Investments in Operating Leases, Net

12 Months Ended

Mar. 31, 2017

Note 5 – Investments in Operating Leases, Net

Investments in operating leases, net consist of leases, net of deferred fees and costs, deferred income, accumulated depreciation and the allowance for credit losses. Securitized investments in operating leases represent beneficial interests in a pool of certain vehicle leases that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements as discussed further in Note 10 – Variable Interest Entities. Cash flows from these securitized investments in operating leases are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors.

Investments in operating leases, net consisted of the following:

	March 31,			March 31,
	2017			2016
Investments in operating leases	$	41,874		$	42,220
Securitized investments in operating leases		6,502			3,364
		48,376			45,584
Deferred origination (fees) and costs, net		(201	)		(190	)
Deferred income		(1,196	)		(1,080	)
Accumulated depreciation		(8,672	)		(7,712	)
Allowance for credit losses		(155	)		(114	)
Investments in operating leases, net	$	38,152		$	36,488

Future minimum rentals on investments in operating leases are as follows:

Years ending March 31,	Future minimum rentals on operating leases
2018	$	5,991
2019		3,961
2020		1,425
2021		146
2022		11
Total	$	11,534

A portion of our operating lease contracts has historically terminated prior to maturity. Future minimum rentals shown above should not be considered indicative of future cash collections.

As of March 31, 2017 and 2016, there was no impairment in our investment in operating leases portfolio.