Company: CPSS
Filing Date: 2025-11-24
Form Type: 424B2
Source: 0001683168-25-008655
Chunk: 17

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-11-24
Form: 424B2
Chunk 17
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30, 2011. We were adversely affected by the economic recession affecting the United States as a whole,
for a time by increased financing costs and decreased availability of capital to fund our purchases of automobile contracts, and by a
decrease in the overall level of sales of automobiles and light trucks. Similar periods of losses began in the quarter ended March 31,
1999 through the quarter ended December 31, 2000 and also from the quarter ended September 30, 2003 through the quarter ended March 31,
2005.

Our results of operations will depend on our ability to secure and maintain adequate credit and warehouse financing on favorable terms.

We depend on various financing
sources, including credit facilities, our securitization program and other secured and unsecured debt issuances, to finance our business
operations.

Historically, our primary
sources of day-to-day liquidity have been our warehouse credit facilities, in which we sell and contribute automobile contracts, as often
as twice a week, to special-purpose subsidiaries, where they are "warehoused" until they are financed on a long-term basis through
the issuance and sale of asset-backed notes. Upon issuance of the notes, funds advanced under one or more warehouse credit facilities
are repaid from the proceeds. Our current short-term funding capacity is $702.5 million, comprising three credit facilities, one with
a maximum credit limit of $200 million, the second one with a maximum credit limit of $335 million, and a third one entered into in October
17, 2025 with a maximum credit limit of $167.5 million. The three warehouse credit facilities have a revolving period during which we
may receive advances secured by contributed automobile contracts, followed by an amortization period during which no further advances
may be made. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity
and Capital Resources – Liquidity” in our Annual Report.

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Our access to financing sources
depends upon our financial position, general market conditions, availability of bank liquidity, the bank regulatory environment, our compliance
with covenants imposed under our financing agreements, the credit quality of the collateral we can pledge to support secured financings,
and other factors beyond our control. If we are unable to maintain warehouse or securitization financing on acceptable terms, we might
curtail or cease our purchases of new automobile contracts, which could lead to a material adverse effect on our results of operations,
financial condition and liquidity.

Our