Total revenues for the first quarter of 2009 were $66.1 million, a decrease of approximately $37.3 million, or 36.1%, compared to $103.3 million for the first quarter of 2008. Total operating expenses for the first quarter of 2009 were $66.6 million, a decrease of $33.0 million, or 33.1%, as compared to $99.5 million for the 2008 period. Net loss for the first quarter of 2009 was $(0.5) million, or $(0.03) per diluted share, compared to net income of $2.1 million, or $0.11 per diluted share, for the year-ago quarter.

During the first quarter of 2009, CPS purchased $1.1 million of contracts from dealers as compared to $7.3 million during the fourth quarter of 2008 and $176.1 million during the first quarter of 2008. The Company's managed receivables totaled $1,488.4 million as of March 31, 2009, a decrease of $603.7 million, or 28.9%, from $2,092.1 million as of March 31, 2008, as follows ($ in millions):

                                                    March 31,    March 31,
                                                      2009         2008
                                                   -----------  -----------
Owned by Consolidated Subsidiaries*                $   1,314.9  $   2,091.9
Owned by Non-Consolidated Subsidiaries                   173.4          0.0
As Third Party Servicer for SeaWest Financial              0.1          0.2
                                                   -----------  -----------
    Total                                          $   1,488.4  $   2,092.1
* Before $107.5 million and $160.0 million of allowance for credit losses,
deferred acquisition fees and repossessed vehicles for 2009 and 2008,
respectively.

Annualized net charge-offs during the March 2009 quarter were 11.59% of the average owned portfolio as compared to 6.66% during the 2008 quarter. Delinquencies greater than 30 days (including repossession inventory) were 6.73% of the total owned portfolio as of March 31, 2009, as compared to 4.82% as of March 31, 2008. The increase in net charge-off and delinquency percentages vs. the year ago period can be partly attributed to the aging of the portfolio and the significant decrease in the size of the managed portfolio as nominal new contract purchases have not replaced portfolio run-off.

"Our financial performance in the first quarter improved significantly versus the third and fourth quarters of 2008," said Charles E. Bradley, Jr., Chief Executive Officer. "We continue to be diligent at containing operating expenses as our total managed portfolio decreases. While we expect the remainder of 2009 to be challenging, we are starting to see signs of improvement in the funding landscape as sentiment among securitization investors has improved dramatically since the fourth quarter of last year."

"With respect to asset performance, we experienced the typical seasonal improvement in delinquencies that we were expecting so this should lead to declining net charge-offs next quarter. We also saw marked improvement in the wholesale auction market during the first quarter as used car sales have increased year-over-year. Recovery levels on our repossessed vehicles increased nicely and we have regained much of the drop that we experienced in the fourth quarter last year. In addition, the early performance trends on our 2008 contract purchases are quite favorable compared to earlier vintages."

Conference Call

CPS announced that it will hold a conference call next Tuesday, May 19, 2009, at 1:30 p.m. ET to discuss its quarterly operating results. Those wishing to participate by telephone may dial-in at 973-582-2717 approximately 10 minutes prior to the scheduled time.

A replay will be available between May 19, 2009 and May 26, 2009, beginning one hour after conclusion of the call, by dialing 800-642-1687 or 706-645-9291 for international participants, with conference identification number 10358893. A broadcast of the conference call will also be available live and for 30 days after the call via the Company's web site at www.consumerportfolio.com and at www.streetevents.com.

About Consumer Portfolio Services, Inc.

Consumer Portfolio Services, Inc. is a specialty finance company engaged in purchasing and servicing new and used retail automobile contracts originated primarily by franchised automobile dealerships and to a lesser extent by select independent dealers of used automobiles in the United States. We serve as an alternative source of financing for dealers, facilitating sales to sub-prime customers, who have limited credit history, low income or past credit problems and who otherwise might not be able to obtain financing from traditional sources.

Forward-looking statements in this news release include the Company's recorded revenue, expense and provision for credit losses, because these items are dependent on the Company's estimates of future losses. The accuracy of such estimates may be adversely affected by various factors, which include (in addition to risks relating to the economy generally) the following: possible increased delinquencies; repossessions and losses on retail installment contracts; incorrect prepayment speed and/or discount rate assumptions; possible unavailability of qualified personnel, which could adversely affect the Company's ability to service its portfolio; possible increases in the rate of consumer bankruptcy filings or the effects of recent changes in bankruptcy law, which could adversely affect the Company's rights to collect payments from its portfolio; other changes in government regulations affecting consumer credit; possible declines in the market price for used vehicles, which could adversely affect the Company's realization upon repossessed vehicles; and economic conditions in geographic areas in which the Company's business is concentrated. All of such factors also may affect the Company's future financial results, as to which there can be no assurance.

Any implication that the results of the most recently completed quarter are indicative of future results is disclaimed, and the reader should draw no such inference. Factors such as those identified above in relation to provision for credit losses may affect future performance.

            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.

Investor Relations Contact:
Robert E. Riedl
949-753-6800

SOURCE: Consumer Portfolio Services, Inc.