This is CPS's fourth term securitization in 2026, consistent with its normal funding cadence. Monitor the company's quarterly earnings for origination volume trends and credit performance of the securitized pools, which drive servicing income and residual economics.
Price Chart
Executive Summary
Consumer Portfolio Services closed its fourth term securitization of 2026, issuing $767.85 million in asset-backed notes secured by $797.36 million in subprime auto receivables. The transaction is routine funding for CPS's core business model and demonstrates continued access to the securitization market with strong ratings on the senior tranches.
Key Facts
- Closed $767.85 million asset-backed securitization (CPS Auto Receivables Trust 2026-D) on October 21, 2026
- Secured by $797.36 million in subprime automotive receivables
- Five classes of notes issued: Class A ($356.34M at 5.14%), B ($111.47M at 5.59%), C ($118.09M at 6.01%), D ($71.12M at 6.55%), E ($110.83M at 8.56%)
- Weighted average coupon on the notes is approximately 6.68%
- Class A notes rated Aaa/AAA by Moody's and DBRS Morningstar; 44th consecutive securitization with triple-A rating on senior class from at least two agencies
- Initial credit enhancement: 1.00% cash reserve + 3.70% overcollateralization; final enhancement targets lesser of 8.00% of original pool or 19.40% of outstanding pool
- This is CPS's 61st senior subordinate securitization since 2011 and 111th overall
Financial Impact
$767.85 million in new asset-backed notes issued; $797.36 million in receivables securitized
Risk Factors
- Subprime auto credit deterioration could increase charge-offs and reduce future securitization capacity
- Rising interest rates may compress net interest margins on future securitizations
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001683168-26-008011 |
| Document: cps_ex9901.htm | 0001683168-26-008011 |
| Document: 0001683168-26-008011-index-headers.html | 0001683168-26-008011 |
| Document: 0001683168-26-008011-index.html | 0001683168-26-008011 |
| Document: 0001683168-26-008011.txt | 0001683168-26-008011 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $9.90 $9.30 | ▼ −6.06% | ▼ −6.77% | $9.30 (−6.06%) |
Oct 22, 2026 4d ago | Press Release | $9.90 $9.30 | ▼ −6.06% | ▼ −6.77% | $9.30 (−6.06%) |
Oct 22, 2026 4d ago | Press Release | $9.25 $9.90 | ▲ +7.03% | ▲ +7.55% | $9.30 (+0.54%) |
Oct 21, 2026 5d ago | 8-K | $9.25 $9.90 | ▲ +7.03% | ▲ +7.55% | $9.30 (+0.54%) |
Oct 19, 2026 8d ago | Court Ruling | $8.97 $8.97 | · 0.00% | ▼ −0.53% | $9.30 (+3.68%) |
Oct 13, 2026 13d ago | 8-K | $9.07 $9.17 | ▲ +1.10% | ▲ +0.82% | $9.30 (+2.54%) |
Sep 30, 2026 26d ago | DEF 14A | $9.33 $9.09 | ▼ −2.57% | ▼ −3.31% | $9.30 (−0.32%) |
Sep 3, 2026 7w ago | Insider Cluster | $8.81 $9.40 | ▼ −6.70% | ▼ −7.08% | $9.30 (−5.56%) |
Aug 21, 2026 9w ago | 8-K | $9.30 $9.16 | ▼ −1.51% | ▼ −1.21% | $9.30 (+0.00%) |
Aug 4, 2026 11w ago | Press Release | $9.18 $9.57 | ▲ +4.25% | ▲ +4.41% | $9.30 (+1.31%) |
US Market Status
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