Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 201

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1A
Chunk 201
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 installment purchase contracts
directly from dealers, we also have (i) originated vehicle purchase money loans by lending directly to consumers, (ii) acquired installment
purchase contracts in four merger and acquisition transactions, and (iii) purchased immaterial amounts of vehicle purchase money loans
from non-affiliated lenders. In this report, we refer to all of such contracts and loans as "automobile contracts."

We were incorporated and
began our operations in March 1991. From inception through December 31, 2024, we have purchased a total of approximately $23.0 billion
of automobile contracts from dealers. In addition, we acquired a total of approximately $822.3 million of automobile contracts in mergers
and acquisitions in 2002, 2003, 2004 and 2011. Contract purchase volumes and managed portfolio levels for the five years ended December
31, 2024 are shown in the table below. Managed portfolio comprises both contracts we owned and those we were servicing for third parties.

    Contract Purchases and Outstanding Managed Portfolio

    $ in thousands 
  
    Year 
    Contracts Purchased in Period  
    Managed Portfolio at Period End 
  
    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 

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 our California branch with certain of these functions also performed in our Florida and Nevada 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