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Note 8 - Credit Agreement
9 Months Ended
Sep. 30, 2014
Notes  
Note 8 - Credit Agreement

Note 8 – Credit Agreement

 

Effective September 11, 2009, the Company entered into a credit facility with Wells Fargo Preferred Capital, Inc.  The credit agreement, as amended, provides for borrowings of up to $100.0 million or 70% of the Company's net finance receivables (as defined in the Credit Agreement), whichever is less and has a maturity date of September 11, 2017.  Available borrowings under the credit agreement were $100.0 million at September 30, 2014 and December 31, 2013, at an interest rate of 3.75%.  The credit agreement contains covenants customary for financing transactions of this type.  At September 30, 2014, the Company was in compliance with all covenants.