Document:

<PAGE>
                                                                   EXHIBIT 4.8.1

                                  AMENDMENT TO
                       11.75% SECURED SENIOR NOTE DUE 2006
                                  (Term F Note)

     THIS AMENDMENT TO 11.75% SECURED SENIOR NOTE DUE 2006 (TERM F NOTE) is
entered into as of May 26, 2006 (this "AMENDMENT"), 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 "EXISTING SECURITIES
PURCHASE AGREEMENT").

     B. The Company and the Purchaser are entering into a Fifth Amendment to
Third Amended and Restated Securities Purchase Agreement dated as of May 26,
2006 (the "FIFTH AMENDMENT"). The Existing Securities Purchase Agreement, as
amended further by the Fifth Amendment, is referred to herein as the "SECURITIES
PURCHASE Agreement."

     C. The Purchaser is the holder of the Term F 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 F
Note, as the case may be.

     D. The Company has requested that the Purchaser extend the Maturity Date of
the Term F Note from June 24, 2006 to May 31, 2007, and the Purchaser is willing
to do so as an accommodation to the Company, on the terms and subject to the
conditions set forth in this Amendment and the Fifth Amendment. The execution
and delivery by the Company of this Amendment is a condition precedent to the
closing of the transactions contemplated by the Fifth 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:

<PAGE>

     1. Amendment of Section 3 (Maturity Date). Section 3 (Maturity Date) of the
Term F Note is hereby amended to read in its entirety as follows:

          "3. Maturity Date. The Company shall pay in full the
     outstanding principal balance of, all premium, if any, and
     accrued and unpaid interest on, and all other amounts owing
     under, this Note on May 31, 2007 (the "MATURITY DATE")."

     2. Confirmation; Full Force and Effect. The amendment set forth in Section
1 above shall amend the Term F Note on and as of the date hereof, and the Term F
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,
the Term F Note, as amended hereby, the other 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 F Note, as amended
hereby, any other Note, any Collateral Documents, any other Related Agreement or
any Applicable Laws.

     3. Entire Agreement; Successors and Assigns. This Amendment constitutes the
entire understanding and agreement with respect to the amendment of the Term F
Note and supersedes 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.

     4. 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.

     5. 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.

                     [REST OF PAGE INTENTIONALLY LEFT BLANK]

                                      -2-
<PAGE>

     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/ ROBERT RIEDL
                                         -----------------
                                             Robert Riedl
                                             Senior Vice President and Chief
                                             Investment Officer

                                    By:  /s/ MARK CREATURA
                                         -----------------
                                             Mark A. Creatura
                                             Senior Vice President and Secretary

AGREED TO AND ACCEPTED:
----------------------

LEVINE LEICHTMAN CAPITAL PARTNERS, INC.

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

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

                                      -3-
<PAGE>

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

     Each of the undersigned Subsidiary Guarantors hereby acknowledges that it
has read the foregoing Amendment to 11.75% Secured Senior Note Due 2006 (Term F
Note) and consents to its terms. Each of the undersigned Subsidiary Guarantors
further acknowledges and agrees that the Term F 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.

          SUBSIDIARY GUARANTORS
          ---------------------

          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

                                      -4-
<PAGE>

          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

          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

          RECOVERIES, INC., a Virginia corporation

                                      -5-
<PAGE>

          THE INSURANCE AGENCY, INC., a Virginia corporation

          71270 CORP., a Delaware corporation

          By: /s/ ROBERT RIEDL
              ----------------
              Robert Riedl
              Vice President

          By: /s/ MARK CREATURA
              -----------------
              Mark A. Creatura
              Vice President and Secretary

                                      -6-<PAGE>
                                                                  EXHIBIT 10.5.1

                                 AMENDMENT NO. 1
                                 ---------------

                            dated as of June 30, 2006

                                      among

                                PAGE FUNDING LLC,
                                -----------------
                            as Purchaser and Issuer,

                       CONSUMER PORTFOLIO SERVICES, INC.,
                       ----------------------------------
                             as Seller and Servicer,

                                       and
                                       ---

                     WELLS FARGO BANK, NATIONAL ASSOCIATION,
                         as Backup Servicer and Trustee

                                     to the

            Second Amended and Restated Sale and Servicing Agreement
                           dated as of April 18, 2006

<PAGE>

                               AMENDMENT NO. 1 TO
            SECOND AMENDED AND RESTATED SALE AND SERVICING AGREEMENT

     AMENDMENT NO. 1, dated as of June 30, 2006 (the "Amendment") by and among
PAGE FUNDING LLC, a Delaware limited liability company (in its capacities as
Purchaser, the "Purchaser" and as Issuer, the "Issuer," respectively), CONSUMER
PORTFOLIO SERVICES, INC., a California corporation (in its capacities as Seller,
the "Seller" and as Servicer, the "Servicer," respectively), WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association (in its capacities as
Backup Servicer, the "Backup Servicer" and as Trustee, the "Trustee,"
respectively).

                              PRELIMINARY STATEMENT

     Reference is made to the Second Amended and Restated Sale and Servicing
Agreement dated as of April 18, 2006, among PAGE FUNDING LLC, CONSUMER PORTFOLIO
SERVICES, INC., and WELLS FARGO BANK, NATIONAL ASSOCIATION ("Sale and Servicing
Agreement").

                                    RECITALS

     WHEREAS, PAGE FUNDING LLC, CONSUMER PORTFOLIO SERVICES, INC., and WELLS
FARGO BANK, NATIONAL ASSOCIATION (collectively, the "Amending Parties") have
executed the Sale and Servicing Agreement and the Amending Parties desire to
amend the Sale and Servicing Agreement in certain respects as provided below;
and

     WHEREAS, UBS Real Estate Securities Inc., as Noteholder, desires to consent
to this Amendment.

                            ARTICLE I - DEFINITIONS

     SECTION 1.1. Defined Terms. Unless otherwise defined in this Amendment,
capitalized terms used in this Amendment (including in the Preamble and the
Recitals) shall have the meaning given such terms in the Annex A to the Sale and
Servicing Agreement, as identifiable from the context in which such term is
used.

                             ARTICLE II - AMENDMENT

     SECTION 2.1 Amendment to Annex A to the Sale and Servicing Agreement. In
Annex A to the Sale and Servicing Agreement, the definitions of "Advance Rate,"
"CPS Borrowing Base" and "TFC Borrowing Base" are hereby amended and restated in
their entirety to read, respectively. as follows:

     "ADVANCE RATE" as of any day means (a) with respect to each TFC
     Receivable, 70% and (b) with respect to each CPS Receivable, 83%.

                                       2
<PAGE>

     "CPS BORROWING BASE" means, as of any date of determination, an
     amount equal to the lesser of (A) 87% of Market Value and (B)(I)
     the excess of (a) the Aggregate Principal Balance of the CPS
     Receivables (after giving effect to Available Funds allocable to
     principal payments made by Obligors) over (b) the Excess
     Concentration Amount for the CPS Receivables multiplied by (II)
     the Advance Rate applicable with respect to CPS Receivables.

     "TFC BORROWING BASE" means, as of any date of determination, an
     amount equal to the lesser of (A) 80% of Market Value and (B)(I)
     the excess of (a) the Aggregate Principal Balance of the TFC
     Receivables (after giving effect to Available Funds allocable to
     principal payments made by Obligors) over (b) the Excess
     Concentration Amount for the CPS Receivables multiplied by (II)
     the Advance Rate applicable with respect to TFC Receivables;
     provided, however, that on or after the occurrence of a TFC
     Funding Termination Event, the TFC Borrowing base shall equal
     zero.

                           ARTICLE III - EFFECTIVENESS

     SECTION 3.1. Effective Date. This Amendment shall be effective as of the
date of this Amendment upon satisfaction of the following conditions:

     (a)  Execution and delivery by the parties hereto and UBS Real Estate
          Securities, Inc. of this Amendment, and

     (b)  Payment to the Note Purchaser, or its designee, of a consent fee in
          the amount of One Hundred Thousand Dollars ($100,000.00).

                           ARTICLE IV - MISCELLANEOUS

     SECTION 4.1. Ratification; Representations and Warranties, Etc.

     (a) Except as expressly amended hereby, all of the terms of the Basic
Documents shall remain in full force and effect and are hereby ratified and
confirmed in all respects. This Amendment shall not constitute a novation;

     (b) The Purchaser, Seller, Issuer and Servicer each hereby represents and
warrants that (i) it has the requisite power and authority, and legal right, to
execute and deliver this Amendment and to perform its obligations under this
Amendment, the Sale and Servicing Agreement, as amended hereby, and the Basic
Documents, (ii) it has taken all necessary corporate and legal action to duly
authorize the execution and delivery of this Amendment and the performance of
its obligations under this Amendment, (iii) this Amendment has been duly
executed and delivered by it, (iv) this Amendment constitutes its legal, valid

                                       3
<PAGE>

and binding obligation, enforceable against it in accordance with its terms,
except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the rights of creditors
generally and by general equitable principles (whether enforcement is sought by
proceedings in equity or at law), and (v), after giving effect to this
Amendment, no Default or Event of Default has occurred and is continuing;

     (c) Each representation and warranty contained in the Basic Documents (as
modified by this Amendment, if applicable) is true and correct and is hereby
restated and affirmed; and

     (d) Each covenant contained in the Basic Documents (as modified by this
Amendment, if applicable) is hereby restated and affirmed.

     SECTION 4.2. Further Assurances. The parties hereto hereby agree to execute
and deliver such additional documents, instruments or agreements as may be
reasonably necessary and appropriate to effectuate the purposes of this
Amendment and the other Basic Documents.

     SECTION 4.3. Conflicts. In the event of a conflict of any provision hereof
with any provision or definition set forth in the Basic Documents, the
provisions and definitions of this Amendment shall control.

     SECTION 4.4. Severability. Any provision of this Amendment or any other
Basic Document which is prohibited, unenforceable or not authorized in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition, unenforceability or non-authorization without invalidating the
remaining provisions hereof or thereof or affecting the validity, enforceability
or legality of such provisions in any other jurisdiction.

     SECTION 4.5. Entire Agreement. This Amendment and the other Basic Documents
constitute the entire agreement among the parties relative to the subject matter
hereof. Any previous agreement among the parties with respect to the subject
matter hereof is superseded by this Amendment and the other Basic Documents.
Nothing in this Amendment or in the other Basic Documents, expressed or implied,
is intended to confer upon any party other than the parties hereto and thereto
any rights, remedies, obligations or liabilities under or by reason of this
Amendment or the other Basic Documents.

     SECTION 4.6. Binding Effect. This Amendment and the other Basic Documents
shall be binding upon and shall be enforceable by Purchaser, Seller, Issuer,
Servicer, Note Purchaser, the Backup Servicer and the Trustee and their
respective successors and permitted assigns.

     SECTION 4.7. Counterparts. This Amendment may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all of such counterparts shall together constitute but one and the same
instrument.

                                       4
<PAGE>

     SECTION 4.8. GOVERNING LAW. THIS AMENDMENT AND ALL MATTERS ARISING OUT OF
OR RELATING TO THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF
LAW PRINCIPLES.

     SECTION 4.9. Headings. The headings of Sections contained in this Amendment
are provided for convenience only. They form no part of this Amendment or the
Series Supplement and shall not affect the construction or interpretation of
this Amendment or Series Supplement or any provisions hereof or thereof.

                  [Remainder of page intentionally left blank.]

                                       5
<PAGE>

     IN WITNESS WHEREOF, the Amending Parties have caused this Amendment to be
duly executed by their respective duly authorized officers as of the day and
year first above written. PAGE FUNDING LLC, as Purchaser and as Issuer

                                    By: /s/ MARK CREATURA
                                        -----------------------
                                    Title:  Vice President

                                    CONSUMER PORTFOLIO SERVICES, INC., as
                                    Seller and as Servicer

                                    By: /s/ JEFFREY P. FRITZ
                                        -----------------------
                                    Title:  Sr. Vice President & CFO

                                    WELLS FARGO BANK, NATIONAL ASSOCIATION, not
                                    in its individual capacity, but solely as
                                    Backup Servicer and Trustee

                                    By: /s/ JASON VAN VLEET
                                        -----------------------
                                    Title: Assistant Vice President

CONSENTED TO BY:
UBS REAL ESTATE SECURITIES, INC.,
as Noteholder and Note Purchaser

By:   /s/ REGINALD DE VILLIERS
   ---------------------------------
Name:     Reginald de Villiers
      ------------------------------
Title:    Director
      ------------------------------

By:   /s/ MUSTAFIZ SHAHMOHAMMED
   ---------------------------------
Name:     Mustafiz Shahmohammed
      ------------------------------
Title:    Executive Director
      ------------------------------

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