<SEC-DOCUMENT>0001019687-15-002979.txt : 20150924
<SEC-HEADER>0001019687-15-002979.hdr.sgml : 20150924
<ACCEPTANCE-DATETIME>20150806203734
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ACCESSION NUMBER:		0001019687-15-002979
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150806

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:		CORRESP

	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
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 6, 2015</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">Via EDGAR</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">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Jonathan E. Gottlieb</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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    <TD STYLE="width: 8%"><font style="font-family: Times New Roman, Times, Serif">Re:&nbsp;&nbsp;&nbsp;</font></td>
    <TD STYLE="width: 92%"><font style="font-family: Times New Roman, Times, Serif">Consumer Portfolio Services, Inc.</font></td></tr>
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    <TD STYLE="font-weight: bold">&nbsp;</td>
    <TD STYLE="font-weight: bold"><font style="font: normal 10pt Times New Roman, Times, Serif">Amendment No. 2 to Registration Statement on Form S-3 </font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</td>
    <TD STYLE="font-weight: bold"><font style="font: normal 10pt Times New Roman, Times, Serif">Filed July 27, 2015</font></td></tr>
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    <TD STYLE="font-weight: bold">&nbsp;</td>
    <TD STYLE="font-weight: bold"><font style="font: normal 10pt Times New Roman, Times, Serif">File No. 333-204492</font></td></tr>
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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">Ladies and gentlemen</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">We have filed an amendment number two (the &ldquo;<B>Amendment</B>&rdquo;)
to the registration statement identified above (the &ldquo;<B>Registration Statement</B>&rdquo;).&nbsp;&nbsp; The Amendment updates
the Registration Statement to include reports filed under the 1934 Act after our June 26, 2015 filing of amendment number one to
the Registration Statement.</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">We believe the Amendment is responsive each of the comments
furnished to us by the Division of Corporation Finance by letter dated July 7, 2015 (the &ldquo;<B>Comment Letter</B>&rdquo;).</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">We review below our responses to those comments, in each case
after reproducing the comments for ease of reference.</P>

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

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<TD STYLE="width: 2%"></TD><TD STYLE="width: 2%">1.</TD><TD STYLE="padding-right: 5.85pt; width: 96%">We note that in the penultimate paragraph of the opinion, counsel states that the opinion is
limited to the laws of the State of California and that he is expressing &ldquo;no opinion as to the effect of the laws of any
other jurisdiction.&rdquo; Since the legal opinion, other than with respect to equity securities, is given under the &ldquo;applicable
state law governing&rdquo; the warrants, the rights, the stock purchase contracts, the depositary shares and the units, respectively,
please have counsel either qualify the state law governing these instruments, or otherwise remove the limitation regarding California
law.</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">The Amendment includes as an exhibit a revised opinion of counsel,
Exhibit 5.2, with respect to the securities other than debt securities. (Validity of the debt securities is addressed in the opinion
of counsel previously filed as Exhibit 5.1.)</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">The revised exhibit 5.2 opinion now explicitly assumes that
the warrants, rights, stock purchase contracts, depositary shares and units are governed by the internal laws of the state of California.
That assumption appears as the paragraph numbered (10) in the opinion. We believe that assumption to be reasonable because the
registrant is organized under California law.</P>

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

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<TD STYLE="width: 2%"></TD><TD STYLE="width: 2%">2.</TD><TD STYLE="padding-right: 5.85pt; width: 96%">We note that the consent of your auditor filed pursuant to the requirements of Item 601(b)(23)
of Regulation S-K is dated May 27, 2015. Since at the time of the effectiveness of the registration statement, the auditor&rsquo;s
consent will be older than 30 days, please file an updated consent. In this regard, please also refer to Section 4810.03(c) of
the Division of Corporation Finance Financial Reporting Manual.</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">The Amendment includes an updated consent of our auditor, dated
July 27, 2015.</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-align: center">* * * *</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">With those changes made, we believe each issue raised in the
Comment Letter is properly addressed in the amended Registration Statement. We confirm that we understand that the registrant and
its management are responsible for the accuracy and adequacy of the disclosures included in the Registration Statement.</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">We plan to request acceleration of the effectiveness of the
Registration Statement as soon as such a request can reasonably be accommodated. In that regard, we acknowledge that</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>should the Commission or the staff, acting pursuant to delegated authority, declare the Registration Statement effective, it
does not foreclose the Commission from taking any action with respect to the Registration Statement;</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: 0.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>the action of the Commission or the staff, acting pursuant to delegated authority, in declaring the Registration Statement
effective, does not relieve the registrant from its full responsibility for the adequacy and accuracy of the disclosure in the
Registration Statement; and</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>the registrant may not assert staff comments and the declaration of effectiveness as a defense in any proceeding initiated
by the Commission or any person under the federal securities laws of the United States</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">&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">Very truly yours,</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"><U>/s/ Mark Creatura</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consumer Portfolio Services, Inc.&#9;</P>

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



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