Monitor CPSS's future securitization activity and funding costs, as this successful transaction demonstrates continued access to capital markets for its specialty finance business. The triple-A ratings on senior notes suggest strong structural credit quality despite the subprime nature of the underlying receivables.
Price Chart
Executive Summary
Consumer Portfolio Services, Inc. (CPSS) completed a $514.07 million asset-backed securitization of $526.17 million in subprime auto receivables through its subsidiary CPS Auto Receivables Trust 2026-B. The transaction, structured as secured financing for accounting purposes, represents the company's largest securitization to date and provides long-term funding for its specialty finance operations.
Key Financial Metrics
Key Facts
- CPSS completed a $514.07 million asset-backed securitization of $526.17 million in subprime auto receivables
- The transaction was structured as a secured financing for accounting purposes and is treated as long-term debt of CPSS
- This is CPSS's 59th senior subordinate securitization since 2011 and the largest in the company's history
- The notes were issued in five classes with interest rates ranging from 4.35% to 7.14%, with a weighted average coupon of 5.51%
- The transaction received triple-A ratings from at least two rating agencies on the senior class of notes
Financial Impact
The company raised $514.07 million in long-term debt financing backed by $526.17 million in subprime auto receivables, with initial credit enhancement of 3.3% (1% cash reserve + 2.3% overcollateralization)
Risk Factors
- Exposure to subprime auto lending market conditions and credit performance
- Potential refinancing risk if future securitization markets become less favorable
- Dependence on continued access to securitization markets for funding
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001683168-26-003193 |
| Document: cps_ex9901.htm | 0001683168-26-003193 |
| Document: 0001683168-26-003193-index-headers.html | 0001683168-26-003193 |
| Document: 0001683168-26-003193-index.html | 0001683168-26-003193 |
| Document: 0001683168-26-003193.txt | 0001683168-26-003193 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 2d ago | 8-K | $9.52 | awaiting T+1 | — | $9.64 (+1.26%) |
Oct 22, 2026 3d ago | Press Release | $9.25 | awaiting T+1 | — | $9.64 (+4.22%) |
Oct 22, 2026 4d ago | Press Release | $9.25 $9.90 | ▲ +7.03% | ▲ +7.55% | $9.64 (+4.22%) |
Oct 21, 2026 4d ago | 8-K | $9.25 $9.90 | ▲ +7.03% | ▲ +7.55% | $9.64 (+4.22%) |
Oct 19, 2026 7d ago | Court Ruling | $8.97 $8.97 | · 0.00% | ▼ −0.53% | $9.64 (+7.47%) |
Oct 13, 2026 12d ago | 8-K | $9.07 $9.17 | ▲ +1.10% | ▲ +0.82% | $9.64 (+6.28%) |
Sep 30, 2026 25d ago | DEF 14A | $9.33 $9.09 | ▼ −2.57% | ▼ −3.31% | $9.64 (+3.32%) |
Sep 3, 2026 7w ago | Insider Cluster | $8.81 $9.40 | ▼ −6.70% | ▼ −7.08% | $9.64 (−9.42%) |
Aug 21, 2026 9w ago | 8-K | $9.30 $9.16 | ▼ −1.51% | ▼ −1.21% | $9.64 (+3.66%) |
Aug 4, 2026 11w ago | Press Release | $9.18 $9.57 | ▲ +4.25% | ▲ +4.41% | $9.64 (+5.01%) |
US Market Status
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