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VIEs (Tables)

9 Months Ended

Sep. 30, 2020

Variable Interest Entity and Securitizations [Abstract]

The assets of consolidated VIEs that are included in the Company's Condensed Consolidated Financial Statements presented based upon the legal transfer of the underlying assets in order to reflect legal ownership, and that can be used only to settle obligations of the consolidated VIEs and the liabilities of those entities for which creditors (or beneficial interest holders) do not have recourse to the Company's general credit, were as follows(1):


(in thousands)	September 30, 2020		December 31, 2019
Assets
Restricted cash	$	1,763,252	$	1,629,870

Loans HFI	22,711,254		26,532,328
Operating lease assets, net	16,195,376		16,461,982
Various other assets	870,229		625,359
Total Assets	$	41,540,111	$	45,249,539
Liabilities
Notes payable	$	31,265,215	$	34,249,851
Various other liabilities	117,997		188,093
Total Liabilities	$	31,383,212	$	34,437,944

(1) Certain amounts shown above are greater than the amounts shown in the corresponding line items in the accompanying Condensed Consolidated Balance Sheets due to intercompany eliminations between the VIEs and other entities consolidated by the Company. For example, for most of its securitizations, the Company retains one or more of the lowest tranches of bonds. Rather than showing investment in bonds as an asset and the associated debt as a liability, these amounts are eliminated in consolidation as required by GAAP.

Summary of Cash Flows Received

A summary of the cash flows received from the consolidated Trusts for the three-month and nine-month periods ended September 30, 2020 and 2019 is as follows:


	Three-Month Period Ended September 30,				Nine-Month Period Ended September 30,
(in thousands)	2020		2019		2020		2019
Assets securitized	$	5,282,901	$	5,498,705	$	15,845,707	$	15,340,428

Net proceeds from new securitizations (1)	$	4,662,211	$	4,475,722	$	11,470,857	$	12,232,777
Net proceeds from sale of retained bonds	1,293		2,414		57,286		119,719
Cash received for servicing fees (2)	242,245		242,801		735,533		740,760

Net distributions from Trusts (2)	1,173,276		1,018,301		2,730,657		2,689,735
Total cash received from Trusts	$	6,079,025	$	5,739,238	$	14,994,333	$	15,782,991

(1) Includes additional advances on existing securitizations.

(2) These amounts are not reflected in the accompanying Consolidated SCF because the cash flows are between the VIEs and other entities included in the consolidation.

Schedule of Off-balance Sheet Variable Interest Entities Portfolio

The portfolio was comprised as follows:


(in thousands)	September 30, 2020		December 31, 2019
Related party SPAIN securitizations	$	1,418,346	$	2,149,008


Third party SCART serviced securitizations	1,032,639		—
Third party Chrysler Capital securitizations	103,579		259,197


Total serviced for other portfolio	$	2,554,564	$	2,408,205

Summary of Securitization Transactions

A summary of cash flows received from Trusts for the three-month and nine-month periods ended September 30, 2020 and 2019, respectively, were as follows:


	Three-Month Period Ended September 30,				Nine-Month Period Ended September 30,
(in thousands)	2020		2019		2020		2019
Receivables securitized (1)	$	636,301	$	—	$	1,148,587	$	—

Net proceeds from new securitizations	592,455		—		1,052,541		—
Cash received for servicing fees	6,598		7,859		17,856		27,467
Total cash received from Trusts	$	599,053	$	7,859	$	1,070,397	$	27,467

(1) Represents the unpaid principal balance at the time of original securitization.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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