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) January 14, 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
January 14, 2009, McGladrey & Pullen LLP (“McGladrey”) advised the Audit
Committee of Consumer Portfolio Services, Inc. (the "Company") that McGladrey
has declined to stand for reappointment as the Company's independent registered
public accounting firm after the completion of the December 31, 2008
audit.
McGladrey’s
report 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 it 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 January 21, 2009, there were
no disagreements between us 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 January 21, 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 16.1 to this Form 8-K.
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ITEM
9.01
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Financial
Statements and Exhibits
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The
following exhibits are furnished as a part of this Current Report on Form
8-K:
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16.1
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Letter
from McGladrey to the Securities and Exchange Commission, dated January
21, 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: January
21, 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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EXHIBIT
INDEX
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Exhibit
Number
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Description
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16.1
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Letter
from McGladrey to the Securities and Exchange Commission, dated January
21, 2009, regarding agreement with the statements made in this
Form 8-K.
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EXHIBIT
16.1
January
21, 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 January 21, 2009 and we agree with such statements
concerning our firm.
/s/
McGladrey and Pullen, LLP