================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                              --------------------
                                    FORM 11-K

(Mark One)

[x]      Annual Report pursuant to Section 15(d) of the Securities Exchange of
         1934


                   For the fiscal year ended December 31, 2002


                                       OR


[ ]      Transition Report pursuant to Section 15(d) of the Securities
         Exchange Act of 1934 [No Fee Required]


                 For the transition period from ______ to_______


                         Commission File Number 1-11416


         A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:


                  Consumer Portfolio Services, Inc. 401(k) Plan


         B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:


                        Consumer Portfolio Services, Inc.
                            16355 Laguna Canyon Road
                                Irvine, CA 92618

================================================================================



                              REQUIRED INFORMATION


I.       Financial Statements.

         Financial statements and schedule prepared in accordance with the
financial reporting requirements of the Employee Retirement Income Security Act
of 1974, together with independent auditors' report thereon, are filed herewith.


II.      Exhibits:

         A Consent of Independent Auditors is filed herewith as Exhibit 23.1.



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the Plan) have duly caused this annual
report to be signed on its behalf by the undersigned, hereunto duly authorized.


                         Consumer Portfolio Services, Inc. 401(k)Plan

Date:  June 30, 2003     By: /s/ DORIS F. WARREN
                         Doris F. Warren
                         Member, Administrative Committee




                  CONSUMER PORTFOLIO SERVICES, INC. 401(k) PLAN

                 Financial Statements and Supplemental Schedule

                           December 31, 2002 and 2001

                   (With Independent Auditors' Report Thereon)




                  CONSUMER PORTFOLIO SERVICES, INC. 401(k) PLAN


             INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE


                                                                            PAGE

Independent Auditors' Report                                                   1

Statements of Net Assets Available for Benefits - December 31, 2002 and 2001   2

Statements of Changes in Net Assets Available for Benefits - Years ended
     December 31, 2002 and 2001                                                3

Notes to Financial Statements                                                  4

SCHEDULE

Schedule H, line 4i - Schedule of Assets (Held at End of Year) - December
     31, 2002                                                                 11


All schedules omitted are not applicable or are not required based on disclosure
requirements of the Employee Retirement Income Security Act of 1974 and
regulations issued by the Department of Labor.





                          INDEPENDENT AUDITORS' REPORT


The Administrator
Consumer Portfolio Services, Inc. 401(k) Plan:


We have audited the accompanying statements of net assets available for benefits
of the Consumer Portfolio Services, Inc. 401(k) Plan (the Plan) as of December
31, 2002 and 2001 and the related statements of changes in net assets available
for benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 2002 and 2001 and the changes in net assets available for benefits
for the years then ended in conformity with accounting principles generally
accepted in the United States of America.

Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule, schedule H,
line 4i - schedule of assets (held at end of year) is presented for the purpose
of additional analysis and is not a required part of the basic financial
statements but is supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. This supplemental schedule is the
responsibility of the Plan's management. The supplemental schedule has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.


         /s/ KPMG LLP



         Los Angeles, California
         June 24, 2003

                                       1



                  CONSUMER PORTFOLIO SERVICES, INC. 401(k) PLAN

                 Statements of Net Assets Available for Benefits

                           December 31, 2002 and 2001

                                                           2002          2001
                                                        -----------  -----------
Investments, at fair value:
     Money market fund                                  $   32,681   $   32,316
     Guaranteed interest account                           344,753      325,238
     Mutual funds                                        1,903,487    2,149,606
     Prudential Financial, Inc.  common stock               14,473           --
     Consumer Portfolio Services, Inc. common stock        804,440      557,726
     Participant loans                                     171,337      135,166
                                                        -----------  -----------
                 Total investments                       3,271,171    3,200,052
Receivables:
     Proceeds from demutualization                              --       15,135
     Employee Contributions                                 18,893           --
                                                        -----------  -----------

                 Net assets available for benefits      $3,290,064   $3,215,187
                                                        ===========  ===========

See accompanying notes to financial statements.


                                       2


                  CONSUMER PORTFOLIO SERVICES, INC. 401(k) PLAN

           Statements of Changes in Net Assets Available for Benefits

                     Years ended December 31, 2002 and 2001

                                                         2002           2001
                                                     ------------   ------------
Additions (reduction) to net assets attributed to:
     Interest                                        $    26,670    $    28,659
     Dividends                                            28,202         29,232
     Proceeds from demutualization (note 5)                   --         15,135
     Net depreciation in fair value of investments      (234,628)      (450,367)
                                                     ------------   ------------
                                                        (179,756)      (377,341)
     Less investment expenses                             (6,790)        (6,707)
                                                     ------------   ------------
                                                        (186,546)      (384,048)
     Contributions:
        Employees                                        711,577        812,807
        Employees' individual rollover                    10,252          4,028
                                                     ------------   ------------
                 Total additions                         535,283        432,787

Deductions from net assets attributed to:
     Benefits paid to participants                       460,406        483,382
                                                     ------------   ------------
                 Net increase (decrease)                  74,877        (50,595)

Net assets available for benefits:
     Beginning of year                                 3,215,187      3,265,782
                                                     ------------   ------------
     End of year                                     $ 3,290,064    $ 3,215,187
                                                     ============   ============

See accompanying notes to financial statements.

                                       3


                  CONSUMER PORTFOLIO SERVICES, INC. 401(k) PLAN

                          Notes to Financial Statements

                           December 31, 2002 and 2001


(1)    DESCRIPTION OF THE PLAN

       (a)    GENERAL

              The Consumer Portfolio Services, Inc. (the Plan Sponsor or CPS)
              401(k) Plan (the Plan) was established as a profit sharing plan
              with a cash or deferred arrangement on January 1, 1994. The Plan
              was restated as of January 1, 1996 to permit investment in the
              Plan Sponsor's common stock without regard to Section 407(a) of
              ERISA. The following description provides only general
              information. Participants should refer to the Plan agreement for a
              more complete description of the Plan's provisions.

              The Plan is a defined contribution plan which provides retirement
              benefits for eligible employees of the Plan Sponsor. It is subject
              to the provisions of the Employee Retirement Income Security Act
              of 1974 (ERISA).

       (b)    ADMINISTRATION OF THE PLAN

              The Plan is administered by the Human Resources Department (the
              Plan Administrator) of the Plan Sponsor. The Plan Administrator
              consults with the board of directors and other key management of
              the Plan Sponsor when managing the operations and the
              administration of the Plan. The Plan is administered under an
              agreement which requires that Prudential Investments Retirement
              Services (Prudential), custodian and recordkeeper, holds,
              administers, and distributes the funds of the Plan in accordance
              with the text of the Plan and the instructions of the Plan
              Administrator or its designees.

       (c)    CONTRIBUTIONS

              All employees of the Plan Sponsor are eligible to participate in
              the Plan after they have completed 90 days of service. Each year
              participants may contribute up to 15% of their compensation.
              Contributions are subject to certain limitations as defined in the
              Plan. Participants may roll over into the Plan amounts
              representing distributions from other qualified plans.

              The Plan Sponsor may make a discretionary matching contribution
              equal to 100% of the participant's pretax contributions not to
              exceed $600 for the Plan year. Discretionary matching
              contributions shall be made in the form of the Plan Sponsor's
              common stock; however, no discretionary contributions were made in
              2002 and 2001.

       (d)    PARTICIPANT ACCOUNTS

              Each participant's account is credited with the participant's
              contributions, allocations of the Plan Sponsor's matching
              contributions and investment earnings and charged with an
              allocation of expenses and investment losses. Allocations are
              based on participant earnings or account balances, as defined.
              Forfeitures are used to reduce future employer contributions. For
              the years ended December 31, 2002 and 2001 participant forfeitures
              totaled $9,127 and $34,319, respectively. For the years ended
              December 31, 2002 and 2001 the balance of forfeiture accounts
              totaled $111,769 and $98,835, respectively.

                                                                     (Continued)
                                       4


                  CONSUMER PORTFOLIO SERVICES, INC. 401(k) PLAN

                          Notes to Financial Statements

                           December 31, 2002 and 2001


       (e)    VESTING

              Participants are immediately vested in their contributions plus
              actual earnings thereon. Vesting in the Plan Sponsor's matching
              contributions plus actual earnings thereon is based on years of
              continuous service. A participant vests at the rate of 20% after
              two years of credited service and 20% each year thereafter until
              100% is reached after six years of credited service. Participants
              are also fully vested at death, retirement, and upon termination
              for disability.

       (f)    INVESTMENT OPTIONS

              Employer contributions are invested in the Plan Sponsor's common
              stock. Participant contributions may be invested at the
              participant's direction into the following options:

              CPS Stock Fund - The investment allows Plan participants to invest
              in CPS stock.

              Fidelity Advisor Growth Opportunities Fund - The fund normally
              invests at least 65% of assets in equity securities of companies
              that management of the fund believes have long-term growth
              potential. It may also purchase fixed income securities. The fund
              may invest without limit in foreign securities.

              Franklin U.S. Government Securities Fund - The fund invests in
              U.S. government obligations such as U.S. Treasury Securities and
              obligations issued by instrumentalities of the U.S. government,
              especially obligations of the Government National Mortgage
              Association.

              MFS Capital Opportunities Fund - The fund invests primarily in
              common stocks. It may also hold fixed income securities, but it
              may not invest more than 25% of assets in debt rated below BBB.
              The fund may invest up to 50% of assets in foreign securities that
              are not traded on a U.S. exchange, including emerging markets
              issues; it may also invest in American Deposit Receipts.

              MFS Total Return Fund - The fund generally maintains 40% to 75% of
              assets in equity securities. It typically invests that balance in
              debt securities, including up to 20% of assets in debt rated below
              BBB. The fund may invest in foreign securities, including Brady
              Bonds.

              PIMCO Growth Fund - The fund invests primarily in common stocks
              but it may also invest in convertible securities, U.S. government
              debt, preferred stocks, and money market instruments. It may
              invest without limit in foreign securities traded on domestic
              exchanges, and up to 15% of assets in foreign securities traded
              principally outside the U.S.

              PIMCO Innovation Fund - The fund normally invests at least 65% of
              its assets in common stock of companies which utilize new,
              creative, or innovative technologies to gain a strategic
              competitive advantage in their industry, as well as companies that
              provide and service these technologies. The fund may also invest
              in other securities including preferred stock and convertible
              securities of smaller capitalization companies and in foreign
              securities, except that it may invest without limit in ADRs.

              Prudential Guaranteed Interest Account - The goal of the
              Guaranteed Interest Account is to provide stable, competitive
              interest rates based on current market conditions.

                                                                     (Continued)
                                       5


                  CONSUMER PORTFOLIO SERVICES, INC. 401(k) PLAN

                          Notes to Financial Statements

                           December 31, 2002 and 2001


              Prudential High Yield Fund - The fund normally invests at least
              80% of assets in fixed income securities rated below A, but no
              lower than B. The average weighted maturity generally ranges
              between 7 and 12 years. The fund may invest up to 20% of assets in
              U.S. dollar denominated foreign debt securities and up to 10% of
              assets in foreign currency denominated debts securities.

              Prudential Stock Index Fund - The fund seeks to replicate the
              performance of the S&P 500 stock index.

              Prudential Utility Fund - Seeks current income and capital
              appreciation through investment in utility company stocks,
              including electric, gas, telephone, and cable companies.

              Prudential Global Growth Fund - Seeks long-term capital
              appreciation with income as a secondary objective. The fund
              invests primarily in domestic and foreign common stocks. The fund
              typically maintains investments in at least four countries,
              including the United States, but may invest up to 65% of assets in
              any one country.

       (g)    PARTICIPANTS LOANS

              Participants may borrow from their fund accounts. Loan
              transactions are treated as a transfer to (from) the investment
              funds. The loans are secured by the balance in the participant's
              account and bear interest at a rate commensurate with local
              prevailing rates as determined by the Plan Administrator. Loans
              are limited to the lesser of $50,000 reduced by the highest
              outstanding loan balance during the preceding 12 months or 50% of
              the participant's vested account balance. Principal and interest
              are paid ratably through payroll deductions.

              Participant loans are included in the statements of net assets
              available for plan benefits at their outstanding balances, which
              approximate fair value of the notes. The notes are payable through
              payroll deductions in installments of principal plus interest at
              rates of 8.00% - 11.50%, with final payments due between January
              2002 and October 2006, and are secured by the participants' vested
              account balances.

       (h)    PAYMENTS OF BENEFITS

              Upon termination of service, a participant may elect to receive
              either a single lump sum payment in cash equal to the value of the
              vested interest in his or her account, or a series of
              substantially equal annual or more frequent installments over a
              period not to exceed the participant's life expectancy. Benefits
              are recorded when paid.

       (i)    PLAN TERMINATION

              Although they have not expressed any intent to do so, the Plan
              Sponsor has the right under the Plan to discontinue contributions
              at any time and to terminate the Plan subject to the provisions of
              ERISA. In the event of Plan termination, participants will become
              100% vested in their accounts.

(2)    SIGNIFICANT ACCOUNTING POLICIES

       (a)    BASIS OF ACCOUNTING

              The financial statements of the Plan have been prepared on the
              accrual basis of accounting.

                                                                     (Continued)
                                       6


                  CONSUMER PORTFOLIO SERVICES, INC. 401(k) PLAN

                          Notes to Financial Statements

                           December 31, 2002 and 2001


       (b)    INVESTMENTS

              Publicly traded securities are carried at fair value based on the
              published market quotations. Shares of mutual funds are valued at
              the net asset value of shares held by the Plan at year-end. The
              guaranteed investment contract is valued at fair value adjusted
              for changes in investment value plus credited interest.
              Participant loans are valued at their outstanding balances, which
              approximates fair value. Purchases and sales of investments are
              recorded on a trade-date basis. Dividends are recorded on the
              ex-dividend date. Interest income is recorded on the accrual
              basis.

       (c)    ADMINISTRATIVE EXPENSES

              All administrative costs of the Plan are paid by the Plan Sponsor.

       (d)    USE OF ESTIMATES

              The Plan Administrator has made a number of estimates and
              assumptions relating to the reporting of assets and liabilities to
              prepare these financial statements in conformity with accounting
              principles generally accepted in the United States of America.
              Accordingly, actual results may differ from those estimates.

       (e)    RISKS AND UNCERTAINTIES

              The Plan provides for various investments options in money market
              funds, mutual funds, guaranteed interest accounts and the common
              stock of Consumer Portfolio Services, Inc. Investment securities
              all exposed to various risks such as interest rate, market and
              credit risks. Due to the level of uncertainty related to changes
              in value of investment securities, it is at least reasonably
              possible that changes in the various risks factors could
              materially affect participants' account balances and the amounts
              reported in the financial statements.

       (f)    CONCENTRATION

              Investments in the common stock of Consumer Portfolio Services,
              Inc. comprise approximately 26% and 17% of the Plan's investments
              as of December 31, 2002 and 2001, respectively.

                                                                     (Continued)
                                       7


                  CONSUMER PORTFOLIO SERVICES, INC. 401(k) PLAN

                          Notes to Financial Statements

                           December 31, 2002 and 2001


(3)    INVESTMENTS

       The fair value of investments that represent 5% or more of the Plan's net
       assets consisted of:

                                                           2002          2001
                                                        -----------  -----------
       Investment:
            CPS Stock Fund*                             $  804,440   $  557,726
            Fidelity Advisor Growth Opportunities Fund     366,686      410,708
            Franklin U.S. Government Securities Fund       192,104      176,609
            MFS Capital Opportunities Fund                 228,019      319,322
            MFS Total Return Fund                          176,282      162,450
            PIMCO Growth Fund                              236,312      287,983
            Prudential Stock Index Fund                    443,825      506,813
            Prudential Guaranteed Interest Account         344,753      325,238
            Other investments individually less than 5%    478,750      453,203
                                                        -----------  -----------
                                                        $3,271,171   $3,200,052
                                                        ===========  ===========

       *Includes both participant and nonparticipant directed investments.

       During 2002 and 2001, the Plan's investments (including gains and losses
       on investments bought and sold, as well as held during the year)
       appreciated (depreciated) in value by investment type, as follows:


                                                      2002               2001
                                                   ----------         ----------
       Investment:
            Mutual funds                           $(514,702)         $(402,042)
            Common Stocks                            280,074            (48,325)
                                                   ----------         ----------
                                                   $(234,628)         $(450,367)
                                                   ==========         ==========

                                                                     (Continued)
                                       8


                  CONSUMER PORTFOLIO SERVICES, INC. 401(k) PLAN

                          Notes to Financial Statements

                           December 31, 2002 and 2001


(4)    NONPARTICIPANT-DIRECTED INVESTMENT

       Information about the net assets and the significant components of the
       changes in net assets relating to the nonparticipant-directed investments
       is as follows:

                                                          2002         2001
                                                       ----------  ----------
       Investment:
            CPS common stock                           $ 804,440   $ 557,726
            Prudential Financial, Inc. common stock       14,473          --
                                                       ----------  ----------
                                                       $ 818,913   $ 557,726
                                                       ==========  ==========

                                                                   YEAR ENDED
                                                                  DECEMBER 31,
                                                                      2002
                                                                   ----------
       Changes in net assets:
            Contributions                                          $ 106,286
            Net appreciation (depreciation)                          280,074
       Benefits paid to participants                                 (39,792)
       Transfers to participant-directed investments                 (85,381)
                                                                   ----------
                                                                   $ 261,187
                                                                   ==========

(5)    DEMUTUALIZATION OF THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

       On December 18, 2001 The Prudential Insurance Company of America
       (Prudential Insurance) converted from a mutual life insurance company
       owned by its policyholders to a stock life insurance company and became
       an indirect, wholly owned subsidiary of Prudential Financial, Inc
       (Prudential Financial). On January 2002, as part of the conversion, the
       Plan received 456 shares of Prudential Financial's common stock. The
       shares received by the Plan represent the compensation to which the Plan
       was entitled under Prudential Insurance's demutualization plan, which was
       approved by the state of New Jersey on October 15, 2001. The fair value
       of the common stock was recorded as a receivable as of December 31, 2001
       and upon receipt of the common stock in 2002 as an investment. The common
       stock is nonparticipant-directed pending its allocation to participant
       accounts.

(6)    TAX STATUS

       The Internal Revenue Service has determined and informed the Plan Sponsor
       by a letter dated February 7, 1996, that the Plan and related trust are
       designed in accordance with applicable sections of the Internal Revenue
       Code (IRC). The Plan has been amended since receiving the determination
       letter. However, the Plan Administrator believes that the Plan is
       designed and is currently being operated in compliance with the
       applicable requirements of the IRC.

                                                                     (Continued)
                                       9


                  CONSUMER PORTFOLIO SERVICES, INC. 401(k) PLAN

                          Notes to Financial Statements

                           December 31, 2002 and 2001


(7)    RELATED PARTY TRANSACTIONS

       Certain Plan investments are shares of mutual funds managed by Prudential
       Investments Fund Management, an affiliate of Prudential Investments
       Retirement Services. Therefore, these transactions qualify as
       party-in-interest transactions. Fees for the investment management
       services are paid out of Plan assets. In addition, the Plan held 384,899
       and 407,099 shares of common stock of Consumer Portfolio Services, Inc.
       at December 31, 2002 and 2001, respectively.

(8)    SUBSEQUENT EVENT

       The Plan changed its custodian and recordkeeper from Prudential to
       MassMutual Retirement Services (Mass Mutual) during 2003. In addition,
       the MFN Financial 401(k) plan (the MFN Plan), a plan sponsored by MFN
       Financial Corporation, a subsidiary of CPS, was merged into the Plan
       during 2003.

                                                                     (Continued)
                                       10


                                                                        SCHEDULE


                  CONSUMER PORTFOLIO SERVICES, INC. 401(k) PLAN
         Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
                                December 31, 2002


                                         DESCRIPTION OF INVESTMENT,
        IDENTITY OF ISSUER,               INCLUDING MATURITY DATE,
       BORROWER, LESSOR, OR             RATE OF INTEREST, COLLATERAL,
           SIMILAR PARTY                   PAR, OR MATURITY VALUE               COST        CURRENT VALUE
    ----------------------------  ----------------------------------------  --------------  -------------
                                                                                   
*   Consumer Portfolio
       Services, Inc.             +  common stock - 384,899 shares          $     792,347   $    804,440
*   Prudential Financial, Inc.    ++ common stock - 456 shares                         --         14,473
*   Prudential Investments           Prudential Guaranteed Interest
                                        Account, 344,753 units                                   344,753
    Franklin Advisors                Franklin U.S. Government Securities
                                        Fund, 27,444 units                                       192,104
    Fidelity Management              Fidelity Advisors Growth
       and Research                     Opportunities Fund, 16,525 units                         366,686
    MFS Investment                   MFS Capital Opportunities Fund,
       Management                       24,413 units                                             228,019
    MFS Investment Management        MFS Total Return Fund, 13,284 units                         176,282
    PIMCO Advisors                   PIMCO Growth Fund, 15,435 units                             236,312
    PIMCO Advisors                   PIMCO Innovation Fund, 3,348 units                           36,061
*   Prudential Investments           Prudential High Yield Fund,
                                        8,480 units                                               42,398
*   Prudential Investments           Prudential Stock Index Fund,
                                        22,644 units                                             443,825
*   Prudential Investments           Prudential Utility Fund, 8,683 units                         61,217
*   Prudential Investments           Prudential Global Growth Fund,
                                        11,986 units                                             120,583
*   Prudential Investments           Prudential Government Securities
                                        Money Market, 32,681 units                                32,681
*   Participant loans                Participant loans; interest rate
                                        between 5.75% and 11.50%;
                                        maturing between February 2003
                                        and October 2012                                         171,337
                                                                                            -------------
                                                                                            $  3,271,171
                                                                                            =============



*  Denotes a party in interest.
+  Includes both participant and nonparticipant directed investments.
++ Non-participant directed investments pending allocation to participant
   accounts



See accompanying independent auditors' report.

                                       11