Consumer Portfolio Services, an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories, increased the capacity of its credit agreement with Ares Agent Services from $100 million to $200 million.
Loans under the amended 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 January 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.
