Company: CPSS
Filing Date: 2025-03-26
Form Type: 424B2
Source: 0001683168-25-001896
Chunk: 48

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-26
Form: 424B2
Chunk 48
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 by our subsidiaries that are special purpose entities. “Senior debt” means all of our secured, unsecured,
senior or subordinate indebtedness, 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 $26.5 million as of
December 31, 2024, 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 December 31, 2024, we had approximately $3,104 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 $3,175 million of
outstanding obligations senior to the notes, as of December 31, 2024.

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