CPS closes $716.88M auto loan securitization, its largest ever

CONSUMER PORTFOLIO SERVICES, INC.

Issued $716.88M in asset-backed notes secured by $734.51M in subprime auto receivables.
Five note classes: A ($317.3M, 4.52%), B ($99.9M, 4.84%), C ($113.1M, 5.05%), D ($81.5M, 5.72%), E ($105.0M, 7.65%).
Weighted average coupon ~5.90%; senior class rated AAA by S&P and DBRS.
Initial credit enhancement: 1.00% cash reserve plus 2.40% overcollateralization; target overcollateralization up to 7.70% of original pool.
Third term securitization in 2026; 60th senior subordinate deal since 2011.

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