Leased Vehicles

9 Months Ended

Sep. 30, 2012

Leases [Abstract]

Leased Vehicles

LEASED VEHICLES

Leased vehicles consist of the following (in thousands):

	September 30, 2012			December 31, 2011
Leased vehicles	$	2,062,648		$	1,012,637
Manufacturer incentives	(277,079		)	(125,681		)
	1,785,569			886,956
Less: accumulated depreciation	(214,926		)	(77,303		)
Less: purchase accounting discount	(18		)	(162		)
	$	1,570,625		$	809,491

A summary of our leased vehicles is as follows (in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
Balance at beginning of period	$	1,526,609		$	468,540		$	886,956		$	51,515
Leased vehicles purchased	299,287			188,706			1,077,446			688,137
Leased vehicles returned - end of term	(17,178		)	(8,928		)	(43,449		)	(22,575		)
Leased vehicles returned - default	(1,605		)	(196		)	(3,783		)	(578		)
Manufacturer incentives	(42,496		)	(19,303		)	(149,337		)	(87,680		)
Foreign currency translation adjustment	20,952			(15,451		)	17,736			(15,451		)
Balance at end of period	$	1,785,569		$	613,368		$	1,785,569		$	613,368

Our Canadian subsidiary services leases that are recorded as operating leases for a third party. As of September 30, 2012 and December 31, 2011, this subsidiary was servicing $731.6 million and $995.0 million of leased vehicles for this third party.

The following table summarizes minimum rental payments due to us as lessor under operating leases (in thousands):

	Fiscal 2012		Fiscal 2013		Fiscal 2014		Fiscal 2015		Fiscal 2016		Fiscal 2017
Minimum rental payments under operating leases	$	76,442	$	296,690	$	238,803	$	125,828	$	24,352	$	1,483