Company: CPSS
Filing Date: 2025-03-26
Form Type: 424B2
Source: 0001683168-25-001896
Chunk: 17

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-26
Form: 424B2
Chunk 17
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 our available sources of funding by reducing our acquisition of new automobile contracts, at times to merely nominal
levels. There can be no assurance that we will continue to be successful with that strategy.

We have experienced periods of significant losses.

From time to time throughout
our history we have incurred net losses, most recently over the period beginning with the quarter ended September 30, 2008 and ending
with the quarter ended September 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 $535 million, comprising two credit facilities, one with a maximum
credit limit of $200 million and the other with a maximum credit limit of $335 million. Both 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, but prior to which outstanding advances are due and payable. 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