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5. Debt

3 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

The terms and amounts of our other debt outstanding at March 31, 2013 and December 31, 2012 are summarized below:

						Amount Outstanding at
						March 31,				December 31,
						2013				2012
Description		Interest Rate		Maturity		(In thousands)
Residual interest financing		12.875% over one month Libor		September 2013		$	13,773			$	13,773

Senior secured debt, related party		16.00%		December 2013			50,789				50,135

Subordinated renewable notes		Weighted average rate of 14.1% and 14.4% at March 31, 2013 and December 31, 2012, respectively		Weighted average maturity of September 2015 and June 2015 at March 31, 2013 and December 31, 2012, respectively			23,558				23,281

Debt secured by receivables measured at fair value		8.00%		Repayment is based on payments from underlying receivables. Final payment of the 8.00% note is expected in July 2013, with residual payments extending through 2016			40,387				57,107
						$	128,507			$	144,296

Subsequent to the end of the quarter, on April 11, 2013 we entered into a new $20 million five-year residual financing facility secured by eligible residual assets in two previously securitized pools of automobile receivables. On April 12, 2013, we prepaid $15 million of our senior secured debt and reduced the interest rate on the remaining outstanding amount from 16.00% to 13.00%. The maturity date on the remaining outstanding amount was extended from December 2013 to June 2014.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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