secwatch.observer — SEC 8-K summary
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Issuer:     CONSUMER PORTFOLIO SERVICES, INC. (CPSS)
CIK:        0000889609
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0001683168-24-002668
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CPS completes $319.9M securitization of subprime auto receivables, class A rated AAA
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- Issued $319.9M in asset-backed notes secured by $337.2M auto receivables; 5 note classes with coupons from 5.78% to 8.36%.
- Weighted average coupon 6.69%; class A notes rated AAA by S&P and DBRS; class E rated NR/BB.
- Initial credit enhancement: cash reserve of 1% pool balance plus 5.15% overcollateralization; target OC of 8.40% original balance.
- 51st senior subordinate securitization since 2011; 34th consecutive with AAA on senior class.
- Transaction closed April 23, 2024; notes not registered under Securities Act, sold to QIBs.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889609/000168316824002668/0001683168-24-002668-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889609/000168316824002668/cps_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-24-002668

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