EX-99.1
2
form_8k-ex9901.htm
PRESS RELEASE
form_8k-ex9901.htm
Exhibit 99.1
[CPS
Logo]
NEWS
RELEASE
CPS
Completes $199 Million Whole Loan Sale
IRVINE,
California, October 1, 2008 - Consumer Portfolio Services, Inc. (Nasdaq: CPSS)
today announced that it completed a structured whole loan sale last Friday,
selling $198.7 million of automobile purchase receivables.
In the
transaction, an affiliate of Citigroup purchased 95% of structured notes backed
by automotive purchase receivables, while CPS purchased the remaining
5%. A portion of the cash proceeds were used to repay outstanding
warehouse indebtedness. The Company also retains a shared
participation in the future performance of the sold receivables.
"While
the securitization market remains challenging, we are pleased to have completed
this transaction", said Charles E. Bradley, Jr., Chairman and Chief Executive
Officer of CPS. "Being able to access liquidity in this difficult market
environment is a testament to the platform we have built over the last few
years."
The sale
of notes was a private offering of securities, not registered under the
Securities Act of 1933, or any state securities law. All of such securities
having been sold, this announcement of their sale appears as a matter of record
only.
About
Consumer Portfolio Services, Inc.
Consumer
Portfolio Services, Inc. is a specialty finance company engaged in purchasing
and servicing new and used retail automobile contracts originated primarily by
franchised automobile dealerships and to a lesser extent by select independent
dealers of used automobiles in the United States. We serve as an
alternative source of financing for dealers, facilitating sales to sub-prime
customers, who have limited credit history, low income or past credit problems
and who otherwise might not be able to obtain financing from traditional
sources.
Investor
Contacts
Consumer
Portfolio Services, Inc.
Robert
E. Riedl
949-753-6800
Erica
Waldow
888-505-9200

EX - 99 . 1 2 form _ 8k - ex9901 . htm PRESS RELEASE form _ 8k - ex9901 . htm Exhibit 99 . 1 [ CPS Logo ] NEWS RELEASE CPS Completes $ 199 Million Whole Loan Sale IRVINE , California , October 1 , 2008 - Consumer Portfolio Services , Inc . ( Nasdaq : CPSS ) today announced that it completed a structured whole loan sale last Friday , selling $ 198.7 million of automobile purchase receivables . In the transaction , an affiliate of Citigroup purchased 95 % of structured notes backed by automotive purchase receivables , while CPS purchased the remaining 5 % . A portion of the cash proceeds were used to repay outstanding warehouse indebtedness . The Company also retains a shared participation in the future performance of the sold receivables . " While the securitization market remains challenging , we are pleased to have completed this transaction " , said Charles E . Bradley, Jr. , Chairman and Chief Executive Officer of CPS . " Being able to access liquidity in this difficult market environment is a testament to the platform we have built over the last few years . " The sale of notes was a private offering of securities , not registered under the Securities Act of 1933 , or any state securities law . All of such securities having been sold , this announcement of their sale appears as a matter of record only . About Consumer Portfolio Services , Inc . Consumer Portfolio Services , Inc . is a specialty finance company engaged in purchasing and servicing new and used retail automobile contracts originated primarily by franchised automobile dealerships and to a lesser extent by select independent dealers of used automobiles in the United States . We serve as an alternative source of financing for dealers , facilitating sales to sub - prime customers , who have limited credit history , low income or past credit problems and who otherwise might not be able to obtain financing from traditional sources . Investor Contacts Consumer Portfolio Services , Inc . Robert E . Riedl 949 - 753 - 6800 Erica Waldow 888 - 505 - 9200
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