Finance Receivables - DriveTime (Tables)

6 Months Ended

Jun. 30, 2013

Receivables [Abstract]

Finance Receivable

The following is a summary of DriveTime customer finance receivables:

	As of June 30, 2013		As of December 31, 2012
	(In thousands)
Principal Balances	$	1,792,566	$	1,601,710
Accrued Interest	16,635		16,414
Loan Origination Costs	17,698		16,498
Finance Receivables	$	1,826,899	$	1,634,622

Past Due Financing Receivables

Age Analysis of Past Due Finance Receivables

	June 30, 2013				December 31, 2012				June 30, 2012
	Percent of Portfolio		Loan Principal		Percent of Portfolio		Loan Principal		Percent of Portfolio		Loan Principal
	($ In thousands)
Days Delinquent:
Current	58.3	%	$	1,045,473	49.1	%	$	786,765	59.0	%	$	953,725
01-30 Days	29.3	%	524,428		33.0	%	528,300		31.2	%	504,339
31-60 Days	8.3	%	148,636		10.0	%	161,157		6.5	%	104,500
61-90 Days	3.8	%	67,975		5.1	%	81,378		2.9	%	46,574
91-120 Days	0.3	%	6,054		2.8	%	44,110		0.4	%	7,027
Total Past Due	41.7	%	$	747,093	50.9	%	$	814,945	41.0	%	$	662,440
Total Finance Receivables	100.0	%	$	1,792,566	100.0	%	$	1,601,710	100.0	%	$	1,616,165

Financing Receivable Credit Quality Indicators

A summary of our portfolio by our internally assigned credit risk ratings at June 30, 2013, and December 31, 2012, is as follows:

At June 30, 2013

Grade	Average FICO Score (1)	Percentage of Portfolio Loans	Total Loans	Percentage of Portfolio Principal	Loan Principal
					(In thousands)
A+	554	10.3%	15,418	10.5%	$	187,442
A	540	18.3%	27,316	18.6%	333,029
B	517	37.6%	55,909	38.1%	684,806
C	504	28.8%	43,094	28.5%	510,086
C-	491	3.6%	5,387	3.1%	55,793
D+/D/D-	484	1.4%	2,066	1.2%	21,410
		100.0%	149,190	100.0%	$	1,792,566

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.} 

Schedules of Concentration of Risk, by Risk Factor

As of June 30, 2013 and December 31, 2012, our portfolio concentration by state was as follows:

As of June 30, 2013					As of December 31, 2012
State	Percent of Portfolio		Loan Principal (In thousands)		State	Percent of Portfolio		Loan Principal (In thousands)
Texas	21.9	%	$	393,122	Texas	23.0	%	$	369,021
Florida	15.4	%	276,175		Florida	15.4	%	247,281
North Carolina	9.4	%	165,688		North Carolina	9.9	%	157,670
Georgia	7.7	%	138,694		Georgia	7.6	%	122,027
Virginia	6.3	%	113,696		Arizona	6.8	%	108,792
Arizona	6.3	%	113,374		Virginia	6.7	%	106,749
Tennessee	5.2	%	92,078		Tennessee	4.6	%	72,967
California	4.4	%	79,261		California	4.4	%	71,005
South Carolina	3.8	%	68,118		Nevada	4.0	%	63,346
Nevada	3.7	%	66,635		South Carolina	3.6	%	58,163
Alabama	3.3	%	59,663		New Mexico	3.0	%	48,421
New Mexico	2.7	%	48,712		Alabama	2.8	%	44,787
Oklahoma	2.3	%	41,490		Oklahoma	2.3	%	36,109
Ohio	2.0	%	36,271		Colorado	2.2	%	35,268
Colorado	2.0	%	35,304		Indiana	1.3	%	21,603
Indiana	1.4	%	25,921		Ohio	1.1	%	17,417
Mississippi	1.2	%	20,856		Mississippi	1.0	%	15,847
Missouri	0.5	%	9,179		Arkansas	0.2	%	3,218
Arkansas	0.5	%	8,329		Missouri	0.1	%	2,019
	100.0	%	$	1,792,566		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 June 30,						Six months ended June 30,
	2013			2012			2013			2012
	($ In thousands)
Allowance Activity:
Balance, beginning of period	$	269,622		$	237,027		$	252,590		$	221,533
Provision for credit losses	70,313			51,387			148,155			111,729
Net charge-offs	(55,216		)	(43,603		)	(116,026		)	(88,451		)
Balance, end of period	$	284,719		$	244,811		$	284,719		$	244,811
Allowance as a percent of portfolio principal, end of period	15.8		%	15.1		%	15.8		%	15.1		%
Charge off Activity:
Principal balances	$	(86,942	)	$	(73,075	)	$	(184,859	)	$	(155,926	)
Recoveries, net	31,726			29,472			68,833			67,475
Net charge-offs	$	(55,216	)	$	(43,603	)	$	(116,026	)	$	(88,451	)