---
schema_version: "secwatch.filing_event.v1"
accession: "0001683168-23-000452"
form_type: "8-K"
ticker: "CPSS"
cik: "0000889609"
company_name: "CONSUMER PORTFOLIO SERVICES, INC."
filed_at: "2023-01-31T23:59:59+00:00"
generated_at: "2026-06-20T06:11:11.252266+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# CPS closes $324.8M asset-backed securitization of subprime auto receivables

## Summary
- Issued $324.8M of asset-backed notes secured by $362.9M in subprime auto receivables.
- Five note classes: Class A ($154.6M, 5.54%), B ($44.1M, 5.47%), C ($57.2M, 5.54%), D ($39.6M, 6.44%), E ($29.4M, 10.59%).
- Initial credit enhancement: 1.00% cash reserve and 10.50% overcollateralization; step-up to 14% or 38% required.
- 46th senior subordinate securitization since 2011; Class A rated AAA by S&P and DBRS.
- CPS will service the receivables; transaction closed January 25, 2023.

## SEC filing metadata
- accession: 0001683168-23-000452
- form_type: 8-K
- ticker: CPSS
- cik: 0000889609
- company_name: CONSUMER PORTFOLIO SERVICES, INC.
- filed_at: 2023-01-31T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/889609/000168316823000452/0001683168-23-000452-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/889609/000168316823000452/cps_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001683168-23-000452
- JSON: https://secwatch.observer/filing/0001683168-23-000452.json
- Plain text: https://secwatch.observer/filing/0001683168-23-000452.txt

## Key facts
- Debt Financings
  CONSUMER PORTFOLIO SERVICES, INC. incurred senior notes of $324.8 million.
  - Instrument: senior notes
  - Principal: $324.8 million
  - Event: incurrence
  source text: the Trust issued and sold $324.8 million of asset-backed Notes, in five classes (such Notes collectively, the "Notes")
  evidence_url: https://www.sec.gov/Archives/edgar/data/889609/000168316823000452/0001683168-23-000452-index.htm
- Material Agreements
  CONSUMER PORTFOLIO SERVICES, INC. entered into a asset purchase with CPS Auto Receivables Trust 2023-A valued at $362.9 million (effective 2023-01-25).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: CPS Auto Receivables Trust 2023-A
  - Value: $362.9 million
  - Effective: 2023-01-25
  source text: On January 25, 2023, the registrant Consumer Portfolio Services, Inc. ("CPS") and its wholly owned subsidiary CPS Receivables Five LLC ("Subsidiary") entered into a series of agreements under which Subsidiary purchased from CPS, and sold to CPS Auto Receivables Trust 2023-A (the "Trust"), approximately $362.9 million of subprime automotive receivables (the " Receivables").
  evidence_url: https://www.sec.gov/Archives/edgar/data/889609/000168316823000452/0001683168-23-000452-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.