Core Insights - Consumer Portfolio Services, Inc. (CPS) successfully closed its fourth term securitization in 2025, marking its 57th senior subordinate securitization since 2011 and the 40th consecutive securitization to receive a triple "A" rating from at least two rating agencies on the senior class of notes [1][2]. Transaction Details - The securitization involved the sale of $384.6 million in asset-backed notes, secured by $392.46 million in automobile receivables originated by CPS [2]. - The notes were issued by CPS Auto Receivables Trust 2025-D and consist of five classes, with ratings provided by Standard & Poor's and DBRS Morningstar based on transaction structure and historical performance [2]. Note Class Breakdown - The transaction includes the following note classes: - Class A: $170.910 million, 4.46% interest rate, 0.66 years average life, AAA rating [3] - Class B: $52.200 million, 4.48% interest rate, 1.72 years average life, AA rating [3] - Class C: $64.950 million, 4.85% interest rate, 2.40 years average life, A rating [3] - Class D: $43.170 million, 5.45% interest rate, 3.23 years average life, BBB rating [3] - Class E: $53.370 million, 7.69% interest rate, 4.04 years average life, NR rating [3] - The weighted average coupon on the notes is approximately 5.72% [3]. Credit Enhancement - The 2025-D transaction features initial credit enhancement, including a cash deposit equal to 1.00% of the original receivable pool balance and overcollateralization of 2.00% [4]. - The agreements require accelerated principal payments to achieve overcollateralization of the lesser of 7.00% of the original receivable pool balance or 21.00% of the outstanding pool balance [4]. Company Overview - Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit issues or limited credit histories [6]. - The company purchases retail installment sales contracts primarily from franchised automobile dealerships, funding these purchases mainly through securitization markets [6].