Citibank renewed its two-year revolving credit facility totaling $100 million with Consumer Portfolio Services (CPS), an independent specialty finance company providing indirect automobile financing to those with past credit issues, low incomes or limited credit histories.
Loans under the renewed credit agreement will be secured by automobile receivables that CPS now holds and will originate directly or will purchase from dealers in the future. CPS may borrow on a revolving basis through Dec. 18, 2022, 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.
“We are pleased for this opportunity to continue to business with Citibank, with whom we have enjoyed a long and mutually beneficial relationship,” Charles E. Bradley Jr., president and CEO of CPS, said. “With this renewal, we continue to maintain our strategy of having three $100 million warehouse lines with multi-year revolving commitments followed by amortization periods.”