CPS Securitizes $526.17M in Auto Receivables, Issues $514.07M Notes

Consumer Portfolio Services, Inc. (CPS) and its subsidiary CPS Receivables Five LLC entered into agreements on April 22, 2026, to securitize approximately $526.17 million of subprime automotive receivables. This involved selling the receivables to a trust, which then issued and sold $514.07 million of asset-backed Notes in five classes. A reserve account equal to 1.00% of the aggregate receivables balance was also pledged for the benefit of noteholders, creating material long-term obligations for the company.