Company: CPSS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001683168-25-003436
Chunk: 13

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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stances we will grant obligors one-month payment extensions. The only modification of terms is to advance the obligor’s next
due date by one month and extend the maturity date of the receivable by one month. In certain limited cases, a two-month extension may
be granted. There are no other concessions, such as a reduction in interest rate, forgiveness of principal or of accrued interest. Accordingly,
we consider such extensions to be insignificant delays in payments. The following table summarizes the delinquency status of finance
receivables as of March 31, 2025, and December 31, 2024:

    Schedule of delinquency status of finance receivables 

    March 31,  
    December 31, 

    2025  
    2024 
  
    Delinquency Status 
    (In thousands) 
  
    Current 
    $1,735  
    $2,994 
  
    31-60 days 
     645  
     1,184 
  
    61-90 days 
     554  
     971 
  
    91 + days 
     175  
     271 

    $3,109  
    $5,420 

Finance receivables totaling
$175,000 and $271,000 at March 31, 2025, and December 31, 2024, respectively, have been placed on non-accrual status as a result of their
delinquency status.

Allowance for Credit Losses
– Finance Receivables 

The allowance for credit losses
is a valuation account that is deducted from the amortized cost basis of finance receivables to present the net amount expected to be
collected. Charge offs are deducted from the allowance when management believes that collectability is unlikely.

Management estimates the allowance
using relevant available information, from internal and external sources, relating to past events, current conditions and, reasonable
and supportable forecasts. We believe our historical credit loss experience provides the best basis for the estimation of expected credit
losses. Consequently, we use historical loss experience for older receivables, aggregated into vintage pools based on their calendar quarter
of origination, to forecast expected losses for less seasoned quarterly vintage pools.

     14 

CONSUMER PORTFOLIO SERVICES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANC