CPS closes $80 million asset-backed notes offering backed by residual interests

Consumer Portfolio Services closed an $80 million securitization of residual interests from previously issued securitizations.

A qualified institutional buyer purchased $80 million of asset-backed notes with a 10.25% coupon.

Collateral includes residual interests in four securitizations from April 2022 to April 2023.

The security package also includes an 80% interest in a majority-owned affiliate holding residual interests in securitizations from July 2023 to April 2026.

Proceeds repaid the higher-coupon residual interest financing notes issued in March 2024.