Consumer Portfolio Services Enters Material Definitive Agreement

TL;DR

CPS entered a new financial deal, could be big.

AI Summary

Consumer Portfolio Services, Inc. entered into a material definitive agreement on July 11, 2024, related to a direct financial obligation. The company, incorporated in California, is involved in finance services and is headquartered in Irvine, CA.

Why It Matters

This filing indicates a significant financial commitment or obligation for Consumer Portfolio Services, Inc., which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — Entering into new financial obligations can introduce new risks related to repayment, market conditions, or operational execution.

Key Players & Entities

• CONSUMER PORTFOLIO SERVICES, INC. (company) — Registrant
• July 11, 2024 (date) — Date of earliest event reported
• 19500 JAMBOREE ROAD (address) — Business Address
• IRVINE (city) — Business Address City
• CA (state) — Business Address State
• 92612 (zip_code) — Business Address Zip
• 9497536800 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $200 million — ing termination date up to a maximum of $200 million to be outstanding at any time. The adva
• $2,000,000 — has paid a closing fee of approximately $2,000,000. Affiliates of Citibank, N.A. have als

Filing Documents

• cps_8k.htm (8-K) — 31KB
• cps_ex9901.htm (EX-99.1) — 5KB
• image_004.jpg (GRAPHIC) — 3KB
• 0001683168-24-004789.txt ( ) — 216KB
• cpss-20240711.xsd (EX-101.SCH) — 3KB
• cpss-20240711_lab.xml (EX-101.LAB) — 34KB
• cpss-20240711_pre.xml (EX-101.PRE) — 22KB
• cps_8k_htm.xml (XML) — 4KB

01. Entry into a Material Definitive

Item 1.01. Entry into a Material Definitive Agreement. The information contained in Item 2.03 of this report is hereby incorporated by reference into this Item 1.01. The registrant disclaims any implication that the agreements relating to the transactions described in this report are other than agreements entered into in the ordinary course of its business. Warehouse Credit Facility Amended and Renewed On July 11, 2024, Consumer Portfolio Services, Inc. ("CPS" or the "Company") and its wholly-owned subsidiary Page Eight Funding LLC (the "Borrower") amended and renewed a revolving credit agreement (the "Credit Agreement") and related agreements, all of which have been in place since May 2012, and most recently renewed on July 15, 2022. The agent to act on behalf of the several lenders ("Lenders") under the Credit Agreement is Citibank, N.A.. Loans under the amended Credit Agreement are to be secured by automobile receivables that CPS now holds or may purchase in the future from dealers, which receivables CPS would then sell or contribute to the Borrower. Under the Credit Agreement, and subject to its terms and conditions, the Lenders have agreed to lend from time to time prior to the funding termination date up to a maximum of $200 million to be outstanding at any time. The advance percentage is dependent on characteristics of the pledged receivables, the terms of future term securitizations executed by CPS, and on performance of receivables purchased by CPS within the preceding three years, as to which there can be no assurance. The funding termination date is July 15, 2026 or earlier upon the occurrence of defined funding termination events. The amounts outstanding could become due at an earlier date, if any of certain defined events of default were to occur. Loans under the Credit Agreement bear interest at a floating rate set as a margin above the secured overnight financing rate. In connection with amendment and renewal of the Credit Agreement, CPS has pai

03. Creation of a Direct Financial

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information provided in response to item 1.01 is incorporated herein by reference. Warehouse Credit Facility CPS first incurred indebtedness under the revolving credit agreement in May 14, 2012. CPS intends to incur indebtedness from time to time as it purchases motor vehicle receivables from dealers. CPS does not undertake to provide updates regarding the amount of indebtedness outstanding from time to time, and no inference should be drawn that such indebtedness has not changed. 2

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. Neither financial statements nor pro forma financial information are filed with this report. One exhibit is included with this report: 99.1 News release re renewal of credit facility. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 3

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CONSUMER PORTFOLIO SERVICES, INC. Dated: July 12, 2024 By: /s/ Denesh Bharwani Denesh Bharwani Executive Vice President and Chief Financial Officer Signing on behalf of the registrant 4

View Full Filing

View this 8-K filing on SEC EDGAR