Consumer Portfolio Services Enters Material Definitive Agreement

TL;DR

CPS entered a new material agreement on 12/16/24, creating a financial obligation.

AI Summary

Consumer Portfolio Services, Inc. entered into a material definitive agreement on December 16, 2024. This agreement creates a direct financial obligation for the registrant, though specific details regarding the nature of the obligation and any associated dollar amounts are not provided in this filing.

Why It Matters

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

Risk Assessment

Risk Level: medium — The creation of a new financial obligation without immediate disclosure of its terms introduces uncertainty regarding the company's financial health and future liabilities.

Key Players & Entities

• CONSUMER PORTFOLIO SERVICES, INC. (company) — Registrant
• December 16, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $225 million — enders have increased the capacity from $225 million and agreed to lend from time to time pr
• $335 million — ing termination date up to a maximum of $335 million to be outstanding at any time. The adva
• $880,000 — has paid a closing fee of approximately $880,000. Affiliates of Citibank, N.A. have als

Filing Documents

• cps_8k.htm (8-K) — 30KB
• cps_ex9901.htm (EX-99.1) — 5KB
• image_002.jpg (GRAPHIC) — 7KB
• 0001683168-24-008876.txt ( ) — 221KB
• cpss-20241216.xsd (EX-101.SCH) — 3KB
• cpss-20241216_lab.xml (EX-101.LAB) — 34KB
• cpss-20241216_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 On December 16, 2024, Consumer Portfolio Services, Inc. ("CPS" or the "Company") and its wholly-owned subsidiary Page Eight Funding LLC (the "Borrower") amended 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 11, 2024. 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 acquire 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 increased the capacity from $225 million and agreed to lend from time to time prior to the funding termination date up to a maximum of $335 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 of the Credit Agreement

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 acquires 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.

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 amendment of credit facility. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2

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: December 20, 2024 By: /s/ Denesh Bharwani Denesh Bharwani Executive Vice President and Chief Financial Officer Signing on behalf of the registrant 3

View Full Filing

View this 8-K filing on SEC EDGAR