CPS Announces New Residual Financing Facility
IRVINE, Calif., April 12, 2013 (GLOBE NEWSWIRE) -- Consumer Portfolio
Services, Inc. (Nasdaq:CPSS) ("CPS" or the "Company") today announced that
yesterday it entered into a new $20 million five-year residual financing
facility. The facility is secured by eligible residual interests in two
previously securitized pools of automobile receivables. With a portion of the
proceeds, the Company prepaid $15 million of its senior secured debt.
About Consumer Portfolio Services, Inc.
Consumer Portfolio Services, Inc. is an independent specialty finance company
that provides indirect automobile financing to individuals with past credit
problems, low incomes or limited credit histories. We purchase retail
installment sales contracts primarily from franchised automobile dealerships
secured by late model used vehicles and, to a lesser extent, new vehicles. We
fund these contract purchases on a long-term basis primarily through the
securitization markets and service the contracts over their lives.
CONTACT: Investor Relations Contact
Robert E. Riedl, Chief Investment Officer
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