Consumer Portfolio Services, Inc. (CPS) is a specialty finance company. The Company’s business is to purchase and service retail automobile contracts originated primarily by franchised automobile dealers and by select independent dealers in the United States in the sale of new and used automobiles, light trucks and passenger vans. Through its automobile contract purchases, CPS provides indirect financing to the customers of dealers who have limited credit histories, low incomes or past credit problems (sub-prime customers). The Company serves as an alternative source of financing for dealers, facilitating sales to customers who otherwise might not be able to obtain financing from traditional sources, such as commercial banks, credit unions and the captive finance companies. It offers seven financing programs to its dealership customers: First Time Buyer, Mercury/Delta, Standard, Alpha, Alpha Plus, Super Alpha and Preferred. CPS prices each program according to the relative credit risk.