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Citibank Renews $100MM Credit Facility for Consumer Portfolio Services

December 29, 2020, 08:05 AM
Filed Under: Lender Finance
Related: Citibank N.A

Consumer Portfolio Services announced that on December 18, 2020 it renewed its two-year revolving credit agreement with Citibank, N.A.

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 December 18, 2022, 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.

“We are pleased for this opportunity to continue to business with Citibank, with whom we have enjoyed a long and mutually beneficial relationship,” said Charles E. Bradley, Jr., President and Chief Executive Officer. “With this renewal we continue to maintain our strategy of having three $100 million warehouse lines with multi-year revolving commitments followed by amortization periods.”

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