Consumer Portfolio Services Raises Warehouse Lines Above $1 Billion
Photo: TokenPost
Consumer Portfolio Services, Inc. (CPSS) expanded its Citibank and Capital One warehouse facilities to a combined $1.026 billion, giving the auto lender its first capacity above $1 billion as third-quarter loan originations reached a record. CEO and Chairman Charles Bradley discussed the increases on the company’s Oct. 26 earnings call. The Citibank line rose to $508 million from $335 million, and Capital One’s line increased to $518 million from $390 million. Together, the facilities’ limits were $301 million higher than their previous combined $725 million. Bradley said the company had not previously reached $1 billion in warehouse capacity.
Source: TokenPost
