CONSUMER PORTFOLIO SERVICES INC
For the period ended Dec 31, 2024. Filed Mar 12, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 12, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Table of Contents
| PART I | ||
|---|---|---|
| Item 1. | Business | 1 |
| Item 1A. | Risk Factors | 16 |
| Item 1B. | Unresolved Staff Comments (not applicable) | 29 |
| Item 1C. | Cybersecurity | 29 |
| Item 2. | Properties | 30 |
| Item 3. | Legal Proceedings | 31 |
| Item 4. | Mine Safety Disclosures | 31 |
| Information about Our Executive Officers (not applicable) | 32 | |
| PART II | ||
| Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities | 34 |
| Item 6. | [Reserved] | 34 |
| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 34 |
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | 49 |
| Item 8. | Financial Statements and Supplementary Data | 50 |
| Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure | 50 |
| Item 9A. | Controls and Procedures | 50 |
| Item 9B. | Other Information | 51 |
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections (not applicable) | 51 |
| PART III | ||
| Item 10. | Directors, Executive Officers and Corporate Governance | 52 |
| Item 11. | Executive Compensation | 54 |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 65 |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence | 67 |
| Item 14. | Principal Accountant Fees and Services | 68 |
| PART IV | ||
| Item 15. | Exhibits, Financial Statement Schedules | 70 |
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Cautionary Note Regarding Forward-Looking Statements
Discussions of certain matters contained in this report may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the“Securities Act”) and Section 21E of the Exchange Act, and as such, may involve risks and uncertainties. You can generally identify forward-looking statements as statements containing the words“will,” “would,” “believe,” “may,” “could,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “plans,” “goals, “strategy,” “future,” “likely,” “should” or other similar expressions.
Examples of forward-looking statements include, among others, statements we make regarding:
| · | charge-offs and recovery rates; |
| · | the willingness or ability of obligors to pay pursuant to contractual terms; |
| · | our ability to enforce rights under contracts; |
| · | our ability to and rates at which we plan to acquire automobile contracts; |
| · | the anticipated levels of recoveries upon sale of repossessed vehicles; |
| · | revenues or expenses; |
| · | provisions for credit losses; |
| · | expected industry and general economic trends; |
| · | accrued losses for legal contingencies; |
| · | anticipated deferred tax assets; |
| · | estimates of taxable income; |
| · | our ability to service and repay our debt; |
| · | the structuring of securitization transactions as secured financings and the effects of such structures on financial items and future profitability; or |
| · | the effect of the change in structure on our profitability and the duration of the period in which our profitability would be affected by the change in securitization structure. |
Our actual results, performance and achievements may differ materially from the results, performance and achievements expressed or implied in such forward-looking statements. Some of the factors that might cause such a difference include, but are not limited to, the following:
| · | unexpected exogenous events, such as a widespread public health emergency; |
| · | mandates imposed in reaction to such events, such as prohibitions of otherwise permissible activity; |
| · | changes in general economic conditions; |
| · | changes in performance of our automobile contracts; |
| · | increases in interest rates; |
| · | our ability to generate sufficient operating and financing cash flows; |
| · | competition; |
| · | the level of losses incurred on contracts in our managed portfolio; |
| · | adverse decisions by courts or regulators; |
| · | regulatory changes with respect to consumer finance; |
| · | changes in the market for used vehicles; |
| · | levels of cash releases from existing pools of contracts; |
| · | the terms on which we are able to finance contract purchases; |
| · | the willingness or ability of dealers to assign contracts to us on acceptable terms; |
| · | the terms on which we are able to complete term securitizations once contracts are acquired; |
| · | any breach in the security of our systems; and |
| · | such other factors as discussed through the “Risk Factors” section of this report. |
Forward-looking statements are neither historical facts nor guarantees of performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, plans and strategies, projections, anticipated events and trends, the economy and other uncertain conditions. Because forward-looking statements relate to the future, they involve risks, uncertainties and assumptions. Actual results may differ from expectations due to many factors beyond our ability to control or predict, including those described herein, and in any documents incorporated by reference in this report. Therefore, you should not rely on any of these forward-looking statements. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
We undertake no obligation to publicly update any forward-looking information. You are advised to consult any additional disclosure we make in our periodic reports filed with the SEC.
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