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Credit Facilities (Tables)
 6 Months Ended
Jun. 30, 2012
CREDIT FACILITIES SUMMARY [Abstract]  
Credit Faclities Summary [Table Text Block]
Amounts outstanding under our credit facilities are as follows (in thousands): 
 
June 30, 2012
 
December 31, 2011
Syndicated warehouse facility


 
$
621,257

Lease warehouse facility – Canada
$
308,033

 
181,314

Medium term note facility
215,202

 
293,528

Wachovia funding facility
 
 
3,292

 
$
523,235

 
$
1,099,391
Schedule of Line of Credit Facilities [Table Text Block]
Further detail regarding terms and availability of the credit facilities as of June 30, 2012, is as follows (in thousands): 
Facility
 
Facility
Amount
 
Advances
Outstanding
 
Assets
Pledged (e)
 
Restricted
Cash
Pledged (f)
Syndicated warehouse facility(a)
 
$
2,500,000

 

 

 
$
300

Lease warehouse facility – U.S.(b)
 
600,000

 

 

 

Lease warehouse facility – Canada(c)
 
588,553

 
$
308,033

 
$
477,518

 
2,267

GM revolving credit facility
 
300,000

 

 

 

Medium term note facility(d)
 
 
 
215,202

 
236,252

 
83,683

 
 
 
 
$
523,235

 
$
713,770

 
$
86,250

_________________   
(a)
In May 2012, the facility was renewed and increased in size from $2.0 billion to $2.5 billion. In May 2013, when the revolving period ends, and if the facility is not renewed, the outstanding balance will be repaid over time based on the amortization of the receivables pledged until February 2020 when the remaining balance will be due and payable.
(b)
In January 2013 when the revolving period ends, and if the facility is not renewed, the outstanding balance will be repaid over time based on the amortization of the leasing related assets pledged until July 2018 when any remaining amount outstanding will be due and payable.
(c)
In July 2012, the facility was renewed and increased in size from C$600.0 million to C$800.0 million. In July 2013, when the revolving period ends, and if the facility is not renewed, the outstanding balance will be repaid over time based on the amortization of the leasing related assets pledged until January 2019 when any remaining amount outstanding will be due and payable. This facility amount represents C$600.0 million, advances outstanding of C$314.0 million, assets pledged of C$486.8 million and restricted cash pledged of C$2.3 million at June 30, 2012.
(d)
The revolving period under this facility ended in October 2009, and the outstanding debt balance will be repaid over time based on the amortization of the receivables pledged until October 2016 when any remaining amount outstanding will be due and payable.
(e)
Borrowings on the warehouse facilities are collateralized by finance receivables, while borrowings on the lease warehouse facilities are collateralized by leasing related assets.
(f)
These amounts do not include cash collected on finance receivables and leasing related assets pledged of $29.1 million which is also included in restricted cash – credit facilities on the consolidated balance she
Three Month Current Year Credit Facilty Metrics [Table Text Block]
three months ended June 30, 2012 (dollars in thousands):
Facility Type
 
Weighted
Average
Interest
Rate
 
Average
Amount
Outstanding
 
Maximum
Amount
Outstanding
Syndicated warehouse facility
 
1.33
%

$
155,375


$
429,839

Lease warehouse facility – Canada(a)
 
2.85
%

272,879


308,033

_________________ 
(a)
Average amount outstanding and maximum amount outstanding represents C$278.2 million and C$314.0 million, respectively.
Three Month Prior Year Credit Facility Metrics [Table Text Block]
The following table presents the average amount outstanding, the weighted average interest rate and maximum amount outstanding on the syndicated warehouse facility and lease warehouse facility – U.S. during the three months ended June 30, 2011 (dollars in thousands):
Facility Type
 
Weighted
Average
Interest
Rate
 
Average
Amount
Outstanding
 
Maximum
Amount
Outstanding
Syndicated warehouse facility
 
1.67
%
 
$
346,493

 
$
826,859

Lease warehouse facility – U.S.
 
1.58
%
 
78,656

 
182,749
Year to Date Current Year Credit Facility Metrics [Table Text Block]
he following table presents the average amount outstanding, the weighted average interest rate and maximum amount outstanding on the syndicated warehouse facility and lease warehouse facility – Canada during the six months ended June 30, 2012 (dollars in thousands):
Facility Type
 
Weighted
Average
Interest
Rate
 
Average
Amount
Outstanding
 
Maximum
Amount
Outstanding
Syndicated warehouse facility
 
1.47
%
 
$
141,842

 
$
621,257

Lease warehouse facility – Canada(a)
 
2.74
%
 
242,682

 
308,033

_________________ 
(a)
Average amount outstanding and maximum amount outstanding represents C$247.4 million and C$314.0 million, respectively.
Year to Date Prior Year Credit Facility Metrics [Table Text Block]
he following table presents the average amount outstanding, the weighted average interest rate and maximum amount outstanding on the syndicated warehouse facility and lease warehouse facility – U.S. facility during the six months ended June 30, 2011 (dollars in thousands):
Facility Type
 
Weighted
Average
Interest
Rate
 
Average
Amount
Outstanding
 
Maximum
Amount
Outstanding
Syndicated warehouse facility
 
1.66
%
 
$
352,466

 
$
826,859

Lease warehouse facility – U.S.
 
1.60
%
 
48,453

 
182,749