Variable Interest Entities

3 Months Ended

Mar. 31, 2020

Variable Interest Entities [Abstract]

Variable Interest Entities

Variable Interest Entities

The following table summarizes the assets and liabilities related to our consolidated VIEs:

	March 31, 2020		December 31, 2019
Restricted cash(a)	$	2,457	$	2,643
Finance receivables, net of fees	$	41,063	$	35,392
Lease related assets	$	18,279	$	14,464
Secured debt	$	46,024	$	39,771

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(a) Included in other assets.

We use SPEs that are considered VIEs to issue variable funding notes to third party, bank-sponsored warehouse facilities or asset-backed securities to investors in securitization transactions. The debt issued by these VIEs is backed by finance receivables and leasing-related assets transferred to the VIEs. We determined that we are the primary beneficiary of the VIEs because our servicing responsibilities give us the power to direct the activities that most significantly impact the performance of the VIEs and our variable interests in the VIEs give us the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The assets serve as the sole source of repayment for the debt issued by these entities. Investors in the notes issued by the VIEs do not have recourse to us or our other assets, with the exception of customary representation and warranty repurchase provisions and indemnities that we provide as the servicer. We are not required to provide any additional financial support to these VIEs. While these VIE subsidiaries are included in our condensed consolidated financial statements, they are separate legal entities and their assets are legally owned by them and are not available to our creditors.