secwatch.observer — SEC 8-K summary
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Issuer:     CONSUMER PORTFOLIO SERVICES, INC. (CPSS)
CIK:        0000889609
Form:       8-K
Filed at:   2023-05-02T23:59:59+00:00
Accession:  0001683168-23-002834
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889609/000168316823002834/0001683168-23-002834-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889609/000168316823002834/cps_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-23-002834

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