6.	Asset Securitizations

The Company transfers retail installment contracts and leased vehicles into newly formed Trusts which then issue one or more classes of notes payable backed by the collateral. The Company’s continuing involvement with the credit facilities and Trusts are in the form of servicing loans held by SPEs and, except for the Chrysler Capital securitizations, through holding a residual interest in the SPE. These transactions are structured without recourse. The Trusts are considered VIEs under U.S. GAAP and, except for the Chrysler Capital securitizations, are consolidated because the Company has: (a) power over the significant activities of the entity as servicer of its financial assets and (b), because of the residual interest and in some cases debt securities held by the Company, an obligation to absorb losses or the right to receive benefits from the VIE which are potentially significant to the VIE. The Company did not retain any debt or equity interests in the Chrysler Capital securitizations executed in 2013 and 2014, and recorded these transactions as sales of the associated retail installment contracts.

The collateral, borrowings under credit facilities and securitization notes payable of the consolidated Trusts remain on the consolidated balance sheets. The Company recognizes finance charges and fee income on the retail installment contracts and leased vehicles and interest expense on the debt, and records a provision for loan losses to cover probable inherent losses on the contracts. All of the Trusts are separate legal entities and the collateral and other assets held by these subsidiaries are legally owned by them and are not available to other creditors.

The following table summarizes the assets and liabilities related to VIEs included in the Company’s consolidated financial statements:

	March 31, 2014		December 31, 2013
Restricted cash	$	1,550,657	$	1,370,174
Retail installment contracts, net		19,910,992		19,166,392
Various other assets		3,695,594		2,564,902
Notes payable		25,514,661		23,810,950
Various other liabilities		49,412		25,682

A summary of the cash flows received from on-balance sheet securitization trusts during the three months ended March 31, 2014 and 2013, is as follows:

	Three Months Ended
	March 31, 2014		March 31, 2013
Receivables securitized	$	3,316,248	$	2,803,734

Net proceeds from new securitizations	$	2,734,093	$	2,450,000
Cash received for servicing fees		145,772		101,588
Cash received upon release from reserved and restricted cash accounts		749		3,419
Net distributions from Trusts		320,861		327,567
Total cash received from securitization trusts	$	3,201,475	$	2,882,574

The Company retains servicing responsibility for receivables transferred to the Trusts and receives a monthly servicing fee on the outstanding principal balance. Supplemental fees, such as late charges, for servicing the receivables are reflected in fees, commissions and other income. As of March 31, 2014 and December 31, 2013, the Company was servicing $22,936,058 and $21,935,874, respectively, of gross retail installment contracts that have been transferred to consolidated Trusts. The remainder of the Company’s retail installment contracts is either pledged in private issuances or warehouse facilities or unpledged.

During the three months ended March 31, 2014, the Company sold $774,183 of gross retail installment contracts in off-balance sheet securitizations for a gain of approximately $32,538. As of March 31, 2014 and December 31, 2013, the Company was servicing $1,681,856 and $1,017,756, respectively, of gross retail installment contracts that have been sold in these off-balance sheet Chrysler Capital securitizations.