Consumer
Consumer Portfolio Services also announced that it has opened a new $100 million warehouse credit facility. The new warehouse credit
is a structured finance facility involving sales of receivables to a special-purpose entity and borrowings from a commercial paper conduit. XL Capital Assurance Inc. is providing credit enhancement.The warehouse credit facility will enable Consumer Portfolio
Services, through its subsidiary, to borrow up to $100 million to
purchase and hold automotive receivables, pending their ultimate
disposition in future securitization transactions or otherwise."This merger and the closing of our new warehouse line move the
company one step closer to being an industry leader, capable of
providing superior customer service and equally outstanding returns to
shareholders," said Charles E. Bradley, Jr., president and chief
executive officer of Consumer Portfolio Services.
Bradley continued, "Having acquired MFN, we are in a position to
take advantage of exceptional opportunities, given the synergies and
complementary nature of the separate business lines."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 dealers under contract across the United
States.
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