UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM ABS-15G

 

 

ASSET-BACKED SECURITIZER

REPORT PURSUANT TO SECTION 15G OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

 

¨  Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period ________________ to ________________

 

Date of Report (Date of earliest event reported) __________________________

 

Commission File Number of securitizer: _______________________________

 

Central Index Key Number of securitizer: ___________________________________ 

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1)  ☐

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i)  ☐

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii)  ☐

 

☒  Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

 

Central Index Key Number of depositor: 0001518859

 

CPS Auto Receivables Trust 2026-A

(Exact name of issuing entity as specified in its charter)

 

Central Index Key Number of issuing entity (if applicable): Not applicable

 

Central Index Key Number of underwriter (if applicable): Not applicable

 

Danny Bharwani, 949-753-6811

Name and telephone number, including area code, of the person

to contact in connection with this filing

 

 

 

   

 

 

 

PART II: FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS

 

Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer

 

Attached as Exhibit 99.1 to this Form ABS-15G is an Independent Accountants’ Report on Applying Agreed-Upon Procedures, with respect to certain agreed-upon procedures performed by KPMG LLP, a third-party due diligence provider.

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  CPS RECEIVABLES FIVE LLC
  (Depositor)
   
   
  By: /s/  Denesh Bharwani                                   
  Name: Denesh Bharwani
  Title: Vice President

 

Date: January 12, 2026

 

 

 

 

 

 

 

 

 

 

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Exhibit 99.1

 

 

KPMG LLP

Suite 600

20 Pacifica

Irvine, CA 92618-3391

 

 

 

 

Independent Accountants’ Agreed-Upon Procedures Report

 

Consumer Portfolio Services, Inc. (the “Company”)

Citigroup Global Markets Inc.

Capital One Securities, Inc.

(together, the “Specified Parties”)

 

Re: CPS Auto Receivables Trust 2026-A – Data File Procedures

 

We have performed the procedures described below on the specified attributes in an electronic data file entitled “bb.Pool_2026-A_113025_Indicative_V2.xlsx” provided by the Company on December 8, 2025, containing information on 10,258 automobile retail installment sale contracts (“Receivables”) as of November 30, 2025 (the “Data File”), which we were informed are intended to be included as collateral in the offering by CPS Auto Receivables Trust 2026-A. The Company is responsible for the specified attributes identified by the Company in the Data File.

 

The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.

 

The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.

 

Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:

 

·The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the reporting threshold.
  
·The term “reporting threshold” means that dollar amounts and percentages were within $1.00 and 0.1%, respectively.
  
·The term “Instructions” means the instructions provided by the Company pertaining to a procedure, attribute, or methodology, as described in the procedures table below.
  
·The term "Vehicle Model Mapping" means a list mapping specific vehicle model descriptions to general vehicle model descriptions contained in email correspondence with the Company on December 17, 2025.
  
·The term “Title Document” means one of the title documents listed in email correspondence with the Company on December 17, 2025, which the Company informed are the acceptable forms of Title Document.

 

 

 

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·The term “Acceptable Company Names” means the names listed in email correspondence with the Company on December 17, 2025, which the Company informed us are acceptable names for the Company that can appear in the Title Documents as the Lien Holder, Owner, Security Interest Holder, or Secured Party.
  
·The term “Insurance Document” means one of the insurance documents listed in email correspondence with the Company on December 17, 2025, which the Company informed us includes the acceptable forms of Insurance Document.
  
·The term “Receivable File” means the following documents for each Sample Receivable (defined below): Installment Sale Contract (not applicable for direct loans), including any addendum thereto, Retail Installment Sale Contract Simple Interest Finance Charge letter, Federal Truth in Lending Disclosure Statement (within the Installment Sale Contract or, for a direct loan, a stand-alone document), Title Document, Insurance Document, Credit Application (not applicable for direct loans), and/or the following screens in the Company’s servicing system: Analysis 1 screen, Loan Application Update screen, and/or Credit Report Inquiry screen. We accessed the Receivable File documents in the Company’s servicing system via virtual desktop. We make no representation regarding the validity, enforceability, or authenticity of the information in the Receivable File.
  
·The term “Provided Information” means the Instructions, Vehicle Model Mapping, Acceptable Company Names, and Receivable File.

 

The procedures we were instructed by the Company to perform and the associated findings are as follows:

 

A.We randomly selected a sample of 150 Receivables from the Data File (the “Sample Receivables”). A listing of the Sample Receivables is attached hereto as Exhibit A. For purposes of this procedure, the Company did not inform us of the basis they used to determine the number of Receivables we were instructed to randomly select from the Data File.
  
B.For each Sample Receivable, we compared the specified attributes in the Data File listed below to or using the corresponding information included in the Receivable File, utilizing the Instructions, as applicable. The Specified Parties indicated that the absence of any of the information in the Receivable File or the inability to agree the indicated information from the Data File to the Receivable File for each of the attributes identified, utilizing the Instructions as applicable, constituted an exception. The Receivable File documents are listed in the order of priority.

 

Attribute Receivable File / Instructions
   
Obligor’s First Name and Last Name Installment Sale Contract, Federal Truth in Lending Disclosure Statement, Credit Application, Title Document
   
Contract Date Installment Sale Contract, Federal Truth in Lending Disclosure Statement
   
Original Term Installment Sale Contract, Federal Truth in Lending Disclosure Statement
   
Original Amount Financed Installment Sale Contract, Federal Truth in Lending Disclosure Statement
   
Scheduled Monthly Payment Amount Installment Sale Contract, Federal Truth in Lending Disclosure Statement, Retail Installment Sale Contract Simple Interest Finance Charge letter
   
Annual Percentage Rate (“APR”) Installment Sale Contract, Federal Truth in Lending Disclosure Statement, Retail Installment Sale Contract Simple Interest Finance Charge letter
   
Vehicle Type (New or Used)

Installment Sale Contract, Federal Truth in Lending Disclosure Statement. Consider an entry of “C” in the Data File to be a Used vehicle.

Consider a Vehicle Type of “DEMO” in the Installment Sale Contract to be a New vehicle.

 

 

 

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Attribute Receivable File / Instructions
   
Vehicle Make Installment Sale Contract, Federal Truth in Lending Disclosure Statement, Vehicle Model Mapping
   
Vehicle Model Installment Sale Contract, Federal Truth in Lending Disclosure Statement, Vehicle Model Mapping, Insurance Document
   

 

We found such information to be in agreement without exception.

 

C.For each Sample Receivable, we observed the presence of the following in the Receivable File:

 

1.Title Document. We were instructed by the Company to observe that one of the Acceptable Company Names appeared on the Title Document as the Lien Holder, Owner, Security Interest Holder, or Secured Party.
   
2.Proof of Insurance. The Company instructed us to consider an Insurance Document to be acceptable proof of insurance. The Company further instructed us that no insurance document was required for Sample Receivables with the characteristics listed below because its underwriting policy does not require proof of insurance for these receivable types:

 

(i)Stip Tier 1 (Type “ST01” on the Analysis 1 screen in the Company’s servicing system)
   
(ii)Stip Tier 2 (Type “ST02” on the Analysis 1 screen in the Company’s servicing system) or Stip Tier 3 (Type “ST03” on the Analysis 1 screen in the Company’s servicing system) for which:

 

a.the Loan Application Update screen in the Company's servicing system indicates that the signed contract was received prior to April 1, 2024, or
   
b.the Credit Report Inquiry screen in the Company’s servicing system indicates the customer had an open automobile or mortgage loan and the Program in the Data File was “Pref.”

 

As such, the absence of an insurance document for Sample Receivables with these receivable types should not be considered an exception.

 

3.Signed Credit Application (not applicable to direct loans). We make no representation regarding the authenticity of the obligor’s signature(s).

 

We found such information to be present.

 

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to and did not conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.

 

 

 

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We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

 

The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the Receivables, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.

 

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Receivables to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Receivables being securitized, (iii) the compliance of the originator of the Receivables with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Receivables that would be material to the likelihood that the issuer of the asset-backed security will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations (“NRSROs”).

 

The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.

 

This report is intended solely for the information and use of the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.

 

/s/ KPMG LLP

Irvine, California

January 2, 2026

 

 

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Exhibit A

The Sample Receivables

 

 

 

Sample
Receivable #

 Receivable
Number1		 Sample
Receivable #		 Receivable
Number1		 Sample
Receivable #		 Receivable Number1
1 2026A001 51 2026A051 101 2026A101
2 2026A002 52 2026A052 102 2026A102
3 2026A003 53 2026A053 103 2026A103
4 2026A004 54 2026A054 104 2026A104
5 2026A005 55 2026A055 105 2026A105
6 2026A006 56 2026A056 106 2026A106
7 2026A007 57 2026A057 107 2026A107
8 2026A008 58 2026A058 108 2026A108
9 2026A009 59 2026A059 109 2026A109
10 2026A010 60 2026A060 110 2026A110
11 2026A011 61 2026A061 111 2026A111
12 2026A012 62 2026A062 112 2026A112
13 2026A013 63 2026A063 113 2026A113
14 2026A014 64 2026A064 114 2026A114
15 2026A015 65 2026A065 115 2026A115
16 2026A016 66 2026A066 116 2026A116
17 2026A017 67 2026A067 117 2026A117
18 2026A018 68 2026A068 118 2026A118
19 2026A019 69 2026A069 119 2026A119
20 2026A020 70 2026A070 120 2026A120
21 2026A021 71 2026A071 121 2026A121
22 2026A022 72 2026A072 122 2026A122
23 2026A023 73 2026A073 123 2026A123
24 2026A024 74 2026A074 124 2026A124
25 2026A025 75 2026A075 125 2026A125
26 2026A026 76 2026A076 126 2026A126
27 2026A027 77 2026A077 127 2026A127
28 2026A028 78 2026A078 128 2026A128
29 2026A029 79 2026A079 129 2026A129
30 2026A030 80 2026A080 130 2026A130
31 2026A031 81 2026A081 131 2026A131
32 2026A032 82 2026A082 132 2026A132
33 2026A033 83 2026A083 133 2026A133
34 2026A034 84 2026A084 134 2026A134
35 2026A035 85 2026A085 135 2026A135
36 2026A036 86 2026A086 136 2026A136
37 2026A037 87 2026A087 137 2026A137
38 2026A038 88 2026A088 138 2026A138
39 2026A039 89 2026A089 139 2026A139
40 2026A040 90 2026A090 140 2026A140
41 2026A041 91 2026A091 141 2026A141
42 2026A042 92 2026A092 142 2026A142
43 2026A043 93 2026A093 143 2026A143
44 2026A044 94 2026A094 144 2026A144
45 2026A045 95 2026A095 145 2026A145
46 2026A046 96 2026A096 146 2026A146
47 2026A047 97 2026A097 147 2026A147
48 2026A048 98 2026A098 148 2026A148
49 2026A049 99 2026A099 149 2026A149
50 2026A050 100 2026A100 150 2026A150

 

_______________

1 The Company has assigned a unique eight-digit account number to each Receivable in the Data File. The Receivable Numbers referred to in this Exhibit are not the Company’s account numbers.

 

 

 A-1