CPS closes $419.95M asset-backed securitization of subprime auto receivables

CONSUMER PORTFOLIO SERVICES, INC.

Securitized $439.29M in subprime auto receivables, issuing $419.95M in five classes of notes.
Weighted average coupon ~5.96%; senior Class A rated AAA by S&P and DBRS Morningstar.
Initial credit enhancement: 1.00% cash reserve and 4.40% overcollateralization, stepping to 8.65%.
55th senior subordinate securitization since 2011; 38th consecutive triple-A rating on senior notes.
CPS will service the receivables; notes are obligations of trust, not CPS directly.

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