CPS Announces New $100 Million Credit Facility
March 02 2011 - 8:30AM
Consumer Portfolio Services, Inc. (Nasdaq:CPSS) ("CPS" or the
"Company") today announced that on February 24, 2011 it entered
into a $100 million two-year warehouse credit line with UBS Real
Estate Securities Inc. Loans under the facility will be secured by
automobile receivables that CPS now holds or will purchase from
dealers. The facility revolves during the first year and amortizes
during the second year.
"This transaction brings our total warehouse capacity to $200
million," said Charles E. Bradley, Jr., President and Chief
Executive Officer. "With our expected return to the term
securitization market in the next few months, we are well
positioned to meet our contract funding needs."
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
949 753-6800
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