Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2013

The following is a summary of portfolio term financings:



	As of March 31, 2013		As of December 31, 2012
	(In thousands)
Securitization Debt:
Asset backed security obligations	$	569,884	$	677,118
Bank Term Financing:
Variable rate secured financing transactions for our finance receivable portfolio	319,322		347,360
Portfolio Term Residual Financing:
Variable rate financing facility secured by residual interests in finance receivables of certain warehouse facilities and securitization trusts	100,000		25,000
Total Portfolio Term Financings	$	989,206	$	1,049,478

The following 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 March 31, 2013
	Amount Drawn		Facility Amount		Stated Advance Rate		Collateral ⁽¹⁾		Interest Rate⁽²⁾		Expiration Date	Final Maturity
	($ In thousands)
Portfolio Warehouse Facilities
Deutsche Bank	$	48,100	$	150,000	65	%	$	111,641	2.45	%	Dec 2014	Dec 2015
Wells Fargo	53,000		150,000		58	%	119,858		2.45	%	Dec 2013	Dec 2015
RBS	43,900		125,000		65	%	116,138		2.50	%	Mar 2014	Mar 2015
Total Portfolio Warehouse Facilities	$	145,000	$	425,000



	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	$	19,300	$	150,000	65	%	$	38,881	2.46	%	Dec 2014	Dec 2015
Wells Fargo	23,000		150,000		58	%	42,778		2.46	%	Dec 2013	Dec 2015
RBS	14,900		125,000		53	%	26,707		1.65	%	Mar 2013	Mar 2014
Total Portfolio Warehouse Facilities	$	57,200	$	425,000


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


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

A summary of Senior Secured Notes payable follows:



	As of March 31, 2013	As of December 31, 2012
	(In thousands)
Senior Secured Notes Payable	193,392	193,320
Senior Secured Notes Payable - Related Party	5,000	5,000
Total Senior Secured Notes Payable	198,392	198,320

A summary of other secured notes payable follows:



	As of March 31, 2013
	Balance		Max Facility Capacity			Advance Rate		Interest Rate ⁽¹⁾	Expiration Date
	($ In thousands)
Other Secured Notes Payable
Revolving Inventory Facility	$	111,321	$	130,000		85%	⁽²⁾	3.75%	Nov 2014
Mortgage Note Payable	12,397		n/a			n/a		5.87%	Mar 2017
Real Estate Facility	11,269		25,000			70%		4.20%	Oct 2020
Equipment Note Payable	1,681		n/a			n/a		4.75%	Apr 2013
Total Other Secured Notes Payable	$	136,668	$	155,000

	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%	Nov 2014
Mortgage Note Payable	12,454		n/a			n/a		5.87%	Mar 2017
Real Estate Facility	11,733		25,000			70%		4.21%	Oct 2020
Equipment Note Payable	1,774		n/a			n/a		4.75%	Apr 2013
Total Other Secured Notes Payable	$	117,281	$	165,000


⁽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 vehicle inventory.}


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