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) February 23, 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)




ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

         (c) Exhibits.

          EXHIBIT NUMBER            DESCRIPTION
               99.1                 News Release dated February 23, 2004

ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

The information in this Current Report is being furnished and shall not be
deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934, as amended, or otherwise subject to the liabilities of that Section. The
information in this Current Report shall not be incorporated by reference into
any registration statement or other document pursuant to the Securities Act of
1933, as amended.

On February 23, 2004, the registrant issued a news release announcing its
financial results for the year ended December 31, 2003. A copy of the release is
attached as Exhibit 99.1.

Exhibit 99.1 to the report may contain a "non-GAAP financial measure" as defined
in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended.
The possible non-GAAP financial measure is "managed receivables." This possible
non-GAAP financial measure is discussed below, including the most directly
comparable financial measure calculated and presented in accordance with
Generally Accepted Accounting Principles in the United States ("GAAP"), a
reconciliation of managed receivables to the most directly comparable GAAP
financial measure, and the reasons why the Company believes the presentation of
managed receivables provides useful information to management and to investors.
Managed receivables should be viewed in addition to, and not as an alternative
for, the Company's reported results prepared in accordance with GAAP.

On page 1 of the earnings release included in Exhibit 99.1, the Company stated
that managed receivables were $741.2 million at December 31, 2003. The most
directly comparable financial measure calculated and presented in accordance
with GAAP to the managed receivables measure is finance receivables on the
consolidated balance sheet. The managed receivables measure also includes (i)
the finance receivables held by unconsolidated subsidiaries off balance sheet
pursuant to statement on financial accounting standards No. 140 and (ii)
repossessed vehicles included in other assets in the Company's balance sheet. In
addition, the managed receivables measure includes allowance for credit losses,
unearned origination fees, and certain other less significant adjustments.




The following table reconciles the Company's finance receivables, prepared on
the basis of GAAP, to managed receivables as of December 31, 2003:

                                                              December 31, 2003
                                                                 (in millions)
                                                                 -------------
Net finance receivables per balance sheet                        $       266.2
Allowance for finance receivables credit losses                           35.9
Unearned origination fees                                                  9.9
Finance receivables held by unconsolidated subsidiaries                  425.5
Repossessed vehicles included in other assets on balance sheet             2.5
Other                                                                      1.2
                                                                 --------------
                                                                 $       741.2
                                                                 ==============

The managed receivables measure is useful to management and investors because it
provides a basis for estimating (i) the net interest margin and other operating
metrics as a percentage of the total receivables acquired or owned by the
Company, (ii) the amount of cash received by the Company as servicing fees on
its term securitizations, and (iii) the Company's servicing personnel
requirements. The managed receivables measure is primarily used by investors and
analysts, for those purposes.

                                   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: March 18, 2004                    By: /s/ Charles E. Bradley, Jr.
                                         ---------------------------------------

                                         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             Earnings Release dated February 23, 2004