Daily News: May 14, 2012

CPS Enters New $100 Million Credit Facility With Citibank

Consumer Portfolio Services, Inc. (CPS) announced that on May 11, 2012 it entered into a $100 million one-year revolving warehouse credit facility with Citibank. Loans under the facility will be secured by automobile receivables that CPS now holds or will purchase from dealers.

“We are pleased to expand our long-term relationship with Citi with the completion of our fourth financing deal since 2007,” said Charles E. Bradley, Jr., president and CEO. “This transaction brings our total warehouse capacity back to $200 million and provides improved flexibility compared to our other facilities.”

Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories.

Previously on abfjournal.com:

CPS Closes Two Financings With Leichtman, Goldman Sachs, Fortress, Monday, January 03, 2011