IRVINE, Calif. — Consumer Portfolio Services revealed this week it has entered into a $100 million one-year revolving warehouse credit facility with Citibank.

Commenting on the news, Charles Bradley, Jr., president and chief executive officer of CPS, noted, “We are pleased to expand our long-term relationship with Citi with the completion of our fourth financing deal since 2007.

“This transaction brings our total warehouse capacity back to $200 million and provides improved flexibility compared to our other facilities,” he added.

The company also noted that the loans under the new facility will be secured by automobile receivables that CPS now holds or will purchase from dealers.

Delving into what the company offers consumers, CPS is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories, officials noted.

“We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives,” they continued.