Greenwich Capital Markets is in the early stage of talking to investors about a Consumer Portfolio Services Inc. $30 million, FSA-wrapped, subprime auto deal.

The Irvine, Calif.-based CPS has seen problems in the past, but investors looking at the quality of the assets and the strength of the trust will likely be able to get comfortable, sources said.

CPS buys, sells, and services vehicle loans made to subprime borrowers. The company purchases contracts from about 4,500 dealers of new and used autos in more than 40 states; some 15% of its business is with borrowers in California. Approximately 85% of the contracts Consumer Portfolio Services acquires finance used cars.

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