Consumer Portfolio Services amended its two-year revolving credit agreement with Capital One to increase the capacity of the facility. The amendment applies to both Capital One and the subordinate lender, and increases the capacity of the facility from $167.5 million to $390 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 Oct. 17, 2027, after which CPS will have the option to repay the outstanding loans in full or to allow them to amortize for an eighteen-month period.
