SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------
FORM 11-K
(Mark One)
[x] Annual Report pursuant to Section 15(d) of
the Securities Exchange of
1934
For the fiscal year ended December 31, 2022
OR
[ ] Transition Report pursuant
to Section 15(d) of the Securities
Exchange Act of 1934 [No Fee Required]
For the transition period from ______ to_______
Commission File Number 1-11416
A. Full title of the plan and the address of the
plan, if different
from that of the issuer named below:
Consumer Portfolio Services, Inc. 401(k) Plan
B. Name of issuer of the securities held pursuant
to the plan and the
address of its principal executive office:
Consumer Portfolio Services, Inc.
3800 Howard Hughes Parkway
Las Vegas, NV 89169
REQUIRED INFORMATION
I. Financial Statements.
Financial statements and supplemental schedule
prepared in accordance with the financial reporting requirements of the Employee Retirement Income Security Act of 1974, together with
the report of independent registered public accounting firm thereon, are filed herewith.
II. Exhibits:
Consent of Independent Registered Public Accounting
Firm is filed herewith as Exhibit 23.1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the Plan) have duly caused this annual report to be signed on its behalf by the undersigned,
hereunto duly authorized.
Consumer
Portfolio Services, Inc. 401(k) Plan
July 14, 2023 |
By: /s/ Denesh Bharwani |
Denesh Bharwani
Member,
Benefits Committee
CONSUMER PORTFOLIO
SERVICES, INC. 401(K) PLAN
Financial Statements and Supplemental Schedule
As of and for the Years Ended December 31,
2022 and 2021
(with Report of Independent Registered Public Accounting
Firm Thereon)
CONSUMER PORTFOLIO
SERVICES, INC. 401(K) PLAN
Index to Financial Statements and Supplemental
Schedule
All schedules omitted are not applicable
or are not required based on disclosure requirements of the Employee Retirement Income Security Act of 1974 and regulations issued by
the Department of Labor.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
The Participants and Benefits Committee
Consumer Portfolio Services, Inc. 401(k) Plan
Opinion on the Financial Statements
We have audited the accompanying statements of
net assets available for benefits of the Consumer Portfolio Services, Inc. 401(k) Plan (the “Plan”) as of December 31,
2022 and 2021, the related statements of changes in net assets available for benefits for the years then ended, and the related notes
(collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all
material respects, the net assets available for benefits of the Plan as of December 31, 2022 and 2021, and the changes in net assets available
for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility
of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are
a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required
to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s
internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental information in the accompanying
schedules, Schedule H, Line 4a – Schedule of Delinquent Participant Contributions for the year ended December 31, 2022 and Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2022, have been subjected to audit procedures
performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of
the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial
statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy
of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether
the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information
is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ HASKELL & WHITE LLP
We have served as the Plan’s auditor since
2005.
Irvine, California
July 14, 2023
CONSUMER PORTFOLIO SERVICES, INC. 401(K) PLAN
Statements of Net Assets Available for Benefits
As of December 31, 2022 and 2021
Investments (Notes 2, 3 and 4): | |
2022 | | |
2021 | |
| |
| | |
| |
Interest bearing cash | |
$ | 114,150 | | |
$ | 187,520 | |
Guaranteed interest account, at contract value | |
| 6,960,833 | | |
| 4,616,642 | |
Registered investment companies | |
| 35,808,063 | | |
| 42,639,854 | |
Consumer Portfolio Services, Inc. common stock | |
| 4,555,980 | | |
| 7,866,172 | |
| |
| | | |
| | |
Total investments | |
| 47,439,026 | | |
| 55,310,188 | |
| |
| | | |
| | |
Notes receivable from participants | |
| 1,574,780 | | |
| 1,562,692 | |
| |
| | | |
| | |
Net assets available for benefits | |
$ | 49,013,806 | | |
$ | 56,872,880 | |
The accompanying notes are an integral part of these
financial statements.
CONSUMER PORTFOLIO SERVICES, INC. 401(K) PLAN
Statements of Changes in Net Assets Available for
Benefits
For the years ended December 31, 2022 and 2021
| |
2022 | | |
2021 | |
Additions to (deductions from) net assets attributed to: | |
| | |
| |
| |
| | |
| |
Contributions: | |
| | | |
| | |
Employees | |
$ | 3,408,472 | | |
$ | 2,996,305 | |
Employer | |
| 1,292,399 | | |
| 1,235,048 | |
Employees' individual rollover | |
| 29,936 | | |
| 26,338 | |
| |
| | | |
| | |
Total contributions | |
| 4,730,807 | | |
| 4,257,691 | |
| |
| | | |
| | |
Investments (Notes 2, 3 and 4): | |
| | | |
| | |
Interest on interest bearing cash | |
| 1,864 | | |
| 10 | |
Interest on guaranteed interest account | |
| 186,058 | | |
| 139,730 | |
Net (depreciation) appreciation in fair value of registered | |
| | | |
| | |
investment companies | |
| (9,252,557 | ) | |
| 5,196,775 | |
Net unrealized/realized (depreciation) appreciation of CPS, Inc. common stock | |
| (1,549,091 | ) | |
| 5,146,685 | |
Dividends from registered investment companies | |
| 1,324,472 | | |
| 1,576,831 | |
Investment expenses | |
| (167,282 | ) | |
| (210,397 | ) |
| |
| | | |
| | |
Total investments (losses) gains | |
| (9,456,536 | ) | |
| 11,849,634 | |
| |
| | | |
| | |
Interest on notes receivable from participants | |
| 76,048 | | |
| 83,344 | |
| |
| | | |
| | |
Total (deductions) additions | |
| (4,649,681 | ) | |
| 16,190,669 | |
| |
| | | |
| | |
Deductions from net assets attributed to: | |
| | | |
| | |
| |
| | | |
| | |
Benefits paid to participants | |
| (3,148,504 | ) | |
| (3,236,183 | ) |
Administrative fees | |
| (60,889 | ) | |
| (44,656 | ) |
| |
| | | |
| | |
Total deductions | |
| (3,209,393 | ) | |
| (3,280,839 | ) |
| |
| | | |
| | |
Net (decrease) increase in net assets available for benefits | |
| (7,859,074 | ) | |
| 12,909,830 | |
| |
| | | |
| | |
Net assets available for benefits: | |
| | | |
| | |
| |
| | | |
| | |
Beginning of year | |
| 56,872,880 | | |
| 43,963,050 | |
| |
| | | |
| | |
End of year | |
$ | 49,013,806 | | |
$ | 56,872,880 | |
The accompanying notes are an integral part of these
financial statements.
CONSUMER PORTFOLIO SERVICES, INC. 401(K) PLAN
Notes to Financial Statements
December 31, 2022 and 2021
(1) |
Description of the Plan |
The following description of the Consumer
Portfolio Services, Inc. (the “Plan Sponsor” or “CPS, Inc.”) 401(k) Plan (the “Plan”) provides only
general information. Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.
The Plan was established as a profit
sharing plan with cash or deferred arrangement on January 1, 1994. The Plan was restated as of January 1, 1996 to permit investment in
the Plan Sponsor’s common stock without regard to Section 407(a) of the Employee Retirement Income Security Act of 1974 (“ERISA”).
Effective January 1, 2003, the Plan Sponsor adopted the MassMutual Life Insurance Company Flexinvest® Prototype Non-Standardized 401(k)
Profit Sharing Plan. During 2012, the Plan was amended to allow for automatic enrollment with automatic deferral contributions of 3% of
eligible compensation of employees eligible to participate in the Plan, unless otherwise elected by such employees. Effective January
1, 2017, the Plan was amended to automatically increase participant contributions by 1% on the employee’s anniversary date each
year forward, unless the employee opts out. The Plan is a defined contribution plan which provides retirement benefits for eligible employees
of the Plan Sponsor. It is subject to the provisions of ERISA.
On January 4, 2021, MassMutual Life
Insurance Company, the custodian and record-keeper for the plan, was acquired by Empower Retirement (“Empower”).
| (b) | Administration of the Plan |
The Plan is administered by the Human
Resources Department (the “Plan Administrator”) of the Plan Sponsor. The Plan Administrator consults with the Benefits Committee
and other key management of the Plan Sponsor when managing the operations and the administration of the Plan. The Plan is operated under
an agreement which requires that Empower hold and distribute the funds of the Plan in accordance with the text of the Plan and the instructions
of the Plan Administrator or its designees.
| (c) | Eligibility and Contributions |
Employees are eligible to participate
in the Plan after completing 90 days of service. In accordance with the Plan, participants may contribute up to 100% of their annual compensation,
after required deductions, such as those required by the Federal Insurance Contributions Act. Contributions are subject to certain limitations
as defined in the Plan agreement, as well as a maximum of $20,500 and $19,500 for the years ended December 31, 2022 and 2021, respectively,
under the Internal Revenue Code (“IRC”) of 1986. Catch-up contributions (within the meaning of Section 414(v) of the IRC)
can also be made by participants who reach age 50 during the plan year. Participants are only permitted to make catch-up contributions
after they have already contributed the maximum amount for the year. The catch-up contribution limit was $6,500 for both 2022 and 2021.
Participants may rollover into the Plan amounts representing distributions from other qualified plans.
CONSUMER PORTFOLIO SERVICES, INC. 401(K) PLAN
Notes to Financial Statements (continued)
December 31, 2022 and 2021
(1) |
Description of the Plan (continued) |
| (c) | Eligibility and Contributions (continued) |
The Plan Sponsor may make a discretionary
matching contribution equal to a discretionary amount of each participant’s pretax contributions up to a maximum of $2,000. Discretionary
cash matching contributions were $1,292,399 and $1,235,048 for the years ended December 31, 2022 and 2021, respectively.
Each participant’s account is
credited with the participant’s contributions, allocations of the Plan Sponsor’s matching contributions and investment earnings
or losses and charged with an allocation of expenses. Allocations are based on participant earnings, losses, or account balances, as defined
in the Plan agreement.
Participants are immediately vested
in their contributions plus actual earnings thereon. Vesting in the Plan Sponsor’s matching contributions plus actual earnings thereon
is based on years of continuous service. A participant vests at the rate of 20% after two years of credited service and 20% each year
thereafter until 100% is reached after six years of credited service. Participants are also fully vested at death, retirement and upon
termination for disability.
The Plan offers various investment
options which are managed by several outside investment managers. Upon enrollment in the Plan, participants may direct their contributions
in any of the investment options offered at the time. A participant’s plan account will be invested in a target date retirement
fund based on age if an investment fund(s) is not chosen. Participants may change their investment options daily. Participants should
refer to the investment literature provided by the Plan Sponsor for a complete description of the investment options and for the detailed
composition of each investment fund.
| (g) | Notes Receivable from Participants |
Participants may borrow from their
accounts. Such borrowings and repayments are treated as transfers from and to, respectively, the participant’s investment funds.
Borrowings are secured by the participant’s vested account balance and bear interest at a rate commensurate with local prevailing
rates as determined by the Plan Administrator. Loans are limited to the lesser of $50,000, reduced by the highest outstanding loan balance
during the preceding 12 months, or 50% of the participant’s vested account balance. A loan shall be repaid within five years unless
it is used for the purchase of a primary residence.
Notes receivable from participants
are payable through payroll deductions in installments of principal plus interest of prime rate plus 1 percentage point (8.50% and 4.25%
at December 31, 2022 and 2021, respectively) with final payments due between January 2023 and November 2032.
CONSUMER PORTFOLIO SERVICES, INC. 401(K) PLAN
Notes to Financial Statements (continued)
December 31, 2022 and 2021
| (1) | Description of the Plan (continued) |
Upon termination of service, a participant
may elect to receive either a single lump sum payment in cash equal to the value of the vested interest in his or her account, or a series
of substantially equal annual or more frequent installments over a period not to exceed the participant’s life expectancy.
In accordance with the Plan agreement,
forfeitures attributable to matching contributions must be applied first to reduce expenses related to the administration of the Plan
(Note 2(e)) and then to reduce any employer contributions. As of December 31, 2022, and 2021, forfeited accounts totaled $36,713 and $100,603,
respectively.
Although it has not expressed any
intent to do so, the Plan Sponsor has the right under the Plan to terminate the Plan subject to the provisions of ERISA. In the event
of the Plan’s termination, participants will become 100% vested in their accounts.
| (2) | Significant Accounting Policies |
The financial statements of the Plan
have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States
of America (“GAAP”). Benefits are recorded when paid.
The Plan Administrator evaluated subsequent
events through July 14, 2023, the date the financial statements were available to be issued.
Publicly traded securities are carried
at fair value based on published market quotations. Shares of registered investment companies are valued at the published net asset value
of the underlying assets at year end. Purchases and sales of investments are recorded on a trade date basis. Dividends are recorded on
the ex dividend date. Interest income is recorded on the accrual basis.
Realized gains and losses on investments
are based on the fair value of the asset at the beginning of the year or at the time of purchase for assets purchased during the year
and the related fair value on the date investments are sold during the year.
CONSUMER PORTFOLIO SERVICES, INC. 401(K) PLAN
Notes to Financial Statements (continued)
December 31, 2022 and 2021
| (2) | Significant Accounting Policies (continued) |
| (c) | Investments (continued) |
The Plan invests in a Guaranteed Interest
Contract (“GIC”), which is valued at contract value based on the underlying value of the account’s group annuity contract.
In the event that the underlying agreements in the Plan’s investments in fully benefit-responsive investment contracts are fully
or partially terminated, participants will receive the liquidation value instead of the contract value. The Plan Administrator does not
anticipate the full or partial termination of such agreements in the foreseeable future.
| (d) | Notes Receivable from Participants |
Notes receivable from participants
are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are recorded as distributions
based on the terms of the Plan agreement.
| (e) | Administrative Expenses |
The Plan and the Plan Sponsor share
plan expenses. Certain direct investment expenses, such as record keeping fees, brokerage fees, loan, withdrawal or distribution processing
fees are deducted from participants’ accounts. During the years ended December 31, 2022 and 2021, $193,875 and $169,081, respectively,
in Plan investment and administrative expenses were paid through the use of forfeitures.
The Plan Administrator has made a number
of estimates and assumptions relating to the reporting of assets and liabilities to prepare these financial statements in conformity with
GAAP. Accordingly, actual results may differ from those estimates.
In accordance with GAAP, the Plan
uses a hierarchy for measuring the fair value of all financial assets and liabilities that are being measured and reported at fair value
on a recurring and non-recurring basis. Fair value is measured in levels, which are described in more detail below, and are determined
based on the observability and reliability of the assumptions used to determine fair value. Should the inputs used to measure fair value
fall into different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement
in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Level 1: Valuations for assets and
liabilities traded in active exchange markets. Valuations are obtained from readily available pricing sources for market transactions
involving identical assets or liabilities.
Level 2: Valuations for assets and
liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or
comparable assets or liabilities.
Level 3: Valuations for assets and
liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models, and similar
techniques, and not based on
CONSUMER PORTFOLIO SERVICES, INC. 401(K) PLAN
Notes to Financial Statements (continued)
December 31, 2022 and 2021
| (3) | Investments (continued) |
market exchange, dealer or broker
traded transactions. These valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets
or liabilities.
Certain investments in the Plan are measured
and reported at fair value on a recurring basis. The following tables show the balances of these investments based on their GAAP designated
levels:
| |
As of December 31, 2022 | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
| |
| | |
| | |
| | |
| |
Registered investment companies | |
$ | 35,808,063 | | |
$ | 35,808,063 | | |
$ | – | | |
$ | – | |
CPS, Inc. common stock | |
| 4,555,980 | | |
| 4,555,980 | | |
| – | | |
| – | |
Interest bearing cash | |
| 114,150 | | |
| 114,150 | | |
| – | | |
| – | |
Total | |
$ | 40,478,193 | | |
$ | 40,478,193 | | |
$ | – | | |
$ | – | |
| |
As of December 31, 2021 | |
| |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
| |
| | |
| | |
| | |
| |
Registered investment companies | |
$ | 42,639,854 | | |
$ | 42,639,854 | | |
$ | – | | |
$ | – | |
CPS, Inc. common stock | |
| 7,866,172 | | |
| 7,866,172 | | |
| – | | |
| – | |
Interest bearing cash | |
| 187,520 | | |
| 187,520 | | |
| – | | |
| – | |
Total | |
$ | 50,693,546 | | |
$ | 50,693,546 | | |
$ | – | | |
$ | – | |
Registered investment companies were
valued at their daily closing price.
The Plan is a party to a fully
benefit-responsive guaranteed interest contract with Empower. The account is credited with earnings on the underlying investments and
charged for participant withdrawals and administrative expenses. The guaranteed interest contract issuer is contractually obligated to
repay the principal and a specified interest rate that is guaranteed to the Plan. Because the guaranteed investment contract is fully
benefit-responsive, contract value is the relevant measurement for that portion of the net assets available for plan benefits attributable
to the guaranteed investment contract. The guaranteed interest contract is presented on the face of the statements of net assets available
for benefits at contract value. Contract value, as reported to the Plan by Empower, represents contributions made under the contract,
plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer
of all or a portion of their investment at contract value.
| (4) | Risks and Uncertainties |
The Plan provides for various investment
options in money market funds, registered investment companies, guaranteed interest contracts and the common stock of CPS, Inc. Investment
securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of uncertainty related to changes
in the value of investment securities, it is at least reasonably possible that changes in the various risk factors could materially affect
participants’ account balances and the amounts reported in the financial statements.
CONSUMER PORTFOLIO SERVICES, INC. 401(K) PLAN
Notes to Financial Statements (continued)
December 31, 2022 and 2021
| (4) | Risks and Uncertainties (continued) |
The global economy, including the financial
and credit markets, has recently experienced extreme volatility and disruptions, including increases to inflation rates, rising interest
rates, declines in consumer confidence, declines in economic growth, and uncertainty about economic stability. The severity and duration
of the impact of these conditions on the Plan cannot be predicted.
The Internal Revenue Service
(“IRS”) has determined and informed the Plan Sponsor by a letter dated February 7, 1996 that the Plan and related trust
are designed in accordance with applicable sections of the IRC and is, therefore, exempt from Federal income taxes. As described in
Note 1, the Plan has been amended since receiving the determination letter, including the adoption of the Empower Retirement Company
Flexinvest® Prototype Non-Standardized 401(k) Profit Sharing Plan. The IRS has determined and notified Empower by a letter dated November 14, 2022 that the form of the prototype plan is acceptable under section 401 of the IRC for use
by employers for the benefit of their employees. The Plan Administrator believes that the Plan is designed and is currently being
operated in compliance with the applicable requirements of the IRC. Accordingly, no provision for income taxes is included in the
accompanying financial statements.
GAAP requires Plan management to evaluate
uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more
likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax
positions taken by the Plan and has concluded that as of December 31, 2022, there are no uncertain positions taken or expected to be taken.
The Plan has recognized no interest or penalties related to uncertain tax positions and is subject to routine audits by taxing jurisdictions.
Parties-in-interest are defined under
the Department of Labor regulations as any fiduciary of the Plan, any party rendering service to the Plan, an employer whose employees
are covered by the Plan, and certain others. Certain Plan investments are managed by Empower. Empower is the custodian of these assets
and provides record keeping services to the Plan; therefore, these transactions qualify as permitted party-in-interest transactions. The
Plan Sponsor offers its common stock as an investment option and performs administrative functions to the Plan at no cost. These are also
considered permitted party-in-interest transactions. Notes receivable from participants held by the Plan also reflect allowable party-in-interest
transactions.
CONSUMER PORTFOLIO SERVICES, INC. 401(K) PLAN |
|
Schedule H, Line 4a – Schedule of Delinquent Participant Contributions– December 31, 2022 |
|
Plan # 001 – EIN # 32-0021607 |
| Participant Contributions
Transferred Late to Plan | | |
| Total that constitute Nonexempt Prohibited Transaction | |
| Check
here if Late Participant Loan Repayments are included: | | |
| Contributions
Not
Corrected | | |
| Contributions
Corrected | | |
| Contributions
Pending | |
| ☒ | | |
$ | – | | |
$ | 487,323 | | |
$ | – | |
On January 4, 2021, MassMutual Life Insurance
Company, the custodian and record-keeper for the plan, was acquired by Empower Retirement. The participant contribution amounts noted
in the table above were transferred late due to delays during the data migration process from MassMutual to Empower. All delinquent contributions
have been contributed to the Plan.
CONSUMER PORTFOLIO SERVICES, INC. 401(K) PLAN |
|
Schedule H, Line 4i – Schedule of Assets (Held at End of Year) – December 31, 2022 |
|
Plan # 001 – EIN # 32-0021607 |
(a) | |
(b) Identity of issuer, borrower, lessor or similar party | |
(c) Description of investment including maturity date, rate of interest, collateral, par or maturity date | |
(d) Cost | | |
( e) Current value | |
| |
Vanguard | |
1VFIAX Vanguard 500 Index Fund | |
$ | 7,783,836 | | |
$ | 7,650,372 | |
* | |
Empower | |
1MGDYB3 Guaranteed Interest Account | |
| 6,924,997 | | |
| 6,960,833 | |
* | |
Consumer Portfolio Services, Inc. | |
Consumer Portfolio Service, Inc. Common Stock | |
| 3,044,661 | | |
| 4,555,980 | |
| |
American Funds | |
1RLBGX American Funds Balanced Fund | |
| 2,554,947 | | |
| 2,591,912 | |
| |
Franklin Templeton | |
1FIFRX Franklin Growth Fund | |
| 2,810,640 | | |
| 2,543,716 | |
| |
Vanguard | |
1VBIAX Vanguard Balanced Index Fund | |
| 1,805,535 | | |
| 1,788,514 | |
| |
Vanguard | |
1VIGAX Vanguard Growth Index Fund | |
| 1,721,449 | | |
| 1,629,536 | |
| |
Dodge & Cox | |
1DODGX Dodge & Cox Stock - I | |
| 1,546,743 | | |
| 1,506,372 | |
| |
Vanguard | |
1VSMGX Vanguard Life Strat Mod Gr Fund | |
| 1,372,277 | | |
| 1,379,415 | |
| |
American Funds | |
1RLLGX American Funds Sm Cap World Fund | |
| 1,276,583 | | |
| 1,294,611 | |
| |
American Funds | |
1RFKTX Amrcn Fnds 2055 Trgt Dt Ret Fd | |
| 1,284,214 | | |
| 1,229,332 | |
| |
American Funds | |
1RFITX Amrcn Fnds 2050 Trgt Dt Ret Fd | |
| 1,264,891 | | |
| 1,209,391 | |
| |
American Funds | |
1RFGTX Amrcn Fnds 2040 Trgt Dt Ret Fd | |
| 1,152,958 | | |
| 1,110,180 | |
| |
American Funds | |
1RFUTX Amrcn Fnds 2060 Trgt Dt Ret Fd | |
| 1,039,908 | | |
| 1,000,118 | |
| |
Vanguard | |
1VIMAX Vanguard Mid Cap Index Fund | |
| 981,021 | | |
| 975,924 | |
| |
Dimensional Fund Advisors | |
1DGEIX DFA Global Equity I | |
| 969,440 | | |
| 960,561 | |
| |
American Funds | |
1RFFTX Amrcn Fnds 2035 Trgt Dt Ret Fd | |
| 955,857 | | |
| 927,610 | |
| |
American Funds | |
1RBFGX American Funds Bond Fund of America | |
| 871,764 | | |
| 890,692 | |
| |
American Funds | |
1RFHTX Amrcn Fnds 2045 Trgt Dt Ret Fd | |
| 908,336 | | |
| 871,060 | |
| |
Vanguard | |
1VIPIX Vanguard Infl-Protected Secs Fund | |
| 835,973 | | |
| 817,996 | |
| |
Vanguard | |
1VASGX Vanguard Life Strat Gr Fund | |
| 796,241 | | |
| 805,891 | |
| |
Vanguard | |
1VSCGX Vanguard LifeStrategy Con Gr Fd | |
| 750,620 | | |
| 755,006 | |
| |
American Funds | |
1RFETX Amrcn Fnds 2030 Trgt Dt Ret Fd | |
| 750,081 | | |
| 735,574 | |
| |
American Funds | |
1RFDTX Amrcn Fnds 2025 Trgt Dt Ret Fd | |
| 686,112 | | |
| 676,659 | |
| |
Vanguard | |
1VTMGX Vanguard Developed Markets Index Fund | |
| 558,585 | | |
| 603,581 | |
| |
Vanguard | |
1VSMAX Vanguard Small Cap Index Fund | |
| 567,057 | | |
| 553,589 | |
* | |
MassMutual Premier | |
1MSCDX MassMutual Small Cap Opportunities R5 | |
| 554,184 | | |
| 539,450 | |
| |
BlackRock | |
1BRHYX BlackRock High Yield Bond Fund | |
| 325,621 | | |
| 324,552 | |
| |
BlackRock | |
1BMGKX BlackRock Mid Cap Growth Equity Fd | |
| 303,190 | | |
| 301,214 | |
* | |
Empower | |
Cash Account | |
| 114,150 | | |
| 114,150 | |
| |
American Funds | |
1RRCTX Amrcn Fnds 2020 Trgt Dt Ret Fd | |
| 84,121 | | |
| 82,924 | |
| |
Cohen & Steers | |
1CSRIX Cohen & Steers Realty Shrs Fd | |
| 41,942 | | |
| 41,330 | |
| |
American Funds | |
1RFJTX Amrcn Fnds 2015 Trgt Dt Ret Fd | |
| 5,733 | | |
| 5,674 | |
| |
American Funds | |
IRFTTX Amrcn Fnds 2010 Trgt Dt Ret Fd | |
| 5,352 | | |
| 5,307 | |
| |
| |
| |
| | | |
| 47,439,026 | |
* | |
Notes receivable from participants | |
4.25%- 8.0% maturing between Jan. 2023 and Nov. 2032 | |
| | | |
| 1,574,780 | |
| |
Total | |
| |
| | | |
$ | 49,013,806 | |
* Denotes investment with party-in-interest.
See accompanying
report of independent registered public accounting firm.
EXHIBIT 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
The Benefits Committee
Consumer Portfolio Services, Inc. 401(k) Plan:
We consent to the incorporation by reference
in the Registration Statement on Form S-8 (No. 333-58199) of Consumer Portfolio Services, Inc. of our report dated July 14, 2023,
with respect to the statements of net assets available for benefits of Consumer Portfolio Services, Inc. 401(k) Plan as of December
31, 2022 and 2021, the related statements of changes in net assets available for benefits for the years then ended, the related
notes and the supplemental schedules, Schedule H, Line 4a – Schedule of Delinquent Participant Contributions for the year
ended December 31, 2022 and Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2022, which
report appears in the December 31, 2022 Annual Report on Form 11-K of Consumer Portfolio Services, Inc. 401(k) Plan.
/s/ HASKELL &
WHITE LLP
Irvine, California
July 14, 2023
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