IRVINE, Calif. -

Based on its latest filing with the Securities and Exchange Commission, Consumer Portfolio Services is looking to collect more resources to ramp up its subprime auto financing.

The company said in the filing that it’s offering renewable unsecured subordinated notes to new purchasers and existing noteholders up to a maximum of $50 million in aggregate principal amount. The company indicated it is offering the notes with maturities ranging from three months to 10 years

“However, depending on our capital needs, notes with certain terms may not always be offered,” CPS officials said. “We will establish interest rates on the notes offered in this prospectus from time to time in interest rate supplements to this prospectus. Our filing such an interest rate supplement will not affect the interest rates applicable to any notes previously sold.”

If all of the notes are sold for cash, the company said it would expect to receive approximately $49.7 million of net proceeds from this offering after payment of estimated offering expenses.

“Because we may sell the notes for cash or in exchange for surrender of outstanding notes (or surrender of other renewable subordinated notes issued prior to the date of this prospectus), our actual cash proceeds will be less than that amount, to the extent of such sales in exchange,” CPS officials said while noting that as of Dec. 31, there were $15.2 million of such renewable subordinated notes outstanding.

“Although we have no specific plan to allocate the proceeds, the general purpose of the offering is to raise capital to purchase automobile contracts and for other general corporate purposes, which may include payment of general and administrative expenses,” CPS officials went on to say.

During the fourth quarter, CPS purchased $264.4 million of new contracts compared to $279.3 million during the third quarter of 2014 and $173.4 million during the fourth quarter of last year.

The company's managed receivables totaled $1.644 billion as of Dec. 31, an increase from $1.519 billion as of Sept. 30 and $1.231 billion as of the close of 2013.

The latest company development arrives after Consumer Portfolio Services announced the closing of its first term securitization in 2015. That transaction was CPS’ 16th senior subordinate securitization since the beginning of 2011 and the fourth consecutive securitization to receive a triple-A rating on the senior class of notes.