Company: CPSS
Filing Date: 2025-03-26
Form Type: 424B2
Source: 0001683168-25-001896
Chunk: 9

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-26
Form: 424B2
Chunk 9
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 your income, net worth, financial needs, investment risk profile, return objectives, investment
experience and other factors. Prior to purchasing any notes, you should consider your investment allocation with respect to the amount
of your contemplated investment in the notes in relation to your other investment holdings and the diversity of those holdings.

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.

Your right to receive payments
on the notes is junior to substantially all of our existing indebtedness and future borrowings (including debt of our special purpose
entities). Your notes will be subordinated to the prior payment in full of all of our other debt obligations, other than our issued and
outstanding renewable unsecured subordinated notes, and your notes will be pari passu in right of payment with our issued and outstanding
renewable unsecured subordinated notes. As of December 31, 2024, we had approximately $3,104 million of debt outstanding that is senior
to your 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. We may also incur substantial
additional indebtedness in the future that would also rank senior to your notes. Because of the subordination provisions of the notes,
in the event of our bankruptcy, liquidation or dissolution, our assets would be available to make payments to you under the notes only
after all payments had been made on all of our secured and unsecured indebtedness and other obligations that are senior to the notes.
Sufficient assets may not remain after all such senior payments have been made to make any payments to you under the notes, including
payments of interest when due or principal upon maturity.

Because there will be no trading market for the notes and because transfers of the notes require our consent, it may be difficult to sell your notes.

Your ability to liquidate
your investment is limited because of transfer restrictions, the lack of a trading market and the limitation on repurchase requests prior
to maturity. Your notes may not be transferred without our prior written consent. In addition, there will be no trading market for the
notes. Due to the restrictions on transfer of the notes and the lack of a market for the sale of the notes, even if we permitted a transfer,
you might be unable to sell, pledge or otherwise liquidate your investment. In any