Company: CPSS
Filing Date: 2025-08-22
Form Type: 424B2
Source: 0001683168-25-006421
Chunk: 11

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-08-22
Form: 424B2
Chunk 11
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 December 31, 2024 |
|:--------------------------------|:----|:--|--------------:|:----|:--|------------------:|
| Warehouse lines of credit (1)   |     | $ |       395,596 |     | $ |           410,898 |
| Residual interest financing (1) |     |   |       155,103 |     |   |            99,176 |
| Securitization trust debt (1)   |     |   |     2,813,234 |     |   |         2,594,384 |
| Subordinated renewable notes    |     |   |        28,828 |     |   |            26,489 |
| Total debt                      |     | $ |     3,392,761 |     | $ |         3,130,947 |

(1) Debt obligations of our
special purpose entities

Our debt-to-net worth ratio
at December 31, 2024 was 10.69. Excluding securitization trust debt, our debt-to-net worth ratio was 1.49, and our ratio of earnings
to fixed charges, including interest expense on the above-mentioned total debt, was 1.14. Our debt-to-net worth ratio at June 30,
2025 was 11.19. Excluding securitization trust debt, our debt-to-net worth ratio was 1.91, and our ratio of earnings to fix charges,
including interest expenses on the above mentioned total debt was 1.12.

| 11 |

Our substantial indebtedness
could adversely affect our financial condition and prevent us from fulfilling our obligations under the notes by, among other things:

| · | increasing our vulnerability to general adverse economic and industry conditions;                                                                                                                                                   |
| · | requiring us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing amounts available for working capital, capital expenditures and other general corporate purposes; |
| · | limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;                                                                                                             |
| · | placing us at a competitive disadvantage compared to our competitors that have less debt; and                                                                                                                                       |
| · | limiting our ability to borrow additional funds.                                                                                                                                                                                    |

Although we believe we will
generate sufficient free cash flow to service this debt and our obligations under the notes, there is no assurance that we will be able