Description

Consumer Portfolio Services, Inc. operates as a specialty finance company in the United States. The company purchases and services retail automobile contracts originated by franchised automobile dealers and select independent dealers in the sale of new and used automobiles, light trucks, and passenger vans. The company, through its automobile contract purchases, offers indirect financing to the customers of dealers with limited credit histories, low incomes, or past credit problems. It serves as an alternative source of financing for dealers, facilitating sales to customers who might not be able to obtain financing from commercial banks, credit unions, and the captive finance companies. The company also purchases vehicle purchase money loans from non-affiliated lenders; directly originates vehicle purchase money loans by lending money directly to consumers; and directly originates loans secured by automobiles that are owned by consumers. It services its automobile contracts through its branches in California, Nevada, Virginia, Florida, and Illinois. Consumer Portfolio Services, Inc. was founded in 1991 and is headquartered in Irvine, California.