Annual report pursuant to Section 13 and 15(d)

Securitization of Receivables (Tables)

v2.4.0.8
Securitization of Receivables (Tables)
12 Months Ended
Dec. 31, 2013
Fair Value Disclosures [Abstract]  
Schedule of Fair Values of Retained Interests, Discount Rates Used in Valuing Interests

As of December 31, 2013 and September 30, 2012, the fair values of retained interests, discount rates used in valuing those interests and the sensitivity to an increase in the discount rates of 5% and 10% were as follows (amounts in thousands):

 

     December 31, 2013  
     Servicing     Residual Assets  

Amortized cost basis

   $ 1,281      $ 4,750   

Fair value

   $ 1,407      $ 4,863   

Weighted-average life in years

     8        6 to 19   

Discount rate

     8     8% to 10

Fair value that would be decreased based on hypothetical adverse changes in discount rates:

    

5% change in discount rate

   $ 255      $ 1,194   

10% change in discount rate

   $ 418      $ 1,842   
     September 30, 2012  
     Servicing     Residual Assets  

Amortized cost basis

   $ 1,636      $ 4,344   

Fair value

   $ 1,752      $ 4,597   

Weighted-average life in years

     8        7 to 18   

Discount rate

     8     8% to 10

Fair value that would be decreased based on hypothetical adverse changes in discount rates:

    

5% change in discount rate

   $ 316      $ 1,215   

10% change in discount rate

   $ 524      $ 1,887   
Schedule of Cash Flows between us and Securitization Trusts

The following is an analysis of certain cash flows between us and the securitization trusts (amounts in thousands):

 

     Year ended      Three months ended      Years ended September 30,  
     December 31, 2013      December 31, 2012      2012      2011  

Purchase of receivables securitized

   $ 260,115       $ 57,056       $ 142,045       $ 116,493   

Proceeds from securitizations

   $ 265,712       $ 59,590       $ 145,957       $ 120,518   

Servicing fees received

   $ 581       $ 137       $ 689       $ 794   

Cash received from residual assets

   $ 479       $ 215       $ 631       $ 1,401