secwatch.observer — SEC 8-K summary
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Issuer:     CONSUMER PORTFOLIO SERVICES, INC. (CPSS)
CIK:        0000889609
Form:       8-K
Filed at:   2025-05-13T23:59:59+00:00
Accession:  0001683168-25-003479
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 $419.95M asset-backed securitization of subprime auto receivables
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889609/000168316825003479/0001683168-25-003479-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889609/000168316825003479/cps_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-25-003479

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