Consumer Portfolio Services (CPS) renewed its two-year revolving credit agreement with Citibank while simultaneously increasing the capacity of the facility. The renewal and increase apply to both Citibank and the subordinate lender, and increases the capacity of the facility from $335 million to $508 million.
Loans under the renewed credit agreement will be secured by automobile receivables that CPS now holds or will originate in the future. CPS may borrow on a revolving basis through July 17, 2028, 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.
