| Schedule of Fair Values of Retained Interests, Discount Rates Used in Valuing Interests |
As of
June 30, 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:
|
|
|
|
|
|
|
|
|
| |
|
June 30,
2013 |
|
| |
|
Servicing |
|
|
Residual Assets |
|
|
Amortized cost
basis
|
|
$ |
1,337,117 |
|
|
$ |
4,251,852 |
|
|
Fair value
|
|
$ |
1,485,445 |
|
|
$ |
4,442,313 |
|
|
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
|
|
$ |
285,484 |
|
|
$ |
1,185,242 |
|
|
10% change in discount
rate
|
|
$ |
468,542 |
|
|
$ |
1,840,198 |
|
|
|
|
|
|
|
|
|
|
| |
|
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 Company and Securitization Trusts |
The following
is an analysis of certain cash flows between the Company and the
securitization trusts for the six months ended June 30, 2013
and 2012:
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|
|
|
|
|
|
|
|
| |
|
June 30,
2013 |
|
|
June 30,
2012 |
|
|
Purchase of receivables
securitized
|
|
$ |
38,359,817 |
|
|
$ |
90,291,828 |
|
|
Proceeds from
securitizations
|
|
$ |
39,244,317 |
|
|
$ |
91,922,699 |
|
|
Servicing fees
received
|
|
$ |
392,735 |
|
|
$ |
417,803 |
|
|
Cash received from residual
assets
|
|
$ |
370,818 |
|
|
$ |
500,155 |
|
|