interest in as of the respective dates shown.

 33 

Delinquency, Repossession and Extension Experience
(1)

Total Managed Portfolio (Excludes Third Party
Portfolio)

    March 31, 2025  
    March 31, 2024  
    December 31, 2024 

    Number of  
       
    Number of  
       
    Number of  

    Contracts  
    Amount  
    Contracts  
    Amount  
    Contracts  
    Amount 

    (Dollars in thousands) 
  
    Delinquency Experience 

    Gross servicing portfolio (1) 
     207,123  
    $3,614,555  
     181,650  
    $3,021,185  
     201,441  
    $3,490,960 
  
    Period of delinquency (2) 

    31-60 days 
     11,800  
    $195,595  
     10,992