Loans Receivable (Tables)

9 Months Ended

Sep. 30, 2013



(In millions)	As of September 30, 2013
	Dealer Loans		Purchased Loans		Total
Loans receivable	$	2,110.0	$	244.3	$	2,354.3
Allowance for credit losses		(180.8)		(10.1)		(190.9)
Loans receivable, net	$	1,929.2	$	234.2	$	2,163.4

(In millions)	As of December 31, 2012
	Dealer Loans		Purchased Loans		Total
Loans receivable	$	1,869.4	$	240.5	$	2,109.9
Allowance for credit losses		(167.4)		(9.0)		(176.4)
Loans receivable, net	$	1,702.0	$	231.5	$	1,933.5

Summary Of Changes In Loans Receivable



(In millions)	For the Three Months Ended September 30, 2013
	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	2,041.4	$	237.1	$	2,278.5
New Consumer Loan assignments (1)		335.3		33.9		369.2
Principal collected on Loans receivable		(299.1)		(31.4)		(330.5)
Accelerated Dealer Holdback payments		10.4		–		10.4
Dealer Holdback payments		27.8		–		27.8
Transfers (2)		(4.6)		4.6		–
Write-offs		(1.6)		–		(1.6)
Recoveries (3)		0.5		0.1		0.6
Net change in other loans		(0.1)		–		(0.1)
Balance, end of period	$	2,110.0	$	244.3	$	2,354.3

(In millions)	For the Three Months Ended September 30, 2012
	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	1,736.6	$	241.2	$	1,977.8
New Consumer Loan assignments (1)		293.3		25.3		318.6
Principal collected on Loans receivable		(252.4)		(32.6)		(285.0)
Accelerated Dealer Holdback payments		9.9		–		9.9
Dealer Holdback payments		27.1		–		27.1
Transfers (2)		(5.9)		5.9		–
Write-offs		(1.5)		–		(1.5)
Recoveries (3)		0.6		–		0.6
Balance, end of period	$	1,807.7	$	239.8	$	2,047.5



(In millions)	For the Nine Months Ended September 30, 2013
	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	1,869.4	$	240.5	$	2,109.9
New Consumer Loan assignments (1)		1,048.0		90.2		1,138.2
Principal collected on Loans receivable		(908.4)		(100.0)		(1,008.4)
Accelerated Dealer Holdback payments		30.8		–		30.8
Dealer Holdback payments		86.3		–		86.3
Transfers (2)		(13.5)		13.5		–
Write-offs		(4.6)		(0.1)		(4.7)
Recoveries (3)		1.7		0.2		1.9
Net change in other loans		0.3		–		0.3
Balance, end of period	$	2,110.0	$	244.3	$	2,354.3

(In millions)	For the Nine Months Ended September 30, 2012
	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	1,506.5	$	246.4	$	1,752.9
New Consumer Loan assignments (1)		968.7		86.0		1,054.7
Principal collected on Loans receivable		(774.4)		(108.2)		(882.6)
Accelerated Dealer Holdback payments		34.1		–		34.1
Dealer Holdback payments		89.7		–		89.7
Transfers (2)		(16.1)		16.1		–
Write-offs		(2.5)		(0.5)		(3.0)
Recoveries (3)		1.7		–		1.7
Balance, end of period	$	1,807.7	$	239.8	$	2,047.5

(1)The Dealer Loans amount represents advances paid to Dealers on Consumer Loans assigned under our Portfolio Program. The Purchased Loans amount represents one-time payments made to Dealers to purchase Consumer Loans assigned under our Purchase Program.

(2)Under our Portfolio Program, certain events may result in Dealers forfeiting their rights to Dealer Holdback. We transfer the Dealer’s outstanding Dealer Loan balance to Purchased Loans in the period this forfeiture occurs.

(3)Represents collections received on previously written off Loans.

Summary Of Changes In Accretable Yield



(In millions)	For the Three Months Ended September 30, 2013
	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	654.8	$	111.3	$	766.1
New Consumer Loan assignments (1)		138.1		13.7		151.8
Finance charge income		(131.0)		(17.7)		(148.7)
Forecast changes		7.6		1.4		9.0
Transfers (2)		(1.9)		3.4		1.5
Balance, end of period	$	667.6	$	112.1	$	779.7

(In millions)	For the Three Months Ended September 30, 2012
	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	581.7	$	119.5	$	701.2
New Consumer Loan assignments (1)		127.7		10.8		138.5
Finance charge income		(117.8)		(19.7)		(137.5)
Forecast changes		6.8		1.3		8.1
Transfers (2)		(2.5)		4.2		1.7
Balance, end of period	$	595.9	$	116.1	$	712.0



(In millions)	For the Nine Months Ended September 30, 2013
	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	602.9	$	115.2	$	718.1
New Consumer Loan assignments (1)		437.1		37.0		474.1
Finance charge income		(384.5)		(54.6)		(439.1)
Forecast changes		17.7		5.3		23.0
Transfers (2)		(5.6)		9.2		3.6
Balance, end of period	$	667.6	$	112.1	$	779.7

(In millions)	For the Nine Months Ended September 30, 2012
	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	508.0	$	120.1	$	628.1
New Consumer Loan assignments (1)		416.2		38.2		454.4
Finance charge income		(337.3)		(60.3)		(397.6)
Forecast changes		16.3		6.4		22.7
Transfers (2)		(7.3)		11.7		4.4
Balance, end of period	$	595.9	$	116.1	$	712.0

(1)The Dealer Loans amount represents the net cash flows expected at the time of assignment on Consumer Loans assigned under our Portfolio Program, less the related advances paid to Dealers. The Purchased Loans amount represents the net cash flows expected at the time of assignment on Consumer Loans assigned under our Purchase Program, less the related one-time payments made to Dealers.

(2)Under our Portfolio Program, certain events may result in Dealers forfeiting their rights to Dealer Holdback. We transfer the Dealer’s outstanding Dealer Loan balance and related expected future net cash flows to Purchased Loans in the period this forfeiture occurs.

Summary Of Information Related To New Consumer Loan Assignments



(In millions)	For the Three Months Ended September 30, 2013
	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	515.3	$	66.2	$	581.5
Expected net cash flows at the time of assignment (2)		473.4		47.6		521.0
Fair value at the time of assignment (3)		335.3		33.9		369.2

(In millions)	For the Three Months Ended September 30, 2012
	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	454.9	$	50.3	$	505.2
Expected net cash flows at the time of assignment (2)		421.1		36.0		457.1
Fair value at the time of assignment (3)		293.3		25.3		318.6



(In millions)	For the Nine Months Ended September 30, 2013
	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	1,604.0	$	176.0	$	1,780.0
Expected net cash flows at the time of assignment (2)		1,485.1		127.2		1,612.3
Fair value at the time of assignment (3)		1,048.0		90.2		1,138.2

(In millions)	For the Nine Months Ended September 30, 2012
	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	1,496.0	$	173.2	$	1,669.2
Expected net cash flows at the time of assignment (2)		1,384.9		124.2		1,509.1
Fair value at the time of assignment (3)		968.7		86.0		1,054.7

(1)The Dealer Loans amount represents the repayments that we were contractually owed at the time of assignment on Consumer Loans assigned under our Portfolio Program, less the related Dealer Holdback payments that we would be required to make if we collected all of the contractual repayments. The Purchased Loans amount represents the repayments that we were contractually owed at the time of assignment on Consumer Loans assigned under our Purchase Program.

(2)The Dealer Loans amount represents the repayments that we expected to collect at the time of assignment on Consumer Loans assigned under our Portfolio Program, less the related Dealer Holdback payments that we expected to make. The Purchased Loans amount represents the repayments that we expected to collect at the time of assignment on Consumer Loans assigned under our Purchase Program.

(3)The Dealer Loans amount represents advances paid to Dealers on Consumer Loans assigned under our Portfolio Program. The Purchased Loans amount represents one-time payments made to Dealers to purchase Consumer Loans assigned under our Purchase Program.

Schedule Of Consumer Loans Forecasted Collection Percentage



	Forecasted Collection Percentage as of (1)								Variance in Forecasted Collection Percentage from
Consumer Loan Assignment Year	September 30, 2013		June 30, 2013		December 31, 2012		Initial Forecast		June 30, 2013		December 31, 2012		Initial Forecast
2004	73.0	%	73.0	%	73.0	%	73.0	%	0.0	%	0.0	%	0.0	%
2005	73.7	%	73.7	%	73.6	%	74.0	%	0.0	%	0.1	%	(0.3)	%
2006	70.0	%	70.0	%	69.9	%	71.4	%	0.0	%	0.1	%	(1.4)	%
2007	67.9	%	67.9	%	68.0	%	70.7	%	0.0	%	(0.1)	%	(2.8)	%
2008	70.1	%	70.1	%	70.3	%	69.7	%	0.0	%	(0.2)	%	0.4	%
2009	79.2	%	79.2	%	79.5	%	71.9	%	0.0	%	(0.3)	%	7.3	%
2010	77.0	%	77.0	%	77.3	%	73.6	%	0.0	%	(0.3)	%	3.4	%
2011	74.1	%	74.2	%	74.1	%	72.5	%	(0.1)	%	0.0	%	1.6	%
2012	73.5	%	73.4	%	72.2	%	71.4	%	0.1	%	1.3	%	2.1	%
2013 (2)	73.2	%	73.1	%	–		72.0	%	0.1	%	–		1.2	%

(1)	Represents the total forecasted collections we expect to collect on the Consumer Loans as a percentage of the repayments that we were contractually owed on the Consumer Loans at the time of assignment. Contractual repayments include both principal and interest.

(2)

The forecasted collection rate for 2013 Consumer Loans as of September 30, 2013 includes both Consumer Loans that were in our portfolio as of June 30, 2013 and Consumer Loans assigned during the most recent quarter. The following table provides forecasted collection rates for each of these segments:

Schedule Of Consumer Loans Performance



(In millions)	As of September 30, 2013
	Loan Pool Performance Meets or Exceeds Initial Estimates								Loan Pool Performance Less than Initial Estimates
	Dealer Loans		Purchased Loans			Total			Dealer Loans			Purchased Loans			Total
Loans receivable	$	658.5		$	207.1		$	865.6		$	1,451.5		$	37.2		$	1,488.7
Allowance for credit losses		–			–			–			(180.8)			(10.1)			(190.9)
Loans receivable, net	$	658.5		$	207.1		$	865.6		$	1,270.7		$	27.1		$	1,297.8

(In millions)	As of December 31, 2012
	Loan Pool Performance Meets or Exceeds Initial Estimates								Loan Pool Performance Less than Initial Estimates
	Dealer Loans		Purchased Loans			Total			Dealer Loans			Purchased Loans			Total
Loans receivable	$	564.1		$	205.8		$	769.9		$	1,305.3		$	34.7		$	1,340.0
Allowance for credit losses		–			–			–			(167.4)			(9.0)			(176.4)
Loans receivable, net	$	564.1		$	205.8		$	769.9		$	1,137.9		$	25.7		$	1,163.6

Summary Of Changes In Allowance For Credit Losses



(In millions)	For the Three Months Ended September 30, 2013
	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	175.5	$	10.3	$	185.8
Provision for credit losses		6.4		(0.3)		6.1
Write-offs		(1.6)		–		(1.6)
Recoveries (1)		0.5		0.1		0.6
Balance, end of period	$	180.8	$	10.1	$	190.9

(In millions)	For the Three Months Ended September 30, 2012
	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	152.0	$	9.9	$	161.9
Provision for credit losses		10.2		(0.4)		9.8
Write-offs		(1.5)		–		(1.5)
Recoveries (1)		0.6		–		0.6
Balance, end of period	$	161.3	$	9.5	$	170.8



(In millions)	For the Nine Months Ended September 30, 2013
	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	167.4	$	9.0	$	176.4
Provision for credit losses		16.3		1.0		17.3
Write-offs		(4.6)		(0.1)		(4.7)
Recoveries (1)		1.7		0.2		1.9
Balance, end of period	$	180.8	$	10.1	$	190.9

(In millions)	For the Nine Months Ended September 30, 2012
	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	141.7	$	12.6	$	154.3
Provision for credit losses		20.4		(2.6)		17.8
Write-offs		(2.5)		(0.5)		(3.0)
Recoveries (1)		1.7		–		1.7
Balance, end of period	$	161.3	$	9.5	$	170.8

(1) Represents collections received on previously written off Loans.