SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON DC 20549

                                  -------------

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

       Date of Report (Date of earliest event reported) September 30, 2004

                        CONSUMER PORTFOLIO SERVICES, INC.
                        ---------------------------------
               (Exact Name of Registrant as Specified in Charter)

         CALIFORNIA                  001-14116                  33-0459135
         ----------                  ---------                  ----------
(State or Other Jurisdiction        (Commission               (IRS Employer
     of Incorporation)              File Number)            Identification No.)

                   16355 Laguna Canyon Road, Irvine, CA 92618
                   ------------------------------------------
               (Address of Principal Executive Offices) (Zip Code)

        Registrant's telephone number, including area code (949) 753-6800

                                 Not Applicable
                                 --------------
          (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))



ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

The information contained in Item 2.03 of this report is hereby incorporated by
reference into this Item 1.01.

On September 30, 2004, Consumer Portfolio Services, Inc. ("CPS") and its wholly
owned subsidiary CPS Receivables Corp. ("Subsidiary") entered into a series of
agreements under which Subsidiary purchased from CPS, and sold to CPS Auto
Receivables Trust 2004-C, a Delaware statutory trust (the "Trust") approximately
$69.2 million of subprime automotive receivables (the "Initial Receivables").
Subsidiary also committed to purchase and to sell to the Trust, and CPS
committed to sell to Receivables, an additional $30.8 million of similar
automotive receivables (the "Subsequent Receivables").

CPS disclaims any implication that the agreements relating to such transactions
are other than agreements entered into in the ordinary course of CPS's business.

ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLI-GATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.

The information contained in CPS's press release dated October 5, 2004, filed
with this report as Exhibit 99.1, is incorporated herein by this reference.

CPS, Subsidiary, the Trust and others on September 30, 2004 entered into a
series of agreements that, among other things, created long-term obligations
that are material to CPS, Subsidiary and the Trust. Under these agreements (i)
CPS sold the Initial Receivables to Subsidiary, and committed to sell the
Subsequent Receivables to Subsidiary not later than October 31, 2004, (ii)
Subsidiary sold the Initial Receivables to the Trust, and committed to sell the
Subsequent Receivables to the Trust, (iii) the Trust pledged the Initial
Receivables, and committed to pledge the Subsequent Receivables, to Wells Fargo
Bank, N.A. ("Wells"), as indenture trustee for benefit of the holders of the
Notes (as defined below), and for benefit of the Insurer (as defined below),
(iv) the Trust issued and sold $91.0 million of asset-backed notes, in two
classes (such notes collectively, the "Notes"), (v) a portion of the proceeds
from the sale of the Notes was pledged to the Trustee for benefit of the holders
of the Notes, to be used to fund the purchase price of the Subsequent
Receivables, (vi) an insurance company, Financial Security Assurance Inc. (the
"Insurer"), issued a policy (the "Policy") guaranteeing payment of principal and
interest on the Notes, and (vii) a cash deposit (the "Reserve Account") in the
amount of 9.00% of the aggregate balance of the Initial Receivables was pledged
for the benefit of the Insurer.

Security for the repayment of the Notes consists of the Initial Receivables and,
when and if sold, the Subsequent Receivables (together, the "Receivables"), and
the rights to payments relating to the Receivables. The Receivables were
originated or purchased by CPS and CPS will act as the servicer of the
Receivables. Credit enhancement for the Notes consists of
over-collateralization, the Reserve Account, and the Policy, which guarantees
the obligations of the Trust to pay interest on, and repay the principal balance
of, the Notes. Wells will act as collateral agent and trustee on behalf of the
secured parties, and is the backup servicer.



The Notes are obligations only of the Trust, and not of Subsidiary nor of CPS.
Nevertheless, the Notes are properly treated as long-term debt obligations of
CPS. The sale and issuance of the Notes, treated as secured financings for
accounting and tax purposes, are treated as sales for all other purposes,
including legal and bankruptcy purposes. None of the assets of the Trust or
Subsidiary are available to pay other creditors of CPS or its affiliates.

Upon completion of the anticipated October 2004 sale of the Subsequent
Receivables to the Trust, the Trust will hold a fixed pool of amortizing assets.
The Trust is obligated to pay principal and interest on the Notes on a monthly
basis. Interest is payable at fixed rates on the outstanding principal balance
of each of the two classes of the Notes, and principal is payable by reference
to the aggregate principal balance of the Receivables (adjusted for chargeoffs
and prepayments, among other things) and agreed required over-collateralization.

At such time as the aggregate outstanding principal balance of the Receivables
is less than 10% of the initial aggregate balance of $100 million, CPS will have
the option to purchase the trust estate at fair market value, provided that such
purchase price is sufficient to cause the Notes to be redeemed and paid in full,
and to cause other obligations of the Trust to be met.

If an event of default were to occur under the agreements, the Insurer would
have the right to accelerate the maturity of the Notes, and the required amount
of the Reserve Account would increase to an amount equal to the outstanding
aggregate principal balance of the Notes. Such increase would have the effect of
redirecting to the Reserve Account the cash proceeds of the Receivables that
otherwise would be released to Subsidiary, until such time, if any, as the
Reserve Account reached the increased required level. Events of default include
pool performance ratios, in addition to such events as failure to make required
payments on the Notes, breaches of warranties, representations or covenants
under any of the agreements or specified bankruptcy-related events. In addition,
if the Receivables (pledged as security for the Notes) were to experience net
loss ratios, delinquency ratios, or default rates that are higher than specified
levels, the existence of such a "trigger event" would also increase the Reserve
Account requirements, though to a lesser extent, which would also have the
effect of redirecting to the Reserve Account certain cash proceeds of the
Receivables that otherwise would be released to Subsidiary.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

Neither financial statements nor pro forma financial information are filed with
this report.

One exhibit is filed herewith:

EXHIBIT NUMBER           DESCRIPTION
99.1                     Consumer Portfolio Services, Inc. October 5, 2004 press
                         release.



                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

                                         CONSUMER PORTFOLIO SERVICES, INC.


Dated: October 5, 2004                   By: /S/ CHARLES E. BRADLEY
                                         ---------------------------------------
                                         Charles E. Bradley, Jr.
                                         President and chief
                                         executive officer
                                         Signing on behalf of the registrant
                                         and as principal executive officer



                                  EXHIBIT INDEX


EXHIBIT NUMBER           DESCRIPTION

99.1                     Consumer Portfolio Services, Inc. October 5, 2004 press
                         release.