Consumer Portfolio renews two-year revolver with Citibank to 2018

By Marisa Wong

Morgantown, W.Va., Aug. 15 – Consumer Portfolio Services, Inc. said it renewed its two-year revolving credit agreement with Citibank, NA on Aug. 12.

The company may borrow on a revolving basis through Aug. 10, 2018, after which it will have the option to repay the outstanding loans in full or to allow them to amortize for a one-year period.

Loans under the renewed credit agreement will be secured by automobile receivables.

“With this renewal we continue to maintain our strategy of having three $100 million warehouse lines with multi-year revolving commitments followed by amortization periods,” president and chief executive officer Charles E. Bradley Jr. said in a press release.

Consumer Portfolio is an independent specialty finance company based in Irvine, Calif.

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