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‘Diminished’ Tax Season Stymies CPS 1Q Revenue

Tax season, as the auto finance industry has traditionally known it, “probably doesn’t exist anymore,” a factor that contributed to lower revenue at Consumer Portfolio Services last quarter, said CEO Charles Bradley during the company’s first-quarter earnings call last week. The Irvine, Calif.-based lender reported revenue of $88.2 million, down 14.8% from $103.6 million year […]

CPS CFO Jeffrey Fritz Joins Speaker Faculty at Auto Finance Risk Summit

Consumer Portfolio Services Executive Vice President and Chief Financial Officer Jeffrey Fritz will kick off the Auto Finance Risk Summit with a presentation on economic scenarios and the financial market’s future. The session will take place at 1:30 p.m. on Wednesday, May 15, at the Omni Hotel in San Diego. The presentation will explore how […]

On The Radar: Lenders Eye 3 States Set to Intensify Oversight

From the March issue: Despite the regulatory sigh of relief provided last year by the rollback of the 2010 Dodd-Frank Act, stricter state regulations have auto lenders holding their breath. On the heels of a February 2018 call by Mick Mulvaney, former acting director of the Consumer Financial Protection Bureau, to let states more often […]

CPS Eyes Pass-Through Agreements to Bolster 2019 Originations

An existing pass-through agreement and a couple others in the works should help propel Consumer Portfolio Services’ originations 20% higher this year, to about $1 billion, Chief Executive Charles Bradley Jr. told Auto Finance News. CPS has “been working with some banks to see extra flow,” Bradley said, though he declined to name the banks. […]

Appetite for Higher Yields Spurs Scorecard Revamp at CPS

A scorecard adjustment will be a top priority for Consumer Portfolio Services this year, after modifications adopted in August 2018 resulted in customers whose credit was better than expected, Chief Executive Charles Bradley Jr. told Auto Finance News. The recent scorecard refinement pushed the lender’s portfolio mix up the credit spectrum — farther “than we even wanted,” Bradley said. Whereas […]

‘Unseasonal’ 4Q Origination Boost Puts CPS on Track for Growth in 2019

Consumer Portfolio Services is counting on marketing and technology enhancements implemented last year to spur origination volume, despite potential complications with changes in the tax code coupled with the government shutdown. CPS originations shot up 32% year over year, to $251 million in the fourth quarter of 2018. In fact, fourth-quarter volume was the highest […]

CPS Bolsters Originations Despite Shrinking Revenue

Consumer Portfolio Services increased originations 5.1% last year, bucking company expectations, Chief Executive Charles Bradley Jr. said during the company's fourth-quarter earnings call this week. “2018 was a better year than we expected but nothing [that] we were looking for,” Bradley said. “We've done a tremendous amount of housekeeping in 2018 that should bode well […]

Higher Credit Quality Offsets Reduced Seasoning in CPS Securitization

Despite less loan seasoning in Consumer Portfolio Services’ first securitization of the year, the transaction’s expected loss rate is unchanged from the lender’s previous ABS deal, according to an S&P Global Ratings presale report. An emphasis on higher-tiered borrowers positively impacted the transaction, according to S&P. Specifically, the percentage of borrowers in CPS’s top three […]
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