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Loans Receivable (Tables) | 9 Months Ended
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Sep. 30, 2014
Receivables [Abstract] |
Schedule of Loans Receivable | Loans receivable consists of the following:
(In millions) | As of September 30, 2014
| Dealer Loans |  | Purchased Loans |  | Total
Loans receivable | $ | 2,315.3 |  |  | $ | 300.3 |  |  | $ | 2,615.6 |
Allowance for credit losses | (199.1 | ) |  | (9.1 | ) |  | (208.2 | )
Loans receivable, net | $ | 2,116.2 |  |  | $ | 291.2 |  |  | $ | 2,407.4 |
(In millions) | As of December 31, 2013
| Dealer Loans |  | Purchased Loans |  | Total
Loans receivable | $ | 2,155.5 |  |  | $ | 252.7 |  |  | $ | 2,408.2 |
Allowance for credit losses | (185.7 | ) |  | (9.7 | ) |  | (195.4 | )
Loans receivable, net | $ | 1,969.8 |  |  | $ | 243.0 |  |  | $ | 2,212.8 |
Summary of Changes in Loans Receivable | A summary of changes in Loans receivable is as follows:
(In millions) | For the Three Months Ended September 30, 2014
| Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 2,279.0 |  |  | $ | 283.8 |  |  | $ | 2,562.8 |
New Consumer Loan assignments (1) | 342.9 |  |  | 48.8 |  |  | 391.7 |
Principal collected on Loans receivable | (344.4 | ) |  | (36.9 | ) |  | (381.3 | )
Accelerated Dealer Holdback payments | 9.7 |  |  | — |  |  | 9.7 |
Dealer Holdback payments | 33.7 |  |  | — |  |  | 33.7 |
Transfers (2) | (4.6 | ) |  | 4.6 |  |  | — |
Write-offs | (1.1 | ) |  | (0.1 | ) |  | (1.2 | )
Recoveries (3) | 0.4 |  |  | 0.1 |  |  | 0.5 |
Net change in other loans | (0.3 | ) |  | — |  |  | (0.3 | )
Balance, end of period | $ | 2,315.3 |  |  | $ | 300.3 |  |  | $ | 2,615.6 |
(In millions) | For the Three Months Ended September 30, 2013
| Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 2,041.4 |  |  | $ | 237.1 |  |  | $ | 2,278.5 |
New Consumer Loan assignments (1) | 335.3 |  |  | 33.9 |  |  | 369.2 |
Principal collected on Loans receivable | (299.1 | ) |  | (31.4 | ) |  | (330.5 | )
Accelerated Dealer Holdback payments | 10.4 |  |  | — |  |  | 10.4 |
Dealer Holdback payments | 27.8 |  |  | — |  |  | 27.8 |
Transfers (2) | (4.6 | ) |  | 4.6 |  |  | — |
Write-offs | (1.6 | ) |  | — |  |  | (1.6 | )
Recoveries (3) | 0.5 |  |  | 0.1 |  |  | 0.6 |
Net change in other loans | (0.1 | ) |  | — |  |  | (0.1 | )
Balance, end of period | $ | 2,110.0 |  |  | $ | 244.3 |  |  | $ | 2,354.3 |
(In millions) | For the Nine Months Ended September 30, 2014
| Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 2,155.5 |  |  | $ | 252.7 |  |  | $ | 2,408.2 |
New Consumer Loan assignments (1) | 1,103.6 |  |  | 142.8 |  |  | 1,246.4 |
Principal collected on Loans receivable | (1,060.5 | ) |  | (111.2 | ) |  | (1,171.7 | )
Accelerated Dealer Holdback payments | 31.6 |  |  | — |  |  | 31.6 |
Dealer Holdback payments | 101.5 |  |  | — |  |  | 101.5 |
Transfers (2) | (16.0 | ) |  | 16.0 |  |  | — |
Write-offs | (2.0 | ) |  | (0.1 | ) |  | (2.1 | )
Recoveries (3) | 1.4 |  |  | 0.1 |  |  | 1.5 |
Net change in other loans | 0.2 |  |  | — |  |  | 0.2 |
Balance, end of period | $ | 2,315.3 |  |  | $ | 300.3 |  |  | $ | 2,615.6 |
(In millions) | For the Nine Months Ended September 30, 2013
| Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 1,869.4 |  |  | $ | 240.5 |  |  | $ | 2,109.9 |
New Consumer Loan assignments (1) | 1,048.0 |  |  | 90.2 |  |  | 1,138.2 |
Principal collected on Loans receivable | (908.4 | ) |  | (100.0 | ) |  | (1,008.4 | )
Accelerated Dealer Holdback payments | 30.8 |  |  | — |  |  | 30.8 |
Dealer Holdback payments | 86.3 |  |  | — |  |  | 86.3 |
Transfers (2) | (13.5 | ) |  | 13.5 |  |  | — |
Write-offs | (4.6 | ) |  | (0.1 | ) |  | (4.7 | )
Recoveries (3) | 1.7 |  |  | 0.2 |  |  | 1.9 |
Net change in other loans | 0.3 |  |  | — |  |  | 0.3 |
Balance, end of period | $ | 2,110.0 |  |  | $ | 244.3 |  |  | $ | 2,354.3 |
(1) | The Dealer Loans amount represents advances paid to Dealers on Consumer Loans assigned under our Portfolio Program. The Purchased Loans amount represents one-time payments made to Dealers to purchase Consumer Loans assigned under our Purchase Program.
(2) | Under our Portfolio Program, certain events may result in Dealers forfeiting their rights to Dealer Holdback. We transfer the Dealer’s outstanding Dealer Loan balance to Purchased Loans in the period this forfeiture occurs.
(3) | Represents collections received on previously written off Loans.
Summary of Changes in Accretable Yield | A summary of changes in the accretable yield is as follows:
(In millions) | For the Three Months Ended September 30, 2014
| Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 709.6 |  |  | $ | 124.5 |  |  | $ | 834.1 |
New Consumer Loan assignments (1) | 137.7 |  |  | 17.9 |  |  | 155.6 |
Finance charge income | (138.6 | ) |  | (19.4 | ) |  | (158.0 | )
Forecast changes | 7.3 |  |  | 2.5 |  |  | 9.8 |
Transfers (2) | (1.1 | ) |  | 2.3 |  |  | 1.2 |
Balance, end of period | $ | 714.9 |  |  | $ | 127.8 |  |  | $ | 842.7 |
(In millions) | For the Three Months Ended September 30, 2013
| Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 654.8 |  |  | $ | 111.3 |  |  | $ | 766.1 |
New Consumer Loan assignments (1) | 138.1 |  |  | 13.7 |  |  | 151.8 |
Finance charge income | (131.0 | ) |  | (17.7 | ) |  | (148.7 | )
Forecast changes | 7.6 |  |  | 1.4 |  |  | 9.0 |
Transfers (2) | (1.9 | ) |  | 3.4 |  |  | 1.5 |
Balance, end of period | $ | 667.6 |  |  | $ | 112.1 |  |  | $ | 779.7 |
(In millions) | For the Nine Months Ended September 30, 2014
| Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 667.5 |  |  | $ | 112.8 |  |  | $ | 780.3 |
New Consumer Loan assignments (1) | 445.2 |  |  | 54.5 |  |  | 499.7 |
Finance charge income | (411.7 | ) |  | (57.0 | ) |  | (468.7 | )
Forecast changes | 19.0 |  |  | 8.6 |  |  | 27.6 |
Transfers (2) | (5.1 | ) |  | 8.9 |  |  | 3.8 |
Balance, end of period | $ | 714.9 |  |  | $ | 127.8 |  |  | $ | 842.7 |
(In millions) | For the Nine Months Ended September 30, 2013
| Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 602.9 |  |  | $ | 115.2 |  |  | $ | 718.1 |
New Consumer Loan assignments (1) | 437.1 |  |  | 37.0 |  |  | 474.1 |
Finance charge income | (384.5 | ) |  | (54.6 | ) |  | (439.1 | )
Forecast changes | 17.7 |  |  | 5.3 |  |  | 23.0 |
Transfers (2) | (5.6 | ) |  | 9.2 |  |  | 3.6 |
Balance, end of period | $ | 667.6 |  |  | $ | 112.1 |  |  | $ | 779.7 |
(1) | The Dealer Loans amount represents the net cash flows expected at the time of assignment on Consumer Loans assigned under our Portfolio Program, less the related advances paid to Dealers. The Purchased Loans amount represents the net cash flows expected at the time of assignment on Consumer Loans assigned under our Purchase Program, less the related one-time payments made to Dealers.
(2) | Under our Portfolio Program, certain events may result in Dealers forfeiting their rights to Dealer Holdback. We transfer the Dealer’s outstanding Dealer Loan balance and related expected future net cash flows to Purchased Loans in the period this forfeiture occurs.
Summary of Information Related to New Consumer Loan Assignments | Additional information related to new Consumer Loan assignments is as follows:
(In millions) | For the Three Months Ended September 30, 2014
| Dealer Loans |  | Purchased Loans |  | Total
Contractual net cash flows at the time of assignment (1) | $ | 523.9 |  |  | $ | 93.5 |  |  | $ | 617.4 |
Expected net cash flows at the time of assignment (2) | 480.6 |  |  | 66.7 |  |  | 547.3 |
Fair value at the time of assignment (3) | 342.9 |  |  | 48.8 |  |  | 391.7 |
(In millions) | For the Three Months Ended September 30, 2013
| Dealer Loans |  | Purchased Loans |  | Total
Contractual net cash flows at the time of assignment (1) | $ | 515.3 |  |  | $ | 66.2 |  |  | $ | 581.5 |
Expected net cash flows at the time of assignment (2) | 473.4 |  |  | 47.6 |  |  | 521.0 |
Fair value at the time of assignment (3) | 335.3 |  |  | 33.9 |  |  | 369.2 |
(In millions) | For the Nine Months Ended September 30, 2014
| Dealer Loans |  | Purchased Loans |  | Total
Contractual net cash flows at the time of assignment (1) | $ | 1,684.8 |  |  | $ | 274.7 |  |  | $ | 1,959.5 |
Expected net cash flows at the time of assignment (2) | 1,548.8 |  |  | 197.3 |  |  | 1,746.1 |
Fair value at the time of assignment (3) | 1,103.6 |  |  | 142.8 |  |  | 1,246.4 |
(In millions) | For the Nine Months Ended September 30, 2013
| Dealer Loans |  | Purchased Loans |  | Total
Contractual net cash flows at the time of assignment (1) | $ | 1,604.0 |  |  | $ | 176.0 |  |  | $ | 1,780.0 |
Expected net cash flows at the time of assignment (2) | 1,485.1 |  |  | 127.2 |  |  | 1,612.3 |
Fair value at the time of assignment (3) | 1,048.0 |  |  | 90.2 |  |  | 1,138.2 |
(1) | The Dealer Loans amount represents the repayments that we were contractually owed at the time of assignment on Consumer Loans assigned under our Portfolio Program, less the related Dealer Holdback payments that we would be required to make if we collected all of the contractual repayments. The Purchased Loans amount represents the repayments that we were contractually owed at the time of assignment on Consumer Loans assigned under our Purchase Program.
(2) | The Dealer Loans amount represents the repayments that we expected to collect at the time of assignment on Consumer Loans assigned under our Portfolio Program, less the related Dealer Holdback payments that we expected to make. The Purchased Loans amount represents the repayments that we expected to collect at the time of assignment on Consumer Loans assigned under our Purchase Program.
(3) | The Dealer Loans amount represents advances paid to Dealers on Consumer Loans assigned under our Portfolio Program. The Purchased Loans amount represents one-time payments made to Dealers to purchase Consumer Loans assigned under our Purchase Program.
Schedule of Consumer Loans Forecasted Collection Percentage | The following table compares our forecast of Consumer Loan collection rates as of September 30, 2014, with the forecasts as of June 30, 2014, as of December 31, 2013, and at the time of assignment, segmented by year of assignment:
|  | Forecasted Collection Percentage as of (1) |  | Variance in Forecasted Collection Percentage from
Consumer Loan Assignment Year |  | September 30, 2014 |  | June 30, 2014 |  | December 31, 2013 |  | Initial Forecast |  | June 30, 2014 |  | December 31, 2013 |  | Initial Forecast
2005 |  | 73.7 | % |  | 73.7 | % |  | 73.7 | % |  | 74.0 | % |  | 0.0 | % |  | 0.0 | % |  | -0.3 | %
2006 |  | 70.0 | % |  | 70.0 | % |  | 70.0 | % |  | 71.4 | % |  | 0.0 | % |  | 0.0 | % |  | -1.4 | %
2007 |  | 68.0 | % |  | 68.0 | % |  | 67.9 | % |  | 70.7 | % |  | 0.0 | % |  | 0.1 | % |  | -2.7 | %
2008 |  | 70.3 | % |  | 70.3 | % |  | 70.1 | % |  | 69.7 | % |  | 0.0 | % |  | 0.2 | % |  | 0.6 | %
2009 |  | 79.4 | % |  | 79.3 | % |  | 79.2 | % |  | 71.9 | % |  | 0.1 | % |  | 0.2 | % |  | 7.5 | %
2010 |  | 77.2 | % |  | 77.2 | % |  | 77.0 | % |  | 73.6 | % |  | 0.0 | % |  | 0.2 | % |  | 3.6 | %
2011 |  | 74.0 | % |  | 74.1 | % |  | 74.1 | % |  | 72.5 | % |  | -0.1 | % |  | -0.1 | % |  | 1.5 | %
2012 |  | 73.4 | % |  | 73.4 | % |  | 73.5 | % |  | 71.4 | % |  | 0.0 | % |  | -0.1 | % |  | 2.0 | %
2013 |  | 73.5 | % |  | 73.3 | % |  | 73.3 | % |  | 72.0 | % |  | 0.2 | % |  | 0.2 | % |  | 1.5 | %
2014 (2) |  | 72.9 | % |  | 72.8 | % |  | — |  |  | 72.3 | % |  | 0.1 | % |  | — |  |  | 0.6 | %
(1) | Represents the total forecasted collections we expect to collect on the Consumer Loans as a percentage of the repayments that we were contractually owed on the Consumer Loans at the time of assignment. Contractual repayments include both principal and interest.
(2) | The forecasted collection rate for 2014 Consumer Loans as of September 30, 2014 includes both Consumer Loans that were in our portfolio as of June 30, 2014 and Consumer Loans assigned during the most recent quarter. The following table provides forecasted collection rates for each of these segments:
|  | Forecasted Collection Percentage as of |  |
2014 Consumer Loan Assignment Period |  | September 30, 2014 |  | June 30, 2014 |  | Variance
January 1, 2014 through June 30, 2014 |  | 73.3 | % |  | 72.8 | % |  | 0.5 | %
July 1, 2014 through September 30, 2014 |  | 71.8 | % |  | — |  |  | — |
Schedule of Consumer Loans Performance | The following table segments our Loan portfolio by the performance of the Loan pools:
(In millions) | As of September 30, 2014
| Loan Pool Performance Meets or Exceeds Initial Estimates |  | Loan Pool Performance Less than Initial Estimates
| Dealer Loans |  | Purchased Loans |  | Total |  | Dealer Loans |  | Purchased Loans |  | Total
Loans receivable | $ | 724.9 |  |  | $ | 258.5 |  |  | $ | 983.4 |  |  | $ | 1,590.4 |  |  | $ | 41.8 |  |  | $ | 1,632.2 |
Allowance for credit losses | — |  |  | — |  |  | — |  |  | (199.1 | ) |  | (9.1 | ) |  | (208.2 | )
Loans receivable, net | $ | 724.9 |  |  | $ | 258.5 |  |  | $ | 983.4 |  |  | $ | 1,391.3 |  |  | $ | 32.7 |  |  | $ | 1,424.0 |
(In millions) | As of December 31, 2013
| Loan Pool Performance Meets or Exceeds Initial Estimates |  | Loan Pool Performance Less than Initial Estimates
| Dealer Loans |  | Purchased Loans |  | Total |  | Dealer Loans |  | Purchased Loans |  | Total
Loans receivable | $ | 681.4 |  |  | $ | 227.3 |  |  | $ | 908.7 |  |  | $ | 1,474.1 |  |  | $ | 25.4 |  |  | $ | 1,499.5 |
Allowance for credit losses | — |  |  | — |  |  | — |  |  | (185.7 | ) |  | (9.7 | ) |  | (195.4 | )
Loans receivable, net | $ | 681.4 |  |  | $ | 227.3 |  |  | $ | 908.7 |  |  | $ | 1,288.4 |  |  | $ | 15.7 |  |  | $ | 1,304.1 |
Summary of Changes in Allowance for Credit Losses | A summary of changes in the allowance for credit losses is as follows:
(In millions) | For the Three Months Ended September 30, 2014
| Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 195.8 |  |  | $ | 9.0 |  |  | $ | 204.8 |
Provision for credit losses | 4.0 |  |  | 0.1 |  |  | 4.1 |
Write-offs | (1.1 | ) |  | (0.1 | ) |  | (1.2 | )
Recoveries (1) | 0.4 |  |  | 0.1 |  |  | 0.5 |
Balance, end of period | $ | 199.1 |  |  | $ | 9.1 |  |  | $ | 208.2 |
(In millions) | For the Three Months Ended September 30, 2013
| Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 175.5 |  |  | $ | 10.3 |  |  | $ | 185.8 |
Provision for credit losses | 6.4 |  |  | (0.3 | ) |  | 6.1 |
Write-offs | (1.6 | ) |  | — |  |  | (1.6 | )
Recoveries (1) | 0.5 |  |  | 0.1 |  |  | 0.6 |
Balance, end of period | $ | 180.8 |  |  | $ | 10.1 |  |  | $ | 190.9 |
(In millions) | For the Nine Months Ended September 30, 2014
| Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 185.7 |  |  | $ | 9.7 |  |  | $ | 195.4 |
Provision for credit losses | 14.0 |  |  | (0.6 | ) |  | 13.4 |
Write-offs | (2.0 | ) |  | (0.1 | ) |  | (2.1 | )
Recoveries (1) | 1.4 |  |  | 0.1 |  |  | 1.5 |
Balance, end of period | $ | 199.1 |  |  | $ | 9.1 |  |  | $ | 208.2 |
(In millions) | For the Nine Months Ended September 30, 2013
| Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 167.4 |  |  | $ | 9.0 |  |  | $ | 176.4 |
Provision for credit losses | 16.3 |  |  | 1.0 |  |  | 17.3 |
Write-offs | (4.6 | ) |  | (0.1 | ) |  | (4.7 | )
Recoveries (1) | 1.7 |  |  | 0.2 |  |  | 1.9 |
Balance, end of period | $ | 180.8 |  |  | $ | 10.1 |  |  | $ | 190.9 |
(1) | Represents collections received on previously written off Loans.

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3, 4 -Article 5 + Details
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- Definition Tabular disclosure of the activity in the total allowance for credit losses related to financing receivables (such as loans or lease receivables) for entities that have an unclassified balance sheet, including the balance in the allowance at the beginning and end of each period, additions charged to operations, direct write-downs charged against the allowance, and recoveries of amounts previously charged off. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=28368275&loc=SL6953423-111524 + Details
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