Consumer Portfolio Services announced that on July 11, 2024, it renewed its two-year revolving credit agreement with Citibank.
Loans under the renewed credit agreement will be secured by automobile receivables that CPS now holds or will purchase from dealers in the future. CPS may borrow on a revolving basis through July 15, 2026, after which CPS will have the option to repay the outstanding loans in full or to allow them to amortize for a one-year period.
Consumer Portfolio Services is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories.