Company: CPSS
Filing Date: 2025-05-23
Form Type: 424B2
Source: 0001683168-25-003971
Chunk: 49

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-23
Form: 424B2
Chunk 49
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, other than (i) existing outstanding unsecured subordinated indebtedness in the amount of $27.5 million as of
March 31, 2025, and (ii) any future offerings of additional renewable unsecured subordinated notes, both of which will rank equally with
the notes. Any documents, agreements or instruments evidencing or relating to any senior debt may be amended, restated, supplemented and/or
renewed from time to time without requiring any notice to or consent of any holder of notes or any person or entity acting on behalf of
any such holder or the trustee.

The indenture does not prevent
holders of senior debt from disposing of, or exercising any other rights with respect to, any or all of the collateral securing the senior
debt. As of March 31, 2025, we had approximately $3,272 million of debt outstanding that is senior to the notes, all of which was issued
by our consolidated special purpose entities. Including accounts payable and accrued expenses, we had approximately $3,348 million of
outstanding obligations senior to the notes, as of March 31, 2025.

Except for certain limited
restrictions, the terms of the notes or the indenture do not impose any limitation on the amount of senior debt or other indebtedness
we may incur, although our existing senior debt agreements may restrict us from incurring new senior debt. See “Risk Factors – Risk Factors Relating to the Notes – Because the notes rank junior to substantially all of our existing and future debt and other financial obligations, your notes will lack priority in payment.”

The notes are not guaranteed
by any of our subsidiaries, affiliates or control persons. Accordingly, in the event of a liquidation or dissolution of one of our subsidiaries,
creditors of that subsidiary will be paid in full, or provision for such payment will be made, from the assets of that subsidiary prior
to distributing any remaining assets to us as a shareholder of that subsidiary. Therefore, in the event of liquidation or dissolution
of a subsidiary, no assets of that subsidiary may be used to make payment to the holders of the notes until the creditors of that subsidiary
are paid in full from the assets of that subsidiary.

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In the event of any liquidation,
dissolution or any other winding up of us, or of any receivership, insolvency, bankruptcy, readjustment, reorganization or similar proceeding
under the U.S. Bankruptcy Code or any other applicable federal or