Current Report Filing (8-k)
October 30 2019 - 4:49PM
Edgar (US Regulatory)
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 29, 2019
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CONSUMER PORTFOLIO SERVICES, INC.
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(Exact Name of Registrant as Specified in Charter)
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CALIFORNIA
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1-11416
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33-0459135
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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3800 Howard Hughes Pkwy, Suite 1400, Las Vegas, NV 89169
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(Address of Principal Executive Offices) (Zip Code)
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Registrant's telephone number, including
area code (949) 753-6800
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Not Applicable
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(Former name or former address, if changed since last report)
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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):
☐ 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
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, no par value
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CPSS
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The Nasdaq Stock Market LLC (Global Market)
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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).
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 2.02. Results of Operations
and Financial Condition.
On October 29, 2019, the registrant announced its earnings for
the quarter ended September 30, 2019. A copy of the earnings release is attached as an exhibit to this report.
Item 8.01. Other Events.
The registrant’s earnings release
disclosed the annualized rate of net chargeoffs on receivables held by the registrant on an aggregate basis, both those receivables
that are described in its financial statements as finance receivables (“legacy portfolio”) and those that are described
as finance receivables measured at fair value (“fair value portfolio”). The following table provides additional detail:
Quarterly Net Chargeoff
Rates by Portfolio Type
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Three months ended
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September 30, 2019
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June 30, 2019
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March 31, 2019
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Legacy Portfolio
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12.97%
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12.25%
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11.56%
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Fair Value Portfolio
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3.93%
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2.90%
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2.61%
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Total Portfolio
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8.07%
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7.82%
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7.98%
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Item 9.01. Financial Statements
and Exhibits.
One exhibit is included with this report:
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.
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CONSUMER PORTFOLIO SERVICES, INC.
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Dated: October 30, 2019
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By: /s/ JEFFREY P. FRITZ
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Jeffrey P. Fritz
Executive Vice President and Chief Financial Officer
Signing on behalf of the registrant
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