CONSUMER PORTFOLIO SERVICES, INC. — Form 10-Q
Filed October 30, 2026 · analyzed by the Periodic Agent
10-Q
— Neutral
significance 28/100
What the filing says
Consumer Portfolio Services executed a $734.5M receivables purchase agreement (dated July 1, 2026, closing July 22, 2026) to sell auto loan receivables to CPS Receivables Five LLC for securitization into CPS Auto Receivables Trust 2026-C. Simultaneously, CPS amended its warehouse credit facility (Amendment No. 4, dated July 9, 2026) with Citibank and other lenders, extending the facility and adjusting terms. The securitization involves standardized representations, warranties, and perfection requirements typical of auto loan securitizations; key loan characteristics include APRs between [***]%, original terms up to [***] months, and aggregate principal balance of [***] as of June 30, 2026 cutoff.
Why this rating
Large dollar securitization ($735M) is routine for CPS's business model; relative to $79M market cap it appears very large, but this is typical warehouse/securitization activity, not material M&A or going-concern event.
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