14. Subsequent Events	12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	14) Subsequent Events On January 15, 2020 we executed our first securitization of 2020. In the transaction, qualified institutional buyers purchased $260.0 million of asset-backed notes secured by $260.0 million in automobile receivables originated by CPS. The sold notes, issued by CPS Auto Receivables Trust 2020-A, consist of six classes. Ratings of the notes were provided by Moody’s and DBRS, and were based on the structure of the transaction, the historical performance of similar receivables and CPS’s experience as a servicer. The weighted average yield on the notes is approximately 3.08%. The 2020-A transaction has initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance. The transaction agreements require accelerated payment of principal on the notes to reach overcollateralization of the lesser of 4.00% of the original receivable pool balance, or 11.00% of the then outstanding pool balance. The transaction utilized a pre-funding structure, in which CPS sold approximately $170.9 million of receivables at inception and approximately $89.1 million of additional receivables in February 2020. The transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law.

14. Subsequent Events

12 Months Ended

Dec. 31, 2019

14) Subsequent Events

On January 15, 2020 we executed our first securitization of 2020. In the transaction, qualified institutional buyers purchased $260.0 million of asset-backed notes secured by $260.0 million in automobile receivables originated by CPS. The sold notes, issued by CPS Auto Receivables Trust 2020-A, consist of six classes. Ratings of the notes were provided by Moody’s and DBRS, and were based on the structure of the transaction, the historical performance of similar receivables and CPS’s experience as a servicer. The weighted average yield on the notes is approximately 3.08%.

The 2020-A transaction has initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance. The transaction agreements require accelerated payment of principal on the notes to reach overcollateralization of the lesser of 4.00% of the original receivable pool balance, or 11.00% of the then outstanding pool balance. The transaction utilized a pre-funding structure, in which CPS sold approximately $170.9 million of receivables at inception and approximately $89.1 million of additional receivables in February 2020. The transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law.