Consumer Portfolio Services offering $20 million subordinated notes

By Wendy Van Sickle

Columbus, Ohio, Jan. 21 – Consumer Portfolio Services, Inc. is offering up to $20 million of renewable subordinated notes with maturities ranging from three months to 10 years to new purchasers and existing noteholders, according to a 424B2 filing with the Securities and Exchange Commission.

Upon maturity, the notes will be automatically renewed for the same term as the maturing notes, unless the issuer or the holder gives notice that the notes will be repaid at maturity. The interest rate will be established at the time of purchase.

Proceeds will be used to fund the purchase of automobile contracts and for other general corporate purposes.

Consumer Portfolio Services is an Irvine, Calif.-based specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories.

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