Company: CPSS
Filing Date: 2025-07-28
Form Type: 8-K
Source: 0001683168-25-005440
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Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-07-28
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry into a Material Definitive Agreement.

The information contained in Item 2.03 of this report is hereby incorporated
by reference into this Item 1.01. The registrant disclaims any implication that the agreements relating to the transactions described
in this report are other than agreements entered into in the ordinary course of its business.

Securitization of Receivables

On July 28, 2025, the registrant Consumer Portfolio Services, Inc.
("CPS") and its wholly owned subsidiary CPS Receivables Five LLC ("Subsidiary") entered into a series of agreements
under which Subsidiary purchased from CPS, and sold to CPS Auto Receivables Trust 2025-C (the "Trust"), approximately $433.50
million of subprime automotive receivables (the "Receivables").

Item 2.03. Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.

Securitization of Receivables

CPS, Subsidiary, the Trust and others on July 28, 2025, entered into
a series of agreements that, among other things, created long-term obligations that are material to CPS, Subsidiary and the Trust. Under
these agreements (i) CPS sold the Receivables to Subsidiary (ii) Subsidiary sold the Receivables to the Trust (iii) the Trust deposited
the Receivables with Computershare Trust Company, N. A. ("CTCNA"), as trustee of a grantor trust, receiving in return a certificate
of beneficial interest (“ CBI”) representing beneficial ownership of the Receivables, (iv) the Trust pledged the CBI to CTCNA
as indenture trustee for benefit of the holders of the Notes (as defined below), (v) the Trust issued and sold $418.33 million of asset-backed
Notes, in five classes (such Notes collectively, the "Notes"), and (vi) a cash deposit (the "Reserve Account") in
the amount of 1.00% of the aggregate balance of the Receivables was pledged for the benefit of the holders of the Notes.

Security for the repayment of the Notes consists of the Receivables
and the rights to payments relating to the Receivables. The Receivables were purchased by CPS from automobile dealers, and CPS will act
as