Consumer Portfolio Services Inc. sold approximately $161.1 million of subprime automotive receivables to unit CPS Receivables Five LLC and committed to sell an additional $83.0 million of the notes to CPS Receivables no later than Sept. 7.
Consumer Portfolio entered into agreements where CPS Receivables committed to purchase an additional $83.0 million of similar automotive receivables that it would sell to CPS Auto Receivables Trust 2019-C. Consumer Portfolio committed to sell the notes to CPS Receivables.
The notes include class A, class B, class C, class D, class E and class F notes.
Interest on the notes will be paid at fixed rates on the outstanding principal balance of each of the six classes of the notes and will be paid monthly.
Wells Fargo will act as collateral agent and trustee on behalf of the secured parties and is the backup servicer.