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CPS Signs $100MM Credit Facility With Fortress Credit

April 24, 2015, 07:09 AM
Filed Under: Lender Finance

Consumer Portfolio Services, Inc. announced that on April 17, 2015 it entered into a new two-year revolving credit agreement with Fortress Credit Co LLC. The new agreement replaces a revolving credit agreement that CPS has used since December 2010, in which Fortress was a lead agent and lender.

Loans under the new 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 April 2017, after which CPS will have the option to repay the outstanding loans in full or to allow them to amortize for a further two-year period.

"We are pleased to continue our long-term relationship with Fortress, with whom we have now done business continually since 2009," said Charles E. Bradley, Jr., President and Chief Executive Officer. "With this renewal we continue to maintain our strategy of having two 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. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives.

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