10-Q

Use these links to rapidly review the document
TABLE OF CONTENTS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

ý	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2013
or
o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                             to

Commission File Number: 333-182411

CNH CAPITAL LLC
(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)		39-1937630 (I.R.S. Employer Identification Number)
5729 Washington Avenue Racine, Wisconsin (Address of principal executive offices)	(262) 636-6011 (Registrant's telephone number, including area code)	53406 (Zip code)

        Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ý Yes    o No

        Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ý Yes    o No

        Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer o Accelerated filer o Non-accelerated filer ý
(Do not check if a
smaller reporting company) Smaller reporting company o

        Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes    ý No

        As of June 30, 2013, all of the limited liability company interests of the registrant were held by CNH America LLC, a wholly-owned subsidiary of CNH Global N.V.

        The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form with certain reduced disclosures as permitted by those instructions.

TABLE OF CONTENTS

		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements		1
	Consolidated Statements of Income for the Three and Six Months Ended June 30, 2013 and 2012 (Unaudited)		1
	Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2013 and 2012 (Unaudited)		2
	Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012 (Unaudited)		3
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2013 and 2012 (Unaudited)		5
	Consolidated Statements of Changes in Stockholder's Equity for the Six Months Ended June 30, 2013 and 2012 (Unaudited)		6
	Condensed Notes to Consolidated Financial Statements (Unaudited)		7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		40
Item 3.	Quantitative and Qualitative Disclosures About Market Risk			*
Item 4.	Controls and Procedures		48
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings		49
Item 1A.	Risk Factors		49
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds			*
Item 3.	Defaults Upon Senior Securities			*
Item 4.	Mine Safety Disclosures		49
Item 5.	Other Information		49
Item 6.	Exhibits		49

*

This item has been omitted pursuant to the reduced disclosure format as set forth in General Instruction (H)(2) of Form 10-Q

PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements

CNH CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2013 AND 2012

(In thousands)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
REVENUES
Interest income on retail and other notes and finance leases	$	63,054		$	58,617		$	123,787		$	116,856
Interest and other income from affiliates		100,206			97,440			198,233			193,050
Rental income on operating leases		34,045			32,924			67,172			65,992
Servicing fee income		140			288			272			594
Other income		14,887			17,296			28,533			33,336
Total revenues		212,332			206,565			417,997			409,828
EXPENSES
Interest expense:
Interest expense to third parties		57,855			56,049			112,018			111,191
Interest expense to affiliates		5,077			7,525			10,389			17,699
Total interest expense		62,932			63,574			122,407			128,890
Administrative and operating expenses:
Fees charged by affiliates		15,378			17,535			30,408			32,283
(Benefit) provision for credit losses, net		(10,859	)		3,116			(7,360	)		3,738
Depreciation of equipment on operating leases		28,206			26,461			55,377			53,394
Other expenses		10,188			10,823			17,075			18,027
Total administrative and operating expenses		42,913			57,935			95,500			107,442
Total expenses		105,845			121,509			217,907			236,332
INCOME BEFORE TAXES		106,487			85,056			200,090			173,496
Income tax provision		37,475			30,484			67,218			61,361
NET INCOME		69,012			54,572			132,872			112,135
Net income attributed to noncontrolling interest		(357	)		(388	)		(775	)		(752	)
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	68,655		$	54,184		$	132,097		$	111,383

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

1

CNH CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2013 AND 2012

(In thousands)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
NET INCOME	$	69,012		$	54,572		$	132,872		$	112,135
Other comprehensive income (loss):
Foreign currency translation adjustment		(20,363	)		(12,643	)		(34,114	)		(1,004	)
Pension liability adjustment		115			95			228			190
Change in unrealized gains on retained interests		(439	)		(409	)		(1,290	)		(957	)
Change in derivative financial instruments		1,697			1,080			2,539			2,132
Other comprehensive income (loss)		(18,990	)		(11,877	)		(32,637	)		361
COMPREHENSIVE INCOME		50,022			42,695			100,235			112,496
Less: comprehensive income attributable to noncontrolling interest		(357	)		(388	)		(775	)		(752	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	49,665		$	42,307		$	99,460		$	111,744

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

2

CNH CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2013 AND DECEMBER 31, 2012

(In thousands)

(Unaudited)

	June 30, 2013		December 31, 2012
ASSETS
Cash and cash equivalents	$	210,898	$	785,913
Restricted cash		547,413		727,186
Receivables, less allowance for credit losses of $109,419 and $122,320, respectively		11,869,374		10,732,276
Retained interests in securitized receivables		5,699		9,271
Affiliated accounts and notes receivable		14,559		95,379
Equipment on operating leases, net		830,330		754,371
Equipment held for sale		32,382		46,650
Goodwill		115,959		117,696
Other intangible assets, net		4,069		4,529
Other assets		67,259		73,258
TOTAL	$	13,697,942	$	13,346,529
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Short-term debt (including current maturities of long-term debt)	$	4,201,665	$	4,230,237
Accounts payable and other accrued liabilities		411,342		447,298
Affiliated debt		578,424		864,032
Long-term debt		7,122,399		6,321,551
Total liabilities		12,313,830		11,863,118
Commitments and contingent liabilities (Note 10)
Stockholder's equity:
Member's capital		—		—
Paid-in capital		841,406		840,940
Accumulated other comprehensive income		14,011		46,648
Retained earnings		470,952		538,855
Total CNH Capital LLC stockholder's equity		1,326,369		1,426,443
Noncontrolling interest		57,743		56,968
Total stockholder's equity		1,384,112		1,483,411
TOTAL	$	13,697,942	$	13,346,529

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

3

CNH CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2013 AND DECEMBER 31, 2012

(In thousands)

(Unaudited)

        The following table presents certain assets and liabilities of consolidated variable interest entities ("VIEs"), which are included in the consolidated balance sheets above. The assets in the table include only those assets that can be used to settle obligations of consolidated VIEs. The liabilities in the table include third-party liabilities of the consolidated VIEs, for which creditors do not have recourse to the general credit of CNH Capital LLC.

	June 30, 2013		December 31, 2012
Restricted cash	$	547,312	$	727,086
Receivables, less allowance for credit losses of $75,344 and $73,891, respectively		8,820,434		8,287,642
Equipment on operating leases, net		126,920		125,003
TOTAL	$	9,494,666	$	9,139,731
Short-term debt (including current maturities of long-term debt)	$	4,089,563	$	4,081,062
Long-term debt		5,011,016		4,729,901
TOTAL	$	9,100,579	$	8,810,963

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

4

CNH CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2013 AND 2012

(In thousands)

(Unaudited)

	2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	132,872		$	112,135
Adjustments to reconcile net income to net cash from operating activities:
Depreciation on property and equipment and equipment on operating leases		55,393			53,432
Amortization of intangibles		497			527
(Benefit) provision for credit losses, net		(7,360	)		3,738
Deferred income tax expense (benefit)		182			(4,590	)
Stock compensation expense		466			—
Changes in components of working capital:
Decrease in affiliated accounts and notes receivables		80,782			176,736
Decrease in other assets and equipment held for sale		22,296			78,748
Decrease in accounts payable and other accrued liabilities		(32,932	)		(83,111	)
Net cash from operating activities		252,196			337,615
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired		(9,624,583	)		(8,860,130	)
Collections of receivables		8,381,198			7,807,128
Decrease (increase) in restricted cash		174,089			(391,471	)
Purchase of equipment on operating leases		(263,431	)		(182,833	)
Proceeds from disposal of equipment on operating leases		121,184			107,033
Capital expenditures for property and equipment and software		(66	)		(120	)
Net cash used in investing activities		(1,211,609	)		(1,520,393	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of affiliated debt		903,077			1,064,709
Payment of affiliated debt		(1,184,666	)		(688,725	)
Proceeds from issuance of long-term debt		2,984,726			2,075,425
Payment of long-term debt		(2,058,315	)		(1,739,497	)
(Decrease) increase in revolving credit facilities, net		(60,424	)		88,880
Dividends paid to CNH America LLC		(200,000	)		—
Net cash from financing activities		384,398			800,792
DECREASE IN CASH AND CASH EQUIVALENTS		(575,015	)		(381,986	)
CASH AND CASH EQUIVALENTS:
Beginning of period		785,913			594,093
End of period	$	210,898		$	212,107
CASH PAID DURING THE PERIOD FOR INTEREST	$	119,536		$	130,505
CASH PAID DURING THE PERIOD FOR TAXES	$	61,160		$	29,113

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

5

CNH CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2013 AND 2012

(In thousands)

(Unaudited)

	Company Stockholder
	Member's Capital		Paid-in Capital		Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Non- Controlling Interest		Total
BALANCE—January 1, 2012	$	—	$	836,721	$	28,716		$	326,919		$	54,889	$	1,247,245
Net income		—		—		—			111,383			752		112,135
Preferred stock issuance		—		—		—			—			434		434
Foreign currency translation adjustment		—		—		(1,004	)		—			—		(1,004	)
Pension liability adjustment, net of tax		—		—		190			—			—		190
Change in unrealized gain on retained interests, net of tax		—		—		(957	)		—			—		(957	)
Change in derivative financial instruments, net of tax		—		—		2,132			—			—		2,132
BALANCE—June 30, 2012	$	—	$	836,721	$	29,077		$	438,302		$	56,075	$	1,360,175
BALANCE—January 1, 2013	$	—	$	840,940	$	46,648		$	538,855		$	56,968	$	1,483,411
Dividends paid to CNH America LLC		—		—		—			(200,000	)		—		(200,000	)
Net income		—		—		—			132,097			775		132,872
Foreign currency translation adjustment		—		—		(34,114	)		—			—		(34,114	)
Stock compensation		—		466		—			—			—		466
Pension liability adjustment, net of tax		—		—		228			—			—		228
Change in unrealized gain on retained interests, net of tax		—		—		(1,290	)		—			—		(1,290	)
Change in derivative financial instruments, net of tax		—		—		2,539			—			—		2,539
BALANCE—June 30, 2013	$	—	$	841,406	$	14,011		$	470,952		$	57,743	$	1,384,112

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

6

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

(Unaudited)

NOTE 1: BASIS OF PRESENTATION

        CNH Capital LLC and its wholly-owned operating subsidiaries, including New Holland Credit Company, LLC ("New Holland Credit") and CNH Capital America LLC ("CNH Capital America"), and its majority-owned operating subsidiary CNH Capital Canada Ltd. (collectively, "CNH Capital" or the "Company"), are each a wholly-owned subsidiary of CNH America LLC ("CNH America"), which is an indirect wholly-owned subsidiary of CNH Global N.V. ("CNH Global" and together with its consolidated subsidiaries, "CNH"). CNH designs, manufactures, and sells agricultural and construction equipment. CNH Capital provides financial services for CNH America and CNH Canada Ltd. (collectively, "CNH North America") customers primarily located in the United States and Canada.

        As of June 30, 2013, Fiat Industrial S.p.A. ("Fiat Industrial") owned approximately 87% of CNH's outstanding common shares through its wholly-owned subsidiary, Fiat Netherlands Holding N.V.

        On November 25, 2012, Fiat Industrial and CNH Global announced that they entered into a definitive merger agreement to combine the businesses of Fiat Industrial and CNH Global. The terms of the definitive merger agreement provide that Fiat Industrial, which indirectly owns approximately 87% of the outstanding share capital of CNH Global, and CNH Global will each merge with and into a newly-formed company organized under the laws of the Netherlands. The parties anticipate that the shares of this newly-formed company, which will be named CNH Industrial N.V., will be listed on the New York Stock Exchange at the closing of the merger and, shortly after the closing of the merger, on the Mercato Telematico Azionario managed by Borsa Italiana. The merger is expected to close in the third quarter of 2013, subject to customary closing conditions including, among others, regulatory approvals and the condition that the cash amount required to be paid to withdrawing shareholders and to creditors for their opposition rights not exceed €325 million in the aggregate. The Fiat Industrial shareholders approved the merger on July 9, 2013, and the CNH Global shareholders approved the merger on July 23, 2013.

        The Company has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information, which should be read in conjunction with the audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2012. Certain financial information that is normally included in annual financial statements prepared in conformity with U.S. GAAP, but is not required for interim reporting purposes, has been condensed or omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company's interim unaudited financial statements have been reflected.

        The consolidated financial statements include the Company and its consolidated subsidiaries. The consolidated financial statements are expressed in U.S. dollars. The consolidated financial statements include the accounts of the Company's subsidiaries in which the Company has a controlling financial interest and reflect the noncontrolling interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. A controlling financial interest may exist based on ownership of a majority of the voting interest of a subsidiary, or based on the Company's determination that it is the primary beneficiary of a variable interest entity ("VIE"). The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The Company assesses whether it is the primary beneficiary on an

7

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 1: BASIS OF PRESENTATION (Continued)

ongoing basis, as prescribed by the accounting guidance on the consolidation of VIEs. The consolidated status of the VIEs with which the Company is involved may change as a result of such reassessments.

        The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and reported amounts of revenues and expenses. Significant estimates in these consolidated financial statements include the residual values of equipment on operating leases and allowance for credit losses. Actual results could differ from those estimates.

NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS

        In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02 ("ASU 2013-02"), Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ("AOCI"). Some of the key amendments require the Company to present, either on the face of the statement of operations or in the notes, the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income, but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, the Company is required to cross-reference to other disclosures that provide additional detail about those amounts. ASU 2013-02 became effective for the Company's annual and interim periods beginning January 1, 2013. See Note 3 for additional information.

NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME

        AOCI is comprised of net income and other adjustments, including foreign currency translation adjustments, pension plan adjustments, changes in fair value of the retained interests in the off-book retail transactions and changes in the fair value of certain derivative financial instruments qualifying as cash flow hedges. The Company does not provide income taxes on currency translation adjustments ("CTA"), as the historical earnings from the Company's foreign subsidiaries are considered to be permanently reinvested. If current year earnings are repatriated, the amount to be repatriated is determined in U.S. dollars and converted to the equivalent amount of foreign currency at the time of repatriation; therefore, the repatriation of current year earnings will not have an impact on the CTA component of the Company's AOCI balance.

8

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME (Continued)

        The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the three months ended June 30, 2013:

	Currency Translation Adjustment			Pension Liability			Unrealized Gains on Retained Interests			Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	45,169		$	(8,656	)	$	1,646		$	(11,882	)	$	26,277
Tax asset (liability)		—			3,221			(621	)		4,124			6,724
Beginning balance, net of tax		45,169			(5,435	)		1,025			(7,758	)		33,001
Other comprehensive income before reclassifications		(20,363	)		—			30			786			(19,547	)
Amounts reclassified from accumulated other comprehensive income		—			182			(734	)		1,723			1,171
Tax effects		—			(67	)		265			(812	)		(614	)
Net current-period other comprehensive income		(20,363	)		115			(439	)		1,697			(18,990	)
BALANCE—June 30, 2013	$	24,806		$	(5,320	)	$	586		$	(6,061	)	$	14,011

        The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the six months ended June 30, 2013:

	Currency Translation Adjustment			Pension Liability			Unrealized Gains on Retained Interests			Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	58,920		$	(8,834	)	$	3,012		$	(13,219	)	$	39,879
Tax asset (liability)		—			3,286			(1,136	)		4,619			6,769
Beginning balance, net of tax		58,920			(5,548	)		1,876			(8,600	)		46,648
Other comprehensive income before reclassifications		(34,114	)		—			(396	)		566			(33,944	)
Amounts reclassified from accumulated other comprehensive income		—			359			(1,675	)		3,279			1,963
Tax effects		—			(131	)		781			(1,306	)		(656	)
Net current-period other comprehensive income		(34,114	)		228			(1,290	)		2,539			(32,637	)
BALANCE—June 30, 2013	$	24,806		$	(5,320	)	$	586		$	(6,061	)	$	14,011

9

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME (Continued)

        The reclassifications out of AOCI and the location on the consolidated statements of income for the three and six months ended June 30, 2013 are as follows:

	Amounts Reclassified from AOCI
Details about AOCI Components	Three Months Ended June 30, 2013			Six Months Ended June 30, 2013			Affected Line Item
Amortization of defined benefit pension items:
Insignificant items	$	(182	)	$	(359	)
		(182	)		(359	)	Income before taxes
		67			131		Income tax benefit
	$	(115	)	$	(228	)	Net of tax
Unrealized gains on retained interests:
	$	734		$	1,675		Other income
		734			1,675		Income before taxes
		(277	)		(632	)	Income tax provision
	$	457		$	1,043		Net of tax
Unrealized losses on derivatives:
	$	(1,723	)	$	(3,279	)	Interest expense to third parties
		(1,723	)		(3,279	)	Income before taxes
		605			1,158		Income tax benefit
	$	(1,118	)	$	(2,121	)	Net of tax

10

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES

        A summary of receivables included in the consolidated balance sheets as of June 30, 2013 and December 31, 2012 is as follows:

	June 30, 2013			December 31, 2012
Retail note receivables	$	605,868		$	903,644
Wholesale receivables		473,946			88,763
Finance lease receivables		56,556			62,615
Restricted receivables		10,573,408			9,573,535
Commercial revolving accounts receivables		269,015			226,039
Gross receivables		11,978,793			10,854,596
Less: allowance for credit losses		(109,419	)		(122,320	)
Total receivables, net	$	11,869,374		$	10,732,276

Restricted Receivables and Securitization

        As part of its overall funding strategy, the Company periodically transfers certain financial receivables into VIEs that are special purpose entities ("SPEs") as part of its asset-backed securitization programs.

        SPEs utilized in the securitization programs differ from other entities included in the Company's consolidated financial statements because the assets they hold are legally isolated from the Company's assets. For bankruptcy analysis purposes, the Company has sold the receivables to the SPEs in a true sale and the SPEs are separate legal entities. Upon transfer of the receivables to the SPEs, the receivables and certain cash flows derived from them become restricted for use in meeting obligations to the SPEs' creditors. The SPEs have ownership of cash balances that also have restrictions for the benefit of the SPEs' investors. The Company's interests in the SPEs' receivables are subordinate to the interests of third-party investors. None of the receivables that are directly or indirectly sold or transferred in any of these transactions are available to pay the Company's creditors until all obligations of the SPE have been fulfilled or the receivables are removed from the SPE.

        The secured borrowings related to the restricted receivables are obligations that are payable as the receivables are collected.

        The following table summarizes the restricted and off-book receivables and the related retained interests as of June 30, 2013 and December 31, 2012:

	Restricted Receivables				Off-Book Receivables				Retained Interests
	June 30, 2013		December 31, 2012		June 30, 2013		December 31, 2012		June 30, 2013		December 31, 2012
Retail note receivables	$	7,010,613	$	6,376,211	$	27,950	$	47,367	$	5,699	$	9,271
Wholesale receivables		3,549,618		3,176,410		—		—		—		—
Finance lease receivables		13,177		20,914		—		—		—		—
Total	$	10,573,408	$	9,573,535	$	27,950	$	47,367	$	5,699	$	9,271

11

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

        Within the U.S. retail receivables securitization programs, qualifying retail receivables are sold to limited purpose, bankruptcy-remote SPEs. In turn, these SPEs establish separate trusts to which the receivables are transferred in exchange for proceeds from asset-backed securities issued by the trusts. In Canada, the receivables are transferred directly to the trusts. These trusts were determined to be VIEs. In its role as servicer, CNH Capital has the power to direct the trusts' activities. Through its retained interests, the Company has an obligation to absorb certain losses, or the right to receive certain benefits, that could potentially be significant to the trusts. Consequently, the Company has consolidated these retail trusts.

        Three private retail transactions totaling $27,950 and $47,367 were not included in the Company's consolidated balance sheets as of June 30, 2013 and December 31, 2012, respectively.

        With regard to the wholesale receivable securitization programs, the Company sells certain eligible receivables on a revolving basis to structured master trust facilities which are limited-purpose, bankruptcy-remote SPEs. These trusts were determined to be VIEs. In its role as servicer, CNH Capital has the power to direct the trusts' activities. Through its retained interests, the Company provides security to investors in the event that cash collections from the receivables are not sufficient to make principal and interest payments on the securities. Consequently, CNH Capital has consolidated these wholesale trusts.

Allowance for Credit Losses

        The allowance for credit losses is the Company's estimate of probable losses for receivables owned by the Company and consists of two components, depending on whether the receivable has been individually identified as being impaired. The first component of the allowance for credit losses covers the receivables specifically reviewed by management for which the Company has determined it is probable that it will not collect all of the contractual principal and interest. Receivables are individually reviewed for impairment based on, among other items, amounts outstanding, days past due and prior collection history. These receivables are subject to impairment measurement at the loan level based either on the present value of expected future cash flows discounted at the receivables' effective interest rate or the fair value of the collateral for collateral-dependent receivables.

        The second component of the allowance for credit losses covers all receivables that have not been individually reviewed for impairment. The allowance for these receivables is based on aggregated portfolio evaluations, generally by financial product. The allowance for retail credit losses is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The allowance for wholesale credit losses is based on loss forecast models that consider the same factors as the retail models plus dealer risk ratings. The loss forecast models are updated on a quarterly basis. In addition, qualitative factors that are not fully captured in the loss forecast models, including industry trends, and macroeconomic factors are considered in the evaluation of the adequacy of the allowance for credit losses. These qualitative factors are subjective and require a degree of management judgment.

        Charge-offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is determined to be probable that all amounts due will not be collected.

12

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

        The Company's allowance for credit losses is segregated into three portfolio segments: retail, wholesale and other. A portfolio segment is the level at which the Company develops a systematic methodology for determining its allowance for credit losses. The retail segment includes retail notes and finance lease receivables. The wholesale segment includes wholesale financing to CNH North America dealers, and the other portfolio includes the Company's commercial revolving accounts.

        Further, the Company evaluates its portfolio segments by class of receivable: United States and Canada. Typically, the Company's receivables within a geographic area have similar risk profiles and methods for assessing and monitoring risk. These classes align with management reporting.

        Allowance for credit losses activity for the three months ended June 30, 2013 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	102,618		$	12,281		$	8,125		$	123,024
Charge-offs		(2,742	)		(64	)		(1,280	)		(4,086	)
Recoveries		987			206			746			1,939
(Benefit) provision		(6,624	)		(4,723	)		488			(10,859	)
Foreign currency translation and other		(537	)		(39	)		(23	)		(599	)
Ending balance	$	93,702		$	7,661		$	8,056		$	109,419

        Allowance for credit losses activity for the six months ended June 30, 2013 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	102,560		$	11,887		$	7,873		$	122,320
Charge-offs		(5,252	)		(127	)		(2,929	)		(8,308	)
Recoveries		1,782			241			1,595			3,618
(Benefit) provision		(4,636	)		(4,279	)		1,555			(7,360	)
Foreign currency translation and other		(752	)		(61	)		(38	)		(851	)
Ending balance	$	93,702		$	7,661		$	8,056		$	109,419
Ending balance: individually evaluated for impairment	$	17,300		$	5,167		$	—		$	22,467
Ending balance: collectively evaluated for impairment	$	76,402		$	2,494		$	8,056		$	86,952
Receivables:
Ending balance	$	7,686,214		$	4,023,564		$	269,015		$	11,978,793
Ending balance: individually evaluated for impairment	$	34,583		$	31,273		$	—		$	65,856
Ending balance: collectively evaluated for impairment	$	7,651,631		$	3,992,291		$	269,015		$	11,912,937

13

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

        Allowance for credit losses activity for the three months ended June 30, 2012 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	81,280		$	11,640		$	10,378		$	103,298
Charge-offs		(17,051	)		(38	)		(1,938	)		(19,027	)
Recoveries		1,023			44			739			1,806
Provision (benefit)		2,271			(183	)		1,028			3,116
Foreign currency translation and other		(60	)		(19	)		(28	)		(107	)
Ending balance	$	67,463		$	11,444		$	10,179		$	89,086

        Allowance for credit losses activity for the six months ended June 30, 2012 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	83,233		$	12,163		$	11,277		$	106,673
Charge-offs		(21,389	)		(38	)		(4,368	)		(25,795	)
Recoveries		2,879			102			1,502			4,483
Provision (benefit)		2,759			(788	)		1,767			3,738
Foreign currency translation and other		(19	)		5			1			(13	)
Ending balance	$	67,463		$	11,444		$	10,179		$	89,086
Ending balance: individually evaluated for impairment	$	25,089		$	9,603		$	—		$	34,692
Ending balance: collectively evaluated for impairment	$	42,374		$	1,841		$	10,179		$	54,394
Receivables:
Ending balance	$	6,550,358		$	3,684,465		$	291,077		$	10,525,900
Ending balance: individually evaluated for impairment	$	47,343		$	72,827		$	—		$	120,170
Ending balance: collectively evaluated for impairment	$	6,503,015		$	3,611,638		$	291,077		$	10,405,730

14

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

        Allowance for credit losses activity for the year ended December 31, 2012 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	83,233		$	12,163		$	11,277		$	106,673
Charge-offs		(28,238	)		(1,857	)		(7,906	)		(38,001	)
Recoveries		5,206			312			3,276			8,794
Provision		42,135			1,245			1,198			44,578
Foreign currency translation and other		224			24			28			276
Ending balance	$	102,560		$	11,887		$	7,873		$	122,320
Ending balance: individually evaluated for impairment	$	28,266		$	9,512		$	—		$	37,778
Ending balance: collectively evaluated for impairment	$	74,294		$	2,375		$	7,873		$	84,542
Receivables:
Ending balance	$	7,363,384		$	3,265,173		$	226,039		$	10,854,596
Ending balance: individually evaluated for impairment	$	48,195		$	61,752		$	—		$	109,947
Ending balance: collectively evaluated for impairment	$	7,315,189		$	3,203,421		$	226,039		$	10,744,649

        Utilizing an internal credit scoring model, which considers customers' attributes, prior credit history and each retail transaction's attributes, the Company assigns a credit quality rating to each retail customer, by specific transaction, as part of the retail underwriting process. This rating is used in setting the terms on the transaction, including the interest rate. The credit quality rating is not updated after the transaction is finalized. A description of the general characteristics of the customers' risk grades is as follows:

        Titanium—Customers from whom the Company expects no collection or loss activity.

        Platinum—Customers from whom the Company expects minimal, if any, collection or loss activity.

        Gold, Silver, Bronze—Customers defined as those with the potential for collection or loss activity.

15

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

        A breakdown of the retail portfolio by the customer's risk grade at the time of origination as of June 30, 2013 and December 31, 2012 is as follows:

	June 30, 2013		December 31, 2012
Titanium	$	4,265,481	$	4,038,596
Platinum		2,052,434		1,994,248
Gold		1,160,767		1,124,612
Silver		184,316		185,712
Bronze		23,216		20,216
Total	$	7,686,214	$	7,363,384

        As part of the ongoing monitoring of the credit quality of the wholesale portfolio, the Company utilizes an internal credit scoring model that assigns a risk grade for each dealer. The scoring model considers the strength of the dealer's financial condition and payment history. The Company considers the dealers' ratings in the quarterly credit allowance analysis. A description of the general characteristics of the dealer risk grades is as follows:

        Grades A and B—Includes receivables due from dealers that have significant capital strength, moderate leverage, stable earnings and growth, and excellent payment performance.

        Grade C—Includes receivables due from dealers with moderate credit risk. Dealers of this grade are differentiated from higher grades on a basis of leverage or payment performance.

        Grade D—Includes receivables due from dealers with additional credit risk. These dealers require additional monitoring due to their weaker financial condition or payment performance.

        A breakdown of the wholesale portfolio by its credit quality indicators as of June 30, 2013 and December 31, 2012 is as follows:

	June 30, 2013		December 31, 2012
A	$	2,377,514	$	1,873,495
B		1,202,645		967,849
C		274,685		245,652
D		168,720		178,177
Total	$	4,023,564	$	3,265,173

        The following tables present information at the level at which management assesses and monitors its credit risk. Receivables are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Delinquency is reported on receivables greater than 30 days past due.

16

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

        The aging of receivables as of June 30, 2013 and December 31, 2012 is as follows:

	June 30, 2013
	31 - 60 Days Past Due		61 - 90 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Receivables		Recorded Investment > 90 Days and Accruing
Retail
United States	$	15,437	$	5,954	$	15,706	$	37,097	$	6,375,788	$	6,412,885	$	2,168
Canada	$	1,705	$	518	$	487	$	2,710	$	1,270,619	$	1,273,329	$	363
Wholesale
United States	$	632	$	365	$	213	$	1,210	$	3,151,080	$	3,152,290	$	1
Canada	$	677	$	712	$	118	$	1,507	$	869,767	$	871,274	$	—
Total
Retail	$	17,142	$	6,472	$	16,193	$	39,807	$	7,646,407	$	7,686,214	$	2,531
Wholesale	$	1,309	$	1,077	$	331	$	2,717	$	4,020,847	$	4,023,564	$	1

	December 31, 2012
	31 - 60 Days Past Due		61 - 90 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Receivables		Recorded Investment > 90 Days and Accruing
Retail
United States	$	18,676	$	4,972	$	21,736	$	45,384	$	6,047,807	$	6,093,191	$	2,994
Canada	$	1,941	$	326	$	387	$	2,654	$	1,267,539	$	1,270,193	$	265
Wholesale
United States	$	514	$	28	$	580	$	1,122	$	2,512,270	$	2,513,392	$	130
Canada	$	284	$	11	$	783	$	1,078	$	750,703	$	751,781	$	313
Total
Retail	$	20,617	$	5,298	$	22,123	$	48,038	$	7,315,346	$	7,363,384	$	3,259
Wholesale	$	798	$	39	$	1,363	$	2,200	$	3,262,973	$	3,265,173	$	443

        Impaired receivables are receivables for which the Company has determined it will not collect all the principal and interest payments as per the terms of the contract. As of June 30, 2013 and December 31,

17

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

2012, the Company's recorded investment in impaired receivables individually evaluated for impairment and the related unpaid principal balances and allowances are as follows:

	June 30, 2013						December 31, 2012
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance recorded
Retail
United States	$	8,756	$	8,119	$	—	$	5,614	$	5,597	$	—
Canada	$	566	$	546	$	—	$	—	$	—	$	—
Wholesale
United States	$	—	$	—	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	25,261	$	23,866	$	17,300	$	42,581	$	37,475	$	28,266
Canada	$	—	$	—	$	—	$	—	$	—	$	—
Wholesale
United States	$	18,919	$	18,654	$	4,452	$	58,826	$	58,329	$	9,000
Canada	$	12,354	$	12,076	$	715	$	2,926	$	2,846	$	512
Total
Retail	$	34,583	$	32,531	$	17,300	$	48,195	$	43,072	$	28,266
Wholesale	$	31,273	$	30,730	$	5,167	$	61,752	$	61,175	$	9,512

18

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

        For the three months ended June 30, 2013 and 2012, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a four-month average) and the related interest income recognized are as follows:

	2013				2012
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded
Retail
United States	$	8,839	$	105	$	3,606	$	75
Canada	$	588	$	4	$	—	$	—
Wholesale
United States	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	27,838	$	320	$	45,611	$	399
Canada	$	—	$	—	$	—	$	—
Wholesale
United States	$	19,066	$	141	$	70,332	$	459
Canada	$	14,659	$	—	$	152	$	3
Total
Retail	$	37,265	$	429	$	49,217	$	474
Wholesale	$	33,725	$	141	$	70,484	$	462

19

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

        For the six months ended June 30, 2013 and 2012, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a seven-month average) and the related interest income recognized are as follows:

	2013				2012
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded
Retail
United States	$	8,731	$	192	$	3,781	$	131
Canada	$	609	$	11	$	—	$	—
Wholesale
United States	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	31,240	$	768	$	42,704	$	738
Canada	$	—	$	—	$	—	$	—
Wholesale
United States	$	19,078	$	291	$	65,629	$	913
Canada	$	14,389	$	108	$	157	$	3
Total
Retail	$	40,580	$	971	$	46,485	$	869
Wholesale	$	33,467	$	399	$	65,786	$	916

        Recognition of income is generally suspended when management determines that collection of future finance income is not probable or when an account becomes 120 days delinquent, whichever occurs first. Interest accrual is resumed if the receivable becomes contractually current and management determines that collection is probable. Previously suspended income is recognized at that time. The receivables on nonaccrual status as of June 30, 2013 and December 31, 2012 are as follows:

	June 30, 2013						December 31, 2012
	Retail		Wholesale		Total		Retail		Wholesale		Total
United States	$	15,750	$	18,654	$	34,404	$	29,130	$	58,329	$	87,459
Canada	$	124	$	12,076	$	12,200	$	122	$	2,846	$	2,968

Troubled Debt Restructurings

        A restructuring of a receivable constitutes a troubled debt restructuring ("TDR") when the lender grants a concession it would not otherwise consider to a borrower experiencing financial difficulties. As a collateral-based lender, the Company typically will repossess collateral in lieu of restructuring receivables. As such, for retail receivables, concessions are typically provided based on bankruptcy court proceedings.

20

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

For wholesale receivables, concessions granted may include extended contract maturities, inclusion of interest-only periods, modification of a contractual interest rate to a below market interest rate and waiving of interest and principal.

        TDRs are reviewed along with other receivables as part of management's ongoing evaluation of the adequacy of the allowance for credit losses. The allowance for credit losses attributable to TDRs is based on the most probable source of repayment, which is normally the liquidation of collateral. In determining collateral value, the Company estimates the current fair market value of the equipment collateral and considers credit enhancements such as additional collateral and third-party guarantees.

        Before removing a receivable from TDR classification, a review of the borrower is conducted. If concerns exist about the future ability of the borrower to meet its obligations under the loans based on a credit review, the TDR classification is not removed from the receivable.

        As of June 30, 2013, the Company had approximately 900 retail and finance lease receivable contracts in legal or bankruptcy status (i.e., a contract which is, or has been assigned to be, the subject of a lawsuit or bankruptcy proceeding), of which the pre-modification value was $24,637 and the post-modification value was $22,041. A court has determined the concession in 550 of these cases. The pre-modification value of these contracts was $9,074 and the post-modification value was $7,501. As of June 30, 2012, the Company had approximately 1,200 retail and finance lease receivable contracts in legal or bankruptcy status, of which the pre-modification value was $30,429 and the post-modification value was $28,097. A court has determined the concession in 700 of these cases. The pre-modification value of these contracts was $12,180 and the post-modification value was $10,524. As the outcome of the bankruptcy cases is determined by a court based on available assets, subsequent re-defaults are unusual and were not material for retail and finance lease receivable contracts that were modified in a TDR during the 12 months ended June 30, 2013 and 2012.

        As of June 30, 2013, the Company had four wholesale agreements with a pre- and post-modification balance of approximately $1,586 and $326, respectively. As of June 30, 2012, the Company had six wholesale agreements with a pre- and post- modification balance of approximately $26,144 and $24,796, respectively. The wholesale TDRs that subsequently re-defaulted were immaterial for the 12 months ended June 30, 2013 and 2012.

NOTE 5: DEBT

        On April 8, 2013, CNH Capital LLC completed the offering of $600,000 in aggregate principal amount of 3.625% unsecured notes due 2018, issued at par.

        On April 24, 2013, the Company, through a bankruptcy-remote trust, issued C$411,975 ($407,579) of amortizing, asset-backed notes secured by Canadian retail loan contracts.

        On May 30, 2013, the Company, through a bankruptcy-remote trust, issued $725,097 of amortizing, asset-backed notes secured by U.S. retail loan contracts

        On May 22, 2013, the Company renewed a $500,000 U.S. wholesale committed asset-backed facility, with a maturity date of May 21, 2014.

21

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 5: DEBT (Continued)

        On June 17, 2013, the Company executed a new $300,000 U.S. wholesale committed asset-backed facility, for a rolling (evergreen) six-month term with an original maturity date of December 17, 2013.

NOTE 6: INCOME TAXES

        The effective tax rates for the three months ended June 30, 2013 and 2012 were 35.2% and 35.8%, respectively. The effective tax rate was 33.6% for the six-month period ended June 30, 2013, compared to 35.4% for the same period in 2012. The lower rate in 2013 was primarily due to the retroactive reinstatement of the exception to U.S. taxation of active financing income as a result of the American Taxpayer Relief Act of 2012 for approximately $2,671 and changes in the geographic mix of income earned within the U.S.

        The Company's provision for income taxes is based on an estimated tax rate for the year applied to the year-to-date federal, state and foreign income. The 2013 estimated annual tax rate is expected to be lower than the U.S. federal corporate income tax rate of 35% primarily due to profits in tax jurisdictions with lower rates, in addition to favorable changes in certain state income tax legislation. The President of the United States signed the American Taxpayer Relief Act of 2012 on January 2, 2013. As a result, the tax impact of this legislation was taken into account in the quarter in which the legislation was enacted by Congress and signed into law by the President. The Company reflected the tax benefit of this legislation in its financial statements for the first quarter of 2013 by reducing the U.S. tax on active financing income by approximately $2,671.

NOTE 7: FINANCIAL INSTRUMENTS

        The Company may elect to measure many financial instruments and certain other items at fair value. This fair value option must be applied on an instrument-by-instrument basis with changes in fair value reported in earnings. The election can be made at the acquisition of an eligible financial asset, financial liability, or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once made. The Company did not elect the fair value measurement option for eligible items.

Fair-Value Hierarchy

        U.S. GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's internally-developed market assumptions. These two types of inputs have created the following fair-value hierarchy:

Level 1—Quoted prices for identical instruments in active markets.

Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

22

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 7: FINANCIAL INSTRUMENTS (Continued)

        This hierarchy requires the use of observable market data when available.

Determination of Fair Value

        When available, the Company uses quoted market prices to determine fair value and classifies such items in Level 1. In some cases where a market price is not available, the Company will make use of observable market-based inputs to calculate fair value, in which case the items are classified in Level 2.

        If quoted or observable market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters such as interest rates, currency rates, or yield curves. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable.

        The following section describes the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the valuation models and the key inputs to those models, as well as any significant assumptions.

Derivatives

        The Company utilizes derivative instruments to mitigate its exposure to interest rate and foreign currency exposures. Derivatives used as hedges are effective at reducing the risk associated with the exposure being hedged and are designated as a hedge at the inception of the derivative contract. The Company does not hold or issue derivative or other financial instruments for speculative purposes. The credit risk for the interest rate hedges is reduced through diversification among counterparties, utilizing mandatory termination clauses and/or collateral support agreements. Derivative instruments are generally classified in Level 2 or 3 of the fair value hierarchy. The cash flows underlying all derivative contracts were recorded in operating activities in the consolidated statements of cash flows.

Interest Rate Derivatives

        The Company has entered into interest rate derivatives in order to manage interest rate exposures arising in the normal course of business. Interest rate derivatives that have been designated in cash flow hedging relationships are being used by the Company to mitigate the risk of rising interest rates related to debt and anticipated issuance of fixed-rate debt in future periods. Gains and losses on these instruments, to the extent that the hedge relationship has been effective, are deferred in accumulated other comprehensive income (loss) and recognized in interest expense over the period in which the Company recognizes interest expense on the related debt. Ineffectiveness recognized related to these hedging relationships was not significant for the three and six months ended June 30, 2013 and 2012. These amounts are recorded in "Other expenses" in the consolidated statements of income. The maximum length of time over which the Company is hedging its interest rate exposure through the use of derivative instruments designated in cash flow hedge relationships is 49 months. The after-tax losses deferred in

23

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 7: FINANCIAL INSTRUMENTS (Continued)

accumulated other comprehensive income that will be recognized in interest expense over the next 12 months are approximately $3,388.

        The Company also enters into interest rate derivatives with substantially similar economic terms that are not designated as hedging instruments to mitigate interest rate risk related to the Company's committed asset-backed facilities. These facilities require the Company to enter into interest rate derivatives. To ensure that these transactions do not result in the Company being exposed to this risk, the Company enters into an offsetting position. Unrealized and realized gains and losses resulting from fair value changes in these instruments are recognized directly in income and were insignificant for the three and six months ended June 30, 2013 and 2012.

        Most of the Company's interest rate derivatives are considered Level 2. The fair market value of these derivatives is calculated using market data input for forecasted benchmark interest rates and can be compared to actively traded derivatives. When the future notional amount of the Company's interest rate derivatives is not known in advance, these derivatives are considered Level 3 derivatives. The fair market value of these derivatives is calculated using market data input and a forecasted future notional balance. The total notional amount of the Company's interest rate derivatives was approximately $2,918,805 and $1,926,633 at June 30, 2013 and December 31, 2012, respectively. The seven-month average notional amounts as of June 30, 2013 and 2012 were $2,632,791 and $2,931,235, respectively.

Foreign Exchange Contracts

        The Company uses forward contracts to hedge certain assets and liabilities denominated in foreign currencies. Such derivatives are considered economic hedges and are not designated as hedging instruments. The changes in the fair value of these instruments are recognized directly as income in "Other expenses" and are expected to offset the foreign exchange gains or losses on the exposures being managed.

        All of the Company's foreign exchange derivatives are considered Level 2 as the fair value is calculated using market data input and can be compared to actively traded derivatives.

24

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 7: FINANCIAL INSTRUMENTS (Continued)

Financial Statement Impact of the Company's Derivatives

        The fair values of the Company's derivatives as of June 30, 2013 and December 31, 2012 in the consolidated balance sheets are recorded as follows:

	June 30, 2013		December 31, 2012
Derivatives Designated as Hedging Instruments:
Other assets:
Interest rate derivatives	$	795	$	—
Derivatives Not Designated as Hedging Instruments:
Other assets:
Interest rate derivatives	$	8,100	$	2,788
Foreign exchange contracts		16		15
Total	$	8,116	$	2,803
Accounts payable and other accrued liabilities:
Interest rate derivatives	$	8,100	$	2,744
Foreign exchange contracts		—		20
Total	$	8,100	$	2,764

        Pre-tax gains (losses) on the consolidated statements of income related to the Company's derivatives for the three and six months ended June 30, 2013 and 2012 are recorded in the following accounts:

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Cash Flow Hedges
Losses recognized in accumulated other comprehensive income(effective portion)
Interest rate derivatives	$	786		$	(55	)	$	566		$	(365	)
Reclassified from accumulated other comprehensive income (effective portion)
Interest rate derivatives—Interest expense to third parties		(1,723	)		(1,728	)		(3,279	)		(3,719	)
Recognized directly in income (ineffective portion)
Interest rate derivatives—Other expenses		—			(4	)		—			22
Not Designated as Hedges
Interest rate derivatives—Other expenses	$	17		$	(1	)	$	86		$	(48	)

25

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 7: FINANCIAL INSTRUMENTS (Continued)

Items Measured at Fair Value on a Recurring Basis

        The following tables present for each of the fair-value hierarchy levels the Company's assets and liabilities that are measured at fair value on a recurring basis at June 30, 2013 and December 31, 2012:

	Level 2				Level 3				Total
	June 30, 2013		December 31, 2012		June 30, 2013		December 31, 2012		June 30, 2013		December 31, 2012
Assets
Interest rate derivatives	$	8,895	$	2,788	$	—	$	—	$	8,895	$	2,788
Foreign exchange contracts		16		15		—		—		16		15
Retained interests		—		—		5,699		9,271		5,699		9,271
Total assets	$	8,911	$	2,803	$	5,699	$	9,271	$	14,610	$	12,074
Liabilities
Interest rate derivatives	$	8,100	$	2,744	$	—	$	—	$	8,100	$	2,744
Foreign exchange contracts		—		20		—		—		—		20
Total liabilities	$	8,100	$	2,764	$	—	$	—	$	8,100	$	2,764

        There were no transfers between Level 1, Level 2 and Level 3 hierarchy levels during the periods presented.

        The following table presents the changes in the Level 3 fair-value category for the six months ended June 30, 2013 and 2012:

	Retained Interests			Derivative Financial Instruments
Balance at January 1, 2012	$	17,289		$	15
Total gains or losses (realized/unrealized):
Included in earnings		168			65
Included in other comprehensive income (loss)		617			(80	)
Settlements		(5,243	)		—
Balance at June 30, 2012	$	12,831		$	—
Balance at January 1, 2013	$	9,271		$	—
Total gains or losses (realized/unrealized):
Included in earnings		387			—
Included in other comprehensive income (loss)		(396	)		—
Settlements		(3,563	)		—
Balance at June 30, 2013	$	5,699		$	—

26

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 7: FINANCIAL INSTRUMENTS (Continued)

Fair Value of Other Financial Instruments

        The carrying amount of cash and cash equivalents, restricted cash, floating-rate affiliated accounts and notes receivable, floating-rate short-term debt, interest payable, short-term affiliated debt and floating-rate long-term debt was assumed to approximate its fair value. Under the fair value hierarchy, cash and cash equivalents and restricted cash are classified as Level 1 and the remainder of the financial instruments listed are measured as Level 2.

Financial Instruments Not Carried at Fair Value

        The carrying amount and estimated fair value of assets and liabilities considered financial instruments as of June 30, 2013 and December 31, 2012 are as follows:

	June 30, 2013				December 31, 2012
	Carrying Amount		Estimated Fair Value*		Carrying Amount		Estimated Fair Value*
Receivables	$	11,869,374	$	11,909,269	$	10,732,276	$	11,074,646
Long-term debt	$	7,122,399	$	7,155,316	$	6,321,551	$	6,451,544

*

Under the fair value hierarchy, all measurements are Level 2.

Financial Assets

        The fair value of receivables was determined by discounting the estimated future payments using a discount rate which includes an estimate for credit risk.

Financial Liabilities

        The fair values of fixed-rate affiliated and fixed-rate long-term debt were based on current market quotes for identical or similar borrowings and credit risk.

NOTE 8: SEGMENT AND GEOGRAPHICAL INFORMATION

        The Company's segment data is based on disclosure requirements of accounting guidance on segment reporting, which requires financial information be reported on the basis that is used internally for measuring segment performance. The Company's reportable segments are strategic business units that are organized around differences in geographic areas. Each segment is managed separately as they require different knowledge of regulatory environments and marketing strategies. The operating segments offer primarily the same services within each of the respective segments.

27

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 8: SEGMENT AND GEOGRAPHICAL INFORMATION (Continued)

        A summary of the Company's reportable segment information is as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Revenues
United States	$	164,465		$	158,672		$	323,671		$	315,771
Canada		49,143			48,351			96,869			94,515
Eliminations		(1,276	)		(458	)		(2,543	)		(458	)
Total	$	212,332		$	206,565		$	417,997		$	409,828
Interest expense
United States	$	50,825		$	51,348		$	99,448		$	101,947
Canada		13,383			12,684			25,502			27,401
Eliminations		(1,276	)		(458	)		(2,543	)		(458	)
Total	$	62,932		$	63,574		$	122,407		$	128,890
Segment net income
United States	$	54,763		$	37,991		$	100,672		$	81,209
Canada		14,249			16,581			32,200			30,926
Total	$	69,012		$	54,572		$	132,872		$	112,135
Depreciation and amortization
United States	$	20,210		$	18,608		$	39,597		$	37,843
Canada		8,247			8,133			16,293			16,116
Total	$	28,457		$	26,741		$	55,890		$	53,959
Expenditures for equipment on operating leases
United States	$	93,453		$	54,687		$	206,178		$	131,301
Canada		37,500			29,556			57,253			51,532
Total	$	130,953		$	84,243		$	263,431		$	182,833
(Benefit) provision for credit losses, net
United States	$	(13,772	)	$	3,215		$	(9,832	)	$	3,566
Canada		2,913			(99	)		2,472			172
Total	$	(10,859	)	$	3,116		$	(7,360	)	$	3,738

28

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 8: SEGMENT AND GEOGRAPHICAL INFORMATION (Continued)

	As of June 30, 2013			As of December 31, 2012
Segment assets
United States	$	11,334,429		$	11,016,740
Canada		2,576,337			2,555,140
Eliminations		(212,824	)		(225,351	)
Total	$	13,697,942		$	13,346,529
Managed portfolio
United States	$	9,830,646		$	8,849,079
Canada		2,176,097			2,052,884
Total	$	12,006,743		$	10,901,963

NOTE 9: RELATED-PARTY TRANSACTIONS

        The summary of sources included in "Interest and other income from affiliates" in the accompanying consolidated statements of income for the three and six months ended June 30, 2013 and 2012 is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Retail subsidy from CNH North America	$	53,553	$	51,631	$	108,529	$	104,974
Wholesale subsidy:
CNH North America		37,269		37,763		71,271		71,446
Other affiliates		514		858		1,328		1,818
Operating lease subsidy from CNH North America		8,870		7,188		17,105		14,462
Lending funds:
CNH North America		—		—		—		350
Other affiliates		—		—		—		—
Total interest and other income from affiliates	$	100,206	$	97,440	$	198,233	$	193,050

        The Company receives compensation from CNH North America for retail installment sales contracts and finance leases that were created under certain low-rate financing programs and interest waiver programs offered to customers by CNH North America. For selected operating leases, CNH North America compensates the Company for the difference between the market rental rates and the amount paid by the customer. Similarly, for selected wholesale receivables, CNH North America and other affiliates compensate the Company for the difference between market rates and the amount paid by the dealer. The Company is also compensated for lending funds to CNH North America and other affiliates for various purposes.

        Fees charged by affiliates represent all personnel and administrative tasks CNH America performs on behalf of the Company.

29

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 9: RELATED-PARTY TRANSACTIONS (Continued)

        As of June 30, 2013 and December 31, 2012, the Company has various accounts and notes receivable and debt with the following affiliates:

	June 30, 2013		December 31, 2012
Affiliated receivables from:
CNH America	$	1,437	$	64,708
CNH Canada Ltd.		611		17,797
Other affiliates		12,511		12,874
Total affiliated receivables	$	14,559	$	95,379
Affiliated debt owed to:
CNH America	$	497,630	$	788,381
CNH Canada Ltd.		75,794		60,651
Fiat Industrial		5,000		15,000
Total affiliated debt	$	578,424	$	864,032

        Accounts payable and other accrued liabilities of $41,329 and $15,418, respectively, as of June 30, 2013 and December 31, 2012, were payable to related parties.

        CNH Canada Ltd., an affiliated entity, owns 76,618,488 shares of preferred stock in CNH Capital Canada Ltd, one of the Company's subsidiaries. This is recorded as "Noncontrolling interest" in the stockholder's equity in the accompanying consolidated balance sheets. These shares earn dividends of 12-month LIBOR plus 1.2% per annum. The dividends are accrued annually and are recorded in "Net income attributed to noncontrolling interest" in the consolidated statements of income. The accrued, but not declared, dividends are included in "Noncontrolling interest" in the stockholder's equity in the accompanying consolidated balance sheets.

NOTE 10: COMMITMENTS AND CONTINGENCIES

Legal Matters

        The Company is party to various litigation matters and claims arising from its operations. Management believes that the outcome of these proceedings, individually and in the aggregate, will not have a material adverse effect on the Company's financial position or results of operations.

Guarantees

        The Company provides payment guarantees on the financial debt of various foreign financial services subsidiaries of CNH for approximately $263,975. The guarantees are in effect for the term of the underlying funding facilities, which have various maturities through 2015.

30

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 10: COMMITMENTS AND CONTINGENCIES (Continued)

Commitments

        At June 30, 2013, the Company has various agreements to extend credit for the following managed portfolios:

	Total Credit Limit		Utilized		Not Utilized
Commercial revolving accounts	$	3,947,704	$	266,309	$	3,681,395
Wholesale and dealer financing	$	5,622,839	$	3,965,818	$	1,657,021

        The commercial revolving accounts are issued by the Company to retail customers for purchases of parts and services at CNH North America equipment dealers.

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

        CNH Capital America and New Holland Credit, which are 100%-owned subsidiaries of CNH Capital LLC (the "Guarantor Entities"), guarantee certain indebtedness of CNH Capital LLC. As the guarantees are full, unconditional, and joint and several and as the Guarantor Entities are 100%-owned by CNH Capital LLC, the Company has included the following condensed consolidating financial information as of June 30, 2013 and December 31, 2012 and for the three and six months ended June 30, 2013 and

31

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Continued)

2012. The condensed consolidating financial information reflects investments in consolidated subsidiaries under the equity method of accounting.

	Condensed Statements of Comprehensive Income for the Three Months Ended June 30, 2013
	CNH Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail and other notes and finance leases	$	—		$	2,762		$	60,292		$	—		$	63,054
Interest and other income from affiliates		18,560			47,780			89,948			(56,082	)		100,206
Rental income on operating leases		—			19,586			14,459			—			34,045
Servicing fee income		—			21,140			8			(21,008	)		140
Other income		—			12,388			2,499			—			14,887
Total revenues		18,560			103,656			167,206			(77,090	)		212,332
EXPENSES
Interest expense:
Interest expense to third parties		23,705			902			33,248			—			57,855
Interest expense to affiliates		—			49,965			11,194			(56,082	)		5,077
Total interest expense		23,705			50,867			44,442			(56,082	)		62,932
Administrative and operating expenses:
Fees charged by affiliates		—			12,727			23,659			(21,008	)		15,378
Benefit for credit losses, net		—			(7,497	)		(3,362	)		—			(10,859	)
Depreciation of equipment on operating leases		—			15,964			12,242			—			28,206
Other expenses (income)		—			11,047			(859	)		—			10,188
Total operating expenses		—			32,241			31,680			(21,008	)		42,913
Total expenses		23,705			83,108			76,122			(77,090	)		105,845
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(5,145	)		20,548			91,084			—			106,487
Income tax (benefit) provision		(2,016	)		7,510			31,981			—			37,475
Equity in income of consolidated subsidiaries accounted for under the equity method		71,784			58,746			—			(130,530	)		—
NET INCOME		68,655			71,784			59,103			(130,530	)		69,012
Net income attributed to noncontrolling interest		—			—			(357	)		—			(357	)
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	68,655		$	71,784		$	58,746		$	(130,530	)	$	68,655
COMPREHENSIVE INCOME	$	49,665		$	52,793		$	43,412		$	(95,848	)	$	50,022
Comprehensive income attributed to noncontrolling interest		—			—			(357	)		—			(357	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	49,665		$	52,793		$	43,055		$	(95,848	)	$	49,665

32

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Continued)

	Condensed Statements of Comprehensive Income for the Six Months Ended June 30, 2013
	CNH Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail and other notes and finance leases	$	—		$	5,136		$	118,651		$	—		$	123,787
Interest and other income from affiliates		29,567			92,647			177,218			(101,199	)		198,233
Rental income on operating leases		—			38,389			28,783			—			67,172
Servicing fee income		—			41,653			37			(41,418	)		272
Other income		—			23,832			4,701			—			28,533
Total revenues		29,567			201,657			329,390			(142,617	)		417,997
EXPENSES
Interest expense:
Interest expense to third parties		42,275			1,601			68,142			—			112,018
Interest expense to affiliates		—			92,124			19,464			(101,199	)		10,389
Total interest expense		42,275			93,725			87,606			(101,199	)		122,407
Administrative and operating expenses:
Fees charged by affiliates		—			24,914			46,912			(41,418	)		30,408
(Benefit) provision for credit losses, net		—			(11,537	)		4,177			—			(7,360	)
Depreciation of equipment on operating leases		—			31,022			24,355			—			55,377
Other expenses (income)		—			19,057			(1,982	)		—			17,075
Total operating expenses		—			63,456			73,462			(41,418	)		95,500
Total expenses		42,275			157,181			161,068			(142,617	)		217,907
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(12,708	)		44,476			168,322			—			200,090
Income tax (benefit) provision		(4,980	)		17,165			55,033			—			67,218
Equity in income of consolidated subsidiaries accounted for under the equity method		139,825			112,514			—			(252,339	)		—
NET INCOME		132,097			139,825			113,289			(252,339	)		132,872
Net income attributed to noncontrolling interest		—			—			(775	)		—			(775	)
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	132,097		$	139,825		$	112,514		$	(252,339	)	$	132,097
COMPREHENSIVE INCOME	$	99,460		$	107,187		$	86,268		$	(192,680	)	$	100,235
Comprehensive income attributed to noncontrolling interest		—			—			(775	)		—			(775	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	99,460		$	107,187		$	85,493		$	(192,680	)	$	99,460

33

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Continued)

	Condensed Balance Sheets as of June 30, 2013
	CNH Capital LLC		Guarantor Entities			All Other Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	155,091		$	55,807	$	—		$	210,898
Restricted cash		—		100			547,313		—			547,413
Receivables, less allowance for credit losses		—		1,308,063			10,561,311		—			11,869,374
Retained interests in securitized receivables		—		5,104			5,305		(4,710	)		5,699
Affiliated accounts and notes receivable		1,751,671		1,873,407			1,384,350		(4,994,869	)		14,559
Equipment on operating leases, net		—		497,614			332,716		—			830,330
Equipment held for sale		—		25,320			7,062		—			32,382
Investments in consolidated subsidiaries accounted for under the equity method		1,570,512		1,825,695			—		(3,396,207	)		—
Goodwill and intangible assets, net		—		85,641			34,387		—			120,028
Other assets		21,744		(21,152	)		66,667		—			67,259
TOTAL	$	3,343,927	$	5,754,883		$	12,994,918	$	(8,395,786	)	$	13,697,942
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Short-term debt, including current maturities of long-term debt	$	—	$	82,840		$	4,118,825	$	—		$	4,201,665
Accounts payable and other accrued liabilities		17,558		1,781,750			1,056,373		(2,444,339	)		411,342
Affiliated debt		—		2,237,813			895,851		(2,555,240	)		578,424
Long-term debt		2,000,000		81,968			5,040,431		—			7,122,399
Total liabilities		2,017,558		4,184,371			11,111,480		(4,999,579	)		12,313,830
Stockholder's equity		1,326,369		1,570,512			1,883,438		(3,396,207	)		1,384,112
TOTAL	$	3,343,927	$	5,754,883		$	12,994,918	$	(8,395,786	)	$	13,697,942

34

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Continued)

	Condensed Statements of Cash Flows for the Six Months Ended June 30, 2013
	CNH Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) from operating activities	$	(400,000	)	$	151,676		$	90,357		$	410,163		$	252,196
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired		—			(7,740,817	)		(8,292,065	)		6,408,299			(9,624,583	)
Collections of receivables		—			7,579,325			7,209,807			(6,407,934	)		8,381,198
Decrease in restricted cash		—			—			174,089			—			174,089
Purchase of equipment on operating leases, net		—			(98,037	)		(44,210	)		—			(142,247	)
Other investing activities		—			(40	)		(26	)		—			(66	)
Net cash (used in) from investing activities		—			(259,569	)		(952,405	)		365			(1,211,609	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity		—			91,143			37,796			(410,528	)		(281,589	)
Net increase (decrease) in indebtedness		600,000			(85,160	)		351,147			—			865,987
Dividends paid to CNH America LLC		(200,000	)		—			—			—			(200,000	)
Net cash from (used in) financing activities		400,000			5,983			388,943			(410,528	)		384,398
DECREASE IN CASH AND CASH EQUIVALENTS		—			(101,910	)		(473,105	)		—			(575,015	)
CASH AND CASH EQUIVALENTS:
Beginning of period		—			257,001			528,912			—			785,913
End of period	$	—		$	155,091		$	55,807		$	—		$	210,898

35

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Continued)

	Condensed Statements of Comprehensive Income for the Three Months Ended June 30, 2012
	CNH Capital LLC			Guarantor Entities		All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail and other notes and finance leases	$	—		$	3,117	$	55,500		$	—		$	58,617
Interest and other income from affiliates		—			43,657		88,959			(35,176	)		97,440
Rental income on operating leases		—			21,666		11,258			—			32,924
Servicing fee income		—			20,200		37			(19,949	)		288
Other income		—			7,485		9,811			—			17,296
Total revenues		—			96,125		165,565			(55,125	)		206,565
EXPENSES
Interest expense:
Interest expense to third parties		10,724			2,569		42,756			—			56,049
Interest expense to affiliates		79			34,495		8,127			(35,176	)		7,525
Total interest expense		10,803			37,064		50,883			(35,176	)		63,574
Administrative and operating expenses:
Fees charged by affiliates		—			14,693		22,791			(19,949	)		17,535
Provision for credit losses, net		—			183		2,933			—			3,116
Depreciation of equipment on operating leases		—			17,174		9,287			—			26,461
Other expenses		—			6,395		4,428			—			10,823
Total operating expenses		—			38,445		39,439			(19,949	)		57,935
Total expenses		10,803			75,509		90,322			(55,125	)		121,509
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(10,803	)		20,616		75,243			—			85,056
Income tax (benefit) provision		(4,234	)		8,664		26,054			—			30,484
Equity in income of consolidated subsidiaries accounted for under the equity method		60,753			48,801		—			(109,554	)		—
NET INCOME		54,184			60,753		49,189			(109,554	)		54,572
Net income attributed to noncontrolling interest		—			—		(388	)		—			(388	)
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	54,184		$	60,753	$	48,801		$	(109,554	)	$	54,184
COMPREHENSIVE INCOME	$	42,307		$	48,876	$	37,368		$	(85,856	)	$	42,695
Comprehensive income attributed to noncontrolling interest		—			—		(388	)		—			(388	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	42,307		$	48,876	$	36,980		$	(85,856	)	$	42,307

36

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Continued)

	Condensed Statements of Comprehensive Income for the Six Months Ended June 30, 2012
	CNH Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail and other notes and finance leases	$	—		$	6,752		$	110,104		$	—		$	116,856
Interest and other income from affiliates		—			83,909			174,733			(65,592	)		193,050
Rental income on operating leases		—			42,088			23,904			—			65,992
Servicing fee income		—			39,013			96			(38,515	)		594
Other income		—			13,767			19,569			—			33,336
Total revenues		—			185,529			328,406			(104,107	)		409,828
EXPENSES
Interest expense:
Interest expense to third parties		20,608			3,411			87,172			—			111,191
Interest expense to affiliates		145			65,368			17,778			(65,592	)		17,699
Total interest expense		20,753			68,779			104,950			(65,592	)		128,890
Administrative and operating expenses:
Fees charged by affiliates		—			26,276			44,522			(38,515	)		32,283
(Benefit) provision for credit losses, net		—			(14,029	)		17,767			—			3,738
Depreciation of equipment on operating leases		—			33,673			19,721			—			53,394
Other expenses		—			15,167			2,860			—			18,027
Total operating expenses		—			61,087			84,870			(38,515	)		107,442
Total expenses		20,753			129,866			189,820			(104,107	)		236,332
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(20,753	)		55,663			138,586			—			173,496
Income tax (benefit) provision		(8,133	)		21,761			47,733			—			61,361
Equity in income of consolidated subsidiaries accounted for under the equity method		124,003			90,101			—			(214,104	)		—
NET INCOME		111,383			124,003			90,853			(214,104	)		112,135
Net income attributed to noncontrolling interest		—			—			(752	)		—			(752	)
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	111,383		$	124,003		$	90,101		$	(214,104	)	$	111,383
COMPREHENSIVE INCOME	$	111,744		$	124,364		$	91,195		$	(214,807	)	$	112,496
Comprehensive income attributed to noncontrolling interest		—			—			(752	)		—			(752	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	111,744		$	124,364		$	90,443		$	(214,807	)	$	111,744

37

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Continued)

	Condensed Balance Sheets as of December 31, 2012
	CNH Capital LLC		Guarantor Entities			All Other Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	257,001		$	528,912	$	—		$	785,913
Restricted cash		—		100			727,086		—			727,186
Receivables, less allowance for credit losses		—		1,136,838			9,595,438		—			10,732,276
Retained interests in securitized receivables		—		5,368			8,248		(4,345	)		9,271
Affiliated accounts and notes receivable		1,357,013		1,970,680			1,380,472		(4,612,786	)		95,379
Equipment on operating leases, net		—		430,599			323,772		—			754,371
Equipment held for sale		—		39,455			7,195		—			46,650
Investments in consolidated subsidiaries accounted for under the equity method		1,462,859		1,740,138			—		(3,202,997	)		—
Goodwill and intangible assets		—		86,095			36,130		—			122,225
Other assets		21,765		(14,998	)		66,491		—			73,258
TOTAL	$	2,841,637	$	5,651,276		$	12,673,744	$	(7,820,128	)	$	13,346,529
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Short-term debt, including current maturities of long-term debt	$	—	$	110,557		$	4,119,680	$	—		$	4,230,237
Accounts payable and other accrued liabilities		15,194		1,791,778			1,112,745		(2,472,419	)		447,298
Affiliated debt		—		2,146,670			862,074		(2,144,712	)		864,032
Long-term debt		1,400,000		139,412			4,782,139		—			6,321,551
Total liabilities		1,415,194		4,188,417			10,876,638		(4,617,131	)		11,863,118
Stockholder's equity		1,426,443		1,462,859			1,797,106		(3,202,997	)		1,483,411
TOTAL	$	2,841,637	$	5,651,276		$	12,673,744	$	(7,820,128	)	$	13,346,529

38

CNH CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Continued)

	Condensed Statements of Cash Flows for the Six Months Ended June 30, 2012
	CNH Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) from operating activities	$	(197	)	$	(740,657	)	$	1,037,817		$	40,652		$	337,615
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired		—			(7,006,262	)		(8,349,862	)		6,495,994			(8,860,130	)
Collections of receivables		—			7,178,439			7,124,775			(6,496,086	)		7,807,128
Increase in restricted cash		—			—			(391,471	)		—			(391,471	)
Purchase of equipment on operating leases, net		—			(86,001	)		10,201			—			(75,800	)
Other investing activities		—			(120	)		—			—			(120	)
Net cash from (used in) investing activities		—			86,056			(1,606,357	)		(92	)		(1,520,393	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity		197			511,371			(95,024	)		(40,560	)		375,984
Net (decrease) increase in indebtedness		—			(19,337	)		444,145			—			424,808
Net cash from (used in) financing activities		197			492,034			349,121			(40,560	)		800,792
DECREASE IN CASH AND CASH EQUIVALENTS		—			(162,567	)		(219,419	)		—			(381,986	)
CASH AND CASH EQUIVALENTS:
Beginning of period		—			306,208			287,885			—			594,093
End of period	$	—		$	143,641		$	68,466		$	—		$	212,107

NOTE 12: SUBSEQUENT EVENTS

        On July 15, 2013, the Company renewed a $200,000 U.S. wholesale committed asset-backed facility, with a maturity date of July 14, 2014.

39

Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations

Overview

Organization

        We offer a range of financial products and services to the dealers and customers of CNH North America. The principal products offered are retail financing for the purchase or lease of new and used CNH North America equipment and wholesale financing to CNH North America dealers. Wholesale financing consists primarily of floor plan financing as well as financing equipment used in dealer-owned rental yards, parts inventory and working capital needs. In addition, we purchase equipment from dealers that is leased to retail customers under operating lease agreements, and we finance customers using our commercial revolving accounts.

Trends and Economic Conditions

        Our business is closely related to the agricultural and construction equipment industries because we offer financing products for such equipment. For the six months ended June 30, 2013, CNH agricultural equipment sales increased 11% compared to the six months ended June 30, 2012. CNH's construction equipment sales decreased 16% for the six months ended June 30, 2013, compared to the six months ended June 30, 2012.

        In general, our receivable mix between agricultural and construction equipment financing reflects the mix of equipment sales by CNH North America. As such, changes in the agricultural industry or with respect to our agricultural equipment borrowers ("farmers") may affect the majority of our portfolio.

        Overall, the North American agricultural industry exhibited stability during the economic crisis. During the past few years, farm income in North America has experienced some of its highest historical levels. The financing we provide to our borrowers is secured by the financed equipment, which typically has a long useful life and is a key component in the farmers' sources of income. All of these factors contribute to the strong credit performance of our portfolio in recent periods.

        Net income attributable to CNH Capital LLC was $68.7 million for the three months ended June 30, 2013, compared to $54.2 million for the three months ended June 30, 2012. Net income attributable to CNH Capital LLC was $132.1 million for the six months ended June 30, 2013, compared to $111.4 million for the six months ended June 30, 2012. Net income increased primarily due to a higher average portfolio, stronger financial margins and a lower provision for credit losses. The receivables balance greater than 30 days past due as a percentage of managed receivables was 0.4%, 0.5% and 0.6% at June 30, 2013, December 31, 2012 and June 30, 2012, respectively.

        Macroeconomic issues for us include the uncertainty of governmental actions in respect to monetary, fiscal and legislative policies, the global economic recovery, capital market disruptions, trade agreements, and financial regulatory reform. Severe weather conditions and significant volatility in the price of certain commodities could also impact CNH North America's and our results.

40

Results of Operations

Three and Six Months Ended June 30, 2013 Compared to Three and Six Months Ended June 30, 2012

Revenues

        Revenues for the three and six months ended June 30, 2013 and 2012 were as follows (dollars in thousands):

	Three Months Ended June 30,
	2013		2012		$ Change			% Change
Interest income on retail and other notes and finance leases	$	63,054	$	58,617	$	4,437			7.6	%
Interest and other income from affiliates		100,206		97,440		2,766			2.8
Rental income on operating leases		34,045		32,924		1,121			3.4
Servicing fee income		140		288		(148	)		(51.4	)
Other income		14,887		17,296		(2,409	)		(13.9	)
Total revenues	$	212,332	$	206,565	$	5,767			2.8	%

	Six Months Ended June 30,
	2013		2012		$ Change			% Change
Interest income on retail and other notes and finance leases	$	123,787	$	116,856	$	6,931			5.9	%
Interest and other income from affiliates		198,233		193,050		5,183			2.7
Rental income on operating leases		67,172		65,992		1,180			1.8
Servicing fee income		272		594		(322	)		(54.2	)
Other income		28,533		33,336		(4,803	)		(14.4	)
Total revenues	$	417,997	$	409,828	$	8,169			2.0	%

        Revenues totaled $212.3 million and $418.0 million for the three and six months ended June 30, 2013, respectively, compared to $206.6 million and $409.8 million for the same periods in 2012. Higher average portfolios primarily drove the year over year increase, partially offset by a decrease in our average yield. The average yield for retail and other notes, finance leases, wholesale receivables and commercial revolving accounts receivables was 5.7% and 6.3% for the three months ended June 30, 2013 and 2012, respectively, and 5.8% and 6.4% for the six months ended June 30, 2013 and 2012, respectively.

        Interest income on retail and other notes and finance leases for the three and six months ended June 30, 2013 was $63.1 million and $123.8 million, respectively, representing increases of $4.4 million and $6.9 million from the same periods in 2012. For the second quarter, the increase was primarily due to an $8.9 million favorable impact from higher average earning assets, partially offset by a $4.5 million unfavorable impact from lower interest rates. For the six months ended June 30, 2013, compared to the same period in 2012, the increase was primarily due to an $18.0 million favorable impact from higher average earning assets, partially offset by an $11.1 million unfavorable impact from lower interest rates.

        Interest and other income from affiliates for the three and six months ended June 30, 2013 was $100.2 million and $198.2 million, respectively, compared to $97.4 million and $193.1 million for the three and six months ended June 30, 2012, respectively. Compensation from CNH North America for retail low-rate financing programs and interest waiver programs offered to customers for the three and six months ended June 30, 2013 was $53.6 million and $108.5 million, respectively, compared to $51.6 million and $105.0 million for the same periods in 2012, respectively. The increases were primarily due to higher originations. For the three and six months ended June 30, 2013, compensation from CNH North America for wholesale marketing programs was $37.3 million and $71.3 million, respectively, compared to $37.8 million and $71.4 for the three and six months ended June 30, 2012, respectively. Wholesale

41

compensation amounts were relatively flat year over year due to product mix. For selected operating leases, compensation for the difference between the market rental rates and the amounts paid by the customers of CNH North America was $8.9 million and $17.1 million for the three and six months ended June 30, 2013, respectively, representing increases of $1.7 million and $2.6 million from the same periods in 2012. These increases were primarily due to higher originations.

        Rental income on operating leases for the three and six months ended June 30, 2013 was $34.0 million and $67.2 million, respectively, representing increases of $1.1 million and $1.2 million from the same periods in 2012. The second quarter increase was due to a $6.1 million favorable impact from higher average earning assets, partially offset by a $5.0 million unfavorable impact from lower interest rates on new and existing operating leases. The year-to-date increase was due to a $11.1 million favorable impact from higher average earning assets, partially offset by a $9.9 million unfavorable impact from lower interest rates on new and existing operating leases.

Expenses

        Expenses for the three and six months ended June 30, 2013 and 2012 were as follows (dollars in thousands):

	Three Months Ended June 30,
	2013			2012		$ Change			% Change
Total interest expense	$	62,932		$	63,574	$	(642	)		(1.0	)%
Fees charged by affiliates		15,378			17,535		(2,157	)		(12.3	)
(Benefit) provision for credit losses, net		(10,859	)		3,116		(13,975	)		(448.5	)
Depreciation of equipment on operating leases		28,206			26,461		1,745			6.6
Other expenses		10,188			10,823		(635	)		5.9
Total expenses	$	105,845		$	121,509	$	(15,664	)		(12.9	)%

	Six Months Ended June 30,
	2013			2012		$ Change			% Change
Total interest expense	$	122,407		$	128,890	$	(6,483	)		(5.0	)%
Fees charged by affiliates		30,408			32,283		(1,875	)		(5.8	)
(Benefit) provision for credit losses, net		(7,360	)		3,738		(11,098	)		(296.9	)
Depreciation of equipment on operating leases		55,377			53,394		1,983			3.7
Other expenses		17,075			18,027		(952	)		(5.3	)
Total expenses	$	217,907		$	236,332	$	(18,425	)		(7.8	)%

        Interest expense totaled $62.9 million and $122.4 million for the three and six months ended June 30, 2013, respectively, compared to $63.6 million and $128.9 million for the same periods in 2012. For the second quarter, the decrease was due to an $8.1 million favorable impact from lower average interest rates, partially offset by a $7.5 million unfavorable impact from higher average total debt. For the six months, the decrease was due to a $21.3 million favorable impact from lower average interest rates, partially offset by a $14.8 million unfavorable impact from higher average total debt.

        The benefit for credit losses was $10.9 million and $7.4 million for the three and six months ended June 30, 2013, respectively, compared to a provision of $3.1 million and $3.7 million for the same periods in 2012. The decrease was primarily due to the reduction in required reserves during the three months ended June 30, 2013 as a result of improved portfolio performance and collections from certain customers previously identified as impaired.

42

        The effective tax rate for the three months ended June 30, 2013 and 2012 was 35.2% and 35.8%, respectively. The effective tax rate was 33.6% for the six-month period ended June 30, 2013, compared to 35.4% for the same period in 2012. The lower rate in 2013 was primarily due to the retroactive reinstatement of the exception to U.S. taxation of active financing income as a result of the American Taxpayer Relief Act of 2012 for approximately $2.7 million and changes in the geographic mix of income earned within the U.S.

Receivables and Equipment on Operating Leases Originated and Held

        Receivable and equipment on operating lease originations for the three and six months ended June 30, 2013 and 2012 were as follows (dollars in thousands):

	Three Months Ended June 30,
	2013		2012		$ Change			% Change
Retail receivables	$	1,040,851	$	878,794	$	162,057			18.4	%
Wholesale receivables		3,734,066		3,394,330		339,736			10.0
Other receivables		263,004		267,940		(4,936	)		(1.8	)
Equipment on operating leases		130,953		84,243		46,710			55.4
Total originations	$	5,168,874	$	4,625,307	$	543,567			11.8	%

	Six Months Ended June 30,
	2013		2012		$ Change			% Change
Retail receivables	$	2,127,016	$	1,797,239	$	329,777			18.3	%
Wholesale receivables		7,049,447		6,590,289		459,158			7.0
Other receivables		448,120		472,602		(24,482	)		(5.2	)
Equipment on operating leases		263,431		182,833		80,598			44.1
Total originations	$	9,888,014	$	9,042,963	$	845,051			9.3	%

        For both the three and six months ended June 30, 2013 compared to the same periods in 2012, the increases in originations were primarily due to increased unit sales of CNH North America equipment.

        Total receivables and equipment on operating leases held as of June 30, 2013, December 31, 2012 and June 30, 2012 were as follows (in thousands):

	June 30, 2013		December 31, 2012		June 30, 2012
Retail receivables	$	7,686,214	$	7,363,384	$	6,550,358
Wholesale receivables		4,023,564		3,265,173		3,684,465
Other		269,015		226,039		291,077
Equipment on operating leases		830,330		754,371		669,839
Total receivables and equipment on operating leases	$	12,809,123	$	11,608,967	$	11,195,739

        The total retail receivables balance greater than 30 days past due as a percentage of the retail receivables was 0.5%, 0.7% and 0.8% at June 30, 2013, December 31, 2012 and June 30, 2012, respectively. During those same periods, the total wholesale receivables balances greater than 30 days past due as a percentage of the wholesale receivables were not significant. Total retail receivables on nonaccrual status, which represent receivables for which we have ceased accruing finance income, were $15.9 million, $29.3 million and $40.7 million at June 30, 2013, December 31, 2012 and June 30, 2012, respectively. Total

43

wholesale receivables on nonaccrual status were $30.7 million, $61.2 million and $72.4 million at June 30, 2013, December 31, 2012 and June 30, 2012, respectively.

        Total receivable write-off amounts and recoveries, by product for the three and six months ended June 30, 2013 and 2012 were as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Write-offs:
Retail	$	2,742		$	17,051		$	5,252		$	21,389
Wholesale		64			38			127			38
Other		1,280			1,938			2,929			4,368
Total write-offs		4,086			19,027			8,308			25,795
Recoveries:
Retail		(987	)		(1,023	)		(1,782	)		(2,879	)
Wholesale		(206	)		(44	)		(241	)		(102	)
Other		(746	)		(739	)		(1,595	)		(1,502	)
Total recoveries		(1,939	)		(1,806	)		(3,618	)		(4,483	)
Write-offs, net of recoveries:
Retail		1,755			16,028			3,470			18,510
Wholesale		(142	)		(6	)		(114	)		(64	)
Other		534			1,199			1,334			2,866
Total write-offs, net of recoveries	$	2,147		$	17,221		$	4,690		$	21,312

        Our allowance for credit losses on all receivables financed totaled $109.4 million at June 30, 2013, $122.3 million at December 31, 2012 and $89.1 million at June 30, 2012. The level of the allowance is based on many quantitative and qualitative factors, including historical loss experience by product category, portfolio duration, delinquency trends, economic conditions and credit risk quality. We believe our allowance is sufficient to provide for losses in our existing receivable portfolio.

Liquidity and Capital Resources

        The following discussion of liquidity and capital resources principally focuses on our statements of cash flows, balance sheets and capitalization. CNH Capital's current funding strategy is to maintain sufficient liquidity and flexible access to a wide variety of financial instruments and funding options.

        In the past, securitization has been one of our most economical sources of funding and, therefore, the majority of our originated receivables were securitized with the cash generated from such receivables utilized to repay the related debt. We expect securitization to continue to represent a substantial portion of our capital structure.

        In addition, we have committed secured and unsecured facilities, unsecured bonds, affiliate borrowings and cash to fund our liquidity and capital needs.

        Since 2011, we have accessed the unsecured bond market in order to add more diversity to our funding resources. Our outstanding unsecured senior notes totaled $1.85 billion as of June 30, 2013. We expect continued changes to our funding profile, with less reliance on the securitization market, as costs and terms of accessing the unsecured term market continue to improve.

44

Cash Flows

        For the six months ended June 30, 2013 and 2012, our cash flows were as follows (in thousands):

	2013			2012
Cash flows provided by (used in):
Operating activities	$	252,196		$	337,615
Investing activities		(1,211,609	)		(1,520,393	)
Financing activities		384,398			800,792
Net cash decrease	$	(575,015	)	$	(381,986	)

        Operating activities in the six months ended June 30, 2013 generated cash of $252 million, resulting primarily from net income of $133 million, a decrease in affiliated accounts and notes receivables of $81 million, and a decrease in other assets and equipment held for sale of $22 million, partially offset by a decrease in accounts payable and other accrued liabilities of $33 million. Cash generated from operating activities in the six months ended June 30, 2013 decreased, compared to the six months ended June 30, 2012, primarily due to a lower reduction in affiliated accounts and notes receivables and other assets and equipment held for sale, partially offset by a decrease in payments of accounts payable and other accrued liabilities.

        Cash flows used in investing activities in the six months ended June 30, 2013 totaled $1,212 million, resulting primarily from a net growth in receivables of $1,243 million and from $263 million in expenditures for equipment on operating leases, partially offset by a decrease in restricted cash of $174 million and proceeds from the sale of equipment on operating leases of $121 million. The decrease of cash used in investing activities in the six months ended June 30, 2013, compared to the six months ended June 30, 2012, was primarily due to the decrease in restricted cash in 2013 compared to an increase in 2012, partially offset by net growth in receivables.

        Financing activities in the six months ended June 30, 2013 generated cash of $384 million, resulting primarily from net cash received of $926 million from long-term debt, partially offset by net cash paid of $282 million for affiliated debt, $60 million for short-term borrowings and $200 million in dividends paid to CNH America. The decrease in cash from financing activities in the six months ended June 30, 2013, compared to the six months ended June 30, 2012, was primarily due to increased payments of affiliated debt and the dividend paid to CNH America.

Securitization

        CNH Capital and its predecessor entities have been securitizing receivables since 1992. Because this market generally remains a cost effective financing source and allows access to a wide investor base, we expect to continue utilizing securitization as one of our core sources of funding in the near future. CNH Capital has completed public and private issuances of asset-backed securities in both the U.S. and Canada and, as of June 30, 2013, the amounts outstanding were approximately $6.5 billion.

        We will strive to continue to tailor our transactions to applicable market conditions while optimizing economic terms and reducing execution risks.

Committed Asset-Backed Facilities

        CNH Capital has committed asset-backed facilities with several banks, primarily through their commercial paper conduit programs. Committed asset-backed facilities for the U.S. and Canada totaled $3.8 billion at June 30, 2013, with original borrowing maturities of up to two years. The excess availability under the facilities varies during the year, depending on origination volume and the refinancing of

45

receivables with term securitization transactions and/or other financing. At June 30, 2013, approximately $1.1 billion of funding was available for use under these facilities.

Unsecured Funding

        As of June 30, 2013, we had outstanding unsecured senior notes of $750.0 million at an annual fixed rate of 3.875% due 2015, $500.0 million at an annual fixed rate of 6.250% due 2016 and $600.0 million at an annual fixed rate of 3.625% due 2018.

Affiliate Sources

        CNH Capital borrows, as needed, from CNH. This source of funding is primarily used to finance various on-book assets and provides additional flexibility when evaluating market conditions and potential third-party financing options. We have obtained financing from Fiat Industrial treasury subsidiaries and, from time to time, have entered into term loan agreements. At June 30, 2013, affiliated debt was $578.4 million, down from $864.0 million at December 31, 2012.

Equity Position

        Our equity position also supports our capabilities to access various funding sources. Our stockholder's equity as of June 30, 2013 and December 31, 2012 was $1.4 billion and $1.5 billion, respectively.

        In May 2013, the Company paid dividends of $200 million to CNH America.

Liquidity

        The vast majority of CNH Capital's debt is self-liquidating from the cash generated by the underlying amortizing receivables. Normally, additional liquidity should not be necessary for the repayment of such debt. New originations of retail receivables are usually warehoused in committed asset-backed facilities until being refinanced in the term ABS market or with other third-party debt. New wholesale receivables are typically financed through a master trust and funded by variable funding notes. Cash and commitments under the facilities shown in the table below totaled $4.9 billion, of which $1.7 billion was available for use at June 30, 2013.

	(in thousands)
Cash, cash equivalents and restricted cash	$	758,311
Committed asset-backed facilities		3,785,556
Committed unsecured facilities		350,000
Total cash and facilities		4,893,867
Less: restricted cash		547,413
Less: facilities utilization		2,663,055
Total available for use	$	1,683,399

        The liquidity available for use varies due to changes in origination volumes, reflecting the financing needs of our customers, and is influenced by the timing of any refinancing of underlying receivables.

        In connection with a limited number of funding transactions, the Company provides financial guarantees to various parties on behalf of certain foreign financial services subsidiaries of CNH for approximately $264.0 million.

Cautionary Note Regarding Forward-Looking Statements

        All statements other than statements of historical fact contained in this quarterly report, including statements regarding our competitive strengths; business strategy; future financial position or operating

46

results; budgets; projections with respect to revenue, income, capital expenditures, capital structure or other financial items; costs; and plans and objectives of management regarding operations, products and services, are forward-looking statements. These statements may include terminology such as "may," "will," "expect," "could," "should," "intend," "estimate," "anticipate," "believe," "outlook," "continue," "remain," "on track," "design," "target," "objective," "goal," or similar terminology.

        Our outlook is predominantly based on our interpretation of what we consider to be key economic assumptions and involves risks and uncertainties that could cause actual results to differ (possibly materially) from such forward looking statements. Macroeconomic factors including monetary policy, interest rates, currency exchange rates, inflation, deflation, credit availability and government intervention in an attempt to influence such factors may have a material impact on our customers and the demand for our products and services. The demand for CNH North America's products and, in turn, our products and services is influenced by a number of factors, including, among other things: general economic conditions; demand for food; commodity prices, raw material and component prices and stock levels; net farm income levels; availability of credit; developments in biofuels; infrastructure spending rates; housing starts; commercial construction; seasonality of demand; changes and uncertainties in the monetary and fiscal policies of various governmental and regulatory entities; the ability to maintain key dealer relationships; currency exchange rates and interest rates; pricing policies by CNH North America or its competitors; political, economic and legislative changes; and the other risks described in "Risk Factors" in our most recent annual report on Form 10-K. Some of the other significant factors that may affect our results include our access to credit, restrictive covenants in our debt agreements, actions by rating agencies concerning the ratings on our debt and asset backed securities and the credit ratings of CNH Global and Fiat Industrial, risks related to our relationship with Fiat Industrial, weather, climate change and natural disasters, actions taken by our competitors, the effect of changes in laws and regulations, the results of legal proceedings and employee relations.

        Furthermore, in light of ongoing economic uncertainty, both globally and in the industries in which we operate, it is particularly difficult to forecast our results and any estimates or forecasts of particular periods that we provide are uncertain. We can give no assurance that the expectations reflected in our forward-looking statements will prove to be correct. Our actual results could differ materially from those anticipated in these forward-looking statements. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by the factors we disclose that could cause our actual results to differ materially from our expectations. We undertake no obligation to update or revise publicly any forward-looking statements.

Critical Accounting Policies and Estimates

        See our critical accounting policies and estimates discussed in our annual report for the year ended December 31, 2012 under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 2 to our audited consolidated financial statements included in such annual report. There were no material changes to these policies or estimates during the three months ended June 30, 2013.

New Accounting Pronouncements

        In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02 ("ASU 2013-02"), Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Some of the key amendments require us to present, either on the face of the statement of operations or in the notes, the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income, but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, we are required to cross-reference to other disclosures that provide additional detail about those amounts. ASU 2013-02 became effective for our annual and interim periods beginning January 1, 2013.

47

Item 4.    Controls and Procedures

Disclosure Controls and Procedures

        Under the supervision, and with the participation, of our management, including our President and Chief Financial Officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of June 30, 2013. Based on that evaluation, our President and Chief Financial Officer concluded that the disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed in our Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our President and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

        There has been no change in our internal control over financial reporting during the three months ended June 30, 2013 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

48

PART II. OTHER INFORMATION

Item 1.    Legal Proceedings

        CNH Capital is party to various litigation matters and claims arising from its operations. Management believes that the outcome of these proceedings, individually and in the aggregate, will not have a material adverse effect on CNH Capital's financial position or results of operations.

Item 1A.    Risk Factors

        See our most recent annual report on Form 10-K (Part I, Item 1A). There was no material change in our risk factors during the six months ended June 30, 2013.

Item 4.    Mine Safety Disclosures

        Not applicable.

Item 5.    Other Information

        None.

Item 6.    Exhibits

Exhibit			Description
	12.1		Statement regarding computation of ratio of earnings to fixed charges.
	31.1		Certifications of President Pursuant to Exchange Act Rule 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	31.2		Certifications of Chief Financial Officer Pursuant to Exchange Act Rule 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	32.1	†	Certification required by Exchange Act Rule 15(d)-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).
	101	*	Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Consolidated Statements of Income for the three and six months ended June 30, 2013 and 2012, (ii) Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2013 and 2012, (iii) Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012, (iv) Consolidated Statements of Cash Flows for the six months ended June 30, 2013 and 2012, (v) Consolidated Statements of Changes in Stockholder's Equity for the six months ended June 30, 2013 and 2012 and (vi) Condensed Notes to Consolidated Financial Statements.

†

These certifications shall not be deemed "filed" for the purposes of section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933 (the "Securities Act") or the Exchange Act.

*

In accordance with Regulation S-T, the information in this Exhibit 101 shall not be deemed "filed" for the purposes of section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act.

49

SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CNH CAPITAL LLC
Date: August 5, 2013	/s/ STEVEN C. BIERMAN
	Name:	Steven C. Bierman
	Title:	Chairman and President

50

EX-12.1

QuickLinks -- Click here to rapidly navigate through this document

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

        For the three and six months ended June 30, 2013 and 2012, the computation of ratio of earnings to fixed charges is as follows (dollars in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Earnings:
Income before taxes	$	106,487	$	85,056	$	200,090	$	173,496
Fixed charges		62,952		63,596		122,448		128,937
Total earnings	$	169,439	$	148,652	$	322,538	$	302,433
Fixed charges:
Interest expense inclusive of amortized premiums, discounts and capitalized expenses related to indebtedness	$	62,932	$	63,574	$	122,407	$	128,890
Estimate of the interest component of rental expense		20		22		41		47
Total fixed charges	$	62,952	$	63,596	$	122,448	$	128,937
Ratio of earnings to fixed charges		2.69		2.34		2.63		2.35

QuickLinks

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

EX-31.1

QuickLinks -- Click here to rapidly navigate through this document

EXHIBIT 31.1

CERTIFICATIONS

I, Steven C. Bierman, certify that:

1.

I have reviewed this quarterly report on Form 10-Q of CNH Capital LLC;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/s/ STEVEN C. BIERMAN
Steven C. Bierman
President

Date: August 5, 2013

QuickLinks

EXHIBIT 31.1

EX-31.2

QuickLinks -- Click here to rapidly navigate through this document

EXHIBIT 31.2

CERTIFICATIONS

I, Douglas MacLeod, certify that:

1.

I have reviewed this quarterly report on Form 10-Q of CNH Capital LLC;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(c)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/s/ DOUGLAS MACLEOD
Douglas MacLeod
Chief Financial Officer

Date: August 5, 2013

QuickLinks

EXHIBIT 31.2

EX-32.1

EXHIBIT 32.1

CERTIFICATION

        Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), each of the undersigned officers of CNH Capital LLC (the "Company") does hereby certify, to such officer's knowledge, that:

        The Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 of the Company (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ STEVEN C. BIERMAN
Steven C. Bierman
President

/s/ DOUGLAS MACLEOD

Douglas MacLeod
Chief Financial Officer

Date: August 5, 2013

        A signed original of this written statement has been provided to CNH Capital LLC and will be retained by CNH Capital LLC and furnished to the Securities and Exchange Commission or its staff upon request.

        The foregoing certification is being furnished solely pursuant to 18 U.S.C §1350 and is not being filed as part of the Report or as a separate disclosure document.

XML

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2013

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 10: COMMITMENTS AND CONTINGENCIES

Legal Matters

        The Company is party to various litigation matters and claims arising from its operations. Management believes that the outcome of these proceedings, individually and in the aggregate, will not have a material adverse effect on the Company's financial position or results of operations.

Guarantees

        The Company provides payment guarantees on the financial debt of various foreign financial services subsidiaries of CNH for approximately $263,975. The guarantees are in effect for the term of the underlying funding facilities, which have various maturities through 2015.

Commitments

        At June 30, 2013, the Company has various agreements to extend credit for the following managed portfolios:

	Total Credit Limit		Utilized		Not Utilized
Commercial revolving accounts	$	3,947,704	$	266,309	$	3,681,395
Wholesale and dealer financing	$	5,622,839	$	3,965,818	$	1,657,021

        The commercial revolving accounts are issued by the Company to retail customers for purchases of parts and services at CNH North America equipment dealers.

XML

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
ASSETS
Cash and cash equivalents	$ 210,898	$ 785,913
Restricted cash	547,413	727,186
Receivables, less allowance for credit losses of $109,419 and $122,320, respectively	11,869,374	10,732,276
Retained interests in securitized receivables	5,699	9,271
Affiliated accounts and notes receivable	14,559	95,379
Equipment on operating leases, net	830,330	754,371
Equipment held for sale	32,382	46,650
Goodwill	115,959	117,696
Other intangible assets, net	4,069	4,529
Other assets	67,259	73,258
TOTAL	13,697,942	13,346,529
Liabilities:
Short-term debt (including current maturities of long-term debt)	4,201,665	4,230,237
Accounts payable and other accrued liabilities	411,342	447,298
Affiliated debt	578,424	864,032
Long-term debt	7,122,399	6,321,551
Total liabilities	12,313,830	11,863,118
Commitments and contingent liabilities (Note 10)
Stockholder's equity:
Member's capital
Paid-in capital	841,406	840,940
Accumulated other comprehensive income	14,011	46,648
Retained earnings	470,952	538,855
Total CNH Capital LLC stockholder's equity	1,326,369	1,426,443
Noncontrolling interest	57,743	56,968
Total stockholder's equity	1,384,112	1,483,411
TOTAL	$ 13,697,942	$ 13,346,529

XML

ACCUMULATED OTHER COMPREHENSIVE INCOME

6 Months Ended

Jun. 30, 2013

ACCUMULATED OTHER COMPREHENSIVE INCOME

ACCUMULATED OTHER COMPREHENSIVE INCOME

NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME

        AOCI is comprised of net income and other adjustments, including foreign currency translation adjustments, pension plan adjustments, changes in fair value of the retained interests in the off-book retail transactions and changes in the fair value of certain derivative financial instruments qualifying as cash flow hedges. The Company does not provide income taxes on currency translation adjustments ("CTA"), as the historical earnings from the Company's foreign subsidiaries are considered to be permanently reinvested. If current year earnings are repatriated, the amount to be repatriated is determined in U.S. dollars and converted to the equivalent amount of foreign currency at the time of repatriation; therefore, the repatriation of current year earnings will not have an impact on the CTA component of the Company's AOCI balance.

        The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the three months ended June 30, 2013:

	Currency Translation Adjustment			Pension Liability			Unrealized Gains on Retained Interests			Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	45,169		$	(8,656	)	$	1,646		$	(11,882	)	$	26,277
Tax asset (liability)		—			3,221			(621	)		4,124			6,724
Beginning balance, net of tax		45,169			(5,435	)		1,025			(7,758	)		33,001
Other comprehensive income before reclassifications		(20,363	)		—			30			786			(19,547	)
Amounts reclassified from accumulated other comprehensive income		—			182			(734	)		1,723			1,171
Tax effects		—			(67	)		265			(812	)		(614	)
Net current-period other comprehensive income		(20,363	)		115			(439	)		1,697			(18,990	)
BALANCE—June 30, 2013	$	24,806		$	(5,320	)	$	586		$	(6,061	)	$	14,011

        The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the six months ended June 30, 2013:

	Currency Translation Adjustment			Pension Liability			Unrealized Gains on Retained Interests			Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	58,920		$	(8,834	)	$	3,012		$	(13,219	)	$	39,879
Tax asset (liability)		—			3,286			(1,136	)		4,619			6,769
Beginning balance, net of tax		58,920			(5,548	)		1,876			(8,600	)		46,648
Other comprehensive income before reclassifications		(34,114	)		—			(396	)		566			(33,944	)
Amounts reclassified from accumulated other comprehensive income		—			359			(1,675	)		3,279			1,963
Tax effects		—			(131	)		781			(1,306	)		(656	)
Net current-period other comprehensive income		(34,114	)		228			(1,290	)		2,539			(32,637	)
BALANCE—June 30, 2013	$	24,806		$	(5,320	)	$	586		$	(6,061	)	$	14,011

        The reclassifications out of AOCI and the location on the consolidated statements of income for the three and six months ended June 30, 2013 are as follows:

	Amounts Reclassified from AOCI
Details about AOCI Components	Three Months Ended June 30, 2013			Six Months Ended June 30, 2013			Affected Line Item
Amortization of defined benefit pension items:
Insignificant items	$	(182	)	$	(359	)
		(182	)		(359	)	Income before taxes
		67			131		Income tax benefit
	$	(115	)	$	(228	)	Net of tax
Unrealized gains on retained interests:
	$	734		$	1,675		Other income
		734			1,675		Income before taxes
		(277	)		(632	)	Income tax provision
	$	457		$	1,043		Net of tax
Unrealized losses on derivatives:
	$	(1,723	)	$	(3,279	)	Interest expense to third parties
		(1,723	)		(3,279	)	Income before taxes
		605			1,158		Income tax benefit
	$	(1,118	)	$	(2,121	)	Net of tax

XML

RELATED-PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2013

RELATED-PARTY TRANSACTIONS

Summary of the sources included in "Interest and other income from affiliates" in the accompanying consolidated statements of income

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Retail subsidy from CNH North America	$	53,553	$	51,631	$	108,529	$	104,974
Wholesale subsidy:
CNH North America		37,269		37,763		71,271		71,446
Other affiliates		514		858		1,328		1,818
Operating lease subsidy from CNH North America		8,870		7,188		17,105		14,462
Lending funds:
CNH North America		—		—		—		350
Other affiliates		—		—		—		—
Total interest and other income from affiliates	$	100,206	$	97,440	$	198,233	$	193,050

Schedule of various accounts and notes receivable and debt with the affiliates

	June 30, 2013		December 31, 2012
Affiliated receivables from:
CNH America	$	1,437	$	64,708
CNH Canada Ltd.		611		17,797
Other affiliates		12,511		12,874
Total affiliated receivables	$	14,559	$	95,379
Affiliated debt owed to:
CNH America	$	497,630	$	788,381
CNH Canada Ltd.		75,794		60,651
Fiat Industrial		5,000		15,000
Total affiliated debt	$	578,424	$	864,032

XML

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

6 Months Ended

Jun. 30, 2013

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

        CNH Capital America and New Holland Credit, which are 100%-owned subsidiaries of CNH Capital LLC (the "Guarantor Entities"), guarantee certain indebtedness of CNH Capital LLC. As the guarantees are full, unconditional, and joint and several and as the Guarantor Entities are 100%-owned by CNH Capital LLC, the Company has included the following condensed consolidating financial information as of June 30, 2013 and December 31, 2012 and for the three and six months ended June 30, 2013 and 2012. The condensed consolidating financial information reflects investments in consolidated subsidiaries under the equity method of accounting.

	Condensed Statements of Comprehensive Income for the Three Months Ended June 30, 2013
	CNH Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail and other notes and finance leases	$	—		$	2,762		$	60,292		$	—		$	63,054
Interest and other income from affiliates		18,560			47,780			89,948			(56,082	)		100,206
Rental income on operating leases		—			19,586			14,459			—			34,045
Servicing fee income		—			21,140			8			(21,008	)		140
Other income		—			12,388			2,499			—			14,887
Total revenues		18,560			103,656			167,206			(77,090	)		212,332
EXPENSES
Interest expense:
Interest expense to third parties		23,705			902			33,248			—			57,855
Interest expense to affiliates		—			49,965			11,194			(56,082	)		5,077
Total interest expense		23,705			50,867			44,442			(56,082	)		62,932
Administrative and operating expenses:
Fees charged by affiliates		—			12,727			23,659			(21,008	)		15,378
Benefit for credit losses, net		—			(7,497	)		(3,362	)		—			(10,859	)
Depreciation of equipment on operating leases		—			15,964			12,242			—			28,206
Other expenses (income)		—			11,047			(859	)		—			10,188
Total operating expenses		—			32,241			31,680			(21,008	)		42,913
Total expenses		23,705			83,108			76,122			(77,090	)		105,845
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(5,145	)		20,548			91,084			—			106,487
Income tax (benefit) provision		(2,016	)		7,510			31,981			—			37,475
Equity in income of consolidated subsidiaries accounted for under the equity method		71,784			58,746			—			(130,530	)		—
NET INCOME		68,655			71,784			59,103			(130,530	)		69,012
Net income attributed to noncontrolling interest		—			—			(357	)		—			(357	)
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	68,655		$	71,784		$	58,746		$	(130,530	)	$	68,655
COMPREHENSIVE INCOME	$	49,665		$	52,793		$	43,412		$	(95,848	)	$	50,022
Comprehensive income attributed to noncontrolling interest		—			—			(357	)		—			(357	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	49,665		$	52,793		$	43,055		$	(95,848	)	$	49,665

	Condensed Statements of Comprehensive Income for the Six Months Ended June 30, 2013
	CNH Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail and other notes and finance leases	$	—		$	5,136		$	118,651		$	—		$	123,787
Interest and other income from affiliates		29,567			92,647			177,218			(101,199	)		198,233
Rental income on operating leases		—			38,389			28,783			—			67,172
Servicing fee income		—			41,653			37			(41,418	)		272
Other income		—			23,832			4,701			—			28,533
Total revenues		29,567			201,657			329,390			(142,617	)		417,997
EXPENSES
Interest expense:
Interest expense to third parties		42,275			1,601			68,142			—			112,018
Interest expense to affiliates		—			92,124			19,464			(101,199	)		10,389
Total interest expense		42,275			93,725			87,606			(101,199	)		122,407
Administrative and operating expenses:
Fees charged by affiliates		—			24,914			46,912			(41,418	)		30,408
(Benefit) provision for credit losses, net		—			(11,537	)		4,177			—			(7,360	)
Depreciation of equipment on operating leases		—			31,022			24,355			—			55,377
Other expenses (income)		—			19,057			(1,982	)		—			17,075
Total operating expenses		—			63,456			73,462			(41,418	)		95,500
Total expenses		42,275			157,181			161,068			(142,617	)		217,907
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(12,708	)		44,476			168,322			—			200,090
Income tax (benefit) provision		(4,980	)		17,165			55,033			—			67,218
Equity in income of consolidated subsidiaries accounted for under the equity method		139,825			112,514			—			(252,339	)		—
NET INCOME		132,097			139,825			113,289			(252,339	)		132,872
Net income attributed to noncontrolling interest		—			—			(775	)		—			(775	)
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	132,097		$	139,825		$	112,514		$	(252,339	)	$	132,097
COMPREHENSIVE INCOME	$	99,460		$	107,187		$	86,268		$	(192,680	)	$	100,235
Comprehensive income attributed to noncontrolling interest		—			—			(775	)		—			(775	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	99,460		$	107,187		$	85,493		$	(192,680	)	$	99,460

	Condensed Balance Sheets as of June 30, 2013
	CNH Capital LLC		Guarantor Entities			All Other Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	155,091		$	55,807	$	—		$	210,898
Restricted cash		—		100			547,313		—			547,413
Receivables, less allowance for credit losses		—		1,308,063			10,561,311		—			11,869,374
Retained interests in securitized receivables		—		5,104			5,305		(4,710	)		5,699
Affiliated accounts and notes receivable		1,751,671		1,873,407			1,384,350		(4,994,869	)		14,559
Equipment on operating leases, net		—		497,614			332,716		—			830,330
Equipment held for sale		—		25,320			7,062		—			32,382
Investments in consolidated subsidiaries accounted for under the equity method		1,570,512		1,825,695			—		(3,396,207	)		—
Goodwill and intangible assets, net		—		85,641			34,387		—			120,028
Other assets		21,744		(21,152	)		66,667		—			67,259
TOTAL	$	3,343,927	$	5,754,883		$	12,994,918	$	(8,395,786	)	$	13,697,942
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Short-term debt, including current maturities of long-term debt	$	—	$	82,840		$	4,118,825	$	—		$	4,201,665
Accounts payable and other accrued liabilities		17,558		1,781,750			1,056,373		(2,444,339	)		411,342
Affiliated debt		—		2,237,813			895,851		(2,555,240	)		578,424
Long-term debt		2,000,000		81,968			5,040,431		—			7,122,399
Total liabilities		2,017,558		4,184,371			11,111,480		(4,999,579	)		12,313,830
Stockholder's equity		1,326,369		1,570,512			1,883,438		(3,396,207	)		1,384,112
TOTAL	$	3,343,927	$	5,754,883		$	12,994,918	$	(8,395,786	)	$	13,697,942

	Condensed Statements of Cash Flows for the Six Months Ended June 30, 2013
	CNH Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) from operating activities	$	(400,000	)	$	151,676		$	90,357		$	410,163		$	252,196
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired		—			(7,740,817	)		(8,292,065	)		6,408,299			(9,624,583	)
Collections of receivables		—			7,579,325			7,209,807			(6,407,934	)		8,381,198
Decrease in restricted cash		—			—			174,089			—			174,089
Purchase of equipment on operating leases, net		—			(98,037	)		(44,210	)		—			(142,247	)
Other investing activities		—			(40	)		(26	)		—			(66	)
Net cash (used in) from investing activities		—			(259,569	)		(952,405	)		365			(1,211,609	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity		—			91,143			37,796			(410,528	)		(281,589	)
Net increase (decrease) in indebtedness		600,000			(85,160	)		351,147			—			865,987
Dividends paid to CNH America LLC		(200,000	)		—			—			—			(200,000	)
Net cash from (used in) financing activities		400,000			5,983			388,943			(410,528	)		384,398
DECREASE IN CASH AND CASH EQUIVALENTS		—			(101,910	)		(473,105	)		—			(575,015	)
CASH AND CASH EQUIVALENTS:
Beginning of period		—			257,001			528,912			—			785,913
End of period	$	—		$	155,091		$	55,807		$	—		$	210,898

	Condensed Statements of Comprehensive Income for the Three Months Ended June 30, 2012
	CNH Capital LLC			Guarantor Entities		All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail and other notes and finance leases	$	—		$	3,117	$	55,500		$	—		$	58,617
Interest and other income from affiliates		—			43,657		88,959			(35,176	)		97,440
Rental income on operating leases		—			21,666		11,258			—			32,924
Servicing fee income		—			20,200		37			(19,949	)		288
Other income		—			7,485		9,811			—			17,296
Total revenues		—			96,125		165,565			(55,125	)		206,565
EXPENSES
Interest expense:
Interest expense to third parties		10,724			2,569		42,756			—			56,049
Interest expense to affiliates		79			34,495		8,127			(35,176	)		7,525
Total interest expense		10,803			37,064		50,883			(35,176	)		63,574
Administrative and operating expenses:
Fees charged by affiliates		—			14,693		22,791			(19,949	)		17,535
Provision for credit losses, net		—			183		2,933			—			3,116
Depreciation of equipment on operating leases		—			17,174		9,287			—			26,461
Other expenses		—			6,395		4,428			—			10,823
Total operating expenses		—			38,445		39,439			(19,949	)		57,935
Total expenses		10,803			75,509		90,322			(55,125	)		121,509
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(10,803	)		20,616		75,243			—			85,056
Income tax (benefit) provision		(4,234	)		8,664		26,054			—			30,484
Equity in income of consolidated subsidiaries accounted for under the equity method		60,753			48,801		—			(109,554	)		—
NET INCOME		54,184			60,753		49,189			(109,554	)		54,572
Net income attributed to noncontrolling interest		—			—		(388	)		—			(388	)
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	54,184		$	60,753	$	48,801		$	(109,554	)	$	54,184
COMPREHENSIVE INCOME	$	42,307		$	48,876	$	37,368		$	(85,856	)	$	42,695
Comprehensive income attributed to noncontrolling interest		—			—		(388	)		—			(388	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	42,307		$	48,876	$	36,980		$	(85,856	)	$	42,307

	Condensed Statements of Comprehensive Income for the Six Months Ended June 30, 2012
	CNH Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail and other notes and finance leases	$	—		$	6,752		$	110,104		$	—		$	116,856
Interest and other income from affiliates		—			83,909			174,733			(65,592	)		193,050
Rental income on operating leases		—			42,088			23,904			—			65,992
Servicing fee income		—			39,013			96			(38,515	)		594
Other income		—			13,767			19,569			—			33,336
Total revenues		—			185,529			328,406			(104,107	)		409,828
EXPENSES
Interest expense:
Interest expense to third parties		20,608			3,411			87,172			—			111,191
Interest expense to affiliates		145			65,368			17,778			(65,592	)		17,699
Total interest expense		20,753			68,779			104,950			(65,592	)		128,890
Administrative and operating expenses:
Fees charged by affiliates		—			26,276			44,522			(38,515	)		32,283
(Benefit) provision for credit losses, net		—			(14,029	)		17,767			—			3,738
Depreciation of equipment on operating leases		—			33,673			19,721			—			53,394
Other expenses		—			15,167			2,860			—			18,027
Total operating expenses		—			61,087			84,870			(38,515	)		107,442
Total expenses		20,753			129,866			189,820			(104,107	)		236,332
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(20,753	)		55,663			138,586			—			173,496
Income tax (benefit) provision		(8,133	)		21,761			47,733			—			61,361
Equity in income of consolidated subsidiaries accounted for under the equity method		124,003			90,101			—			(214,104	)		—
NET INCOME		111,383			124,003			90,853			(214,104	)		112,135
Net income attributed to noncontrolling interest		—			—			(752	)		—			(752	)
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	111,383		$	124,003		$	90,101		$	(214,104	)	$	111,383
COMPREHENSIVE INCOME	$	111,744		$	124,364		$	91,195		$	(214,807	)	$	112,496
Comprehensive income attributed to noncontrolling interest		—			—			(752	)		—			(752	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	111,744		$	124,364		$	90,443		$	(214,807	)	$	111,744

	Condensed Balance Sheets as of December 31, 2012
	CNH Capital LLC		Guarantor Entities			All Other Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	257,001		$	528,912	$	—		$	785,913
Restricted cash		—		100			727,086		—			727,186
Receivables, less allowance for credit losses		—		1,136,838			9,595,438		—			10,732,276
Retained interests in securitized receivables		—		5,368			8,248		(4,345	)		9,271
Affiliated accounts and notes receivable		1,357,013		1,970,680			1,380,472		(4,612,786	)		95,379
Equipment on operating leases, net		—		430,599			323,772		—			754,371
Equipment held for sale		—		39,455			7,195		—			46,650
Investments in consolidated subsidiaries accounted for under the equity method		1,462,859		1,740,138			—		(3,202,997	)		—
Goodwill and intangible assets		—		86,095			36,130		—			122,225
Other assets		21,765		(14,998	)		66,491		—			73,258
TOTAL	$	2,841,637	$	5,651,276		$	12,673,744	$	(7,820,128	)	$	13,346,529
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Short-term debt, including current maturities of long-term debt	$	—	$	110,557		$	4,119,680	$	—		$	4,230,237
Accounts payable and other accrued liabilities		15,194		1,791,778			1,112,745		(2,472,419	)		447,298
Affiliated debt		—		2,146,670			862,074		(2,144,712	)		864,032
Long-term debt		1,400,000		139,412			4,782,139		—			6,321,551
Total liabilities		1,415,194		4,188,417			10,876,638		(4,617,131	)		11,863,118
Stockholder's equity		1,426,443		1,462,859			1,797,106		(3,202,997	)		1,483,411
TOTAL	$	2,841,637	$	5,651,276		$	12,673,744	$	(7,820,128	)	$	13,346,529

	Condensed Statements of Cash Flows for the Six Months Ended June 30, 2012
	CNH Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) from operating activities	$	(197	)	$	(740,657	)	$	1,037,817		$	40,652		$	337,615
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired		—			(7,006,262	)		(8,349,862	)		6,495,994			(8,860,130	)
Collections of receivables		—			7,178,439			7,124,775			(6,496,086	)		7,807,128
Increase in restricted cash		—			—			(391,471	)		—			(391,471	)
Purchase of equipment on operating leases, net		—			(86,001	)		10,201			—			(75,800	)
Other investing activities		—			(120	)		—			—			(120	)
Net cash from (used in) investing activities		—			86,056			(1,606,357	)		(92	)		(1,520,393	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity		197			511,371			(95,024	)		(40,560	)		375,984
Net (decrease) increase in indebtedness		—			(19,337	)		444,145			—			424,808
Net cash from (used in) financing activities		197			492,034			349,121			(40,560	)		800,792
DECREASE IN CASH AND CASH EQUIVALENTS		—			(162,567	)		(219,419	)		—			(381,986	)
CASH AND CASH EQUIVALENTS:
Beginning of period		—			306,208			287,885			—			594,093
End of period	$	—		$	143,641		$	68,466		$	—		$	212,107

XML

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details 3) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from operating activities	$ 252,196	$ 337,615
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(9,624,583)	(8,860,130)
Collections of receivables	8,381,198	7,807,128
Decrease (increase) in restricted cash	174,089	(391,471)
Purchase of equipment on operating leases, net	(142,247)	(75,800)
Other investing activities	(66)	(120)
Net cash used in investing activities	(1,211,609)	(1,520,393)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	(281,589)	375,984
Net increase (decrease) in indebtedness	865,987	424,808
Dividends paid to CNH America LLC	(200,000)
Net cash from financing activities	384,398	800,792
DECREASE IN CASH AND CASH EQUIVALENTS	(575,015)	(381,986)
CASH AND CASH EQUIVALENTS:
Beginning of period	785,913	594,093
End of period	210,898	212,107
CNH Capital LLC
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from operating activities	(400,000)	(197)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity		197
Net increase (decrease) in indebtedness	600,000
Dividends paid to CNH America LLC	(200,000)
Net cash from financing activities	400,000	197
Guarantor Entities
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from operating activities	151,676	(740,657)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(7,740,817)	(7,006,262)
Collections of receivables	7,579,325	7,178,439
Purchase of equipment on operating leases, net	(98,037)	(86,001)
Other investing activities	(40)	(120)
Net cash used in investing activities	(259,569)	86,056
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	91,143	511,371
Net increase (decrease) in indebtedness	(85,160)	(19,337)
Net cash from financing activities	5,983	492,034
DECREASE IN CASH AND CASH EQUIVALENTS	(101,910)	(162,567)
CASH AND CASH EQUIVALENTS:
Beginning of period	257,001	306,208
End of period	155,091	143,641
All Other Subsidiaries
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from operating activities	90,357	1,037,817
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(8,292,065)	(8,349,862)
Collections of receivables	7,209,807	7,124,775
Decrease (increase) in restricted cash	174,089	(391,471)
Purchase of equipment on operating leases, net	(44,210)	10,201
Other investing activities	(26)
Net cash used in investing activities	(952,405)	(1,606,357)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	37,796	(95,024)
Net increase (decrease) in indebtedness	351,147	444,145
Net cash from financing activities	388,943	349,121
DECREASE IN CASH AND CASH EQUIVALENTS	(473,105)	(219,419)
CASH AND CASH EQUIVALENTS:
Beginning of period	528,912	287,885
End of period	55,807	68,466
Eliminations
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from operating activities	410,163	40,652
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	6,408,299	6,495,994
Collections of receivables	(6,407,934)	(6,496,086)
Net cash used in investing activities	365	(92)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	(410,528)	(40,560)
Net cash from financing activities	$ (410,528)	$ (40,560)

XML

FINANCIAL INSTRUMENTS (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013
FINANCIAL INSTRUMENTS
Maximum length of time of interest rate derivative instruments designated in cash flow hedge relationships	49 months
After-tax losses deferred in accumulated other comprehensive income that will be recognized in interest expense over the next 12 months	$ 3,388

XML

BASIS OF PRESENTATION (Details) (Fiat Industrial, EUR €) In Millions, unless otherwise specified	Jun. 30, 2013	Nov. 25, 2012
Basis of Presentation
Ownership interest in CNH	87.00%	87.00%
Forecast | Maximum
Basis of Presentation
Business combination aggregate amount of capping for exercise of withdrawal and opposition rights	€ 325

XML

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2013

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

Schedule of condensed statements of comprehensive income

	Condensed Statements of Comprehensive Income for the Three Months Ended June 30, 2013
	CNH Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail and other notes and finance leases	$	—		$	2,762		$	60,292		$	—		$	63,054
Interest and other income from affiliates		18,560			47,780			89,948			(56,082	)		100,206
Rental income on operating leases		—			19,586			14,459			—			34,045
Servicing fee income		—			21,140			8			(21,008	)		140
Other income		—			12,388			2,499			—			14,887
Total revenues		18,560			103,656			167,206			(77,090	)		212,332
EXPENSES
Interest expense:
Interest expense to third parties		23,705			902			33,248			—			57,855
Interest expense to affiliates		—			49,965			11,194			(56,082	)		5,077
Total interest expense		23,705			50,867			44,442			(56,082	)		62,932
Administrative and operating expenses:
Fees charged by affiliates		—			12,727			23,659			(21,008	)		15,378
Benefit for credit losses, net		—			(7,497	)		(3,362	)		—			(10,859	)
Depreciation of equipment on operating leases		—			15,964			12,242			—			28,206
Other expenses (income)		—			11,047			(859	)		—			10,188
Total operating expenses		—			32,241			31,680			(21,008	)		42,913
Total expenses		23,705			83,108			76,122			(77,090	)		105,845
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(5,145	)		20,548			91,084			—			106,487
Income tax (benefit) provision		(2,016	)		7,510			31,981			—			37,475
Equity in income of consolidated subsidiaries accounted for under the equity method		71,784			58,746			—			(130,530	)		—
NET INCOME		68,655			71,784			59,103			(130,530	)		69,012
Net income attributed to noncontrolling interest		—			—			(357	)		—			(357	)
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	68,655		$	71,784		$	58,746		$	(130,530	)	$	68,655
COMPREHENSIVE INCOME	$	49,665		$	52,793		$	43,412		$	(95,848	)	$	50,022
Comprehensive income attributed to noncontrolling interest		—			—			(357	)		—			(357	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	49,665		$	52,793		$	43,055		$	(95,848	)	$	49,665

	Condensed Statements of Comprehensive Income for the Six Months Ended June 30, 2013
	CNH Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail and other notes and finance leases	$	—		$	5,136		$	118,651		$	—		$	123,787
Interest and other income from affiliates		29,567			92,647			177,218			(101,199	)		198,233
Rental income on operating leases		—			38,389			28,783			—			67,172
Servicing fee income		—			41,653			37			(41,418	)		272
Other income		—			23,832			4,701			—			28,533
Total revenues		29,567			201,657			329,390			(142,617	)		417,997
EXPENSES
Interest expense:
Interest expense to third parties		42,275			1,601			68,142			—			112,018
Interest expense to affiliates		—			92,124			19,464			(101,199	)		10,389
Total interest expense		42,275			93,725			87,606			(101,199	)		122,407
Administrative and operating expenses:
Fees charged by affiliates		—			24,914			46,912			(41,418	)		30,408
(Benefit) provision for credit losses, net		—			(11,537	)		4,177			—			(7,360	)
Depreciation of equipment on operating leases		—			31,022			24,355			—			55,377
Other expenses (income)		—			19,057			(1,982	)		—			17,075
Total operating expenses		—			63,456			73,462			(41,418	)		95,500
Total expenses		42,275			157,181			161,068			(142,617	)		217,907
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(12,708	)		44,476			168,322			—			200,090
Income tax (benefit) provision		(4,980	)		17,165			55,033			—			67,218
Equity in income of consolidated subsidiaries accounted for under the equity method		139,825			112,514			—			(252,339	)		—
NET INCOME		132,097			139,825			113,289			(252,339	)		132,872
Net income attributed to noncontrolling interest		—			—			(775	)		—			(775	)
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	132,097		$	139,825		$	112,514		$	(252,339	)	$	132,097
COMPREHENSIVE INCOME	$	99,460		$	107,187		$	86,268		$	(192,680	)	$	100,235
Comprehensive income attributed to noncontrolling interest		—			—			(775	)		—			(775	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	99,460		$	107,187		$	85,493		$	(192,680	)	$	99,460

	Condensed Statements of Comprehensive Income for the Three Months Ended June 30, 2012
	CNH Capital LLC			Guarantor Entities		All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail and other notes and finance leases	$	—		$	3,117	$	55,500		$	—		$	58,617
Interest and other income from affiliates		—			43,657		88,959			(35,176	)		97,440
Rental income on operating leases		—			21,666		11,258			—			32,924
Servicing fee income		—			20,200		37			(19,949	)		288
Other income		—			7,485		9,811			—			17,296
Total revenues		—			96,125		165,565			(55,125	)		206,565
EXPENSES
Interest expense:
Interest expense to third parties		10,724			2,569		42,756			—			56,049
Interest expense to affiliates		79			34,495		8,127			(35,176	)		7,525
Total interest expense		10,803			37,064		50,883			(35,176	)		63,574
Administrative and operating expenses:
Fees charged by affiliates		—			14,693		22,791			(19,949	)		17,535
Provision for credit losses, net		—			183		2,933			—			3,116
Depreciation of equipment on operating leases		—			17,174		9,287			—			26,461
Other expenses		—			6,395		4,428			—			10,823
Total operating expenses		—			38,445		39,439			(19,949	)		57,935
Total expenses		10,803			75,509		90,322			(55,125	)		121,509
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(10,803	)		20,616		75,243			—			85,056
Income tax (benefit) provision		(4,234	)		8,664		26,054			—			30,484
Equity in income of consolidated subsidiaries accounted for under the equity method		60,753			48,801		—			(109,554	)		—
NET INCOME		54,184			60,753		49,189			(109,554	)		54,572
Net income attributed to noncontrolling interest		—			—		(388	)		—			(388	)
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	54,184		$	60,753	$	48,801		$	(109,554	)	$	54,184
COMPREHENSIVE INCOME	$	42,307		$	48,876	$	37,368		$	(85,856	)	$	42,695
Comprehensive income attributed to noncontrolling interest		—			—		(388	)		—			(388	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	42,307		$	48,876	$	36,980		$	(85,856	)	$	42,307

	Condensed Statements of Comprehensive Income for the Six Months Ended June 30, 2012
	CNH Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail and other notes and finance leases	$	—		$	6,752		$	110,104		$	—		$	116,856
Interest and other income from affiliates		—			83,909			174,733			(65,592	)		193,050
Rental income on operating leases		—			42,088			23,904			—			65,992
Servicing fee income		—			39,013			96			(38,515	)		594
Other income		—			13,767			19,569			—			33,336
Total revenues		—			185,529			328,406			(104,107	)		409,828
EXPENSES
Interest expense:
Interest expense to third parties		20,608			3,411			87,172			—			111,191
Interest expense to affiliates		145			65,368			17,778			(65,592	)		17,699
Total interest expense		20,753			68,779			104,950			(65,592	)		128,890
Administrative and operating expenses:
Fees charged by affiliates		—			26,276			44,522			(38,515	)		32,283
(Benefit) provision for credit losses, net		—			(14,029	)		17,767			—			3,738
Depreciation of equipment on operating leases		—			33,673			19,721			—			53,394
Other expenses		—			15,167			2,860			—			18,027
Total operating expenses		—			61,087			84,870			(38,515	)		107,442
Total expenses		20,753			129,866			189,820			(104,107	)		236,332
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(20,753	)		55,663			138,586			—			173,496
Income tax (benefit) provision		(8,133	)		21,761			47,733			—			61,361
Equity in income of consolidated subsidiaries accounted for under the equity method		124,003			90,101			—			(214,104	)		—
NET INCOME		111,383			124,003			90,853			(214,104	)		112,135
Net income attributed to noncontrolling interest		—			—			(752	)		—			(752	)
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	111,383		$	124,003		$	90,101		$	(214,104	)	$	111,383
COMPREHENSIVE INCOME	$	111,744		$	124,364		$	91,195		$	(214,807	)	$	112,496
Comprehensive income attributed to noncontrolling interest		—			—			(752	)		—			(752	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$	111,744		$	124,364		$	90,443		$	(214,807	)	$	111,744

Schedule of condensed balance sheets

	Condensed Balance Sheets as of June 30, 2013
	CNH Capital LLC		Guarantor Entities			All Other Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	155,091		$	55,807	$	—		$	210,898
Restricted cash		—		100			547,313		—			547,413
Receivables, less allowance for credit losses		—		1,308,063			10,561,311		—			11,869,374
Retained interests in securitized receivables		—		5,104			5,305		(4,710	)		5,699
Affiliated accounts and notes receivable		1,751,671		1,873,407			1,384,350		(4,994,869	)		14,559
Equipment on operating leases, net		—		497,614			332,716		—			830,330
Equipment held for sale		—		25,320			7,062		—			32,382
Investments in consolidated subsidiaries accounted for under the equity method		1,570,512		1,825,695			—		(3,396,207	)		—
Goodwill and intangible assets, net		—		85,641			34,387		—			120,028
Other assets		21,744		(21,152	)		66,667		—			67,259
TOTAL	$	3,343,927	$	5,754,883		$	12,994,918	$	(8,395,786	)	$	13,697,942
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Short-term debt, including current maturities of long-term debt	$	—	$	82,840		$	4,118,825	$	—		$	4,201,665
Accounts payable and other accrued liabilities		17,558		1,781,750			1,056,373		(2,444,339	)		411,342
Affiliated debt		—		2,237,813			895,851		(2,555,240	)		578,424
Long-term debt		2,000,000		81,968			5,040,431		—			7,122,399
Total liabilities		2,017,558		4,184,371			11,111,480		(4,999,579	)		12,313,830
Stockholder's equity		1,326,369		1,570,512			1,883,438		(3,396,207	)		1,384,112
TOTAL	$	3,343,927	$	5,754,883		$	12,994,918	$	(8,395,786	)	$	13,697,942

	Condensed Balance Sheets as of December 31, 2012
	CNH Capital LLC		Guarantor Entities			All Other Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	257,001		$	528,912	$	—		$	785,913
Restricted cash		—		100			727,086		—			727,186
Receivables, less allowance for credit losses		—		1,136,838			9,595,438		—			10,732,276
Retained interests in securitized receivables		—		5,368			8,248		(4,345	)		9,271
Affiliated accounts and notes receivable		1,357,013		1,970,680			1,380,472		(4,612,786	)		95,379
Equipment on operating leases, net		—		430,599			323,772		—			754,371
Equipment held for sale		—		39,455			7,195		—			46,650
Investments in consolidated subsidiaries accounted for under the equity method		1,462,859		1,740,138			—		(3,202,997	)		—
Goodwill and intangible assets		—		86,095			36,130		—			122,225
Other assets		21,765		(14,998	)		66,491		—			73,258
TOTAL	$	2,841,637	$	5,651,276		$	12,673,744	$	(7,820,128	)	$	13,346,529
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Short-term debt, including current maturities of long-term debt	$	—	$	110,557		$	4,119,680	$	—		$	4,230,237
Accounts payable and other accrued liabilities		15,194		1,791,778			1,112,745		(2,472,419	)		447,298
Affiliated debt		—		2,146,670			862,074		(2,144,712	)		864,032
Long-term debt		1,400,000		139,412			4,782,139		—			6,321,551
Total liabilities		1,415,194		4,188,417			10,876,638		(4,617,131	)		11,863,118
Stockholder's equity		1,426,443		1,462,859			1,797,106		(3,202,997	)		1,483,411
TOTAL	$	2,841,637	$	5,651,276		$	12,673,744	$	(7,820,128	)	$	13,346,529

Schedule of condensed statements of cash flows

	Condensed Statements of Cash Flows for the Six Months Ended June 30, 2013
	CNH Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) from operating activities	$	(400,000	)	$	151,676		$	90,357		$	410,163		$	252,196
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired		—			(7,740,817	)		(8,292,065	)		6,408,299			(9,624,583	)
Collections of receivables		—			7,579,325			7,209,807			(6,407,934	)		8,381,198
Decrease in restricted cash		—			—			174,089			—			174,089
Purchase of equipment on operating leases, net		—			(98,037	)		(44,210	)		—			(142,247	)
Other investing activities		—			(40	)		(26	)		—			(66	)
Net cash (used in) from investing activities		—			(259,569	)		(952,405	)		365			(1,211,609	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity		—			91,143			37,796			(410,528	)		(281,589	)
Net increase (decrease) in indebtedness		600,000			(85,160	)		351,147			—			865,987
Dividends paid to CNH America LLC		(200,000	)		—			—			—			(200,000	)
Net cash from (used in) financing activities		400,000			5,983			388,943			(410,528	)		384,398
DECREASE IN CASH AND CASH EQUIVALENTS		—			(101,910	)		(473,105	)		—			(575,015	)
CASH AND CASH EQUIVALENTS:
Beginning of period		—			257,001			528,912			—			785,913
End of period	$	—		$	155,091		$	55,807		$	—		$	210,898

	Condensed Statements of Cash Flows for the Six Months Ended June 30, 2012
	CNH Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) from operating activities	$	(197	)	$	(740,657	)	$	1,037,817		$	40,652		$	337,615
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired		—			(7,006,262	)		(8,349,862	)		6,495,994			(8,860,130	)
Collections of receivables		—			7,178,439			7,124,775			(6,496,086	)		7,807,128
Increase in restricted cash		—			—			(391,471	)		—			(391,471	)
Purchase of equipment on operating leases, net		—			(86,001	)		10,201			—			(75,800	)
Other investing activities		—			(120	)		—			—			(120	)
Net cash from (used in) investing activities		—			86,056			(1,606,357	)		(92	)		(1,520,393	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity		197			511,371			(95,024	)		(40,560	)		375,984
Net (decrease) increase in indebtedness		—			(19,337	)		444,145			—			424,808
Net cash from (used in) financing activities		197			492,034			349,121			(40,560	)		800,792
DECREASE IN CASH AND CASH EQUIVALENTS		—			(162,567	)		(219,419	)		—			(381,986	)
CASH AND CASH EQUIVALENTS:
Beginning of period		—			306,208			287,885			—			594,093
End of period	$	—		$	143,641		$	68,466		$	—		$	212,107

XML

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
REVENUES
Interest income on retail and other notes and finance leases	$ 63,054	$ 58,617	$ 123,787	$ 116,856
Interest and other income from affiliates	100,206	97,440	198,233	193,050
Rental income on operating leases	34,045	32,924	67,172	65,992
Servicing fee income	140	288	272	594
Other income	14,887	17,296	28,533	33,336
Total revenues	212,332	206,565	417,997	409,828
Interest expense:
Interest expense to third parties	57,855	56,049	112,018	111,191
Interest expense to affiliates	5,077	7,525	10,389	17,699
Total interest expense	62,932	63,574	122,407	128,890
Administrative and operating expenses:
Fees charged by affiliates	15,378	17,535	30,408	32,283
(Benefit) provision for credit losses, net	(10,859)	3,116	(7,360)	3,738
Depreciation of equipment on operating leases	28,206	26,461	55,377	53,394
Other expenses (income)	10,188	10,823	17,075	18,027
Total administrative and operating expenses	42,913	57,935	95,500	107,442
Total expenses	105,845	121,509	217,907	236,332
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method	106,487	85,056	200,090	173,496
Income tax (benefit) provision	37,475	30,484	67,218	61,361
NET INCOME	69,012	54,572	132,872	112,135
Net income attributed to noncontrolling interest	(357)	(388)	(775)	(752)
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	68,655	54,184	132,097	111,383
COMPREHENSIVE INCOME	50,022	42,695	100,235	112,496
Comprehensive income attributed to noncontrolling interest	(357)	(388)	(775)	(752)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	49,665	42,307	99,460	111,744
CNH Capital LLC
REVENUES
Interest and other income from affiliates	18,560		29,567
Total revenues	18,560		29,567
Interest expense:
Interest expense to third parties	23,705	10,724	42,275	20,608
Interest expense to affiliates		79		145
Total interest expense	23,705	10,803	42,275	20,753
Administrative and operating expenses:
Total expenses	23,705	10,803	42,275	20,753
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method	(5,145)	(10,803)	(12,708)	(20,753)
Income tax (benefit) provision	(2,016)	(4,234)	(4,980)	(8,133)
Equity in income of consolidated subsidiaries accounted for under the equity method	71,784	60,753	139,825	124,003
NET INCOME	68,655	54,184	132,097	111,383
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	68,655	54,184	132,097	111,383
COMPREHENSIVE INCOME	49,665	42,307	99,460	111,744
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	49,665	42,307	99,460	111,744
Guarantor Entities
REVENUES
Interest income on retail and other notes and finance leases	2,762	3,117	5,136	6,752
Interest and other income from affiliates	47,780	43,657	92,647	83,909
Rental income on operating leases	19,586	21,666	38,389	42,088
Servicing fee income	21,140	20,200	41,653	39,013
Other income	12,388	7,485	23,832	13,767
Total revenues	103,656	96,125	201,657	185,529
Interest expense:
Interest expense to third parties	902	2,569	1,601	3,411
Interest expense to affiliates	49,965	34,495	92,124	65,368
Total interest expense	50,867	37,064	93,725	68,779
Administrative and operating expenses:
Fees charged by affiliates	12,727	14,693	24,914	26,276
(Benefit) provision for credit losses, net	(7,497)	183	(11,537)	(14,029)
Depreciation of equipment on operating leases	15,964	17,174	31,022	33,673
Other expenses (income)	11,047	6,395	19,057	15,167
Total administrative and operating expenses	32,241	38,445	63,456	61,087
Total expenses	83,108	75,509	157,181	129,866
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method	20,548	20,616	44,476	55,663
Income tax (benefit) provision	7,510	8,664	17,165	21,761
Equity in income of consolidated subsidiaries accounted for under the equity method	58,746	48,801	112,514	90,101
NET INCOME	71,784	60,753	139,825	124,003
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	71,784	60,753	139,825	124,003
COMPREHENSIVE INCOME	52,793	48,876	107,187	124,364
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	52,793	48,876	107,187	124,364
CNH Capital America LLC
Condensed Statements of Comprehensive Income
Ownership percentage	100.00%		100.00%
New Holland Credit Company LLC
Condensed Statements of Comprehensive Income
Ownership percentage	100.00%		100.00%
All Other Subsidiaries
REVENUES
Interest income on retail and other notes and finance leases	60,292	55,500	118,651	110,104
Interest and other income from affiliates	89,948	88,959	177,218	174,733
Rental income on operating leases	14,459	11,258	28,783	23,904
Servicing fee income	8	37	37	96
Other income	2,499	9,811	4,701	19,569
Total revenues	167,206	165,565	329,390	328,406
Interest expense:
Interest expense to third parties	33,248	42,756	68,142	87,172
Interest expense to affiliates	11,194	8,127	19,464	17,778
Total interest expense	44,442	50,883	87,606	104,950
Administrative and operating expenses:
Fees charged by affiliates	23,659	22,791	46,912	44,522
(Benefit) provision for credit losses, net	(3,362)	2,933	4,177	17,767
Depreciation of equipment on operating leases	12,242	9,287	24,355	19,721
Other expenses (income)	(859)	4,428	(1,982)	2,860
Total administrative and operating expenses	31,680	39,439	73,462	84,870
Total expenses	76,122	90,322	161,068	189,820
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method	91,084	75,243	168,322	138,586
Income tax (benefit) provision	31,981	26,054	55,033	47,733
NET INCOME	59,103	49,189	113,289	90,853
Net income attributed to noncontrolling interest	(357)	(388)	(775)	(752)
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	58,746	48,801	112,514	90,101
COMPREHENSIVE INCOME	43,412	37,368	86,268	91,195
Comprehensive income attributed to noncontrolling interest	(357)	(388)	(775)	(752)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	43,055	36,980	85,493	90,443
Eliminations
REVENUES
Interest and other income from affiliates	(56,082)	(35,176)	(101,199)	(65,592)
Servicing fee income	(21,008)	(19,949)	(41,418)	(38,515)
Total revenues	(77,090)	(55,125)	(142,617)	(104,107)
Interest expense:
Interest expense to affiliates	(56,082)	(35,176)	(101,199)	(65,592)
Total interest expense	(56,082)	(35,176)	(101,199)	(65,592)
Administrative and operating expenses:
Fees charged by affiliates	(21,008)	(19,949)	(41,418)	(38,515)
Total administrative and operating expenses	(21,008)	(19,949)	(41,418)	(38,515)
Total expenses	(77,090)	(55,125)	(142,617)	(104,107)
Equity in income of consolidated subsidiaries accounted for under the equity method	(130,530)	(109,554)	(252,339)	(214,104)
NET INCOME	(130,530)	(109,554)	(252,339)	(214,104)
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	(130,530)	(109,554)	(252,339)	(214,104)
COMPREHENSIVE INCOME	(95,848)	(85,856)	(192,680)	(214,807)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$ (95,848)	$ (85,856)	$ (192,680)	$ (214,807)

XML

RECEIVABLES (Details 5) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Unpaid Principal Balance
Period considered for average recorded investment	4 months	4 months	7 months	7 months
Interest Income Recognized
Delinquency period of accounts considered for recognition of income			120 days		120 days
Minimum account delinquency period for an account to be classified as past due			30 days		30 days
United States
Interest Income Recognized
Receivables on nonaccrual status	$ 34,404		$ 34,404		$ 87,459
Canada
Interest Income Recognized
Receivables on nonaccrual status	12,200		12,200		2,968
Retail | United States
Interest Income Recognized
Receivables on nonaccrual status	15,750		15,750		29,130
Retail | Canada
Interest Income Recognized
Receivables on nonaccrual status	124		124		122
Wholesale | United States
Interest Income Recognized
Receivables on nonaccrual status	18,654		18,654		58,329
Wholesale | Canada
Interest Income Recognized
Receivables on nonaccrual status	12,076		12,076		2,846
Individually evaluated for impairment | Retail
Recorded Investment
Total	34,583		34,583		48,195
Unpaid Principal Balance
Total	32,531		32,531		43,072
Related Allowance	17,300		17,300		28,266
Average Recorded Investment
Total	37,265	49,217	40,580	46,485
Interest Income Recognized
Total	429	474	971	869
Individually evaluated for impairment | Retail | United States
Recorded Investment
With no related allowance recorded	8,756		8,756		5,614
With an allowance recorded	25,261		25,261		42,581
Unpaid Principal Balance
With no related allowance recorded	8,119		8,119		5,597
With an allowance recorded	23,866		23,866		37,475
Related Allowance	17,300		17,300		28,266
Average Recorded Investment
With no related allowance recorded	8,839	3,606	8,731	3,781
With an allowance recorded	27,838	45,611	31,240	42,704
Interest Income Recognized
With no related allowance recorded	105	75	192	131
With an allowance recorded	320	399	768	738
Individually evaluated for impairment | Retail | Canada
Recorded Investment
With no related allowance recorded	566		566
Unpaid Principal Balance
With no related allowance recorded	546		546
Average Recorded Investment
With no related allowance recorded	588		609
Interest Income Recognized
With no related allowance recorded	4		11
Individually evaluated for impairment | Wholesale
Recorded Investment
Total	31,273		31,273		61,752
Unpaid Principal Balance
Total	30,730		30,730		61,175
Related Allowance	5,167		5,167		9,512
Average Recorded Investment
Total	33,725	70,484	33,467	65,786
Interest Income Recognized
Total	141	462	399	916
Individually evaluated for impairment | Wholesale | United States
Recorded Investment
With an allowance recorded	18,919		18,919		58,826
Unpaid Principal Balance
With an allowance recorded	18,654		18,654		58,329
Related Allowance	4,452		4,452		9,000
Average Recorded Investment
With an allowance recorded	19,066	70,332	19,078	65,629
Interest Income Recognized
With an allowance recorded	141	459	291	913
Individually evaluated for impairment | Wholesale | Canada
Recorded Investment
With an allowance recorded	12,354		12,354		2,926
Unpaid Principal Balance
With an allowance recorded	12,076		12,076		2,846
Related Allowance	715		715		512
Average Recorded Investment
With an allowance recorded	14,659	152	14,389	157
Interest Income Recognized
With an allowance recorded		$ 3	$ 108	$ 3

XML

FINANCIAL INSTRUMENTS (Details 3) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Liabilities
Assets transferred between Level 1, Level 2 and Level 3	$ 0	$ 0
Liabilities transferred between Level 1, Level 2 and Level 3	0	0
Recurring | Level 2
Assets
Interest rate derivatives	8,895	2,788
Foreign exchange contracts	16	15
Total assets	8,911	2,803
Liabilities
Interest rate derivatives	8,100	2,744
Foreign exchange contracts		20
Total liabilities	8,100	2,764
Recurring | Level 3
Assets
Retained interests	5,699	9,271
Total assets	5,699	9,271
Recurring | Total
Assets
Interest rate derivatives	8,895	2,788
Foreign exchange contracts	16	15
Retained interests	5,699	9,271
Total assets	14,610	12,074
Liabilities
Interest rate derivatives	8,100	2,744
Foreign exchange contracts		20
Total liabilities	$ 8,100	$ 2,764

XML

SUBSEQUENT EVENTS (Details) (U.S. wholesale committed asset-backed facility, USD $) In Thousands, unless otherwise specified	0 Months Ended
	Jun. 17, 2013	May 22, 2013	Jul. 15, 2013 Subsequent event
SUBSEQUENT EVENTS
Debt issued	$ 300,000	$ 500,000	$ 200,000

XML

RECEIVABLES (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Allowance for credit losses:
Beginning balance	$ 123,024	$ 103,298	$ 122,320	$ 106,673	$ 106,673
Charge-offs	(4,086)	(19,027)	(8,308)	(25,795)	(38,001)
Recoveries	1,939	1,806	3,618	4,483	8,794
(Benefit) provision	(10,859)	3,116	(7,360)	3,738	44,578
Foreign currency translation and other	(599)	(107)	(851)	(13)	276
Ending balance	109,419	89,086	109,419	89,086	122,320
Ending balance: individually evaluated for impairment	22,467	34,692	22,467	34,692	37,778
Ending balance: collectively evaluated for impairment	86,952	54,394	86,952	54,394	84,542
Receivables:
Total Receivables	11,978,793	10,525,900	11,978,793	10,525,900	10,854,596
Ending balance: individually evaluated for impairment	65,856	120,170	65,856	120,170	109,947
Ending balance: collectively evaluated for impairment	11,912,937	10,405,730	11,912,937	10,405,730	10,744,649
Retail
Allowance for credit losses:
Beginning balance	102,618	81,280	102,560	83,233	83,233
Charge-offs	(2,742)	(17,051)	(5,252)	(21,389)	(28,238)
Recoveries	987	1,023	1,782	2,879	5,206
(Benefit) provision	(6,624)	2,271	(4,636)	2,759	42,135
Foreign currency translation and other	(537)	(60)	(752)	(19)	224
Ending balance	93,702	67,463	93,702	67,463	102,560
Ending balance: individually evaluated for impairment	17,300	25,089	17,300	25,089	28,266
Ending balance: collectively evaluated for impairment	76,402	42,374	76,402	42,374	74,294
Receivables:
Total Receivables	7,686,214	6,550,358	7,686,214	6,550,358	7,363,384
Ending balance: individually evaluated for impairment	34,583	47,343	34,583	47,343	48,195
Ending balance: collectively evaluated for impairment	7,651,631	6,503,015	7,651,631	6,503,015	7,315,189
Wholesale
Allowance for credit losses:
Beginning balance	12,281	11,640	11,887	12,163	12,163
Charge-offs	(64)	(38)	(127)	(38)	(1,857)
Recoveries	206	44	241	102	312
(Benefit) provision	(4,723)	(183)	(4,279)	(788)	1,245
Foreign currency translation and other	(39)	(19)	(61)	5	24
Ending balance	7,661	11,444	7,661	11,444	11,887
Ending balance: individually evaluated for impairment	5,167	9,603	5,167	9,603	9,512
Ending balance: collectively evaluated for impairment	2,494	1,841	2,494	1,841	2,375
Receivables:
Total Receivables	4,023,564	3,684,465	4,023,564	3,684,465	3,265,173
Ending balance: individually evaluated for impairment	31,273	72,827	31,273	72,827	61,752
Ending balance: collectively evaluated for impairment	3,992,291	3,611,638	3,992,291	3,611,638	3,203,421
Other
Allowance for credit losses:
Beginning balance	8,125	10,378	7,873	11,277	11,277
Charge-offs	(1,280)	(1,938)	(2,929)	(4,368)	(7,906)
Recoveries	746	739	1,595	1,502	3,276
(Benefit) provision	488	1,028	1,555	1,767	1,198
Foreign currency translation and other	(23)	(28)	(38)	1	28
Ending balance	8,056	10,179	8,056	10,179	7,873
Ending balance: collectively evaluated for impairment	8,056	10,179	8,056	10,179	7,873
Receivables:
Total Receivables	269,015	291,077	269,015	291,077	226,039
Ending balance: collectively evaluated for impairment	$ 269,015	$ 291,077	$ 269,015	$ 291,077	$ 226,039

XML

SEGMENT AND GEOGRAPHICAL INFORMATION (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Segment And Geographical Information
Revenues	$ 212,332	$ 206,565	$ 417,997	$ 409,828
Interest expense	62,932	63,574	122,407	128,890
Segment net income	69,012	54,572	132,872	112,135
Depreciation and amortization	28,457	26,741	55,890	53,959
Expenditures for equipment on operating leases and for non-lease assets	130,953	84,243	263,431	182,833
(Benefit) provision for credit losses, net	(10,859)	3,116	(7,360)	3,738
Additional disclosures
Segment assets	13,697,942		13,697,942		13,346,529
Total managed receivables	12,006,743		12,006,743		10,901,963
United States
Segment And Geographical Information
Revenues	164,465	158,672	323,671	315,771
Interest expense	50,825	51,348	99,448	101,947
Segment net income	54,763	37,991	100,672	81,209
Depreciation and amortization	20,210	18,608	39,597	37,843
Expenditures for equipment on operating leases and for non-lease assets	93,453	54,687	206,178	131,301
(Benefit) provision for credit losses, net	(13,772)	3,215	(9,832)	3,566
Additional disclosures
Segment assets	11,334,429		11,334,429		11,016,740
Total managed receivables	9,830,646		9,830,646		8,849,079
Canada
Segment And Geographical Information
Revenues	49,143	48,351	96,869	94,515
Interest expense	13,383	12,684	25,502	27,401
Segment net income	14,249	16,581	32,200	30,926
Depreciation and amortization	8,247	8,133	16,293	16,116
Expenditures for equipment on operating leases and for non-lease assets	37,500	29,556	57,253	51,532
(Benefit) provision for credit losses, net	2,913	(99)	2,472	172
Additional disclosures
Segment assets	2,576,337		2,576,337		2,555,140
Total managed receivables	2,176,097		2,176,097		2,052,884
Eliminations
Segment And Geographical Information
Revenues	(1,276)	(458)	(2,543)	(458)
Interest expense	(1,276)	(458)	(2,543)	(458)
Additional disclosures
Segment assets	$ (212,824)		$ (212,824)		$ (225,351)

XML

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2013

COMMITMENTS AND CONTINGENCIES

Schedule of commitments to extend credit for the managed portfolios

	Total Credit Limit		Utilized		Not Utilized
Commercial revolving accounts	$	3,947,704	$	266,309	$	3,681,395
Wholesale and dealer financing	$	5,622,839	$	3,965,818	$	1,657,021

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 132,872	$ 112,135
Adjustments to reconcile net income to net cash from operating activities:
Depreciation on property and equipment and equipment on operating leases	55,393	53,432
Amortization of intangibles	497	527
(Benefit) provision for credit losses, net	(7,360)	3,738
Deferred income tax expense (benefit)	182	(4,590)
Stock compensation expense	466
Changes in components of working capital:
Decrease in affiliated accounts and notes receivables	80,782	176,736
Decrease in other assets and equipment held for sale	22,296	78,748
Decrease in accounts payable and other accrued liabilities	(32,932)	(83,111)
Net cash from operating activities	252,196	337,615
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired	(9,624,583)	(8,860,130)
Collections of receivables	8,381,198	7,807,128
Decrease (increase) in restricted cash	174,089	(391,471)
Purchase of equipment on operating leases	(263,431)	(182,833)
Proceeds from disposal of equipment on operating leases	121,184	107,033
Capital expenditures for property and equipment and software	(66)	(120)
Net cash used in investing activities	(1,211,609)	(1,520,393)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of affiliated debt	903,077	1,064,709
Payment of affiliated debt	(1,184,666)	(688,725)
Proceeds from issuance of long-term debt	2,984,726	2,075,425
Payment of long-term debt	(2,058,315)	(1,739,497)
(Decrease) increase in revolving credit facilities, net	(60,424)	88,880
Dividends paid to CNH America LLC	(200,000)
Net cash from financing activities	384,398	800,792
DECREASE IN CASH AND CASH EQUIVALENTS	(575,015)	(381,986)
CASH AND CASH EQUIVALENTS:
Beginning of period	785,913	594,093
End of period	210,898	212,107
CASH PAID DURING THE PERIOD FOR INTEREST	119,536	130,505
CASH PAID DURING THE PERIOD FOR TAXES	$ 61,160	$ 29,113

XML

BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2013

BASIS OF PRESENTATION

BASIS OF PRESENTATION

NOTE 1: BASIS OF PRESENTATION

        CNH Capital LLC and its wholly-owned operating subsidiaries, including New Holland Credit Company, LLC ("New Holland Credit") and CNH Capital America LLC ("CNH Capital America"), and its majority-owned operating subsidiary CNH Capital Canada Ltd. (collectively, "CNH Capital" or the "Company"), are each a wholly-owned subsidiary of CNH America LLC ("CNH America"), which is an indirect wholly-owned subsidiary of CNH Global N.V. ("CNH Global" and together with its consolidated subsidiaries, "CNH"). CNH designs, manufactures, and sells agricultural and construction equipment. CNH Capital provides financial services for CNH America and CNH Canada Ltd. (collectively, "CNH North America") customers primarily located in the United States and Canada.

        As of June 30, 2013, Fiat Industrial S.p.A. ("Fiat Industrial") owned approximately 87% of CNH's outstanding common shares through its wholly-owned subsidiary, Fiat Netherlands Holding N.V.

        On November 25, 2012, Fiat Industrial and CNH Global announced that they entered into a definitive merger agreement to combine the businesses of Fiat Industrial and CNH Global. The terms of the definitive merger agreement provide that Fiat Industrial, which indirectly owns approximately 87% of the outstanding share capital of CNH Global, and CNH Global will each merge with and into a newly-formed company organized under the laws of the Netherlands. The parties anticipate that the shares of this newly-formed company, which will be named CNH Industrial N.V., will be listed on the New York Stock Exchange at the closing of the merger and, shortly after the closing of the merger, on the Mercato Telematico Azionario managed by Borsa Italiana. The merger is expected to close in the third quarter of 2013, subject to customary closing conditions including, among others, regulatory approvals and the condition that the cash amount required to be paid to withdrawing shareholders and to creditors for their opposition rights not exceed €325 million in the aggregate. The Fiat Industrial shareholders approved the merger on July 9, 2013, and the CNH Global shareholders approved the merger on July 23, 2013.

        The Company has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information, which should be read in conjunction with the audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2012. Certain financial information that is normally included in annual financial statements prepared in conformity with U.S. GAAP, but is not required for interim reporting purposes, has been condensed or omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company's interim unaudited financial statements have been reflected.

        The consolidated financial statements include the Company and its consolidated subsidiaries. The consolidated financial statements are expressed in U.S. dollars. The consolidated financial statements include the accounts of the Company's subsidiaries in which the Company has a controlling financial interest and reflect the noncontrolling interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. A controlling financial interest may exist based on ownership of a majority of the voting interest of a subsidiary, or based on the Company's determination that it is the primary beneficiary of a variable interest entity ("VIE"). The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The Company assesses whether it is the primary beneficiary on an ongoing basis, as prescribed by the accounting guidance on the consolidation of VIEs. The consolidated status of the VIEs with which the Company is involved may change as a result of such reassessments.

        The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and reported amounts of revenues and expenses. Significant estimates in these consolidated financial statements include the residual values of equipment on operating leases and allowance for credit losses. Actual results could differ from those estimates.

XML

RECEIVABLES

6 Months Ended

Jun. 30, 2013

RECEIVABLES

RECEIVABLES

NOTE 4: RECEIVABLES

        A summary of receivables included in the consolidated balance sheets as of June 30, 2013 and December 31, 2012 is as follows:

	June 30, 2013			December 31, 2012
Retail note receivables	$	605,868		$	903,644
Wholesale receivables		473,946			88,763
Finance lease receivables		56,556			62,615
Restricted receivables		10,573,408			9,573,535
Commercial revolving accounts receivables		269,015			226,039
Gross receivables		11,978,793			10,854,596
Less: allowance for credit losses		(109,419	)		(122,320	)
Total receivables, net	$	11,869,374		$	10,732,276

Restricted Receivables and Securitization

        As part of its overall funding strategy, the Company periodically transfers certain financial receivables into VIEs that are special purpose entities ("SPEs") as part of its asset-backed securitization programs.

        SPEs utilized in the securitization programs differ from other entities included in the Company's consolidated financial statements because the assets they hold are legally isolated from the Company's assets. For bankruptcy analysis purposes, the Company has sold the receivables to the SPEs in a true sale and the SPEs are separate legal entities. Upon transfer of the receivables to the SPEs, the receivables and certain cash flows derived from them become restricted for use in meeting obligations to the SPEs' creditors. The SPEs have ownership of cash balances that also have restrictions for the benefit of the SPEs' investors. The Company's interests in the SPEs' receivables are subordinate to the interests of third-party investors. None of the receivables that are directly or indirectly sold or transferred in any of these transactions are available to pay the Company's creditors until all obligations of the SPE have been fulfilled or the receivables are removed from the SPE.

        The secured borrowings related to the restricted receivables are obligations that are payable as the receivables are collected.

        The following table summarizes the restricted and off-book receivables and the related retained interests as of June 30, 2013 and December 31, 2012:

	Restricted Receivables				Off-Book Receivables				Retained Interests
	June 30, 2013		December 31, 2012		June 30, 2013		December 31, 2012		June 30, 2013		December 31, 2012
Retail note receivables	$	7,010,613	$	6,376,211	$	27,950	$	47,367	$	5,699	$	9,271
Wholesale receivables		3,549,618		3,176,410		—		—		—		—
Finance lease receivables		13,177		20,914		—		—		—		—
Total	$	10,573,408	$	9,573,535	$	27,950	$	47,367	$	5,699	$	9,271

        Within the U.S. retail receivables securitization programs, qualifying retail receivables are sold to limited purpose, bankruptcy-remote SPEs. In turn, these SPEs establish separate trusts to which the receivables are transferred in exchange for proceeds from asset-backed securities issued by the trusts. In Canada, the receivables are transferred directly to the trusts. These trusts were determined to be VIEs. In its role as servicer, CNH Capital has the power to direct the trusts' activities. Through its retained interests, the Company has an obligation to absorb certain losses, or the right to receive certain benefits, that could potentially be significant to the trusts. Consequently, the Company has consolidated these retail trusts.

        Three private retail transactions totaling $27,950 and $47,367 were not included in the Company's consolidated balance sheets as of June 30, 2013 and December 31, 2012, respectively.

        With regard to the wholesale receivable securitization programs, the Company sells certain eligible receivables on a revolving basis to structured master trust facilities which are limited-purpose, bankruptcy-remote SPEs. These trusts were determined to be VIEs. In its role as servicer, CNH Capital has the power to direct the trusts' activities. Through its retained interests, the Company provides security to investors in the event that cash collections from the receivables are not sufficient to make principal and interest payments on the securities. Consequently, CNH Capital has consolidated these wholesale trusts.

Allowance for Credit Losses

        The allowance for credit losses is the Company's estimate of probable losses for receivables owned by the Company and consists of two components, depending on whether the receivable has been individually identified as being impaired. The first component of the allowance for credit losses covers the receivables specifically reviewed by management for which the Company has determined it is probable that it will not collect all of the contractual principal and interest. Receivables are individually reviewed for impairment based on, among other items, amounts outstanding, days past due and prior collection history. These receivables are subject to impairment measurement at the loan level based either on the present value of expected future cash flows discounted at the receivables' effective interest rate or the fair value of the collateral for collateral-dependent receivables.

        The second component of the allowance for credit losses covers all receivables that have not been individually reviewed for impairment. The allowance for these receivables is based on aggregated portfolio evaluations, generally by financial product. The allowance for retail credit losses is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The allowance for wholesale credit losses is based on loss forecast models that consider the same factors as the retail models plus dealer risk ratings. The loss forecast models are updated on a quarterly basis. In addition, qualitative factors that are not fully captured in the loss forecast models, including industry trends, and macroeconomic factors are considered in the evaluation of the adequacy of the allowance for credit losses. These qualitative factors are subjective and require a degree of management judgment.

        Charge-offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is determined to be probable that all amounts due will not be collected.

        The Company's allowance for credit losses is segregated into three portfolio segments: retail, wholesale and other. A portfolio segment is the level at which the Company develops a systematic methodology for determining its allowance for credit losses. The retail segment includes retail notes and finance lease receivables. The wholesale segment includes wholesale financing to CNH North America dealers, and the other portfolio includes the Company's commercial revolving accounts.

        Further, the Company evaluates its portfolio segments by class of receivable: United States and Canada. Typically, the Company's receivables within a geographic area have similar risk profiles and methods for assessing and monitoring risk. These classes align with management reporting.

        Allowance for credit losses activity for the three months ended June 30, 2013 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	102,618		$	12,281		$	8,125		$	123,024
Charge-offs		(2,742	)		(64	)		(1,280	)		(4,086	)
Recoveries		987			206			746			1,939
(Benefit) provision		(6,624	)		(4,723	)		488			(10,859	)
Foreign currency translation and other		(537	)		(39	)		(23	)		(599	)
Ending balance	$	93,702		$	7,661		$	8,056		$	109,419

        Allowance for credit losses activity for the six months ended June 30, 2013 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	102,560		$	11,887		$	7,873		$	122,320
Charge-offs		(5,252	)		(127	)		(2,929	)		(8,308	)
Recoveries		1,782			241			1,595			3,618
(Benefit) provision		(4,636	)		(4,279	)		1,555			(7,360	)
Foreign currency translation and other		(752	)		(61	)		(38	)		(851	)
Ending balance	$	93,702		$	7,661		$	8,056		$	109,419
Ending balance: individually evaluated for impairment	$	17,300		$	5,167		$	—		$	22,467
Ending balance: collectively evaluated for impairment	$	76,402		$	2,494		$	8,056		$	86,952
Receivables:
Ending balance	$	7,686,214		$	4,023,564		$	269,015		$	11,978,793
Ending balance: individually evaluated for impairment	$	34,583		$	31,273		$	—		$	65,856
Ending balance: collectively evaluated for impairment	$	7,651,631		$	3,992,291		$	269,015		$	11,912,937

        Allowance for credit losses activity for the three months ended June 30, 2012 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	81,280		$	11,640		$	10,378		$	103,298
Charge-offs		(17,051	)		(38	)		(1,938	)		(19,027	)
Recoveries		1,023			44			739			1,806
Provision (benefit)		2,271			(183	)		1,028			3,116
Foreign currency translation and other		(60	)		(19	)		(28	)		(107	)
Ending balance	$	67,463		$	11,444		$	10,179		$	89,086

        Allowance for credit losses activity for the six months ended June 30, 2012 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	83,233		$	12,163		$	11,277		$	106,673
Charge-offs		(21,389	)		(38	)		(4,368	)		(25,795	)
Recoveries		2,879			102			1,502			4,483
Provision (benefit)		2,759			(788	)		1,767			3,738
Foreign currency translation and other		(19	)		5			1			(13	)
Ending balance	$	67,463		$	11,444		$	10,179		$	89,086
Ending balance: individually evaluated for impairment	$	25,089		$	9,603		$	—		$	34,692
Ending balance: collectively evaluated for impairment	$	42,374		$	1,841		$	10,179		$	54,394
Receivables:
Ending balance	$	6,550,358		$	3,684,465		$	291,077		$	10,525,900
Ending balance: individually evaluated for impairment	$	47,343		$	72,827		$	—		$	120,170
Ending balance: collectively evaluated for impairment	$	6,503,015		$	3,611,638		$	291,077		$	10,405,730

        Allowance for credit losses activity for the year ended December 31, 2012 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	83,233		$	12,163		$	11,277		$	106,673
Charge-offs		(28,238	)		(1,857	)		(7,906	)		(38,001	)
Recoveries		5,206			312			3,276			8,794
Provision		42,135			1,245			1,198			44,578
Foreign currency translation and other		224			24			28			276
Ending balance	$	102,560		$	11,887		$	7,873		$	122,320
Ending balance: individually evaluated for impairment	$	28,266		$	9,512		$	—		$	37,778
Ending balance: collectively evaluated for impairment	$	74,294		$	2,375		$	7,873		$	84,542
Receivables:
Ending balance	$	7,363,384		$	3,265,173		$	226,039		$	10,854,596
Ending balance: individually evaluated for impairment	$	48,195		$	61,752		$	—		$	109,947
Ending balance: collectively evaluated for impairment	$	7,315,189		$	3,203,421		$	226,039		$	10,744,649

        Utilizing an internal credit scoring model, which considers customers' attributes, prior credit history and each retail transaction's attributes, the Company assigns a credit quality rating to each retail customer, by specific transaction, as part of the retail underwriting process. This rating is used in setting the terms on the transaction, including the interest rate. The credit quality rating is not updated after the transaction is finalized. A description of the general characteristics of the customers' risk grades is as follows:

        Titanium—Customers from whom the Company expects no collection or loss activity.

        Platinum—Customers from whom the Company expects minimal, if any, collection or loss activity.

        Gold, Silver, Bronze—Customers defined as those with the potential for collection or loss activity.

        A breakdown of the retail portfolio by the customer's risk grade at the time of origination as of June 30, 2013 and December 31, 2012 is as follows:

	June 30, 2013		December 31, 2012
Titanium	$	4,265,481	$	4,038,596
Platinum		2,052,434		1,994,248
Gold		1,160,767		1,124,612
Silver		184,316		185,712
Bronze		23,216		20,216
Total	$	7,686,214	$	7,363,384

        As part of the ongoing monitoring of the credit quality of the wholesale portfolio, the Company utilizes an internal credit scoring model that assigns a risk grade for each dealer. The scoring model considers the strength of the dealer's financial condition and payment history. The Company considers the dealers' ratings in the quarterly credit allowance analysis. A description of the general characteristics of the dealer risk grades is as follows:

        Grades A and B—Includes receivables due from dealers that have significant capital strength, moderate leverage, stable earnings and growth, and excellent payment performance.

        Grade C—Includes receivables due from dealers with moderate credit risk. Dealers of this grade are differentiated from higher grades on a basis of leverage or payment performance.

        Grade D—Includes receivables due from dealers with additional credit risk. These dealers require additional monitoring due to their weaker financial condition or payment performance.

        A breakdown of the wholesale portfolio by its credit quality indicators as of June 30, 2013 and December 31, 2012 is as follows:

	June 30, 2013		December 31, 2012
A	$	2,377,514	$	1,873,495
B		1,202,645		967,849
C		274,685		245,652
D		168,720		178,177
Total	$	4,023,564	$	3,265,173

        The following tables present information at the level at which management assesses and monitors its credit risk. Receivables are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Delinquency is reported on receivables greater than 30 days past due.

        The aging of receivables as of June 30, 2013 and December 31, 2012 is as follows:

	June 30, 2013
	31 - 60 Days Past Due		61 - 90 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Receivables		Recorded Investment > 90 Days and Accruing
Retail
United States	$	15,437	$	5,954	$	15,706	$	37,097	$	6,375,788	$	6,412,885	$	2,168
Canada	$	1,705	$	518	$	487	$	2,710	$	1,270,619	$	1,273,329	$	363
Wholesale
United States	$	632	$	365	$	213	$	1,210	$	3,151,080	$	3,152,290	$	1
Canada	$	677	$	712	$	118	$	1,507	$	869,767	$	871,274	$	—
Total
Retail	$	17,142	$	6,472	$	16,193	$	39,807	$	7,646,407	$	7,686,214	$	2,531
Wholesale	$	1,309	$	1,077	$	331	$	2,717	$	4,020,847	$	4,023,564	$	1

	December 31, 2012
	31 - 60 Days Past Due		61 - 90 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Receivables		Recorded Investment > 90 Days and Accruing
Retail
United States	$	18,676	$	4,972	$	21,736	$	45,384	$	6,047,807	$	6,093,191	$	2,994
Canada	$	1,941	$	326	$	387	$	2,654	$	1,267,539	$	1,270,193	$	265
Wholesale
United States	$	514	$	28	$	580	$	1,122	$	2,512,270	$	2,513,392	$	130
Canada	$	284	$	11	$	783	$	1,078	$	750,703	$	751,781	$	313
Total
Retail	$	20,617	$	5,298	$	22,123	$	48,038	$	7,315,346	$	7,363,384	$	3,259
Wholesale	$	798	$	39	$	1,363	$	2,200	$	3,262,973	$	3,265,173	$	443

        Impaired receivables are receivables for which the Company has determined it will not collect all the principal and interest payments as per the terms of the contract. As of June 30, 2013 and December 31, 2012, the Company's recorded investment in impaired receivables individually evaluated for impairment and the related unpaid principal balances and allowances are as follows:

	June 30, 2013						December 31, 2012
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance recorded
Retail
United States	$	8,756	$	8,119	$	—	$	5,614	$	5,597	$	—
Canada	$	566	$	546	$	—	$	—	$	—	$	—
Wholesale
United States	$	—	$	—	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	25,261	$	23,866	$	17,300	$	42,581	$	37,475	$	28,266
Canada	$	—	$	—	$	—	$	—	$	—	$	—
Wholesale
United States	$	18,919	$	18,654	$	4,452	$	58,826	$	58,329	$	9,000
Canada	$	12,354	$	12,076	$	715	$	2,926	$	2,846	$	512
Total
Retail	$	34,583	$	32,531	$	17,300	$	48,195	$	43,072	$	28,266
Wholesale	$	31,273	$	30,730	$	5,167	$	61,752	$	61,175	$	9,512

        For the three months ended June 30, 2013 and 2012, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a four-month average) and the related interest income recognized are as follows:

	2013				2012
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded
Retail
United States	$	8,839	$	105	$	3,606	$	75
Canada	$	588	$	4	$	—	$	—
Wholesale
United States	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	27,838	$	320	$	45,611	$	399
Canada	$	—	$	—	$	—	$	—
Wholesale
United States	$	19,066	$	141	$	70,332	$	459
Canada	$	14,659	$	—	$	152	$	3
Total
Retail	$	37,265	$	429	$	49,217	$	474
Wholesale	$	33,725	$	141	$	70,484	$	462

        For the six months ended June 30, 2013 and 2012, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a seven-month average) and the related interest income recognized are as follows:

	2013				2012
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded
Retail
United States	$	8,731	$	192	$	3,781	$	131
Canada	$	609	$	11	$	—	$	—
Wholesale
United States	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	31,240	$	768	$	42,704	$	738
Canada	$	—	$	—	$	—	$	—
Wholesale
United States	$	19,078	$	291	$	65,629	$	913
Canada	$	14,389	$	108	$	157	$	3
Total
Retail	$	40,580	$	971	$	46,485	$	869
Wholesale	$	33,467	$	399	$	65,786	$	916

        Recognition of income is generally suspended when management determines that collection of future finance income is not probable or when an account becomes 120 days delinquent, whichever occurs first. Interest accrual is resumed if the receivable becomes contractually current and management determines that collection is probable. Previously suspended income is recognized at that time. The receivables on nonaccrual status as of June 30, 2013 and December 31, 2012 are as follows:

	June 30, 2013						December 31, 2012
	Retail		Wholesale		Total		Retail		Wholesale		Total
United States	$	15,750	$	18,654	$	34,404	$	29,130	$	58,329	$	87,459
Canada	$	124	$	12,076	$	12,200	$	122	$	2,846	$	2,968

Troubled Debt Restructurings

        A restructuring of a receivable constitutes a troubled debt restructuring ("TDR") when the lender grants a concession it would not otherwise consider to a borrower experiencing financial difficulties. As a collateral-based lender, the Company typically will repossess collateral in lieu of restructuring receivables. As such, for retail receivables, concessions are typically provided based on bankruptcy court proceedings. For wholesale receivables, concessions granted may include extended contract maturities, inclusion of interest-only periods, modification of a contractual interest rate to a below market interest rate and waiving of interest and principal.

        TDRs are reviewed along with other receivables as part of management's ongoing evaluation of the adequacy of the allowance for credit losses. The allowance for credit losses attributable to TDRs is based on the most probable source of repayment, which is normally the liquidation of collateral. In determining collateral value, the Company estimates the current fair market value of the equipment collateral and considers credit enhancements such as additional collateral and third-party guarantees.

        Before removing a receivable from TDR classification, a review of the borrower is conducted. If concerns exist about the future ability of the borrower to meet its obligations under the loans based on a credit review, the TDR classification is not removed from the receivable.

        As of June 30, 2013, the Company had approximately 900 retail and finance lease receivable contracts in legal or bankruptcy status (i.e., a contract which is, or has been assigned to be, the subject of a lawsuit or bankruptcy proceeding), of which the pre-modification value was $24,637 and the post-modification value was $22,041. A court has determined the concession in 550 of these cases. The pre-modification value of these contracts was $9,074 and the post-modification value was $7,501. As of June 30, 2012, the Company had approximately 1,200 retail and finance lease receivable contracts in legal or bankruptcy status, of which the pre-modification value was $30,429 and the post-modification value was $28,097. A court has determined the concession in 700 of these cases. The pre-modification value of these contracts was $12,180 and the post-modification value was $10,524. As the outcome of the bankruptcy cases is determined by a court based on available assets, subsequent re-defaults are unusual and were not material for retail and finance lease receivable contracts that were modified in a TDR during the 12 months ended June 30, 2013 and 2012.

        As of June 30, 2013, the Company had four wholesale agreements with a pre- and post-modification balance of approximately $1,586 and $326, respectively. As of June 30, 2012, the Company had six wholesale agreements with a pre- and post- modification balance of approximately $26,144 and $24,796, respectively. The wholesale TDRs that subsequently re-defaulted were immaterial for the 12 months ended June 30, 2013 and 2012.

XML

NEW ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Jun. 30, 2013

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS

NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS

        In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02 ("ASU 2013-02"), Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ("AOCI"). Some of the key amendments require the Company to present, either on the face of the statement of operations or in the notes, the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income, but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, the Company is required to cross-reference to other disclosures that provide additional detail about those amounts. ASU 2013-02 became effective for the Company's annual and interim periods beginning January 1, 2013. See Note 3 for additional information.

XML

FINANCIAL INSTRUMENTS (Details 4) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Retained Interests
Changes in Level 3 fair-value category
Balance at the beginning of the period	$ 9,271	$ 17,289
Total gains or losses (realized/unrealized) included in earnings	387	168
Total gains or losses (realized/unrealized) included in other comprehensive income (loss)	(396)	617
Settlements	(3,563)	(5,243)
Balance at the end of the period	5,699	12,831
Derivative Financial Instruments
Changes in Level 3 fair-value category
Balance at the beginning of the period		15
Total gains or losses (realized/unrealized) included in earnings		65
Total gains or losses (realized/unrealized) included in other comprehensive income (loss)		$ (80)

XML

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Mar. 31, 2013	Dec. 31, 2012
Changes in accumulated other comprehensive income by component
Accumulated Other Comprehensive Income Loss Before Tax 1					$ 26,277	$ 39,879
Tax asset (liability)					6,724	6,769
Beginning balance	33,001		46,648
Other comprehensive income before reclassifications	(19,547)		(33,944)
Amounts reclassified from accumulated other comprehensive income	1,171		1,963
Tax effects	(614)		(656)
Other comprehensive income (loss)	(18,990)	(11,877)	(32,637)	361
Ending balance	14,011		14,011
Currency Translation Adjustment
Changes in accumulated other comprehensive income by component
Accumulated Other Comprehensive Income Loss Before Tax 1					45,169	58,920
Beginning balance	45,169		58,920
Other comprehensive income before reclassifications	(20,363)		(34,114)
Other comprehensive income (loss)	(20,363)		(34,114)
Ending balance	24,806		24,806
Pension Liability
Changes in accumulated other comprehensive income by component
Accumulated Other Comprehensive Income Loss Before Tax 1					(8,656)	(8,834)
Tax asset (liability)					3,221	3,286
Beginning balance	(5,435)		(5,548)
Amounts reclassified from accumulated other comprehensive income	182		359
Tax effects	(67)		(131)
Other comprehensive income (loss)	115		228
Ending balance	(5,320)		(5,320)
Unrealized Gains on Retained Interests
Changes in accumulated other comprehensive income by component
Accumulated Other Comprehensive Income Loss Before Tax 1					1,646	3,012
Tax asset (liability)					(621)	(1,136)
Beginning balance	1,025		1,876
Other comprehensive income before reclassifications	30		(396)
Amounts reclassified from accumulated other comprehensive income	(734)		(1,675)
Tax effects	265		781
Other comprehensive income (loss)	(439)		(1,290)
Ending balance	586		586
Unrealized losses on derivatives
Changes in accumulated other comprehensive income by component
Accumulated Other Comprehensive Income Loss Before Tax 1					(11,882)	(13,219)
Tax asset (liability)					4,124	4,619
Beginning balance	(7,758)		(8,600)
Other comprehensive income before reclassifications	786		566
Amounts reclassified from accumulated other comprehensive income	1,723		3,279
Tax effects	(812)		(1,306)
Other comprehensive income (loss)	1,697		2,539
Ending balance	$ (6,061)		$ (6,061)

XML

RECEIVABLES (Details 3) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2012
Financing receivable, recorded investment
Gross receivables	$ 11,978,793	$ 10,854,596	$ 10,525,900
Retail
Financing receivable, recorded investment
Gross receivables	7,686,214	7,363,384	6,550,358
Retail | Titanium
Financing receivable, recorded investment
Gross receivables	4,265,481	4,038,596
Retail | Platinum
Financing receivable, recorded investment
Gross receivables	2,052,434	1,994,248
Retail | Gold
Financing receivable, recorded investment
Gross receivables	1,160,767	1,124,612
Retail | Silver
Financing receivable, recorded investment
Gross receivables	184,316	185,712
Retail | Bronze
Financing receivable, recorded investment
Gross receivables	23,216	20,216
Wholesale
Financing receivable, recorded investment
Gross receivables	4,023,564	3,265,173	3,684,465
Wholesale | Grade A
Financing receivable, recorded investment
Gross receivables	2,377,514	1,873,495
Wholesale | Grade B
Financing receivable, recorded investment
Gross receivables	1,202,645	967,849
Wholesale | Grade C
Financing receivable, recorded investment
Gross receivables	274,685	245,652
Wholesale | Grade D
Financing receivable, recorded investment
Gross receivables	$ 168,720	$ 178,177

XML

INCOME TAXES (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended			6 Months Ended
	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Effective tax rate (as a percent)	35.20%		35.80%	33.60%	35.40%
Reduction of the active financing income		$ 2,671
U.S. federal corporate income tax rate (as a percent)				35.00%

XML

COMMITMENTS AND CONTINGENCIES (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013
COMMITMENTS AND CONTINGENCIES
Payment guarantees on the financial debt of various foreign financial services subsidiaries	$ 263,975
Commercial revolving accounts
Commitments
Total credit limit	3,947,704
Utilized	266,309
Not Utilized	3,681,395
Wholesale and dealer financing
Commitments
Total credit limit	5,622,839
Utilized	3,965,818
Not Utilized	$ 1,657,021

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET INCOME	$ 69,012	$ 54,572	$ 132,872	$ 112,135
Other comprehensive income (loss):
Foreign currency translation adjustment	(20,363)	(12,643)	(34,114)	(1,004)
Pension liability adjustment	115	95	228	190
Change in unrealized gains on retained interests	(439)	(409)	(1,290)	(957)
Change in derivative financial instruments	1,697	1,080	2,539	2,132
Other comprehensive income (loss)	(18,990)	(11,877)	(32,637)	361
COMPREHENSIVE INCOME	50,022	42,695	100,235	112,496
Less: comprehensive income attributable to noncontrolling interest	(357)	(388)	(775)	(752)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$ 49,665	$ 42,307	$ 99,460	$ 111,744

XML

FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2013

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

NOTE 7: FINANCIAL INSTRUMENTS

        The Company may elect to measure many financial instruments and certain other items at fair value. This fair value option must be applied on an instrument-by-instrument basis with changes in fair value reported in earnings. The election can be made at the acquisition of an eligible financial asset, financial liability, or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once made. The Company did not elect the fair value measurement option for eligible items.

Fair-Value Hierarchy

        U.S. GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's internally-developed market assumptions. These two types of inputs have created the following fair-value hierarchy:

• Level 1—Quoted prices for identical instruments in active markets.

  Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

  Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

        This hierarchy requires the use of observable market data when available.

Determination of Fair Value

        When available, the Company uses quoted market prices to determine fair value and classifies such items in Level 1. In some cases where a market price is not available, the Company will make use of observable market-based inputs to calculate fair value, in which case the items are classified in Level 2.

        If quoted or observable market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters such as interest rates, currency rates, or yield curves. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable.

        The following section describes the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the valuation models and the key inputs to those models, as well as any significant assumptions.

Derivatives

        The Company utilizes derivative instruments to mitigate its exposure to interest rate and foreign currency exposures. Derivatives used as hedges are effective at reducing the risk associated with the exposure being hedged and are designated as a hedge at the inception of the derivative contract. The Company does not hold or issue derivative or other financial instruments for speculative purposes. The credit risk for the interest rate hedges is reduced through diversification among counterparties, utilizing mandatory termination clauses and/or collateral support agreements. Derivative instruments are generally classified in Level 2 or 3 of the fair value hierarchy. The cash flows underlying all derivative contracts were recorded in operating activities in the consolidated statements of cash flows.

Interest Rate Derivatives

        The Company has entered into interest rate derivatives in order to manage interest rate exposures arising in the normal course of business. Interest rate derivatives that have been designated in cash flow hedging relationships are being used by the Company to mitigate the risk of rising interest rates related to debt and anticipated issuance of fixed-rate debt in future periods. Gains and losses on these instruments, to the extent that the hedge relationship has been effective, are deferred in accumulated other comprehensive income (loss) and recognized in interest expense over the period in which the Company recognizes interest expense on the related debt. Ineffectiveness recognized related to these hedging relationships was not significant for the three and six months ended June 30, 2013 and 2012. These amounts are recorded in "Other expenses" in the consolidated statements of income. The maximum length of time over which the Company is hedging its interest rate exposure through the use of derivative instruments designated in cash flow hedge relationships is 49 months. The after-tax losses deferred in accumulated other comprehensive income that will be recognized in interest expense over the next 12 months are approximately $3,388.

        The Company also enters into interest rate derivatives with substantially similar economic terms that are not designated as hedging instruments to mitigate interest rate risk related to the Company's committed asset-backed facilities. These facilities require the Company to enter into interest rate derivatives. To ensure that these transactions do not result in the Company being exposed to this risk, the Company enters into an offsetting position. Unrealized and realized gains and losses resulting from fair value changes in these instruments are recognized directly in income and were insignificant for the three and six months ended June 30, 2013 and 2012.

        Most of the Company's interest rate derivatives are considered Level 2. The fair market value of these derivatives is calculated using market data input for forecasted benchmark interest rates and can be compared to actively traded derivatives. When the future notional amount of the Company's interest rate derivatives is not known in advance, these derivatives are considered Level 3 derivatives. The fair market value of these derivatives is calculated using market data input and a forecasted future notional balance. The total notional amount of the Company's interest rate derivatives was approximately $2,918,805 and $1,926,633 at June 30, 2013 and December 31, 2012, respectively. The seven-month average notional amounts as of June 30, 2013 and 2012 were $2,632,791 and $2,931,235, respectively.

Foreign Exchange Contracts

        The Company uses forward contracts to hedge certain assets and liabilities denominated in foreign currencies. Such derivatives are considered economic hedges and are not designated as hedging instruments. The changes in the fair value of these instruments are recognized directly as income in "Other expenses" and are expected to offset the foreign exchange gains or losses on the exposures being managed.

        All of the Company's foreign exchange derivatives are considered Level 2 as the fair value is calculated using market data input and can be compared to actively traded derivatives.

Financial Statement Impact of the Company's Derivatives

        The fair values of the Company's derivatives as of June 30, 2013 and December 31, 2012 in the consolidated balance sheets are recorded as follows:

	June 30, 2013		December 31, 2012
Derivatives Designated as Hedging Instruments:
Other assets:
Interest rate derivatives	$	795	$	—
Derivatives Not Designated as Hedging Instruments:
Other assets:
Interest rate derivatives	$	8,100	$	2,788
Foreign exchange contracts		16		15
Total	$	8,116	$	2,803
Accounts payable and other accrued liabilities:
Interest rate derivatives	$	8,100	$	2,744
Foreign exchange contracts		—		20
Total	$	8,100	$	2,764

        Pre-tax gains (losses) on the consolidated statements of income related to the Company's derivatives for the three and six months ended June 30, 2013 and 2012 are recorded in the following accounts:

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Cash Flow Hedges
Losses recognized in accumulated other comprehensive income(effective portion)
Interest rate derivatives	$	786		$	(55	)	$	566		$	(365	)
Reclassified from accumulated other comprehensive income (effective portion)
Interest rate derivatives—Interest expense to third parties		(1,723	)		(1,728	)		(3,279	)		(3,719	)
Recognized directly in income (ineffective portion)
Interest rate derivatives—Other expenses		—			(4	)		—			22
Not Designated as Hedges
Interest rate derivatives—Other expenses	$	17		$	(1	)	$	86		$	(48	)

Items Measured at Fair Value on a Recurring Basis

        The following tables present for each of the fair-value hierarchy levels the Company's assets and liabilities that are measured at fair value on a recurring basis at June 30, 2013 and December 31, 2012:

	Level 2				Level 3				Total
	June 30, 2013		December 31, 2012		June 30, 2013		December 31, 2012		June 30, 2013		December 31, 2012
Assets
Interest rate derivatives	$	8,895	$	2,788	$	—	$	—	$	8,895	$	2,788
Foreign exchange contracts		16		15		—		—		16		15
Retained interests		—		—		5,699		9,271		5,699		9,271
Total assets	$	8,911	$	2,803	$	5,699	$	9,271	$	14,610	$	12,074
Liabilities
Interest rate derivatives	$	8,100	$	2,744	$	—	$	—	$	8,100	$	2,744
Foreign exchange contracts		—		20		—		—		—		20
Total liabilities	$	8,100	$	2,764	$	—	$	—	$	8,100	$	2,764

        There were no transfers between Level 1, Level 2 and Level 3 hierarchy levels during the periods presented.

        The following table presents the changes in the Level 3 fair-value category for the six months ended June 30, 2013 and 2012:

	Retained Interests			Derivative Financial Instruments
Balance at January 1, 2012	$	17,289		$	15
Total gains or losses (realized/unrealized):
Included in earnings		168			65
Included in other comprehensive income (loss)		617			(80	)
Settlements		(5,243	)		—
Balance at June 30, 2012	$	12,831		$	—
Balance at January 1, 2013	$	9,271		$	—
Total gains or losses (realized/unrealized):
Included in earnings		387			—
Included in other comprehensive income (loss)		(396	)		—
Settlements		(3,563	)		—
Balance at June 30, 2013	$	5,699		$	—

Fair Value of Other Financial Instruments

        The carrying amount of cash and cash equivalents, restricted cash, floating-rate affiliated accounts and notes receivable, floating-rate short-term debt, interest payable, short-term affiliated debt and floating-rate long-term debt was assumed to approximate its fair value. Under the fair value hierarchy, cash and cash equivalents and restricted cash are classified as Level 1 and the remainder of the financial instruments listed are measured as Level 2.

Financial Instruments Not Carried at Fair Value

        The carrying amount and estimated fair value of assets and liabilities considered financial instruments as of June 30, 2013 and December 31, 2012 are as follows:

	June 30, 2013				December 31, 2012
	Carrying Amount		Estimated Fair Value*		Carrying Amount		Estimated Fair Value*
Receivables	$	11,869,374	$	11,909,269	$	10,732,276	$	11,074,646
Long-term debt	$	7,122,399	$	7,155,316	$	6,321,551	$	6,451,544

*

Under the fair value hierarchy, all measurements are Level 2.

Financial Assets

        The fair value of receivables was determined by discounting the estimated future payments using a discount rate which includes an estimate for credit risk.

Financial Liabilities

        The fair values of fixed-rate affiliated and fixed-rate long-term debt were based on current market quotes for identical or similar borrowings and credit risk.

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Allowance for credit losses	$ 109,419	$ 122,320
Restricted cash	547,413	727,186
Receivables, less allowance for credit losses of $75,344 and $73,891, respectively	11,869,374	10,732,276
Equipment on operating leases, net	830,330	754,371
TOTAL	13,697,942	13,346,529
Short-term debt (including current maturities of long-term debt)	4,201,665	4,230,237
Long-term debt	7,122,399	6,321,551
Total liabilities	12,313,830	11,863,118
Consolidated variable interest entities ("VIEs")
Allowance for credit losses	75,344	73,891
Restricted cash	547,312	727,086
Receivables, less allowance for credit losses of $75,344 and $73,891, respectively	8,820,434	8,287,642
Equipment on operating leases, net	126,920	125,003
TOTAL	9,494,666	9,139,731
Short-term debt (including current maturities of long-term debt)	4,089,563	4,081,062
Long-term debt	5,011,016	4,729,901
Total liabilities	$ 9,100,579	$ 8,810,963

XML

CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
REVENUES
Interest income on retail and other notes and finance leases	$ 63,054	$ 58,617	$ 123,787	$ 116,856
Interest and other income from affiliates	100,206	97,440	198,233	193,050
Rental income on operating leases	34,045	32,924	67,172	65,992
Servicing fee income	140	288	272	594
Other income	14,887	17,296	28,533	33,336
Total revenues	212,332	206,565	417,997	409,828
Interest expense:
Interest expense to third parties	57,855	56,049	112,018	111,191
Interest expense to affiliates	5,077	7,525	10,389	17,699
Total interest expense	62,932	63,574	122,407	128,890
Administrative and operating expenses:
Fees charged by affiliates	15,378	17,535	30,408	32,283
(Benefit) provision for credit losses, net	(10,859)	3,116	(7,360)	3,738
Depreciation of equipment on operating leases	28,206	26,461	55,377	53,394
Other expenses	10,188	10,823	17,075	18,027
Total administrative and operating expenses	42,913	57,935	95,500	107,442
Total expenses	105,845	121,509	217,907	236,332
INCOME BEFORE TAXES	106,487	85,056	200,090	173,496
Income tax provision	37,475	30,484	67,218	61,361
NET INCOME	69,012	54,572	132,872	112,135
Net income attributed to noncontrolling interest	(357)	(388)	(775)	(752)
NET INCOME ATTRIBUTABLE TO CNH CAPITAL LLC	$ 68,655	$ 54,184	$ 132,097	$ 111,383

XML

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Interest expense to third parties	$ (57,855)	$ (56,049)	$ (112,018)	$ (111,191)
Other income	14,887	17,296	28,533	33,336
Income before taxes	106,487	85,056	200,090	173,496
Income tax (benefit) provision	(37,475)	(30,484)	(67,218)	(61,361)
Net income	69,012	54,572	132,872	112,135
Amounts Reclassified from AOCI
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Insignificant items	(182)		(359)
Amortization of defined benefit pension items | Amounts Reclassified from AOCI
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Income before taxes	(182)		(359)
Income tax (benefit) provision	67		131
Net income	(115)		(228)
Unrealized gains on retained interests | Amounts Reclassified from AOCI
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Other income	734		1,675
Income before taxes	734		1,675
Income tax (benefit) provision	(277)		(632)
Net income	457		1,043
Unrealized losses on derivatives | Amounts Reclassified from AOCI
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Interest expense to third parties	(1,723)		(3,279)
Income before taxes	(1,723)		(3,279)
Income tax (benefit) provision	605		1,158
Net income	$ (1,118)		$ (2,121)

XML

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

6 Months Ended

Jun. 30, 2013

SEGMENT AND GEOGRAPHICAL INFORMATION

Summary of reportable segment information

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Revenues
United States	$	164,465		$	158,672		$	323,671		$	315,771
Canada		49,143			48,351			96,869			94,515
Eliminations		(1,276	)		(458	)		(2,543	)		(458	)
Total	$	212,332		$	206,565		$	417,997		$	409,828
Interest expense
United States	$	50,825		$	51,348		$	99,448		$	101,947
Canada		13,383			12,684			25,502			27,401
Eliminations		(1,276	)		(458	)		(2,543	)		(458	)
Total	$	62,932		$	63,574		$	122,407		$	128,890
Segment net income
United States	$	54,763		$	37,991		$	100,672		$	81,209
Canada		14,249			16,581			32,200			30,926
Total	$	69,012		$	54,572		$	132,872		$	112,135
Depreciation and amortization
United States	$	20,210		$	18,608		$	39,597		$	37,843
Canada		8,247			8,133			16,293			16,116
Total	$	28,457		$	26,741		$	55,890		$	53,959
Expenditures for equipment on operating leases
United States	$	93,453		$	54,687		$	206,178		$	131,301
Canada		37,500			29,556			57,253			51,532
Total	$	130,953		$	84,243		$	263,431		$	182,833
(Benefit) provision for credit losses, net
United States	$	(13,772	)	$	3,215		$	(9,832	)	$	3,566
Canada		2,913			(99	)		2,472			172
Total	$	(10,859	)	$	3,116		$	(7,360	)	$	3,738

	As of June 30, 2013			As of December 31, 2012
Segment assets
United States	$	11,334,429		$	11,016,740
Canada		2,576,337			2,555,140
Eliminations		(212,824	)		(225,351	)
Total	$	13,697,942		$	13,346,529
Managed portfolio
United States	$	9,830,646		$	8,849,079
Canada		2,176,097			2,052,884
Total	$	12,006,743		$	10,901,963

XML

RELATED-PARTY TRANSACTIONS (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
RELATED-PARTY TRANSACTIONS
Total interest and other income from affiliates	$ 100,206	$ 97,440	$ 198,233	$ 193,050
Affiliated receivables	14,559		14,559		95,379
Affiliated debt	578,424		578,424		864,032
Other information
Accounts payable and other accrued liabilities payable to related parties	41,329		41,329		15,418
CNH North America
RELATED-PARTY TRANSACTIONS
Retail subsidy	53,553	51,631	108,529	104,974
Wholesale subsidy	37,269	37,763	71,271	71,446
Operating lease subsidy	8,870	7,188	17,105	14,462
Lending funds				350
CNH America
RELATED-PARTY TRANSACTIONS
Affiliated receivables	1,437		1,437		64,708
Affiliated debt	497,630		497,630		788,381
CNH Canada Ltd.
RELATED-PARTY TRANSACTIONS
Affiliated receivables	611		611		17,797
Affiliated debt	75,794		75,794		60,651
CNH Canada Ltd. | CNH Capital Canada Ltd
Other information
Shares of preferred stock owned by affiliated entity	76,618,488		76,618,488
Reference rate for dividends	12-month LIBOR		12-month LIBOR
Margin on reference rate for dividends (as a percent)	1.20%		1.20%
Other affiliates
RELATED-PARTY TRANSACTIONS
Wholesale subsidy	514	858	1,328	1,818
Affiliated receivables	12,511		12,511		12,874
Fiat Industrial
RELATED-PARTY TRANSACTIONS
Affiliated debt	$ 5,000		$ 5,000		$ 15,000

XML

FINANCIAL INSTRUMENTS (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
FINANCIAL INSTRUMENTS
Total notional amount of interest rate derivatives	$ 2,918,805		$ 2,918,805		$ 1,926,633
Seven-month average notional amounts of interest rate derivatives			2,632,791	2,931,235
Derivative assets designated as hedging instruments, classified in other assets	795		795
Interest rate derivatives, derivative assets not designated as hedging instruments, classified in other assets	8,100		8,100		2,788
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in other assets	16		16		15
Derivative assets not designated as hedging instruments, classified in other assets	8,116		8,116		2,803
Interest rate derivatives, derivative not designated as hedging instruments, classified in accounts payable and other accrued liabilities	8,100		8,100		2,744
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in accounts payable and other accrued liabilities					20
Derivative liabilities not designated as hedging instruments, classified in accounts payable and other accrued liabilities	8,100		8,100		2,764
Cash Flow Hedges, Losses recognized in accumulated other comprehensive income (effective portion), Interest rate derivatives	786	(55)	566	(365)
Cash Flow Hedges, Reclassified from accumulated other comprehensive income (effective portion), Interest rate derivatives - Interest expense to third parties	(1,723)	(1,728)	(3,279)	(3,719)
Cash Flow Hedges, Recognized directly in income (ineffective portion), Interest rate derivatives - Other expenses		(4)		22
Interest rate derivatives, other expenses, not designated as hedges	$ 17	$ (1)	$ 86	$ (48)

XML

RECEIVABLES (Details 6) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013 item	Jun. 30, 2012 item
Retail and finance lease
Troubled Debt Restructurings
Number of contracts	900	1,200
Pre-modification value	$ 24,637	$ 30,429
Post-modification value	22,041	28,097
Number of cases in which the court has determined the concession	550	700
Pre-modification value for cases in which the court has determined the concession	9,074	12,180
Post-modification value for cases in which the court has determined the concession	7,501	10,524
Wholesale
Troubled Debt Restructurings
Number of contracts	4	6
Pre-modification value	1,586	26,144
Post-modification value	$ 326	$ 24,796

XML

DEBT (Details) In Thousands, unless otherwise specified	0 Months Ended
	May 30, 2013 Asset-backed notes U.S. retail loan contracts USD ($)	Jun. 17, 2013 U.S. wholesale committed asset-backed facility USD ($)	May 22, 2013 U.S. wholesale committed asset-backed facility USD ($)	Apr. 08, 2013 3.625% unsecured notes due 2018 USD ($)	Apr. 24, 2013 Canadian retail committed asset-backed facility USD ($)	Apr. 24, 2013 Canadian retail committed asset-backed facility CAD
Debt
Debt issued	$ 725,097	$ 300,000	$ 500,000	$ 600,000	$ 407,579	411,975
Interest rate (as a percent)				3.625%
Rolling maturity period of credit agreement		6 months

XML

INCOME TAXES

6 Months Ended

Jun. 30, 2013

INCOME TAXES

INCOME TAXES

NOTE 6: INCOME TAXES

        The effective tax rates for the three months ended June 30, 2013 and 2012 were 35.2% and 35.8%, respectively. The effective tax rate was 33.6% for the six-month period ended June 30, 2013, compared to 35.4% for the same period in 2012. The lower rate in 2013 was primarily due to the retroactive reinstatement of the exception to U.S. taxation of active financing income as a result of the American Taxpayer Relief Act of 2012 for approximately $2,671 and changes in the geographic mix of income earned within the U.S.

        The Company's provision for income taxes is based on an estimated tax rate for the year applied to the year-to-date federal, state and foreign income. The 2013 estimated annual tax rate is expected to be lower than the U.S. federal corporate income tax rate of 35% primarily due to profits in tax jurisdictions with lower rates, in addition to favorable changes in certain state income tax legislation. The President of the United States signed the American Taxpayer Relief Act of 2012 on January 2, 2013. As a result, the tax impact of this legislation was taken into account in the quarter in which the legislation was enacted by Congress and signed into law by the President. The Company reflected the tax benefit of this legislation in its financial statements for the first quarter of 2013 by reducing the U.S. tax on active financing income by approximately $2,671.

XML

RECEIVABLES (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013 item	Mar. 31, 2013	Dec. 31, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011
Receivables
Gross receivables	$ 11,978,793		$ 10,854,596
Less: allowance for credit losses	(109,419)	(123,024)	(122,320)	(89,086)	(103,298)	(106,673)
Total receivables, net	11,869,374		10,732,276
Restricted Receivables	10,573,408		9,573,535
Off-Book Receivables	27,950		47,367
Retained Interests	5,699		9,271
Receivables directly or indirectly sold or transferred and available to pay the entity's creditors prior to all obligations of the SPE having been fulfilled	0
Number of private retail transactions not included in the consolidated balance sheets	3
Number of components of allowance for credit losses	2
Number of portfolio segments in which allowance for credit losses is segregated	3
Retail note receivables
Receivables
Gross receivables	605,868		903,644
Restricted Receivables	7,010,613		6,376,211
Off-Book Receivables	27,950		47,367
Retained Interests	5,699		9,271
Wholesale receivables
Receivables
Gross receivables	473,946		88,763
Restricted Receivables	3,549,618		3,176,410
Finance lease receivables
Receivables
Gross receivables	56,556		62,615
Restricted Receivables	13,177		20,914
Restricted receivables
Receivables
Gross receivables	10,573,408		9,573,535
Commercial revolving account receivables
Receivables
Gross receivables	$ 269,015		$ 226,039

XML

FINANCIAL INSTRUMENTS (Details 5) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Financial Instruments Not Carried at Fair Value
Receivables	$ 11,869,374	$ 10,732,276
Long-term debt	7,122,399	6,321,551
Carrying Amount
Financial Instruments Not Carried at Fair Value
Receivables	11,869,374	10,732,276
Long-term debt	7,122,399	6,321,551
Estimated Fair Value
Financial Instruments Not Carried at Fair Value
Receivables	11,909,269	11,074,646
Long-term debt	$ 7,155,316	$ 6,451,544

XML

RELATED-PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2013

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS

NOTE 9: RELATED-PARTY TRANSACTIONS

        The summary of sources included in "Interest and other income from affiliates" in the accompanying consolidated statements of income for the three and six months ended June 30, 2013 and 2012 is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Retail subsidy from CNH North America	$	53,553	$	51,631	$	108,529	$	104,974
Wholesale subsidy:
CNH North America		37,269		37,763		71,271		71,446
Other affiliates		514		858		1,328		1,818
Operating lease subsidy from CNH North America		8,870		7,188		17,105		14,462
Lending funds:
CNH North America		—		—		—		350
Other affiliates		—		—		—		—
Total interest and other income from affiliates	$	100,206	$	97,440	$	198,233	$	193,050

        The Company receives compensation from CNH North America for retail installment sales contracts and finance leases that were created under certain low-rate financing programs and interest waiver programs offered to customers by CNH North America. For selected operating leases, CNH North America compensates the Company for the difference between the market rental rates and the amount paid by the customer. Similarly, for selected wholesale receivables, CNH North America and other affiliates compensate the Company for the difference between market rates and the amount paid by the dealer. The Company is also compensated for lending funds to CNH North America and other affiliates for various purposes.

        Fees charged by affiliates represent all personnel and administrative tasks CNH America performs on behalf of the Company.

        As of June 30, 2013 and December 31, 2012, the Company has various accounts and notes receivable and debt with the following affiliates:

	June 30, 2013		December 31, 2012
Affiliated receivables from:
CNH America	$	1,437	$	64,708
CNH Canada Ltd.		611		17,797
Other affiliates		12,511		12,874
Total affiliated receivables	$	14,559	$	95,379
Affiliated debt owed to:
CNH America	$	497,630	$	788,381
CNH Canada Ltd.		75,794		60,651
Fiat Industrial		5,000		15,000
Total affiliated debt	$	578,424	$	864,032

        Accounts payable and other accrued liabilities of $41,329 and $15,418, respectively, as of June 30, 2013 and December 31, 2012, were payable to related parties.

        CNH Canada Ltd., an affiliated entity, owns 76,618,488 shares of preferred stock in CNH Capital Canada Ltd, one of the Company's subsidiaries. This is recorded as "Noncontrolling interest" in the stockholder's equity in the accompanying consolidated balance sheets. These shares earn dividends of 12-month LIBOR plus 1.2% per annum. The dividends are accrued annually and are recorded in "Net income attributed to noncontrolling interest" in the consolidated statements of income. The accrued, but not declared, dividends are included in "Noncontrolling interest" in the stockholder's equity in the accompanying consolidated balance sheets.

XML

DEBT

6 Months Ended

Jun. 30, 2013

DEBT

DEBT

NOTE 5: DEBT

        On April 8, 2013, CNH Capital LLC completed the offering of $600,000 in aggregate principal amount of 3.625% unsecured notes due 2018, issued at par.

        On April 24, 2013, the Company, through a bankruptcy-remote trust, issued C$411,975 ($407,579) of amortizing, asset-backed notes secured by Canadian retail loan contracts.

        On May 30, 2013, the Company, through a bankruptcy-remote trust, issued $725,097 of amortizing, asset-backed notes secured by U.S. retail loan contracts

        On May 22, 2013, the Company renewed a $500,000 U.S. wholesale committed asset-backed facility, with a maturity date of May 21, 2014.

        On June 17, 2013, the Company executed a new $300,000 U.S. wholesale committed asset-backed facility, for a rolling (evergreen) six-month term with an original maturity date of December 17, 2013.

XML

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (USD $) In Thousands, unless otherwise specified	Total	Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interest
BALANCE at Dec. 31, 2011	$ 1,247,245	$ 836,721	$ 28,716	$ 326,919	$ 54,889
Increase (Decrease) in Stockholder's Equity
Net income	112,135			111,383	752
Preferred stock issuance	434				434
Foreign currency translation adjustment	(1,004)		(1,004)
Pension liability adjustment, net of tax	190		190
Change in unrealized gain on retained interests, net of tax	(957)		(957)
Change in derivative financial instruments, net of tax	2,132		2,132
BALANCE at Jun. 30, 2012	1,360,175	836,721	29,077	438,302	56,075
BALANCE at Dec. 31, 2012	1,483,411	840,940	46,648	538,855	56,968
Increase (Decrease) in Stockholder's Equity
Dividends paid to CNH America LLC	(200,000)			(200,000)
Net income	132,872			132,097	775
Foreign currency translation adjustment	(34,114)		(34,114)
Stock compensation	466	466
Pension liability adjustment, net of tax	228		228
Change in unrealized gain on retained interests, net of tax	(1,290)		(1,290)
Change in derivative financial instruments, net of tax	2,539		2,539
BALANCE at Jun. 30, 2013	$ 1,384,112	$ 841,406	$ 14,011	$ 470,952	$ 57,743

XML

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details 2) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 210,898	$ 785,913	$ 212,107	$ 594,093
Restricted cash	547,413	727,186
Receivables, less allowance for credit losses	11,869,374	10,732,276
Retained interests in securitized receivables	5,699	9,271
Affiliated accounts and notes receivable	14,559	95,379
Equipment on operating leases, net	830,330	754,371
Equipment held for sale	32,382	46,650
Goodwill and intangible assets, net	120,028	122,225
Other assets	67,259	73,258
TOTAL	13,697,942	13,346,529
Liabilities:
Short-term debt, including current maturities of long-term debt	4,201,665	4,230,237
Accounts payable and other accrued liabilities	411,342	447,298
Affiliated debt	578,424	864,032
Long-term debt	7,122,399	6,321,551
Total liabilities	12,313,830	11,863,118
Stockholder's equity	1,384,112	1,483,411	1,360,175	1,247,245
TOTAL	13,697,942	13,346,529
CNH Capital LLC
ASSETS
Affiliated accounts and notes receivable	1,751,671	1,357,013
Investments in consolidated subsidiaries accounted for under the equity method	1,570,512	1,462,859
Other assets	21,744	21,765
TOTAL	3,343,927	2,841,637
Liabilities:
Accounts payable and other accrued liabilities	17,558	15,194
Long-term debt	2,000,000	1,400,000
Total liabilities	2,017,558	1,415,194
Stockholder's equity	1,326,369	1,426,443
TOTAL	3,343,927	2,841,637
Guarantor Entities
ASSETS
Cash and cash equivalents	155,091	257,001	143,641	306,208
Restricted cash	100	100
Receivables, less allowance for credit losses	1,308,063	1,136,838
Retained interests in securitized receivables	5,104	5,368
Affiliated accounts and notes receivable	1,873,407	1,970,680
Equipment on operating leases, net	497,614	430,599
Equipment held for sale	25,320	39,455
Investments in consolidated subsidiaries accounted for under the equity method	1,825,695	1,740,138
Goodwill and intangible assets, net	85,641	86,095
Other assets	(21,152)	(14,998)
TOTAL	5,754,883	5,651,276
Liabilities:
Short-term debt, including current maturities of long-term debt	82,840	110,557
Accounts payable and other accrued liabilities	1,781,750	1,791,778
Affiliated debt	2,237,813	2,146,670
Long-term debt	81,968	139,412
Total liabilities	4,184,371	4,188,417
Stockholder's equity	1,570,512	1,462,859
TOTAL	5,754,883	5,651,276
All Other Subsidiaries
ASSETS
Cash and cash equivalents	55,807	528,912	68,466	287,885
Restricted cash	547,313	727,086
Receivables, less allowance for credit losses	10,561,311	9,595,438
Retained interests in securitized receivables	5,305	8,248
Affiliated accounts and notes receivable	1,384,350	1,380,472
Equipment on operating leases, net	332,716	323,772
Equipment held for sale	7,062	7,195
Goodwill and intangible assets, net	34,387	36,130
Other assets	66,667	66,491
TOTAL	12,994,918	12,673,744
Liabilities:
Short-term debt, including current maturities of long-term debt	4,118,825	4,119,680
Accounts payable and other accrued liabilities	1,056,373	1,112,745
Affiliated debt	895,851	862,074
Long-term debt	5,040,431	4,782,139
Total liabilities	11,111,480	10,876,638
Stockholder's equity	1,883,438	1,797,106
TOTAL	12,994,918	12,673,744
Eliminations
ASSETS
Retained interests in securitized receivables	(4,710)	(4,345)
Affiliated accounts and notes receivable	(4,994,869)	(4,612,786)
Investments in consolidated subsidiaries accounted for under the equity method	(3,396,207)	(3,202,997)
TOTAL	(8,395,786)	(7,820,128)
Liabilities:
Accounts payable and other accrued liabilities	(2,444,339)	(2,472,419)
Affiliated debt	(2,555,240)	(2,144,712)
Total liabilities	(4,999,579)	(4,617,131)
Stockholder's equity	(3,396,207)	(3,202,997)
TOTAL	$ (8,395,786)	$ (7,820,128)

XML

RECEIVABLES (Details 4) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2012
Financing receivable, recorded investment
Total Receivables	$ 11,978,793	$ 10,854,596	$ 10,525,900
Retail
Financing receivable, recorded investment
31-60 Days Past Due	17,142	20,617
61-90 Days Past Due	6,472	5,298
Greater Than 90 Days	16,193	22,123
Total Past Due	39,807	48,038
Current	7,646,407	7,315,346
Total Receivables	7,686,214	7,363,384	6,550,358
Recorded Investment > 90 Days and Accruing	2,531	3,259
Retail | United States
Financing receivable, recorded investment
31-60 Days Past Due	15,437	18,676
61-90 Days Past Due	5,954	4,972
Greater Than 90 Days	15,706	21,736
Total Past Due	37,097	45,384
Current	6,375,788	6,047,807
Total Receivables	6,412,885	6,093,191
Recorded Investment > 90 Days and Accruing	2,168	2,994
Retail | Canada
Financing receivable, recorded investment
31-60 Days Past Due	1,705	1,941
61-90 Days Past Due	518	326
Greater Than 90 Days	487	387
Total Past Due	2,710	2,654
Current	1,270,619	1,267,539
Total Receivables	1,273,329	1,270,193
Recorded Investment > 90 Days and Accruing	363	265
Wholesale
Financing receivable, recorded investment
31-60 Days Past Due	1,309	798
61-90 Days Past Due	1,077	39
Greater Than 90 Days	331	1,363
Total Past Due	2,717	2,200
Current	4,020,847	3,262,973
Total Receivables	4,023,564	3,265,173	3,684,465
Recorded Investment > 90 Days and Accruing	1	443
Wholesale | United States
Financing receivable, recorded investment
31-60 Days Past Due	632	514
61-90 Days Past Due	365	28
Greater Than 90 Days	213	580
Total Past Due	1,210	1,122
Current	3,151,080	2,512,270
Total Receivables	3,152,290	2,513,392
Recorded Investment > 90 Days and Accruing	1	130
Wholesale | Canada
Financing receivable, recorded investment
31-60 Days Past Due	677	284
61-90 Days Past Due	712	11
Greater Than 90 Days	118	783
Total Past Due	1,507	1,078
Current	869,767	750,703
Total Receivables	871,274	751,781
Recorded Investment > 90 Days and Accruing		$ 313

XML

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2013

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 12: SUBSEQUENT EVENTS

        On July 15, 2013, the Company renewed a $200,000 U.S. wholesale committed asset-backed facility, with a maturity date of July 14, 2014.

XML

SEGMENT AND GEOGRAPHICAL INFORMATION

6 Months Ended

Jun. 30, 2013

SEGMENT AND GEOGRAPHICAL INFORMATION

SEGMENT AND GEOGRAPHICAL INFORMATION

NOTE 8: SEGMENT AND GEOGRAPHICAL INFORMATION

        The Company's segment data is based on disclosure requirements of accounting guidance on segment reporting, which requires financial information be reported on the basis that is used internally for measuring segment performance. The Company's reportable segments are strategic business units that are organized around differences in geographic areas. Each segment is managed separately as they require different knowledge of regulatory environments and marketing strategies. The operating segments offer primarily the same services within each of the respective segments.

        A summary of the Company's reportable segment information is as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Revenues
United States	$	164,465		$	158,672		$	323,671		$	315,771
Canada		49,143			48,351			96,869			94,515
Eliminations		(1,276	)		(458	)		(2,543	)		(458	)
Total	$	212,332		$	206,565		$	417,997		$	409,828
Interest expense
United States	$	50,825		$	51,348		$	99,448		$	101,947
Canada		13,383			12,684			25,502			27,401
Eliminations		(1,276	)		(458	)		(2,543	)		(458	)
Total	$	62,932		$	63,574		$	122,407		$	128,890
Segment net income
United States	$	54,763		$	37,991		$	100,672		$	81,209
Canada		14,249			16,581			32,200			30,926
Total	$	69,012		$	54,572		$	132,872		$	112,135
Depreciation and amortization
United States	$	20,210		$	18,608		$	39,597		$	37,843
Canada		8,247			8,133			16,293			16,116
Total	$	28,457		$	26,741		$	55,890		$	53,959
Expenditures for equipment on operating leases
United States	$	93,453		$	54,687		$	206,178		$	131,301
Canada		37,500			29,556			57,253			51,532
Total	$	130,953		$	84,243		$	263,431		$	182,833
(Benefit) provision for credit losses, net
United States	$	(13,772	)	$	3,215		$	(9,832	)	$	3,566
Canada		2,913			(99	)		2,472			172
Total	$	(10,859	)	$	3,116		$	(7,360	)	$	3,738

	As of June 30, 2013			As of December 31, 2012
Segment assets
United States	$	11,334,429		$	11,016,740
Canada		2,576,337			2,555,140
Eliminations		(212,824	)		(225,351	)
Total	$	13,697,942		$	13,346,529
Managed portfolio
United States	$	9,830,646		$	8,849,079
Canada		2,176,097			2,052,884
Total	$	12,006,743		$	10,901,963

XML

FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2013

FINANCIAL INSTRUMENTS

Schedule of fair values of derivatives in the consolidated balance sheets

	June 30, 2013		December 31, 2012
Derivatives Designated as Hedging Instruments:
Other assets:
Interest rate derivatives	$	795	$	—
Derivatives Not Designated as Hedging Instruments:
Other assets:
Interest rate derivatives	$	8,100	$	2,788
Foreign exchange contracts		16		15
Total	$	8,116	$	2,803
Accounts payable and other accrued liabilities:
Interest rate derivatives	$	8,100	$	2,744
Foreign exchange contracts		—		20
Total	$	8,100	$	2,764

Schedule of pre-tax gains (losses) on consolidated statements of income related to the Company's derivatives

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Cash Flow Hedges
Losses recognized in accumulated other comprehensive income(effective portion)
Interest rate derivatives	$	786		$	(55	)	$	566		$	(365	)
Reclassified from accumulated other comprehensive income (effective portion)
Interest rate derivatives—Interest expense to third parties		(1,723	)		(1,728	)		(3,279	)		(3,719	)
Recognized directly in income (ineffective portion)
Interest rate derivatives—Other expenses		—			(4	)		—			22
Not Designated as Hedges
Interest rate derivatives—Other expenses	$	17		$	(1	)	$	86		$	(48	)

Schedule of fair-value hierarchy levels of assets and liabilities measured at fair value on a recurring basis

	Level 2				Level 3				Total
	June 30, 2013		December 31, 2012		June 30, 2013		December 31, 2012		June 30, 2013		December 31, 2012
Assets
Interest rate derivatives	$	8,895	$	2,788	$	—	$	—	$	8,895	$	2,788
Foreign exchange contracts		16		15		—		—		16		15
Retained interests		—		—		5,699		9,271		5,699		9,271
Total assets	$	8,911	$	2,803	$	5,699	$	9,271	$	14,610	$	12,074
Liabilities
Interest rate derivatives	$	8,100	$	2,744	$	—	$	—	$	8,100	$	2,744
Foreign exchange contracts		—		20		—		—		—		20
Total liabilities	$	8,100	$	2,764	$	—	$	—	$	8,100	$	2,764

Schedule of changes in Level 3 fair-value category

	Retained Interests			Derivative Financial Instruments
Balance at January 1, 2012	$	17,289		$	15
Total gains or losses (realized/unrealized):
Included in earnings		168			65
Included in other comprehensive income (loss)		617			(80	)
Settlements		(5,243	)		—
Balance at June 30, 2012	$	12,831		$	—
Balance at January 1, 2013	$	9,271		$	—
Total gains or losses (realized/unrealized):
Included in earnings		387			—
Included in other comprehensive income (loss)		(396	)		—
Settlements		(3,563	)		—
Balance at June 30, 2013	$	5,699		$	—

Schedule of carrying amount and estimated fair value of assets and liabilities considered financial instruments

	June 30, 2013				December 31, 2012
	Carrying Amount		Estimated Fair Value*		Carrying Amount		Estimated Fair Value*
Receivables	$	11,869,374	$	11,909,269	$	10,732,276	$	11,074,646
Long-term debt	$	7,122,399	$	7,155,316	$	6,321,551	$	6,451,544

*

Under the fair value hierarchy, all measurements are Level 2.

XML

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

6 Months Ended

Jun. 30, 2013

ACCUMULATED OTHER COMPREHENSIVE INCOME

Schedule of changes in the components of AOCI and related tax effects

 The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the three months ended June 30, 2013:

	Currency Translation Adjustment			Pension Liability			Unrealized Gains on Retained Interests			Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	45,169		$	(8,656	)	$	1,646		$	(11,882	)	$	26,277
Tax asset (liability)		—			3,221			(621	)		4,124			6,724
Beginning balance, net of tax		45,169			(5,435	)		1,025			(7,758	)		33,001
Other comprehensive income before reclassifications		(20,363	)		—			30			786			(19,547	)
Amounts reclassified from accumulated other comprehensive income		—			182			(734	)		1,723			1,171
Tax effects		—			(67	)		265			(812	)		(614	)
Net current-period other comprehensive income		(20,363	)		115			(439	)		1,697			(18,990	)
BALANCE—June 30, 2013	$	24,806		$	(5,320	)	$	586		$	(6,061	)	$	14,011

        The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the six months ended June 30, 2013:

	Currency Translation Adjustment			Pension Liability			Unrealized Gains on Retained Interests			Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	58,920		$	(8,834	)	$	3,012		$	(13,219	)	$	39,879
Tax asset (liability)		—			3,286			(1,136	)		4,619			6,769
Beginning balance, net of tax		58,920			(5,548	)		1,876			(8,600	)		46,648
Other comprehensive income before reclassifications		(34,114	)		—			(396	)		566			(33,944	)
Amounts reclassified from accumulated other comprehensive income		—			359			(1,675	)		3,279			1,963
Tax effects		—			(131	)		781			(1,306	)		(656	)
Net current-period other comprehensive income		(34,114	)		228			(1,290	)		2,539			(32,637	)
BALANCE—June 30, 2013	$	24,806		$	(5,320	)	$	586		$	(6,061	)	$	14,011

Schedule of reclassifications out of AOCI and the location on the consolidated statements of income

	Amounts Reclassified from AOCI
Details about AOCI Components	Three Months Ended June 30, 2013			Six Months Ended June 30, 2013			Affected Line Item
Amortization of defined benefit pension items:
Insignificant items	$	(182	)	$	(359	)
		(182	)		(359	)	Income before taxes
		67			131		Income tax benefit
	$	(115	)	$	(228	)	Net of tax
Unrealized gains on retained interests:
	$	734		$	1,675		Other income
		734			1,675		Income before taxes
		(277	)		(632	)	Income tax provision
	$	457		$	1,043		Net of tax
Unrealized losses on derivatives:
	$	(1,723	)	$	(3,279	)	Interest expense to third parties
		(1,723	)		(3,279	)	Income before taxes
		605			1,158		Income tax benefit
	$	(1,118	)	$	(2,121	)	Net of tax

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2013
Document and Entity Information
Entity Registrant Name	CNH Capital LLC
Entity Central Index Key	0001552493
Document Type	10-Q
Document Period End Date	Jun. 30, 2013
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2

XML

RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2013

Receivables

Summary of receivables

	June 30, 2013			December 31, 2012
Retail note receivables	$	605,868		$	903,644
Wholesale receivables		473,946			88,763
Finance lease receivables		56,556			62,615
Restricted receivables		10,573,408			9,573,535
Commercial revolving accounts receivables		269,015			226,039
Gross receivables		11,978,793			10,854,596
Less: allowance for credit losses		(109,419	)		(122,320	)
Total receivables, net	$	11,869,374		$	10,732,276

Summary of restricted and off-book receivables and the related retained interests

	Restricted Receivables				Off-Book Receivables				Retained Interests
	June 30, 2013		December 31, 2012		June 30, 2013		December 31, 2012		June 30, 2013		December 31, 2012
Retail note receivables	$	7,010,613	$	6,376,211	$	27,950	$	47,367	$	5,699	$	9,271
Wholesale receivables		3,549,618		3,176,410		—		—		—		—
Finance lease receivables		13,177		20,914		—		—		—		—
Total	$	10,573,408	$	9,573,535	$	27,950	$	47,367	$	5,699	$	9,271

Schedule of allowance for credit losses activity

 Allowance for credit losses activity for the three months ended June 30, 2013 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	102,618		$	12,281		$	8,125		$	123,024
Charge-offs		(2,742	)		(64	)		(1,280	)		(4,086	)
Recoveries		987			206			746			1,939
(Benefit) provision		(6,624	)		(4,723	)		488			(10,859	)
Foreign currency translation and other		(537	)		(39	)		(23	)		(599	)
Ending balance	$	93,702		$	7,661		$	8,056		$	109,419

        Allowance for credit losses activity for the six months ended June 30, 2013 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	102,560		$	11,887		$	7,873		$	122,320
Charge-offs		(5,252	)		(127	)		(2,929	)		(8,308	)
Recoveries		1,782			241			1,595			3,618
(Benefit) provision		(4,636	)		(4,279	)		1,555			(7,360	)
Foreign currency translation and other		(752	)		(61	)		(38	)		(851	)
Ending balance	$	93,702		$	7,661		$	8,056		$	109,419
Ending balance: individually evaluated for impairment	$	17,300		$	5,167		$	—		$	22,467
Ending balance: collectively evaluated for impairment	$	76,402		$	2,494		$	8,056		$	86,952
Receivables:
Ending balance	$	7,686,214		$	4,023,564		$	269,015		$	11,978,793
Ending balance: individually evaluated for impairment	$	34,583		$	31,273		$	—		$	65,856
Ending balance: collectively evaluated for impairment	$	7,651,631		$	3,992,291		$	269,015		$	11,912,937

        Allowance for credit losses activity for the three months ended June 30, 2012 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	81,280		$	11,640		$	10,378		$	103,298
Charge-offs		(17,051	)		(38	)		(1,938	)		(19,027	)
Recoveries		1,023			44			739			1,806
Provision (benefit)		2,271			(183	)		1,028			3,116
Foreign currency translation and other		(60	)		(19	)		(28	)		(107	)
Ending balance	$	67,463		$	11,444		$	10,179		$	89,086

        Allowance for credit losses activity for the six months ended June 30, 2012 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	83,233		$	12,163		$	11,277		$	106,673
Charge-offs		(21,389	)		(38	)		(4,368	)		(25,795	)
Recoveries		2,879			102			1,502			4,483
Provision (benefit)		2,759			(788	)		1,767			3,738
Foreign currency translation and other		(19	)		5			1			(13	)
Ending balance	$	67,463		$	11,444		$	10,179		$	89,086
Ending balance: individually evaluated for impairment	$	25,089		$	9,603		$	—		$	34,692
Ending balance: collectively evaluated for impairment	$	42,374		$	1,841		$	10,179		$	54,394
Receivables:
Ending balance	$	6,550,358		$	3,684,465		$	291,077		$	10,525,900
Ending balance: individually evaluated for impairment	$	47,343		$	72,827		$	—		$	120,170
Ending balance: collectively evaluated for impairment	$	6,503,015		$	3,611,638		$	291,077		$	10,405,730

        Allowance for credit losses activity for the year ended December 31, 2012 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	83,233		$	12,163		$	11,277		$	106,673
Charge-offs		(28,238	)		(1,857	)		(7,906	)		(38,001	)
Recoveries		5,206			312			3,276			8,794
Provision		42,135			1,245			1,198			44,578
Foreign currency translation and other		224			24			28			276
Ending balance	$	102,560		$	11,887		$	7,873		$	122,320
Ending balance: individually evaluated for impairment	$	28,266		$	9,512		$	—		$	37,778
Ending balance: collectively evaluated for impairment	$	74,294		$	2,375		$	7,873		$	84,542
Receivables:
Ending balance	$	7,363,384		$	3,265,173		$	226,039		$	10,854,596
Ending balance: individually evaluated for impairment	$	48,195		$	61,752		$	—		$	109,947
Ending balance: collectively evaluated for impairment	$	7,315,189		$	3,203,421		$	226,039		$	10,744,649

Schedule of aging of financing receivables

	June 30, 2013
	31 - 60 Days Past Due		61 - 90 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Receivables		Recorded Investment > 90 Days and Accruing
Retail
United States	$	15,437	$	5,954	$	15,706	$	37,097	$	6,375,788	$	6,412,885	$	2,168
Canada	$	1,705	$	518	$	487	$	2,710	$	1,270,619	$	1,273,329	$	363
Wholesale
United States	$	632	$	365	$	213	$	1,210	$	3,151,080	$	3,152,290	$	1
Canada	$	677	$	712	$	118	$	1,507	$	869,767	$	871,274	$	—
Total
Retail	$	17,142	$	6,472	$	16,193	$	39,807	$	7,646,407	$	7,686,214	$	2,531
Wholesale	$	1,309	$	1,077	$	331	$	2,717	$	4,020,847	$	4,023,564	$	1

	December 31, 2012
	31 - 60 Days Past Due		61 - 90 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Receivables		Recorded Investment > 90 Days and Accruing
Retail
United States	$	18,676	$	4,972	$	21,736	$	45,384	$	6,047,807	$	6,093,191	$	2,994
Canada	$	1,941	$	326	$	387	$	2,654	$	1,267,539	$	1,270,193	$	265
Wholesale
United States	$	514	$	28	$	580	$	1,122	$	2,512,270	$	2,513,392	$	130
Canada	$	284	$	11	$	783	$	1,078	$	750,703	$	751,781	$	313
Total
Retail	$	20,617	$	5,298	$	22,123	$	48,038	$	7,315,346	$	7,363,384	$	3,259
Wholesale	$	798	$	39	$	1,363	$	2,200	$	3,262,973	$	3,265,173	$	443

Schedule of recorded investment in impaired receivables and the related unpaid principal balances and allowances

	June 30, 2013						December 31, 2012
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance recorded
Retail
United States	$	8,756	$	8,119	$	—	$	5,614	$	5,597	$	—
Canada	$	566	$	546	$	—	$	—	$	—	$	—
Wholesale
United States	$	—	$	—	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	25,261	$	23,866	$	17,300	$	42,581	$	37,475	$	28,266
Canada	$	—	$	—	$	—	$	—	$	—	$	—
Wholesale
United States	$	18,919	$	18,654	$	4,452	$	58,826	$	58,329	$	9,000
Canada	$	12,354	$	12,076	$	715	$	2,926	$	2,846	$	512
Total
Retail	$	34,583	$	32,531	$	17,300	$	48,195	$	43,072	$	28,266
Wholesale	$	31,273	$	30,730	$	5,167	$	61,752	$	61,175	$	9,512

Schedule of average recorded investment in impaired receivables and the related interest income recognized

  For the three months ended June 30, 2013 and 2012, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a four-month average) and the related interest income recognized are as follows:

	2013				2012
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded
Retail
United States	$	8,839	$	105	$	3,606	$	75
Canada	$	588	$	4	$	—	$	—
Wholesale
United States	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	27,838	$	320	$	45,611	$	399
Canada	$	—	$	—	$	—	$	—
Wholesale
United States	$	19,066	$	141	$	70,332	$	459
Canada	$	14,659	$	—	$	152	$	3
Total
Retail	$	37,265	$	429	$	49,217	$	474
Wholesale	$	33,725	$	141	$	70,484	$	462

        For the six months ended June 30, 2013 and 2012, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a seven-month average) and the related interest income recognized are as follows:

	2013				2012
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded
Retail
United States	$	8,731	$	192	$	3,781	$	131
Canada	$	609	$	11	$	—	$	—
Wholesale
United States	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	31,240	$	768	$	42,704	$	738
Canada	$	—	$	—	$	—	$	—
Wholesale
United States	$	19,078	$	291	$	65,629	$	913
Canada	$	14,389	$	108	$	157	$	3
Total
Retail	$	40,580	$	971	$	46,485	$	869
Wholesale	$	33,467	$	399	$	65,786	$	916

Schedule of receivables on nonaccrual status

	June 30, 2013						December 31, 2012
	Retail		Wholesale		Total		Retail		Wholesale		Total
United States	$	15,750	$	18,654	$	34,404	$	29,130	$	58,329	$	87,459
Canada	$	124	$	12,076	$	12,200	$	122	$	2,846	$	2,968

Retail

Receivables

Schedule of breakdown of the portfolio by its credit quality indicators

	June 30, 2013		December 31, 2012
Titanium	$	4,265,481	$	4,038,596
Platinum		2,052,434		1,994,248
Gold		1,160,767		1,124,612
Silver		184,316		185,712
Bronze		23,216		20,216
Total	$	7,686,214	$	7,363,384

Wholesale

Receivables

Schedule of breakdown of the portfolio by its credit quality indicators

	June 30, 2013		December 31, 2012
A	$	2,377,514	$	1,873,495
B		1,202,645		967,849
C		274,685		245,652
D		168,720		178,177
Total	$	4,023,564	$	3,265,173