EXHIBIT 99.1
Consumer Portfolio Services Inc. Announces $100.0 Million Securitization
IRVINE, Calif.--(BUSINESS WIRE)--Oct. 5, 2004--Consumer Portfolio Services, Inc.
(Nasdaq: CPSS - News) announced that it closed a term securitization transaction
on September 30, 2004, issuing $91.0 million of Notes backed by automotive
receivables.
In the transaction, qualified institutional buyers purchased $91,000,000 of
Notes backed by automotive receivables originated by Consumer Portfolio
Services. The Notes, issued by CPS Auto Receivables Trust 2004-C, consist of two
classes. The ratings of the Notes were provided by Standard & Poor's and Moody's
Investors Services and were based on the structure of the transaction, CPS's
experience as a servicer and a financial guaranty insurance policy issued by
Financial Security Assurance Inc.
Standard &
Note Interest Average Poor's Moody's
Class Amount Rate Life Price Rating Rating
- ----------------------------------------------------------------------------
A-1 $58.727 million 2.66% 1.00 years 100.00 AAA Aaa
A-2 $32.273 million 3.64% 3.07 years 100.00 AAA Aaa
The weighted average effective coupon on the Class A-1 and A-2 Notes is
approximately 3.3%.
The 2004-C transaction has initial credit enhancement of a cash deposit in the
amount of 9.00% of the original receivable pool balance and a subordinated
interest. That enhancement level is to be supplemented by accelerated payment of
principal on the Notes to reach a combined level of 22.25% of the
then-outstanding receivable pool balance.
The transaction utilized a pre-funding structure, in which CPS sold
approximately $69.2 million of receivables on the 30th, and plans to sell
approximately $30.8 million of additional receivables during October. This
further sale is intended to provide CPS with financing for receivables
originated primarily in the month of September.
The transaction was a private offering of securities, not registered under the
Securities Act of 1933, or any state securities law. All of such securities
having been sold, this announcement of their sale appears as a matter of record
only.
About Consumer Portfolio Services, Inc.
Consumer Portfolio Services purchases, sells and services retail installment
sales contracts originated predominantly by franchised dealers for new and late
model used cars. The company finances automobile purchases through dealers under
contract across the United States.
CONTACT:
Investors: or Media:
Consumer Portfolio Services Sloane & Company
Charles E. Bradley, 949-753-6800 or Whit Clay, 212-446-1864
Sloane & Company
Monica Huang, 212-446-1874