UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-K

                  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                   For the Fiscal Year Ended December 31, 1996

                        Commission File Numbers 333-09343
                                    333-1548



                        CONSUMER PORTFOLIO SERVICES, INC.
             (Exact name of registrant as specified in its charter)


CALIFORNIA                                                 33 045 9135
(State of Incorporation)                            (I.R.S. Employer ID No.)

                                      2 Ada
                            Irvine, California 92618
               (Address of principal executive offices, zip code)

                                 (714) 753-6800
              (Registrant's telephone number, including area code)

          Securities Registered Pursuant to Section 12(b) of the Act :
                                      None

          Securities Registered Pursuant to Section 12(g) of the Act :
                                      None


         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.
                                                                  Yes [X] No [_]

         Indicate by check mark if disclosure of delinquent  filers  pursuant to
Item 405 of Regulsation S-K is not contained herein,  and will not be contained,
to the best of the  registrant's  knowledge,  in definitive proxy or information
statements  incorporated  by  reference in Parts I, II, III, and IV of this Form
10-K or any amendment to this Form 10-K. [X]

                       DOCUMENTS INCORPORATED BY REFERENCE

         Specifically  identified portions of Form 10-K for the 1996 fiscal year
filed by the registrant  under  Commission File no. 1-14116 are  incorporated by
reference into Parts I, II, III, and IV of this report.








                                     PART I

ITEM 3.  LEGAL PROCEEDINGS

     Incorporated  by  reference  to the 1996 Form 10-K filed by the  registrant
under Commission File no. 1- 14116.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     Not applicable.


                                     PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

     Incorporated  by  reference  to the 1996 Form 10-K filed by the  registrant
under Commission File no. 1- 14116.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE

     Not applicable.


                                    PART III

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     Incorporated  by  reference  to the 1996 Form 10-K filed by the  registrant
under Commission File no. 1- 14116.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     Incorporated  by  reference  to the 1996 Form 10-K filed by the  registrant
under Commission File no. 1- 14116.


                                     PART IV

ITEM 14.  EXHIBITS, FINANCIAL SCHEDULES, AND REPORTS ON FORM 8-K

     Incorporated  by  reference  to the 1996 Form 10-K filed by the  registrant
under Commission File no. 1- 14116. The following  exhibits are filed as part of
this report :
Exhibit 24     Power of Attorney
Exhibit 99.2   Annual  Holders' Tax  Statement  with respect to FASCO Auto Trust
               1996-1,  CPS Auto Grantor Trust 1996-2 and CPS Auto Grantor Trust
               1996-3.
Exhibit 99.3   Annual Independent  Accountants' Servicing Report with respect to
               FASCO Auto Trust  1996-1,  CPS Auto Grantor  Trust 1996-2 and CPS
               Auto Grantor Trust 1996-3.









                                    SIGNATURE

         Pursuant to the  requirements  of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.


                                       CONSUMER PORTFOLIO SERVICES, INC.,
                                       as sponsor and manager of the Trust
                                       (Registrant)



                                       By:/s/ Jeffrey P. Fritz
                                          Name: Jeffrey P. Fritz
                                          Title: Senior Vice President



         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
this  report has been  signed  below by the  following  persons on behalf of the
registrant and in the capacities and on the dates indicated.

Signatures 
Title 


         *
- -----------------------------
Charles E. Bradley, Sr.
Director



/s/ Charles E. Bradley, Jr.
Charles E. Bradley, Jr.
President and Director


         *
- -----------------------------
William B. Roberts
Director


         *
- -----------------------------
John G. Poole
Director


         *
- -----------------------------
Thomas L. Chrystie
Director










         *
- -----------------------------
Robert A. Simms
Director



/s/ Jeffrey P. Fritz
Jeffrey P. Fritz
Chief Financial Officer and Secretary



*By:/s/ Jeffrey P. Fritz
Jeffrey P. Fritz
as attorney-in-fact





                                                                      Exhibit 24

                                Power of Attorney

                        CONSUMER PORTFOLIO SERVICES, INC.

                                Power of Attorney

         Each of the undersigned  persons,  in his or her capacity as an officer
or director,  or both, of Consumer  Portfolio  Services,  Inc.  ("CPS"),  hereby
appoints  Jeffrey  P.  Fritz as his or her  attorney-in-fact  and  agent for the
following purposes:

                  1. To sign  for him or her,  in his or her  name and in his or
         her  capacity as an officer or director,  or both,  of CPS, any and all
         filings,  including but not limited to Forms 10-K and 8-K,  pursuant to
         the  Securities  Exchange  Act of 1934,  as  amended  (the  "Act"),  in
         connection  with  securities  issued  pursuant  to  securitizations  of
         financial  assets  and  other  property,   which  includes   automobile
         receivables originated or acquired by CPS;

                  2. To file or cause to be filed such documents with the United
         States Securities and Exchange Commission;

                  3. To take all such other action as any such attorney-in-fact,
         or his or her  substitute,  may deem necessary or desirable in order to
         effect compliance with applicable securities laws; and

                  4. To sign  for him or her,  in his or her  name and in his or
         her  capacity  as an officer or  director,  or both,  of CPS,  all such
         documents and instruments as any such  attorney-in-fact,  or his or her
         substitute,  may deem  necessary or advisable  in  connection  with the
         registration,  qualification  or  exemption  of the related  securities
         under the securities laws of any state or other jurisdiction.








                  This power of attorney  shall be effective as of September 29,
1998  and  shall  continue  in  full  force  and  effect  until  revoked  by the
undersigned in a writing filed with the Secretary of CPS.

                                 /s/ Charles E. Bradley, Sr.
                                 ----------------------------
                                 Charles E. Bradley, Sr.

                                 /s/ Charles E. Bradley, Jr.
                                 ----------------------------
                                 Charles E. Bradley, Jr.

                                 /s/ William B. Roberts     
                                 ----------------------------
                                 William B. Roberts

                                 /s/ John G. Poole          
                                 ----------------------------
                                 John G. Poole

                                 /s/ Thomas L. Chrystie     
                                 ----------------------------
                                 Thomas L. Chrystie

                                 /s/ Robert A. Simms        
                                 ----------------------------
                                 Robert A. Simms

Consumer Portfolio Services, Inc.

Summary of Payments by Trusts for the Year Ended December 31, 1996

                              Base              Principal          Interest
                           Servicing             Payments          Payments
                         -------------------------------------------------------
FASCO 1996-1               $932,246.00       $10,041,709.67      $3,396,656.13
CPS      1996-2             548,521.50         4,728,828.95       1,900,627.02
CPS     1996-3              139,286.72           384,969.67         452,159.50
                         -------------------------------------------------------
                          1,620,054.22        15,155,508.29       5,749,442.65


Peat Marwick LLP
Center Tower
650 Town Center Drive
Costa Mesa, CA 92626






                         INDEPENDENT ACCOUNTANTS' REPORT



The Board of Directors
Consumer Portfolio Services, Inc.:

We have examined  management's  assertion  about  Consumer  Portfolio  Services,
Inc.'s (the Company) compliance with the minimum servicing standards  identified
in the  relevant  sections of the  Mortgage  Bankers  Association  of  America's
Uniform Single Attestation Program for Mortgage Bankers (USAP) as of and for the
year ended December 31, 1996 included in the accompanying  management assertion.
Management  is  responsible  for the  Company's  compliance  with those  minimum
servicing standards. Our responsibility is to express an opinion on management's
assertion about the Company's compliance based on our examination.

Our  examination  was  made in  accordance  with  standards  established  by the
American  Institute of Certified Public Accountants and,  accordingly,  included
examining,  on a test basis,  evidence about the Company's  compliance  with the
minimum  servicing   standards  and  performing  such  other  procedures  as  we
considered  necessary  in the  circumstances.  We believe  that our  examination
provides a reasonable basis for our opinion.  Our examination does not provide a
legal  determination  on the  Company's  compliance  with the minimum  servicing
standards.

In our  opinion,  management's  assertion  that the  Company  complied  with the
aforementioned  minimum servicing standards,  as they relate to the servicing of
automobile installment contracts, as of and for the year ended December 31, 1996
is fairly stated, in all material respects.



February 14, 1997



                             MANAGEMENT'S ASSERTION



As of and for the year ended  December 31, 1996,  Consumer  Portfolio  Services,
Inc. has complied in all material respects with the minimum servicing  standards
set forth in the  Mortgage  Bankers  Association  of  America's  Uniform  Single
Attestation  Program for Mortgage  Bankers,  as they related to the servicing of
automobile installment contracts.  As of and for this period, Consumer Portfolio
Services, Inc. had in effect a fidelity bond in the amount of $2,000,000.


/s/ Charles E. Bradley, Jr.                         February 14, 1997  
- ---------------------------                   -------------------------
Charles E. Bradley, Jr.                                Date
President
Chief Executive Officer



/s/ Jeffrey P. Fritz                                  February 14, 1997   
- --------------------                          ----------------------------
Jeffrey P. Fritz                                       Date
Chief Financial Officer



/s/ James L. Stock                                   February 14, 1997   
- ------------------                            ---------------------------
James L. Stock                                         Date
Controller