Company: CPSS
Filing Date: 2025-06-30
Form Type: 11-K
Source: 0001683168-25-004829
Chunk: 11

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-06-30
Form: 11-K
Chunk 11
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 by a letter dated February 7, 1996, that the Plan and related trust are designed in accordance
with applicable sections of the IRC and is, therefore, exempt from Federal income taxes. As described in Note 1, the Plan has been amended
since receiving the determination letter, including the adoption of the Empower Retirement Company Flexinvest® Prototype Non-Standardized
401(k) Profit Sharing Plan. The IRS has determined and notified Empower Retirement Company by a letter dated November 14, 2022, that the
form of the prototype plan is acceptable under section 401 of the IRC for use by employers for the benefit of their employees. The Plan
Administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the
IRC. Accordingly, no provision for income taxes is included in the accompanying financial statements.

GAAP requires Plan management to evaluate
uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more
likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax
positions taken by the Plan and has concluded that as of December 31, 2024, and 2023, there are no uncertain positions taken or expected
to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions and is subject to routine audits by taxing
jurisdictions.

| (6) | Parties-in-interest |

Parties-in-interest are defined under
the Department of Labor regulations as any fiduciary of the Plan, any party rendering service to the Plan, an employer whose employees
are covered by the Plan, and certain others. Certain Plan investments are managed by Empower. Empower is the custodian of these assets
and provides record keeping services to the Plan; therefore, these transactions qualify as permitted party-in-interest transactions. The
Plan Sponsor offers its common stock as an investment option and performs administrative functions to the Plan at no cost. These are also
considered permitted party-in-interest transactions. Notes receivable from participants held by the Plan also reflect allowable party-in-interest
transactions.

| 10 |

<div align='center'>CONSUMER PORTFOLIO SERVICES, INC. 401(K) PLAN

Schedule H, Line 4a – Schedule of Delinquent
Participant Contributions – December 31, 2024

Plan 

# 001 – EIN # 32-0021607</div