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 14, 2007
CONSUMER
PORTFOLIO SERVICES, INC.
(Exact
Name of Registrant as Specified in Charter)
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CALIFORNIA
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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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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)
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))
ITEM
1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
As
of
February 14, 2007, the registrant, Consumer Portfolio Services, Inc. ("CPS"),
its wholly owned subsidiary Page Funding LLC ("Borrower") and UBS Real Estate
Securities Inc. ("Senior Lender") amended and restated certain agreements
governing an existing $200 million revolving warehouse credit facility, and
entered into additional related agreements. Under this facility, CPS sells
eligible receivables to the Borrower, which in turn pledges the receivables
as
collateral for borrowings from Senior Lender, represented by a variable funding
note (the "Class A Note"). The amendments are similar to those effective
January
12, 2007, with respect to the registrant’s other revolving warehouse credit
facility, which amendments were reported in a current report on Form 8-K
filed
on January 17, 2007.
The
material terms of the February 14 amendments and the additional agreements
are
these: (i) the Borrower has issued subordinated variable funding notes, Class
B
(the "Class B Notes") payable to The Patriot Group, LLC and Waterfall Eden
Fund,
LP, (ii) the Borrower may borrow up to an additional amount of $25 million
in
the aggregate on a revolving basis, represented by the Class B Notes, (iii)
the
Class B Notes are secured by a subordinated security interest in the receivables
sold to the Borrower, (vi) the Class B Notes bear interest at the rate of
30-day
LIBOR plus 5.50% per annum, (v) the maximum advance rate under the credit
facility has increased to 93% of the aggregate principal amount of the pledged
receivables, comprising 83% to the Senior Lender, and 10% to the additional
lenders, and (vi) the indebtedness represented by the Class A Note and Class
B
Notes is due not later than 364 days after it is incurred. The $25 million
maximum amount of Class B Notes is an aggregate maximum, applicable to each
of
the two revolving warehouse credit facilities and to both taken together.
CPS
disclaims any implication that the agreements so amended are other than
agreements entered into in the ordinary course of CPS's
business.
ITEM
7.01 REGULATION FD DISCLOSURE
CPS
is
today making available one presentation consisting of 31 slides. A copy is
attached as an exhibit. Although the exhibit is an update of a similar
presentation that was made available, updated and corrected on August 7, 2006,
August 30, 2006 and September 13, 2006, respectively (each as an exhibit to
a
current report on Form 8-K). CPS is not undertaking to update further any
information contained in this presentation.
The
information furnished in this report shall not be deemed “filed” for purposes of
Section 18 of the Securities Act of 1933, as amended.
ITEM
9.01. FINANCIAL STATEMENTS AND EXHIBITS.
Neither
financial statements nor pro forma financial information are filed with this
report.
One
exhibit is attached:
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Exhibit
Number
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Description
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99.1
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Company
Summary
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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 20, 2007
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By: | /s/ Charles E. Bradley, Jr. |
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Charles
E. Bradley, Jr.
President
and chief executive officer
Signing
on behalf of the registrant
and
as principal executive officer
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EXHIBIT
INDEX
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Exhibit
Number
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Description
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99.1
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Company
Summary.
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Exhibit
99.1
