Filing Analysis
Consumer Portfolio Services, Inc. has filed an 8-K to furnish a company summary presentation as of June 30, 2026, under Regulation FD. The filing does not contain material financial changes or structural updates, but rather provides an updated investor presentation.
📋 Key Facts
- The company released an updated 20-slide company summary presentation.
- The presentation provides data as of June 30, 2026.
- The information is being made available via the company's investor relations website.
Consumer Portfolio Services, Inc. (CPSS) announced the closing of an $80 million securitization of residual interests. The transaction involves pledging residual interests from four previous securitizations and an 80% interest in a majority-owned affiliate.
🚩 Red Flags
- High coupon rate of 10.25% may indicate higher perceived risk in the residual interest asset class.
📋 Key Facts
- Transaction amount: $80 million.
- Collateral: Residual interests from four securitizations (issued April 2022–April 2023) and an 80% interest in a majority-owned affiliate (MOA) covering three securitizations (issued July 2023–April 2026).
- Coupon rate: 10.25%.
- The notes are secured by spread accounts and over-collateralization from the underlying securitizations.
- Principal payments are required on monthly payment dates if necessary to maintain a specified minimum collateral ratio.
Consumer Portfolio Services, Inc. announced its earnings results for the three-month and six-month periods ended June 30, 2026. The company scheduled a conference call for August 5, 2026, to discuss these operating results.
📋 Key Facts
- Earnings announcement for Q2 2026 (three months) and first half of 2026 (six months).
- Conference call scheduled for August 5, 2026, at 1:00 p.m. ET.
- Reporting period ended June 30, 2026.
Consumer Portfolio Services, Inc. (CPS) completed a large-scale securitization transaction involving the sale of $734.51 million in subprime automotive receivables to CPS Auto Receivables Trust 2026-C. The transaction resulted in the issuance of $716.88 million in asset-backed Notes across five classes.
🚩 Red Flags
- The transaction is treated as a long-term debt obligation of CPS despite being structured as a sale for legal and bankruptcy purposes.
- High interest rate on Class E notes (7.65%) compared to lower tranches indicates higher risk/cost for the junior tier.
📋 Key Facts
- Total value of receivables sold: $734.51 million.
- Total amount of Notes issued: $716.88 million.
- The transaction involves five classes of notes with interest rates ranging from 4.52% (Class A) to 7.65% (Class E).
- Credit enhancement includes a 1.00% cash reserve account and 2.40% over-collateralization.
- CPS will act as the servicer for the receivables, with Computershare Trust Company, N.A. acting as trustee/backup servicer.
Consumer Portfolio Services, Inc. has amended and renewed its revolving warehouse credit facility with Citibank, N.A. The amendment increases the maximum borrowing capacity from $335 million to $508 million.
🚩 Red Flags
- The advance percentage (up to 96%) is subject to uncertainty regarding receivable characteristics and future securitization performance.
📋 Key Facts
- Amended and renewed a revolving credit agreement originally established in May 2012.
- Borrower is wholly-owned subsidiary Page Eight Funding LLC.
- Lender/Agent is Citibank, N.A.
- Maximum borrowing capacity increased from $335 million to $508 million.
- Loans are secured by automobile receivables with an advance rate of up to 96% of the principal amount of eligible pledged receivables.
- Funding termination date is July 17, 2028, unless accelerated by defined events of default.
- Interest rate is a floating rate based on a margin above the secured overnight financing rate (SOFR).
Consumer Portfolio Services, Inc. released an updated investor presentation consisting of 20 slides, representing the company summary as of March 31, 2026. The presentation is being made available on the company's investor relations website.
📋 Key Facts
- Filed under Item 7.01 (Regulation FD Disclosure) on May 20, 2026.
- Includes Exhibit 99.1, which is a 20-slide Company Summary as of March 31, 2026.
- The presentation is hosted on the company's investor relations website.
Consumer Portfolio Services, Inc. announced its financial results for the first quarter ended March 31, 2026. The company has scheduled a conference call for May 6, 2026, to discuss the operating results with investors.
📋 Key Facts
- Announced earnings for the three-month period ended March 31, 2026, on May 5, 2026.
- Scheduled a conference call for May 6, 2026, at 1:00 p.m. ET (Dial-in: 800-715-9871, Passcode: 8293043).
- The filing was made under Item 2.02 (Results of Operations and Financial Condition).
Consumer Portfolio Services (CPS) completed a $526.17 million securitization of subprime automotive receivables. The transaction involved the issuance of $514.07 million in asset-backed notes across five classes with interest rates ranging from 4.35% to 7.14%.
🚩 Red Flags
- The underlying assets are explicitly identified as 'subprime automotive receivables,' which carry higher default risk.
- The Class E notes carry a high interest rate of 7.14%, reflecting the risk profile of the junior tranche.
- The transaction creates a significant direct financial obligation of $514.07 million.
📋 Key Facts
- CPS sold approximately $526.17 million of subprime automotive receivables to a specialized trust (CPS Auto Receivables Trust 2026-B).
- The Trust issued $514.07 million in asset-backed notes in five classes: Class A (4.35%), Class B (4.59%), Class C (4.93%), Class D (5.20%), and Class E (7.14%).
- Credit enhancement includes a 1.00% cash reserve account and initial over-collateralization of 2.30%, which can scale up to 19.20% of the outstanding pool balance.
- CPS will continue to act as the servicer of the receivables, while Computershare Trust Company, N.A. serves as the trustee and backup servicer.
- The notes are treated as long-term debt obligations of CPS for accounting purposes but are legally isolated from CPS's other creditors.
Consumer Portfolio Services, Inc. (CPSS) significantly expanded its warehouse credit facility with Capital One, N.A., increasing the borrowing capacity from $167.5 million to $390 million. The facility is used to finance the acquisition of automobile receivables and has a funding termination date of October 17, 2027.
📋 Key Facts
- Amended revolving credit agreement with Capital One, N.A. and a Class B Lender on April 3, 2026.
- Increased maximum borrowing capacity from $167.5 million to $390 million.
- Advance rate is set at up to 95.5% of the principal amount of eligible pledged receivables.
- The funding termination date is October 17, 2027, unless terminated earlier due to specific events.
- Interest is calculated at a floating rate based on a margin above the Secured Overnight Financing Rate (SOFR).
Consumer Portfolio Services, Inc. disclosed final FY2025 non-equity incentive plan compensation for its named executive officers, which was previously omitted from its 10-K filing. CEO Charles E. Bradley, Jr. received a bonus of $3,283,500, bringing his total 2025 compensation to approximately $5.44 million.
📋 Key Facts
- CEO Charles E. Bradley, Jr. earned a $3,283,500 non-equity incentive bonus for FY2025, compared to $3,130,000 in 2024.
- Total 2025 compensation for CEO Bradley was $5,439,647, including $995,000 in salary and $1,139,790 in option awards.
- President Michael T. Lavin and CFO Danny Bharwani received total 2025 compensation of $1,386,590 and $1,254,849, respectively.
- CEO bonus criteria included meeting quarterly budgets, executing four rated securitizations, and reaching origination targets between $1.8 billion and $2.1 billion.
- Stock price performance targets for the CEO bonus were set at increments of $13.00, $14.00, $15.00, and $16.00 per share.
Consumer Portfolio Services, Inc. released an updated 19-slide investor presentation providing a company summary as of December 31, 2025. The presentation is intended for investor relations and is furnished under Regulation FD.
📋 Key Facts
- Released a 19-slide investor presentation on March 24, 2026.
- The presentation reflects company data as of December 31, 2025.
- The information is furnished under Item 7.01 (Regulation FD) and is not deemed filed for Section 18 purposes.
- The presentation is accessible via the company's investor relations website.
Consumer Portfolio Services, Inc. (CPSS) announced its financial results for the fourth quarter and full year ended December 31, 2025. The company has scheduled a conference call for March 11, 2026, to discuss these operating results.
📋 Key Facts
- Announced earnings for the three-month and twelve-month periods ended December 31, 2025
- Scheduled a conference call for March 11, 2026, at 1:00 p.m. ET
- Filed under Item 2.02 (Results of Operations and Financial Condition)
- The report was signed by Denesh Bharwani, Executive Vice President and Chief Financial Officer
Consumer Portfolio Services, Inc. (CPSS) closed a $50 million securitization of residual interests from four previously issued 2025 securitizations. The notes carry an 8.75% coupon and are backed by an 80% interest in a majority-owned affiliate holding the residual assets.
🚩 Red Flags
- Monetizing residual interests (the most junior/risky portion of previous securitizations) can indicate a high need for immediate liquidity
📋 Key Facts
- Closing of $50 million securitization on March 4, 2026
- Notes carry a fixed coupon rate of 8.75%
- Collateral includes 80% of spread accounts and over-collateralization from four securitizations issued between January 2025 and October 2025
- The transaction was executed through a majority-owned affiliate (MOA)
- Monthly payments include interest and principal necessary to maintain a specified minimum collateral ratio
Consumer Portfolio Services, Inc. appointed Scott W. Carnahan to its Board of Directors, effective February 18, 2026, to fill a vacancy left by William B. Roberts. Mr. Carnahan brings over 40 years of experience in accounting and structured finance, having previously held senior roles at KPMG and FTI Consulting.
🚩 Red Flags
- Related-party transaction disclosure: The company paid approximately $300,000 in consulting fees to the new director's firm (FTI Consulting) over the previous two fiscal years.
📋 Key Facts
- Scott W. Carnahan appointed as director on February 18, 2026.
- Fills the vacancy created by the prior resignation of William B. Roberts.
- Mr. Carnahan previously led the structured finance practice at KPMG LLP and advised on over $2 trillion in transactions.
- The Company paid FTI Consulting, where Mr. Carnahan is a senior advisor, $127,000 in 2024 and $173,000 in 2025.
- The consulting engagement with FTI Consulting ended in September 2025.
Consumer Portfolio Services, Inc. announced the resignation of William B. Roberts from the Company's Board of Directors, effective January 30, 2026.
📋 Key Facts
- William B. Roberts resigned as a director on January 30, 2026.
- The resignation was not due to any dispute or disagreement with the Company regarding operations, policies, or practices.
- Effective date of departure: January 30, 2026.
Consumer Portfolio Services, Inc. (CPS) completed a securitization transaction involving the sale of approximately $352.66 million in subprime automotive receivables to CPS Auto Receivables Trust 2026-A. The transaction resulted in the issuance of $345.61 million in asset-backed Notes across five classes.
🚩 Red Flags
- The Notes are treated as long-term debt obligations of CPS, increasing the company's leverage.
📋 Key Facts
- Total receivables sold: ~$352.66 million in subprime automotive receivables.
- Total Notes issued: $345.61 million via CPS Auto Receivables Trust 2026-A.
- Note structure: Five classes (Class A through Class E) with interest rates ranging from 4.19% to 6.66%.
- Credit enhancement: Includes a 1.00% cash reserve account and 2.00% initial over-collateralization.
- CPS will act as the servicer for the receivables.
- The transaction is treated as a secured financing for accounting/tax purposes but a sale for legal/bankruptcy purposes.
Consumer Portfolio Services, Inc. reported results from its annual meeting held on November 19, 2025. Shareholders approved the adoption of a new 2025 Equity Incentive Plan and ratified the appointment of Crowe LLP as independent auditors.
🚩 Red Flags
- None identified in this filing.
📋 Key Facts
- Shareholders approved the Consumer Portfolio Services, Inc. 2025 Equity Incentive Plan (the '2025 Plan').
- The 2025 Plan allows for awards of up to 4,501,330 shares of common stock plus recycled shares from the 2006 Plan.
- Crowe LLP was ratified as independent auditors for the fiscal year ending December 31, 2025.
- Nine directors were elected to the board, including Charles E. Bradley, Jr., Stephen H. Deckoff, and Louis M. Grasso.
- Shareholders voted to hold future advisory votes on named executive officer compensation every year.
Consumer Portfolio Services, Inc. filed an 8-K to provide a company summary presentation as part of its Regulation FD disclosure requirements. The filing includes a 19-slide update regarding the company's status as of September 30, 2025.
📋 Key Facts
- The filing is made pursuant to Item 7.01 (Regulation FD Disclosure).
- A 19-slide presentation titled 'Company Summary as of September 30, 2025' was attached as Exhibit 99.1.
- The information provided in the exhibit is not considered 'filed' for purposes of Section 18 of the Exchange Act.
- Report date: November 19, 2025; Event date: November 18, 2025.
Consumer Portfolio Services, Inc. announced its earnings results for the three-month and nine-month periods ended September 30, 2025. The company scheduled a conference call for November 11, 2025, to discuss these operating results.
📋 Key Facts
- Earnings announcement covers the three-month and nine-month periods ending September 30, 2025.
- Conference call scheduled for November 11, 2025, at 1:00 p.m. ET.
- The filing includes a news release (Exhibit 99.1) regarding the earnings results.
Consumer Portfolio Services, Inc. (CPS) completed a securitization transaction involving the sale of approximately $392.46 million in subprime automotive receivables to CPS Auto Receivables Trust 2025-D. The transaction resulted in the issuance of $384.6 million in asset-backed Notes across five classes.
🚩 Red Flags
- The company notes that the agreements created long-term obligations that are material to CPS, Subsidiary, and the Trust.
📋 Key Facts
- Total value of receivables sold: ~$392.46 million.
- Total amount of Notes issued: $384.6 million.
- The transaction involves five classes of notes with interest rates ranging from 4.46% (Class A) to 7.69% (Class E).
- Credit enhancement includes a 1.00% cash reserve account and 2.00% over-collateralization.
- CPS will act as the servicer for the receivables.
- The transaction is treated as a secured financing for accounting/tax purposes but a sale for legal/bankruptcy purposes.
Consumer Portfolio Services, Inc. entered into a two-year revolving credit agreement with Capital One, N.A. and a Class B lender to fund automobile receivables. The facility provides up to $167.5 million in liquidity secured by pledged receivables.
🚩 Red Flags
- Debt is secured by automobile receivables, making the company's liquidity sensitive to the quality and performance of these specific assets.
- The facility includes 'defined funding termination events' which could accelerate repayment obligations.
📋 Key Facts
- Entered into a two-year revolving credit agreement on October 17, 2025.
- Borrower is wholly-owned subsidiary Page Eleven Funding LLC.
- Maximum facility amount: $167.5 million.
- Lending terms: Up to 95.5% of the principal amount of eligible pledged receivables.
- Interest rates: Class A at one-month SOFR + 2.75% (min 3%); Class B is Class A rate + 3.65%.
- The company has already drawn approximately $19.6 million as of October 22, 2025.
- Funding termination date: October 18, 2027.
Consumer Portfolio Services, Inc. has filed an 8-K to provide a company summary presentation as of June 30, 2025, pursuant to Regulation FD disclosure requirements.
📋 Key Facts
- The filing includes a 19-slide company summary presentation (Exhibit 99.1) providing an update as of June 30, 2025.
- Information is being made available via the company's investor relations website: http://ir.consumerportfolio.com/events-and-presentations/presentations
- The information provided in the presentation is not considered 'filed' for purposes of Section 18 of the Securities Exchange Act.
Consumer Portfolio Services, Inc. announced its second quarter 2025 earnings results for the periods ended June 30, 2025. The company scheduled a conference call for August 12, 2025, to discuss these operating results.
📋 Key Facts
- Earnings announcement released on August 11, 2025.
- Covers three-month and six-month periods ended June 30, 2025.
- Conference call scheduled for August 12, 2025, at 1:00 p.m. ET.
Consumer Portfolio Services, Inc. completed a large-scale securitization transaction involving the sale of approximately $433.50 million in subprime automotive receivables to CPS Auto Receivables Trust 2025-C.
🚩 Red Flags
- The transaction is treated as long-term debt obligations for CPS, despite being structured as a sale for legal/bankruptcy purposes.
📋 Key Facts
- Total receivables sold: ~$433.50 million.
- The transaction involved five classes of asset-backed Notes ranging from 4.71% to 6.59% interest rates.
- Total Notes issued: $418.33 million.
- Credit enhancement includes a 1.00% cash reserve account and 3.50% over-collateralization, with a target final enhancement of up to 21.00% or 8.00% of original balance.
- CPS will act as the servicer for the receivables.
Consumer Portfolio Services, Inc. filed an 8-K to provide a company summary presentation as part of Regulation FD disclosure. The filing contains no material changes to operations or financial standing.
📋 Key Facts
- The company released a 19-slide presentation titled 'Company Summary as of March 31, 2025'.
- The information provided is an update of previous presentations and is not considered 'filed' for purposes of Section 18 of the Exchange Act.
- The filing was made pursuant to Item 7.01 (Regulation FD Disclosure).
Consumer Portfolio Services, Inc. (CPS) completed a securitization transaction involving the sale of approximately $439.29 million in subprime automotive receivables to CPS Auto Receivables Trust 2025-B. The transaction involved the issuance of $419.95 million in asset-backed notes across five classes.
🚩 Red Flags
- The transaction creates long-term obligations that are material to CPS, Subsidiary, and the Trust (Item 2.03).
📋 Key Facts
- Total receivables sold: ~$439.29 million (subprime automotive).
- Total Notes issued: $419.95 million.
- The transaction involves 5 classes of notes with interest rates ranging from 4.74% (Class A) to 7.95% (Class E).
- Initial credit enhancement includes a 1.00% cash reserve and 4.40% over-collateralization.
- CPS will act as the servicer for the receivables.
- The notes are treated as secured financings for accounting/tax purposes but sales for legal/bankruptcy purposes.
Consumer Portfolio Services, Inc. announced its earnings results for the first quarter ended March 31, 2025. The company scheduled a conference call for May 13, 2025, to discuss these operating results.
📋 Key Facts
- Earnings announcement released on May 12, 2025, for the three-month period ended March 31, 2025.
- Conference call scheduled for Tuesday, May 13, 2025, at 01:00 p.m. ET.
- The filing includes a news release as Exhibit 99.1.
Consumer Portfolio Services, Inc. filed this 8-K to provide a revised Summary Compensation Table for fiscal year 2024. The revision was necessary because non-equity incentive plan compensation for named executive officers had not been determined at the time of the company's 10-K filing on March 12, 2025.
🚩 Red Flags
- None identified; this is a routine regulatory update to include previously omitted incentive compensation data.
📋 Key Facts
- CEO Charles E. Bradley, Jr. received $3,130,000 in non-equity incentive plan compensation for FY2024.
- Total compensation for CEO Charles E. Bradley, Jr. for FY2024 was $4,165,611.
- The CEO Pay Ratio for FY2024 was calculated at 55.5 to 1.
- CEO incentive targets included meeting quarterly budgets, executing four securitizations, increasing annual originations, reducing operating expenses by 1%, raising $50M in residual financing, and stock price targets ($10-$13 range).
- The filing includes updated compensation details for Michael T. Lavin (President), Danny Bharwani (EVP & CFO), Teri L. Robinson (EVP), and Christopher Terry (EVP).
Consumer Portfolio Services, Inc. has released an updated company summary presentation via Regulation FD disclosure. The filing provides a 19-slide update as of December 31, 2024, but does not contain new material financial statements or pro forma information.
📋 Key Facts
- The company furnished a 19-slide 'Company Summary' presentation (Exhibit 99.1) as of December 31, 2024.
- Information was made available via Regulation FD disclosure to ensure simultaneous public access.
- The filing clarifies that the information provided is an update of previous presentations and is not considered 'filed' for purposes of Section 18 of the Exchange Act.
Consumer Portfolio Services, Inc. (CPSS) announced the closing of a $65 million securitization involving residual interests from five previously issued securitizations. The transaction involves an 80% interest in a majority-owned affiliate's residual interests, including spread account deposits and over-collateralization.
🚩 Red Flags
- Complexity of the transaction involving residual interests and majority-owned affiliates can sometimes mask liquidity needs, though presented here as ordinary course business.
📋 Key Facts
- Transaction amount: $65 million.
- Date of event: March 20, 2025.
- Asset type: Securitization of residual interests from five securitizations issued between October 2023 and September 2024.
- Structure: Secured by an 80% interest in a majority-owned affiliate (MOA).
- Collateral includes: 80% of amounts on deposit in underlying spread accounts and 80% of over-collateralization for the related securitizations.
Consumer Portfolio Services, Inc. announced its earnings results for the three-month and twelve-month periods ended December 31, 2024. The company scheduled a conference call for February 26, 2025, to discuss these operating results.
📋 Key Facts
- Earnings announcement covers the period ending December 31, 2024.
- Conference call to discuss Q4 2024 results scheduled for February 26, 2025, at 1:00 p.m. ET.
- The filing includes a news release (Exhibit 99.1) regarding the earnings announcement.
Consumer Portfolio Services, Inc. (CPS) completed a securitization transaction involving the sale of approximately $462.5 million in subprime automotive receivables to CPS Auto Receivables Trust 2025-A. The transaction resulted in the issuance of $442.4 million in asset-backed notes across five classes.
🚩 Red Flags
- The transaction creates long-term obligations that are material to CPS, Subsidiary, and the Trust (per Item 2.03).
📋 Key Facts
- Total value of receivables sold: ~$462.5 million.
- Total Notes issued: $442.4 million.
- The transaction involves five classes of Notes with interest rates ranging from 4.77% (Class A) to 7.65% (Class E).
- Initial credit enhancement includes a 1.00% cash reserve and 4.35% over-collateralization.
- CPS will act as the servicer for the receivables.
Consumer Portfolio Services, Inc. amended its existing revolving credit facility with Citibank, N.A. to increase its borrowing capacity from $225 million to $335 million. The amendment is intended to support the company's acquisition of automobile receivables.
🚩 Red Flags
- The advance percentage on loans is subject to receivable characteristics and performance of receivables purchased within the preceding three years, introducing variable liquidity risk.
📋 Key Facts
- Amended revolving credit agreement effective December 16, 2024.
- Borrowing capacity increased from $225 million to a maximum of $335 million.
- The facility is secured by automobile receivables held or acquired in the future.
- Interest rate is a floating rate based on a margin above the Secured Overnight Financing Rate (SOFR).
- Company paid an approximately $880,000 closing fee for the amendment.
- Funding termination date is July 15, 2026, or earlier upon defined events.
Consumer Portfolio Services, Inc. held its annual meeting of shareholders on November 12, 2024. Shareholders voted to elect the entire nine-member board of directors and approved proposals regarding auditor ratification and executive compensation.
📋 Key Facts
- Annual meeting held on November 12, 2024.
- All nine nominated individuals were elected to the Board of Directors.
- Proposal Two (ratification of Crowe LLP as independent auditors for FY ending Dec 31, 2024) was approved with 17,961,326 votes in favor.
- Proposal Three (advisory resolution approving executive compensation) was approved with 15,390,289 votes in favor.
Consumer Portfolio Services, Inc. has filed an 8-K to furnish a company presentation as part of its Regulation FD disclosure obligations. The filing includes a summary update as of September 30, 2024.
📋 Key Facts
- The filing is made pursuant to Item 7.01 (Regulation FD Disclosure).
- A 20-slide company presentation was furnished as an exhibit.
- The presentation provides a 'Company Summary' as of the period ending September 30, 2024.
- Information provided is not considered 'filed' for purposes of Section 18 of the Exchange Act.
Consumer Portfolio Services, Inc. amended its existing revolving credit facility through its subsidiary Page Eight Funding LLC. The amendment increases the total capacity from $200 million to $225 million and adds a subordinate third-party lender.
🚩 Red Flags
- Advance percentage is variable and dependent on receivable characteristics and securitization performance, creating uncertainty in future funding levels.
📋 Key Facts
- Amended Credit Agreement effective November 1, 2024.
- Increased maximum borrowing capacity from $200 million to $225 million.
- Added a subordinate third-party lender to the facility.
- The credit agreement is secured by automobile receivables held or purchased by CPS.
- Interest rate is floating, based on a margin above the Secured Overnight Financing Rate (SOFR).
- CPS paid approximately $250,000 in closing fees for this amendment.
- Funding termination date is set for July 15, 2026.
Consumer Portfolio Services, Inc. announced its third quarter 2024 operating results for the periods ended September 30, 2024. The company scheduled a conference call to discuss these financial results on November 1, 2024.
📋 Key Facts
- Earnings announcement for three-month and nine-month periods ended September 30, 2024.
- Conference call scheduled for November 1, 2024, at 1:00 p.m. ET.
- The filing serves as a formal notice of the release of operating results.
Consumer Portfolio Services, Inc. (CPS) entered into a series of securitization agreements to sell approximately $436 million in subprime automotive receivables through its subsidiary and the CPS Auto Receivables Trust 2024-D.
🚩 Red Flags
- The transaction creates long-term obligations that are material to CPS, Subsidiary, and the Trust (Item 2.03).
📋 Key Facts
- Total receivables involved: ~$436 million ($298.42M Initial + $137.58M Subsequent).
- The transaction involves the issuance of $416.82 million in asset-backed Notes across five classes (Class A through Class E).
- Interest rates for Note classes range from 4.65% to 7.13%.
- Credit enhancement includes a 1.00% cash reserve account and over-collateralization starting at 4.40%, targeting a final level of up to 25.60% or 9.00% of original balance.
- CPS will act as the servicer for the receivables.
Consumer Portfolio Services, Inc. filed an 8-K to provide a company summary presentation as of June 30, 2024, pursuant to Regulation FD. The filing includes an updated slide deck but does not contain new material non-public information or financial statements.
📋 Key Facts
- The company released a 20-slide 'Company Summary' presentation as of June 30, 2024.
- The presentation is provided under Item 7.01 (Regulation FD Disclosure).
- The information furnished in the report is not deemed 'filed' for purposes of Section 18 of the Securities Exchange Act.
Consumer Portfolio Services, Inc. announced its second quarter 2024 earnings results for the period ended June 30, 2024. The company scheduled a conference call to discuss these operating results on July 31, 2024.
📋 Key Facts
- Earnings announcement for the three-month period ended June 30, 2024.
- Conference call scheduled for Wednesday, July 31, 2024, at 03:00 p.m. ET.
- Filing includes a news release regarding earnings as Exhibit 99.1.
Consumer Portfolio Services, Inc. announced that Laurie A. Straten has retired from her position as Executive Vice President of Servicing and named executive officer effective July 18, 2024.
📋 Key Facts
- Laurie A. Straten retired as Executive Vice President of Servicing on July 18, 2024.
- Ms. Straten will continue to serve the company as a non-executive employee.
Consumer Portfolio Services, Inc. amended and renewed its revolving warehouse credit facility with Citibank, N.A. for its subsidiary Page Eight Funding LLC. The agreement provides up to $200 million in financing secured by automobile receivables.
🚩 Red Flags
- The facility's advance percentage and availability are contingent on the performance of receivables over the preceding three years, creating uncertainty in liquidity access.
- Significant cash outflow of $2 million for closing fees.
📋 Key Facts
- Amended and renewed a revolving credit agreement originally established in May 2012.
- Maximum borrowing capacity: $200 million outstanding at any time.
- The facility is secured by automobile receivables held or purchased from dealers.
- Interest rate is floating, set as a margin above the Secured Overnight Financing Rate (SOFR).
- Funding termination date is July 15, 2026, subject to earlier termination events.
- CPS paid approximately $2,000,000 in closing fees for this amendment/renewal.
Consumer Portfolio Services, Inc. entered into a series of securitization agreements to sell approximately $460 million in subprime automotive receivables through its subsidiary and the CPS Auto Receivables Trust 2024-C. The transaction involves the issuance of $436.31 million in asset-backed notes across five classes.
🚩 Red Flags
- The notes are obligations of the Trust, though they are treated as long-term debt obligations of CPS.
📋 Key Facts
- Total receivables involved: ~$460 million ($319.85M initial + $140.15M subsequent).
- The Trust issued $436.31 million of asset-backed Notes in five classes (A through E).
- Interest rates for Note classes range from 5.68% (Class B) to 8.04% (Class E).
- Credit enhancement includes a 1.00% cash reserve account and over-collateralization of 5.15%.
- The transaction is treated as secured financing for accounting/tax purposes but as sales for legal/bankruptcy purposes.
- CPS will act as the servicer for the receivables.
Consumer Portfolio Services, Inc. filed an 8-K to provide a company summary presentation as of March 31, 2024. The filing is for Regulation FD disclosure purposes and does not contain new material financial developments or structural changes.
📋 Key Facts
- The company released a 21-slide presentation providing a company summary as of March 31, 2024.
- The information was furnished under Item 7.01 (Regulation FD Disclosure) and is not considered 'filed' for purposes of Section 18 of the Exchange Act.
- The presentation is also made available on the company's investor relations website.
Consumer Portfolio Services, Inc. announced its earnings results for the first quarter ended March 31, 2024. The company scheduled a conference call for May 14, 2024, to discuss these operating results.
📋 Key Facts
- Earnings announcement for the three-month period ended March 31, 2024.
- Conference call scheduled for Tuesday, May 14, 2024, at 01:00 p.m. ET.
- Filing date of report is May 13, 2024.
Consumer Portfolio Services, Inc. (CPS) completed a securitization transaction involving the sale of approximately $337.2 million in subprime automotive receivables to CPS Auto Receivables Trust 2024-B. The transaction resulted in the issuance of $319.9 million in asset-backed Notes across five classes.
🚩 Red Flags
- None identified; this is a standard securitization activity for a consumer finance company.
📋 Key Facts
- Total value of subprime automotive receivables sold: ~$337.2 million.
- Total amount of asset-backed Notes issued: $319.9 million.
- The transaction involved five classes of notes with interest rates ranging from 5.78% (Class A) to 8.36% (Class E).
- Initial credit enhancement includes a 1.00% cash reserve account and 5.15% over-collateralization.
- CPS will act as the servicer for the receivables.
- The transaction is treated as a secured financing for accounting/tax purposes but a sale for legal/bankruptcy purposes.
Consumer Portfolio Services, Inc. filed this 8-K to provide a revised Summary Compensation Table for fiscal year 2023. The revision was necessary because non-equity incentive plan payments had not been determined at the time of the company's annual 10-K filing.
🚩 Red Flags
- None identified; this is a routine administrative update required by SEC rules regarding executive compensation disclosure.
📋 Key Facts
- The filing provides final FY2023 non-equity incentive plan compensation for named executive officers (NEOs).
- CEO Charles E. Bradley, Jr. received a total compensation of $4,000,342 in 2023, including $3,005,000 in non-equity incentive pay.
- The CEO's performance metrics included quarterly budget targets, securitization transactions, origination volume ($1.2B-$1.5B), expense reduction, and stock price targets (up to $15.00).
- The 2023 CEO Pay Ratio was disclosed as 58.6 to 1.
- President Michael T. Lavin received $582,063 in non-equity incentive compensation for FY2023.
Consumer Portfolio Services, Inc. filed an 8-K to provide a company summary presentation as of December 31, 2023, pursuant to Regulation FD disclosure.
📋 Key Facts
- The filing includes a 21-slide Company Summary presentation dated as of December 31, 2023.
- Information was furnished under Item 7.01 (Regulation FD Disclosure) and is not considered 'filed' for purposes of Section 18 of the Exchange Act.
- The company provided a link to its investor relations website for further presentations.
Consumer Portfolio Services, Inc. (CPS) has renewed its existing revolving credit agreement through March 31, 2026. The facility provides up to $200 million in financing secured by automobile receivables.
🚩 Red Flags
- The advance percentage is subject to change based on receivable characteristics and securitization performance.
📋 Key Facts
- Renewed a revolving credit agreement originally established in November 2015.
- Maximum borrowing capacity of $200 million at any given time.
- Advance rate is up to 88% of the principal amount of eligible pledged receivables.
- The facility expires on March 31, 2026, or earlier upon defined termination events.
- CPS paid a $2,000,000 closing fee for the renewal.
- Interest rate is floating, based on a margin above the secured overnight financing rate (SOFR).
Consumer Portfolio Services, Inc. announced the closing of a $50.0 million securitization involving residual interests from five previously issued securitizations (issued Jan 2022 - Jan 2023). The transaction is secured by an 80% interest in a CPS affiliate.
🚩 Red Flags
- Complexity of the securitization structure (securitizing residual interests from previous securitizations) can obscure underlying asset quality.
📋 Key Facts
- Transaction amount: $50.0 million.
- Collateral includes 80% of amounts on deposit in underlying spread accounts and 80% of the over-collateralization from five securitizations.
- Securitization period for underlying assets: January 2022 through January 2023.
- Interest is paid monthly at a specified coupon rate.
- Principal payments are required if necessary to maintain a minimum collateral ratio.
Consumer Portfolio Services, Inc. announced its earnings results for the fiscal year ended December 31, 2023. The company scheduled a conference call for March 18, 2024, to discuss these operating results.
📋 Key Facts
- Earnings announcement for the year ended December 31, 2023, was made on March 15, 2024.
- A conference call to discuss 2023 operating results is scheduled for March 18, 2024, at 1:00 p.m. ET.
Consumer Portfolio Services, Inc. completed a securitization transaction involving the sale of approximately $300.6 million in subprime automotive receivables to CPS Auto Receivables Trust 2024-A. The transaction resulted in the issuance of $280.9 million in asset-backed notes across five classes.
🚩 Red Flags
- The transaction creates long-term obligations that are material to CPS, Subsidiary, and the Trust.
📋 Key Facts
- Total receivables sold: ~$300.6 million (subprime automotive).
- Total Notes issued: $280.9 million.
- Transaction date: January 24, 2024.
- Note Classes & Rates: Class A (5.71%, $128.5M), Class B (5.65%, $37.9M), Class C (5.74%, $48.6M), Class D (6.13%, $33.2M), Class E (8.42%, $32.8M).
- Initial credit enhancement: 1.00% cash reserve and 6.55% over-collateralization.
- CPS will act as the servicer for the receivables.