Consumer Portfolio Services Inc. Completes $68.5 Million Securitization of Asset Backed Notes

    IRVINE, Calif.--Sept. 10, 2001--Consumer Portfolio Services Inc. today announced it has completed a $68.5 million securitization.
    In a private placement, qualified institutional buyers purchased notes backed by automotive receivables. The notes, issued by CPS Auto Receivables Trust 2001-A, consist of two classes: $44.5 million of 4.37% Class A-1 notes, and $24 million of 5.28% Class A-2 notes.
    The Class A-1 and A-2 notes, rated AAA/Aaa, were priced at par. The ratings provided by Standard & Poor's and Moody's Investors Services were based on the financial guaranty insurance policy issued by Financial Security Assurance Inc.
    This transaction represents the first term securitization completed by Consumer Portfolio Services since the fourth quarter of 1998. Substantially all of the proceeds from the issuance of the notes have been used to reduce amounts outstanding under the company's Revolving Note Purchase Facility.
    "Completing a term securitization is another key milestone in the continued turnaround of the company. We continue to make positive progress towards our previously stated goal of reestablishing CPS as an industry leader," said Charles E. Bradley Jr., president and chief executive officer of Consumer Portfolio Services.
    The notes were offered pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the "Act"), and they will not be registered under the Act. Accordingly, the notes will not be able to be offered or sold in the United States absent registration under the Act or an applicable exemption from the registration requirements of the Act.
    This news release does not constitute an offer to sell, or the solicitation of an offer to buy any securities of Consumer Portfolio Services or any of its affiliates.
    Consumer Portfolio Services purchases, sells and services retail installment sales contracts originated predominantly by franchised dealers for new and late model used cars. The company finances automobile purchases through more than 4,000 dealers under contract across the United States.