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CPS ANNOUNCES CONTRACT PURCHASE COMMITMENT

 IRVINE, Calif., March 3 /PRNewswire/ -- Consumer Portfolio Services Inc. (NASDAQ: CPSS) ("CPS") announced today that it has entered into an agreement, in principle, with a major diversified west coast insurance company calling for that company to acquire up to $25,000,000 in automobile installment contracts originated by CPS. The agreement provides for monthly purchases ranging from $1 million to $5 million over a period of 11 months. In addition, the purchaser has the option to increase the commitment to $50,000,000 during the term of the agreement. The investment banking firm of Jefferies & Co. Inc. acted as advisor on the transaction.
 In a related agreement, the purchaser has agreed to provide CPS with $1,000,000 of convertible subordinated debt. This agreement and the purchase agreement are subject to legal due diligence and completion of definitive documentation.
 CPS President Charles E. Bradley Jr., stated that " ... we are pleased to announce this agreement and are confident that it will provide substantial benefits for both of our organizations."
 CPS purchases, sells and services retail automobile installment sales contracts originated by a network of non-affiliated dealers who sell both new and used cars. The company's common stock is traded on the NASDAQ Small Cap system under the symbol CPSS.
 -0- 3/3/93
 /CONTACT: Jeffrey P. Fritz of Consumer Portfolio Services, 714-753-6800/
 (CPSS)


CO: Consumer Portfolio Services Inc. ST: California IN: AUT INS SU: CON

JL-LS -- LA012 -- 2314 03/03/93 09:07 EST
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Publication:PR Newswire
Date:Mar 3, 1993
Words:243
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