Securitization notes payable represents debt issued by us in securitization transactions. In connection with the merger with GM, we recorded a purchase accounting premium that is being amortized to interest expense over the expected term of the notes. Amortization for the three months ended March 31, 2013 and 2012 was $4.5 million and $9.8 million. At March 31, 2013, unamortized purchase accounting premium of $6.6 million is included in securitization notes payable. Debt issuance costs of $26.0 million and $26.1 million, as of March 31, 2013 and December 31, 2012, which are included in other assets on the consolidated balance sheets, are being amortized to interest expense over the expected term of securitization notes payable.

Securitization notes payable as of March 31, 2013 consists of the following (dollars in thousands):



Year of Transaction	Maturity Date ^(a)			Original Note Amounts					Original Weighted Average Interest Rate					Receivables Pledged		Note Balance At March 31, 2013
2009	January 2016	-	July 2017	$	227,493	-	$	725,000	2.7	%	-	7.5	%	$	166,233	$	134,233
2010	July 2017	-	April 2018	200,000		-	850,000		2.2	%	-	3.8	%	1,070,580		967,364
2011	July 2018	-	March 2019	800,000		-	1,000,000		2.4	%	-	2.9	%	2,422,690		2,257,766
2012^(b)	June 2019	-	May 2020	800,000		-	1,300,000		1.4	%	-	2.9	%	5,072,996		4,703,285
2013	July 2020			1,000,000					1.2	%				1,002,007		960,412
														$	9,734,506	9,023,060
Acquisition accounting premium																6,634
Total																$	9,029,694

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(a)	Maturity date represents final legal maturity of securitization notes payable. Securitization notes payable are expected to be paid based on amortization of the finance receivables pledged to the Trusts.


(b)	Includes private sale of asset-backed securities.

At the time of securitization of finance receivables, we are required to pledge assets equal to a specified percentage of the securitization pool to support the securitization transaction. Typically, the assets pledged consist of cash deposited to a restricted account and additional receivables delivered to the Trust, which create overcollateralization. The securitization transactions require the percentage of assets pledged to support the transaction to increase until a specified level is attained. Excess cash flows generated by the Trusts are added to the restricted cash account or used to pay down outstanding debt in the Trusts, creating overcollateralization until the targeted percentage level of assets has been reached. Once the targeted percentage level of assets is reached and maintained, excess cash flows generated by the Trusts are released to us as distributions from Trusts. Additionally, as the balance of the securitization pool declines, the amount of pledged assets needed to maintain the required percentage level is reduced. Assets in excess of the required percentage are also released to us as distributions from Trusts.