IRVINE, Calif. — Consumer Portfolio Services announced it has acquired a new credit facility from Fortress Credit Corp. in the amount of $50 million.

The facility will be secured by auto receivables that the company now has or will have after purchasing notes from dealers. 

"We are very pleased with this new facility as it will allow us to begin growing our new contract originations again," said Charles Bradley, chief executive officer of CPS.

"During the credit crisis over the last year and with the lack of other credit facilities, we have focused on preserving liquidity," he explained.

"As a result, so far this year we have purchased only nominal amounts of new contracts. With this financing, we will be able to take advantage of what we believe is a tremendous market opportunity, as many former competitors have exited the industry," Bradley highlighted.