Company: CPSS
Filing Date: 2025-08-22
Form Type: 424B2
Source: 0001683168-25-006421
Chunk: 48

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-08-22
Form: 424B2
Chunk 48
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tedness, as well as other financial obligations of the company, whether outstanding on the date of this prospectus or incurred after
the date of this prospectus, whether such indebtedness is or is not specifically designated as being senior debt in its defining instruments,
other than (i) existing outstanding unsecured subordinated indebtedness in the amount of $28.8 million as of June 30, 2025, and (ii) any
future offerings of additional renewable unsecured subordinated notes, both of which will rank equally with the notes. Any documents,
agreements or instruments evidencing or relating to any senior debt may be amended, restated, supplemented and/or renewed from time to
time without requiring any notice to or consent of any holder of notes or any person or entity acting on behalf of any such holder or
the trustee.

The indenture does not prevent
holders of senior debt from disposing of, or exercising any other rights with respect to, any or all of the collateral securing the senior
debt. As of June 30, 2025, we had approximately $3,364 million of debt outstanding that is senior to the notes, all of which was issued
by our consolidated special purpose entities. Including accounts payable and accrued expenses, we had approximately $3,432 million of
outstanding obligations senior to the notes, as of June 30, 2025.

Except for certain limited restrictions, the terms of the notes or the
indenture do not impose any limitation on the amount of senior debt or other indebtedness we may incur, although our existing senior
debt agreements may restrict us from incurring new senior debt. See “Risk Factors – Risk Factors Relating to the Notes – Because the notes rank junior to substantially all of our existing and future debt and other financial obligations, your notes will lack priority in payment.”

The notes are not guaranteed
by any of our subsidiaries, affiliates or control persons. Accordingly, in the event of a liquidation or dissolution of one of our subsidiaries,
creditors of that subsidiary will be paid in full, or provision for such payment will be made, from the assets of that subsidiary prior
to distributing any remaining assets to us as a shareholder of that subsidiary. Therefore, in the event of liquidation or dissolution
of a subsidiary, no assets of that subsidiary may be used to make payment to the holders of the notes until the creditors of that subsidiary
are paid in full from the assets of that subsidiary.

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In the event of any