Leased Vehicles

3 Months Ended

Mar. 31, 2013

Leases [Abstract]

Leased Vehicles

Leased vehicles consisted of the following (in thousands):

	March 31, 2013			December 31, 2012
Leased vehicles	$	2,831,168		$	2,282,880
Manufacturer incentives	(386,842		)	(307,256		)
	2,444,326			1,975,624
Less: accumulated depreciation	(340,365		)	(272,753		)
Less: purchase accounting discount				(4		)
	$	2,103,961		$	1,702,867

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

	Three Months Ended
	March 31,
	2013			2012
Balance at beginning of period	$	1,975,624		$	886,956
Leased vehicles purchased	620,350			383,799
Leased vehicles returned - end of term	(52,141		)	(13,550		)
Leased vehicles returned - default	(3,987		)	(1,241		)
Manufacturer incentives	(81,319		)	(51,368		)
Foreign currency translation adjustment	(14,201		)	5,838
Balance at end of period	$	2,444,326		$	1,210,434

Our Canadian subsidiary originates and sells leases for a third party with servicing retained. As of March 31, 2013 and December 31, 2012, this subsidiary was servicing $534.5 million and $625.0 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 2013		Fiscal 2014		Fiscal 2015		Fiscal 2016		Fiscal 2017		Fiscal 2018
Minimum rental payments under operating leases	$	341,078	$	353,962	$	230,704	$	56,915	$	3,055	$	87