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Consumer Portfolio Services closes asset-backed securitization

Consumer Portfolio Services Inc. has announced the closing of a financing backed by its residual interests in 17 previously issued securitizations.

Institutional buyers purchased $40.0 million of asset-backed notes secured by residual interests in 13 of the company's securitizations issued consecutively from September 2013 through December 2016 and by an 80% interest in an affiliate that owns the residual interests in four Consumer Portfolio Services securitizations issued in 2017.

The notes bear interest at an annual rate of 8.595% and the interest will be paid monthly.