Fair Value Of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Of Financial Instruments [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

Estimated fair values, carrying values and various methods and assumptions used in valuing our financial instruments are set forth below (dollars in thousands):

			December 31, 2012				December 31, 2011
		Level	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Financial assets:
Cash and cash equivalents	(a)	1	$	1,289,494	$	1,289,494	$	572,297	$	572,297
Finance receivables, net	(b)	3	10,998,274		11,313,481		9,162,492		9,385,851
Restricted cash – securitization notes payable	(a)	1	728,908		728,908		919,283		919,283
Restricted cash – credit facilities	(a)	1	14,808		14,808		136,556		136,556
Restricted cash – other	(a)	1	24,774		24,774		59,136		59,136
Interest rate swap agreements	(d)	3	133		133		2,004		2,004
Interest rate cap agreements purchased	(d)	2	386		386		4,548		4,548
Financial liabilities:
Syndicated and lease warehouse facilities	(c)	2	354,203		354,203		802,571		802,571
Medium term note facility and Wachovia funding facility	(d)	3					296,820		296,542
Securitization notes payable
Securitization notes payable	(d)	1	8,533,321		8,669,106		6,937,841		6,945,865
Private securitization 2012-PP1	(e)	3	489,987		502,332
Senior notes	(d)	2	1,500,000		1,620,000		500,000		510,000
Convertible senior notes	(d)	2					500		500
Interest rate swap agreements	(d)	3	133		133		6,440		6,440
Interest rate cap agreements sold	(d)	2	394		394		4,768		4,768

_________________ 

(a) The carrying value of cash and cash equivalents, restricted cash – securitization notes payable, restricted cash – credit facilities and restricted cash – other is considered to be a reasonable estimate of fair value since these investments bear interest at market rates and have maturities of less than 90 days.

(b) The fair value of the consumer finance receivables is estimated based upon forecasted cash flows on the receivables discounted using a pre-tax weighted average cost of capital. For commercial finance receivables, carrying value is considered to be a reasonable estimate of fair value because substantially all have variable rates of interest and maturities of one year or less.

(c) The syndicated and lease warehouse facilities have variable rates of interest and maturities of approximately one year. Therefore, carrying value is considered to be a reasonable estimate of fair value.

(d) The fair values of the interest rate cap and swap agreements, medium term note facility and Wachovia funding facility, securitization notes payable, senior notes and convertible senior notes are based on quoted market prices, when available. If quoted market prices are not available, the market value is estimated by discounting future net cash flows expected to be settled using a current risk-adjusted rate.

(e) We use observable and unobservable inputs to estimate fair value for the private securitization 2012 - PP1. Unobservable inputs are related to the structuring of the debt into various classes, which is based on public securitizations issued during the same time frame. Observable inputs are used by obtaining active prices based on the securitization debt issued during the same time frame. These observable inputs are then used to create expected market prices (unobservable inputs), which are then applied to the debt classes in order to estimate fair value which would approximate market value.