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Disclosure about fair value of financial instruments
 3 Months Ended
Mar. 31, 2013
Disclosure about fair value of financial instruments [Abstract]  
Disclosure about fair value of financial instruments Note 5. Disclosure about fair value of financial instruments

Note 5. Disclosure about fair value of financial instruments: The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

Finance receivables: Finance receivables are originated either at prevailing market rates or at statutory limits. The Company’s finance receivable portfolio turns approximately 1.2 times per year from cash payments and renewals. Management believes that the carrying value approximates the fair value of its finance receivable portfolio.

Interest rate caps: The fair value of the interest rate caps is the estimated amount the Company would receive to terminate the cap agreements at the reporting date, taking into account current interest rates and the creditworthiness of the counterparty for assets and creditworthiness of the Company for liabilities.

Debt: The Company refinanced its senior revolving credit facility in January 2012, and further amended the senior revolving credit facility in July 2012 and March 2013. As a result of the refinancing, the Company believes that the fair value of this variable rate debt approximates its carrying value at March 31, 2013. The Company also considered its creditworthiness in its determination of fair value.

 

The carrying amount and estimated fair values of the Company’s financial instruments summarized by level are as follows:

 

                                 
    March 31,  2013
(Unaudited)		     December 31, 2012  
    Carrying
Amount		     Estimated
Fair Value		     Carrying
Amount		     Estimated
Fair Value		  

Assets

                                

Level 1 inputs

                                

Cash

   $ 857     $ 857     $ 3,298     $ 3,298  

Restricted cash

     1,338       1,338       1,338       1,338  

Level 2 inputs

                                

Interest rate caps

     —         —         1       1  

Level 3 inputs

                                

Net finance receivables

     405,801       405,801       413,943       413,943  

Repossessed assets

     659       659       711       711  

Liabilities

                                

Level 3 inputs

                                

Senior revolving credit facility

     273,037       273,037       292,379       292,379  

Other notes payable

     68       68       —         —    

Certain of the Company’s assets carried at fair value are classified and disclosed in one of the following three categories:

Level 1 – Quoted market prices in active markets for identical assets or liabilities.

Level 2 – Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3 – Unobservable inputs that are not corroborated by market data.

In determining the appropriate levels, the Company performs an analysis of the assets and liabilities that are carried at fair value. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3.