Company: CPSS
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001683168-25-003436
Chunk: 62

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 62
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 and liabilities, respectively, on our consolidated balance sheet. We then periodically (i) recognize interest and fee income
on the contracts, and (ii) recognize interest expense on the securities issued in the transaction. For automobile contracts acquired after
2017 we take account of estimated credit losses in our computation of a level yield used to determine recognition of interest on the contracts.
For contracts acquired before 2018, we adopted CECL on January 1, 2020, and we may, as circumstances warrant, record or reverse expense
provisions for credit losses.

Since 1994 we have conducted
104 term securitizations of automobile contracts that we originated. As of March 31, 2025, 18 of those securitizations are active and
all are structured as secured financings. We generally conduct our securitizations on a quarterly basis, near the beginning of each calendar
quarter, resulting in four securitizations per calendar year.

Our recent history of term securitizations
is summarized in the table below:

Recent Asset-Backed Term
Securitizations

    $ in thousands
  
    Period 
    Number of Term Securitizations 
    Receivables Pledged in Term Securitizations 
  
    2019 
    4 
     1,014,124 
  
    2020 
    3 
     741,867 
  
    2021 
    4 
     1,145,002 
  
    2022 
    4 
     1,537,383 
  
    2023 
    4 
     1,352,114 
  
    2024 
    4 
     1,533,854 
  
    Three months ended March 31, 2025 
    4 
     462,541 

Generally, prior to a securitization
transaction we fund our automobile contract purchases primarily with proceeds from warehouse credit facilities. We currently have short-term
funding capacity of $535 million over two credit facilities. The first credit facility was established in May 2012. This facility was
most recently renewed in July 2024, extending the revolving period to July 2026, with an optional amortization period through July 2027.
In addition, a subordinated lender was added to the credit facility in November 2024, effectively increasing our advance rate to a maximum
of 95% for eligible rece