Company: CPSS
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001683168-25-005901
Chunk: 30

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 8
Chunk 30
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 source of financing for dealers, facilitating
sales to customers who otherwise might not be able to obtain financing from traditional sources, such as commercial banks, credit unions
and the captive finance companies affiliated with major automobile manufacturers. In addition to purchasing installment purchase contracts
directly from dealers, we have also (i) originated vehicle purchase money loans by lending directly to consumers, (ii) acquired installment
purchase contracts in four merger and acquisition transactions, and (iii) purchased immaterial amounts of vehicle purchase money loans
from non-affiliated lenders. In this report, we refer to all of such contracts and loans as "automobile contracts."

We were incorporated and
began our operations in March 1991. From inception through June 30, 2025, we have originated a total of approximately $23.9 billion of
automobile contracts, primarily by purchasing retail installment sales contracts from dealers, and to a lesser degree, by originating
loans secured by automobiles directly with consumers. In addition, we acquired a total of approximately $822.3 million of automobile
contracts in mergers and acquisitions in 2002, 2003, 2004 and 2011. Recent contract purchase volumes and managed portfolio levels are
shown in the table below:

    Contract Purchases and Outstanding Managed Portfolio

    $ in thousands 
  
    Period 
    Contracts Purchased in Period  
    Managed Portfolio at Period End 
  
    2019 
     1,002,782  
     2,416,042 
  
    2020 
     742,584  
     2,174,972 
  
    2021 
     1,146,321  
     2,249,069 
  
    2022 
     1,854,385  
     3,001,308 
  
    2023 
     1,357,752  
     3,194,623 
  
    2024 
     1,681,941  
     3,665,725 
  
    Six months ended June 30, 2025 
     884,236  
     3,854,825 

In May 2021 we began purchasing
some contracts for immediate sale to a third-party to whom we refer applications that don’t meet our lending criteria. We service
all such contracts on behalf of the third-party. We earn fees for originating the receivable and also servicing fees on active accounts