Loans under the renewed 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 August 10, 2018, 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 do business with Citibank, with whom we have enjoyed a long and mutually beneficial relationship,” said Charles E. Bradley, Jr., president and CEO. “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.”
Consumer Portfolio Services is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories.