Related Party Transactions

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions

10. RELATED PARTY TRANSACTIONS

In the normal course of our business, affiliated Dealers assign Consumer Loans to us under the Portfolio and Purchase Programs.  Dealer Loans and Purchased Loans with affiliated Dealers are on the same terms as those with non-affiliated Dealers.  Affiliated Dealers are comprised of Dealers owned or controlled by: (1) our Chairman and significant shareholder; and (2) a member of the Chairman’s immediate family. 

Affiliated Dealer Loan balances were $7.5million and $5.9 million as of December 31, 2013 and 2012, respectively.  As of December 31, 2013 and 2012, affiliated Dealer Loan balances were 0.3% of total consolidated Dealer Loan balances.  A summary of related party Loan activity is as follows:

(Dollars in millions)	For the Years Ended December 31,
	2013					2012					2011
	Affiliated Dealer activity		% of consolidated			Affiliated Dealer activity		% of consolidated			Affiliated Dealer activity		% of consolidated
Dealer Loan revenue	$	1.5		0.3	%	$	1.2		0.3	%	$	1.6		0.4	%
New Consumer Loan assignments (1)		4.3		0.3	%		3.6		0.3	%		1.3		0.1	%
Accelerated Dealer Holdback payments		0.1		0.2	%		0.1		0.2	%		-		0.1	%
Dealer Holdback payments		2.2		1.9	%		3.2		2.8	%		2.4		2.8	%

(1) Represents advances paid to Dealers on Consumer Loans assigned under our Portfolio Program and one-time payments made to Dealers to purchase Consumer Loans assigned under our Purchase Program. 

Our Chairman and significant shareholder has indirect control over entities that, in the past, offered secured lines of credit to automobile dealers, and has the right or obligation to reacquire these entities under certain circumstances until December 31, 2014 or the repayment of the related purchase money note.