Company: CPSS
Filing Date: 2025-05-13
Form Type: 8-K
Source: 0001683168-25-003479
Chunk: 1

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-13
Form: 8-K
Item: Item 1.01
Chunk 1
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 will act as the servicer of the Receivables. Credit enhancement for the Notes consists of over-collateralization and the Reserve
Account. CTCNA will act as collateral agent and trustee on behalf of the secured parties, and is the backup servicer.

The Notes are obligations only of the Trust,
and not of Subsidiary nor of CPS. Nevertheless, the Notes are properly treated as long-term debt obligations of CPS. The sale and issuance
of the Notes, treated as secured financings for accounting and tax purposes, are treated as sales for all other purposes, including legal
and bankruptcy purposes. None of the assets of the Trust or Subsidiary are available to pay other creditors of CPS or its affiliates.

The Trust holds a fixed pool of amortizing
assets. The Trust is obligated to pay principal and interest on the Notes on a monthly basis. Interest is payable at fixed rates on the
outstanding principal balance of each of the five classes of the Notes, and principal is payable by reference to the aggregate principal
balance of the Receivables (adjusted for chargeoffs and prepayments, among other things) and agreed required over-collateralization. The
following table sets forth the interest rates and initial principal amounts of the five classes of Notes:

  Note Class      Interest Rate            Amount  
 ───────────────────────────────────────────────────
  Class A                 4.74%      $191,520,000  
  Class B                 4.79%       $58,430,000  
  Class C                 5.12%       $70,280,000  
  Class D                 5.56%       $40,640,000  
  Class E                 7.95%       $59,080,000  

   2  

The 2025-B transaction has initial credit
enhancement consisting of a cash deposit equal to 1.00% of the original Receivable pool balance and overcollateralization of 4.40%. The
final enhancement level requires accelerated payment of principal on the Notes to reach overcollateralization of the lesser of 8.65% of
the original Receivables pool balance, or 22.00% of the then outstanding pool balance, but in no event less than 2.50% of the original
receivable pool balance.

If an event of default were to occur under
the agreements, the Trustee would have the right to accelerate the maturity of the Notes, in which event