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CPS Announces $436.31 Million Senior Subordinate Asset-Backed Securitization

LAS VEGAS, Nevada, June 26, 2024 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (NASDAQ:CPSS) ("CPS" or the "Company") announced the closing of its third term securitization in 2024 on Wednesday June 26, 2024. The transaction is CPS's 52nd senior subordinate securitization since the beginning of 2011 and the 35th consecutive securitization to receive a triple "A" rating from at least two rating agencies on the senior class of notes. In the transaction, qualified institutional buyers purchased $436.31 million of asset-backed notes secured by $460.00 million in automobile receivables originated by CPS.   The sold notes, issued by CPS Auto Receivables Trust 2024-C, consist of five classes. Ratings of the notes were provided by Standard & Poor's and DBRS Morningstar, and were based on the structure of the transaction, the historical performance of similar receivables and CPS's experience as a servicer. Note Class Amount(in millions) Interest Rate Average Life (years) Price S&P's Rating DBRS Rating A $197.340 5.88%