Company: CPSS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001683168-25-003436
Chunk: 78

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 78
---
,981  
     4,645  
     43,264 
  
    Contracts with six extensions 
     3,299  
     22,635  
     3,119  
     20,762  
     3,420  
     22,988 

     89,142  
    $1,442,955  
     81,879  
    $1,265,603  
     88,385  
    $1,415,885 

    Managed portfolio (excluding originated and owned by 3rd parties) 
     207,123  
    $3,614,555  
     181,650  
    $3,021,185  
     201,441  
    $3,490,960 

___________________

Note: Table excludes portfolios originated
and owned by third parties

Since 2019, we have been able to reduce extensions
by working with our servicing staff to be more selective in granting extensions including, where appropriate, to exhaust all possibilities
of payment by the customer before granting an extension. However, as delinquency rates have risen, so has the average number of extensions
granted.

 37 

Non-Accrual Receivables

It
is not uncommon for our obligors to fall behind in their payments. However, with the diligent efforts of our Servicing staff and systems
for managing our collection efforts, we regularly work with our customers to resolve delinquencies. Our staff are trained to employ a
counseling approach to assist our customers with their cash flow management skills and help them to prioritize their payment obligations
in order to avoid losing their vehicle to repossession. Through our experience, we have learned that once a customer becomes greater than
90 days past due, it is not likely that the delinquency will be resolved and will ultimately result in a charge-off. As a result, we do
not recognize any interest income for contracts that are greater than 90 days past due.

If
a contract exceeds the 90 days past due threshold at the end of one period, and then makes the necessary payments such that it becomes
less than or equal to 90 days delinquent at the end of a subsequent period, it would be restored to full accrual status for our financial
reporting purposes. At the time a contract is restored to full accrual in this manner, there can be no