CONSUMER PORTFOLIO SERVICES, INC.
PARTIALLY CONVERTIBLE SUBORDINATED 9% NOTE
$15,000,000 June 12, 1997
For value received, CONSUMER PORTFOLIO SERVICES, INC., a California corporation ("Maker"),
unconditionally promises to pay to the order of STANWICH FINANCIAL SERVICES CORP., a Rhode
Island corporation ("Payee"), in the manner and at the place hereinafter provided, the principal amount of
FIFTEEN MILLION DOLLARS AND NO CENTS ($15,000,000), on June 12, 2004, subject to earlier
redemption in certain circumstances, as provided herein.
Maker also promises to pay interest on the unpaid principal amount hereof from the date hereof until paid in full at
the rate of 9.00% per annum, and interest shall be payable on the 12th day of each month commencing July 12,
1997. All computations of interest shall be made on the basis of a 360-day year and a 30-day month (including
the first but excluding the last day). In no event shall the interest rate payable on this Note exceed the maximum
rate of interest permitted to be charged under applicable law.
1. Payments on the Note. All payments of principal and interest in respect of this Note shall be made in lawful
money of the United States of America in same day funds to the following wire account: Citibank FSB CT, 435
East Putnam Avenue, Cos Cob, CT 06807, ABA# 221172610, for the account of Stanwich Financial Services
Corp., Account #45356924, or to such other place as shall be designated in a written notice delivered to Maker.
Whenever any payment on this Note shall be stated to be due on a day that is not a business Day, such payment
shall instead be made on the next succeeding Business Day, and such extension of time shall be included in the
computation of interest payable on this Note.
(a) In General. This Note is issued subject to, and each Person holding this Note or any interest therein, whether
upon original issue or upon transfer or assignment thereof, shall by acceptance hereof be deemed to have
accepted and agreed to be b