Consumer Portfolio Provides Information to the Shareholders
July 22, 2022 at 02:35 am IST
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On July 21, 2022, Consumer Portfolio Services, Inc. announced that it has postponed the Company's 2022 annual meeting of shareholders and will announce such date at a later time. The Company stated that the annual meeting will be held for the election of directors and for the transaction of other business which may properly come before the annual meeting. In addition, the Company state that once the Company schedules a new date for the annual meeting, it will announce the new deadline for submitting shareholder proposals pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended.
Consumer Portfolio Services, Inc. is a specialty finance company. The Companyâs business is to provide purchase and service retail automobile contracts originated primarily by franchised automobile dealers and, to a lesser extent, 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, it provides indirect financing to the customers of dealers. It serves as an alternative source of financing for dealers, facilitating sales to customers from traditional sources, such as commercial banks, credit unions, and the finance companies affiliated with automobile manufacturers. It also originates vehicle purchase money loans by lending directly to consumers. It offers over eight different financing programs and prices each program according to relative credit risk. Its financing programs include First Time Buyer, Mercury / Delta, Standard, Alpha, Alpha Plus, Super Alpha and Preferred.