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Subsequent Events
9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events

(11) Subsequent Events

 

On October 17, 2025, we closed a new two-year $167.5 million revolving credit agreement with Capital One, N.A. The credit facility includes a subordinate lender, in which it will provide effective advances up to 10% of eligible finance receivables, effectively increasing the advance rate up to 95.5% across the facility. The revolving period for this facility will extend to October 2027 followed by an amortization period through April 2028 for any receivables pledged at the end of the revolving period.

 

On October 23, 2025, we executed our fourth securitization of 2025. In the transaction, qualified institutional buyers purchased $384.6 million of asset-backed notes secured by $392.5 million in automobile receivables originated by CPS. The sold notes, issued by CPS Auto Receivables Trust 2025-D, consist of five classes. Ratings of the notes were provided by Standard & Poor’s and DBRS Morningstar, 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 5.72%.