Consumer Portfolio Services doubles revolving credit facility

By William Gullotti

Buffalo, N.Y., June 30 – Consumer Portfolio Services, Inc. upped its existing two-year revolving credit agreement with Ares Agent Services, LP to $200 million on June 28, according to a press release on Thursday.

As with the Feb. 2, 2022 renewal of the original $100 million facility, Consumer Portfolio Services may borrow on a revolving basis through Jan. 31, 2024, after which the company will have the option to repay the outstanding loans or to allow them to amortize through Jan. 31, 2028.

Loans will continue to be secured by automobile receivables.

Consumer Portfolio Services is an Irvine, Calif.-based specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.