Consumer Portfolio Hires CS First Boston; CFO Quits

After watching its stock price skid over the past year from $13 a share to less than $2, Irvine-based auto lender Consumer Portfolio Services Inc. announced the resignation of its chief financial officer and said it has retained an investment banker to advise it on “opportunities to enhance shareholder value.” CPS said Jeffrey P. Fritz resigned to take a job at a telemarketing company. The company named James Stock, its current controller, as acting chief financial officer. The company, which specializes in auto loans to borrowers with bad credit, said it hired CS First Boston to help it explore financial options. Last month, CPS announced a first-quarter loss of $2.1 million, or 14 cents a share, compared with a profit a year earlier of $5.6 million, or 37 cents. The losses and other financial problems have led the company to default on some of its credit lines, though it is working with lenders. CPS’ problems began last year when fears of a global recession made it more difficult for the company to sell or securitize its car loans.