5. Debt

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Debt

The terms and amounts of our other debt outstanding at March 31, 2015 and December 31, 2014 are summarized below:

			Amount Outstanding at
			March 31,		December 31,
			2015		2014
			(In thousands)
Description	Interest Rate	Maturity
Warehouse lines of credit	5.50% over one month Libor (Minimum 6.50%)	April 2019	$	21,965	$	23,581
	5.50% over one month Libor (Minimum 6.25%)	August 2017		–		33,258
Residual interest financing	11.75% over one month Libor	April 2018		12,074		12,327
Debt secured by receivables measured at fair value	n/a	Repayment is based on payments from underlying receivables.  Final payment of the 8.00% loan was made in September 2013, while final residual payment was made in January 2015		–		1,250
Subordinated renewable notes	Weighted average rate of 9.83% and 10.7% at March 31, 2015 and December 31, 2014 , respectively	Weighted average maturity of  November 2016 and October 2016 at March 31, 2015 and December 31, 2014, respectively		15,082		15,233
			$	49,121	$	85,649

In April 2015 we entered into a new $100 million warehouse credit line with affiliates of Fortress Investment Group. The facility is structured to allow us to fund a portion of the purchase price of automobile contracts by borrowing from a credit facility to our consolidated subsidiary Page Six Funding LLC. This facility, which replaces a revolving credit facility that we have used since December 2010, provides for advances up to 88% of eligible finance receivables and the loans under it accrue interest at a rate of one-month LIBOR plus 5.50% per annum, with a minimum rate of 6.50% per annum. There was $22.0 million outstanding under the previous facility at March 31, 2015. The new facility has a revolving period through April 2017 and an amortization period through April 2019 for any receivables pledged to the facility at the end of the revolving period.