SECURITIZATIONS

A summary of our securitization activity and cash flows from special purpose entities used for securitizations is as follows (in thousands):



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2012		2011		2012		2011
Receivables securitized	$	1,372,044	$	954,915	$	5,721,379	$	3,872,703
Net proceeds from securitization	1,300,000		900,000		5,400,000		3,650,000
Servicing fees^(a)	60,634		49,676		178,434		147,585
Net distributions from Trusts	267,379		202,647		1,183,034		636,903

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(a)	Cash flows received for the servicing of securitizations consolidated as VIE’s are a component of finance charge income on the consolidated statements of income and comprehensive income.

We retain servicing responsibilities for receivables transferred to the Trusts. We receive a monthly base servicing fee on the outstanding principal balance of our securitized receivables and supplemental fees (such as late charges) for servicing the receivables.

As of September 30, 2012 and December 31, 2011, respectively, we were servicing $9.9 billion and $7.9 billion of finance receivables that have been transferred to the Trusts.