Company: CPSS
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001683168-25-001548
Chunk: 342

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1B
Chunk 342
---
,911  
    $5,849 
  
    Operating and Finance Leases 
    $22,544  
    $4,857  
    $4,804  
    $4,792  
    $8,091 

(1)Securitization trust debt, in the aggregate amount of $2,594.4 million as of December 31, 2024, is omitted
from this table because it becomes due as and when the related receivables balance is reduced by payments and charge-offs. Expected payments,
which will depend on the performance of such receivables, as to which there can be no assurance, are $987.8 million in 2025, $696.4 million
in 2026, $470.5 million in 2027, $275.1 million in 2028, $126.6 million in 2029, and $38.0 million in 2030.

(2)Long-term debt represents subordinated renewable notes.

 46 

We anticipate
repaying debt due in 2025 with a combination of cash flows from operations and the potential issuance of new debt.

Warehouse Credit Facilities

The terms on which credit
has been available to us for purchase of automobile contracts have varied in recent years, as shown in the following summary of our warehouse
credit facilities:

Facility Established in
May 2012. On May 11, 2012, we entered into a $100 million one-year warehouse credit line with Citibank, N.A. The facility is structured
to allow us to fund a portion of the purchase price of automobile contracts by borrowing from a credit facility to our consolidated subsidiary
Page Eight Funding, LLC. On July 15, 2022, we renewed our two-year revolving credit agreement with Citibank, N.A., and doubled the capacity
from $100 million to $200 million. In July 2024, we renewed our two-year revolving credit agreement to extend the revolving period to
July 2026 and to include an amortization period through July 2027 for any receivables pledged to the facility at the end of the revolving
period. The Class A loans under the facility generally accrue interest during the revolving period at a per annum rate equal to the CP
Cost of Funds Rate plus 2.85% per annum, with a minimum rate of 3.60% per annum and during the amortization period at a per annum rate