Leased Vehicles

3 Months Ended

Mar. 31, 2012

Leases [Abstract]

Leased Vehicles

LEASED VEHICLES

Leased vehicles consist of the following (in thousands):

	March 31, 2012			December 31, 2011
Leased vehicles	$	1,388,098		$	1,012,637
Manufacturer incentives	(177,664		)	(125,681		)
	1,210,434			886,956
Less: accumulated depreciation	(110,353		)	(77,303		)
Less: purchase accounting discount	(97		)	(162		)
	$	1,099,984		$	809,491

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

	Three Months Ended
	March 31, 2012			March 31, 2011
Balance at beginning of period	$	886,956		$	51,515
Leased vehicles purchased	383,799			337,367
Lease vehicles returned - end of term	(13,550		)	(7,818		)
Lease vehicles returned - default	(1,241		)	(216		)
Manufacturer incentives	(51,368		)	(49,252		)
Foreign currency translation adjustment	5,838
Balance at end of period	$	1,210,434		$	331,596

Our Canadian subsidiary originates leases that are recorded as operating leases and also originates and sells leases for a third party with servicing retained. As of March 31, 2012, this subsidiary was servicing $936.6 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 2012		Fiscal 2013		Fiscal 2014		Fiscal 2015		Fiscal 2016		Fiscal 2017
Minimum rental payments under operating leases	$	155,852	$	200,955	$	148,725	$	60,587	$	9,777	$	337