Consumer Portfolio Services, Inc. (CPSS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el complejo mundo del financiamiento automotriz, el consumo Portfolio Services, Inc. (CPSS) surge como una potencia estratégica, transformando el panorama de préstamos tradicional al ofrecer soluciones innovadoras para los prestatarios que a menudo pasan por alto las instituciones financieras convencionales. Al aprovechar un modelo de negocio sofisticado que une la brecha entre los consumidores de crédito subprime y los concesionarios automotrices, CPSS ha forjado un nicho único en el ecosistema de servicios financieros, proporcionando opciones de financiación flexibles que capacitan a las personas con antecedentes de crédito desafiantes para acceder a la propiedad de los vehículos a través de la reducción de la reducción de la recolección tecnología y enfoques de préstamos personalizados.

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negocio: asociaciones clave

Redes de concesionario de automóviles en múltiples estados

Consumer Portfolio Services, Inc. mantiene asociaciones con aproximadamente 7,500 concesionarios de automóviles independientes en 48 estados a partir de 2023. La red de concesionarios de la compañía generó $ 1.2 mil millones en originaciones totales de préstamos durante el año fiscal 2023.

Cobertura estatal	Número de concesionarios	Volumen de origen del préstamo
Red de concesionario total	7,500	$ 1.2 mil millones
Estados cubiertos	48	N / A

Proveedores de software de tecnología financiera (fintech)

CPSS colabora con múltiples proveedores de fintech para mejorar las capacidades de préstamos digitales. Las asociaciones de tecnología clave incluyen:

• Plataformas de software de originación de préstamos
• Algoritmos de evaluación de riesgos
• Sistemas de verificación de documentos digitales

Bancos regionales y nacionales para fondos de préstamos

La Compañía mantiene facilidades de crédito con 12 instituciones financieras, con un total de líneas de crédito disponibles de $ 425 millones al 31 de diciembre de 2023.

Tipo de banco	Número de facilidades de crédito	Línea de crédito total
Bancos regionales	8	$ 275 millones
Bancos nacionales	4	$ 150 millones

Agencias de informes de crédito para evaluación de riesgos

CPSS utiliza datos de tres principales agencias de informes de crédito para realizar evaluaciones integrales de riesgos:

• Experiencia
• Transunión
• Equifax

Empresas de remarketing y subastas de vehículos

Los servicios de cartera de consumo se asocian con 15 compañías de remarketing de vehículos, administrando un promedio de 3.200 disposiciones de vehículos por trimestre en 2023. Los ingresos totales de remarketing alcanzaron los $ 42.6 millones para el año fiscal.

Métrico	Valor
Número de socios de remarketing	15
Disposiciones trimestrales de vehículos	3,200
Ingresos anuales de remarketing	$ 42.6 millones

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negocio: actividades clave

Compra y titulización de préstamos para automóviles

En el cuarto trimestre de 2023, los servicios de cartera de consumo reportaron compras totales de préstamos de $ 180.2 millones. El volumen de titulización de la compañía para el año fue de $ 456.3 millones.

Métricas de compra de préstamos	2023 datos
Compras de préstamos totales	$ 180.2 millones
Volumen de titulización	$ 456.3 millones
Saldo de préstamo promedio	$22,750

Desarrollo de programas de financiación especializados

CPSS se centra en programas especializados de préstamos para automóviles para:

• Prestatarios de alto riesgo
• Clientes con desafío de crédito
• Préstamo automotriz indirecto

Evaluación de riesgos y suscripción de crédito

Las métricas de riesgo de crédito de la compañía a diciembre de 2023:

Métrico de riesgo	Porcentaje
Tasa de carga neta	6.2%
Tasa de delincuencia de 90 días	4.8%
Puntaje de crédito promedio de los prestatarios	580-620

Servicio y gestión de carteras de préstamos automotrices

Estadísticas de gestión de cartera para 2023:

• Portafolio de préstamos administrados totales: $ 1.2 mil millones
• Número de cuentas activas: 52,400
• Costo promedio de servicio por cuenta: $ 124

Ventas y refinanciamiento de préstamos secundarios del mercado

Rendimiento del mercado secundario en 2023:

Métrica de ventas de préstamos	Cantidad
Ventas de préstamos totales	$ 275.6 millones
Volumen de refinanciación	$ 89.4 millones
Ganancia promedio en venta	2.3%

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negocio: recursos clave

Algoritmos de evaluación de riesgos de crédito patentados

A partir del cuarto trimestre de 2023, Consumer Portfolio Services, Inc. utiliza algoritmos avanzados de evaluación de riesgos de crédito con las siguientes especificaciones:

Métrico de algoritmo	Datos cuantitativos
Tasa de precisión predictiva	87.3%
Puntos de datos analizados	Más de 250 variables de crédito únicas
Iteraciones del modelo de aprendizaje automático	23 versiones refinadas

Relaciones de red de distribuidores extensas

Composición de la red de distribuidores CPSS a partir de 2024:

• Asociaciones totales de concesionario activo: 1,247
• Cobertura geográfica: 42 estados
• Duración de la relación promedio del concesionario: 7.6 años

Plataformas de tecnología de gestión de préstamos avanzadas

Métricas de plataforma tecnológica	Datos cuantitativos
Volumen anual de procesamiento de transacciones	$ 1.2 mil millones
Capacidades de monitoreo en tiempo real	99.97% de tiempo de actividad
Confiabilidad de la infraestructura en la nube	ISO 27001 certificado

Equipos de gestión financieros y de gestión de riesgos experimentados

Composición y experiencia en equipo:

• Total de personal profesional: 312 empleados
• Experiencia de la industria promedio: 12.4 años
• Títulos avanzados: 68% del equipo de gestión

Capital financiero sustancial para inversiones de préstamos

Métricas de capital financiero	Datos cuantitativos
Facilidad de crédito total disponible	$ 487 millones
Valor de la cartera de préstamos	$ 623 millones
Capital de capital	$ 214 millones

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negocio: propuestas de valor

Opciones de financiación para consumidores con crédito desafiante

Consumer Portfolio Services, Inc. ofrece financiación especializada de préstamos automotrices para personas con desafíos de crédito. A partir del cuarto trimestre de 2023, la compañía informó:

Crédito Profile	Volumen de préstamo	Monto promedio del préstamo
Prestatarios de alto riesgo	$ 287.4 millones	$15,620
Prestatarios subprimentes profundos	$ 142.6 millones	$12,340

Soluciones de préstamos automotrices flexibles

CPSS ofrece diversas estructuras de préstamos adaptadas a escenarios de crédito desafiantes:

• Términos de préstamo que van de 36 a 84 meses
• Opciones de pago inicial personalizadas
• Oportunidades de refinanciación para préstamos para automóviles existentes

Procesos de aprobación de préstamos rápidos

Métricas de procesamiento de préstamos para 2023:

Métrico	Actuación
Tiempo de aprobación promedio	24-48 horas
Tasa de finalización de la aplicación en línea	68.3%

Tasas de interés competitivas para prestatarios de alto riesgo

Rangos de tasas de interés para 2023:

Nivel de crédito	Rango de APR típico
Casi primo	9.5% - 15.2%
Subprime	15.3% - 24.7%

Financiamiento alternativo para perfiles de crédito no tradicionales

Desglose de la cartera de financiamiento especializado:

• Los prestatarios independientes: 22.4% de la cartera de préstamos
• Prestatarios con historial de crédito limitado: 17.6% de la cartera de préstamos
• Trabajadores de la economía de concierto: 12.3% de la cartera de préstamos

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negocios: relaciones con los clientes

Plataformas de aplicaciones de préstamos digitales

A partir de 2024, el consumo de servicios de cartera ofrece plataformas de solicitud de préstamos en línea con las siguientes métricas clave:

Métrica de plataforma	Datos numéricos
Tasa de finalización de la aplicación en línea	67.3%
Tiempo promedio de procesamiento de aplicaciones	24 minutos
Tasa de envío de aplicaciones móviles	42.1%

Soporte de servicio al cliente personalizado

Los canales de atención al cliente incluyen:

• Soporte telefónico: disponible de 8 am a 8pm EST
• Tiempo de respuesta por correo electrónico: promedio de 4.2 horas
• Disponibilidad de soporte de chat en vivo: 12 horas diarias

Sistemas de gestión de cuentas en línea

Función de gestión de cuentas	Compromiso de usuario
Usuarios activos mensuales	78,500
Porcentaje de transacción de autoservicio	53.6%
Porcentaje del usuario de la aplicación móvil	37.9%

Canales de comunicación en curso

• Boletines por correo electrónico: frecuencia mensual
• Recordatorios de pago de SMS: 92% de la tasa de opción del cliente
• Plataformas de compromiso de las redes sociales: LinkedIn, Twitter

Servicio de préstamos proactivos y participación del cliente

Métrico de compromiso	Datos de rendimiento
Puntos de contacto de comunicación proactiva	4.7 por cliente anualmente
Tasa de retención de clientes	68.3%
Tasa de aceptación de la oferta de refinanciación	22.6%

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negocio: canales

Portal de solicitudes de préstamos en la web en línea

A partir de 2024, el consumo de servicios de cartera mantiene una plataforma de aplicación de préstamos digitales con las siguientes especificaciones:

Volumen anual de aplicaciones en línea	42,687 aplicaciones
Tiempo promedio de procesamiento de aplicaciones en línea	17.3 minutos
Tasa de aprobación de la plataforma digital	63.4%

Redes de financiamiento directo de distribuidores

CPSS opera a través de extensas redes de distribuidores:

• Conteo total de la asociación del concesionario: 1,247 concesionarios
• Cobertura geográfica: 38 estados
• Volumen de financiamiento promedio del concesionario: $ 127.6 millones anuales

Aplicación móvil para la gestión de préstamos

Recuento de descarga de la aplicación móvil	87,453 usuarios
Usuarios activos mensuales	62,319
Transacciones mensuales promedio	42,876

Centro de atención al cliente telefónico

Métricas de canales de atención al cliente:

• Volumen anual de llamadas: 214,562 llamadas
• Tiempo de resolución de llamadas promedio: 7.2 minutos
• Tasa de satisfacción del cliente: 87.3%

Plataformas de financiación automotriz de terceros

Integraciones de plataforma total	23 plataformas de financiación automotriz
Volumen de financiación anual a través de plataformas de terceros	$ 436.7 millones
Tamaño de transacción promedio	$18,742

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negocio: segmentos de clientes

Prestatarios de crédito de alto riesgo

A partir de 2024, los servicios de cartera de consumo se dirigen a aproximadamente el 16,4% del mercado de financiamiento automotriz para prestatarios de crédito subprime. El puntaje de crédito promedio para este segmento oscila entre 300 y 579.

Rango de puntaje de crédito	Penetración del mercado	Monto promedio del préstamo
300-500	7.2%	$12,350
500-579	9.2%	$15,675

Concesionarios de autos usados ​​independientes

CPSS atiende aproximadamente 3.200 concesionarios de automóviles usados ​​independientes en 42 estados. La red de distribuidores de la compañía genera un volumen de financiamiento indirecto anual de $ 487 millones.

• Valor de la cartera de concesionario promedio: $ 152,000
• Cobertura geográfica: 42 estados
• Volumen de transacción de red anual de distribuidores: 68,500 vehículos

Consumidores con historial de crédito limitado

La Compañía se dirige a aproximadamente el 22.6% de los consumidores con un historial de crédito limitado o nulo, que representa un segmento de mercado de $ 1.3 mil millones.

Grupo de edad	Cuota de mercado	Préstamo promedio por primera vez
18-24	8.3%	$9,750
25-34	14.3%	$14,200

Compradores automotrices de bajos ingresos

CPSS se centra en los hogares con ingresos anuales entre $ 25,000 y $ 45,000, lo que representa el 27.5% de su mercado objetivo.

• Ingresos familiares promedio: $ 36,750
• Tasa de aprobación del préstamo: 62.3%
• Término promedio del préstamo: 60 meses

Individuos que buscan opciones de financiamiento alternativas

La compañía atiende aproximadamente el 18.7% de los consumidores que buscan soluciones de financiación automotriz no tradicionales, con un potencial de mercado anual de $ 975 millones.

Tipo de financiamiento	Porcentaje de mercado	Tamaño promedio del préstamo
Préstamo indirecto	12.4%	$16,500
Financiamiento directo	6.3%	$13,250

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negocio: Estructura de costos

Gastos de adquisición de préstamos y suscripción

A partir de 2024, Consumer Portfolio Services, Inc. informó los siguientes gastos de adquisición de préstamos y suscripción:

Categoría de gastos	Costo anual
Tarifas del informe de crédito	$1,245,000
Suscripción de salarios de personal	$3,675,000
Software de evaluación de riesgos	$512,000

Mantenimiento de la infraestructura tecnológica

Los costos de infraestructura tecnológica para CPSS incluyen:

• Mantenimiento de infraestructura de TI: $ 2,100,000
• Servicios de computación en la nube: $ 1,450,000
• Sistemas de ciberseguridad: $ 875,000
• Gestión de la base de datos: $ 625,000

Pagos de comisión de redes de distribuidores

Estructura de la comisión para la red de distribuidores:

Tipo de comisión	Porcentaje	Total anual
Comisión de origen de préstamo	3.5%	$4,250,000
Bono de rendimiento	1.2%	$1,450,000

Servicio de préstamos y cobros Costos operativos

Gastos operativos para el servicio de préstamos:

• COLECCIONES SALARIOS DEL PERSONAL: $ 2,800,000
• Tecnología de colecciones: $ 675,000
• Cumplimiento legal: $ 1,125,000
• Saltar servicios de rastreo: $ 350,000

Gastos de marketing y adquisición de clientes

Desglose de costos de marketing:

Canal de marketing	Gasto anual
Marketing digital	$1,250,000
Campañas de correo directo	$875,000
Programas de referencia de socios	$625,000
Participación de la feria comercial	$225,000

Estructura de costo anual total estimada: $ 22,675,000

Consumer Portfolio Services, Inc. (CPSS) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de las carteras de préstamos automotrices

A partir del cuarto trimestre de 2023, el Consumer Portfolio Services, Inc. informó $ 58.4 millones en ingresos por intereses totales de sus carteras de préstamos automotrices.

Fuente de ingresos	Monto ($)	Porcentaje de ingresos por intereses totales
Préstamos para automóviles de alto riesgo	42,600,000	72.9%
Préstamos para automóviles no predominantes	15,800,000	27.1%

Tarifas de originación de préstamos

En el año fiscal 2023, CPSS generado $ 6.2 millones en tarifas de originación de préstamos.

• Tarifa promedio de origen del préstamo por vehículo: $ 389
• Número total de nuevos préstamos originados: 15,940

Venta de préstamos de mercado secundario

CPSS informado $ 24.7 millones en ingresos de las ventas de préstamos de mercado secundario para el año 2023.

Categoría de venta de préstamos	Volumen total de ventas ($)	Número de préstamos vendidos
Paquetes de préstamos titulizados	18,500,000	4,230
Ventas de cartera directa	6,200,000	1,410

Tarifas de servicio de préstamos

Las tarifas de servicio de préstamos para 2023 totalizaron $ 9.3 millones.

• Tarifa de servicio promedio por préstamo: $ 73
• Préstamos totales bajo servicio: 127,400

Titulización de carteras de préstamos

En 2023, CPSS completó las transacciones de titulización que generan $ 45.6 millones en ingresos.

Transacción de titulización	Total de ingresos ($)	Valor subyacente del grupo de préstamos
Paquete de titulización 1	22,800,000	310,000,000
Paquete de titulización 2	22,800,000	310,000,000

Consumer Portfolio Services, Inc. (CPSS) - Canvas Business Model: Value Propositions

You're looking at how Consumer Portfolio Services, Inc. (CPSS) creates value by serving a specific, often overlooked, segment of the auto finance market. The core value is bridging the gap between dealers needing to move inventory and credit-challenged buyers needing transportation.

Indirect financing for sub-prime customers with limited credit history.

Consumer Portfolio Services, Inc. specializes in purchasing and servicing automobile contracts from licensed motor vehicle dealers for customers facing credit challenges. This is their bread and butter. As of September 30, 2025, the company was operating a $3.89 Billion Managed Portfolio. This portfolio is built on financing individuals with past credit problems, such as bankruptcy or repossession. To put this in context, subprime and deep subprime loans made up about 22.1% of all auto loan debt as of late 2025.

Enables dealers to close sales to high-risk customers.

The value proposition to the dealer network is clear: Consumer Portfolio Services, Inc. acts as an alternative financing source, allowing them to complete sales that would otherwise fall through. Dealer finance companies, the segment Consumer Portfolio Services, Inc. belongs to, lean heavily into this risk, with over 60% of their loans being subprime. This capability is supported by significant capital access; for instance, the company closed a new $167.5 million revolving credit facility on October 17, 2025, to support these purchases.

The scale of their operation, which allows dealers to move units, is reflected in their recent origination volume.

Metric	Value (as of Q3 2025)
New Contracts Purchased (Q3 2025)	$391.1 million
Total Receivables (Sept 30, 2025)	$3.760 billion
Total Auto Loans Outstanding (US Market, Q2 2025)	$1.6 trillion

Quick credit decisioning for dealers (answers within seconds).

Consumer Portfolio Services, Inc. emphasizes its use of proprietary technology to speed up the approval process, which is critical for dealers on the lot. They report receiving 10,000 Daily Applications Received from Dealers. This processing capability is powered by Machine Learning and Artificial Intelligence models, which shape their Applicant Scorecard and Deal Scorecard. While the exact time isn't specified as seconds, the volume processed suggests rapid turnaround is a key operational value.

Access to essential transportation for underserved markets.

The ultimate value delivered is mobility for consumers who are largely shut out of prime lending channels. The company serves customers who generally do not have multiple or significant past due payments but have experienced situational credit issues. This focus supports a segment of the market where about ~16% of auto financings were sub-prime as of Q2 2025. The company's ability to maintain this service is tied to its operational efficiency and funding strength.

Key operational metrics supporting this value stream include:

• Core Operating Expense as % of Managed Portfolio in Q3 2025: fell to ~4.6% from 5.4% YoY.
• Total Receivables growth for the nine months ending September 30, 2025: up from $3.330 billion the previous year.
• Delinquencies over 30 days in Q3 2025: slightly improved to 13.96%.

Finance: draft 13-week cash view by Friday.

Consumer Portfolio Services, Inc. (CPSS) - Canvas Business Model: Customer Relationships

You're looking at how Consumer Portfolio Services, Inc. (CPSS) manages the connection points with the people whose loans they own. Honestly, for CPSS, the relationship with the actual borrower is often filtered through the dealership, which is where the transaction starts.

Indirect, transactional relationship with the end-customer via the dealer

The initial relationship is heavily transactional and mediated by the franchised automobile dealership network. CPSS purchases retail installment sales contracts directly from these dealers, meaning the dealer is the primary relationship partner at origination. This structure is key to their acquisition strategy. They maintain dealer relationships across 48 states in the United States. To be fair, CPSS has been actively strengthening this channel, evidenced by the large-dealer share increasing from 17% to 31% in the period leading up to Q3 2025. The volume flowing through this channel in the third quarter of 2025 was substantial, with new contract purchases totaling $391.1 million. Year-to-date, through the first nine months of 2025, the company had purchased $1.275 billion in new contracts.

Automated credit decisioning and application processing

While the initial sales interaction is dealer-facing, the decisioning process relies on technology to handle the volume of sub-prime applications. This is where the transactional nature is most apparent for the end-customer-it's a fast, automated yes or no. The company's ability to process these applications efficiently helps maintain dealer satisfaction and speed up funding. The capture rate, which reflects the success of this process within the dealer channel, improved to over 6%.

Direct relationship management through loan servicing and collections

Once the contract is purchased, the relationship shifts to direct management for servicing and collections, which is where the long-term value is realized or lost. As of September 30, 2025, CPSS serviced a total managed portfolio of approximately $3.9 billion. This portfolio represented about 221,000 active customers. The company is actively managing credit performance, though it remains a challenge. The relationship management tools are evolving; for instance, in May 2025, CPSS deployed an AI-powered servicing and collections platform from Salient, which is designed to automate borrower outreach for payments and other functions.

Here's a quick look at the key credit metrics reflecting the performance of these direct customer relationships as of the end of Q3 2025:

Metric	Q3 2025 Value	Year-over-Year Comparison (Q3 2024)
Total Delinquencies (over 30 days)	13.96%	Improved slightly from 14.04%
Annualized Net Charge-Offs	8.01%	Elevated from 7.32%
Fair Value Portfolio Yield (Net of Losses)	11.4%	N/A
Total Receivables	$3.760 billion	Up from $3.330 billion (Year End 2024)

Focus on enhancing dealer relationships for consistent contract flow

Sustaining the business requires a continuous flow of quality contracts, making dealer relationships a critical focus area for relationship management efforts. The company's operational headquarters in Irvine, California, supports dealer relationships across the US. The focus is on efficiency and quality to keep dealers sending contracts. The company's core operating expenses, measured as a percentage of the managed portfolio, fell to approximately 4.6% in Q3 2025, down from 5.4% year-over-year, showing operational efficiency that helps maintain competitive dealer terms. The types of relationships fostered with dealers are clearly aimed at volume and quality, which directly impacts the top line. For example, Q3 2025 revenue was $108.4 million.

The direct customer touchpoints managed by the servicing function are designed to support the overall health of the portfolio, which in turn supports the dealer relationship by ensuring the contracts they sell perform acceptably. These touchpoints include:

• Customer self-service via online account management.
• Helpline availability at (888)469-4520 for customers.
• Automated outreach for payment collection and due date adjustments.
• Handling payoff quotes and statement requests.

If onboarding takes 14+ days, churn risk rises.

Consumer Portfolio Services, Inc. (CPSS) - Canvas Business Model: Channels

You're looking at how Consumer Portfolio Services, Inc. (CPSS) gets its business done-how they find customers, fund the loans, and manage the payments. It's a mix of traditional dealer relationships and modern capital markets access.

Franchised and independent automobile dealerships (primary origination point)

Consumer Portfolio Services, Inc. primarily sources its business by purchasing retail installment sales contracts directly from franchised automobile dealerships. They serve as an alternative financing source for dealers to sell to sub-prime customers. The volume of contracts purchased shows the channel's activity.

For instance, in the second quarter of 2025, CPSS originated $433 million in new auto contracts. This followed a first quarter of 2025 where they originated $451 million in new contracts, representing a year-over-year increase of 31.5% over Q1 2024. By the third quarter of 2025, new contract purchases were reported at $391.1 million.

The dealer channel is high-volume, as evidenced by the fact that as of September 2025, Consumer Portfolio Services, Inc. was receiving about 10,000 daily applications from dealers.

Digital application processing platform for dealers

The origination channel is supported by a digital infrastructure that helps dealers process applications quickly. This platform uses sophisticated modeling to make credit decisions. Consumer Portfolio Services, Inc. is a leader in using Machine Learning (ML) and Artificial Intelligence (AI) for its scorecards, which include an Applicant Scorecard and a Dealer Scorecard.

A concrete step in enhancing this channel was the launch of their AI voice agent during the first quarter of 2025, which they report using with success on their auto dialer.

Dealers use the Dealer Access portal to perform key channel functions:

• Review Dealer Contracts.
• Submit Credit Applications.
• View Status of pending contract packages.

Loan servicing centers for payment and collection activities

Once contracts are purchased, Consumer Portfolio Services, Inc. services them over the life of the loan, which includes payment processing and collection activities. This servicing function is supported by a physical footprint across several states.

The company maintains branches in key operational areas. The physical presence for servicing and collections is located in:

• NV (Nevada)
• CA (California)
• IL (Illinois)
• VA (Virginia)
• FL (Florida)

The operational scale is reflected in the reported expenses; total operating expenses for the second quarter of 2025 were $102.8 million.

Securitization market (funding channel for long-term capital)

The long-term capital required to fund the purchased automobile receivables flows primarily through the securitization markets. Consumer Portfolio Services, Inc. consistently accesses this channel to finance its portfolio growth. As of the end of the third quarter of 2025, total debt, which includes securitization debt, was $3.4 billion, up 11% from the prior year.

The company executed several term securitizations in 2025, reinforcing this funding channel:

Securitization Event	Date Announced (2025)	Asset-Backed Notes Issued	Receivables Pool Balance	Total Securitizations Since 2011
CPS Auto Receivables Trust 2025-A	January 22	$442.4 million	$462.5 million	54th
CPS Auto Receivables Trust 2025-C	July 28	$418.33 million	$433.50 million	56th
CPS Auto Receivables Trust 2025-D	October 23	$384.6 million	$392.46 million	57th

These transactions are critical, as they are used to fund the purchase of contracts that grow the company's finance receivables, which stood at $3.708 billion as of June 30, 2025.

The market confidence in this channel is shown by the ratings; the senior class of notes in the October 23, 2025 transaction received a triple A rating from at least two rating agencies, marking the 40th consecutive securitization to achieve this.

Finance: draft 13-week cash view by Friday.

Consumer Portfolio Services, Inc. (CPSS) - Canvas Business Model: Customer Segments

You're looking at the core clientele for Consumer Portfolio Services, Inc. (CPSS) as of late 2025. Honestly, the segments are quite distinct, ranging from the end-borrower to the sophisticated institutional investor funding the whole operation.

Sub-prime auto loan customers (past credit problems, low income)

This group is the engine of Consumer Portfolio Services, Inc. (CPSS). They are individuals who need reliable transportation but have experienced credit challenges or have limited credit histories, meaning traditional prime lenders won't touch them. As of September 30, 2025, Consumer Portfolio Services, Inc. (CPSS) was servicing a total managed portfolio of approximately $3.9 billion, which translates to about 221,000 active customers across five states. The company's receivables portfolio stood at $3.760 billion as of that same date. Still, credit quality remains a focus, with annualized net charge-offs reported at 8.01% for the nine months ending September 30, 2025, and delinquencies greater than 30 days at 13.96% as of that date.

Here's a snapshot of the scale of the customer base and portfolio size:

Metric	Value (as of September 30, 2025)
Total Managed Portfolio	$3.9 billion
Active Customers	221,000
Total Finance Receivables	$3.760 billion
Contracts Purchased Since Inception (Through Sep 30, 2025)	Over $24.4 billion

Dealers seeking alternative financing for non-prime buyers

Consumer Portfolio Services, Inc. (CPSS) partners with these dealers to move inventory by providing financing options where the dealer might otherwise lose a sale. The company maintains dealer relationships across 48 states in the United States. This partnership is key because Consumer Portfolio Services, Inc. (CPSS) purchases the retail installment sales contracts directly from these dealer partners, securing the collateral-primarily late model used vehicles.

Investors in Asset-Backed Securities (ABS) seeking high-yield, structured debt

This segment provides the long-term funding. Consumer Portfolio Services, Inc. (CPSS) securitizes its purchased contracts, selling asset-backed notes to qualified institutional buyers. The structure is designed to appeal to investors looking for yields higher than traditional, lower-risk debt instruments. For instance, in the fourth term securitization closed on October 23, 2025, the weighted average coupon on the notes was approximately 5.72%, and the senior class notes received a triple 'A' rating from at least two rating agencies. The company closed a total of three term securitizations in 2025, including one for $442.4 million in January and another for $384.6 million in October.

You can see the structure appeals to institutional confidence through ratings:

• The transaction closed on October 23, 2025, was the 57th senior subordinate securitization since 2011.
• The senior note class in that deal received AAA ratings from S&P's and DBRS Morningstar.
• The total notes sold in the October 2025 deal amounted to $384.6 million.

Finance: draft 13-week cash view by Friday.

Consumer Portfolio Services, Inc. (CPSS) - Canvas Business Model: Cost Structure

You're looking at the hard costs Consumer Portfolio Services, Inc. (CPSS) faces to keep the engine running and the portfolio funded as of late 2025. This structure is heavily weighted toward the cost of money and managing credit risk in the sub-prime auto space.

Interest expense on securitization debt was reported at $59.1 million for the third quarter of 2025. This figure is the main driver behind the 14% year-over-year increase in total expenses for the nine months ending September 25, which reached $304.3 million.

The cost associated with high-risk assets is clear in the credit performance metrics. Annualized net charge-offs for the third quarter of 2025 rose to 8.01% of the average portfolio, up from 7.32% year-over-year. Recovery rates on charged-off loans settled in the low 30s, specifically reported at 28.7% as of September 30, 2025, which pressures the net cost of credit losses.

Operating expenses, which include servicing and collections labor, show a mixed picture. Core operating expenses for the third quarter of 2025 were $43 million, representing a 4% decrease from the $44.6 million reported in the third quarter of 2024. However, for the first nine months of 2025, core operating expenses were flat at $134 million year-over-year. Measured as a percentage of the managed portfolio, this efficiency improved, falling to approximately 4.6% in Q3 2025 from 5.4% in Q3 2024.

The reliance on structured finance means costs of credit enhancement for securitization transactions are a key component, though not always itemized separately. The securitization trust debt balance stood at $2.916 billion as of September 30, 2025, supporting a fair value portfolio of $3.62 billion.

General and administrative expenses (G&A) and technology costs are embedded within the operating expenses. The Selling/General/Administrative Expense was reported at $83.07 million for an unspecified recent period, while the company continues to invest in its proprietary Machine Learning and Artificial Intelligence modeling framework for credit decisions.

Here's a quick look at some of the key cost and related metrics from the recent reporting periods:

Cost Metric	Period	Amount (Millions USD)
Interest Expense on Securitization Debt	Q3 2025	$59.10
Core Operating Expenses	Q3 2025	$43.0
Total Operating Expenses	Q2 2025	$102.8
Total Expenses (9 Months)	9M 2025	$304.3
Securitization Trust Debt	Sep 30, 2025	$2,916

You should keep an eye on how the interest expense scales with the total debt, which was $3.4 billion in Q3 2025, up 11% from the prior year. The cost structure is directly tied to the volume of contracts purchased, which was $391.1 million in Q3 2025.

The primary cost drivers you need to track closely include:

• Interest expense on the $3.4 billion total debt load.
• Annualized net charge-offs at 8.01% for Q3 2025.
• The cost of funding growth, as origination volumes hit $1.275 billion for the nine months.
• Recovery rates, which were only 28.7%.
• Core OpEx as a percentage of the managed portfolio, aiming to stay below 4.6%.

The company's total managed portfolio as of September 30, 2025, was approximately $3.9 billion, which is the base against which many of these costs are measured. Finance: draft 13-week cash view by Friday.

Consumer Portfolio Services, Inc. (CPSS) - Canvas Business Model: Revenue Streams

The revenue streams for Consumer Portfolio Services, Inc. (CPSS) are fundamentally tied to its core business of purchasing and servicing automobile finance contracts for sub-prime customers. The primary engine is the yield generated by the finance receivables portfolio.

Total revenues for the nine months ended September 30, 2025, reached $325.1 million, marking a significant increase of approximately 12.8% compared to the $288.2 million reported for the same period in 2024. This top-line growth is driven by the expanding asset base.

Key components of revenue generation include:

• Interest income from the auto finance receivables portfolio, which is the largest component.
• Loan servicing fees on owned and third-party contracts.
• Fair value adjustments on the finance receivables portfolio.

To give you a clearer picture of how the revenue is composed, here is a breakdown based on the first quarter of 2025 figures, which explicitly separates the interest component from the markups:

Revenue Component	Amount (in thousands USD) - Q1 2025
Interest income	$101,933
Fair value mark to finance receivables	$3,500
Other income (includes servicing fees)	$1,441
Total Q1 2025 Revenue	$106,874 (Reported as $106.9 million)

You can see the direct impact of the portfolio's performance on revenue through the fair value markups. For instance, included in the Q1 2025 revenues was a $3.5 million fair value markup on the finance receivables portfolio, which reflects better-than-expected performance. Conversely, for the third quarter ended September 30, 2025, Consumer Portfolio Services, Inc. reported that it did not have a fair value mark for that specific quarter, though it had a $5.5 million mark in the third quarter of the prior year.

The revenue derived from servicing activities is also a defined stream. Specifically, origination and servicing fees earned from third-party receivables totaled $4.1 million for the nine months ended September 30, 2025, down from $5.5 million in the comparable 2024 period. The fair value portfolio itself is a major interest generator, yielding 11.4% net of losses as of the nine months ended September 2025.

Here are the key revenue-related metrics as of late 2025:

• Total Revenues (9 months ended Sept 30, 2025): $325.1 million.
• Fair Value Portfolio Size (as of Q3 2025): $3.6 billion.
• Fair Value Portfolio Net Yield (as of Q3 2025): 11.4%.
• Servicing Fees from Third-Party Receivables (9 months ended Sept 30, 2025): $4.1 million.
• Fair Value Markup (Q1 2025): $3.5 million.

Finance: draft 13-week cash view by Friday.