| Schedule of Fair Values of Retained Interests, Discount Rates Used in Valuing Interests |
As of
March 31, 2013 and December 31, 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:
|
|
|
|
|
|
|
|
|
| |
|
March 31,
2013 |
|
| |
|
Servicing |
|
|
Residual Assets |
|
|
Amortized cost
basis
|
|
$ |
1,437,069 |
|
|
$ |
4,372,307 |
|
|
Fair value
|
|
$ |
1,532,894 |
|
|
$ |
4,436,199 |
|
|
Weighted-average life in
years
|
|
|
8 |
|
|
|
6 to 17 |
|
|
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
|
|
$ |
296,316 |
|
|
$ |
1,197,119 |
|
|
10% change in discount
rate
|
|
$ |
486,757 |
|
|
$ |
1,857,050 |
|
|
|
| |
|
December 31,
2012 |
|
| |
|
Servicing |
|
|
Residual
Assets |
|
|
Amortized cost
basis
|
|
$ |
1,592,369 |
|
|
$ |
4,366,437 |
|
|
Fair value
|
|
$ |
1,690,269 |
|
|
$ |
4,638,579 |
|
|
Weighted-average life in
years
|
|
|
8 |
|
|
|
6 to 17 |
|
|
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
|
|
$ |
306,920 |
|
|
$ |
1,220,186 |
|
|
10% change in discount
rate
|
|
$ |
505,293 |
|
|
$ |
1,883,844 |
|
|
| Schedule of Cash Flows between Predecessor and Securitization Trusts |
The following
is an analysis of certain cash flows between the Predecessor and
the securitization trusts for the three months ended March 31,
2013 and 2012:
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|
|
|
|
|
|
|
|
| |
|
March 31,
2013 |
|
|
March 31,
2012 |
|
|
Purchase of receivables
securitized
|
|
$ |
— |
|
|
$ |
36,238,071 |
|
|
Proceeds from
securitizations
|
|
$ |
— |
|
|
$ |
37,333,128 |
|
|
Servicing fees
received
|
|
$ |
264,828 |
|
|
$ |
292,414 |
|
|
Cash received from residual
assets
|
|
$ |
121,405 |
|
|
$ |
224,840 |
|
|