IRVINE, Calif. -

Consumer Portfolio Services recently announced it entered into a new two-year revolving credit agreement with Fortress Credit Co. worth $100 million.

Officials highlighted the new agreement replaces a revolving credit agreement that CPS has used since December 2010, in which Fortress was a lead agent and lender.

The company indicated loans under the new credit agreement will be secured by automobile receivables that CPS now holds or will purchase from dealers in the future. CPS may borrow on a revolving basis through April 2017, after which CPS will have the option to repay the outstanding loans in full or to allow them to amortize for a further two-year period.

"We are pleased to continue our long-term relationship with Fortress, with whom we have now done business continually since 2009,” CPS president and chief executive officer Brad Bradley said.

“With this renewal we continue to maintain our strategy of having two warehouse lines with multi-year revolving commitments followed by amortization periods,” Bradley continued.