SOURCE: Consumer Portfolio Services, Inc.

Consumer Portfolio Services, Inc.

November 10, 2009 08:35 ET

CPS Announces New Servicing Portfolio

IRVINE, CA--(Marketwire - November 10, 2009) - Consumer Portfolio Services, Inc. (NASDAQ: CPSS) ("CPS" or the "Company") today announced that on November 6, 2009 it entered into agreements to assume servicing responsibilities on a $146.1 million portfolio of automobile receivables owned by a subsidiary of CompuCredit Corporation. As part of the transaction, CPS participated with Fortress Credit Corp. in making an investment in the CompuCredit subsidiary.

"We are pleased with this transaction as it increases our total managed portfolio and further leverages our servicing infrastructure," said Charles E. Bradley, Jr., Chief Executive Officer. "This is the fourth portfolio on which we have taken over servicing during the last several years and is a testament to our abilities to enhance portfolio performance."

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.

Contact Information

  • Investor Relations Contact
    Robert E. Riedl
    Chief Investment Officer