Consumer Portfolio Services renews $100 million revolving facility

By Wendy Van Sickle

Columbus, Ohio, Sept. 25 – Consumer Portfolio Services, Inc. renewed its $100 million two-year revolving credit agreement with Citibank, NA on Friday, according to a press release.

Loans under the credit agreement will be secured by automobile receivables that CPS now holds, will originate directly or will purchase from dealers in the future.

CPS may borrow on a revolving basis through Sept. 21, 2020, 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.

“With this renewal we 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 the release.

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.

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