---
schema_version: "secwatch.filing_event.v1"
accession: "0001683168-23-002834"
form_type: "8-K"
ticker: "CPSS"
cik: "0000889609"
company_name: "CONSUMER PORTFOLIO SERVICES, INC."
filed_at: "2023-05-02T23:59:59+00:00"
generated_at: "2026-06-16T04:23:35.504807+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# CPS closes $332.9M asset-backed securitization backed by $369.9M in auto receivables

## Summary
- 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.

## SEC filing metadata
- accession: 0001683168-23-002834
- form_type: 8-K
- ticker: CPSS
- cik: 0000889609
- company_name: CONSUMER PORTFOLIO SERVICES, INC.
- filed_at: 2023-05-02T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/889609/000168316823002834/0001683168-23-002834-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/889609/000168316823002834/cps_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001683168-23-002834
- JSON: https://secwatch.observer/filing/0001683168-23-002834.json
- Plain text: https://secwatch.observer/filing/0001683168-23-002834.txt

## Key facts
- Debt Financings
  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
  source text: 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").
  evidence_url: https://www.sec.gov/Archives/edgar/data/889609/000168316823002834/0001683168-23-002834-index.htm
- Material Agreements
  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
  source text: 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").
  evidence_url: https://www.sec.gov/Archives/edgar/data/889609/000168316823002834/0001683168-23-002834-index.htm

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