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Finance Receivables (Tables)
 3 Months Ended
Mar. 31, 2013
Receivables [Abstract]  
Finance Receivable
The following is a summary of finance receivables:
 
As of March 31, 2013
 
As of December 31, 2012
 
(In thousands)
Principal Balances
$
1,707,051

 
$
1,601,710

Accrued Interest
15,366

 
16,414

Loan Origination Costs
17,123

 
16,498

Finance Receivables
$
1,739,540

 
$
1,634,622
Past Due Financing Receivables
Age Analysis of Past Due Finance Receivables
 
 
March 31, 2013
 
December 31, 2012
 
March 31, 2012
  
Percent of
Portfolio
 
Loan
Principal
 
Percent of
Portfolio
 
Loan
Principal
 
Percent of
Portfolio
 
Loan
Principal
 
($ In thousands)
Days Delinquent:
 
 
 
 
 
 
 
 
 
 
 
Current
61.4
%
 
$
1,047,962

 
49.1
%
 
$
786,765

 
65.8
%
 
$
1,030,752

01-30 Days
28.0
%
 
478,861

 
33.0
%
 
528,300

 
27.4
%
 
429,219

31-60 Days
6.9
%
 
117,721

 
10.0
%
 
161,157

 
4.3
%
 
67,359

61-90 Days
3.2
%
 
54,537

 
5.1
%
 
81,378

 
2.2
%
 
34,463

91-120 Days
0.5
%
 
7,970

 
2.8
%
 
44,110

 
0.3
%
 
4,699

Total Past Due
38.6
%
 
$
659,089

 
50.9
%
 
$
814,945

 
34.2
%
 
$
535,740

Total Finance Receivables
100.0
%
 
$
1,707,051

 
100.0
%
 
$
1,601,710

 
100.0
%
 
$
1,566,492
Financing Receivable Credit Quality Indicators
A summary of our portfolio by our internally assigned credit risk ratings at March 31, 2013, and December 31, 2012, is as follows:
At March 31, 2013
Grade
 
Average
FICO Score (1)
 
Percentage of
Portfolio Loans
 
Total Loans (2)
 
Percentage of
Portfolio Principal
 
Loan Principal
 
 
 
 
 
 
 
 
 
 
(In thousands)

A+
 
555
 
10.3%
 
15,019
 
10.5%
 
$
178,406

A
 
540
 
18.3%
 
26,575
 
18.6%
 
317,210

B
 
517
 
37.3%
 
54,078
 
38.0%
 
648,685

C
 
504
 
28.8%
 
41,790
 
28.3%
 
483,127

C-
 
489
 
3.8%
 
5,546
 
3.3%
 
56,882

D+/D/D-
 
482
 
1.5%
 
2,202
 
1.3%
 
22,741

 
 
 
 
100.0%
 
145,210
 
100.0%
 
$
1,707,051

At December 31, 2012 
Grade
 
Average
FICO Score (1)
 
Percentage of
Portfolio Contracts
 
Total Loans
 
Percentage of
Portfolio Principal
 
Loan Principal
 
 
 
 
 
 
 
 
 
 
(In thousands)
A+
 
556
 
10.4%
 
14,660
 
10.6%
 
$
169,023

A
 
539
 
18.5%
 
25,998
 
18.8%
 
301,173

B
 
517
 
37.3%
 
52,476
 
38.2%
 
612,084

C
 
503
 
28.4%
 
40,066
 
27.8%
 
445,497

C-
 
488
 
3.9%
 
5,447
 
3.3%
 
53,512

D+/D/D-
 
478
 
1.5%
 
2,101
 
1.3%
 
20,421

 
 
 
 
100.0%
 
140,748
 
100.0%
 
$
1,601,710


(1) 
Average FICO score is provided as an external metric of credit quality. FICO score is not utilized as the primary tool in determining internal credit grade. 
(2) 
Excludes Carvana originations
Schedules of Concentration of Risk, by Risk Factor
As of March 31, 2013, and December 31, 2012, our portfolio concentration by state was as follows:
 
As of March 31, 2013
 
As of December 31, 2012
State
 
Percent of
Portfolio
 
Loan Principal
(In thousands)
 
State
 
Percent of
Portfolio
 
Loan Principal
(In thousands)
Texas
 
22.4
%
 
$
384,359

 
Texas
 
23.0
%
 
$
369,021

Florida
 
15.2
%
 
261,348

 
Florida
 
15.4
%
 
247,281

North Carolina
 
9.6
%
 
163,058

 
North Carolina
 
9.9
%
 
157,670

Georgia
 
7.7
%
 
130,818

 
Georgia
 
7.6
%
 
122,027

Virginia
 
6.5
%
 
110,887

 
Arizona
 
6.8
%
 
108,792

Arizona
 
6.4
%
 
108,947

 
Virginia
 
6.7
%
 
106,749

Tennessee
 
4.9
%
 
83,020

 
Tennessee
 
4.6
%
 
72,967

California
 
4.4
%
 
75,524

 
California
 
4.4
%
 
71,005

Nevada
 
3.8
%
 
64,948

 
Nevada
 
4.0
%
 
63,346

South Carolina
 
3.7
%
 
63,827

 
South Carolina
 
3.6
%
 
58,163

Alabama
 
3.1
%
 
53,224

 
New Mexico
 
3.0
%
 
48,421

New Mexico
 
2.9
%
 
48,745

 
Alabama
 
2.8
%
 
44,787

Oklahoma
 
2.3
%
 
38,703

 
Oklahoma
 
2.3
%
 
36,109

Colorado
 
2.1
%
 
35,458

 
Colorado
 
2.2
%
 
35,268

Ohio
 
1.7
%
 
28,409

 
Indiana
 
1.3
%
 
21,603

Indiana
 
1.4
%
 
24,084

 
Ohio
 
1.1
%
 
17,417

Mississippi
 
1.1
%
 
19,371

 
Mississippi
 
1.0
%
 
15,847

Arkansas
 
0.4
%
 
6,252

 
Arkansas
 
0.2
%
 
3,218

Missouri
 
0.4
%
 
6,069

 
Missouri
 
0.1
%
 
2,019

 
 
100.0
%
 
$
1,707,051

 
 
 
100.0
%
 
$
1,601,710
Allowance for Credit Losses on Financing Receivables
The following table sets forth the rollforward of the allowance for credit losses for the periods indicated:
  
Three months ended March 31,
  
2013
 
2012
 
($ In thousands)
Allowance Activity:
 
 
 
Balance, beginning of period
$
252,590

 
$
221,533

Provision for credit losses
77,842

 
60,342

Net charge-offs
(60,810
)
 
(44,848
)
Balance, end of period
$
269,622

 
$
237,027

Allowance as a percent of portfolio principal
15.7
%
 
15.1
%
Charge off Activity:
 
 
 
Principal balances
$
(97,917
)
 
$
(82,851
)
Recoveries, net
37,107

 
38,003

Net charge-offs
$
(60,810
)
 
$
(44,848
)