UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )
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/ / Preliminary Proxy Statement
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14a-6(e)(2))
/ / Definitive Proxy Statement
/X/ Definitive Additional Materials
/ / Soliciting Material Pursuant to Section 240.14a-11(c) or
Section240.14a-12
CONSUMER PORTFOLIO SERVICES, INC.
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(Name of Registrant as Specified In Its Charter)
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CONSUMER PORTFOLIO SERVICES, INC.
Irvine, California 92618
April 7, 2004
Dear Shareholder:
We will hold our Annual Meeting of Shareholders on April 26, 2004. Below is a
supplement to the March 31, 2004 Proxy Statement that we previously sent you
concerning the Annual Meeting. Please note that this supplement should be read
in conjunction with the Proxy Statement and the Notice of Annual Meeting of
Shareholders that we distributed with the Proxy Statement. If you would like
another copy of the Proxy Statement, you may obtain a copy free of charge by
calling us at 949-450-3079.
You may vote or change your vote as described on page 1 of the Proxy Statement.
If you wish to change your vote and you are a shareholder of record, please call
the Company's transfer agent, American Stock Transfer & Trust Company, at
800-937-5449, to obtain a replacement proxy card. If you wish to change your
vote and your shares are held through a broker or bank, please contact your
broker or bank directly. If you intend to request and submit a new proxy card,
please do so as soon as possible to ensure that your vote is received in time to
be counted at the Annual Meeting.
Sincerely,
CONSUMER PORTFOLIO SERVICES, INC.
Mark Creatura,
Secretary
SUPPLEMENT TO PROXY STATEMENT DATED MARCH 31, 2004
This corporation's proxy statement dated March 31, 2004 described on page 18 a
proposed transaction. That transaction took place on April 2, and a corrected
description is provided below. The below information supersedes and replaces the
paragraph captioned "SeaWest Financial Corp." in the Proxy Statement.
SEAWEST FINANCIAL CORP. The Company on April 2, 2004 purchased from SeaWest
Financial Corp. ("SWF"), a competitor of the Company, certain assets of SWF and
its subsidiaries. The transaction included the purchase of a portfolio of
automobile retail installment sale contracts and the assignment of servicing
rights over a separate portfolio of automobile retail installment contracts to
the Company. The aggregate purchase price for the transaction was approximately
$63.2 million. The automobile retail installment sale contracts were acquired by
SWF from various automobile dealers in the ordinary course of its business on an
arm's length basis under its contract originations programs. Levine Leichtman
Capital Partners, L.P., an affiliate of LLCP, is owed approximately $25 million
by SWF. LLCP owns approximately 22.0% of the outstanding shares of the Company,
and is the Company's secured creditor in the amount of approximately $34.8
million. The prices at which the Company acquired portfolios and servicing
rights from SWF were determined by negotiation.