Consumer Portfolio Services Inc. has opened a $75 million revolving credit facility. The facility, which will allow the company to purchase and hold automotive receivables through one of its wholly owned subsidiaries, includes credit enhancement provided by Financial Security Assurance Inc.

"This transaction is a significant event for our company. Once again, we are in a position to purchase contracts for our own account, thus preparing us to re-enter the securitization market," said Charles E. Bradley, Jr., president and chief executive officer. "The facility will improve the company's financial strength and provide the ability to capitalize on the many opportunities in our industry."

Consumer Portfolio Services Inc. 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 approximately 2,500 dealers under contract across the United States.