Related Party Transactions

9 Months Ended

Sep. 30, 2014

Related Party Transactions [Abstract]

Related Party Transactions

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 $8.0 million and $7.5 million as of September 30, 2014 and December 31, 2013, respectively.  Affiliated Dealer Loan balances were 0.3% of total consolidated Dealer Loan balances as of both September 30, 2014 and December 31, 2013.  A summary of related party Loan activity is as follows:

(Dollars in millions)	For the Three Months Ended September 30,
	2014				2013
	Affiliated Dealer  activity		% of  consolidated		Affiliated  Dealer  activity		% of consolidated
Dealer Loan revenue	$	0.4	0.3	%	$	0.4	0.3	%
New Consumer Loan assignments (1)	0.9		0.2	%	1.1		0.3	%
Accelerated Dealer Holdback payments	—		—	%	—		—	%
Dealer Holdback payments	0.3		0.9	%	0.4		1.4	%

(Dollars in millions)	For the Nine Months Ended September 30,
	2014				2013
	Affiliated Dealer  activity		% of  consolidated		Affiliated  Dealer  activity		% of consolidated
Dealer Loan revenue	$	1.2	0.3	%	$	1.1	0.3	%
New Consumer Loan assignments (1)	3.0		0.2	%	3.5		0.3	%
Accelerated Dealer Holdback payments	0.1		0.3	%	0.1		0.3	%
Dealer Holdback payments	1.1		1.1	%	1.8		2.1	%

(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.