IRVINE, Calif. — Consumer Portfolio Services recently closed
its first term securitization of 2013. The transaction is CPS' eighth senior
subordinate securitization since 2011.

In the transaction, the company explained qualified
institutional buyers purchased $185 million of asset-backed notes secured by
automobile receivables purchased by CPS. The sold notes, issued by CPS Auto
Receivables Trust 2013-A, consist of five classes.

Ratings of the notes were provided by Standard & Poor's
and Moody's and were based on the structure of the transaction, the historical
performance of similar receivables and CPS' experience as a servicer.

 Note
Class 		Amount Interest
Rate 		 Average
Life		 Price S&P
Rating 		Moody's
Rating
 A  $142.0
million		  1.31%  1.78 years  99.98709%  AA-  A1
 B  $16.7 million  1.89%  2.06
years		  99.99298%  A  A2
 C  $11.1 million  2.79%  2.80
years		  99.98747%  BBB  Baa2
 D  $9.2 million  4.41%  2.45
years		  99.98130%  BB  Ba2
 E  $6.0 million  6.41%  2.04
years		  99.99319%  B+  B2

The weighted average effective interest rate on the notes is
approximately 1.87 percent.

CPS indicated the 2013-A transaction has initial credit
enhancement consisting of a cash deposit equal to 1.00 percent of the original
receivable pool balance. The company added the final enhancement level requires
accelerated payment of principal on the notes to reach overcollateralization of
11.50 percent of the then-outstanding receivable pool balance.

The transaction utilizes a pre-funding structure, in which
CPS sold approximately $116.3 million of receivables and plans to sell
approximately $68.7 million of additional receivables in April.

Management said this further sale is intended to provide CPS
with long-term financing for receivables purchased primarily in the month of
March.

"The transaction was a private offering of securities, not
registered under the Securities Act of 1933, or any state securities law. All
of such securities having been sold, this announcement of their sale appears as
a matter of record only," officials said.

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