secwatch.observer — SEC 8-K summary
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Issuer:     CONSUMER PORTFOLIO SERVICES, INC. (CPSS)
CIK:        0000889609
Form:       8-K
Filed at:   2023-01-31T23:59:59+00:00
Accession:  0001683168-23-000452
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889609/000168316823000452/0001683168-23-000452-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889609/000168316823000452/cps_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-23-000452

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer