Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2012

The following is a summary of portfolio term financings:



	December 31,
	2012		2011
	($ in thousands)
Securitization Debt:
Asset Backed Security obligations issued pursuant to the Company’s securitizations	$	677,118	$	679,031
Bank Term Financing:
Secured financing transactions for our finance receivable portfolio	347,360		3,603
Portfolio Term Residual Financing:
Fixed rate financing facility secured by residual interests in finance receivables of warehouse facilities	25,000		100,000
Total Portfolio Term Financings	$	1,049,478	$	782,634

The following table is a summary of securitization transactions with outstanding balances for each period presented:

(1) These rates represent the original duration weighted average rates of the outstanding asset-backed securities.

The following is a summary of portfolio warehouse facilities:



	As of December 31, 2012
	Amount Drawn		Facility Amount		Stated Advance Rate		Collateral⁽¹⁾	Interest Rate⁽²⁾		Expiration Date	Final Maturity
	($ in thousands)
Portfolio Warehouse Facilities:
Deutsche Bank Warehouse Facility	$	19,300	$	150,000	65	%	38,881	2.46	%	12/31/2014	12/31/2015
Wells Fargo Warehouse Facility	23,000		150,000		58	%	42,778	2.46	%	12/31/2013	12/31/2015
RBS Warehouse Facility⁽³⁾	14,900		125,000		53	%	26,707	1.65	%	3/14/2013	3/14/2014
UBS Warehouse Facility	—		—
Total Portfolio Warehouse Facilities	$	57,200	$	425,000



	As of December 31, 2011
	Amount Drawn		Facility Amount		Stated Advance Rate		Collateral⁽¹⁾	Interest Rate⁽²⁾		Expiration Date	Final Maturity
	($ in thousands)
Portfolio Warehouse Facilities:
Deutsche Bank Warehouse Facility	$	39,000	$	150,000	58	%	110,000	2.54	%	12/31/2012	12/31/2013
Wells Fargo Warehouse Facility	40,000		150,000		58	%	78,500	2.53	%	12/31/2013	12/31/2015
RBS Warehouse Facility	30,600		125,000		53	%	100,400	1.88	%	5/31/2012	5/31/2013
UBS Warehouse Facility	31,792		125,000		60	%	105,500	2.18	%	8/31/2012	8/31/2013
Total Portfolio Warehouse Facilities	$	141,392	$	550,000

(1) Collateral represents underlying pools of finance receivables pledged to each facility.

(2) Interest rate at period end equal to contractual benchmark plus index.

(3) Facility was renewed in March 2013. See Note 16 - Subsequent Events for information on renewal of this facility.

A summary of Senior Secured Notes payable follows:



	December 31,
	2012		2011
	($ in thousands)
Senior Secured Notes Payable	$	193,320	$	198,058
Senior Secured Notes Payable—Related Party	5,000		—
Total Senior Secured Notes Payable	$	198,320	$	198,058

A summary of other secured notes payable follows:



	As of December 31, 2012
	Balance		Max Facility Capacity			Advance Rate			Interest Rate ⁽¹⁾		Expiration Date
	($ in thousands)
Other Secured Notes Payable
Revolving Inventory Facility	$	91,320	$	140,000	⁽³⁾	85	%	⁽²⁾	3.75	%	11/30/2014
Mortgage Note Payable	12,454		n/a			n/a			5.87	%	3/31/2017
Real Estate Facility	11,733		25,000			70	%		4.21	%	10/24/2020
Equipment Note Payable	1,774		n/a			n/a			4.75	%	4/30/2013
Total Other Secured Notes Payable	$	117,281	$	165,000



	As of December 31, 2011
	Balance		Max Facility Capacity			Advance Rate			Interest Rate⁽¹⁾		Expiration Date
	($ in thousands)
Other Secured Notes Payable
Revolving Inventory Facility	$	84,500	$	140,000	⁽³⁾	85	%	⁽²⁾	3.88	%	11/30/2014
Mortgage Note Payable	12,661		n/a			n/a			5.87	%	3/31/2017
Equipment Note Payable	2,135		n/a			n/a			4.75	%	4/30/2013
Total Other Secured Notes Payable	$	99,296	$	140,000

(1) Interest rate at period end equal to contractual benchmark plus index.

(2) Advance rate is based on qualifying vehicle cost and is secured by our entire inventory.

(3) Inclusive of a $10.0 million seasonal increase in the months of November through the end of January.

The following table represents the future minimum principal payments required under our debt obligations and capital leases as of December 31, 2012:



	As of December 31, 2012
	Payments by Period
	($ in thousands)
	Total		Less than 1 Year ⁽³⁾		Year 2		Year 3		Year 4		Year 5		More than 5 Years
Securitizations & Bank Term Financing ⁽¹⁾	$	1,024,478	$	490,919	$	285,582	$	158,197	$	89,780	$	—	$	—
Portfolio warehouse facilities ⁽²⁾	57,200		32,350		24,850		—		—		—		—
Portfolio Term Residual Financing	25,000		—		—		—		—		—		25,000
Senior secured notes	198,320		—		—		—		—		198,320		—
Inventory facility	91,321		—		91,321		—		—		—		—
Real estate mortgage loan	12,454		223		236		251		264		11,480		—
Real estate facility	11,733		448		687		1,045		1,669		2,960		4,924
Equipment note, secured by an aircraft	1,774		1,774		—		—		—		—		—
Capital lease obligations	2,275		1,205		929		141		—		—		—
Total ⁽⁴⁾	$	1,424,555	$	526,919	$	403,605	$	159,634	$	91,713	$	212,760	$	29,924


(1)	Securitization obligations and bank term financing agreements do not have a contractual termination date. Therefore, all collections on the contracts collateralizing the securities are used to repay the asset-backed security holders based on an expected duration of the securities.


(2)	On the termination date of the facilities, amounts outstanding at termination are not due and payable immediately. All collections on the contracts collateralizing these facilities are used to pay down the facilities until they are paid in full because these facilities contain term-out features.


(3)	Generally and historically, we renewed or replaced facilities expiring in less than one year.


(4)	Total contractual obligations exclude future interest payment obligations.