CPS Announces $160 Million Senior Subordinate Asset-Backed Securitization

IRVINE, Calif., Dec. 19, 2012 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq:CPSS) ("CPS" or the "Company") today announced the closing of its fourth term securitization in 2012. The transaction is CPS's seventh senior subordinate securitization since 2011.

In the transaction, qualified institutional buyers purchased $160,000,000 of asset-backed notes secured by automobile receivables purchased by CPS. The sold notes, issued by CPS Auto Receivables Trust 2012-D, consist of five classes. Ratings of the notes were provided by Standard & Poor's and Moody's and were based on the structure of the transaction, the historical performance of similar receivables and CPS's experience as a servicer.
Note Class Amount Interest Average Price Standard & Moody's
    Rate Life   Poor's Rating  Rating 
A $122.4 million 1.48% 1.67 years 99.98791% AA- A2
B $14.4 million 1.94% 1.93 years 99.98668% A A2
C $9.6 million 2.64% 2.68 years 99.99637% BBB+ Baa2
D $8.0 million 4.82% 2.32 years 99.98014% BB Ba2
E $5.6 million 7.26% 1.88 years 99.99292% BB- B1

The weighted average effective coupon on the notes is approximately 2.06%. 

The 2012-D transaction has initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance.  The final enhancement level requires accelerated payment of principal on the notes to reach overcollateralization of 11.50% of the then-outstanding receivable pool balance. 

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