Daily News: November 28, 2017

Credit Suisse, Ares Renew CPS $100MM Facility


Consumer Portfolio Services (CPS) renewed its two-year revolving credit agreement with Credit Suisse AG and Ares Agent Services.

Loans under the renewed 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 November 24, 2019, after which CPS will have the option to repay the outstanding loans in full or to allow them to amortize through November 24, 2021.

“We are pleased with the opportunity to renew this facility and extend our relationship with Credit Suisse and Ares,” said Charles E. Bradley, Jr., president and CEO. “With this renewal we maintain our strategy of having three $100 million warehouse lines with multi-year revolving commitments, in each case followed by an amortization period.”

Consumer Portfolio Services is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories.