---
schema_version: "secwatch.filing_event.v1"
accession: "0001683168-25-003479"
form_type: "8-K"
ticker: "CPSS"
cik: "0000889609"
company_name: "CONSUMER PORTFOLIO SERVICES, INC."
filed_at: "2025-05-13T23:59:59+00:00"
generated_at: "2026-05-21T19:57:13.922963+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001683168-25-003479
- form_type: 8-K
- ticker: CPSS
- cik: 0000889609
- company_name: CONSUMER PORTFOLIO SERVICES, INC.
- filed_at: 2025-05-13T23:59:59+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/889609/000168316825003479/0001683168-25-003479-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/889609/000168316825003479/cps_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001683168-25-003479
- JSON: https://secwatch.observer/filing/0001683168-25-003479.json
- Plain text: https://secwatch.observer/filing/0001683168-25-003479.txt

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