What does Consumer Portfolio Services do?
They are a specialty finance company that help people with past credit problems, low incomes or limited credit histories obtain car financing. They work with franchised automobile dealerships and help consumers get loans secured by late model used vehicles and possibly new vehicles. They fund these contract purchases on a long-term basis through the securitization markets, and service the loans over their entire contract terms.
Recently, Consumer Portfolio Services announced the closing of its first term securitization of 2013. The transaction is the company’s eighth securitization since 2011.
The transaction by Consumer Portfolio Services was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law. All of such securities having been sold, this announcement of their sale appears as a matter of record only.
- CPS Renews Credit Facility(pehub.com)
- Subprime Securitization Returns–Without the Subprime(lawbitrage.typepad.com)
- Mortgage Securitizers Didn’t Know Housing Was Going Bust(blogs.wsj.com)