UNITED STATES 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) April 25, 2006

                        CONSUMER PORTFOLIO SERVICES, INC.
                        ---------------------------------
               (Exact Name of Registrant as Specified in Charter)

         CALIFORNIA                 001-14116                    33-0459135
         ----------                 ---------                    ----------
(State or Other Jurisdiction       (Commission                  (IRS Employer
     of Incorporation)             File Number)              Identification No.)

                   16355 Laguna Canyon Road, Irvine, CA 92618
                   ------------------------------------------
               (Address of Principal Executive Offices) (Zip Code)

        Registrant's telephone number, including area code (949) 753-6800

                                 Not Applicable
                                 --------------
          (Former name or former address, if changed since last report)





ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

The information in this Item 2.02, and the related Exhibit 99.1, is being
furnished and shall not be deemed "filed" for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that Section. The information in this Current Report shall not be
incorporated by reference into any registration statement or other document
pursuant to the Securities Act of 1933, as amended.

On April 25, 2006, the registrant issued a news release announcing its earnings
for the quarter ended March 31, 2006. A copy of the release is attached as
Exhibit 99.1.

Exhibit 99.1 to the report may contain a "non-GAAP financial measure" as defined
in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended.
The possible non-GAAP financial measure is "managed receivables." This possible
non-GAAP financial measure is discussed below, including the most directly
comparable financial measure calculated and presented in accordance with
Generally Accepted Accounting Principles in the United States ("GAAP"), a
reconciliation of managed receivables to the most directly comparable GAAP
financial measure, and the reasons why the Company believes the presentation of
managed receivables provides useful information to management and to investors.
Managed receivables should be viewed in addition to, and not as an alternative
for, the Company's reported results prepared in accordance with GAAP.

On page 1 of the earnings release included as Exhibit 99.1, the Company stated
that managed receivables were $1,240.0 million at March 31, 2006. The most
directly comparable financial measure calculated and presented in accordance
with GAAP to the managed receivables measure is finance receivables on the
consolidated balance sheet. The managed receivables measure also includes (i)
the finance receivables held by unconsolidated subsidiaries off balance sheet
pursuant to statement on financial accounting standards No. 140, (ii) finance
receivables serviced by the Company without any ownership interest, and (iii)
repossessed vehicles included in other assets in the Company's balance sheet. In
addition, the managed receivables measure includes allowance for credit losses,
unearned origination fees, and certain other less significant adjustments.

The following table reconciles the Company's finance receivables, prepared on
the basis of GAAP, to managed receivables as of March 31, 2006:


                                        2




                                                                March 31, 2006
                                                                 (in millions)
                                                                 -------------
Net finance receivables per balance sheet                          $1,050.8
Allowance for finance receivables credit losses                        63.8
Net unearned origination fees                                          18.3
Finance receivables held by unconsolidated subsidiaries                83.2
Finance receivables serviced without ownership interest                12.5
Adjustment for discount and Rule 78s                                    1.3
Repossessed vehicles included in other assets on balance sheet         10.1
                                                                 -------------
                                                                   $1,240.0
                                                                 =============

The managed receivables measure is useful to management and investors because it
facilitates comparisons between the Company and other finance companies that
either do not securitize their receivables or, due to the structure of their
securitization transactions, account for the securitizations of their
receivables as sales. The managed receivables measure is primarily used by
investors and analysts for that purpose.


ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

         (c) Exhibits.

          EXHIBIT NUMBER            DESCRIPTION
          --------------            -----------
               99.1                 News Release dated April 25, 2006


                                   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.

                                     CONSUMER PORTFOLIO SERVICES, INC.


Dated: April 25, 2006                 By: /s/ JEFFREY P. FRITZ
                                         --------------------------------------
                                         Jeffrey P. Fritz
                                         Sr. Vice President and Chief
                                         Financial Officer

                                         Signing on behalf of the registrant
                                         and as principal financial officer


                                        3




                                  EXHIBIT INDEX

EXHIBIT NUMBER            DESCRIPTION

99.1                News Release dated April 25, 2006







                                                                    EXHIBIT 99.1

CPS                                                                 NEWS RELEASE
- --------------------------------------------------------------------------------


                    CONSUMER PORTFOLIO SERVICES, INC. REPORTS
                           2006 FIRST QUARTER EARNINGS

IRVINE, CALIFORNIA, APRIL 25, 2006 (BUSINESS WIRE) -- Consumer Portfolio
Services, Inc. (Nasdaq: CPSS) today announced earnings for its first quarter
ended March 31, 2006.

Net income for the quarter ended March 31, 2006 was $1.8 million, or $0.07 per
diluted share, compared to net loss of $(239,000), or $(0.01) per diluted share,
for the quarter ended March 31, 2005. For the three months ended March 31, 2006
total revenues increased approximately $16.2 million, or 38.7%, to $58.0
million, compared to $41.8 million for the three months ended March 31, 2005.
Total expenses for the three months ended March 31, 2006 were $56.2 million, an
increase of $14.2 million, or 33.7%, as compared to $42.1 million for the three
months ended March 31, 2005.

"We are pleased with the financial performance of the Company for the first
quarter," said Charles E. Bradley, President and Chief Executive Officer. "We
have now had four profitable quarters in a row and have re-established a
financial base from which to grow. Operationally, we continued the successful
execution of our business plan. During the first quarter, purchases of new
receivables were the highest they have been in almost eight years. With respect
to asset performance, delinquencies and credit losses improved vs. the fourth
quarter as we expected given seasonal historical patterns. These asset
performance metrics also compare favorably to those from the first quarter of
2005."

During the first quarter of 2006, Consumer Portfolio Services purchased $254.5
million of contracts from dealers as compared to $188.1 million during the
fourth quarter of 2005 and $144.2 million during the first quarter of 2005. As
previously reported, the Company continued its regular quarterly securitization
program with the March sale of $245.0 million of AAA/Aaa rated asset backed
notes. As of March 31, 2006, the Company's managed receivables totaled $1,240.0
million, as follows ($ in millions):

         Owned by Consolidated Subsidiaries*                          $1,144.3
         Owned by Non-Consolidated Subsidiaries                           83.2
         As Third Party Servicer for SeaWest Financial                    12.5
                                                                      --------
              Total                                                   $1,240.0

         * Before $93.5 million of allowance for credit losses,
         deferred acquisition fees and repossessed vehicles.


As previously reported, in order to increase transparency of the Company's
financial reports, in the third quarter of 2003 Consumer Portfolio Services
began structuring its securitization transactions as secured financings, with
receivables and associated debt remaining on the balance sheet, and without
recognition of a gain on sale. Accordingly, net earnings are recognized over the
life of the receivables as interest income and fee income, less related funding
costs and a provision for losses. Such provisions are recorded upon acquisition
and during the life of the receivables.




CONFERENCE CALL

Consumer Portfolio Services announced that it will hold a conference call
tomorrow, April 26, 2006, at 1:30 p.m. EDT to discuss its quarterly earnings.
Those wishing to participate by telephone may dial-in at 973-409-9261
approximately 10 minutes prior to the scheduled time.

A replay will be available between April 26, 2006 and May 5, 2006, beginning one
hour after conclusion of the call, by dialing 877-519-4471 or 973-341-3080 for
international participants, with pin number 7304946. A broadcast of the
conference call will also be available live and for 30 days after the call via
the Company's web site at www.consumerportfolio.com and at www.streetevents.com.

ABOUT CONSUMER PORTFOLIO SERVICES, INC.

Consumer Portfolio Services, Inc. is a consumer finance company that specializes
in purchasing, selling and servicing retail automobile installment sale
contracts originated by automobile dealers located throughout the United States.
The Company is currently active in 47 states. Through its purchase of contracts,
the Company provides indirect financing to car dealer customers with limited
credit histories, low incomes or past credit problems.

FORWARD-LOOKING STATEMENTS IN THIS NEWS RELEASE INCLUDE THE COMPANY'S RECORDED
REVENUE, EXPENSE, GAIN ON SALE REVENUE AND PROVISION FOR CREDIT LOSSES BECAUSE
THESE ITEMS ARE DEPENDENT ON THE COMPANY'S ESTIMATES OF FUTURE LOSSES. THE
ACCURACY OF SUCH ESTIMATES MAY BE ADVERSELY AFFECTED BY VARIOUS FACTORS, WHICH
INCLUDE (IN ADDITION TO RISKS RELATING TO THE ECONOMY GENERALLY) THE FOLLOWING:
POSSIBLE INCREASED DELINQUENCIES; REPOSSESSIONS AND LOSSES ON RETAIL INSTALLMENT
CONTRACTS; INCORRECT PREPAYMENT SPEED AND/OR DISCOUNT RATE ASSUMPTIONS; POSSIBLE
UNAVAILABILITY OF QUALIFIED PERSONNEL, WHICH COULD ADVERSELY AFFECT THE
COMPANY'S ABILITY TO SERVICE ITS PORTFOLIO; POSSIBLE INCREASES IN THE RATE OF
CONSUMER BANKRUPTCY FILINGS OR CHANGES IN BANKRUPTCY LAW, WHICH COULD ADVERSELY
AFFECT THE COMPANY'S RIGHTS TO COLLECT PAYMENTS FROM ITS PORTFOLIO; OTHER
CHANGES IN GOVERNMENT REGULATIONS AFFECTING CONSUMER CREDIT; POSSIBLE DECLINES
IN THE MARKET PRICE FOR USED VEHICLES, WHICH COULD ADVERSELY AFFECT THE
COMPANY'S REALIZATION UPON REPOSSESSED VEHICLES; AND ECONOMIC CONDITIONS IN
GEOGRAPHIC AREAS IN WHICH THE COMPANY'S BUSINESS IS CONCENTRATED. ALL OF SUCH
FACTORS ALSO MAY AFFECT THE COMPANY'S FUTURE EARNINGS, AS TO WHICH THERE CAN BE
NO ASSURANCE.

ANY IMPLICATION THAT THE RESULTS OF THE MOST RECENTLY COMPLETED QUARTER ARE
INDICATIVE OF FUTURE RESULTS IS DISCLAIMED, AND THE READER SHOULD DRAW NO SUCH
INFERENCE. FACTORS SUCH AS THOSE IDENTIFIED ABOVE IN RELATION TO GAIN ON SALE
AND PROVISION FOR CREDIT LOSSES MAY AFFECT FUTURE PERFORMANCE.

INVESTOR RELATIONS CONTACT

Robert E. Riedl
Consumer Portfolio Services
949-753-6800





               Consumer Portfolio Services, Inc. and Subsidiaries
                 Condensed Consolidated Statements of Operations
                      (In thousands, except per share data)
                                   (Unaudited)



                                                        Three months ended
                                                             March 31,
                                                   ----------------------------
                                                       2006            2005
                                                   ------------    ------------
REVENUES:
Interest income                                    $     54,527    $     36,172
Servicing fees                                            1,005           2,264
Other income                                              2,492           3,397
                                                   ------------    ------------
                                                         58,024          41,833
                                                   ------------    ------------
EXPENSES:
Employee costs                                            9,357          10,450
General and administrative                                5,111           5,138
Interest                                                 18,035          10,384
Provision for credit losses                              19,099          12,312
Other expenses                                            4,632           3,788
                                                   ------------    ------------
                                                         56,234          42,072
                                                   ------------    ------------
Income (loss) before income taxes                         1,790            (239)
Income taxes                                                 --              --
                                                   ------------    ------------
      Net income (loss)                            $      1,790    $       (239)
                                                   ============    ============

Earnings (loss) per share:
     Basic                                         $       0.08    $      (0.01)
     Diluted                                               0.07           (0.01)

Number of shares used in computing earnings
   (loss) per share:
     Basic                                               21,732          21,528
     Diluted                                             24,188          21,528




                      Condensed Consolidated Balance Sheets
                                 (In thousands)
                                   (Unaudited)


                                                       March 31,    December 31,
                                                         2006          2005
                                                      ----------    ----------

Cash and restricted cash                              $  237,932    $  175,451
Finance receivables, net                               1,050,825       913,576
Residual interest in securitizations                      22,608        25,220
Other assets                                              42,858        40,897
                                                      ----------    ----------
                                                      $1,354,223    $1,155,144
                                                      ==========    ==========

Accounts payable and other liabilities                $   18,893    $   19,779
Warehouse lines of credit                                 75,056        35,350
Residual interest financing                               37,728        43,745
Securitization trust debt                              1,100,606       924,026
Senior secured debt                                       40,000        40,000
Subordinated debt                                          6,314        18,655
                                                      ----------    ----------
                                                       1,278,597     1,081,555
                                                      ----------    ----------

Shareholders' equity                                      75,626        73,589
                                                      ----------    ----------
                                                      $1,354,223    $1,155,144
                                                      ==========    ==========

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