IRVINE, Calif., Sept. 14, 2011 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq:CPSS) ("CPS") announced that today it purchased a $237 million portfolio of performing automobile receivables from Fireside Bank, a wholly owned subsidiary of Kemper Corporation (formerly known as Unitrin, Inc.). "We are very pleased to have closed this transaction with Fireside," said Charles E. Bradley, Jr., Chairman and Chief Executive Officer. "This is our fifth acquisition over the last 10 years and, like all the other deals, it will be immediately accretive."
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 secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the loans over their entire contract terms.
CONTACT: Investor Relations Contact
Robert E. Riedl, Chief Investment Officer
949 753-6800
Source:
Consumer Portfolio Services, Inc.
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