CONSUMER PORTFOLIO SERVICES, INC. (CPSS) Form 8-K — Oct 21, 2026
Consumer Portfolio Services closed its fourth term securitization of 2026 on October 21, issuing $767.85 million of asset-backed notes secured by approximately $797.36 million of subprime auto receivables via CPS Auto Receivables Trust 2026-D. This is CPS's 61st senior subordinate securitization since 2011 and 111th overall, with the senior class earning a triple-A rating from both Moody's and DBRS Morningstar — the 44th consecutive such rating. The five-class note structure carries a weighted average coupon of approximately 6.68%, ranging from 5.14% on Class A to 8.56% on Class E.
Key figures
- Debt Amount
- 767850000
- Note classes
- ["Class A: $356.34M at 5.14% (Aaa/AAA)","Class B: $111.47M at 5.59% (Aaa/AA)","Class C: $118.09M at 6.01% (Aa3/A)","Class D: $71.12M at 6.55% (Baa2/BBB)","Class E: $110.83M at 8.56% (NR/BB)"]
- Reserve account
- 1.00% of receivables pool
- Receivables pool
- $797.36 million
- Total securitizations
- 111
- Weighted average coupon
- approximately 6.68%
- Consecutive aaa tranches
- 44
- Securitization count 2026
- 4
- Initial overcollateralization
- 3.70%
- Target final overcollateralization
- lesser of 8.00% of original pool or 19.40% of outstanding pool
AI analysis
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