[8-K] CONSUMER PORTFOLIO SERVICES, INC. Reports Material Event

Rhea-AI Filing Summary

Consumer Portfolio Services (CPSS) entered a two-year revolving credit agreement secured by its automobile receivables. The facility allows borrowings of up to $167.5 million outstanding at any time, with advances up to 95.5% of the principal of eligible pledged receivables. The funding termination date is October 18, 2027, with earlier termination or acceleration possible upon defined events.

Class A loans bear interest at one‑month SOFR plus 2.75% with a 3% floor; Class B loans are 3.65% above the total Class A rate. CPS incurred approximately $19.6 million of indebtedness under the facility on October 22, 2025, and plans to borrow over time as it purchases receivables from dealers.

Insights

Securitization & Specialty Finance Analyst

Receivables-backed revolver adds funding capacity; terms are conventional.

CPS secured a receivables-backed revolving line allowing up to $167.5 million outstanding, advancing up to 95.5% of eligible receivables. This structure ties borrowing capacity to the volume and quality of pledged auto loans, a common mechanism for non-prime auto finance platforms.

Pricing is floating: Class A at one‑month SOFR + 2.75% with a 3% floor; Class B at +3.65% over the total Class A rate. The agreement includes standard termination and default provisions that can accelerate repayment.

CPS has already drawn about $19.6 million on October 22, 2025. Actual utilization will depend on receivable purchases and eligibility tests within the facility. Subsequent filings may provide additional draw activity or changes to availability.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) October 17, 2025

CONSUMER PORTFOLIO SERVICES, INC.

(Exact Name of Registrant as Specified in Charter)

california		1-11416		33-0459135
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

3800 Howard Hughes Pkwy, Suite 1400, Las Vegas, NV 89169

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code (949) 753-6800

Not Applicable

(Former name or former address, if changed since last report)

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):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	CPSS	The Nasdaq Stock Market LLC (Global Market)

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).

Emerging growth company ☐

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.

On October 17, 2025, Consumer Portfolio Services, Inc. ("CPS" or the "Company") and its wholly-owned subsidiary Page Eleven Funding LLC  (the “Borrower”) entered into a two-year revolving credit agreement (the "Credit Agreement") and related agreements with Capital One, N.A. and a Class B lender, (the “Lenders”). Loans under the Credit Agreement are to be secured by automobile receivables that CPS now holds or may purchase 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 agreed to lend from time to time prior to the funding termination date up to a maximum of $167.5 million to be outstanding at any time.  The amount that may be advanced under the Credit Agreement will be up to 95.5% of the principal amount of eligible pledged receivables. The funding termination date is October 18, 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.

Class A loans under the Credit Agreement bear interest at a floating rate equal to one-month SOFR plus 2.75%, but in all events no less than 3% per year. Class B loans under the Credit Agreement bear an interest rate of 3.65% above the total interest rate on Class A loans.

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.

CPS incurred approximately $19.6 million of indebtedness under the revolving credit facility on October 22, 2025. CPS intends to incur indebtedness from time to time as it purchases motor vehicle receivables from dealers.  

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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 23, 2025	By: /s/ Denesh Bharwani
	Denesh Bharwani Executive Vice President and Chief Financial Officer Signing on behalf of the registrant

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