updated 4/27/2011 2:16:45 PM ET 2011-04-27T18:16:45

IRVINE, Calif., April 27, 2011 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq:CPSS) ("CPS" or the "Company") today announced the closing of its first rated term securitization in 2011. The transaction is CPS's second senior subordinate securitization since 1993.  

In the transaction, qualified institutional buyers purchased $100,364,000 of asset-backed notes secured by automobile receivables purchased by CPS primarily in 2010 and 2011. The sold notes, issued by CPS Auto Receivables Trust 2011-A, consist of four classes. Ratings of the notes were provided by Standard & Poor's and were based on the structure of the transaction, the historical performance of similar receivables and CPS's experience as a servicer.  

 

Note Class
 

Amount
 

Interest Rate
 

Average Life
 

Price
 

Standard & Poor's Rating
A $82.592 million 2.82% 1.55 years 99.98624% A
B $6.534 million 4.94% 1.86 years 99.98491% BBB
C $5.488 million 7.50% 2.34 years 98.70147% BB
D $5.750 million 10.00% 1.64 years 96.77538% B

The weighted average effective coupon on the notes is approximately 3.77%.

The 2011-A transaction has initial credit enhancement consisting of a cash deposit equal to 2.00% of the original receivable pool balance and overcollateralization of 4.00%.  The final enhancement level requires accelerated payment of principal on the notes to reach overcollateralization of 15.00% of the then-outstanding receivable pool balance. 

The transaction 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 an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the loans over their entire contract terms.

CONTACT: Investor Relations Contact
         Robert E. Riedl, Chief Investment Officer
         949 753-6800

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 5.11%
$30K home equity loan FICO 5.19%
$75K home equity loan FICO 4.65%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.36%
13.34%
Cash Back Cards 17.84%
17.82%
Rewards Cards 17.09%
17.07%
Source: Bankrate.com