Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Anta Sports Expands Global Footprint With Strategic Puma Stake 
Innovent Biologics Shares Rally on New Eli Lilly Oncology and Immunology Deal 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
SpaceX Pivots Toward Moon City as Musk Reframes Long-Term Space Vision 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Samsung Electronics Shares Jump on HBM4 Mass Production Report 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Indian Refiners Scale Back Russian Oil Imports as U.S.-India Trade Deal Advances 
Trump Backs Nexstar–Tegna Merger Amid Shifting U.S. Media Landscape 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
LAS VEGAS, Nevada, Jan. 16, 2018 -- Consumer Portfolio Services, Inc. (Nasdaq:CPSS) (“CPS” or the “Company”) today announced the closing of its first term securitization in 2018. The transaction is CPS's 27th senior subordinate securitization since the beginning of 2011 and the tenth consecutive securitization to receive a triple “A” rating on the senior class of notes from at least two rating agencies.
In the transaction, qualified institutional buyers purchased $190.0 million of asset-backed notes secured by $193.6 million in automobile receivables originated by CPS. The sold notes, issued by CPS Auto Receivables Trust 2018-A, consist of five classes. Ratings of the notes were provided by Standard & Poor’s and DBRS, and were based on the structure of the transaction, the historical performance of similar receivables and CPS’s experience as a servicer.
| Note Class | Amount | Interest Rate | Average Life | Price | S&P Rating | DBRS Rating |
| A | $88.5 million | 2.16% | .76 years | 99.99832% | AAA | AAA |
| B | $31.5 million | 2.77% | 1.95 years | 99.99632% | AA | AA |
| C | $26.9 million | 3.05% | 2.66 years | 99.97596% | A | A |
| D | $23.1 million | 3.66% | 3.49 years | 99.98720% | BBB | BBB |
| E | $20.0 million | 5.17% | 4.14 years | 99.99278% | BB- | BB |
The weighted average coupon on the notes is approximately 3.46%.
The 2018-A transaction has initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance and over-collateralization of 1.85%. The final enhancement level requires accelerated payment of principal on the notes to reach over-collateralization of the lesser of 6.80% of the original receivable pool balance, or 18.50% of the then outstanding pool balance.
The transaction utilizes a pre-funding structure, in which CPS sold approximately $121.3 million of receivables today and plans to sell approximately $72.3 million of additional receivables during January 2018. This further sale is intended to provide CPS with long-term financing for receivables purchased primarily in the month of January.
The transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law. All of such securities having been sold, this announcement of their sale appears as a matter of record only.
About Consumer Portfolio Services, Inc.
Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis through the securitization markets and service the loans over their entire contract terms.
Investor Relations Contact
Jeffrey P. Fritz, Chief Financial Officer
844-878-CPSS (844-878-2777)
