EXHIBIT 99.1
[CPS Logo] NEWS RELEASE
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CPS ANNOUNCES $327.5 MILLION SECURITIZATION AND RENEWAL OF CREDIT FACILITY
IRVINE, Calif. - September 27, 2007 - Consumer Portfolio Services, Inc. (Nasdaq:
CPSS) ("CPS" or the "Company") announced that it closed a term securitization
transaction today, issuing $294.750 million of investment grade notes backed by
automotive receivables. The Company also announced that it has renewed one of
its $200 million revolving warehouse credit facilities. The renewed facility now
extends through September 30, 2008.
In the term transaction, qualified institutional buyers purchased $294,750,000
of notes backed by automotive receivables purchased by CPS. The notes, issued by
CPS Auto Receivables Trust 2007-C, consist of four 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.
Interest Average Standard & Moody's
Note Class Amount Rate Life Price Poor's Rating Rating
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A-1 $46.000 million 5.3875% 0.21 years 100.000 A-1+ P-1
A-2 $77.300 million 5.4400% 0.85 years 99.999 AAA Aaa
A-3 $89.500 million 5.4300% 1.95 years 99.993 AAA Aaa
A-4 $81.950 million 5.9200% 3.49 years 99.980 AAA Aaa
The weighted average effective coupon on the notes is approximately 5.69%.
The 2007-C transaction has initial credit enhancement of 12.00% consisting of a
cash deposit in the amount of 2.00% of the original receivable pool balance,
plus subordinated interests of 10.00%. That enhancement level is to be
supplemented by accelerated payment of principal on the notes to reach a
combined level of 16.75% of the then-outstanding receivable pool balance. These
levels represent a decrease of 50 and 100 basis points, respectively, from the
Company's last regular quarterly term securitization, CPS Auto Receivables Trust
2007-B, in June 2007.
The transaction utilized a pre-funding structure, in which CPS sold
approximately $230.9 million of receivables today and plans to sell
approximately $96.6 million of additional receivables during October 2007. This
further sale is intended to provide CPS with financing for receivables
originated primarily in the month of September.
"We are pleased with the execution of our most recent securitization and the
renewal of one of our credit lines amid the lingering effects of the recent
credit squeeze," said Charles E. Bradley, Jr., Chairman and Chief Executive
Officer of CPS. "Our consistent portfolio performance has resulted in lower
credit enhancement levels and continued access to the capital markets despite
ongoing market volatility. While the credit spreads required by investors
widened from our last term deal in June, much of this increase was offset by
lower yields in the Treasury market. The resulting blended cost was only
slightly higher than the June transaction." 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, Inc. is a specialty finance company engaged in
purchasing and servicing new and used retail automobile contracts originated
primarily by franchised automobile dealerships and to a lesser extent by select
independent dealers of used automobiles in the United States. We serve as an
alternative source of financing for dealers, facilitating sales to sub-prime
customers, who have limited credit history, low income or past credit problems
and who otherwise might not be able to obtain financing from traditional
sources.
INVESTOR CONTACT
Robert E. Riedl
Consumer Portfolio Services
949-753-6800