IRVINE, Calif. — Earlier this week, Consumer Portfolio
Services marked the closing of its third term securitization of the year. The
transaction is CPS' 10th senior subordinate securitization since the beginning
of 2011.

In the transaction, qualified institutional buyers purchased
$205 million of asset-backed notes secured by automobile receivables purchased
by CPS.

The sold notes, issued by CPS Auto Receivables Trust 2013-C,
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's
Rating 		 Moody's
Rating
 A  $152.7
million		  1.64%  1.30 years  99.98813%  AA–  Aa3
 B  $24.1 million  3.00%  3.18
years 		 99.99055%  A  A2
 C  $12.3 million  4.30%  3.72
years		  99.99917%  BBB  Baa2
 D  $10.2 million  6.59%  3.96
years		  99.98394%  BB  Ba3
 E  $5.6 million  7.32%  3.96
years		  99.98897%  B+  B3

The weighted average effective coupon on the notes is
approximately 3.08 percent.

The 2013-C transaction has initial credit enhancement
consisting of a cash deposit equal to 1.00 percent of the original receivable
pool balance. The final enhancement level requires accelerated payment of
principal on the notes to reach overcollateralization of 5.00 percent of the
then-outstanding receivable pool balance.

Officials pointed out the transaction utilizes a pre-funding
structure, in which CPS sold approximately $139.2 million of receivables on
Monday and plans to sell approximately $65.8 million of additional receivables
this month.

"This further sale is intended to provide CPS with long-term
financing for receivables purchased primarily in the month of September," the
company said.

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

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