Group 1 - Consumer Portfolio Services, Inc. amended its two-year revolving credit agreement with Citibank, increasing the facility's capacity from 335 million [1][2] - The loans under the amended credit agreement will be secured by automobile receivables that CPS currently holds or will acquire in the future [2] - CPS can borrow on a revolving basis until July 15, 2026, after which it has the option to repay the outstanding loans in full or allow them to amortize over a one-year period [2] Group 2 - Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories [3] - The company purchases retail installment sales contracts primarily from franchised automobile dealerships, secured by late model used vehicles and, to a lesser extent, new vehicles [3] - CPS funds these contract purchases on a long-term basis through the securitization markets and services the contracts over their lives [3]
CPS Announces Credit Facility Capacity Increase