<SEC-DOCUMENT>0001019687-15-001386.txt : 20150410
<SEC-HEADER>0001019687-15-001386.hdr.sgml : 20150410
<ACCEPTANCE-DATETIME>20150410120007
ACCESSION NUMBER:		0001019687-15-001386
CONFORMED SUBMISSION TYPE:	S-1/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150410
DATE AS OF CHANGE:		20150410

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSUMER PORTFOLIO SERVICES INC
		CENTRAL INDEX KEY:			0000889609
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				330459135
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-190766
		FILM NUMBER:		15763200

	BUSINESS ADDRESS:	
		STREET 1:		19500 JAMBOREE ROAD
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
		BUSINESS PHONE:		9497536800

	MAIL ADDRESS:	
		STREET 1:		19500 JAMBOREE ROAD
		CITY:			IRVINE
		STATE:			CA
		ZIP:			92612
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>cpss_s1a2-041015.htm
<DESCRIPTION>AMENDMENT NO. 2 TO FORM S-1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">As filed with the Securities and Exchange
Commission on April 10, 2015 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><FONT STYLE="font-size: 10pt">Reg.
No. 333-</FONT>190766</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SECURITIES AND
EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>WASHINGTON,
D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 12pt"><B> Amendment
No. 2 to FORM S-1 on FORM S-3, to </B></FONT><B><FONT STYLE="font-size: 18pt"> </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>CONSUMER PORTFOLIO
SERVICES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(Exact name
of registrant as specified in its charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 56%; text-align: center"><font style="font-size: 10pt"><b>California</b></font></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; width: 40%; text-align: center"><font style="font-size: 10pt"><b>33-0459135</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-size: 10pt">(State or other jurisdiction of incorporation or organization)</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-size: 10pt">(I.R.S. Employer Identification Number)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 48%; text-align: center">&nbsp;</td>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: center"><b>Mark Creatura, General Counsel </b></td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><b>19500 Jamboree Road</b></td>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><b>19500 Jamboree Road </b></td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><b>Irvine, California 92612</b></td>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><b>Irvine, California 92612</b></td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><b>(949)&nbsp;753-6800</b></td>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><b>(949)&nbsp;753-6800</b></td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><b>Fax (949)&nbsp;753-6897</b></td>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><b>Fax (949)&nbsp;753-6897</b></td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">(Address, including zip code, and telephone number, including area code, <BR>
of registrant&rsquo;s principal executive offices)</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">(Name, address, including zip code, and telephone number, including area code, <BR>
of agent for service)</font></td>
    </tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Approximate date of commencement of
proposed sale to the public: As soon as practicable after the effective date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, check
the following box.&nbsp;[X]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If this Form is filed to register additional
securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;[_]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If this Form is a post-effective amendment
filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. [_]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If this Form is a post-effective amendment
filed pursuant to Rule&nbsp;462(d) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. [_]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark whether the
registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the
definitions of &ldquo;large accelerated filer&rdquo;, &ldquo;accelerated filer&quot; and &ldquo;smaller reporting company&rdquo;
in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 60%">Large accelerated filer [_]</td>
    <td style="width: 40%">Accelerated filer [X]&nbsp;&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>Non-accelerated filer&nbsp;&nbsp;[_]</td>
    <td>Smaller reporting company [_]&nbsp;&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>CALCULATION
OF REGISTRATION FEE</B></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td nowrap style="border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Title of Each Class of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Securities to Be</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Registered</P></td>
    <td>&nbsp;</td>
    <td nowrap colspan="3" style="border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Amount to be</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Registered</P></td>
    <td>&nbsp;</td>
    <td nowrap colspan="3" style="border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Proposed Maximum</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Offering Price Per Unit</P></td>
    <td>&nbsp;</td>
    <td nowrap colspan="3" style="border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Proposed Maximum</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Aggregate Offering Price</P></td>
    <td>&nbsp;</td>
    <td nowrap colspan="3" style="border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Amount of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Registration Fee</P></td></tr>
<tr style="vertical-align: top">
    <td>Renewable Unsecured Subordinated Notes</td>
    <td style="width: 22px">&nbsp;</td>
    <td style="width: 27px">$</td>
    <td style="width: 98px">50,000,000</td>
    <td style="width: 22px">&nbsp;</td>
    <td style="width: 22px">&nbsp;</td>
    <td nowrap style="width: 55px">&nbsp;</td>
    <TD STYLE="width: 79px; text-align: left; vertical-align: bottom; padding-top: 3pt"><sup>(1)</sup></td>
    <td nowrap style="width: 46px">&nbsp;</td>
    <td style="width: 22px">&nbsp;</td>
    <td style="width: 35px">$</td>
    <td style="width: 129px">50,000,000</td>
    <td style="width: 29px">&nbsp;</td>
    <td style="width: 22px">&nbsp;</td>
    <td style="width: 27px">$</td>
    <td style="width: 88px">6,820.00 (2)</td>
    <td style="width: 19px">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td nowrap style="width: 5%">(1)</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 92%">The Renewable Unsecured Subordinated Notes will be issued in denominations selected by the purchasers in any amount equal to or exceeding $1,000.</td></tr>
<tr style="vertical-align: top">
    <td nowrap>(2)</td>
    <td>&nbsp;</td>
    <td>A registration fee in the amount of $6,820.00 was paid concurrently with the initial filing of this registration statement on August 21, 2013.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 16pt"><B>$50,000,000</B></FONT></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: white"><B>Consumer
Portfolio Services, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: white"><FONT STYLE="font-size: 11pt"><B>Three
and Six Month Renewable Unsecured Subordinated Notes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.3pt; text-align: center; background-color: white"><FONT STYLE="font-size: 12pt"><B>One,
Two, Three, Four, Five and Ten Year Renewable Unsecured Subordinated Notes</B></FONT><BR>
___________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.2in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; background-color: white; text-align: justify">We are offering
our renewable unsecured subordinated notes to new purchasers and existing noteholders. We are offering the notes for cash and as
renewals of previously-issued or to-be-issued notes, up to a maximum of $50,000,000 in aggregate principal amount (inclusive of
renewals). As of the date of this prospectus, we are offering the notes with maturities ranging from three months to ten years.
However, depending on our capital needs, notes with certain terms may not always be offered. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; background-color: white; text-align: justify"> The
notes are unsecured obligations and your right to payment is subordinated in right of payment to substantially all of our existing
and future indebtedness, other than our issued and outstanding renewable unsecured subordinated notes, each of which is <I>pari
passu</I> in right of payment with the notes offered hereby. As of December 31, 2014, we had approximately $1,668.9 million of
debt outstanding that is senior to the notes, which was issued by our consolidated special purpose entities. Including accounts
payable and accrued expenses, we had approximately $1,690.6 million of outstanding obligations senior to the notes. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; background-color: white; text-align: justify">Upon
maturity, your notes will be automatically renewed for the same term as your maturing notes. The interest rate will be what we
are then offering to other investors with similar aggregate note portfolios for notes of the same term, as described on the next
page or specified in the most recently filed interest rate supplement, unless we elect not to have your notes renewed or unless
you notify us within 15 days after the maturity date for your notes that you want your notes repaid. If notes of the same term
are not then being offered, the interest rate upon renewal will be the rate specified by us on or before maturity or, if no such
rate is specified, the rate of the existing note. The interest rate on your renewed note may differ from the interest rate applicable
to your note during the prior term. After giving you thirty days&rsquo; advance notice, we may redeem all or a portion of your
notes for their original principal amount plus accrued and unpaid interest. You also may request us to repurchase your notes
prior to maturity; however, absent your death or total permanent disability, we have no obligation to repurchase your notes.
See &ldquo;Description Of The Notes - Redemption or Repurchase Prior To Stated Maturity - Repurchase At Request of Holder.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; background-color: white; text-align: justify">We will market
and sell the notes directly to the public. The notes will not be listed on any securities exchange or quoted on Nasdaq or any over-the-counter
market. We do not intend to make a market in the notes and we do not anticipate that a market in the notes will develop. There
will be significant restrictions on your ability to transfer or resell the notes. We have not requested a rating for the notes;
however, third parties may independently rate them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; background-color: white; text-align: justify"><B>The notes are
not certificates of deposit or similar obligations of, and are not guaranteed or insured by, any depository institution, the Federal
Deposit Insurance Corporation, the Securities Investor Protection Corporation or any other governmental or private fund or entity.
Investing in the notes involves risks, which are described in &ldquo;Risk Factors&rdquo; beginning on page 6 of this prospectus.
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; background-color: white; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; background-color: white; text-align: justify">Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per Note</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 46%">Public offering price</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">100.00%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">100.00%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Selling agent commissions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">none</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">none</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Proceeds to CPS, before expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; background-color: white; text-align: justify">See &ldquo;Plan
of Distribution&rdquo; for a description of anticipated expenses to be incurred in connection with our offering and selling the
notes. There will be no underwriting discount. We are not required to sell any specific number or dollar amount of notes in order
to accept subscriptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; background-color: white; text-align: justify"><B>We are offering
these notes to investors in the United States of America, other than in the states of Alabama, Alaska, Arizona, Delaware, Kentucky,
Maryland, Massachusetts, Montana, Nebraska, Nevada, New Hampshire, New Jersey, North Dakota, Oregon, Rhode Island, Utah, Virginia,
Washington, West Virginia and Wyoming.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">The date of this
Revised Prospectus is _______, 2015 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">We will issue the
notes in book-entry or uncertificated form. Subject to certain limited exceptions, you will not receive a certificated security
or a negotiable instrument that evidences your notes. We will deliver written confirmations to purchasers of the notes. Wells Fargo
Bank, National Association, Minneapolis, Minnesota, will act as trustee for the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">TABLE OF CONTENTS</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 90%; text-decoration: underline"><b><u>Caption</u></b></td>
    <td style="width: 10%; text-decoration: underline; text-align: center"><b><u>Page</u></b></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <td>PROSPECTUS SUMMARY</td>
    <td style="text-align: center">1</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td>CPS</td>
    <td style="text-align: center">1</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <td>The Offering</td>
    <td style="text-align: center">2</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</td>
    <td style="text-align: center">5</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <td>WHERE YOU CAN FIND MORE INFORMATION</td>
    <td style="text-align: center">6</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td>RISK FACTORS</td>
    <td style="text-align: center">6</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <td>Risks Factors Relating to the Notes</td>
    <td style="text-align: center">6</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td>Risks Factors Relating to CPS</td>
    <td style="text-align: center">10</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <td>FORWARD-LOOKING STATEMENTS</td>
    <td style="text-align: center">10</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td>RATIOS OF EARNINGS TO FIXED CHARGES</td>
    <td style="text-align: center">10</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <td>USE OF PROCEEDS</td>
    <td style="text-align: center">11</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td>CAPITALIZATION</td>
    <td style="text-align: center">11</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <td>DESCRIPTION OF THE NOTES</td>
    <td style="text-align: center">12</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>MATERIAL FEDERAL INCOME TAX CONSEQUENCES</td>
    <td style="text-align: center">22</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <td>PLAN OF DISTRIBUTION</td>
    <td style="text-align: center">23</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td>LEGAL MATTERS</td>
    <td style="text-align: center">24</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <td>EXPERTS</td>
    <td style="text-align: center">24</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td>GLOSSARY</td>
    <td style="text-align: center">25</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"><FONT STYLE="font-weight: normal"> This
prospectus dated ______, 2015 is a part of an amendment to a registration statement that we filed with the U.S. Securities and
Exchange Commission on April 10, 2015. See &ldquo;Where You Can Find More Information&rdquo; on page 5. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">PROSPECTUS
SUMMARY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt; background-color: white; text-align: justify">This summary
highlights selected information from this prospectus and from our reports filed with the SEC, and may not contain all the information
that may be important to you. You should read the entire prospectus and the other information that is incorporated by reference
into this prospectus before making an investment decision. Certain industry terms that we use are defined in the glossary, which
begins on page 24.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">CPS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">We
are a specialty finance company. Our business is to 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 our automobile contract purchases, we provide indirect financing to the customers of dealers
who have limited credit histories, low incomes or past credit problems, who we refer to as sub-prime customers. We serve 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 affiliated with major automobile
manufacturers. In addition to purchasing installment purchase contracts directly from dealers, we have also (i) acquired installment
purchase contracts in three merger and acquisition transactions, (ii) purchased immaterial amounts of vehicle purchase money loans
from non-affiliated lenders, and (iii) directly originated an immaterial amount of vehicle purchase money loans by lending money
directly to consumers. In this prospectus, we refer to all of such contracts and loans as &quot;automobile contracts.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white"> We
were incorporated and began our operations in March 1991. We consist of Consumer Portfolio Services, Inc. and subsidiaries (collectively,
&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;CPS&rdquo; or &ldquo;the Company&rdquo;). From inception through December 31, 2014,
we have purchased a total of approximately $11.3 billion of automobile contracts from dealers. In addition, we acquired a total
of approximately $822.3 million of automobile contracts in mergers and acquisitions in 2002, 2003, 2004 and, most recently in
September 2011. The September 2011 acquisition consisted of approximately $217.8 million of automobile contracts that we purchased
from Fireside Bank of Pleasanton, California. In 2004 and 2009, we were appointed as a third-party servicer for certain portfolios
of automobile contracts originated and owned by non-affiliated entities. From 2008 through 2010, our managed portfolio decreased
each year due to our strategy of limiting contract purchases to conserve our liquidity during the financial crisis and resulting
recession, as discussed further below. However, since October 2009, we have gradually increased contract purchases, which, in
turn, has resulted in increases in our managed portfolio. Contract purchase volumes and managed portfolio levels for the five
years ended December 31, 2014 are shown in the table below: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Contract Purchases and Outstanding Managed Portfolio</P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="font-style: italic; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="font-style: italic; text-align: center; border-bottom: Black 1pt solid"> $ in thousands </TD><TD STYLE="padding-bottom: 1pt; font-style: italic"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Contracts Purchased in Period </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Managed Portfolio at Period
    End </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 36%; color: #333333; text-align: center"> 2010 </TD><TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 13%; text-align: right"> 113,023 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 13%; text-align: right"> 756,203 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #333333; text-align: center"> 2011 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 284,236 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 794,649 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="color: #333333; text-align: center"> 2012 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 551,742 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 897,575 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #333333; text-align: center"> 2013 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 764,087 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,231,422 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="color: #333333; text-align: center"> 2014 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 944,944 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,643,920 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">We
incurred net losses every quarter from the quarter ended September 30, 2008 through the quarter ended September 30, 2011. We have
since recorded positive earnings for every subsequent quarter, through December 31, 2014; however, there can be no assurance
as to future earnings. We were adversely affected by the financial crisis and the subsequent economic recession affecting the
United States as a whole, by increased financing costs and decreased availability of capital to fund our purchases of automobile
contracts (which factors have been ameliorated in part after the end of 2009), and by a decrease in the overall level of sales
of automobiles and light trucks. We identify important factors that could cause actual results to differ, generally in the &ldquo;Risk
Factors&rdquo; section of this prospectus, and more specifically under the caption &ldquo;Forward-Looking Statements.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white"> We
purchase automobile contracts with the intention of financing them on a long-term basis through securitizations. Securitizations
are transactions in which we sell a specified pool of contracts to a special purpose subsidiary of ours. The subsidiary in turn
issues (or contributes to a trust that issues) asset-backed securities, which are purchased by institutional investors. Since
1994, we have completed 65 term securitizations of approximately $9.4 billion in contracts. We depend upon the availability of
short-term warehouse credit facilities as interim financing for our contract purchases prior to the time we pool those contracts
for a securitization. From February 2011 through the date of this prospectus, we have maintained two $100 million revolving warehouse
credit facilities. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white"> Our
principal executive offices are located at 3800 Howard Hughes Parkway, Suite 1400, Las Vegas, Nevada 89169, and our telephone
number is (949) 753-6800. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: white"><B>The
Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: white">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 27%; padding-top: 6pt"><b>Issuer</b></td>
    <TD STYLE="width: 73%; padding-top: 6pt; text-align: justify">Consumer Portfolio Services, Inc.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt"><b>Trustee</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">Wells Fargo Bank, National Association</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt"><b>Selling Agent</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">None</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt"><b>Paying Agent</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">Wells Fargo Bank, National Association</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt"><b>Securities Offered</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">Renewable Unsecured Subordinated Notes. The notes represent our unsecured promise to repay principal at maturity and to pay interest during the term or at maturity. By purchasing a note, you are lending money to us without any collateral security.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt"><b>Method of Purchase</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">Prior to your purchase of notes, you will be required to complete a subscription agreement that will set forth the principal amount of your purchase, the term of the notes and certain other information regarding your ownership of the notes. The form of subscription agreement is filed as an exhibit to the registration statement of which this prospectus is a part. We will mail you written confirmation that your subscription has been accepted.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt"><b>Denomination</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">You may choose the denomination of the notes you purchase in any principal amount of $1,000 or more, including odd amounts.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt"><b>Offering Price</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">100% of the principal amount per note.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt"><b>Rescission Right</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">You may rescind your investment within five business days of the postmark date of your purchase confirmation without incurring an early redemption penalty. In addition, if your subscription agreement is accepted at a time when we have determined that a post-effective amendment to the registration statement of which this prospectus is a part must be filed with the Securities and Exchange Commission, but such post-effective amendment has not yet been declared effective, you will be able to rescind your investment subject to the conditions set forth in this prospectus.&nbsp;&nbsp;See &ldquo;Description of the Notes &mdash; Rescission Right&rdquo; for additional information.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt"><b>Maturity</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">You may generally choose maturities for your notes of 3 or 6&nbsp;months or 1, 2, 3, 4, 5 or 10&nbsp;years; however, depending on our capital requirements, we may not sell notes of all maturities at all times.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt"><b>Interest Rate</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">The interest rate of the notes will be established at the time you purchase them, or at the time of renewal, based upon the rates we are offering in our latest interest rate supplement to this prospectus, and will remain fixed throughout each term. We may offer higher rates of interest to investors with larger aggregate note portfolios, as set forth in the then current interest rate supplement.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 27%; padding-top: 6pt; padding-right: 3pt"><b>Interest Payment Dates</b></td>
    <TD STYLE="width: 73%; padding-top: 6pt; text-align: justify">You may choose to receive interest payments monthly, quarterly, semiannually, annually or at maturity. If you choose to receive interest payments monthly, you may choose the day on which you will be paid. Subject to our approval, you may change the interest payment schedule or interest payment date once during each term of your notes.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3pt"><b>Principal Payment</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">We will not pay principal over the term of the notes. We are obligated to pay the entire principal balance of the outstanding notes upon maturity.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3pt"><b>Payment Method</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">Principal and interest payments will be made by direct deposit to the account you designate in your subscription documents.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3pt"><b>Renewal or Redemption at Maturity</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; background-color: white; text-align: justify">Upon maturity, the notes will be automatically
        renewed for the same term at the interest rate we are offering at that time to other investors with similar aggregate note portfolios
        for notes of the same maturity, unless we notify you prior to the maturity date that we intend to repay the notes, or unless you
        notify us prior to the maturity date that you want your notes repaid.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; background-color: white; text-align: justify">You may also require repayment by notice
        to us within 15&nbsp;days <i>after</i> the maturity date. This 15 day period will be automatically extended if you would otherwise
        be required to make the repayment election at a time when we have determined that a post-effective amendment to the registration
        statement of which this prospectus is a part must be filed with the Securities and Exchange Commission, but such post-effective
        amendment has not yet been declared effective.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt; background-color: white; text-align: justify">If notes with similar terms are not
        being offered at the time of renewal, the interest rate upon renewal will be (a) the rate specified by us on or before the maturity
        date or (b) if no such rate is specified, the rate of your existing notes. The interest rate being offered upon renewal may, however,
        differ from the interest rate applicable to your notes during the prior term. See &ldquo;Description of the Notes &mdash; Renewal
        or Redemption on Maturity.&rdquo;</P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3pt"><b>Optional Redemption or Repurchase</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">After giving you 30&nbsp;days&rsquo; prior notice, we may redeem some or all of your notes at a price equal to their original principal amount plus accrued but unpaid interest.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3pt">&nbsp;</td>
    <TD STYLE="padding-top: 6pt; text-align: justify">You may request us to repurchase your notes prior to maturity; however, unless the request is due to your death or total permanent disability, we are currently prohibited by contract from making any such repurchases.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3pt">&nbsp;</td>
    <TD STYLE="padding-top: 6pt; text-align: justify">See &ldquo;Description of Notes &mdash; Redemption or Repurchase Prior To Stated Maturity- Repurchase At Request of Holder.&rdquo;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3pt"><b>Consolidation, Merger or Sale</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">Upon any consolidation, merger or sale of our company, we will either redeem all of the notes or our successor will be required to assume our obligations to pay principal and interest on the notes pursuant to the indenture for the notes. For a description of these provisions see &ldquo;Description of the Notes - Consolidation, Merger or Sale.&rdquo;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3pt"><b>Ranking; No Security</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">The notes:</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3pt">&nbsp;</td>
    <TD STYLE="padding-top: 6pt; padding-left: 22pt; text-align: justify">&bull; are unsecured;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3pt">&nbsp;</td>
    <TD STYLE="padding-top: 6pt; padding-left: 22pt; text-align: justify">&bull; rank junior to our existing and future secured debt, including the debt of our special purpose entities;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 3pt">&nbsp;</td>
    <TD STYLE="padding-top: 6pt; padding-left: 22pt; text-align: justify">&bull; rank junior to our existing and future senior unsecured debt, including debt we may incur under our existing and future credit facilities; and</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 3pt">&nbsp;</td>
    <TD STYLE="padding-top: 6pt; padding-left: 22pt; text-align: justify">&bull; rank <i>pari passu</i> to our issued and outstanding renewable unsecured subordinated notes.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 27%; padding-top: 6pt">&nbsp;</td>
    <TD STYLE="width: 73%; padding-top: 6pt; text-align: justify"> As of December 31, 2014, we had approximately $1,668.9 million
    of debt outstanding that is senior to the notes, which was issued by our consolidated special purpose entities.&nbsp;&nbsp;Including
    accounts payable and accrued expenses, we had approximately $1,690.6 million of outstanding obligations senior to the notes.&nbsp;&nbsp;See
    &ldquo;Capitalization.&rdquo; </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt"><b>Limited Restrictive Covenants</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">The indenture governing the notes contains very limited restrictive covenants.&nbsp;&nbsp;One of these covenants prohibits us from paying dividends on our capital stock if there is an event of default with respect to the notes or if payment of the dividend would result in an event of default.&nbsp;&nbsp;We are not restricted from entering into qualified sales or financing transactions or incurring additional indebtedness.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt">&nbsp;</td>
    <TD STYLE="padding-top: 6pt; text-align: justify">The covenants set forth in the indenture are more fully described under &ldquo;Description of Notes &mdash; Restrictive Covenants.&rdquo; These covenants have significant exceptions. We do not plan to issue any debt that is subordinate to the notes.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt"><b>Use of Proceeds</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">If all the notes are sold, we would expect to receive up to approximately $49.7 million of net proceeds from this offering after paying the estimated offering expenses.&nbsp;&nbsp;To the extent that we sell the notes in exchange for outstanding notes, our net proceeds will be correspondingly reduced. The exact amount of net proceeds also may vary considerably depending on how long the notes are offered and other factors.&nbsp;&nbsp;We intend to use the net proceeds to fund the purchase of automobile contracts and for other general corporate purposes, which may include the payment of general and administrative expenses. See &ldquo;Use of Proceeds.&rdquo;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt"><b>Absence of Public Market and Restrictions on Transfers</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-align: justify">There is no existing market for the
        notes.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-align: justify">We do not anticipate that a secondary
        market for the notes will develop. We do not intend to apply for listing of the notes on any securities exchange or for quotation
        of the notes in any automated dealer quotation system, including without limitation the OTC Bulletin Board or any over-the-counter
        market.</P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt">&nbsp;</td>
    <TD STYLE="padding-top: 6pt; text-align: justify">You will be able to transfer or pledge the notes only with our prior written consent. See &ldquo;Description of the Notes - Transfers.&rdquo;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 6pt"><b>Book Entry</b></td>
    <TD STYLE="padding-top: 6pt; text-align: justify">The notes will be issued in book entry or uncertificated form only. Except under limited circumstances, the notes will not be evidenced by certificated securities or negotiable instruments. See &ldquo;Description of the Notes &mdash; Book Entry Registration and Transfers.&rdquo;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">The SEC allows us
to &ldquo;incorporate by reference&rdquo; the information we file with it, which means that we can disclose important information
to you by referring you to those documents. The information incorporated by reference into this prospectus is an important part
of this prospectus. Specifically, we are incorporating by reference the documents listed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD STYLE="text-align: justify"> Our
                                         Annual Report on Form 10-K for the year ended December 31, 2014, filed February 25, 2015
                                         (including the information to be specifically incorporated by reference therein from
                                         our definitive proxy statement on Schedule 14A); and </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-indent: 0in; background-color: white; text-align: justify"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD STYLE="text-align: justify"> Our
                                         Current Reports on Form 8-K filed on January 22, February 23 and March 26, 2015. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.55in; text-indent: 0in; background-color: white; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"> We
also incorporate by reference all documents we may subsequently file with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d)
of the Securities Exchange Act of 1934 after the initial filing date of the registration statement of which this prospectus is
a part and prior to the termination of the offering. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"> Information
furnished under Items 2.02 or 7.01 (or corresponding information furnished under Item 9.01 or included as an exhibit) in any past
or future current report on Form 8-K that we file with the SEC, unless otherwise specified in that report, is not incorporated
by reference in this prospectus. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">You should rely only
on the information we include or incorporate by reference in this prospectus and any applicable prospectus supplement. We have
not authorized anyone to provide you with information different from that contained or incorporated by reference in this prospectus.
The information contained in this prospectus and any applicable prospectus supplement is accurate only as of the date on the front
of those documents, regardless of the time of delivery of this prospectus or the applicable prospectus supplement or of any sale
of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Any statement contained
in this prospectus or in a document incorporated by reference in this prospectus is deemed to be modified or superseded for purposes
of this prospectus to the extent that any of the following modifies or supersedes a statement in this prospectus or incorporated
by reference in this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; text-align: justify"></TD><TD STYLE="width: 13.5pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of a statement in a previously filed document incorporated by reference in this prospectus, a statement contained
in this prospectus;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; text-align: justify"></TD><TD STYLE="width: 13.5pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a statement contained in any accompanying prospectus supplement relating to our offering of the notes; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt; text-align: justify"></TD><TD STYLE="width: 13.5pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a statement contained in any other subsequently filed document that is also incorporated by reference in this prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Any modified or superseded
statement will not be deemed to constitute a part of this prospectus or any accompanying prospectus supplement, except as modified
or superseded. Except as provided by the above mentioned exceptions, all information appearing in this prospectus and each accompanying
prospectus supplement is qualified in its entirety by the information appearing in the documents incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">We will provide without
charge to each person to whom a copy of this prospectus is delivered, including any beneficial owner, upon his or her written or
oral request, a copy of any or all of the documents incorporated in this prospectus by reference, other than exhibits to the documents,
unless the exhibits are incorporated specifically by reference in the documents. We will provide those documents, including any
exhibits that are incorporated by reference into those documents, without cost to the requester.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 47%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">Requests for copies
        should be directed to:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">Consumer
        Portfolio Services, Inc.<br>
        3800 Howard Hughes Parkway, Suite 1400, <br>
        Las Vegas, Nevada 89169 <br>
        Attention: Corporate Secretary<br>
        (949) 753-6800</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">notesinfo@consumerportfolio.com</P></td>
    <td style="width: 53%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">You may also obtain
        copies of any of such reports at our website, free of charge, at</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">http://www.consumerportfolio.com/investorinfo.htm.</P></td></tr>
</table>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">WHERE YOU
CAN FIND MORE INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">We file annual, quarterly
and special reports, proxy statements and other information with the SEC. You may read and copy any document we file at the SEC&rsquo;s
Public Reference Room at 100 F Street NE, Washington, DC 20549. Please call the SEC at 1-800-SEC-0330 for further information on
the operation of the Public Reference Room. Our SEC filings are also available to the public at the SEC&rsquo;s web site at http://www.sec.gov,
and at our website at http://www.consumerportfolio.com/investorinfo.htm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"> We
have also filed a registration statement on Form&nbsp;S-3 under the Securities Act with the SEC with respect to the notes that
we are offering by this prospectus. This prospectus does not contain all of the information set forth in the registration statement
because parts of the registration statement are omitted in accordance with the rules and regulations of the SEC. The complete
registration statement is available for inspection and copying as set forth above. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">RISK FACTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"> The
risks described below set forth material risks associated with the purchase of notes. Important Risk Factors related to our company
and its business are incorporated by reference to our reports to the SEC (see &ldquo;Incorporation of Certain Information by Reference,&rdquo;
above. Before you invest in the notes, you should carefully consider these risk factors, as well as the other information regarding
the notes and the Company contained in this prospectus and in the documents incorporated by reference into this prospectus. </P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">Risk
Factors Relating to the Notes</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Because of their
characteristics, the notes may not be a suitable investment for you.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">The
notes may not be a suitable investment for you, and we advise you to consult your investment, tax and other professional financial
advisors prior to purchasing notes. The characteristics of the notes, including maturity, interest rate and lack of liquidity,
may not satisfy your investment objectives. The notes may not be a suitable investment for you based on your ability to withstand
a loss of interest or principal or other aspects of your financial situation, including your income, net worth, financial needs,
investment risk profile, return objectives, investment experience and other factors. Prior to purchasing any notes, you should
consider your investment allocation with respect to the amount of your contemplated investment in the notes in relation to your
other investment holdings and the diversity of those holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Because the
notes rank junior to substantially all of our existing and future debt and other financial obligations, your notes will lack priority
in payment.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white"> Your
right to receive payments on the notes is junior to substantially all of our existing indebtedness and future borrowings (including
debt of our special purpose entities). Your notes will be subordinated to the prior payment in full of all of our other debt obligations,
other than our issued and outstanding renewable unsecured subordinated notes, and your notes will be <I>pari passu</I> in right
of payment with our issued and outstanding renewable unsecured subordinated notes. As of December 31, 2014, we had approximately
$1,668.9 million of debt outstanding that is senior to your notes, which was issued by our consolidated special purpose entities.
Including accounts payable and accrued expenses, we had approximately $1,690.6 million of outstanding obligations senior to your
notes. We may also incur substantial additional indebtedness in the future that would also rank senior to your notes. Because
of the subordination provisions of the notes, in the event of our bankruptcy, liquidation or dissolution, our assets would be
available to make payments to you under the notes only after all payments had been made on all of our secured and unsecured indebtedness
and other obligations that are senior to the notes. Sufficient assets may not remain after all such senior payments have been
made to make any payments to you under the notes, including payments of interest when due or principal upon maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Because there
will be no trading market for the notes and because transfers of the notes require our consent, it may be difficult to sell your
notes.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">Your
ability to liquidate your investment is limited because of transfer restrictions, the lack of a trading market and the limitation
on repurchase requests prior to maturity. Your notes may not be transferred without our prior written consent. In addition, there
will be no trading market for the notes. Due to the restrictions on transfer of the notes and the lack of a market for the sale
of the notes, even if we permitted a transfer, you might be unable to sell, pledge or otherwise liquidate your investment. We
are not required to repurchase notes except in the case of death or total permanent disability of the related holder. In any
event, the total principal amount of notes that we would be required to repurchase in any calendar quarter, for any reason, will
be limited to the greater of $1&nbsp;million or 2% of the aggregate principal amount of all notes outstanding at the end of the
previous quarter. See &ldquo;Description of the Notes.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Because the notes will have no
sinking fund, collateral security, insurance or guarantee, you may lose all or a part of your investment in the notes if we do
not have enough cash to pay the notes.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">There
is no sinking fund, collateral security, insurance or guarantee of our obligation to make payments on the notes. The notes are
not secured by any of our assets. We will not contribute funds to a separate account, commonly known as a sinking fund, to make
interest or principal payments on the notes. The notes are not certificates of deposit or similar obligations of, and are not
guaranteed or insured by, any depository institution, the Federal Deposit Insurance Corporation, the Securities Investor Protection
Corporation, or any other governmental or private fund or entity. Therefore, if you invest in the notes, you will have to rely
only on our cash flow from operations and other sources of funds for repayment of principal at maturity or redemption and for
payment of interest when due. Our cash flow from operations could be impaired under the circumstances described in the risk
factors included in the documents incorporated by reference into this prospectus. If our cash flow from operations and other
sources of funds are not sufficient to pay any amounts owed under the notes, then you may lose all or part of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">The notes will
automatically renew unless you request repayment.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">Upon
maturity, the notes will be automatically renewed for the same term as your maturing note and at an interest rate that we are offering
at that time to other investors with similar aggregate note portfolios for notes of the same term, unless we notify you prior to
the maturity date that we intend to repay the notes or you notify us within 15&nbsp;days after the maturity date that you want
your notes repaid. This 15 day period will be automatically extended if you would otherwise be required to make the repayment election
at a time when we have determined that a post-effective amendment to the registration statement of which this prospectus is a part
must be filed with the Securities and Exchange Commission, but such post-effective amendment has not yet been declared effective.
If notes with the same term are not then being offered, the interest rate upon renewal will be the rate specified by us on or before
the maturity date, or the rate of the existing note if no such rate is specified. The interest rate on your renewed note may be
lower than the interest rate of your original note. Any requests for repurchases after your notes are renewed will be subject to
contractual restrictions that presently prohibit us from making any such repurchases and, in any event, to limitations on the amount
of notes we would be willing to repurchase in any calendar quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Because we have
substantial indebtedness that is senior to the notes, our ability to pay the notes may be impaired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white"> We
have now and, after we sell these notes, we will continue to have a substantial amount of indebtedness. At December 31, 2014,
we had approximately $1,684.1 million of debt outstanding, comprising (in thousands): </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: Black 1pt solid"> December 31 2014 </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 43%; text-align: left"> Warehouse lines of credit (1) </TD><TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 13%; text-align: right"> 56,839 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Residual interest financing (1) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12,327 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left"> Debt secured by receivables measured at fair value (1) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,250 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Securitization trust debt (1) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,598,496 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left"> Subordinated renewable notes </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 15,233 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"> Total debt </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 1,684,145 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="margin: 0"> &nbsp; </P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> (1)&nbsp;&nbsp;Debt
obligations of our special purpose entities &nbsp; &nbsp; &nbsp; &nbsp; </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white"> Our
debt to net worth ratio at December 31, 2014 was 13.2 (excluding all securitization trust debt and debt secured by receivables
measured at fair value, our debt to net worth ratio was 0.66), and our ratio of earnings to fixed charges, including interest
expense on the above-mentioned debt, was 2.01. See &ldquo;Ratios of Earnings to Fixed Charges.&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">Our
substantial indebtedness could adversely affect our financial condition and prevent us from fulfilling our obligations under the
notes by, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increasing our vulnerability to general adverse economic and industry conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">requiring us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing
amounts available for working capital, capital expenditures and other general corporate purposes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>placing us at a competitive disadvantage compared to our competitors that have less debt; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>limiting our ability to borrow additional funds.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">Although
we believe we will generate sufficient free cash flow to service this debt and our obligations under the notes, there is no assurance
that we will be able to do so. If we do not generate sufficient operating profits, our ability to make required payments on our
senior debt, as well as on the debt represented by the notes described in this prospectus, may be impaired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">If
we incur substantially more indebtedness that is senior to your notes, our ability to pay the notes may be impaired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">Subject
to limitations contained in our credit facilities and in the indenture, we may incur substantial additional indebtedness in the
future. The indenture for the notes does not prohibit us from incurring additional indebtedness. Any such borrowings would be senior
to the notes. If we borrow more money, the risks to noteholders described in this prospectus could intensify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Our management
has broad discretion over the use of proceeds from the offering.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">We
expect to use the proceeds from the offering to fund the purchase of automobile contracts and for other general corporate purposes,
which may include the payment of general and administrative expenses. Because no specific allocation of the proceeds is required
in the indenture, our management will have broad discretion in determining how the proceeds of the offering will be used. See &ldquo;Use
of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Because we are
subject to many restrictions in our existing credit facilities, our ability to pay the notes may be impaired.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">The
terms of our existing credit facilities and our securitization trust debt impose significant operating and financial restrictions
on us and our subsidiaries and require us to meet certain financial tests. The indenture for the notes also imposes certain limited
restrictions on our ability and that of our subsidiaries to take certain actions. Such terms and restrictions may be amended or
supplemented from time to time without requiring any notice to or consent of the holders of the notes or the trustee. These restrictions
may have an adverse impact on our business activities, results of operations and financial condition. These restrictions may also
significantly limit or prohibit us from engaging in certain transactions, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>incurring or guaranteeing additional indebtedness;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>making capital expenditures in excess of agreed upon amounts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>paying dividends or other distributions to our stockholders or redeeming, repurchasing or retiring our capital stock or subordinated
obligations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>making investments;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>creating or permitting liens on our assets or the assets of our subsidiaries;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>issuing or selling capital stock of our subsidiaries;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>transferring or selling our assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>engaging in mergers or consolidations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>permitting a change of control of our company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>liquidating, winding up or dissolving our company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changing our name or the nature of our business, or the names or nature of the business of our subsidiaries; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>engaging in transactions with our affiliates outside the normal course of business.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">These
restrictions may limit our ability to obtain additional sources of capital, which may limit our ability to repay the notes. In
addition, the failure to comply with any of the covenants of our existing credit facilities or the indenture or to maintain certain
indebtedness ratios would cause a default under one or more of our credit facilities and may cause a default under the indenture
or our other debt agreements that may be outstanding from time to time. A default, if not waived, could result in acceleration
of the related indebtedness, in which case such debt would become immediately due and payable. A continuing default or acceleration
of one or more of our credit facilities, the indenture or any other debt agreement, will likely cause a default under the indenture
and other debt agreements that otherwise would not be in default, in which case all such related indebtedness could be accelerated.
If this occurs, we may not be able to repay our debt or borrow sufficient funds to refinance our indebtedness. Even if any new
financing is available, it may not be on terms that are acceptable to us or it may not be sufficient to refinance all of our indebtedness
as it becomes due. Complying with these covenants may cause us to take actions that are not favorable to holders of the notes.
See &ldquo;Description of the Notes &ndash; Restrictive Covenants.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Because there
are limited restrictions on our activities under the indenture, you will have only limited protections under the indenture.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">In
comparison to the restrictive covenants that are imposed on us by our existing credit facilities and other borrowing arrangements,
the indenture governing the notes contains relatively minimal restrictions on our activities. In addition, the indenture contains
only limited events of default other than our failure to timely pay principal and interest on the notes. Because there are only
very limited restrictions and limited events of default under the indenture, we will not be restricted from issuing additional
debt senior to your notes or be required to maintain any ratios of assets to debt in order to increase the likelihood of timely
payments to you under the notes. Further, if we default in the payment of the notes or otherwise under the indenture, you will
likely have to rely on the trustee to exercise your remedies on your behalf. You may not be able to seek remedies against us directly.
See &ldquo;Description of the Notes &ndash; Events of Default.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Because we may
redeem the notes at any time prior to their maturity, you may be subject to reinvestment risk.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">We
have the right to redeem any note at any time prior to its stated maturity upon 30&nbsp;days written notice to you. The notes would
be redeemed at 100% of the principal amount plus accrued but unpaid interest up to but not including the redemption date. Any such
redemption may have the effect of reducing the income or return on investment that any investor may receive on an investment in
the notes by reducing the term of the investment. If this occurs, you may not be able to reinvest the proceeds at an interest rate
comparable to the rate paid on the notes. See &ldquo;Description of the Notes &ndash; Redemption or Repurchase Prior To Stated
Maturity.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Under certain
circumstances, you may be required to pay taxes on accrued interest on the notes prior to receiving a sufficient amount of cash
interest payments.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">If
you choose to have interest on your note paid at maturity and the term of your note exceeds one year, you may be required to pay
taxes on the accrued interest prior to our making any interest payments to you. You should consult your tax advisor to determine
your tax obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Our Directors,
Officers And Other Creditors Have Interests That May Conflict With Yours</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">Our
officers, directors and certain of our creditors collectively have beneficial ownership of significant amounts of our common stock.&nbsp;
Through that ownership and as officers and directors, such persons are able to influence or determine the management and policies
of the corporation.&nbsp; The interests of such persons, in their capacities as creditors, shareholders, or both, may differ significantly
from the interest of other investors.&nbsp; In particular, the interests of senior secured creditors may conflict with the interests
of holders of the notes, as senior creditors may be entitled to receive repayment of our indebtedness to them regardless of whether
we generate sufficient cash to repay the notes.&nbsp; Conversely, the interests of our shareholders may conflict with the interests
of holders of the notes, as shareholders&rsquo; entitlement to distributions is subordinate to the rights of holders of the notes.&nbsp;
These conflicts are mitigated, though not eliminated, by the fact that any creditor that also owns shares of our common stock stands
on both sides with respect to the holders of the notes: such a creditor holds both interests that are senior to, and interests
that are subordinate to, the interests of holders of the notes.&nbsp; Also, as officers and directors, such persons are subject
to the fiduciary duties imposed by generally applicable corporation law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Risk Factors
Relating to CPS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-align: justify"> We remind
you that there are important and material risk factors relating to our business generally, in addition to those described above
relating specifically to the Notes. We describe those risks in the sections of our annual and/or quarterly reports to the SEC,
under the heading &ldquo;Risk Factors.&rdquo; See Incorporation of Certain Information by Reference,&rdquo; above, and the documents
referred to under that heading. </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white"> Our
business, operating results and financial condition could be adversely affected by any of the risks described in our reports to
the SEC, which are incorporated into this prospectus by reference. In addition to the risks described in those reports, we may
encounter risks that are not currently known to us or that we currently deem immaterial, which may also impair our business operations. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">FORWARD-LOOKING
STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">This
prospectus contains certain statements of a forward-looking nature relating to future events or our future performance. These forward-looking
statements are based on our current expectations, assumptions, estimates and projections about us and our industry. When used in
this prospectus, the words &ldquo;expects,&rdquo; &ldquo;believes,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;estimates,&rdquo; &ldquo;intends&rdquo;
and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to,
statements of our plans, strategies and prospects under the captions &ldquo;Prospectus Summary,&rdquo; &ldquo;Risk Factors,&rdquo;
&ldquo;Use of Proceeds,&rdquo; and other statements contained elsewhere in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">These
forward-looking statements are only predictions and are subject to risks and uncertainties that could cause actual events or results
to differ materially from those projected. The cautionary statements made in this prospectus should be read as being applicable
to all related forward-looking statements wherever they appear in this prospectus. We assume no obligation to update these forward-looking
statements publicly for any reason. Actual results could differ materially from those anticipated in these forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> The risk factors
discussed above or incorporated by reference could cause our actual results to differ materially from those expressed in any forward-looking
statements. Factors that we believe are especially important include the following: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> &nbsp; </P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD> changes in
                                         general economic conditions; </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD> changes in
                                         performance of our automobile contracts; </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD> increases
                                         in interest rates; </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD> our ability
                                         to generate sufficient operating and financing cash flows; </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD> competition; </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD> level of
                                         losses incurred on contracts in our managed portfolio; and </TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"> &middot; </FONT></TD><TD> adverse decisions
                                         by courts or regulators </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in; background-color: white"><B> &nbsp; </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: white"><B>RATIOS
OF EARNINGS TO FIXED CHARGES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in; background-color: white"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="9" STYLE="text-align: center; border-bottom: Black 1pt solid"> Year Ended December 31, </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"> 2010 </TD><TD STYLE="padding-bottom: 1pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"> 2011 </TD><TD STYLE="padding-bottom: 1pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"> 2012 </TD><TD STYLE="padding-bottom: 1pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"> 2013 </TD><TD STYLE="padding-bottom: 1pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"> 2014 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 15%; text-align: left; text-indent: -11pt; padding-left: 11pt"> Ratio of earnings to fixed charges<SUP>1</SUP> </TD><TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 15%; text-align: center"> 0.80 </TD><TD STYLE="width: 2%; text-align: center"> &nbsp; </TD>
    <TD STYLE="width: 15%; text-align: center"> 0.83 </TD><TD STYLE="width: 2%; text-align: center"> &nbsp; </TD>
    <TD STYLE="width: 15%; text-align: center"> 1.11 </TD><TD STYLE="width: 2%; text-align: center"> &nbsp; </TD>
    <TD STYLE="width: 15%; text-align: center"> 1.63 </TD><TD STYLE="width: 2%; text-align: center"> &nbsp; </TD>
    <TD STYLE="width: 15%; text-align: center"> 2.01 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -11pt; padding-left: 11pt"> Deficiency<SUP>2</SUP> ($000s) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> (16,195) </TD><TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> (14,460) </TD><TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> -- </TD><TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> -- </TD><TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> -- </TD></TR>
</TABLE>

















<P STYLE="margin-top: 0; margin-bottom: 0">____________</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="width: 1%; padding-top: 3pt"><sup>1</sup></td>
    <td style="width: 2%">&nbsp;</td>
    <TD STYLE="width: 97%; text-align: justify">For purposes of computing our ratios of earnings to fixed charges, we calculated earnings by adding fixed charges to income before income taxes. Fixed charges consist of gross interest expenses and one-third of our rent expense, which is the amount we believe is representative of the interest factor component of our rent expense.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 3pt"><sup>2</sup></td>
    <td>&nbsp;</td>
    <TD STYLE="text-align: justify">The deficiency is the amount by which the sum of earnings plus fixed charges, as calculated above, fell short of fixed charges.&nbsp;&nbsp;It is thus equal to our pre-tax loss recorded in the years ended December 31, 2010, and 2011.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">USE OF PROCEEDS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">If
all of the notes are sold for cash, we 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. At December 31, 2014, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">CAPITALIZATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white"> The
following table sets forth our capitalization, as of December 31, 2014, and as adjusted assuming sale of all of the notes for
cash. To the extent that we sell the notes in exchange for surrender of previously outstanding notes (or surrender of other
renewable subordinated notes issued prior to the date of this Prospectus), the adjustments to the table below would be reduced,
dollar-for-dollar. For a description of the application of the net proceeds see &ldquo;Use of Proceeds&rdquo; and &ldquo;Risk
Factors &ndash; Risk Factors Relating to the Notes &ndash; Our management has broad discretion over the use of proceeds from the
offering.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.1in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"> As of December 31, 2014 <BR>(in &rsquo;000s) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"> Actual </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"> As adjusted </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left"> LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold"> Liabilities </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left"> Accounts payable and accrued expenses </TD><TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 13%; text-align: right"> 21,660 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 13%; text-align: right"> 21,660 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Warehouse lines of credit </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 56,839 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 56,839 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left"> Residual interest financing </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12,327 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12,327 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Debt secured by receivables measured at fair value </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,250 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,250 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left"> Securitization trust debt </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,598,496 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,598,496 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><P STYLE="text-align: left; text-indent: -11pt; padding-left: 11pt"> Subordinated
                                         renewable Notes<BR>
                                         (subordinated debt) </P></TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 15,233 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 65,233 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: right"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,705,805 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,755,805 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left"> Shareholders&rsquo; Equity </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -11pt; padding-left: 11pt"> Preferred stock, $1 par value; authorized 4,998,130
    shares; none issued </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -11pt; padding-left: 11pt"> Series A preferred stock, $1 par value; authorized
    5,000,000 shares; none&nbsp;&nbsp;issued; none outstanding </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -11pt; padding-left: 11pt"> Series B preferred stock, $1 par value; authorized
    1,870 shares; none issued </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -11pt; padding-left: 11pt"> Common stock, no par value; authorized 75,000,000
    shares; 25,540,640 shares issued and outstanding at December 31, 2014 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 80,513 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 80,513 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left"> Retained earnings </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 51,791 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 51,791 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Accumulated other comprehensive loss </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (5,051 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (5,051 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"> Total Shareholders&rsquo; Equity </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 127,253 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 127,253 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"> Total capitalization </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 1,833,058 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 1,883,058 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">DESCRIPTION
OF THE NOTES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>General</B>. The
renewable unsecured subordinated notes we are offering will represent subordinated, unsecured debt obligations of CPS. We will
issue the notes under an indenture between us and Wells Fargo Bank, National Association, as trustee. The terms and conditions
of the notes include those stated in the indenture and those made part of the indenture by reference to the Trust Indenture Act
of 1939. The following is a summary of the material provisions of the indenture. For a complete understanding of the notes, you
should review the definitive terms and conditions contained in the indenture, which include definitions of certain terms used below.
A copy of the indenture has been filed with the SEC as an exhibit to the registration statement of which this prospectus is a part
and is available from us at no charge upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">The notes will be
subordinated in right of payment to the prior payment in full of all our secured, unsecured, senior debt and other financial obligations,
whether outstanding on the date of the indenture or incurred following the date of the indenture. Subject to limited restrictions
contained in the indenture discussed below, there is no limit under the indenture on the amount of additional debt we may incur.
See &ldquo; &ndash; Subordination&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">The notes are not
secured by any collateral or lien and we are not required to establish or maintain a sinking fund to provide for payments on the
notes. See &ldquo; &ndash; No Security; No Sinking Fund&rdquo; below. In addition, the notes are not bank certificates of deposit
and are not insured by the Federal Deposit Insurance Corporation, the Securities Investor Protection Corporation or any other agency
or company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">You may select the
amount (subject to a minimum principal amount of $1,000) and term (ranging from 3&nbsp;months to 10&nbsp;years) of the notes you
would like to purchase when you subscribe; however, depending upon our capital requirements, we may not always offer notes with
the requested terms. See &ldquo; &ndash; Denomination&rdquo; and &ldquo; &ndash; Term&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">We will determine
the rate at which we will pay you interest on the notes at the time of subscription and the rate will be fixed for the term of
your note. Currently available rates will be set forth in interest rate supplements to this prospectus. The interest rate will
vary based on the term to maturity of the note you purchase and the total principal amount of all notes owned by you and your immediate
family. We may change the interest rates at which we are offering new or renewed notes based on market conditions, the demand for
notes and other factors. See &ldquo; &ndash; Interest Rate&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Upon acceptance of
your subscription to purchase notes, we will create an account in a book-entry registration and transfer system for you, and credit
the principal amount of your subscription to your account. We will send you a purchase confirmation that will indicate our acceptance
of your subscription. You will have five business days from the postmark date of your purchase confirmation to rescind your subscription.
If your subscription is rejected, or if you rescind your subscription during the rescission period, all funds deposited will be
promptly returned to you without any interest. See &ldquo; &ndash; Book-Entry Registration and Transfer&rdquo; and &ldquo; &ndash;
Rescission Right&rdquo; below. Investors whose subscriptions for notes have been accepted and anyone who subsequently acquires
notes in a qualified transfer are referred to as &ldquo;holders&rdquo; or &ldquo;registered holders&rdquo; in this prospectus and
in the indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">We may modify or
supplement the terms of the notes described in this prospectus from time to time in a supplement to the indenture and a supplement
to this prospectus. Except as set forth under &ldquo; &ndash; Amendment, Supplement And Waiver&rdquo; below, any modification or
amendment will not affect notes outstanding at the time of such modification or amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Denomination.
</B>You may purchase notes in the minimum principal amount of $1,000 or any amount in excess of $1,000. You will determine the
original principal amount of each note you purchase when you subscribe. You may not cumulate purchases of multiple notes with principal
amounts less than $1,000 to satisfy the minimum denomination requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white"><B>Term. </B>We may
offer notes with the following terms to maturity:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">
<tr>
    <TD STYLE="vertical-align: top; width: 2%">&bull;</td>
    <TD STYLE="vertical-align: top; width: 20%">three months </td>
    <TD STYLE="vertical-align: top; width: 2%">&bull; </td>
    <TD STYLE="vertical-align: top; width: 20%">three years</td></tr>
<tr>
    <TD STYLE="vertical-align: top">&bull;</td>
    <TD STYLE="vertical-align: top">six months </td>
    <TD STYLE="vertical-align: top">&bull; </td>
    <TD STYLE="vertical-align: top">four years</td></tr>
<tr>
    <TD STYLE="vertical-align: top">&bull;</td>
    <TD STYLE="vertical-align: top">one year </td>
    <TD STYLE="vertical-align: top">&bull; </td>
    <TD STYLE="vertical-align: top">five years</td></tr>
<tr>
    <TD STYLE="vertical-align: top">&bull;</td>
    <TD STYLE="vertical-align: top">two years </td>
    <TD STYLE="vertical-align: top">&bull;</td>
    <TD STYLE="vertical-align: top">ten years</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">You will select the
term of each note you purchase when you subscribe. You may purchase multiple notes with different terms by filling in investment
amounts for more than one term on your subscription agreement. However, we may not always sell notes with all of the above terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Interest Rate</B>.
The rate of interest we will offer to pay you on notes at any particular time will vary based upon market conditions, and will
be determined by the length of the term of the notes, the total principal amount of all notes owned by you and your immediate family,
our capital requirements and other factors described below. The interest rate on a particular note will be determined at the time
of subscription or renewal, and then remain fixed for the original or renewal term of the note. We will establish and may change
the interest rates payable for notes of various terms and at various investment levels in an interest rate supplement to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">The notes will earn
incrementally higher interest rates when, at the time they are purchased or renewed, the aggregate principal amount of the note
portfolio of the holder. The interest rates payable at each level of investment will be set forth in an interest rate supplement
to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Interest rates we
offer on the notes may vary based on numerous factors in addition to length of the term and aggregate principal amount. These factors
may include, but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.4pt; text-indent: 0in; background-color: white"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;
</FONT>the desire to attract new investors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.4pt; text-indent: 0in; background-color: white"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;
</FONT>whether the notes exceed certain principal amounts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.4pt; text-indent: 0in; background-color: white"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;
</FONT>whether the notes are being renewed by existing holders; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.4pt; text-indent: 0in; background-color: white"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;
</FONT>whether the notes are beneficially owned by persons residing in particular geographic localities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.4pt; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Computation of
Interest. </B>We will compute interest on notes on the basis of a calendar year consisting of 365 days. Interest will compound
daily and accrue from the date of purchase. The date of purchase will be the date we receive and accept funds if the funds are
received prior to 12:01&nbsp;p.m. central time on a business day, or the next business day if the funds are received on a non-business
day or at or after 12:01&nbsp;p.m. central time on a business day. Our business days are Monday through Friday, except for legal
holidays in the State of Minnesota.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Interest Payment
Dates. </B>Holders of notes may elect at the time a subscription agreement is completed to have interest paid either monthly, quarterly,
semiannually, annually or at maturity. If you choose to have interest paid monthly, you may elect the day of the month on which
interest will be paid, subject to our approval. For all other payment periods, interest will be paid on the same day of the month
as the purchase date of your note. You will not earn interest on any rescinded note. See &ldquo;&mdash;Rescission Right&rdquo;
below for additional information on your right to rescind your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Place and Method
of Payment. </B>We will pay principal and interest on the notes by direct deposit to the account you specify in your subscription
documents. We will not accept subscription agreements from investors who are unwilling to receive their interest payments via direct
deposit. If the foregoing payment method is not available, principal and interest on the notes will be payable at our principal
executive office or at such other place as we may designate for payment purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Servicing Agent.
</B>We may engage a non-affiliated third party to act as our servicing agent. Such person&rsquo;s responsibilities as servicing
agent would involve the performance of certain administrative and customer service functions for the notes that we are responsible
for performing as the issuer of the notes. For example, a servicing agent may serve as our registrar and transfer agent and may
manage certain aspects of the customer service function for the notes, which may include handling phone inquiries, mailing investment
kits, processing subscription agreements, issuing quarterly investor statements and redeeming and repurchasing notes. In addition,
we may retain a servicing agent to provide us with monthly reports and analysis regarding the status of the notes, and the amount
of notes that remain available for purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">You may contact us
with any questions about the notes at the following address and telephone number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in; background-color: white">Consumer Portfolio Services, Inc.<BR>
3800 Howard Hughes Parkway, Suite 1400<BR>
Las Vegas Nevada 89169 <BR>
Telephone: (888) 776-1887<BR>
Fax: (949) 753-4878</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Book-Entry Registration
and Transfer. </B>The notes are issued in book entry form, which means that no physical note is created. Evidence of your ownership
is provided by written confirmation. Except under limited circumstances described below, holders will not receive or be entitled
to receive any physical delivery of a certificated security or negotiable instrument that evidences their notes. The issuance and
transfer of notes will be accomplished exclusively through the crediting and debiting of the appropriate accounts in our book-entry
registration and transfer system.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">The holders of the
accounts established upon the purchase or transfer of notes will be deemed to be the owners of the notes under the indenture. The
holder of the notes must rely upon the procedures established by the trustee to exercise any rights of a holder of notes under
the indenture. We will regularly provide the trustee with information regarding the establishment of new accounts and the transfer
of existing accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">We will also regularly
provide the trustee with information regarding the total amount of any principal and/or interest due to holders with regard to
the notes on any interest payment date or upon redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">On each interest
payment date, we will credit interest due on each account and direct payments to the holders. We will determine the interest payments
to be made to the book-entry accounts and maintain, supervise and review any records relating to book-entry beneficial interests
in the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Book-entry notations
in the accounts evidencing ownership of the notes are exchangeable for actual notes in principal denominations of $1,000 and any
amount in excess of $1,000 and fully registered in those names as we direct only if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we, at our option, advise the trustee in writing of our election to terminate the book-entry system, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">after the occurrence of an event of default under the indenture, holders of more than 50% of the aggregate outstanding principal
amount of the notes advise the trustee in writing that the continuation of a book-entry system is no longer in the best interests
of the holders of notes and the trustee notifies all registered holders of the occurrence of any such event and the availability
of certificated securities that evidence the notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Subject to the exceptions
described above, the book-entry interests in these securities will not be exchangeable for fully registered certificated notes.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Rescission Right.
</B>A purchaser of notes has the right to rescind his or her investment, without penalty, upon written request within five business
days from the postmark date of the purchase confirmation (but not upon transfer or automatic renewal of a note). You will not earn
interest on any rescinded note. We will promptly return any funds sent with a subscription agreement that is properly rescinded.
A written request for rescission, if personally delivered or delivered via electronic transmission, must be received by us on or
prior to the fifth business day following the mailing of written confirmation by us of the acceptance of your subscription. If
mailed, the written request for rescission must be postmarked on or before the fifth business day following the mailing of such
written confirmation by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">In addition, if your
subscription agreement is accepted at a time when we have determined that a post-effective amendment to the registration statement
of which this prospectus is a part must be filed with the Securities and Exchange Commission, but such post-effective amendment
has not yet been declared effective, we will send to you at your registered address a notice and a copy of the post-effective amendment
once it has been declared effective. You will have the right to rescind your investment upon written request within five business
days from the postmark date of the notice that the post-effective amendment has been declared effective. We will promptly return
any funds sent with a subscription agreement that is properly rescinded without penalty, although any interest previously paid
on the notes being rescinded will be deducted from the funds returned to you upon rescission. A written request for rescission,
if personally delivered or delivered via electronic transmission, must be received on or prior to the fifth business day following
the mailing of the notice that the post-effective amendment has been declared effective. If mailed, the written request for rescission
must be postmarked on or before the fifth business day following the mailing of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">The limitations on
the amount of notes that can be redeemed early in a single calendar quarter described under &ldquo;&ndash; Redemption or Repurchase
Prior to Stated Maturity&rdquo; below do not affect your rescission rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Right to Reject
Subscriptions. </B>We may reject any subscription for notes in its sole discretion. If a subscription for notes is rejected, we
will promptly return any funds sent with that subscription, without interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Renewal or Redemption
On Maturity. </B>Approximately 15, but not less than 10 days prior to maturity of your note, we will send you a notice at your
registered address indicating that your note is about to mature and whether we will allow automatic renewal of your note. If we
allow you to renew your note, we will also send to you the then current form of prospectus, which will include an interest rate
supplement and any other updates to the information contained in this prospectus. The interest rate supplement will set forth the
interest rates then in effect. The notice will recommend that you review the then current prospectus, including any prospectus
supplements, and the interest rate supplement, prior to exercising one of the below options. If we do not send you a new prospectus
because the prospectus has not changed since the delivery of this prospectus in connection with your original subscription or any
prior renewal, we will send you a new prospectus upon your request. Unless the election period is extended as described below,
you will have until 15&nbsp;days after the maturity date to exercise one of the following options:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">You can do nothing, in which case your note will automatically renew for a new term equal to the original term at the interest
rate in effect at the time of renewal. If your note pays interest only at maturity, all accrued interest will be added to the principal
amount of your note upon renewal. For notes with other payment options, interest will be paid on the renewed note on the same schedule
as the original note.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">You can elect repayment of your note, in which case the principal amount will be repaid in full along with any accrued but
unpaid interest computed through the maturity date. If you choose to have your note repaid, you should tell us by telephone, at
this toll-free number: (888) 776-1887, or at another toll-free number given in our notice to you.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">You can elect repayment of your note and use all or part of the proceeds to purchase a new note with a different term or principal
amount. To exercise this option, you will need to complete a subscription agreement for the new note and mail it along with your
request. The issue date of the new note will be the maturity date of the old note. Any proceeds from the old note that are not
applied to the new note will be sent to you.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If your note pays interest only at maturity, you can receive the accrued interest that you have earned during the note term
just ended while allowing the principal amount of your note to roll over and renew for the same term at the interest rate then
in effect. To exercise this option, you will need to call, fax or send a written request to us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">If
you prefer to communicate in writing, you may do so by giving us written instruction addressed to Consumer Portfolio Services,
Inc., Renewable Notes Administration, 3800 Howard Hughes Parkway, Suite 1400 Las Vegas, NV 89169. As with telephone notice,
your written notice will be effective if received within 15 days after the maturity date (or during any applicable extension of
the 15 day period, as described below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">The foregoing options
will be available to you until termination or redemption under the indenture and the notes by either you or us. Interest will accrue
from the first day of each renewed term. Each renewed note will retain all its original provisions, including provisions relating
to payment, except that the interest rate payable during any renewal term will be the interest rate that is being offered at that
time to other holders with similar aggregate note portfolios for notes of the same term as set forth in the interest rate supplement
delivered with the maturity notice. If similar notes are not then being offered, the interest rate upon renewal will be the rate
specified by us on or before the maturity date, or the rate of the existing note if no such rate is specified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">If we notify you
of our intention to repay a note at maturity, we will pay you the principal amount and any accrued but unpaid interest on the stated
maturity date. Similarly, if, within 15&nbsp;days after a note&rsquo;s stated maturity date (or during any applicable extension
of the 15 day period, as described below), you request repayment of a note, we will pay you the principal amount of the note plus
accrued but unpaid interest up to, but not including, the note&rsquo;s stated maturity date. In the event that your regularly scheduled
interest payment date falls after the maturity date of the note but before the date on which you request repayment, you may receive
interest payments that include interest for periods after the maturity date of the note. If this occurs, the excess interest will
be deducted from our final payment of the principal amount of the note to you. If you elect repayment, we will initiate payment
to you by the later of the maturity date or five business days after the date on which we receive such notice from you. Because
payment is made by ACH transfer, funds may not be received in your account for 2 to 3 business days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">We will be required
from time to time to file post-effective amendments to the registration statement of which this prospectus is a part to update
the information it contains. If you would otherwise be required to elect to have your notes renewed or repaid following their stated
maturity at a time when we have determined that a post-effective amendment must be filed with the Securities and Exchange Commission,
but such post-effective amendment has not yet been declared effective, the period during which you can elect renewal or repayment
will be automatically extended until ten days following the postmark date of a notice that will be sent to you at your registered
address that the post-effective amendment has been declared effective. In the event that your regularly scheduled interest payment
date falls after the maturity date of the note but before the date on which you requests repayment, you may receive an interest
payment that includes interest for periods after the maturity date of the note. If this occurs, the excess interest will be deducted
from our final payment of the principal amount of the note to you. All other provisions relating to the renewal or redemption of
notes upon their stated maturity described above shall remain unchanged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Redemption or
Repurchase Prior To Stated Maturity. </B>The notes may be redeemed prior to stated maturity only as set forth in the indenture
and described below. You will have no right to require us to prepay or repurchase any note prior to its maturity date as originally
stated or as it may be extended, except as indicated in the indenture and described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0in; background-color: white; text-align: justify"><I>Redemption
By Us</I>. We have the right to redeem any note at any time prior to its stated maturity upon 30 days written notice to the holder
of the note. The holder of the note being redeemed will be paid a redemption price equal to the outstanding principal amount thereof
plus but accrued and unpaid interest up to but not including the date of redemption without any penalty or premium. We may use
any criteria we choose to determine which notes we will redeem if we choose to do so. We are not required to redeem notes on a
pro rata basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0in; background-color: white; text-align: justify"><I>Repurchase
Election Upon Death Or Total Permanent Disability</I>. Notes may be repurchased prior to maturity, in whole and not in part, at
the election of a holder who is a natural person (including notes held in an individual retirement account), by giving us written
notice within 45 days following the holder&rsquo;s total permanent disability, as established to our satisfaction, or at the election
of the holder&rsquo;s estate, by giving written notice within 45 days following his or her death. Subject to the limitations described
below, we will repurchase the notes within 10 days after the later to occur of the request for repurchase or the establishment
to our satisfaction of the holder&rsquo;s death or total permanent disability. The repurchase price, in the event of such a death
or total permanent disability, will be the principal amount of the notes, plus interest accrued and not previously paid up to but
not including the date of repurchase. If spouses are joint registered holders of a note, the right to elect to have us repurchase
will apply when either registered holder dies or suffers a total permanent disability. If the note is held jointly by two or more
persons who are not legally married, none of these persons will have the right to request that we repurchase the notes unless all
joint holders have either died or suffered a total permanent disability. If the note is held by a person who is not a natural person
such as a trust, partnership, corporation or other similar entity, the right to request repurchase upon death or total permanent
disability does not apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0in; background-color: white; text-align: justify"><I>Limitations
on Requirements to Repurchase</I>. Our obligation to repurchase notes prior to maturity for any reason will be subject to a calendar
quarter limit equal to the greater of $1 million of aggregate principal amount for all holders or 2% of the total principal amount
of all notes outstanding at the end of the previous calendar quarter. This limit includes any notes we repurchase upon death or
total permanent disability of the holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0in; background-color: white; text-align: justify"><I>Modifications
to Repurchase Policy</I>. We may modify the policies on repurchase in the future. No modification will affect the right of repurchase
applicable to any note outstanding at the time of any such modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Transfers. </B>The
notes are not negotiable debt instruments and, subject to certain exceptions, will be issued only in book-entry form. The purchase
confirmation issued upon our acceptance of a subscription is not a certificated security or negotiable instrument, and no rights
of record ownership can be transferred without our prior written consent. Ownership of notes may be transferred on the note register
only as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The holder must deliver us written notice requesting a transfer signed by the holder(s) or such holder&rsquo;s duly authorized
representative on a form to be supplied by us.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We must provide our written consent to the proposed transfer.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We may require a legal opinion from counsel satisfactory to us that the proposed transfer will not violate any applicable securities
laws.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We may require a signature guarantee in connection with such transfer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Upon transfer of
a note, we will provide the new holder of the note with a purchase confirmation that will evidence the transfer of the account
on our records. We may charge a reasonable service charge in connection with the transfer of any note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Quarterly Statements.
</B>We will provide holders of the notes with quarterly statements, which will indicate, among other things, the account balance
at the end of the quarter, interest credited, redemptions or repurchases made, if any, and the interest rate paid during the quarter.
These statements will be mailed not later than the 10th business day following the end of each calendar quarter. We may charge
such holders a reasonable fee to cover the charges incurred in providing such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Subordination.
</B>The indebtedness evidenced by the notes, and any interest thereon, is subordinated in right of payment to all of our senior
debt, including indebtedness held by our subsidiaries that are special purpose entities. &ldquo;Senior debt&rdquo; means all of
our secured, unsecured, senior or subordinate indebtedness, as well as other financial obligations of the company, whether outstanding
on the date of this prospectus or incurred after the date of this prospectus, whether such indebtedness is or is not specifically
designated as being senior debt in its defining instruments, other than (i) existing outstanding unsecured subordinated indebtedness
in the amount of $15.2 million, as of December 31, 2014), and (ii) any future offerings of additional renewable unsecured
subordinated notes, both of which will rank equally with the notes. Any documents, agreements or instruments evidencing or relating
to any senior debt may be amended, restated, supplemented and/or renewed from time to time without requiring any notice to or
consent of any holder of notes or any person or entity acting on behalf of any such holder or the trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">The
indenture does not prevent holders of senior debt from disposing of, or exercising any other rights with respect to, any or all
of the collateral securing the senior debt. As of December 31, 2014, we had approximately $1,668.9 million of debt outstanding
that is senior to the notes, which was issued by our consolidated special purpose entities. Including accounts payable and accrued
expenses, we had approximately $1,690.6 million of outstanding obligations senior to the notes. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Except for certain
limited restrictions, the terms of the notes or the indenture do not impose any limitation on the amount of senior debt or other
indebtedness we may incur, although our existing senior debt agreements may restrict us from incurring new senior debt. See &ldquo;Risk
Factors &ndash; Risk Factors Relating to the Notes &ndash; Because the notes rank junior to substantially all of our existing and
future debt and other financial obligations, your notes will lack priority in payment.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">The notes are not
guaranteed by any of our subsidiaries, affiliates or control persons. Accordingly, in the event of a liquidation or dissolution
of one of our subsidiaries, creditors of that subsidiary will be paid in full, or provision for such payment will be made, from
the assets of that subsidiary prior to distributing any remaining assets to us as a shareholder of that subsidiary. Therefore,
in the event of liquidation or dissolution of a subsidiary, no assets of that subsidiary may be used to make payment to the holders
of the notes until the creditors of that subsidiary are paid in full from the assets of that subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">In the event of any
liquidation, dissolution or any other winding up of us, or of any receivership, insolvency, bankruptcy, readjustment, reorganization
or similar proceeding under the U.S. Bankruptcy Code or any other applicable federal or state law relating to bankruptcy or insolvency,
or during the continuation of any event of default on the senior debt, no payment may be made on the notes until all senior debt
has been paid in full or provision for such payment has been made to the satisfaction of the senior debt holders. If any of the
above events occurs, holders of senior debt may also submit claims on behalf of holders of the notes and retain the proceeds for
their own benefit until they have been fully paid, and any excess will be turned over to the holders of the notes. If any distribution
is nonetheless made to holders of the notes, the money or property distributed to them must be paid over to the holders of the
senior debt to the extent necessary to pay senior debt in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">We will not make
any payment, direct or indirect (whether for interest, principal, as a result of any redemption or repurchase at maturity, on default,
or otherwise), on the notes and any other indebtedness being subordinated to the payment of the notes, and neither the holders
of the notes nor the trustee will have the right, directly or indirectly, to sue to enforce the indenture or the notes, if a default
or event of default under any senior debt has occurred and is continuing, or if any default or event of default under any senior
debt would result from such payment, in each case unless and until:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the default and event of default has been cured or waived or has ceased to exist; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the end of the period commencing on the date the trustee receives written notice of default from a holder of the senior debt
and ending on the earlier of</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">the trustee&rsquo;s receipt of a valid waiver of default from the holder of senior debt; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>the trustee&rsquo;s receipt of a written notice from the holder of senior debt terminating the payment blockage period.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Provided, however,
that if any of the blockage events described above has occurred and 179 days have passed since the trustee&rsquo;s receipt of the
notice of default without the occurrence of the cure, waiver or termination of all blockage periods described above, the trustee
may thereafter sue on and enforce the indenture and the notes as long as any funds paid as a result of any such suit or enforcement
action shall be paid toward the senior debt until it is indefeasibly paid in full before being applied to the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>No Collateral
Security; No Sinking Fund. </B>The notes are unsecured, which means that none of our tangible or intangible assets or property,
nor any of the assets or property of any of our subsidiaries, has been set aside or reserved to make payment to the holders of
the notes in the event that we default on our obligations to the holders. In addition, we will not contribute funds to any separate
account, commonly known as a sinking fund, to repay principal or interest due on the notes upon maturity or default. See &ldquo;Risk
Factors &ndash; Risk Factors Relating to the Notes &ndash; Because the notes will have no sinking fund, security, insurance or
guarantee, you may lose all or a part of your investment in the notes if we do not have enough cash to pay the notes.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Restrictive Covenants.
</B>The indenture contains certain limited restricted covenants that restrict us from certain actions as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">The indenture provides
that, so long as the notes are outstanding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we will not declare or pay any dividends or other payments of cash or other property solely in respect of our capital stock
to our stockholders (other than a dividend paid in shares of our capital stock on a pro rata basis to all our stockholders) unless
no default and no event of default with respect to the notes exists or would exist immediately following the declaration or payment
of the dividend or other payment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to the extent legally permissible, we will not at any time insist upon, plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect
the covenants or the performance of the indenture; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">neither our board of directors nor our shareholders will adopt a plan of liquidation that provides for, contemplates or the
effectuation of which is preceded by (a) the sale, lease, conveyance or other disposition of all or substantially all of our assets,
otherwise than (i) substantially as an entirety, or (ii) in a qualified sales and financing transaction, and (b) the distribution
of all or substantially all of the proceeds of such sale, lease, conveyance or other disposition and of our remaining assets to
the holders of our capital stock, unless, prior to making any liquidating distribution pursuant to such plan, we make provision
for the satisfaction of our obligations under the renewable unsecured subordinated notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.1in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">We are not restricted
from entering into qualified sale and financing transactions or incurring additional indebtedness. See &ldquo;Risk Factors &ndash;
Risk Factors Relating to the Notes &ndash; Because there are limited restrictions on our activities under the Indenture, you will
have only limited protection under the indenture.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Consolidation,
Merger or Sale. </B>The indenture generally permits a consolidation or merger between us and another entity. It also permits the
sale or transfer by us of all or substantially all of our property and assets. These transactions are permitted if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the resulting or acquiring entity, if other than us, is a United States corporation, limited liability company or limited partnership
and assumes all of our responsibilities and liabilities under the indenture, including the payment of all amounts due on the notes
and performance of the covenants in the indenture; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">immediately after the transaction, and giving effect to the transaction, no event of default under the indenture exists.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">If we consolidate
or merge with or into any other entity or sell or lease all or substantially all of our assets, according to the terms and conditions
of the indenture, the resulting or acquiring entity will be substituted for us in the indenture with the same effect as if it had
been an original party to the indenture. As a result, the successor entity may exercise our rights and powers under the indenture,
in our name and we will be released from all our liabilities and obligations under the indenture and under the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.1in; background-color: white"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Events Of Default.
</B>The indenture provides that each of the following constitutes an event of default:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">failure to pay interest on a note within 15&nbsp;days after the due date for such payment (whether or not prohibited by the
subordination provisions of the indenture);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">failure to pay principal on a note within 15&nbsp;days after the due date for such payment (whether or not prohibited by the
subordination provisions of the indenture);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our failure to observe or perform any material covenant, condition or agreement or our breach of any material representation
or warranty, but only after we have been given notice of such failure or breach and such failure or breach is not cured within
60 days after our receipt of notice;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">defaults in certain of our other payment obligations that result in such payment obligations becoming or being declared immediately
due and payable and such declaration is not rescinded or annulled within 60&nbsp;days after our receipt of notice of such declaration;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">certain events of bankruptcy or insolvency with respect to us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">If any event of default
occurs and is continuing (other than an event of default involving certain events of bankruptcy or insolvency with respect to us),
the trustee or the holders of at least a majority in principal amount of the then outstanding notes may by notice to us declare
the unpaid principal of and any accrued interest on the notes to be due and payable immediately. So long as any senior debt is
outstanding, however, and a payment blockage on the notes is in effect, a declaration of this kind will not be effective, and neither
the trustee nor the holders of notes may enforce the indenture or the notes, except as otherwise set forth above in &ldquo;- Subordination&rdquo;.
In the event senior debt is outstanding and no payment blockage on the notes is in effect, a declaration of this kind will not
become effective until the later of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the day which is five business days after the receipt by us and the holders of senior debt of such written notice of acceleration;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date of acceleration of any senior debt.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.1in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">In the case of an
event of default arising from certain events of bankruptcy or insolvency, with respect to us, all outstanding notes will become
due and payable without further action or notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Holders of the notes
may not enforce the indenture or the notes except as provided in the indenture. Subject to certain limitations, holders of a majority
in principal amount of the then outstanding notes may direct the trustee in its exercise of any trust power. The trustee may withhold
from holders of the notes notice of any continuing default or event of default (except a default or event of default relating to
the payment of principal or interest on the notes) if the trustee in good faith determines that withholding notice would have no
material adverse effect on the holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">The holders of a
majority in aggregate principal amount of the notes then outstanding by notice to the trustee may, on behalf of the holders of
all of the notes, waive any existing default or event of default and its consequences under the indenture, except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a continuing default or event of default in the payment of interest on, or the principal of, a note held by a non-consenting
holder; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a waiver that would conflict with any judgment or decree.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.1in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">We are required to
deliver to the trustee within 120&nbsp;days of the end of our fiscal year a certificate regarding compliance with the indenture,
and we are required, upon becoming aware of any default or event of default, to deliver to the trustee a certificate specifying
such default or event of default and what action we are taking or propose to take with respect to the default or event of default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Amendment, Supplement
and Waiver. </B>Except as provided in this prospectus or the indenture, the terms of the indenture or the notes then outstanding
may be amended or supplemented with the consent of the holders of at least a majority in principal amount of the notes then outstanding,
and any existing default or compliance with any provision of the indenture or the notes may be waived with the consent of the holders
of a majority in principal amount of the then outstanding notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Notwithstanding the
foregoing, an amendment or waiver will not be effective with respect to the notes held by a holder who has not consented if it
has any of the following consequences:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduces the aggregate principal amount of notes whose holders must consent to an amendment, supplement or waiver;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduces the principal of or changes the fixed maturity of any note or alters the repurchase or redemption provisions or the
price at which we shall offer to repurchase or redeem the note;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduces the rate of or changes the time for payment of interest, including default interest, on any note;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">waives a default or event of default in the payment of principal or interest on the notes, except a rescission of acceleration
of the notes by the holders of at least a majority in aggregate principal amount of the then outstanding notes and a waiver of
the payment default that resulted from such acceleration;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">makes any note payable in money other than that stated in this prospectus;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">makes any change in the provisions of the indenture relating to waivers of past defaults or the rights of holders of notes
to receive payments of principal of or interest on the notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">makes any change to the subordination provisions of the indenture that has a material adverse effect on holders of notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">modifies or eliminates the right of the estate of a holder or a holder to cause us to repurchase a note upon the death or total
permanent disability of a holder; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">makes any change in the foregoing amendment and waiver provisions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.1in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Notwithstanding the
foregoing, without the consent of any holder of the notes, we and the trustee may amend or supplement the indenture or the notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to cure any ambiguity, defect or inconsistency;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to provide for assumption of our obligations to holders of the notes in the case of a merger, consolidation or sale of all
or substantially all of our assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to provide for additional uncertificated or certificated notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to make any change that does not adversely affect the legal rights under the indenture of any such holder, including but not
limited to an increase in the aggregate dollar amount of notes which may be outstanding under the indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to modify our policy regarding repurchases elected by a holder of notes prior to maturity and our policy regarding repurchase
of the notes prior to maturity upon the death or total permanent disability of any holder of the notes, but such modifications
shall not materially adversely affect any then outstanding notes; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.7pt; text-align: justify"></TD><TD STYLE="width: 13.7pt; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to comply with requirements of the SEC in order to effect or maintain the qualification of the indenture under the Trust Indenture
Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.1in; background-color: white; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>The Trustee. </B>Wells
Fargo Bank, National Association has agreed to be the trustee under the indenture. The indenture contains certain limitations on
the rights of the trustee, should it become one of our creditors, to obtain payment of claims in certain cases, or to realize on
certain property received in respect of any claim as security or otherwise. The trustee will be permitted to engage in other transactions
with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Subject to certain
exceptions, the holders of a majority in principal amount of the then outstanding notes will have the right to direct the time,
method and place of conducting any proceeding for exercising any remedy available to the trustee. The indenture provides that in
case an event of default specified in the indenture shall occur and not be cured, the trustee will be required, in the exercise
of its power, to use the degree of care of a reasonable person in the conduct of his own affairs. Subject to such provisions, the
trustee will be under no obligation to exercise any of its rights or powers under the indenture at the request of any holder of
notes, unless the holder shall have offered to the trustee security and indemnity satisfactory to it against any loss, liability
or expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Resignation or
Removal of the Trustee. </B>The trustee may resign at any time, or may be removed by the holders of a majority of the aggregate
principal amount of the outstanding notes. In addition, upon the occurrence of contingencies relating generally to the insolvency
of the trustee or the trustee&rsquo;s ineligibility to serve as trustee under the Trust Indenture Act of 1939, as amended, we may
remove the trustee. However, no resignation or removal of the trustee may become effective until a successor trustee has accepted
the appointment as provided in the indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Reports to Trustee.
</B>We will provide the trustee with quarterly reports containing any information reasonably requested by the trustee. These quarterly
reports will include information on each note outstanding during the preceding quarter, including outstanding principal balance,
interest credited and paid, transfers made, any redemption or repurchase and interest rate paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>No Personal Liability
of Our Directors, Officers, Employees and Stockholders. </B>No director, officer, employee, incorporator or stockholder of ours
or any servicing agent, will have any liability for any of our obligations under the notes, the indenture or for any claim based
on, in respect to, or by reason of, these obligations or their creation. Each holder of the notes waives and releases these persons
from any liability, including any liability arising under applicable securities laws. The waiver and release are part of the consideration
for issuance of the notes. We have been advised that the waiver may not be effective to waive liabilities under the federal securities
laws and it is the view of the SEC that such a waiver is against public policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Service Charges.
</B>We and our servicing agent may assess service charges for changing the registration of any note to reflect a change in name
of the holder, multiple changes in interest payment dates or transfers (whether by operation of law or otherwise) of a note by
the holder to another person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Additional Securities.
</B>We may offer additional classes of securities with terms and conditions different from the notes currently being offered in
this prospectus. We will amend or supplement this prospectus if and when we decide to offer to the public any additional class
of security under this prospectus. If we sell the entire principal amount of notes offered in this prospectus, we may register
and sell additional notes by amending this prospectus, but we are under no obligation to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Variations in
Terms and Conditions. </B>We may from time to time to vary the terms and conditions of the notes offered by this prospectus, including,
but not limited to: minimum initial principal investment amount requirements; maximum aggregate principal amount limits; interest
rates; minimum denominations; service and other fees and charges; and redemption provisions. Terms and conditions may be varied
by state, locality, principal amount, type of investor&nbsp;&mdash; for example, new or current investor&nbsp;&mdash; or as otherwise
permitted under the indenture governing the securities offered by this prospectus. No change in terms, however, will apply to any
notes issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Interest Withholding.
</B>We will withhold 28% of any interest paid to any investor who has not provided us with a social security number, employer identification
number, or other satisfactory equivalent in the subscription agreement (or another document) or where the Internal Revenue Service
has notified us that backup withholding is otherwise required. Please read &ldquo;Material Federal Income Tax Consequences &ndash;
Reporting and Backup Withholding.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Liquidity. </B>There
is not currently a trading market for the notes, and we do not expect that a trading market for the notes will develop.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Satisfaction and
Discharge of Indenture. </B>The indenture shall cease to be of further effect upon the payment in full of all of the outstanding
notes and the delivery of an officer&rsquo;s certificate to the trustee stating that we do not intend to issue additional notes
under the indenture or, with certain limitations, upon deposit with the trustee of funds sufficient for the payment in full of
all of the outstanding notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>Reports. </B>We
currently publish annual reports containing financial statements and quarterly reports containing financial information for the
first three quarters of each fiscal year. We will send copies of these reports, at no charge, to any holder of notes who sends
a written request to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">Consumer
Portfolio Services, Inc.<BR>
3800 Howard Hughes Parkway, Suite 1400<BR>
Las Vegas, NV 89169 <BR>
Attention: Corporate Secretary<BR>
(949) 753-6800</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">MATERIAL FEDERAL
INCOME TAX CONSEQUENCES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">The following discussion
is our counsel&rsquo;s opinion of the material federal income tax consequences relating to the ownership and disposition of the
notes. The discussion is based upon the current provisions of the Internal Revenue Code of 1986, as amended, regulations issued
under the Internal Revenue Code and judicial or ruling authority, all of which are subject to change that may be applied retroactively.
The discussion assumes that the notes are held as capital assets and does not discuss the federal income tax consequences applicable
to all categories of investors, some of which may be subject to special rules such as banks, tax-exempt organizations, insurance
companies, dealers in securities or currencies, persons that will hold notes as a position in a hedging, straddle or conversion
transactions, or persons that have a functional currency other than the U.S. dollar. If a partnership holds notes, the tax treatment
of a partner will generally depend on the status of the partner and on the activities of the partnership. In addition, the discussion
does not deal with holders other than original purchasers. You are urged to consult your own tax advisor to determine the specific
federal, state, local and any other tax consequences applicable to you relating to your ownership and disposition of the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-align: justify">Interest Income on the Notes</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Subject to the discussion
below applicable to &ldquo;non-U.S. holders,&rdquo; interest paid on the notes will generally be taxable to you as ordinary income
as the income is paid if you are a cash method taxpayer or as the income accrues if you are an accrual method taxpayer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">However, a note with
a term of one year or less, which we refer to in this discussion as a &ldquo;short-term note,&rdquo; will be treated as having
been issued with original issue discount or &ldquo;OID&rdquo; for tax purposes equal to the total payments on the note over its
issue price. If you are a cash method holder of a short-term note you are not required to include this OID as income currently
unless you elect to do so. Cash method holders who make that election and accrual method holders of short-term notes are generally
required to recognize the OID in income currently as it accrues on a straight-line basis unless the holder elects to accrue the
OID under a constant yield method. Under a constant yield method, you generally would be required to include in income increasingly
greater amounts of OID in successive accrual periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Cash method holders
of short-term notes who do not include OID in income currently will generally be taxed on stated interest at the time it is received
and will treat any gain realized on the disposition of a short-term note as ordinary income to the extent of the accrued OID generally
reduced by any prior payments of interest. In addition, these cash method holders will be required to defer deductions for certain
interest paid on indebtedness related to purchasing or carrying the short-term notes until the OID is included in the holder&rsquo;s
income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">There are also some
situations in which a cash basis holder of a note having a term of more than one year may have taxable interest income with respect
to a note before any cash payment is received with respect to the note. If you report income on the cash method and you hold a
note with a term longer than one year that pays interest only at maturity, you generally will be required to include OID accrued
during the original term (without regard to renewals) as ordinary gross income as the OID accrues. OID accrues under a constant
yield method, as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-align: justify">Treatment of Dispositions of Notes</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Upon the sale, exchange,
retirement or other taxable disposition of a note, you will recognize gain or loss in an amount equal to the difference between
the amount realized on the disposition and your adjusted tax basis in the note. Your adjusted tax basis of a note generally will
equal your original cost for the note, increased by any accrued but unpaid interest (including OID) you previously included in
income with respect to the note and reduced by any principal payments you previously received with respect to the note. Any gain
or loss will be capital gain or loss, except for gain representing accrued interest not previously included in your income. This
capital gain or loss will be short-term or long-term capital gain or loss, depending on whether the note had been held for more
than one year or for one year or less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-align: justify">Non-U.S. Holders</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Generally, if you
are a nonresident alien individual or a non-U.S. corporation and do not hold the note in connection with a United States trade
or business, interest paid and OID accrued on the notes will be treated as &ldquo;portfolio interest&rdquo; and therefore will
be exempt from a 30% United States withholding tax. In that case, you will be entitled to receive interest payments on the notes
free of United States federal income tax provided that you periodically provide a statement on applicable IRS forms certifying
under penalty of perjury that you are not a United States person and provide your name and address. In addition, in that case you
will not be subject to United States federal income tax on gain from the disposition of a note unless you are an individual who
is present in the United States for 183&nbsp;days or more during the taxable year in which the disposition takes place and certain
other requirements are met. Interest paid and accrued OID paid to a non-U.S. person are not subject to withholding if they are
effectively connected with a United States trade or business conducted by that person and we are provided a properly executed IRS
Form&nbsp;W-8ECI. They will, however, generally be subject to the regular United States income tax. If you are a non-U.S. corporation,
that portion of your earnings and profits that is effectively connected with your U.S. trade or business also may be subject to
a &quot;branch profits tax&quot; at a 30% rate, although an applicable income tax treaty may provide for lower rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Reporting and Backup Withholding</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">We will report annually
to the Internal Revenue Service and to holders of record that are not excepted from the reporting requirements any information
that may be required with respect to interest or OID on the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Under certain circumstances,
as a holder of a note, you may be subject to &ldquo;backup withholding&rdquo; at a 28% rate. Backup withholding may apply to you
if you are a United States person and, among other circumstances, you fail to furnish on IRS Form&nbsp;W-9 or a substitute Form&nbsp;W-9
your Social Security number or other taxpayer identification number to us. Backup withholding may apply, under certain circumstances,
if you are a non-United States person and fail to provide us with the statement necessary to establish an exemption from federal
income and withholding tax on interest on the note. Backup withholding, however, does not apply to payments on a note made to certain
exempt recipients, such as tax-exempt organizations, and to certain non-United States persons. Backup withholding is not an additional
tax and may be refunded or credited against your United States federal income tax liability, provided that you furnish certain
required information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">This federal tax
discussion is included for general information only and may not be applicable depending upon your particular situation. You are
urged to consult your own tax advisor with respect to the specific tax consequences to you of the ownership and disposition of
the notes, including the tax consequences under state, local, foreign and other tax laws and the possible effects of changes in
federal or other tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Legislation Involving Payments to Certain Foreign Entities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-align: justify"><FONT STYLE="font-weight: normal">Under
certain circumstances, the Foreign Account Tax Compliance Act (&ldquo;FATCA&rdquo;) requires us or our paying agent (in its capacity
as such) to deduct and withhold a tax equal to 30% of any payments made on our notes to a foreign financial institution or non-financial
foreign entity (including, in some cases, when such foreign institution or entity is acting as an intermediary), and any person
having the control, receipt, custody, disposal, or payment of any gross proceeds of sale or other disposition of our notes to deduct
and withhold a tax equal to 30% of any such proceeds, unless (i) in the case of a foreign financial institution, such institution
enters into an agreement with the U.S. government to withhold on certain payments, and to collect and provide to the U.S. tax authorities
substantial information regarding U.S. account holders of such institution (which includes certain equity and debt holders of such
institution, as well as certain account holders that are foreign entities with U.S. owners), and (ii) in the case of a non-financial
foreign entity, such entity provides the withholding agent with a certification identifying the direct and indirect U.S. owners
of the entity. Under certain circumstances, a non-U.S. holder might be eligible for refunds or credits of such taxes. Pursuant
to finalized regulations, however, debt securities that were outstanding on or before July 1, 2014 are grandfathered from the application
of the withholding rules under F ATCA. For debt securities that are not grandfathered, withholding under FATCA will apply to payments
of interest on debt securities made on or after July 1, 2014 and to payments of gross proceeds from a sale or disposition of debt
securities on or after January 1, 2017. You are encouraged to consult with your own tax advisors regarding the possible implications
of these requirements on an investment in the notes.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">PLAN OF DISTRIBUTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Except as we may
otherwise indicate in the applicable prospectus supplement, we will sell these securities directly, without an underwriter or selling
agent, and the securities will be sold by our employees who, under Rule&nbsp;3a4-1(a) of the Exchange Act, are deemed not to be
brokers. In accordance with the provisions of Rule&nbsp;3a4-1(a), our employees who sell securities will not be compensated by
commission, will not be associated with any broker or dealer and will limit their activities so that, among other things, they
do not engage in oral solicitations of, and comply with certain specified limitations when responding to inquiries from, potential
purchasers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">We plan to market
the notes directly to the public and to our existing noteholders through newspaper, radio, internet, direct mail and other advertising.
We may engage an unaffiliated third party (a &ldquo;servicing agent&rdquo;) to manage certain administrative and customer service
functions relating to the notes, including handling all inquiries from potential investors, mailing investment kits, meeting with
investors, processing subscription agreements and responding to all written and telephonic questions relating to the notes. We
may elect to perform these duties ourselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.1in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">We will bear the
expenses incurred in connection with the offer and sale of the notes, including document fulfillment expenses, legal and accounting
fees, regulatory fees, due diligence expenses and marketing costs. No one will receive a commission based on notes sold or renewed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.1in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">We may distribute
the notes in one or more transactions: (1)&nbsp;at a fixed price or prices, which may be changed; or (2)&nbsp;at negotiated prices.
We may also sell notes in exchange for outstanding notes held by our existing noteholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">We may agree to pay
a servicing agent an annual portfolio management fee equal to a percentage of the weighted average principal balance of the notes
outstanding for its services as servicing agent. In exchange for the annual portfolio management fee, such a servicing agent would
manage specified customer service functions concerning the notes and act as an agent between us and the purchasers of the notes.
The annual portfolio management fee also covers costs relating to maintenance of the investor relationship after the purchase of
notes. This includes, among other things, addressing ministerial investor inquiries regarding the notes, the preparation of all
confirmations, notices and statements, the coordination of interest payments, the establishment and maintenance of records relating
to the notes, the preparation of all reports, statements and analyses regarding the notes, and all out-of-pocket expenses for the
printing and mailing of confirmations, notices and statements to the investors. The amount of this fee will depend upon a number
of variables, including the pace at which notes are sold, the terms of the notes sold and whether the notes are redeemed or repurchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">We may engage an
advertising and marketing company, not affiliated with us nor with any broker-dealer, to directly provide or manage the advertising
and marketing functions related to the sale of the notes. These services may include media planning, media buying, creative and
copy development, direct mail services, literature fulfillment, commercial printing, list management, list brokering, advertising
consulting, efficiency analyses and other similar activities. If we retain an advertising agent, such agent will be compensated
directly by us or its sub-service providers for these advertising and marketing services. This compensation is consistent with
accepted normal advertising and marketing industry standards for similar services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">Prior to the offering,
there has been no public market for the notes. We do not intend to list the notes on any securities exchange or include them for
quotation on Nasdaq. No one is obligated to make a market in the notes, and we do not anticipate that a secondary market for the
notes will develop.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">We may vary the terms
and conditions of the offer by state, locality or as otherwise described under &ldquo;Description of the Notes &ndash; Interest
Rate&rdquo; and &ldquo;&ndash; Variations in Terms and Conditions&rdquo; in this prospectus. From time to time, we also may vary
the terms and conditions of the securities offered by this prospectus depending on such factors as our liquidity requirements,
the interest rate environment and other economic conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.1in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">LEGAL MATTERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"> Certain
legal matters in connection with the notes will be passed upon for us by Mark Creatura, Esq., Las Vegas, Nevada. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.1in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">EXPERTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"> The
financial statements incorporated in this Prospectus by reference to the Annual Report on Form 10-K for the year ended December
31, 2014 have been so incorporated in reliance on the report of Crowe Horwath LLP, independent registered public accounting firm,
given on the authority of said firm as experts in auditing and accounting. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">GLOSSARY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>asset-backed securities
</B>&mdash; Securities that are backed by financial assets, such as automobile contracts and loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>automobile contract
</B>&mdash; A retail installment sales contract or installment loan agreement secured by a new or used automobile, light-duty truck
or van.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>credit enhancement
</B>&mdash; Credit enhancement refers to a mechanism that is intended to protect the holders of the asset-backed securities against
losses due to defaults by the obligors under the automobile contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>excess spread
cash flows </B>&mdash; The difference between the cash collected from automobile contracts in a securitization or warehouse credit
facility in any period and the sum of (i) the interest and principal paid to investors on the indebtedness issued in connection
with the securitization or warehouse credit facility, (ii) the costs of servicing the automobile contracts and (iii) certain other
costs incurred in connection with completing and maintaining the securitization or warehousing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>overcollateralization
</B>&mdash; With respect to a securitization or warehouse credit facility, the excess of (a) the aggregate principal balance of
the securitized or warehoused pool of automobile contracts over (b) the aggregate outstanding principal amount of the related indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>securitization
or securitized </B>&mdash; The process through which automobile contracts and other receivables are accumulated or pooled and sold
to a trust which issues securities representing interests in the trust to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>servicing portfolio
</B>&mdash; All of the automobile contracts that we own and that we have sold in securitizations and into our warehouse credit
facilities and service in connection with the Seawest securitizations and, in each case, continue to service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>special purpose
entities </B>&mdash; Our subsidiaries that were formed for the specific purpose of securitizing our automobile contract receivables
and facilitating our warehouse, residual and other financing facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>spread account
</B>&mdash; An account required by the credit enhancer of a securitization or warehouse credit facility in order to protect the
credit enhancer against credit losses. Generally, excess spread cash flow from the pool of automobile contracts is credited to
the account and retained until the account balance reaches a set maximum balance. If the maximum balance set forth under the terms
of a particular securitization or warehouse credit facility is attained, the excess spread cash flows and any surplus in the spread
account are returned to us, our residual lenders or the purchaser of a residual interest, as the case may be. The maximum balance
in a particular securitization may increase or decrease over time, and also may never be attained in any particular securitization
or warehouse credit facility. Any remaining spread account balance is released to us, our residual lenders or the purchaser of
a residual interest, as the case may be, upon termination of the securitization or warehouse credit facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white; text-align: justify"><B>warehousing </B>&mdash;
A method in which automobile contracts are financed by financial institutions on a short-term basis. In a warehousing arrangement,
which we also refer to as a &ldquo;warehouse credit facility&rdquo;, automobile contracts are accumulated or pooled on a daily
or less frequent basis and assigned or pledged as collateral for short-term borrowings until they are financed in a securitization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; background-color: white"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">PART II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">INFORMATION NOT
REQUIRED IN PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">ITEM 13. OTHER EXPENSES OF ISSUANCE
AND DISTRIBUTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">Set
forth below are expenses (other than the selling agent&rsquo;s commissions and expenses) expected to be incurred in connection
with the issuance and distribution of the securities registered hereby. With the exception of the Securities and Exchange Commission
registration fee and the NASD filing fee, the amounts set forth below are estimates and actual expenses may vary considerably from
these estimates depending upon how long the notes are offered and other factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 63%; text-align: left; text-indent: -10pt">Securities and Exchange Commission registration fee</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">6,820</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt">NASD filing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">none</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt">Blue Sky fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt">Printing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt">Trustee&rsquo;s fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt">Miscellaneous</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,180</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -10pt">TOTAL</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">300,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">ITEM 14. INDEMNIFICATION OF DIRECTORS
AND OFFICERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white"> Section
317 of the California Corporations Code, or the California Code, authorizes a corporation to indemnify, subject to certain exceptions,
any person who was or is a party or is threatened to be made a party to any proceeding (other than an action by or in the right
of the corporation to procure a judgment in its favor) by reason of the fact that such person is or was an agent of the corporation,
as the term &ldquo;agent&rdquo; is defined in section&nbsp;317(a) of the California Code, against expenses, judgments, fines,
settlements and other amounts actually and reasonably incurred in connection with such proceeding if such person acted in good
faith and in a manner such person reasonably believed to be in the best interests of the corporation and, in the case of a criminal
proceeding, had no reasonable cause to believe the conduct of such person was unlawful. A corporation is further authorized to
indemnify, subject to certain exceptions, any person who was or is a party or is threatened to be made a party to any threatened,
pending, or completed action by or in the right of the corporation to procure a judgment in its favor by reason of the fact that
the person is or was an agent of the corporation, against expenses actually and reasonably incurred by that person in connection
with the defense or settlement of the action if the person acted in good faith, in a manner the person believed to be in the best
interests of the corporation and its shareholders. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white"> Section&nbsp;204
of the California Code provides that a corporation&rsquo;s articles of incorporation may not limit the liability of directors
(i)&nbsp;for acts or omissions that involve intentional misconduct or a knowing and culpable violation of law, (ii)&nbsp;for acts
or omissions that a director believes to be contrary to the best interests of the corporation or its shareholders or that involve
the absence of good faith on the part of the director, (iii)&nbsp;for any transaction from which a director derived an improper
personal benefit, (iv)&nbsp;for acts or omissions that show a reckless disregard for the director&rsquo;s duty to the corporation
or its shareholders in circumstances in which the director was aware, or should have been aware, in the ordinary course of performing
a director&rsquo;s duties, of a risk of a serious injury to the corporation or its shareholders, (v)&nbsp;for acts or omissions
that constitute an unexcused pattern of inattention that amounts to an abdication of the director&rsquo;s duty to the corporation
or its shareholders, (vi)&nbsp;under Section&nbsp;310 of the California Code (concerning transactions between corporations and
directors or corporations having interrelated directors) or (vii)&nbsp;under Section&nbsp;316 of the California Code (concerning
directors&rsquo; liability for distributions, loans, and guarantees). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white"> Section&nbsp;204
further provides that a corporation&rsquo;s articles of incorporation may not limit the liability of directors for any act or
omission occurring prior to the date when the provision became effective or any act or omission as an officer, notwithstanding
that the officer is also a director or that his or her actions, if negligent or improper, have been ratified by the directors.
Further, Section&nbsp;317 has no effect on claims arising under federal or state securities laws and does not affect the availability
of injunctions and other equitable remedies available to a corporation&rsquo;s shareholders for any violation of a director&rsquo;s
fiduciary duty to the corporation or its shareholders. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white"> The
Registrant&rsquo;s Restated Articles of Incorporation provide for the elimination of liability for its directors to the fullest
extent permissible under California law and authorize it to provide indemnification to directors, officers, employees or other
agents through bylaw provisions, agreements with agents, vote of shareholders or disinterested directors or otherwise, in excess
of the indemnification otherwise permitted by Section&nbsp;317 of the California Code, subject only to the applicable limits with
respect to actions for breach of duty to the Registrant and its shareholders. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white"> The
Registrant&rsquo;s Amended Bylaws provide that it shall indemnify its directors and officers against expenses, judgments, fines,
settlements, and other amounts actually and reasonably incurred in connection with any proceeding, arising by reason of the fact
that such person is or was its agent. As included in the Registrant&rsquo;s Amended Bylaws, a &ldquo;director&rdquo; or &ldquo;officer&rdquo;
includes any person (a)&nbsp;who is or was a director or officer of the Registrant, (b)&nbsp;who is or was serving at the request
of the Registrant as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, or (c)&nbsp;who
was a director or officer of a corporation which was a predecessor corporation of the Registrant or of another enterprise at the
request of such predecessor corporation. The Registrant&rsquo;s Amended Bylaws also contain provisions authorizing it, to the
extent and in the manner permitted by the California Code, to indemnify each of its employees and agents (other than directors
and officers) against expenses, judgments, fines, settlements, and other amounts actually and reasonably incurred in connection
with any proceeding, arising by reason of the fact that such person is or was its agent. As included in the Registrant&rsquo;s
Amended Bylaws, an &ldquo;employee&rdquo; or &ldquo;agent&rdquo; (other than a director or officer), includes any person who (a)&nbsp;is
or was an employee or agent of the Registrant, (b)&nbsp;is or was serving at the Registrant&rsquo;s request as an employee or
agent of another corporation, partnership, joint venture, trust or other enterprise, or (c)&nbsp;was an employee or agent of a
corporation which was a predecessor corporation of the Registrant or of another enterprise at the request of such predecessor
corporation. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white"> The
Registrant&rsquo;s Amended Bylaws further provide that it may advance expenses incurred in defending any proceeding for which
indemnification is required or permitted, following authorization thereof by the board of directors, prior to the final disposition
of the proceeding upon receipt of an undertaking by or on behalf of the indemnified party to repay that amount if it shall be
determined ultimately that the indemnified person is not entitled to be indemnified as authorized by its Amended Bylaws. The indemnification
provided for in the Registrant&rsquo;s Amended Bylaws for acts, omissions or transactions while acting in the capacity of, or
while serving as, a director or officer of the Registrant but not involving a breach of duty to the Registrant and its shareholders
will not be deemed exclusive of any other rights those seeking indemnification may be entitled under any bylaw, agreement, vote
of shareholders or disinterested directors, or otherwise, to the extent the additional rights to indemnification are authorized
in its Restated Articles of Incorporation. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white"> In
addition, the Registrant maintains directors&rsquo; and officers&rsquo; liability insurance under which its directors and officers
are insured against loss (as defined in the policy) as a result of certain claims brought against them in such capacities. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">ITEM 15. RECENT SALES OF UNREGISTERED
SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white"> On
April 12, 2013, the registrant agreed with Levine Leichtman Capital Partners IV, L.P. (&ldquo;LLCP&rdquo;), an investment partnership
to reduce the interest rate on certain outstanding indebtedness to LLCP from 16% per annum to 13%, and to extend the maturity
of such indebtedness from December 31, 2013 to June 30, 2014. Such amendments might be considered a repurchase and reissuance
of securities. The sales and issuances of such notes, shares and warrants was exempt from registration under the Securities Act
of 1933, pursuant to section 4(2) thereof, as a transaction not involving a public offering. Such securities were not offered
or sold to any person other than the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>Alternative Basis for Exemption</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">All
of the securities issued in the transactions described above were offered and sold exclusively to accredited investors, within
the meaning of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">ITEM 16. EXHIBITS AND FINANCIAL STATEMENT
SCHEDULES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt; background-color: white">(a)&#9;Exhibits.
The exhibits listed below are filed as a part of this registration statement. Parenthetical references to other filings refer to
filings by the registrant, unless otherwise stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.2in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 9%"><i>Exhibit Number</i></td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 90%"><I>Description </I></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>3.1</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Restated Articles of Incorporation&nbsp;&nbsp;(Incorporated by reference to Exhibit 3.1 to Form 10-K filed March 31, 2009)</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>3.1.1</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Certificate of Designation re Series B Preferred (Incorporated by reference to Exhibit 3.1.1 to Form 8-K filed by the registrant on December 30, 2010)</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>3.2</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Amended and Restated Bylaws (Incorporated by reference to Exhibit 3.3 to Form 8-K filed July 20, 2009)</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>4</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Instruments defining the rights of holders of long-term debt of certain consolidated subsidiaries of the registrant are omitted pursuant to the exclusion set forth in subdivisions (b)(iv)(iii)(A) and (b)(v) of Item 601 of Regulation S-K (17 CFR 229.601). The registrant agrees to provide copies of such instruments to the United States Securities and Exchange Commission upon request.</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>4.1</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Indenture re Renewable Unsecured Subordinated Notes (&ldquo;RUS Notes&rdquo;) (previously filed as an exhibit to the registrant&rsquo;s registration statement bearing file number 333-168976 (the &ldquo;Prior Registration Statement&rdquo;)</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>4.2</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Form of RUS Notes (included as Exhibit A to the Indenture filed as Exhibit 4.1) (previously filed as an exhibit to the Prior Registration Statement)</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>4.3</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Supplement No. 1 dated December 7, 2010 to Indenture re RUS Notes (previously filed as an exhibit to the Prior Registration Statement)</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>4.4</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Supplement No. 2 dated January 22, 2014 to Indenture re RUS Notes (previously filed as
    an exhibit to this registration statement) </td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>4.5</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Form of Subscription Agreement (previously filed as an exhibit to this registration statement) </td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>4.6</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Revolving Credit Agreement dated December 23, 2010 (Incorporated by reference to Exhibit 4.29
    to Form 10-K filed March 31, 2011)</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>4.7</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Indenture dated as of April 1, 2011, re notes issued by CPS Auto Receivables Trust 2011-A (Incorporated by reference to Exhibit 4.30&nbsp;&nbsp;to Form 10-Q filed May 23, 2011)</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>4.8</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Sale and Servicing Agreement dated as of April 1, 2011, related to notes issued by CPS Auto Receivables Trust 2011-A (Incorporated by reference to Exhibit 4.31&nbsp;&nbsp;to Form 10-Q filed May 23, 2011)</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>4.9</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Indenture dated September 1, 2011 re Notes issued by CPS Auto Receivables Trust 2011-B. (Incorporated by reference to Exhibit 4.32 to current report of the registrant dated September 27, 2011)</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>4.10</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Sale and Servicing Agreement dated as of September 1, 2011. (Incorporated by reference to Exhibit 4.33 to current report of the registrant dated September 27, 2011)</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>4.11</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Credit Agreement dated as of August 6, 2011, including an amendment thereto dated September 14, 2011. (Incorporated by reference to Exhibit 4.34 to Form 10-Q filed November 14, 2011)</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>4.12</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Sale and Servicing Agreement dated as of November 25, 2011 re Notes issued by CPS Auto Receivables Trust 2011-C. (Incorporated by reference to Exhibit 4.33 to current report of the registrant filed December 20, 2011)</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>4.13</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Indenture dated November 25, 2011 re Notes issued by CPS Auto Receivables Trust 2011-C. (Incorporated by reference to Exhibit 4.34 to current report of the registrant filed December 20, 2011)</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>4.14</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Indenture dated March 1, 2012 re Notes issued by CPS Auto Receivables Trust 2012-A. (Incorporated by reference to Exhibit 4.37 to Form 10-Q filed April 24, 2012)</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>4.15</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Sale and Servicing Agreement dated as of March 1, 2012 re Notes issued by CPS Auto Receivables Trust 2012-A. (Incorporated by reference to Exhibit 4.38 to Form 10-Q filed April 24, 2012).</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>4.16</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Indenture dated June 1, 2012 re Notes issued by CPS Auto Receivables Trust 2012-B. (Incorporated by reference to Exhibit 4.39 to Form 8-K filed June 26, 2012).</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>4.17</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Sale and Servicing Agreement dated as of June 1, 2012 re Notes issued by CPS Auto Receivables Trust 2012-B. (Incorporated by reference to Exhibit 4.40 to Form 8-K filed June 26, 2012).</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>4.18</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: justify">Indenture dated September 1, 2012 re Notes issued by CPS Auto Receivables Trust 2012-C (Incorporated by reference to Exhibit 4.41 to Form 10-Q filed November 6, 2012).</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.19</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sale and Servicing Agreement dated as of September 1, 2012 re Notes issued by CPS Auto Receivables Trust 2012-C. (Incorporated by reference to Exhibit 4.42 to Form 10-Q filed November 6, 2012).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.22</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indenture dated March 1, 2013 re Notes issued by CPS Auto Receivables Trust 2013-A. (Incorporated by reference to Exhibit 4.43 to Form 10-Q/A filed August 14, 2013).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.23</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sale and Servicing Agreement dated as of March 1, 2013 re Notes issued by CPS Auto Receivables Trust 2013-A. (Incorporated by reference to Exhibit 4.44 to Form 10-Q/A filed August 14, 2013).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.24</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indenture dated June 1, 2013 re Notes issued by CPS Auto Receivables Trust 2013-B. (Incorporated by reference to Exhibit 4.45 to Form 10-Q/A filed August 14, 2013).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.25</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sale and Servicing Agreement dated as of June 1, 2013 re Notes issued by CPS Auto Receivables Trust 2013-B. (Incorporated by reference to Exhibit 4.46 to Form 10-Q/A filed August 14, 2013).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.26</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indenture dated September 1, 2013 re Notes issued by CPS Auto Receivables Trust 2013-C. (Incorporated by reference to Exhibit 4.47 to Form 8-K/A filed October 30, 2013).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.27</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sale and Servicing Agreement dated as of September 1, 2013 re Notes issued by CPS Auto Receivables Trust 2013-C. (Incorporated by reference to Exhibit 4.48 to Form 8-K/A filed October 30, 2013).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.28</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indenture dated December 1, 2013 re Notes issued by CPS Auto Receivables Trust 2013-D. (Incorporated by reference to Exhibit 4.49 to Form 8-K/A filed January 22, 2014).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.29</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sale and Servicing Agreement dated as of December 1, 2013 re Notes issued by CPS Auto Receivables Trust 2013-D. (Incorporated by reference to Exhibit 4.50 to Form 8-K/A filed January 22, 2014).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> 4.53 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Indenture re Notes issued by CPS
    Auto Receivables Trust 2014-A (incorporated by reference to exhibit 4.53 to Form 8-K filed by the registrant on March 19,
    2014) </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> 4.54 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Sale and Servicing Agreement dated
    as of March 1, 2014, related to notes issued by CPS Auto Receivables Trust 2014-A (incorporated by reference to exhibit 4.54
    to Form 8-K filed by the registrant on March 19, 2014) </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> 4.55 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Indenture re Notes issued by CPS
    Auto Receivables Trust 2014-B (incorporated by reference to exhibit 4.55 to Form 8-K filed by the registrant on June 24, 2014)
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> 4.56 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Sale and Servicing Agreement dated
    as of June 1, 2014, related to notes issued by CPS Auto Receivables Trust 2014-B (incorporated by reference to exhibit 4.56
    to Form 8-K filed by the registrant on June 24, 2014) </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> 4.57 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Indenture re Notes issued by CPS
    Auto Receivables Trust 2014-C (incorporated by reference to exhibit 4.47 to Form 8-K/A filed by the registrant on October
    28, 2014) </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> 4.58 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Sale and Servicing Agreement dated
    as of September 1, 2014, related to notes issued by CPS Auto Receivables Trust 2014-C (incorporated by reference to exhibit
    4.58 to Form 8-K/A filed by the registrant on October 28, 2014) </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> 4.59 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Indenture re Notes issued by CPS
    Auto Receivables Trust 2014-D (incorporated by reference to exhibit 4.59 to Form 8-K/A filed by the registrant on February
    23, 2015) </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> 4.60 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Sale and Servicing Agreement dated
    as of December 1, 2014, related to notes issued by CPS Auto Receivables Trust 2014-D (incorporated by reference to exhibit
    4.60 to Form 8-K/A filed by the registrant on February 23, 2015) </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> 4.61 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Indenture re Notes issued by CPS
    Auto Receivables Trust 2015-A (incorporated by reference to exhibit 4.59 to Form 8-K filed by the registrant on March 25,
    2015) </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> 5.1 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Opinion of Mark Creatura, Esq. with
    regard to legality of offered notes (previously filed as an exhibit to this registration statement) </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> 8.1 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Opinion of Mark Creatura, Esq. with
    regard to tax matters. (previously filed as an exhibit to this registration statement) </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> 23.1 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent of Crowe Horwath LLP (filed
    herewith).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> 24 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Power of Attorney (included in signature
    page of original filing of this registration statement). </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> 25.1 </FONT></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Statement of Eligibility of Trustee.
    (previously filed as an exhibit to this registration statement) </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">ITEM 17. UNDERTAKINGS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">Insofar
as indemnification for liabilities arising under the Securities Act of 1933 (the &ldquo;Securities Act&rdquo;) may be permitted
to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act, and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt; background-color: white">The
undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(1)&nbsp;To file, during any period
in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">(i)&nbsp;to include any prospectus
required by section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">(ii)&nbsp;to reflect in the prospectus
any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, an increase or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation
of Registration Fee&rdquo; table in the effective registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">(iii)&nbsp;to include any material
information with respect to the plan of distribution not previously disclosed in the registration statement or any material change
to such information in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2)&nbsp;That, for the purpose of determining
any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3)&nbsp;To remove from registration by
means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4)&nbsp;[intentionally omitted]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) For the purpose of determining any
liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement
relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on
Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness.
Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part
of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify
any statement that was made in the registration statement or prospectus that was part of the registration statement or made in
any such document immediately prior to such date of first use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(6) That, for the purpose of determining
liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities: The
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or
sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser
and will be considered to offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">i.&nbsp;&nbsp;Any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">ii.&nbsp;&nbsp;Any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to
by the undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">iii.&nbsp;&nbsp;The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">iv.&nbsp;&nbsp;Any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Pursuant to the
requirements of the Securities Act of 1933, the registrant has duly caused this amendment to registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of Las Vegas, State of Nevada, on April 10, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <td colspan="2">Consumer Portfolio Services, Inc.</td>
    <TD>&nbsp;</TD></tr>
<tr>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <TD>&nbsp;</TD></tr>
<tr>
    <TD STYLE="vertical-align: top; width: 50%">Date:&nbsp;&nbsp;April 10, 2015</td>
    <TD STYLE="width: 3%">By:&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 35%">/s/ Jeffrey P. Fritz </td>
    <TD STYLE="width: 12%">&nbsp;</TD></tr>
<tr>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid">Jeffrey P. Fritz <br>
Senior Vice President and Chief Financial Officer</td>
    <TD>&nbsp;</TD></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Pursuant to the
requirements of the Securities Act of 1933, this amendment to registration statement has been signed by the following persons in
the capacities and on the dates indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 25%"><b>Signature</b></td>
    <td style="width: 11%">&nbsp;</td>
    <td style="width: 41%; text-align: center"><b>Title</b></td>
    <td style="width: 1%">&nbsp;</td>
    <td nowrap style="width: 22%; text-align: center"><b>Date</b></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td nowrap style="text-align: center">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid">*</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">Chairman of the Board of Directors, President, and Chief Executive Officer </td>
    <td style="vertical-align: top">&nbsp;</td>
    <td nowrap style="vertical-align: top; text-align: center">April 10, 2015</td></tr>
<tr style="vertical-align: top">
    <td>Charles E. Bradley, Jr.</td>
    <td>&nbsp;</td>
    <td>(Principal Executive Officer)</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid">/s/ Jeffrey P. Fritz</td>
    <td>&nbsp;</td>
    <td>Chief Financial Officer</td>
    <td>&nbsp;</td>
    <td style="text-align: center">April 10, 2015</td></tr>
<tr style="vertical-align: top">
    <td>Jeffrey P. Fritz</td>
    <td>&nbsp;</td>
    <td>(Principal Financial and Accounting Officer)</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid">*</td>
    <td>&nbsp;</td>
    <td>&nbsp;Director&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: center">&nbsp;April 10, 2015</td></tr>
<tr style="vertical-align: top">
    <td>Chris A. Adams</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid">*</td>
    <td style="text-align: center">&nbsp;</td>
    <td>Director</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">April 10, 2015</td></tr>
<tr style="vertical-align: top">
    <td>Brian J. Rayhill</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid">*</td>
    <td style="text-align: center">&nbsp;</td>
    <td>Director</td>
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">April 10, 2015</td></tr>
<tr style="vertical-align: top">
    <td>William B. Roberts</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid">*</td>
    <td>&nbsp;</td>
    <td>Director</td>
    <td>&nbsp;</td>
    <td style="text-align: center">April 10, 2015</td></tr>
<tr style="vertical-align: top">
    <td>Gregory S. Washer</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid">*</td>
    <td>&nbsp;</td>
    <td>Director</td>
    <td>&nbsp;</td>
    <td style="text-align: center">April 10, 2015</td></tr>
<tr style="vertical-align: top">
    <td>Daniel C. Wood</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in"><u>*By: /s/ Jeffrey P. Fritz </u></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">Attorney-in-Fact</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.1in; background-color: white">&nbsp;</P>



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<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>cps_s1a2-ex2301.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">EXHIBIT 23.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in this Registration
Statement on Amendment No. 2 to Form S-1 on Form S-3 of Consumer Portfolio Services, Inc. of our report dated February 25, 2015
related to the consolidated financial statements and effectiveness of internal control over financial reporting appearing in the
Annual Report on Form 10-K of Consumer Portfolio Services, Inc. for the year ended December 31, 2014, and to the reference to us
under the heading &ldquo;Experts&rdquo; in the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: center; text-indent: 0.5in">/s/ CROWE HORWATH
LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Costa Mesa, California</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 10, 2015</P>



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