Consumer Portfolio Services, Inc. (Nasdaq:CPSS) announced that it has repurchased 1.5 million shares of CPS common stock at a price of $5.00 per share from Levine Leichtman Capital Partners II, L.P. (“LLCP”). Charles E. Bradley, Jr., President and Chief Executive Officer, said, “CPS believes the market is not distinguishing our business from the sub-prime mortgage industry. Our financial and operating metrics continue to improve and portfolio performance is good. In addition, our liquidity position is solid with $425 million in committed warehouse credit facilities and over $25 million of availability under our residual financing facility. Our purchase of the LLCP shares will be immediately accretive to earnings per share.”
About Consumer Portfolio Services, Inc
Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships which are secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis through the securitization markets and service the contracts over their lives. We are headquartered in Irvine, California and have three additional servicing branches in Virginia, Florida and Illinois.