Consumer Portfolio Services (CPS) amended its two-year revolving credit agreement with Citibank to increase the capacity of the facility. The amendment also applies to the subordinate third party lender, which was announced last month. The amendment increases the capacity of this facility from $225 million to $335 million.
Loans under the amended credit agreement will continue to be secured by automobile receivables that CPS now holds or will acquire from dealers in the future. CPS may borrow on a revolving basis through July 15, 2026, after which CPS will have the option to repay the outstanding loans in full or to allow them to amortize for a one-year period.
