Company: CPSS
Filing Date: 2025-03-26
Form Type: 424B2
Source: 0001683168-25-001896
Chunk: 11

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-26
Form: 424B2
Chunk 11
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 before the maturity date, or the rate of the existing note if no such rate is
specified. The interest rate on your renewed note may be lower than the interest rate of your original note. Any requests for repurchases
after your notes are renewed will be subject to contractual restrictions that presently prohibit us from making any such repurchases and,
in any event, to limitations on the amount of notes we would be willing to repurchase in any calendar quarter.

Because we have substantial indebtedness that is senior to the notes, our ability to pay the notes may be impaired.

We have now and, after we sell
these notes, will continue to have a substantial amount of indebtedness. At December 31, 2024 and December 31, 2023, we had approximately
$3,131 million and $2,567 million and of debt outstanding, respectively, comprising (in thousands):

|                                 |     |   | December 31, 2024 |     |   | December 31, 2023 |
|:--------------------------------|:----|:--|------------------:|:----|:--|------------------:|
| Warehouse lines of credit (1)   |     | $ |           410,898 |     | $ |           234,025 |
| Residual interest financing (1) |     |   |            99,176 |     |   |            49,875 |
| Securitization trust debt (1)   |     |   |         2,594,384 |     |   |         2,265,446 |
| Subordinated renewable notes    |     |   |            26,489 |     |   |            17,188 |
| Total debt                      |     | $ |         3,130,947 |     | $ |         2,566,534 |

(1) Debt obligations of our
special purpose entities

Our debt-to-net worth ratio at
December 31, 2024 was 10.69. Excluding securitization trust debt, our debt-to-net worth ratio was 1.49, and our ratio of earnings to fixed
charges, including interest expense on the above-mentioned total debt, was 1.14.

| 11 |

Our substantial indebtedness
could adversely affect our financial condition and prevent us from fulfilling our obligations under the notes by, among other things:

| · | increasing our vulnerability to general adverse economic and industry conditions;                                                                                                                                                   |