Consumer Portfolio Services (CPS) buys, sells, and services auto loans made to consumers who probably don't have portfolios. The company finances vehicles for subprime borrowers who can't get traditional financing due to poor or limited credit. CPS purchases contracts from both new car and independent used car dealers in 45 states; the company then securitizes (bundles and sells) them on the secondary market. The bulk of the contracts CPS acquires finance used vehicles. The company has servicing operations in California, Florida, Illinois, and Virginia.