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Note 6 - Fair Value Measurements
 12 Months Ended
Dec. 31, 2011
Fair Value Measures and Disclosures  
Fair Value Disclosures [Text Block]

 

NOTE 6 - FAIR VALUE MEASUREMENTS

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The valuation of the Company’s financial instruments as of December 31, 2011, and 2010, were $0 and $500,000, respectively.

 

The following table summarizes the changes in the fair value of the Company’s level 3 assets (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2011

 

2010

 

2009

Level 3 Assets - Automotive Finance Receivables:

 

 

 

 

 

 

 

 

 

Balance at beginning of year

$

500

 

$

2,638

 

$

10,204

 

 

Net cash collections of principal

 

(1,263)

 

 

(5,240)

 

 

(20,936)

 

 

Adjustments for realized gains from collections

 

763

 

 

3,102

 

 

13,370

 

Balance at end of year

$

-

 

$

500

 

$

2,638