Company: CPSS
Filing Date: 2025-08-22
Form Type: 424B2
Source: 0001683168-25-006421
Chunk: 38

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-08-22
Form: 424B2
Chunk 38
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| Total Shareholders’ Equity                                                                                          |     |   |   303,101 |   |
| Total capitalization                                                                                                |     | $ | 3,763,790 |   |

| 27 |

<div align='center'>DESCRIPTION OF THE NOTES</div>

General. The renewable
unsecured subordinated notes we are offering will represent subordinated, unsecured debt obligations of CPS. We will issue the notes under
an indenture between us and Computershare Trust Company, National Association, as successor trustee to Wells Fargo Bank, National Association.
The terms and conditions of the notes include those stated in the indenture and those made part of the indenture by reference to the Trust
Indenture Act of 1939. The following is a summary of the material provisions of the indenture. For a complete understanding of the notes,
you should review the definitive terms and conditions contained in the indenture, which include definitions of certain terms used below.
A copy of the indenture has been filed with the SEC as an exhibit to the registration statement of which this prospectus is a part and
is available from us at no charge upon request.

The notes will be subordinated
in right of payment to the prior payment in full of all our secured, unsecured, senior debt and other financial obligations, whether outstanding
on the date of the indenture or incurred following the date of the indenture. Subject to limited restrictions contained in the indenture
discussed below, there is no limit under the indenture on the amount of additional debt we may incur. See “ – Subordination”
below.

The notes are not secured
by any collateral or lien and we are not required to establish or maintain a sinking fund to provide for payments on the notes. See “–
No Collateral Security; No Sinking Fund” below. In addition, the notes are not bank certificates of deposit and are not insured
by the Federal Deposit Insurance Corporation, the Securities Investor Protection Corporation or any other agency or company.

You may select the amount
(subject to a minimum principal amount of $1,000) and term (ranging from 3 months to 10 years) of the notes you would like to purchase
when you subscribe; however, depending upon our capital requirements, we may not always offer notes with the requested terms. See “
– Denomination” and “ – Term” below.

We will determine the rate
at which we will pay you interest on the notes at the time of subscription