Material Agreement, Financial Obligation (Form 8-K)

Item 1.01. Entry into a Material Definitive Agreement.

The information contained in Item 2.03 of this report is hereby incorporated by reference into this Item 1.01.

On October 17, 2025, Consumer Portfolio Services, Inc. ("CPS" or the "Company") and its wholly-owned subsidiary Page Eleven Funding LLC (the "Borrower") entered into a two-year revolving credit agreement (the "Credit Agreement") and related agreements with Capital One, N.A. and a Class B lender, (the "Lenders"). Loans under the Credit Agreement are to be secured by automobile receivables that CPS now holds or may purchase in the future from dealers, which receivables CPS would then sell or contribute to the Borrower.

Under the Credit Agreement, and subject to its terms and conditions, the Lenders have agreed to lend from time to time prior to the funding termination date up to a maximum of $167.5 million to be outstanding at any time. The amount that may be advanced under the Credit Agreement will be up to 95.5% of the principal amount of eligible pledged receivables. The funding termination date is October 18, 2027, or earlier upon the occurrence of defined funding termination events. The amounts outstanding could become due at an earlier date, if any of certain defined events of default were to occur.

Class A loans under the Credit Agreement bear interest at a floating rate equal to one-month SOFR plus 2.75%, but in all events no less than 3% per year. Class B loans under the Credit Agreement bear an interest rate of 3.65% above the total interest rate on Class A loans.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information provided in response to item 1.01 is incorporated herein by reference.

CPS incurred approximately $19.6 million of indebtedness under the revolving credit facility on October 22, 2025. CPS intends to incur indebtedness from time to time as it purchases motor vehicle receivables from dealers.