CPS Closes $767.85M Securitization, Its Fourth of 2026
CPSS sits 21% above its 52-week low of $7.39.
Summary
CPS closed a $767.85 million asset-backed securitization of $797.36 million in auto receivables, its fourth term deal of 2026 and larger than July's $716.88 million transaction.
Key Events · Financing and Capital Events · CPSS
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Fourth 2026 Securitization Closes
CPS Auto Receivables Trust 2026-D issued $767.85 million of notes backed by $797.36 million of subprime auto receivables, the company's 111th securitization overall.
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Note Classes Priced 5.14% to 8.56%
Five classes: $356.34M Class A at 5.14%, $111.47M Class B at 5.59%, $118.09M Class C at 6.01%, $71.12M Class D at 6.55%, and $110.83M Class E at 8.56%; weighted average coupon about 6.68%.
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Credit Enhancement Terms
Initial enhancement is a 1.00% cash reserve plus 3.70% overcollateralization, stepping up to the lesser of 8.00% of the original pool or 19.40% of the outstanding balance.
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Non-Recourse to CPS
The notes are obligations of the Trust only, not CPS or its subsidiary, though they are treated as long-term debt for accounting and tax purposes.
Analysis · CPSS · Finance
CPS priced $767.85 million of asset-backed notes against $797.36 million of subprime auto receivables — its fourth term securitization this year and larger than the $716.88 million July deal. This is the company's core funding engine: it converts loan originations into long-term, non-recourse debt, keeping the balance sheet funded and supporting continued contract purchases. The weighted average coupon of roughly 6.68% and the 3.70% initial overcollateralization plus 1.00% cash reserve determine how much capital the deal releases and how much credit risk CPS retains. The notes are obligations of the Trust only, not of CPS, though they are treated as long-term debt for accounting.
How filings like this one have moved
In the 30 days to Oct 21, 2026, 28.9% of the 1511 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.54%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CPSS was trading at $8.97 on NASDAQ in the Finance sector, with a market capitalization of approximately $196.5M. The 52-week trading range was $7.39 to $10.49. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.