secwatch.observer — SEC 8-K summary
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Issuer:     CONSUMER PORTFOLIO SERVICES, INC. (CPSS)
CIK:        0000889609
Form:       8-K
Filed at:   2026-07-24T20:33:52+00:00
Accession:  0001683168-26-005764
Event type: debt
Sentiment:  positive
Materiality: 0.65
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889609/000168316826005764/0001683168-26-005764-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889609/000168316826005764/cps_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-26-005764

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