Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 24

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 24
---
 2024 
    4 
    1,533,854 

From time to time we have
also completed financings of our residual interests in other securitizations that we and our affiliates previously sponsored. On June
30, 2021, we completed a $50.0 million securitization of residual interests from previously issued securitizations. In this residual interest
financing transaction, qualified institutional buyers purchased $50.0 million of asset-backed notes secured by residual interests in three
CPS securitizations consecutively conducted from January 2018 through July 2018, and an 80% interest in a CPS affiliate that owns the
residual interests in the eight CPS securitizations conducted from October 2018 through September 2020. As of December 31, 2024, the notes
had a principal balance of $50.0 million.

On March 31, 2024, we completed
a new residual interest financing of our residual interests from previously issued securitizations in the amount of $50.0 million. In
this residual interest financing transaction, qualified institutional buyer purchased $50.0 million of asset-backed notes secured by an
80% interest in a CPS affiliate that owns the residual interests in five CPS securitizations issued from January 2022 through January
2023. The sold notes (“2024-1 Notes”), issued by CPS Auto Securitization Trust 2024-1, consist of a single class with a coupon
of 11.50%. As of December 31, 2024, the notes had a principal balance of $50.0 million.

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 from $200 million to $335 million in December 2024.

 13 

In November 2015, we entered
into another $100 million facility. In June 2022, we increased the capacity of our credit agreement with Ares Agent Services, L.P. from
$100 million to $200 million. This facility