SECURITIES AND EXCHANGE COMMISSION
WASHINGTON DC 20549
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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) November 8, 2007
CONSUMER PORTFOLIO SERVICES, INC.
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(Exact Name of Registrant as Specified in Charter)
CALIFORNIA 0-51027 33-0459135
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
16355 Laguna Canyon Road, Irvine, CA 92618
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (949) 753-6800
Not Applicable
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(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):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] 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.
On November 8, 2007, the registrant, Consumer Portfolio Services, Inc. ("CPS"),
its wholly owned subsidiary Page Three Funding LLC ("Borrower") and Wells Fargo
Bank, N.A., as trustee, amended the agreements governing an existing revolving
warehouse credit facility. Under this facility, CPS sells eligible receivables
to the Borrower, which in turn pledges the receivables as collateral for
borrowings from Bear, Stearns & Co. Inc. ("Senior Lender"), represented by a
variable funding note (the "Class A Note").
The material terms of the amendments are these: (i) the termination date of the
facility, with respect to the Class A Note, is extended to November 6, 2008, and
(ii) the interest rate on the Class A Note is increased from 30-day LIBOR plus
2.00% per annum to 30-day LIBOR plus 2.50% per annum.
The Borrower has also issued Class B subordinated variable funding notes under
this credit facility, the terms and conditions of which are unchanged by these
amendments.
CPS disclaims any implication that the agreements so amended are other than
agreements entered into in the ordinary course of CPS's business.
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: November 15, 2007 By: /s/ Robert E. Riedl
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Robert E. Riedl
Senior vice president and chief investment
officer