Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 313

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1A
Chunk 313
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able operating segment.

Although the Company operates
as one reportable segment, it serves a diverse network of 8,600 dealerships across 47 states, in which we provide financing to the dealer’s
less credit- worthy borrowers. During the year ended December 31, 2024, no dealer accounted for as much as 2% of the total number of automobile
contracts we purchased, and revenue generated from any individual borrower is deemed to be immaterial.

14) Subsequent Events

On January 22, 2025 we executed
our first securitization of 2025. In the transaction, qualified institutional buyers purchased $442.4 million of asset-backed notes secured
by $462.5 million in automobile receivables originated by CPS. The sold notes, issued by CPS Auto Receivables Trust 2025-A, consist of
five classes. Ratings of the notes were provided by Standard & Poor’s and DBRS Morningstar, and were based on the structure
of the transaction, the historical performance of similar receivables and CPS’s experience as a servicer. The weighted average coupon
on the notes is approximately 5.88%.

The 2025-A transaction has
initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance and overcollateralization
of 4.35%. The transaction agreements require accelerated payment of principal on the notes to reach overcollateralization of the lesser
of 8.50% of the original receivable pool balance, or 23.00% of the then outstanding pool balance. The transaction was a private offering
of securities, not registered under the Securities Act of 1933, or any state securities law.

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