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CPS Renews $200MM Revolving Credit Facility with Ares Agent Services

April 02, 2024, 07:47 AM
Filed Under: Lender Finance

Consumer Portfolio Services announced that on March 29, 2024, it renewed its two-year revolving credit agreement with Ares Agent Services, L.P.

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 March 31, 2026, after which CPS will have the option to repay the outstanding loans in full or to allow them to amortize through March 31, 2028.

Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories.

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