Consumer Portfolio Services renewed its two-year revolving credit agreement with Ares Agent Services.  

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 January 31, 2024, after which CPS will have the option to repay the outstanding loans in full or to allow them to amortize through January 31, 2028.

“We are pleased for this opportunity to renew this facility and extend our relationship with Ares,” said Charles E. Bradley, Jr., President and Chief Executive Officer. “With this renewal we continue to maintain our strategy of having multiple $100 million warehouse lines with multi-year revolving commitments followed by amortization periods.”

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.