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5. Debt | 9 Months Ended
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Sep. 30, 2013
Debt Disclosure [Abstract] |
Debt | The terms and amounts of our other debt outstanding at September 30, 2013 and December 31, 2012 are summarized below:
|  |  |  |  |  | Amount Outstanding at |
|  |  |  |  |  | September 30, |  |  | December 31, |
|  |  |  |  |  | 2013 |  |  | 2012 |
|  |  |  |  |  | (In thousands) |
Description |  | Interest Rate |  | Maturity |  |  |  |  |  |  |  |
Residual interest financing |  | 12.875% over one month Libor |  | September 2013 |  | $ | – |  |  | $ | 13,773 |
|  | 11.75% over one month Libor |  | April 2018 |  |  | 20,000 |  |  |  | – |
Senior secured debt, related party |  | 13.0% and 16.0% at September 30, 2013 and December 31, 2012, respectively |  | June 2014 |  |  | 36,816 |  |  |  | 50,135 |
|  | 5.00% |  | June 2014 |  |  | 2,147 |  |  |  | – |
Subordinated renewable notes |  | Weighted average rate of 12.7% and 14.4% at September 30, 2013 and December 31, 2012, respectively |  | Weighted average maturity of July 2016 and June 2015 at September 30, 2013 and December 31, 2012, respectively |  |  | 20,640 |  |  |  | 23,281 |
Debt secured by receivables measured at fair value |  | n/a |  | Repayment is based on payments from underlying receivables. Final payment of the 8.00% note was made in September 2013, with residual payments extending through 2016 |  |  | 16,888 |  |  |  | 57,107 |
|  |  |  |  |  | $ | 96,491 |  |  | $ | 144,296 |
In April 2013 we entered into a new $20 million five-year residual financing facility secured by eligible residual assets in two previously securitized pools of automobile receivables. We also prepaid $15 million of our senior secured debt in April 2013 and reduced the interest rate on the remaining outstanding amount from 16.00% to 13.00%. The maturity date on the remaining outstanding amount was extended from December 2013 to June 2014.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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