Investments in Operating Leases, Net

9 Months Ended

Dec. 31, 2015

Note 5 – Investments in Operating Leases, Net

Investments in operating leases, net consist of vehicle and equipment leases, net of deferred fees and costs, deferred income, accumulated depreciation and the allowance for credit losses. Securitized investments in operating leases represent beneficial interests in a pool of certain vehicle leases that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements as discussed further in Note 10 - Variable Interest Entities. Cash flows from these securitized investments in operating leases are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors.

Investments in operating leases, net consisted of the following:

	December 31,			March 31,
	2015			2015
Investments in operating leases	$	40,510		$	37,555
Securitized investments in operating leases		3,657			1,571
		44,167			39,126
Deferred origination (fees) and costs, net		(195	)		(169	)
Deferred income		(1,088	)		(968	)
Accumulated depreciation		(7,443	)		(6,785	)
Allowance for credit losses		(105	)		(76	)
Investments in operating leases, net	$	35,336		$	31,128

On October 1, 2015, investments in operating leases related to our commercial finance business of $1.0 billion were sold to TICF.