Consumer Portfolio Services (CPSS) completed a securitization of subprime auto receivables. On October 23, 2025, a CPS subsidiary purchased and then sold approximately $392.46 million of receivables to CPS Auto Receivables Trust 2025‑D, which issued and sold $384.6 million of asset‑backed notes in five classes.
The notes are secured by the receivables and related cash flows, with CPS serving as servicer and Computershare Trust Company, N.A. acting as trustee, collateral agent, and backup servicer. Initial credit enhancement includes a 1.00% cash Reserve Account and 2.00% overcollateralization, with targeted enhancement building to the lesser of 7.00% of the original pool or 21.00% of the then‑outstanding pool, but not less than 1.50% of the original pool.
The transaction is structured so the notes are obligations only of the trust, yet are treated as long‑term debt of CPS for accounting and tax purposes. The trust pays monthly principal and fixed‑rate interest by class. CPS may exercise a cleanup call when receivables outstanding fall below 10% of the initial balance, if all notes can be redeemed in full.
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.
Louis M. Grasso, a director of Consumer Portfolio Services, Inc. (CPSS), reported transactions dated 09/22/2025. The filing shows 20,000 shares acquired at a price of $2.47 and an additional 5,000 shares held indirectly in an IRA for a total of 25,300 shares beneficially owned after the transaction. The filing also discloses a stock option exercisable at $2.47 covering 20,000 underlying shares, with the option exercisable from 12/01/2020 and expiring 06/01/2027. A footnote states 5,000 shares are held in an individual retirement account and 20,000 shares were issued in consideration of services to the issuer.
Noel Jackson, Sr. Vice President of Consumer Portfolio Services, Inc. (CPSS), exercised stock options and sold the resulting shares on 09/16/2025. He exercised 9,369 option shares at an exercise price of $2.47 per share and immediately sold those 9,369 common shares at a weighted-average price of $8.4938 per share, resulting in no remaining direct ownership of those common shares after the sale. After the transactions, Mr. Jackson continues to beneficially own 20,631 derivative securities (stock options) issued for services.
William B. Roberts, a director of Consumer Portfolio Services, Inc. (CPSS), reported a sale of 100,000 shares of the issuer's common stock on 09/15/2025 at a price of $8.62 per share. Following the reported transaction, Mr. Roberts beneficially owns 585,702 shares. The filing states the shares were sold back to the issuer in an exempt transaction under Rule 16b-3 as part of the company’s stock repurchase program.
Lisette Reynoso, Sr. Vice President of Consumer Portfolio Services, Inc. (CPSS), executed a net exercise of stock options on 09/16/2025. She exercised an option with a $3.83 strike covering 4,800 shares and, after a net exercise, received 2,635 shares while forfeiting 2,165 shares to cover the exercise cost based on the closing price of $8.49 per share on that date. The filing shows the reporting person holds common stock following the transaction and that the original option grant totaled 20,000 options that vested in four installments from 2019 to 2022. The shares were issued as consideration for services.
Chris Terry, Executive Vice President of Consumer Portfolio Services, Inc. (CPSS), was granted 90,000 stock options on 09/09/2025. The options have an exercise price of $8.19 and expire on 09/09/2032. The grant was issued in consideration of Mr. Terry's services and becomes exercisable in four equal increments on 09/09/2026, 09/09/2027, 09/09/2028, and 09/09/2029. Following the reported transaction the filing shows 90,000 underlying shares beneficially owned directly by Mr. Terry. The Form 4 is signed 09/11/2025 and reflects an acquisition coded as "A."
Consumer Portfolio Services insider report: Steven Schween, identified as Senior Vice President, reported receipt of a stock option award on 09/09/2025. The option grants the right to buy 60,000 shares of the company’s common stock at an exercise price of $8.19 per share. The option is exercisable in four equal annual installments beginning 09/09/2026 and fully vests by 09/09/2029, and it expires on 09/09/2032. The filing states the options were issued as consideration for Mr. Schween’s services. The Form 4 was signed by Mr. Schween on 09/11/2025.
Consumer Portfolio Services insider Susan Ryan received a stock option award for 60,000 shares with an exercise price of $8.19 per share, granted on 09/09/2025. The option vests in four equal annual installments beginning 09/09/2026 and expires on 09/09/2032. The filing shows the options were issued as compensation for services and are directly owned by the reporting person.
The Form 4 was signed 09/11/2025 and confirms no other transactions or derivative holdings were reported. The grant increases the reporting persons potential equity stake if exercised, aligning compensation with company performance, while diluting existing shareholders only if and when exercised.