CPS Announces Renewal of $100 Million Credit Facility
IRVINE, Calif., June 7, 2013 (GLOBE NEWSWIRE) -- Consumer Portfolio Services,
Inc. (Nasdaq:CPSS) ("CPS" or the "Company") today announced that on June 5,
2013 it renewed its $100 million revolving credit facility with Citi. Under
the amended terms, the facility will revolve during the first two years and
may amortize during year three. Loans under the facility will be secured by
automobile receivables that CPS now holds or will purchase from dealers.
"We are pleased to continue our long-term relationship with Citi, which we
have expanded over the last six years," said Charles E. Bradley, Jr.,
President and Chief Executive Officer."With this renewal, both of our credit
facilities now contain multi-year funding commitments and amortization periods
thereafter.This is an important milestone in enhancing our funding
flexibility and strengthening our balance sheet."
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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