IRVINE, Calif. — This week, Consumer Portfolio Services
closed its second term securitization of the year. The transaction is CPS's
ninth senior subordinate securitization since 2011.

In the transaction, the company highlighted that 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-B,
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's experience as a
servicer. 

 

 Note Class  Amount
Interest

Rate

Average
Life 		 Price S&P's
Rating 		Moody's
Rating
 A  $158.4
million		  1.82%  1.74 years  99.98791%  AA-  A1
 B  $18.5 million  2.43%  2.01
years 		 99.98668%  A  A2
 C  $12.3 million  3.48%  2.76
years		  99.99637%  BBB  Baa2
 D  $10.2 million  4.66%  2.31
years		  99.98014%  BB  Ba2
 E  $5.6 million  6.41%  2.10
years		  99.99292%  BB-  B2

Officials pointed out the weighted average effective coupon
on the notes is approximately 2.34 percent.

CPS also mentioned the 2013-B 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 11.50 percent of the
then-outstanding receivable pool balance.

Officials went on to indicate the transaction utilizes a
pre-funding structure, in which CPS sold approximately $140.9 million of
receivables today and plans to sell approximately $64.1 million of additional
receivables during July.

"This further sale is intended to provide CPS with long-term
financing for receivables purchased primarily in the month of June," the
company said. "The transaction also included $7.4 million of receivables
originally originated by CPS in 2007 and 2008 that were recently repurchased
from a securitization transaction which closed in 2008.

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

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