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CONSUMER PORTFOLIO SERVICES, INC. (CPSS) filed an 8-K current report with the SEC on April 24, 2026 reporting Item 1.01 (Entry into a Material Definitive Agreement), Item 2.03 (Creation of a Direct Financial Obligation), Item EX-99.1 (Exhibit EX-99.1). CPS securitized approximately $526.17 million of subprime auto receivables through CPS Auto Receivables Trust 2026-B.
CONSUMER PORTFOLIO SERVICES, INC. 8-K event analysis
AI summary of each reported item and its exhibits
Item 1.01 · Entry into a Material Definitive Agreement
- CPS securitized approximately $526.17 million of subprime auto receivables through CPS Auto Receivables Trust 2026-B
- CPS Receivables Five LLC purchased the receivables from CPS before selling them to the trust
- Transaction supports CPS funding and liquidity for continued subprime auto lending
- Securitization exposes investors to receivable performance and subprime credit-loss risk
Item 2.03 · Creation of a Direct Financial Obligation
- April 22, 2026 securitization created $514.07 million of asset-backed Notes backed by auto receivables
- CPS retains servicing responsibilities while Notes carry fixed rates from 4.35% to 7.14%
- Notes treated as CPS long-term debt for accounting and tax purposes despite legal issuance by the Trust
- Initial credit enhancement: 1.00% cash reserve and 2.30% overcollateralization, increasing toward 7.70%
- Default could redirect receivable cash flows entirely to accelerated Note repayment, restricting CPS distributions
Item EX-99.1 · Exhibit EX-99.1
- $514.07M securitization backed by $526.17M automobile receivables, expanding CPS funding capacity
- Largest transaction in company history and first exceeding $500M of notes sold
- 42nd consecutive securitization with senior notes receiving at least two triple-A ratings, supporting market access
- Weighted-average coupon 5.51%, with senior Class A priced at 4.35% and residual Class E at 7.14%
- Initial credit enhancement includes 1.00% cash deposit and 2.30% overcollateralization, targeting up to 7.70% enhancement
Generated from the filing text and exhibits; verify against the original. What 8-K item codes mean
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