Company: CPSS
Filing Date: 2025-11-24
Form Type: 424B2
Source: 0001683168-25-008655
Chunk: 9

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-11-24
Form: 424B2
Chunk 9
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 2025, we had approximately $3,104 million
and $3,407 million, respectively, of debt outstanding that is senior to your notes, all of which was issued by our consolidated special
purpose entities. Including accounts payable and accrued expenses, we had approximately $3,175 million and $3,474 million of outstanding
obligations senior to the notes, as of December 31, 2024 and September 30, 2025, respectively. We may also incur substantial additional
indebtedness in the future that would also rank senior to your notes. Because of the subordination provisions of the notes, in the event
of our bankruptcy, liquidation or dissolution, our assets would be available to make payments to you under the notes only after all payments
had been made on all of our secured and unsecured indebtedness and other obligations that are senior to the notes. Sufficient assets
may not remain after all such senior payments have been made to make any payments to you under the notes, including payments of interest
when due or principal upon maturity.

Because there will be no trading market for the notes and because transfers of the notes require our consent, it may be difficult to sell your notes.

Your ability to liquidate
your investment is limited because of transfer restrictions, the lack of a trading market and the limitation on repurchase requests prior
to maturity. Your notes may not be transferred without our prior written consent. In addition, there will be no trading market for the
notes. Due to the restrictions on transfer of the notes and the lack of a market for the sale of the notes, even if we permitted a transfer,
you might be unable to sell, pledge or otherwise liquidate your investment. In any event, the total principal amount of notes that we
would be required to repurchase in any calendar quarter, for any reason, will be limited to the greater of $1 million or 2% of the aggregate
principal amount of all notes outstanding at the end of the previous quarter. See “Description of the Notes.”

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Because the notes will have no sinking fund, collateral security, insurance or guarantee, you may lose all or a part of your investment in the notes if we do not have enough cash to pay the notes.

There is no sinking fund,
collateral security, insurance or guarantee of our obligation to make payments on the notes. The notes are not secured by any of our assets.
We will not contribute funds to a separate account, commonly known as