Consumer Portfolio Services lifts credit limit to $518M
The facility allows revolving borrowing through October 17, 2027, followed by an option to repay outstanding loans or amortize them over 18 months.
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Rhea-AI Filing Summary
Consumer Portfolio Services, Inc. (CPSS) and its wholly owned subsidiary Page Eleven Funding LLC amended a revolving credit agreement with Capital One, N.A. and a Class B lender, raising capacity from $390 million to up to $518 million outstanding at any time. Subject to the agreement’s terms, advances may be up to 95.5% of the principal amount of eligible pledged receivables. The loans are secured by automobile receivables CPS holds or may acquire from dealers and then sells or contributes to the subsidiary.
Revolving borrowing may continue through October 17, 2027, the funding termination date, unless defined events trigger an earlier termination. After the revolving period, CPS may repay outstanding loans in full or allow them to amortize over 18 months. The loans bear interest at a floating rate set as a margin above the secured overnight financing rate, and certain defined events of default could make amounts due earlier. The increase brings total capacity across CPS credit facilities to $1.026 billion. CPS first incurred indebtedness under this agreement on October 22, 2025, and said it intends to borrow from time to time as it acquires motor vehicle receivables from dealers.
Filing Explained
The company says it will not update amounts outstanding under the facility and cautions against assuming they are unchanged, so this filing does not establish the current borrowing balance.
8-K Event Classification
Key Figures
Key Terms
eligible pledged receivables financial
funding termination date financial
amortize financial
secured overnight financing rate financial
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. Entry into a Material Definitive Agreement.
The information contained in Item 2.03 of this report is hereby incorporated by reference into this Item 1.01. The registrant disclaims any implication that the agreements relating to the transactions described in this report are other than agreements entered into in the ordinary course of its business.
Warehouse Credit Facility Amended
On October 9, 2026, Consumer Portfolio Services, Inc. ("CPS" or the "Company") and its wholly-owned subsidiary Page Eleven Funding LLC (the “Borrower”) amended a revolving credit agreement (the "Credit Agreement") and related agreements with Capital One, N.A., and a Class B Lender (the “Lenders”), all of which have been in place since October 2025. Loans under the amended Credit Agreement are to be secured by automobile receivables that CPS now holds or may acquire in the future from dealers, which receivables CPS would then sell or contribute to the Borrower.
Under the Credit Agreement, and subject to its terms and conditions, the Lenders have increased the capacity from $390 million and agreed to lend from time to time prior to the funding termination date up to a maximum of $518 million to be outstanding at any time. The amount that may be advanced under the Credit Agreement is up to 95.5% of the principal amount of eligible pledged receivables. The funding termination date is October 17, 2027 or earlier upon the occurrence of defined funding termination events. The amounts outstanding could become due at an earlier date, if any of certain defined events of default were to occur.
Loans under the Credit Agreement bear interest at a floating rate set as a margin above the secured overnight financing rate.
Affiliates of Capital One, N.A. have also performed investment banking and advisory services for CPS from time to time, for which they have received customary fees and expenses.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information provided in response to item 1.01 is incorporated herein by reference.
Warehouse Credit Facility
CPS first incurred indebtedness under the revolving credit agreement on October 22, 2025. CPS intends to incur indebtedness from time to time as it acquires motor vehicle receivables from dealers. CPS does not undertake to provide updates regarding the amount of indebtedness outstanding from time to time, and no inference should be drawn that such indebtedness has not changed.
Item 9.01. Financial Statements and Exhibits.
Neither financial statements nor pro forma financial information are filed with this report.
One exhibit is included with this report:
| 99.1 | News release re amendment of credit facility. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| CONSUMER PORTFOLIO SERVICES, INC. | |
| Dated: October 13, 2026 | By: /s/ Denesh Bharwani |
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Denesh Bharwani Executive Vice President and Chief Financial Officer Signing on behalf of the registrant |
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Exhibit 99.1
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NEWS RELEASE |
CPS ANNOUNCES UPSIZING OF EXISTING CREDIT FACILITY TO FUND
ACCELERATING LOAN ORIGINATION VOLUME
LAS VEGAS, Nevada, October 13, 2026 (GlobeNewswire) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced that on October 9, 2026, it amended its two-year revolving credit agreement with Capital One, N.A. to increase the capacity of the facility. The amendment applies to both Capital One, N.A. and the subordinate lender, and increases the total capacity of the facility from $390 million to $518 million.
Loans under the amended credit agreement will continue to be secured by automobile receivables that CPS now holds or will acquire from dealers in the future. CPS may borrow on a revolving basis through October 17, 2027, after which CPS will have the option to repay the outstanding loans in full or to allow them to amortize for an eighteen-month period.
The increase to this facility brings the total capacity across CPS’ credit facilities to $1.026 billion and marks the first time the Company has had over $1 billion in total credit capacity.
“This increase in capacity directly supports the continued growth of our lending programs,” said Charles E. Bradley, Chief Executive Officer. “With strong demand across our dealership network producing growth in origination volume, this upsized facility provides adequate capacity to continue to grow our loan portfolio.”
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 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 through the securitization markets and service the contracts over their lives.
Forward-looking statements in this news release include the Company’s expectation that the revolving period will extend until the revolving period ends, and that an amortization period may follow, statements regarding the expected growth of the Company’s lending programs, loan origination volume and portfolio, the adequacy of the Company’s funding capacity, and the Company’s future acquisition of automobile receivables from dealers. The revolving credit agreement that was amended on October 9, 2026, provides for both a revolving period and an amortization period to follow, but it is possible that the Company may suffer certain defaults or events of default that would terminate the revolving period or result in acceleration of maturity of the credit extended. In general, such defaults or events of default would result from losses that the Company might incur in the future. In turn, such losses might result from poor performance of receivables acquired or to be acquired by the Company, from increases in the rate of consumer bankruptcy filings, which could adversely affect the Company’s rights to collect payments from its portfolio; from changes in government regulations affecting consumer credit; or from adverse economic conditions, either generally or in geographic areas in which the Company’s business is concentrated. The Company’s ability to grow its lending programs and portfolio, and to use the full capacity of its credit facilities, may also be affected by dealer and consumer demand, competition, changes in interest rates, the availability of eligible collateral, compliance with facility covenants, and access to the securitization and other capital markets. Actual results may differ materially from those expressed or implied by these forward-looking statements. Additional risks are described in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update any forward-looking statement, except as required by law.
Investor Relations Contact
Danny Bharwani, EVP/ Chief Financial Officer
949-753-6811