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AI brief of an SEC Form 8-K · CONSUMER PORTFOLIO SERVICES, INC. (CPSS)

Consumer Portfolio Services closes $767.85 million auto receivables securitization

Neutral Impact 3 of 5 financing Written later

On October 21, 2026, Consumer Portfolio Services sold $797.36 million of subprime auto receivables to CPS Auto Receivables Trust 2026-D, which issued $767.85 million of asset-backed notes in five classes. The filing says the notes are properly treated as long-term debt obligations of CPS, even though they are obligations only of the trust, so the deal adds to the company's long-term borrowings.

Key points

  • Notes total $767.85 million across five classes, with fixed rates from 5.14% to 8.56% and a weighted average coupon of approximately 6.68%.
  • The receivables pool totals $797.36 million; the initial credit enhancement is a 1.00% cash reserve plus 3.70% overcollateralization.
  • The transaction is CPS's fourth term securitization in 2026 and its 111th in company history, closing on October 21, 2026.
  • CPS will continue as servicer of the receivables, and the trustee may accelerate the notes if an event of default occurs.

The filing

CompanyCONSUMER PORTFOLIO SERVICES, INC. (CPSS)
Form8-K, current report
Filed with the SECOct 21, 2026, 4:31 PM ET
Accession number0001683168-26-008011

Items reported: 1.01 Material Definitive Agreement2.03 New Direct Financial Obligation

Read the filing on SEC.gov ↗

Written by AI on Nov 9, 2026, 8:28 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 21, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.