Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 683

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 3
Chunk 683
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2020 we postponed our planned securitization due to the onset of the pandemic and the effective closure of the capital markets
in which our securitizations are executed. Subsequently we successfully completed securitizations in June and September 2020.

Our recent history of term securitizations is summarized
in the table below:

    Recent Asset-Backed Securitizations
  
    $ in thousands
  
    Period 
    Number of Term Securitizations 
    Amount of
                                                                   Receivables 
  
    2018 
    4 
    883,452 
  
    2019 
    4 
    1,014,124 
  
    2020 
    3 
    741,867 
  
    2021 
    4 
    1,145,002 
  
    2022 
    4 
    1,537,383 
  
    2023 
    4 
    1,352,114 
  
    2024 
    4 
    1,533,854 

Generally, prior to a securitization
transaction we fund our automobile contract acquisitions primarily with proceeds from warehouse credit facilities. Our current short-term
funding capacity is $535 million, comprising two credit facilities. The first credit facility was established in May 2012. This facility
was most recently renewed in July 2024, extending the revolving period to July 2026, with an optional amortization period through July
2027. In addition, the capacity was increased to $335 million in December 2024.

In November 2015, we entered
into another $100 million facility. In June 2022, we doubled the capacity for this facility from $100 million to $200 million. This facility
was most recently renewed in March 2024, extending the revolving period to March 2026, followed by an amortization period to March 2028.

In a securitization and in
our warehouse credit facilities, we are required to make certain representations and warranties, which are generally similar to the representations
and warranties made by dealers in connection with our purchase of the automobile contracts. If we breach any of our representations or
warranties, we will be obligated to repurchase the automobile contract at a price equal to the principal balance plus accrued and unpaid
interest. We may then be entitled under the terms of our dealer agreement to require the selling dealer