SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON
DC 20549
————
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported) February 6, 2009
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CONSUMER
PORTFOLIO SERVICES, INC.
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(Exact
Name of Registrant as Specified in
Charter)
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CALIFORNIA
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1-14116
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33-0459135
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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19500
Jamboree Road, Irvine, CA 92612
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(Address
of Principal Executive Offices) (Zip
Code)
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Registrant's
telephone number, including area code (949) 753-6800
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16355
Laguna Canyon Road, Irvine, CA 92618
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(Former
name or former address, if changed since last
report)
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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ITEM
4.01
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Change
in Registrant’s Certifying
Accountants
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On
February 6, 2009, the Audit Committee of Consumer Portfolio Services, Inc. (the
"Company") approved the engagement of Crowe Horwath LLP ("Crowe") as the
Company's independent registered public accounting firm to perform an audit of
the Company's financial statements as of and for the year ended December 31,
2008, and dismissed McGladrey & Pullen LLP ("McGladrey") as the Company's
independent registered public accounting firm. The Company has
previously reported that McGladrey, on January 14, 2009, declined to stand for
reappointment as the Company's independent registered public accounting firm
after completion of the December 31, 2008 audit.
Regarding
McGladrey
McGladrey’s
reports on the Company's consolidated financial statements for the years ended
December 31, 2007 and 2006 did not contain an adverse opinion or a
disclaimer of opinion, nor was either such report qualified or modified as to
uncertainty, audit scope, or accounting principles, except that (i) the report
on the year ended December 31, 2006 included an explanatory paragraph regarding
the Company’s adoption of Statement of Financial Accounting Standards
No. 123R effective January 1, 2006; (ii) the report on the year ended
December 31, 2007 included an explanatory paragraph regarding the Company's
change in method of accounting for uncertain tax positions; and (iii) the report
on the year ended December 31, 2007 included an explanatory paragraph regarding
the potential effect on the Company if it were to be unsuccessful in completing
a sale of a pool of receivables. Such sale was successfully
completed, after the date of such report.
During
the Company's three most recent fiscal years ended December 31, 2008, 2007
and 2006, and the subsequent interim period through February 12, 2009, there
were no disagreements between the Company and McGladrey on any matter of
accounting principle or practice, financial statement disclosure, or auditing
scope or procedure that, if not resolved to McGladrey’s satisfaction, would have
caused it to make reference to the matter in conjunction with its report on the
Company's consolidated financial statements for the relevant year.
During
the Company’s three most recent fiscal years ended December 31, 2008, 2007
and 2006, and the subsequent interim period through February 12, 2009, there
were no reportable events (as defined in Item 304(a)(1)(v) of
Regulation S-K).
The
Company has furnished a copy of the above disclosures to McGladrey and requested
that McGladrey provide a letter addressed to the Commission stating whether or
not it agrees with the statements made above. A copy of such letter is filed as
Exhibit 16.2 to this Form 8-K.
Regarding
Crowe
During
the Company's two years ended December 31, 2008 and 2007 and the subsequent
interim period through February 6, 2009, the Company did not consult with Crowe
on the application of accounting principles to a specified transaction, either
completed or proposed, or the type of audit opinion that may be rendered on the
Company's financial statements, and Crowe did not provide either a written
report or oral advice to the Company that was an important factor considered by
the Company in reaching a decision as to any accounting, auditing, or financial
reporting issue.
Page
2
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ITEM
9.01
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Financial
Statements and Exhibits
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One
exhibit is filed as a part of this Current Report on Form 8-K.
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16.2
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Letter
from McGladrey to the Securities and Exchange Commission, dated February
12, 2009, regarding agreement with the statements made in this
Form 8-K.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
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Consumer
Portfolio Services, Inc.
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Dated: February
12, 2009
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By:
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/s/ JEFFREY
P. FRITZ
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Jeffrey
P. Fritz
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Senior
Vice President and Chief Financial Officer
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Page
3
EXHIBIT
INDEX
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Exhibit
Number
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Description
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16.2
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Letter
from McGladrey to the Securities and Exchange Commission, dated February
12, 2009, regarding agreement with the statements made in this
Form 8-K.
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EXHIBIT
16.2
February
12, 2009
Securities
and Exchange Commission
Washington,
D.C. 20549
Commissioners:
We have
read Consumer Portfolio Services, Inc.'s statements included under Item 4.01 of
its Form 8-K filed on February 12, 2009 and we agree with such statements
concerning our firm.
/s/
McGladrey & Pullen, LLP