Consumer Portfolio Services, Inc. Reports 2009 First Quarter Operating Results

Market Wire, May, 2009

            Consumer Portfolio Services, Inc. and Subsidiaries
              Condensed Consolidated Statements of Operations
                  (In thousands, except per share data)
                               (Unaudited)

                                                     Three months ended
                                                          March 31,
                                                  ------------------------
                                                      2009         2008
                                                  -----------  -----------
Revenues:
Interest income                                   $    61,179  $    99,362
Servicing fees                                          1,029          428
Other income                                            3,842        3,511
                                                  -----------  -----------
                                                       66,050      103,301
                                                  -----------  -----------
Expenses:
Employee costs                                          9,263       13,482
General and administrative                              6,611        7,346
Interest                                               32,131       39,034
Provision for credit losses                            16,089       34,909
Other expenses                                          2,465        4,756
                                                  -----------  -----------
                                                       66,559       99,527
                                                  -----------  -----------
Income before income taxes                               (509)       3,774
Income taxes                                               --        1,660
                                                  -----------  -----------
      Net income                                  $      (509) $     2,114
                                                  ===========  ===========

Earnings per share:
     Basic                                        $     (0.03) $      0.11
     Diluted                                            (0.03)        0.11

Number of shares used in computing earnings
 per share:
     Basic                                             19,005       19,297
     Diluted                                           19,005       19,973



             Condensed Consolidated Balance Sheets
                        (In thousands)
                         (Unaudited)

                                                   March 31,   December 31,
                                                     2009         2008
                                                  -----------  -----------

Cash                                                   20,766       22,084
Restricted cash                                       151,668      153,479
                                                  -----------  -----------
Total Cash                                            172,434      175,563
Finance receivables                                 1,260,032    1,417,343
Allowance for finance credit losses                   (52,641)     (78,036)
                                                  -----------  -----------
Finance receivables, net                            1,207,391    1,339,307
Residual interest in securitizations                    3,966        3,582
Deferred tax assets, net                               52,727       52,727
Other assets                                           57,689       67,628
                                                  -----------  -----------
                                                  $ 1,494,207  $ 1,638,807
                                                  ===========  ===========

Accounts payable and other liabilities                 21,712       21,702
Warehouse lines of credit                               7,519        9,919
Residual interest financing                            65,250       67,300
Securitization trust debt                           1,265,353    1,404,211
Senior secured debt, related party                     20,376       20,105
Subordinated debt                                      24,479       25,721
                                                  -----------  -----------
                                                    1,404,689    1,548,958
                                                  -----------  -----------

Shareholders' equity                                   89,518       89,849
                                                  -----------  -----------
                                                  $ 1,494,207  $ 1,638,807
                                                  ===========  ===========


Operating and Performance Data ($ in thousands)         At and for the
                                                     Three months ended
                                                          March 31,
                                                  ------------------------
                                                      2009         2008
                                                  -----------  -----------

Contract purchases                                $     1,095  $   176,090

Total managed portfolio                           $ 1,488,357  $ 2,092,094

Average managed portfolio                         $ 1,548,464  $ 2,112,686

Net interest margin (1)                           $    29,048  $    60,328

Risk adjusted margin (2)                          $    12,959  $    25,419

Core operating expenses (3)                       $    18,339  $    25,584
   Annualized % of average managed portfolio             4.74%        4.84%

Allowance for finance credit losses as % of fin.
 receivables                                             4.18%        4.68%

Aggregate allowance as % of fin. receivables (4)         6.37%        5.83%

Delinquencies
                                       31  Days          3.59%        2.92%

                          Repossession Inventory         3.14%        1.90%

  Total Delinquencies and Repossession Inventory         6.73%        4.82%

Annualized net charge-offs as % of average owned
                                      portfolio         11.59%        6.66%

(1) Interest income less interest expense.
(2) Net interest margin less provision for credit losses.
(3) Total expenses less interest and provision for credit losses.
(4) Includes allowance for finance credit losses and allowance for
    repossession inventory.