CONSUMER PORTFOLIO SERVICES, INC. (CPSS): debt financing — CPS closes $332.9M asset-backed securitization backed by $369.9M in auto receivables

CONSUMER PORTFOLIO SERVICES, INC.

Five classes of notes issued: A ($198.3M, 5.91%), B ($25.2M, 5.38%), C ($46.6M, 6.04%), D ($25.9M, 6.34%), E ($37.0M, 10.72%).
Senior Class A rated Aaa/AAA by Moody's and DBRS; weighted average coupon 7.17%.
Initial credit enhancement: 1% cash reserve plus 10% overcollateralization; step-up triggers to 11.50%/25.00%.
This is CPS's 47th senior subordinate securitization since 2011 and 30th consecutive triple-A rating on senior notes.
Notes are secured by subprime auto receivables; CPS will service the pool.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

CONSUMER PORTFOLIO SERVICES, INC. incurred debt of $332.9 million with CPS Auto Receivables Trust 2023-B at See table: Class A 5.91%, Class B 5.38%, Class C 6.04%, Class D 6.34%, Class E 1 maturing Not specified.

Principal: $332.9 million
Counterparty: CPS Auto Receivables Trust 2023-B
Rate: See table: Class A 5.91%, Class B 5.38%, Class C 6.04%, Class D 6.34%, Class E 1
Maturity: Not specified
Event: incurrence

Exact text from the filing

series of agreements under which Subsidiary purchased from CPS, and sold to CPS Auto Receivables Trust 2023-B (the "Trust"), approximately $369.9 million of subprime automotive receivables (the "Receivables").

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CONSUMER PORTFOLIO SERVICES, INC. entered into a asset purchase with CPS Auto Receivables Trust 2023-B valued at approximately $369.9 million (effective 2023-04-26).

Action: entry
Agreement: asset purchase
Counterparty: CPS Auto Receivables Trust 2023-B
Value: approximately $369.9 million
Effective: 2023-04-26

Exact text from the filing

On April 26, 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-B (the "Trust"), approximately $369.9 million of subprime automotive receivables (the "Receivables").

View on SEC.gov

Browse all debt financings →

CONSUMER PORTFOLIO SERVICES, INC. filing history →

Source: SEC EDGAR

accession 0001683168-23-002834

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.