Debt

Revolving Credit Facilities

The following table presents information regarding credit facilities as of June 30, 2014 and December 31, 2013:



	June 30, 2014
	Maturity Date(s)	Utilized Balance		Committed Amount		Effective Rate	Assets Pledged		Restricted Cash Pledged
Warehouse line (a)	July 2014	$	109,461	$	500,000	2.05%	$	158,591	$	172
Warehouse line	Various (b)	552,268		1,235,038		1.14%	816,330		25,768
Warehouse line (c)	January 2016	1,318,088		4,550,000		1.15%	1,756,086		35,685
Warehouse line	December 2015	464,037		2,000,000		2.18%	570,306		11,993
Warehouse line	July 2015	153,515		500,000		1.64%	191,391		7,532
Warehouse line (d)	September 2015	196,880		200,000		1.97%	290,043		12,054
Repurchase facility (e)	Various	747,342		747,342		1.52%	844,305		—
Warehouse line	December 2015	495,765		750,000		0.91%	675,143		10,083
Warehouse line (f)	November 2016	175,000		175,000		1.71%	—		—
Warehouse line (g)	March 2015	250,594		250,594		0.99%	296,929		—
Total facilities with third parties		4,462,950		10,907,974			5,599,124		103,287
Lines of credit with Santander and related subsidiaries (h):
Line of credit	December 2016	500,000		500,000		2.45%	1,623		—
Line of credit	December 2018	—		500,000		0.25%	—		—
Line of credit	December 2016	1,750,000		1,750,000		2.26%	—		—
Line of credit	December 2018	750,000		1,750,000		2.59%	187,555		—
Line of credit	March 2017	300,000		300,000		1.70%	—		—
Total facilities with Santander and related subsidiaries		3,300,000		4,800,000			189,178		—
Total revolving credit facilities		$	7,762,950	$	15,707,974		$	5,788,302	$	103,287



	December 31, 2013
	Maturity Date(s)	Utilized Balance		Committed Amount		Effective Rate	Assets Pledged		Restricted Cash Pledged
Warehouse line	June 2014	$	483,738	$	500,000	0.82%	$	757,352	$	—
Warehouse line	Various	159,300		1,219,474		3.62%	232,015		3,667
Warehouse line	April 2014	613,600		4,550,000		2.12%	745,759		15,184
Warehouse line	June 2015	1,360,070		2,000,000		0.96%	1,672,082		42,510
Warehouse line	July 2015	495,786		500,000		0.85%	598,754		25,056
Warehouse line	September 2015	73,080		200,000		2.84%	76,807		2,701
Repurchase facility	Various	879,199		879,199		1.59%	—		—
Warehouse line	December 2015	210,000		750,000		1.84%	302,632		—
Warehouse line	November 2016	175,000		175,000		1.72%	—		—
Total facilities with third parties		4,449,773		10,773,673			4,385,401		89,118
Lines of credit with Santander and related subsidiaries:
Line of credit	December 2016	500,000		500,000		2.48%	10,674		—
Line of credit	December 2018	—		500,000		3.10%	—		—
Line of credit	December 2016	1,750,000		1,750,000		2.09%	—		—
Line of credit	December 2018	1,400,000		1,750,000		2.58%	93,969		—
Total facilities with Santander and related subsidiaries		3,650,000		4,500,000			104,643		—
Total revolving credit facilities		$	8,099,773	$	15,273,673		$	4,490,044	$	89,118


(a)	In July 2014, the maturity date of this facility was extended to June 2015.


(b)	Half of the outstanding balance on this facility matures in March 2015 and half in March 2016.


(c)	This line is held exclusively for Chrysler Capital retail loan and lease financing, with lease financing comprising no more than 50% of the outstanding balance upon advance. In July 2014, the committed amount was reduced to $4.3 billion and the maturity date was extended to June 2016.


(d)	This line is held exclusively for unsecured consumer term loans.


(e)	The repurchase facility is also collateralized by securitization notes payable retained by the Company. No portion of this facility is unsecured. This facility has rolling 30-day and 90-day maturities.


(f)	This line is collateralized by residuals retained by the Company.


(g)	This line is collateralized by securitization notes payable retained by the Company.


(h)	These lines are also collateralized by securitization notes payable and residuals retained by the Company. As of June 30, 2014 and December 31, 2013, $1,569,930 and $1,123,354, respectively, of the aggregate outstanding balances on these facilities were unsecured.

Facilities with Third Parties

The warehouse lines and repurchase facility are fully collateralized by a designated portion of the Company’s retail installment contracts (Note 2), leased vehicles (Note 4), securitization notes payables and residuals retained by the Company. The Company was in compliance with all covenants related to these financing arrangements at June 30, 2014.

Lines of Credit with Santander and Related Subsidiaries

Through its New York branch, Banco Santander provides the Company with $4,500,000 of long-term committed revolving credit facilities. Through SHUSA, under an agreement entered into on March 6, 2014, Santander provides the Company with an additional $300,000 of committed revolving credit, collateralized by residuals retained on its own securitizations. The fundings through the New York branch and through SHUSA are collectively known as the “Santander Credit Facilities.”

The facilities offered through the New York branch are structured as three- and five- year floating rate facilities, with current maturity dates of December 31, 2016 and December 31, 2018. Santander has the option to continue to renew the term of these facilities annually going forward, thereby maintaining the three and five year maturities. These facilities currently permit unsecured borrowing but generally are collateralized by retail installment contracts and retained residuals. Any secured balances outstanding under the facilities at the time of their maturity will amortize to match the maturities and expected cash flows of the corresponding collateral.

Secured Structured Financings

The following table presents information regarding secured structured financings as of June 30, 2014 and December 31, 2013:



	June 30, 2014
	Original Estimated Maturity Date(s)	Balance		Initial Note Amounts Issued		Initial Weighted Average Interest Rate	Collateral		Restricted Cash
2010 Securitizations	October 2016 - November 2017	$	333,148	$	3,671,749	1.04%-1.44%	$	641,669	$	142,992
2011 Securitizations	October 2015 - September 2017	653,968		4,693,289		1.21%-2.80%	1,038,660		157,307
2012 Securitizations	November 2017 - December 2018	3,088,855		8,023,840		0.92%-1.68%	3,899,764		355,658
2013 Securitizations	January 2019 - January 2021	4,338,610		6,689,700		0.89%-1.59%	5,295,330		348,040
2014 Securitizations	April 2020 - August 2020	3,706,441		4,100,000		1.63%-1.72%	4,385,840		236,269
Public securitizations		12,121,022		27,178,578			15,261,263		1,240,266
2010 Private issuances	June 2011	209,128		516,000		1.29%	338,513		9,538
2011 Private issuances	December 2018	1,222,065		4,856,525		1.46%-1.80%	1,652,724		56,942
2012 Private issuances	May 2016	14,962		70,308		1.07%	20,177		1,874
2013 Private issuances	September 2018 - September 2020	2,411,661		2,693,754		1.13%-1.38%	3,249,917		89,031
2014 Private issuances	March 2018 - August 2021	2,412,822		2,680,379		1.09%-1.85%	2,965,196		112,116
Privately issued amortizing notes		6,270,638		10,816,966			8,226,527		269,501
Total secured structured financings		$	18,391,660	$	37,995,544		$	23,487,790	$	1,509,767



	December 31, 2013
	Original Estimated Maturity Date(s)	Balance		Initial Note Amounts Issued		Initial Weighted Average Interest Rate	Collateral		Restricted Cash
2010 Securitizations	October 2016 - November 2017	$	632,251	$	4,671,749	1.04%-1.44%	$	1,143,435	$	205,190
2011 Securitizations	October 2015 - September 2017	1,218,208		5,605,609		1.21%-2.80%	1,634,220		195,854
2012 Securitizations	November 2017 - December 2018	4,061,127		8,023,840		0.92%-1.68%	5,013,135		383,677
2013 Securitizations	January 2019 - January 2021	5,503,580		6,689,700		0.89%-1.59%	6,465,840		351,160
Public securitizations		11,415,166		24,990,898			14,256,630		1,135,881
2010 Private issuances	June 2011	219,704		516,000		1.29%	378,434		8,435
2011 Private issuances	December 2018	662,138		4,856,525		1.46%-1.80%	908,304		36,449
2012 Private issuances	May 2016	30,526		70,308		1.07%	35,378		3,016
2013 Private issuances	September 2018 - September 2020	2,868,353		2,693,754		1.13%-1.38%	3,554,569		97,100
Privately issued amortizing notes		3,780,721		8,136,587			4,876,685		145,000
Total secured structured financings		$	15,195,887	$	33,127,485		$	19,133,315	$	1,280,881

Notes Payable — Secured Structured Financings

The principal and interest on secured structured financings are paid using the cash flows from the underlying retail installment contracts, loans and leases, which serve as collateral for the notes. Accordingly, the timing of the principal payments on these notes is dependent on the payments received on the underlying collateral.

Most of the Company’s secured structured financings are in the form of public, SEC-registered securitizations. The Company also executes private securitizations under Rule 144A of the Securities Act and periodically issues private term amortizing notes, which are structured similarly to securitizations but are acquired by banks and conduits. Historically, all of the Company’s securitizations and private issuances have been collateralized by vehicle retail installment contracts and loans; however, in 2013, the Company issued its first amortizing notes backed by vehicle leases. As of June 30, 2014, the Company had private issuances of notes backed by vehicle leases totaling approximately $1,433,658.

Unamortized debt issuance costs are amortized as interest expense over the terms of the related notes payable using a method that approximates the effective interest method. Amortization of premium or accretion of discount on acquired notes payable is also included in interest expense using a method that approximates the effective interest method, over the estimated remaining life of the acquired notes. Total interest expense on secured structured financings for the three months ended June 30, 2014 and 2013 was $57,217 and $56,626, respectively. Total interest expense on secured structured financings for the six months ended June 30, 2014 and 2013 was $117,079 and $114,336, respectively.