Leased Vehicles

6 Months Ended

Jun. 30, 2012

Leases [Abstract]

Leased Vehicles

LEASED VEHICLES

Leased vehicles consist of the following (in thousands):

	June 30, 2012			December 31, 2011
Leased vehicles	$	1,758,741		$	1,012,637
Manufacturer incentives	(232,132		)	(125,681		)
	1,526,609			886,956
Less: accumulated depreciation	(159,776		)	(77,303		)
Less: purchase accounting discount	(48		)	(162		)
	$	1,366,785		$	809,491

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Balance at beginning of period	$	1,210,434		$	331,596		$	886,956		$	51,515
Leased vehicles purchased	394,360			162,064			778,159			499,431
Leased vehicles returned - end of term	(12,721		)	(5,829		)	(26,271		)	(13,647		)
Leased vehicles returned - default	(937		)	(166		)	(2,178		)	(382		)
Manufacturer incentives	(55,473		)	(19,125		)	(106,841		)	(68,377		)
Foreign currency translation adjustment	(9,054		)				(3,216		)
Balance at end of period	$	1,526,609		$	468,540		$	1,526,609		$	468,540

Our Canadian subsidiary services leases that are recorded as operating leases for a third party. As of June 30, 2012 and December 31, 2011, this subsidiary was servicing $801.5 million and $995.0 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	$	133,006	$	259,656	$	205,098	$	98,270	$	18,533	$	1,295