secwatch.observer — SEC 8-K summary
======================================

Issuer:     CONSUMER PORTFOLIO SERVICES, INC. (CPSS)
CIK:        0000889609
Form:       8-K
Filed at:   2023-10-27T23:59:59+00:00
Accession:  0001683168-23-007465
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 $286.1M securitization of subprime auto receivables
--------------------------------------------------------------

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889609/000168316823007465/0001683168-23-007465-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889609/000168316823007465/cps_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-23-007465

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