Company: CPSS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001683168-25-003436
Chunk: 130

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 130
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 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 performed primarily in that California branch with certain of these functions also performed in our Florida, Nevada, and
Virginia branches. We service our automobile contracts from our California, Nevada, Virginia, Florida and Illinois branches.

The programs we offer to dealers
and consumers are intended to serve a wide range of sub-prime customers, primarily through franchised new car dealers. We originate automobile
contracts with the intention of financing them on a long-term basis through securitizations. Securitizations are transactions in which
we sell a specified pool of contracts to a special purpose subsidiary of ours, which in turn issues asset-backed securities to fund the
purchase of the pool of contracts from us.

 27 

Securitization