Welcome to our dedicated page for Consumer Port news (Ticker: CPSS), a resource for investors and traders seeking the latest updates and insights on Consumer Port stock.
Consumer Portfolio Services, Inc. (CPSS) delivers specialized auto financing solutions for subprime borrowers through nationwide dealer partnerships. This news hub provides investors and industry observers with essential updates about the company's operations and market position.
Access timely corporate announcements including quarterly earnings results, strategic initiatives, and regulatory developments. Our curated collection features press releases about contract acquisitions, securitization activities, and servicing operations that drive CPSS's business model.
Stay informed about key developments in subprime auto financing through verified updates on dealer network expansions, credit portfolio performance, and industry trends. Bookmark this page for direct access to primary source materials and objective reporting about CPSS's role in the specialty finance sector.
Consumer Portfolio Services, Inc. (Nasdaq: CPSS) has announced a conference call to discuss its second quarter 2024 operating results. The call is scheduled for Wednesday, July 31, 2024, at 1:00 p.m. ET. Participants can pre-register for the call using a provided link and will receive dial-in details via email. To avoid delays, participants are encouraged to dial in fifteen minutes before the start time. A replay of the call will be available for 12 months on the company's investor relations website.
CPS is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or credit histories. The company purchases retail installment sales contracts primarily from franchised automobile dealerships, secured by late model used vehicles and, to a lesser extent, new vehicles. CPS funds these purchases through securitization markets and services the contracts over their lives.
Consumer Portfolio Services (CPS) announced the renewal of its two-year revolving credit agreement with Citibank, N.A., effective July 11, 2024. This $200 million credit facility will be secured by automobile receivables that CPS owns or will purchase in the future. The agreement allows CPS to borrow on a revolving basis until July 15, 2026, after which it can either repay the outstanding loans in full or let them amortize over one year. CPS provides automobile financing to individuals with poor or credit histories, purchasing installment sales contracts from dealerships and securing them through the securitization market.
Consumer Portfolio Services (CPS) announced the closing of a $436.31 million senior subordinate asset-backed securitization on June 26, 2024. This marks CPS's third term securitization in 2024 and its 52nd since 2011. The transaction involves asset-backed notes secured by $460 million in automobile receivables.
The notes, issued by CPS Auto Receivables Trust 2024-C, include five classes with a weighted average coupon of 6.56%. The transaction received a triple “A” rating on the senior class from Standard & Poor's and DBRS Morningstar.
Initial credit enhancement includes a 1% cash deposit and 5.15% overcollateralization. The securitization uses a pre-funding structure, with $319.85 million in receivables sold initially and an additional $140.15 million to be sold in July 2024.
Consumer Portfolio Services, Inc. announced earnings of $4.6 million, or $0.19 per diluted share, for the first quarter of 2024. Revenues were $91.7 million, up 10.4% from the prior year period. The company recorded increased operating expenses and a decrease in pretax income compared to 2023. CPS purchased $346.3 million of new contracts in Q1 2024.
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