---
schema_version: "secwatch.filing_event.v1"
accession: "0001683168-23-007465"
form_type: "8-K"
ticker: "CPSS"
cik: "0000889609"
company_name: "CONSUMER PORTFOLIO SERVICES, INC."
filed_at: "2023-10-27T23:59:59+00:00"
generated_at: "2026-06-09T07:31:53.513692+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# CPS closes $286.1M securitization of subprime auto receivables

## Summary
- Issued $286.1M in asset-backed notes across five classes (Class A to E) secured by $306.7M auto receivables.
- Class A notes ($131.1M) rated AAA/AAA by S&P and DBRS, coupon 6.40%, avg life 0.66 years.
- Class E notes ($33.1M) rated NR/BB, coupon 10.13%, avg life 4.01 years; weighted average coupon 7.89%.
- Initial credit enhancement: 1.00% cash reserve and 6.70% overcollateralization; step-up to 9.70% of original pool or 26.75% of outstanding.
- Fourth term securitization in 2023 and 49th senior subordinate deal since 2011; 32nd consecutive triple-A rating on senior class.

## SEC filing metadata
- accession: 0001683168-23-007465
- form_type: 8-K
- ticker: CPSS
- cik: 0000889609
- company_name: CONSUMER PORTFOLIO SERVICES, INC.
- filed_at: 2023-10-27T23:59:59+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/889609/000168316823007465/0001683168-23-007465-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/889609/000168316823007465/cps_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001683168-23-007465
- JSON: https://secwatch.observer/filing/0001683168-23-007465.json
- Plain text: https://secwatch.observer/filing/0001683168-23-007465.txt

## Key facts
- Debt Financings
  CONSUMER PORTFOLIO SERVICES, INC. incurred senior notes of $286.1 million of asset-backed Notes, in five classes with Computershare Trust Company, N.A. at Class A 6.40%, Class B 6.78%, Class C 7.17%, Class D 7.80%, Class E 10.13%.
  - Instrument: senior notes
  - Principal: $286.1 million of asset-backed Notes, in five classes
  - Counterparty: Computershare Trust Company, N.A.
  - Rate: Class A 6.40%, Class B 6.78%, Class C 7.17%, Class D 7.80%, Class E 10.13%
  - Event: incurrence
  source text: he Trust deposited the Receivables with Computershare Trust Company, N.A. ("CTCNA"), as trustee of a grantor trust, receiving
  evidence_url: https://www.sec.gov/Archives/edgar/data/889609/000168316823007465/0001683168-23-007465-index.htm

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