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Leased Vehicles
 12 Months Ended
Dec. 31, 2011
Leases [Abstract]  
Leased Vehicles
Leased Vehicles
Leased vehicles consist of the following (in thousands): 
 
Successor
 
December 31, 2012
 
December 31, 2011
Leased vehicles
$
2,282,880

 
$
1,012,637

Manufacturer incentives
(307,256
)
 
(125,681
)
 
1,975,624

 
886,956

Less: accumulated depreciation
(272,753
)
 
(77,303
)
Less: purchase accounting discount
(4
)
 
(162
)
 
$
1,702,867

 
$
809,491


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

Predecessor
 
For the
Year Ended
December 31,
2012
 
For the
Year Ended
December 31,
2011
 
Period From
October 1, 2010
Through
December 31,
2010
 
 
Period From
July 1, 2010
Through
September 30,
2010
 
For the Year Ended June 30, 2010
 
 
 
 
 
Balance at beginning of period
$
886,956

 
$
51,515

 
$
54,730

 
 
$
190,300

 
$
239,646

Leased vehicles purchased
1,342,818

 
1,000,200

 
11,371

 
 


 
 
Leased vehicles returned - end of term
(76,052
)
 
(28,723
)
 
(14,041
)
 
 
(75,986
)
 
(45,040
)
Leased vehicles returned - default
(7,492
)
 
(1,139
)
 
(545
)
 
 
(850
)
 
(4,306
)
Manufacturer incentives
(180,462
)
 
(126,520
)
 


 
 


 


Foreign currency translation adjustment
9,856

 
(8,377
)
 


 
 


 


Balance at end of period
$
1,975,624

 
$
886,956

 
$
51,515

 

$
113,464

 
$
190,300


Our Canadian subsidiary originates and sells leases for a third party with servicing retained. As of December 31, 2012 and 2011, this subsidiary was servicing $625.0 million and $995.0 million, respectively, 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 2013
 
Fiscal 2014
 
Fiscal 2015
 
Fiscal 2016
 
Fiscal 2017
Minimum rental payments under operating leases
$
331,448

 
$
274,140

 
$
159,647

 
$
33,011

 
$
1,657