Consumer Portfolio Services renewed its two-year, $100 million revolving credit agreement with 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 Jan. 31, 2024, after which CPS will have the option to repay the outstanding loans in full or to allow them to amortize through January 31, 2028.
“We are pleased for this opportunity to renew this facility and extend our relationship with Ares,” Charles E. Bradley, Jr., president and CEO of CPS, said. “With this renewal we continue to maintain our strategy of having multiple $100 million warehouse lines with multi-year revolving commitments followed by amortization periods.”
