NEWS
CPS Announces $436.31 Million Senior Subordinate Asset-Backed Securitization
Consumer Portfolio Services (CPS) announced the closing of a $436.31 million senior subordinate asset-backed securitization on June 26, 2024. This marks CPS's third term securitization in 2024 and its 52nd since 2011. The transaction involves asset-backed notes secured by $460 million in automobile receivables.
The notes, issued by CPS Auto Receivables Trust 2024-C, include five classes with a weighted average coupon of 6.56%. The transaction received a triple “A” rating on the senior class from Standard & Poor's and DBRS Morningstar.
Initial credit enhancement includes a 1% cash deposit and 5.15% overcollateralization. The securitization uses a pre-funding structure, with $319.85 million in receivables sold initially and an additional $140.15 million to be sold in July 2024.
The notes, issued by CPS Auto Receivables Trust 2024-C, include five classes with a weighted average coupon of 6.56%. The transaction received a triple “A” rating on the senior class from Standard & Poor's and DBRS Morningstar.
Initial credit enhancement includes a 1% cash deposit and 5.15% overcollateralization. The securitization uses a pre-funding structure, with $319.85 million in receivables sold initially and an additional $140.15 million to be sold in July 2024.
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