Document:

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EXHIBIT 4.6.1

                                  AMENDMENT TO
                    AMENDED AND RESTATED SECURED SENIOR NOTE
                    ----------------------------------------

         THIS AMENDMENT TO AMENDED AND RESTATED SECURED SENIOR NOTE, effective
as of December 13, 2005 (this "AMENDMENT"), is entered into by and between
CONSUMER PORTFOLIO SERVICES, INC., a California corporation (the "COMPANY"), and
LEVINE LEICHTMAN CAPITAL PARTNERS II, L.P., a California limited partnership
(the "PURCHASER" and, together with any registered assigns, the "HOLDER").

                                 R E C I T A L S

     A. The Company and the Purchaser are parties to that certain Third Amended
and Restated Securities Purchase Agreement dated as of January 29, 2004, as
amended by a March 25 Amendment to Securities Purchase Agreement dated as of
March 25, 2004, a Consent and First Amendment to Third Amended and Restated
Securities Purchase Agreement dated as of April 2, 2004, a Third Amendment to
Third Amended and Restated Securities Purchase Agreement dated as of May 28,
2004, and a Fourth Amendment to Third Amended and Restated Securities Purchase
Agreement dated as of June 25, 2004 (as so amended, the "SECURITIES PURCHASE
AGREEMENT").

     B. The Purchaser is the holder of that certain Amended and Restated Secured
Senior Note, as amended and restated January 29, 2004, issued by the Company to
the Purchaser in the original principal amount of $15,000,000 (the "TERM D
NOTE"). Unless otherwise indicated, capitalized terms used and not otherwise
defined herein have the meanings ascribed to them in the Securities Purchase
Agreement or the Term D Note, as the case may be.

     C. As provided in that certain letter agreement dated December 13, 2005
(the "TERM D NOTE LETTER Agreement") between the Company and the Purchaser, the
Company has requested that the Purchaser extend the Maturity Date of the Term D
Note from December 15, 2005, to December 18, 2006, and the Purchaser has agreed
to do so, on the terms and subject to the conditions set forth in the Term D
Note Letter Agreement and this Amendment.

                                A G R E E M E N T

     NOW, THEREFORE, in consideration of the foregoing and the mutual covenants,
conditions and provisions contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereby agree as follows:

                                       1
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     1. AMENDMENT OF SECTION 3 (MATURITY DATE). Section 3 of the Term D Note is
hereby amended to read in its entirety as follows:

          "3. MATURITY DATE. The Company shall pay in full the entire
     outstanding principal balance of this Note, together with all premium, if
     any, accrued and unpaid interest on, and all other amounts owing under this
     Note, on December 18, 2006 (the "MATURITY DATE")."

     2. COMPANY REPRESENTATIONS AND WARRANTIES. To induce the Purchaser to enter
into this Amendment, the Company represents and warrants to the Purchaser that:

          (a) This Amendment has been duly authorized, executed and delivered by
the Company and the Subsidiary Guarantors and constitutes a legal, valid and
binding obligation of the Company and each such Subsidiary Guarantor,
enforceable against each of them in accordance with its terms;

          (b) The execution, delivery and performance of the Term D Letter
Agreement by the Company and this Amendment (the "AMENDMENT DOCUMENTS") by the
Company and the Subsidiary Guarantors, and the consummation of the other
transactions contemplated hereby and thereby, do not violate or conflict with,
or cause a default under, or give rise to a right of termination under, (i) the
charter or bylaws of the Company or any of its Subsidiaries, as in effect on the
date hereof; (ii) any Material Contract (including any Securitization
Transaction Document), indenture, note, mortgage, instrument or other agreement
to which the Company or any of its Subsidiaries is a party or by which it or any
of its or their properties or assets are bound or (iii) any Applicable Laws;

          (c) Neither the Company nor any of its Subsidiaries or other
Affiliates is required to obtain any Consent in connection with execution,
delivery or performance of this Amendment or the consummation of the
transactions contemplated hereby, or for the purpose of maintaining in full
force and effect any Licenses and Permits of the Company or any of its
Subsidiaries, from (a) any Governmental Authority, (b) any trustee, Credit
Enhancer, rating agency or other party to any Securitization Transaction in
connection with the execution and delivery of this Amendment or any Related
Agreement or (c) any other Person;

          (d) The outstanding principal balances and "Maturity Dates" of the
Notes, respectively, are as follows (provided that the "Maturity Date" of the
Term D Note gives effect to this Amendment):

                                      Outstanding
Note                                Principal Balance            Maturity Date
----                                -----------------            -------------
Term B Note............                 $19,828,527            December 15, 2005
Term D Note............                  15,000,000            December 18, 2006
Term E Note............                  15,000,000                 May 27, 2006
Term F Note............                  10,000,000                June 24, 2006
                                    -----------------
                                        $59,828,527
                                    =================

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          (e) No Default or Event of Default has occurred and is continuing or
will result from the execution, delivery or performance of any Amendment
Document or the consummation of the transactions contemplated hereby and
thereby;

          (f) The security interests and liens granted by the Company under the
Collateral Documents continue to constitute legal, valid, enforceable and
perfected first priority security interests in the Collateral, prior in right to
all other Liens, which secure the due and punctual payment, performance and
observance in full of all Obligations, including, without limitation, all
Indebtedness and other Obligations under the Term B Note, the Term D Note, as
amended hereby, the Term E Note and the Term F Note; and

          (g) Since June 25, 2004, the Company has not formed or acquired any
Subsidiaries other than Special Purpose Entities formed solely for the purposes
of effectuating Securitization Transactions.

     3. CONFIRMATION; FULL FORCE AND EFFECT. The amendment set forth in Section
1 above shall amend the Term D Note on and as of the date hereof, and the Term D
Note shall remain in full force and effect, as amended thereby, from and after
the date hereof in accordance with its terms. The Company hereby ratifies,
approves and affirms in all respects each of the Securities Purchase Agreement,
each of the Notes, the Collateral Documents (including the Liens granted in
favor of the Purchaser under the Collateral Documents) and each of the other
Related Agreements, the terms and other provisions hereof and thereof and the
Obligations hereunder and thereunder. The execution, delivery and performance of
this Amendment shall not operate as a waiver of, or limitation with respect to,
any right, power or remedy of the Purchaser under the Securities Purchase
Agreement, the Term D Note, as amended hereby, any other Note, any Collateral
Documents, any other Related Agreement or any Applicable Laws.

     4. ENTIRE AGREEMENT; SUCCESSORS AND ASSIGNS. This Amendment, together with
the Term D Note Letter Agreement, constitute the entire understanding and
agreement between the Company and the Purchaser with respect to the subject
matter hereof and supersede all prior oral and written, and all contemporaneous
oral, agreements and understandings with respect thereto. This Amendment shall
inure to the benefit of, and be binding upon, the Company, the Purchaser and
their respective successors and permitted assigns.

     5. GOVERNING LAW. This Amendment shall be governed by, and construed and
enforced in accordance with, the laws of the State of California applicable to
contracts made and performed in such State, without regard to principles
regarding choice of law or conflicts of laws.

     6. COUNTERPARTS. This Amendment may be executed in one or more counterparts
and by facsimile transmission, each of which shall be deemed an original, but
all of which taken together shall constitute one and the same instrument.

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     IN WITNESS WHEREOF, the Company has caused this Amendment to be executed
and delivered by its duly authorized representatives as of the date first
written above.

                                       COMPANY

                                       CONSUMER PORTFOLIO SERVICES, INC.,
                                       a California corporation

                                       By: /s/ Charles E. Bradley, Jr.
                                           ------------------------------------
                                           Charles E. Bradley, Jr.
                                           President and Chief Executive Officer

AGREED TO AND ACCEPTED:

LEVINE LEICHTMAN CAPITAL PARTNERS, INC.

         On behalf of LEVINE LEICHTMAN
         CAPITAL PARTNERS II, L.P.

         By: /s/ Steven E. Hartman
             ------------------------------
             Steven E. Hartman
             Vice President

                                       4

<PAGE>

                           ACKNOWLEDGMENT AND CONSENT
                            OF SUBSIDIARY GUARANTORS
                            ------------------------

         Each of the undersigned Subsidiary Guarantors hereby acknowledges that
it has read the foregoing Amendment to Amended and Restated Secured Senior Note
and consents to its terms. Each of the undersigned further acknowledges and
agrees that the Term D Note, as amended by the foregoing Amendment, and the
other Notes each constitutes a Guarantied Obligation and reaffirms its
obligations under the Subsidiary Guaranty and the other Related Agreements to
which it is a party, all of which remains in full force and effect.

                  CPS LEASING, INC., a Delaware corporation

                  CPS MARKETING, INC., a California corporation

                  MFN FINANCIAL CORPORATION, a Delaware corporation

                  MERCURY FINANCE COMPANY LLC, a Delaware limited liability
                  company

                  MERCURY FINANCE CORPORATION OF ALABAMA, an Alabama corporation

                  MERCURY FINANCE COMPANY OF ARIZONA, an Arizona corporation

                  MERCURY FINANCE COMPANY OF COLORADO, a Delaware corporation

                  MERCURY FINANCE COMPANY OF DELAWARE, a Delaware corporation

                  MERCURY FINANCE COMPANY OF FLORIDA, a Delaware corporation

                  MERCURY FINANCE COMPANY OF GEORGIA, a Delaware corporation

                  MERCURY FINANCE COMPANY OF ILLINOIS, a Delaware corporation

                  MERCURY FINANCE COMPANY OF INDIANA, a Delaware corporation

                  MERCURY FINANCE COMPANY OF KENTUCKY, a Delaware corporation

                  MERCURY FINANCE COMPANY OF LOUISIANA, a Delaware corporation

                  MERCURY FINANCE COMPANY OF MICHIGAN, a Delaware corporation

                  MERCURY FINANCE COMPANY OF MISSISSIPPI, a Delaware corporation

                  MERCURY FINANCE COMPANY OF MISSOURI, a Missouri corporation

                  MERCURY FINANCE COMPANY OF NEVADA, a Nevada corporation

                  MERCURY FINANCE COMPANY OF NEW YORK, a Delaware corporation

                  MERCURY FINANCE COMPANY OF NORTH CAROLINA, a Delaware
                  corporation

                  MERCURY FINANCE COMPANY OF OHIO, a Delaware corporation

                  MFC FINANCE COMPANY OF OKLAHOMA, a Delaware corporation

                  MERCURY FINANCE COMPANY OF PENNSYLVANIA, a Delaware
                  corporation

                  MERCURY FINANCE COMPANY OF SOUTH CAROLINA, a Delaware
                  corporation

                  MERCURY FINANCE COMPANY OF TENNESSEE, a Tennessee corporation

                  MFC FINANCE COMPANY OF TEXAS, a Delaware corporation

                  MERCURY FINANCE COMPANY OF VIRGINIA, a Delaware corporation

                  MERCURY FINANCE COMPANY OF WISCONSIN, a Delaware corporation

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                  GULFCO INVESTMENT, INC., a Louisiana corporation

                  GULFCO FINANCE COMPANY, a Louisiana corporation

                  MIDLAND FINANCE CO., an Illinois corporation

                  MFN INSURANCE COMPANY, a company organized and existing under
                  the laws of Turks and Caicos

                  TFC ENTERPRISES, INC., a Delaware corporation (the surviving
                  corporation of the TFC Merger)

                  THE FINANCE COMPANY, a Virginia corporation

                  FIRST COMMUNITY FINANCE, INC., a Virginia corporation

                  RECOVERIES, INC., a Virginia corporation

                  PC ACCEPTANCE.COM, INC., a Virginia corporation

                  THE INSURANCE AGENCY, INC., a Virginia corporation

                  71270 CORP., a Delaware corporation

                  By: ___________________________________
                  Name: _________________________________
                  Title: ________________________________

                  By: ___________________________________
                  Name: _________________________________
                  Title: ________________________________

                                       6<PAGE>
exhibit 10.2.1

              OPTION AGREEMENT - Consumer Portfolio Services, Inc.

THIS OPTION AGREEMENT (this "Agreement") IS THE "OPTION AGREEMENT" REFERRED TO
ON THE REVERSE SIDE OF THIS PAGE. THE REVERSE SIDE OF THIS PAGE IS CAPTIONED
"Notice of Grant of Stock Options and Option Agreement" (herein, the "Notice").

The Notice and this Agreement are to be read and interpreted as ONE DOCUMENT and
are hereafter referred to, together, as "this Option."

This Option is by and between Consumer Portfolio Services, Inc., a California
corporation (referred to herein, together with its subsidiaries, as the
"Company" or "Consumer Portfolio Services") and the "Employee."

This Option is issued pursuant to the Company's 1997 Long-Term Incentive Plan
(referred to herein as the "Plan" or "Company's Stock Option Plan") and is
designated by the Option Number recorded on the Notice.

Capitalized terms used in this Option and not otherwise defined have the
meanings given in the Plan. As used in this Option, the following terms have the
meanings given below:

"Employee" means  the individual named on the Notice

"Date of Grant" means the date recorded next to the word "Effective" on the
Notice

"Expiration Date" means the date recorded one or more times under the word
"Expiration" in the Notice

"Maximum Grant" means the number preceding the word "shares" in the first
paragraph of the Notice

"Option Price" means the price per share of the stock as recorded in the first
paragraph of the Notice

1, GRANT OF OPTION. The Company hereby grants to Employee the option to
purchase, upon and subject to the terms and conditions of this Option and of the
Plan, all or any part of the Maximum Grant of the Company's common stock (also
referred to in the Notice as "stock"), at the Option Price specified above. The
shares so purchased or available for purchase are referred to herein as the
"Option Shares." This Option is intended to qualify as an incentive option
within the meaning of Section 422 of the Internal Revenue Code of 1986, as
amended.

2. EXERCISABILITY. This Option shall become exercisable in installments. The
number of shares exercisable at any particular time is determined according to
the vesting schedule on the Notice, which outlines the timing (as recorded under
the words "Full Vest") and number of shares (as recorded under the word
"Shares") of each installment. This Option shall remain exercisable as to all of
such shares until the Expiration Date, at which time it shall expire in its
entirety, unless this Option has expired or terminated earlier in accordance
with the provisions hereof or of the Plan. In all events, the number of shares
that may be purchased at any time under this Option is reduced by the number of
shares previously so purchased.

                                       1
<PAGE>

3. EXERCISE OF OPTION. This Option may be exercised by written notice delivered
to the Company stating the number of Option Shares with respect to which this
Option is being exercised, together with the full Option Price of such shares in
cash, bank cashier's check, or such other form of payment as may be permitted by
resolution of the board of directors of the Company or the committee of said
board charged with administration of the Plan (said board or committee, the
"Administrator"). Not less than ten (10) Option Shares may be purchased at any
one time unless the number purchased is the total number that remains to be
purchased under this Option, and in no event may this Option be exercised with
respect to fractional shares. Upon exercise, the Employee shall make appropriate
arrangements and shall be responsible for the withholding of any federal or
state income or employment taxes then due. Employee agrees that the Company may
decline to permit exercise in the absence of such withholding arrangements.

4. NOTIFICATION OF SALE. Employee agrees that Employee, or any person acquiring
Option Shares upon exercise of this Option, will notify the Company in writing
not more than five (5) days after any sale or other disposition of such shares.

5. CESSATION OF EMPLOYMENT. Except as provided in Paragraphs 7, 8 or 12 hereof,
if the Employee ceases to be employed by the Company or any Subsidiary of the
Company, this Option shall expire three months thereafter, but not later than
the Expiration Date specified in Paragraph 2 hereof; provided, however, that if
the termination of employment is the result of Employee's death or disability,
then this Option shall expire one year after the termination of employment, but
not later than the Expiration Date specified in Paragraph 2 hereof. During such
period or extended period after termination of employment, this Option shall be
exercisable only to the extent, if any, that it had become exercisable on the
date of termination, and any rights of Employee with respect to Option Shares
not exercisable as of such date shall expire and terminate automatically on such
date.

6. REDUCTION IN STATUS. This Option is granted based on Employee's position or
status within the Company at the Date of Grant. Should Employee at any time no
longer be employed in such position, but rather in a position of substantially
less responsibility, as determined by the Administrator, then from and after the
date of such change in status ("Change Date") the number of shares as to which
this Option shall be exercisable shall be the greater of (i) the number of
shares as to which this Option was exercisable on the Change Date, and (ii) the
number of shares as to which this Option would be exercisable if the Maximum
Grant specified in Paragraph 1 hereof were a lesser number, determined by the
Administrator, that would be equal to the maximum grant that the Company then
customarily grants to individuals in positions similar to Employee's new
position. Such lesser number may be zero. In no event shall such a change in
terms of this Option result in either (i) an increase in the Maximum Grant, or
(ii) Employee's losing the right to exercise this Option as to the Option Shares
that Employee had the right to purchase on the Change Date.

7. TERMINATION FOR CAUSE. If the Employee's employment by the Company or any
Subsidiary of the Company is terminated for cause, this Option shall
automatically expire unless reinstated by the Administrator within thirty (30)
days of such termination by giving written notice of such reinstatement to the
Employee. In the event of such reinstatement, the Employee may exercise this
Option only to such extent, for such time, and upon such terms and conditions as
in the case of the a termination for a reason other than cause, disability or
death. Termination for cause shall include, but not be limited to: (a) gross
neglect or willful failure to perform fully Employee's duties and obligations to
the Company; (b) indictment for or conviction of a felony or any other crime
involving moral turpitude; (c) the commission of any fraudulent or dishonest
acts affecting the business or assets of the Company or others with whom the
Company has a business or client relationship; and (d) drug or alcohol abuse or
dependency so as to adversely affect Employee's ability to perform fully
Employee's duties and obligations to the Company. The determination of the
Administrator with respect to the existence of cause for termination shall be
final and conclusive.

                                       2
<PAGE>

8. DISABILITY OR DEATH OF EMPLOYEE. If the Employee's employment by the Company
or any Subsidiary of the Company is terminated by reason of death or disability
or if the Employee dies or becomes permanently and totally disabled (within the
meaning of Section 22 of the Internal Revenue Code) during the period referred
to in Paragraph 5 hereof, this Option shall automatically expire and terminate
twelve (12) months after the date of the Employee's disability or death, but no
later than the Expiration Date specified in Paragraph 2 hereof. After Employee's
death but before such expiration, the person or persons to whom the Employee's
rights under this Option shall have passed by order of a court of competent
jurisdiction or by will or the applicable laws of descent and distribution, or
the executor, administrator or conservator of the Employee's estate, shall have
the right to exercise this Option to the extent, if any, that it had become
exercisable as of the date of termination of employment.

9. NONTRANSFERABILITY. This Option shall not be transferable except by will or
by the laws of descent and distribution, and shall be exercisable during the
Employee's lifetime only by the Employee.

10. EMPLOYMENT. This Option shall not obligate the Company to employ Employee
for any period, nor shall it interfere in any way with the right of the Company
to increase or reduce the Employee's compensation, or to promote, demote or
reassign Employee.

11. PRIVILEGES OF STOCK OWNERSHIP. Employee shall have no rights as a
stockholder with respect to the Option Shares unless and until said Option
Shares are issued to the Employee as provided in the Plan. Except as provided in
Section 14 of the Plan, no adjustment will be made for dividends or other rights
in respect of which the record date is prior to the date such stock certificates
are issued.

12. MODIFICATION AND TERMINATION BY BOARD OF DIRECTORS. The rights of the
Employee are subject to modification and termination upon the occurrence of
certain events as provided in Section 6(c) of the Plan (relating to stock splits
and other corporate reorganization or recapitalization transactions) and Section
11 (relating to a Change in Control). Any such modification, to the extent
authorized by the Plan, shall be effective at such time and upon such terms and
conditions as may be specified in a notice sent to Employee in accordance with
Paragraph 13 hereof.

13. NOTICES. All notices to the Company provided for in this Option shall be
addressed to the Company in care of its President at its principal office and
all notices to the Employee shall be addressed to the address appearing in
Employee's personnel file maintained by the Company, or to such other address as
either may designate to the other in writing. Notice to the Company shall be
effective upon receipt, and notice to the Employee shall be effective on the
second business day after mailing, or upon receipt, whichever is earlier.

14. GOVERNING LAW. This Agreement shall be governed by the internal laws of the
State of California.

15. ENTIRE AGREEMENT; AMENDMENTS. This Option (together with the Plan) contains
the entire understanding of the parties with respect to the subject matter
hereof and may not be amended except by a written amendment signed by the party
to be charged, or pursuant to Sections 6(c), 11 or 13 of the Plan. "The subject
matter hereof" is any and all options to purchase Company securities that
Employee has earned or has any right to receive.

                                       3
<PAGE>

16. INCORPORATION OF PLAN. All of the provisions of the Plan are incorporated
herein by reference as if set forth in full herein. In the event of any conflict
between the terms of the Plan and any provision contained herein, the terms of
the Plan shall be controlling and the conflicting provisions herein shall be
disregarded.

  READ THIS BEFORE SIGNING BELOW

Furthermore, you acknowledge receipt of a copy of the Company's Stock Option
Plan and by signing this Notice you are signing and agreeing to the "Option
Agreement."

                                       4

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