# EDGAR Filing Document

**Accession Number:** 0000889609
**File Stem:** 0001683168-25-005084
**Filing Date:** 2025-7
**Character Count:** 19295
**Document Hash:** b905366e1507562828624b1fe4ed4716
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683168-25-005084.hdr.sgml**: 20250714

**ACCESSION NUMBER**: 0001683168-25-005084

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250714

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20250714

**DATE AS OF CHANGE**: 20250714

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Auto loans

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CPS Receivables Five LLC
- **CENTRAL INDEX KEY:** 0001518859
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-02505
- **FILM NUMBER:** 251122186

**BUSINESS ADDRESS:**
- **STREET 1:** 19500 JAMBOREE ROAD
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92612
- **BUSINESS PHONE:** 949-753-6800

**MAIL ADDRESS:**
- **STREET 1:** 19500 JAMBOREE ROAD
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92612
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CPS Receivables Five LLC
- **CENTRAL INDEX KEY:** 0001518859
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 19500 JAMBOREE ROAD
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92612
- **BUSINESS PHONE:** 949-753-6800

**MAIL ADDRESS:**
- **STREET 1:** 19500 JAMBOREE ROAD
- **CITY:** IRVINE
- **STATE:** CA
- **ZIP:** 92612
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CONSUMER PORTFOLIO SERVICES, INC.
- **CENTRAL INDEX KEY:** 0000889609
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 330459135
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00641

**BUSINESS ADDRESS:**
- **STREET 1:** 3800 HOWARD HUGHES PKWY
- **STREET 2:** SUITE 1400
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89169
- **BUSINESS PHONE:** 949.753.6800

**MAIL ADDRESS:**
- **STREET 1:** 3800 HOWARD HUGHES PKWY
- **STREET 2:** SUITE 1400
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89169

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONSUMER PORTFOLIO SERVICES INC
- **DATE OF NAME CHANGE:** 19930328

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM ABS-15G** 

**ASSET-BACKED SECURITIZER** 

**REPORT PURSUANT TO SECTION 15G OF** 

**THE SECURITIES EXCHANGE ACT OF 1934** 

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

◻ Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period ________________ to ________________

Date of Report (Date of earliest event reported) __________________________

Commission File Number of securitizer: _______________________________

Central Index Key Number of securitizer: ___________________________________

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) ☐

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) ☐

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) ☐

☒ Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: <u>0001518859</u>

<u>CPS Auto Receivables Trust 2025-C</u>

(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): Not applicable

Central Index Key Number of underwriter (if applicable): Not applicable

<u>Danny Bharwani, 949-753-6811</u>

Name and telephone number, including area code, of the person

to contact in connection with this filing

**PART II: FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS** 

**Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer** 

Attached as Exhibit 99.1 to this Form ABS-15G is an Independent Accountants' Report on Applying Agreed-Upon Procedures, with respect to certain agreed-upon procedures performed by KPMG LLP, a third-party due diligence provider.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CPS RECEIVABLES FIVE LLC<br> (Depositor)

By: <u>/s/ Denesh Bharwani</u> 

Name: Denesh Bharwani

Title: Vice President

Date: July 14, 2025

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![](image_001.jpg) | <br>KPMG LLP<br> Suite 700<br> 20 Pacifica<br> Irvine, CA 92618-3391 |

---

**Independent Accountants' Agreed-Upon Procedures Report**

Consumer Portfolio Services, Inc. (the "Company")<br> Citigroup Global Markets Inc.<br> Capital One Securities, Inc.<br> (together, the "Specified Parties")

Re: CPS Auto Receivables Trust 2025-C – Data File Procedures

We have performed the procedures described below on the specified attributes in an electronic data file entitled "bb.Pool_2025-C_053025_Indicative.xlsx" provided by the Company on June 10, 2025, containing information on 15,058 automobile retail installment sale contracts ("Receivables") as of May 30, 2025 (the "Data File"), which we were informed are intended to be included as collateral in the offering by CPS Auto Receivables Trust 2025-C. The Company is responsible for the specified attributes identified by the Company in the Data File.

The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.

The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.

Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:

· The term "compared" means compared to the information shown and found it to be in agreement, unless otherwise stated.
Such compared information was deemed to be in agreement if differences were within the reporting threshold.

· The term "reporting threshold" means that dollar amounts and percentages were within $1.00 and 0.1%, respectively.

· The term "Instructions" means the instructions provided by the Company pertaining to a procedure, attribute, or methodology,
as described in the procedures table below.

· The term "Vehicle Model Mapping" means a listing containing the mapping of specific vehicle model descriptions to general
vehicle model descriptions contained in email correspondence with the Company on June 21, 2025.

· The term "Title Document" means one of the title documents listed in email correspondence with the Company on June 21,
2025, which the Company informed are the acceptable forms of Title Document.

· The term "Acceptable Company Names" means the names listed in email correspondence with the Company on June 21, 2025,
which the Company informed us are acceptable names for the Company that can appear in the Title Documents as the Lien Holder, Owner, Security
Interest Holder, or Secured Party.

· The term "Insurance Document" means one of the insurance documents listed in email correspondence with the Company on
June 21, 2025, which the Company informed us includes the acceptable forms of Insurance Document.

![](image_002.jpg)

· The term "Receivable File" means the following documents for each Sample Receivable (defined below): Installment Sale
Contract (not applicable for direct loans), including any addendum thereto, Retail Installment Sale Contract Simple Interest Finance Charge
letter, Federal Truth in Lending Disclosure Statement (within the Installment Sale Contract or, for a direct loan, a stand-alone document),
SCRA Letter, Title Document, Insurance Document, Credit Application (not applicable for direct loans), Gap Addendum, and/or origination
details screen in the Company's servicing system. We accessed the Receivable File documents in the Company's servicing system
via virtual desktop. We make no representation regarding the validity, enforceability, or authenticity of the information in the Receivable
File.

· The term "Provided Information" means the Instructions, Vehicle Model Mapping, Acceptable Company Names, and Receivable
File.

The procedures we were instructed by the Company to perform and the associated findings are as follows:

A. We randomly selected a sample of 150 Receivables from the Data File (the "Sample Receivables"). A listing of the Sample
Receivables is attached hereto as Exhibit A. For purposes of this procedure, the Company did not inform us of the basis they used to determine
the number of Receivables we were instructed to randomly select from the Data File.

B. For each Sample Receivable, we compared the specified attributes in the Data File listed below to or using the corresponding information
included in the Receivable File, utilizing the Instructions, as applicable. The Specified Parties indicated that the absence of any of
the information in the Receivable File or the inability to agree the specified attributes from the Data File to the Receivable File, utilizing
the Instructions, as applicable, constituted an exception. The Receivable File documents are listed in the order of priority.

---

| | |
|:---|:---|
| <u>Attribute</u> | <u>Receivable File / Instructions</u> |
| Obligor's First Name and Last Name | Installment Sale Contract, Federal Truth in Lending Disclosure Statement, Credit Application, SCRA Letter, Title Document |
| Contract Date | Installment Sale Contract, Federal Truth in Lending Disclosure Statement |
| Original Term | Installment Sale Contract, Federal Truth in Lending Disclosure Statement |
| Original Amount Financed | Installment Sale Contract, Federal Truth in Lending Disclosure Statement |
| Scheduled Monthly Payment Amount | Installment Sale Contract, Federal Truth in Lending Disclosure Statement, Retail Installment Sale Contract Simple Interest Finance Charge letter |
| Annual Percentage Rate ("APR") | Installment Sale Contract, Federal Truth in Lending Disclosure Statement, Retail Installment Sale Contract Simple Interest Finance Charge letter |
| Vehicle Type (New or Used) | Installment Sale Contract, Federal Truth in Lending Disclosure Statement, Gap Addendum. Consider an entry of "C" in the Data File to be a Used vehicle. |
| Vehicle Make | Installment Sale Contract, Federal Truth in Lending Disclosure Statement, Vehicle Model Mapping |
| Vehicle Model | Installment Sale Contract, Federal Truth in Lending Disclosure Statement, Vehicle Model Mapping, Insurance Document |

---

![](image_002.jpg)

We found such information to be in agreement without exception.

C. For each Sample Receivable, we observed the presence of the following in the Receivable File:

1. Title Document. We were instructed by the Company to observe that one of the Acceptable Company Names appeared on the Title Document
as the Lien Holder, Owner, Security Interest Holder, or Secured Party.

2. Proof of Insurance. The Company instructed us to consider an Insurance Document to be acceptable proof of insurance. The Company further
instructed us that no insurance document was required for Sample Receivables with the characteristics listed below because its underwriting
policy does not require proof of insurance for these receivable types:

(i) "Stip Tier 1" ("ST01")

(ii) "Stip Tier 2" ("ST02") or "Stip Tier 3" ("ST03") for which:

a. the loan application update screen in the Company's servicing system indicates that the signed contract was received prior to April 1,
2024, or

b. the credit report inquiry screen in the Company's servicing system indicates the customer had an open automobile or mortgage
loan and the Program in the Data File was "Pref."

As such, the absence of an insurance document for Sample Receivables with these receivable types should not be considered an exception. <br>3. Signed Credit Application (not applicable to direct loans). We make no representation regarding the authenticity of the obligor's signature(s).

We found such information to be present as required.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to and did not conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the Receivables, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.

![](image_002.jpg)

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Receivables to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Receivables being securitized, (iii) the compliance of the originator of the Receivables with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Receivables that would be material to the likelihood that the issuer of the asset-backed security will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations ("NRSROs").

The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.

This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.

/s/KPMG LLP

Irvine, California<br> July 3, 2025

Exhibit A

**The Sample Receivables**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample**<br> **<u>Receivable #</u>** | **Receivabe**<br> **<u>Number</u>**<u><sup>1</sup></u> | **Sampe**<br> **<u>Receivable #</u>** | **Receivabe**<br> **<u>Number</u>**<u><sup>1</sup></u> | **Sampe**<br> **<u>Receivable #</u>** | **Receivabe**<br> **<u>Number</u>**<u><sup>1</sup></u> |
| 1 | 2025C001 | 51 | 2025C051 | 101 | 2025C101 |
| 2 | 2025C002 | 52 | 2025C052 | 102 | 2025C102 |
| 3 | 2025C003 | 53 | 2025C053 | 103 | 2025C103 |
| 4 | 2025C004 | 54 | 2025C054 | 104 | 2025C104 |
| 5 | 2025C005 | 55 | 2025C055 | 105 | 2025C105 |
| 6 | 2025C006 | 56 | 2025C056 | 106 | 2025C106 |
| 7 | 2025C007 | 57 | 2025C057 | 107 | 2025C107 |
| 8 | 2025C008 | 58 | 2025C058 | 108 | 2025C108 |
| 9 | 2025C009 | 59 | 2025C059 | 109 | 2025C109 |
| 10 | 2025C010 | 60 | 2025C060 | 110 | 2025C110 |
| 11 | 2025C011 | 61 | 2025C061 | 111 | 2025C111 |
| 12 | 2025C012 | 62 | 2025C062 | 112 | 2025C112 |
| 13 | 2025C013 | 63 | 2025C063 | 113 | 2025C113 |
| 14 | 2025C014 | 64 | 2025C064 | 114 | 2025C114 |
| 15 | 2025C015 | 65 | 2025C065 | 115 | 2025C115 |
| 16 | 2025C016 | 66 | 2025C066 | 116 | 2025C116 |
| 17 | 2025C017 | 67 | 2025C067 | 117 | 2025C117 |
| 18 | 2025C018 | 68 | 2025C068 | 118 | 2025C118 |
| 19 | 2025C019 | 69 | 2025C069 | 119 | 2025C119 |
| 20 | 2025C020 | 70 | 2025C070 | 120 | 2025C120 |
| 21 | 2025C021 | 71 | 2025C071 | 121 | 2025C121 |
| 22 | 2025C022 | 72 | 2025C072 | 122 | 2025C122 |
| 23 | 2025C023 | 73 | 2025C073 | 123 | 2025C123 |
| 24 | 2025C024 | 74 | 2025C074 | 124 | 2025C124 |
| 25 | 2025C025 | 75 | 2025C075 | 125 | 2025C125 |
| 26 | 2025C026 | 76 | 2025C076 | 126 | 2025C126 |
| 27 | 2025C027 | 77 | 2025C077 | 127 | 2025C127 |
| 28 | 2025C028 | 78 | 2025C078 | 128 | 2025C128 |
| 29 | 2025C029 | 79 | 2025C079 | 129 | 2025C129 |
| 30 | 2025C030 | 80 | 2025C080 | 130 | 2025C130 |
| 31 | 2025C031 | 81 | 2025C081 | 131 | 2025C131 |
| 32 | 2025C032 | 82 | 2025C082 | 132 | 2025C132 |
| 33 | 2025C033 | 83 | 2025C083 | 133 | 2025C133 |
| 34 | 2025C034 | 84 | 2025C084 | 134 | 2025C134 |
| 35 | 2025C035 | 85 | 2025C085 | 135 | 2025C135 |
| 36 | 2025C036 | 86 | 2025C086 | 136 | 2025C136 |
| 37 | 2025C037 | 87 | 2025C087 | 137 | 2025C137 |
| 38 | 2025C038 | 88 | 2025C088 | 138 | 2025C138 |
| 39 | 2025C039 | 89 | 2025C089 | 139 | 2025C139 |
| 40 | 2025C040 | 90 | 2025C090 | 140 | 2025C140 |
| 41 | 2025C041 | 91 | 2025C091 | 141 | 2025C141 |
| 42 | 2025C042 | 92 | 2025C092 | 142 | 2025C142 |
| 43 | 2025C043 | 93 | 2025C093 | 143 | 2025C143 |
| 44 | 2025C044 | 94 | 2025C094 | 144 | 2025C144 |
| 45 | 2025C045 | 95 | 2025C095 | 145 | 2025C145 |
| 46 | 2025C046 | 96 | 2025C096 | 146 | 2025C146 |
| 47 | 2025C047 | 97 | 2025C097 | 147 | 2025C147 |
| 48 | 2025C048 | 98 | 2025C098 | 148 | 2025C148 |
| 49 | 2025C049 | 99 | 2025C099 | 149 | 2025C149 |
| 50 | 2025C050 | 100 | 2025C100 | 150 | 2025C150 |

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<sup>[1]</sup> The Company has assigned a unique eight-digit account number to each Receivable in the Data File. The Receivable Numbers referred to in this Exhibit are not the Company's account numbers.