Profile: Consumer Portfolio Services Inc (CPSS.A)
29 Mar 2019
Consumer Portfolio Services, Inc., incorporated on March 8, 1991, is a specialty finance company. The Company's business is to purchase and service retail automobile contracts originated primarily by franchised automobile dealers and by select independent dealers in the United States in the sale of new and used automobiles, light trucks and passenger vans. Through its automobile contract purchases, the Company provides indirect financing to the customers of dealers having limited credit histories, low incomes or past credit problems, who it refers to as sub-prime customers. It serves as an alternative source of financing for dealers, facilitating sales to customers. In addition to purchasing installment purchase contracts directly from dealers, the Company also acquires installment purchase contracts in over four merger and acquisition transactions; purchases vehicle purchase money loans from non-affiliated lenders, and directly originates an immaterial amount of vehicle purchase money loans by lending money directly to consumers.
The Company offers approximately eight financing programs to its dealership customers and prices each program according to the relative credit risk. Its financial programs are Bravo, First Time Buyer, Mercury/Delta, Standard, Alpha, Alpha Plus, Super Alpha and Preferred. The Bravo program accommodates an applicant with past non-performing credit, including recent derogatory credit. The First Time Buyer program accommodates an applicant with limited past credit history, such as a previous auto loan. The Mercury/Delta program accommodates an applicant with past non-performing credit, including recent derogatory credit. The Company's Standard program accommodates an applicant with past non-performing credit. The Company's Alpha program accommodates applicants with discharged bankruptcy, but also with exhibited performing credit. In addition, the program allows for homeowners with other non-performing credit in the past.
The Company's Alpha Plus program accommodates applicants with past non-performing credit, but with a history of recent performing credit, including auto or mortgage related credit, and higher incomes than the Alpha program. The Super Alpha program accommodates applicants with past non-performing credit, but with a history of recent performing credit, including auto or mortgage related credit, and higher incomes than the Alpha Plus program. The Preferred program accommodates applicants with past non-performing credit.
The Company services all automobile contracts that it owns, as well as those automobile contracts that are included in portfolios that it has sold in securitizations or service for third parties. The Company organizes its servicing activities based on the tasks performed by its personnel. The servicing activities consist of mailing monthly billing statements; collecting, accounting for and posting of all payments received; responding to customer inquiries; taking various necessary action to maintain the security interest granted in the financed vehicle or other collateral; investigating delinquencies; communicating with the customer to obtain timely payments; repossessing and liquidating the collateral when necessary; collecting deficiency balances, and monitoring each automobile contract and the related collateral.
Consumer Portfolio Services Inc
19500 Jamboree Rd
IRVINE CA 92612-2401