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5. Debt

6 Months Ended

Jun. 30, 2013

The terms and amounts of our other debt outstanding at June 30, 2013 and December 31, 2012 are summarized below:

			Amount Outstanding at
			June 30,		December 31,
			2013		2012
			(In thousands)
Description	Interest Rate	Maturity

Residual interest financing	12.875% over one month Libor	September 2013	$	13,773	$	13,773

	11.75% over one month Libor	April 2018		20,000		–

Senior secured debt, related party	13.0% and 16.0% at June 30, 2013 and December 31, 2012, respectively	June 2014		36,505		50,135

	5.00%	June 2014		2,863		–

Subordinated renewable notes	Weighted average rate of 13.2% and 14.4% at June 30, 2013 and December 31, 2012, respectively	Weighted average maturity of March 2016 and June 2015 at June 30, 2013 and December 31, 2012, respectively		22,569		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 September 2013, with residual payments extending through 2016		25,622		57,107

			$	121,332	$	144,296

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.

- Definition

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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