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11. Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Reconciliation of the acquired finance receivables and related debt measured at fair value on a recurring basis

		Three Months Ended
		March 31,
		2014				2013
		(in thousands)
Finance Receivables Measured at Fair Value:
Balance at beginning of period		$	14,476			$	59,668
Payments on finance receivables at fair value			(5,321	)			(16,519	)
Charge-offs on finance receivables at fair value			(343	)			(1,001	)
Discount accretion			239				886
Mark to fair value			7				(13	)
Balance at end of period		$	9,058			$	43,021
Debt Secured by Finance Receivables Measured at Fair Value:
Balance at beginning of period		$	13,117			$	57,107
Principal payments on debt at fair value			(5,039	)			(17,930	)
Premium accretion			304				1,104
Mark to fair value			194				106
Balance at end of period			8,576				40,387
Reduction for payments collected and payable			(1,399	)			(5,687	)
Adjusted balance at end of period		$	7,177			$	34,700

Comparision of fair values of the Fireside receivables and the related secured debt

		March 31, 2014								December 31, 2013
		Contractual				Fair				Contractual				Fair
		Balance				Value				Balance				Value
		(In thousands)
Fireside receivables portfolio		$	9,122			$	9,058			$	14,786			$	14,476
Debt secured by Fireside receivables portfolio			–				8,576				–				13,117

Reconciliation for level 3 assets

		Three Months Ended
		March 31,
		2014				2013
		(in thousands)
Residual Interest in Securitizations:
Balance at beginning of period		$	854			$	4,824
Cash paid (received) during period			(522	)			(1,319	)
Included in earnings			113				–
Balance at end of period		$	445			$	3,505

Qualitative information about level 3 fair value measurements

Financial Instrument		Fair Values as of												Inputs as of
		March 31,				December 31,				Valuation		Unobservable		March 31,				December 31,
		2014				2013				Techniques		Inputs		2014				2013
		(In thousands)
Assets:
Finance receivables measured at fair value		$	9,058			$	14,476			Discounted cash flows		Discount rate			15.4%				15.4%
												Cumulative net losses			5.0%				5.0%
												Monthly average prepayments			0.5%				0.5%
Residual interest in securitizations			445				854			Discounted cash flows		Discount rate			20.0%				20.0%
												Cumulative net losses			15.0%				15.0%
												Monthly average prepayments			0.5%				0.5%
Liabilities:
Debt secured by receivables measured at fair value		$	8,576				13,117			Discounted cash flows		Discount rate			12.2%				12.2%

Estimated fair values of financial assets and liabilities

		As of March 31, 2014
Financial Instrument		(In thousands)
		Carrying				Fair Value Measurements Using:
		Value				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	14,567			$	14,567			$	–			$	–			$	14,567
Restricted cash and equivalents			147,596				147,596				–				–				147,596
Finance receivables, net			1,182,117				–				–				1,159,432				1,159,432
Finance receivables measured at fair value			9,058				–				–				9,058				9,058
Residual interest in securitizations			445				–				–				445				445
Accrued interest receivable			17,562				–				–				17,562				17,562
Liabilities:
Warehouse lines of credit		$	41,527			$	–			$	–			$	41,527			$	41,527
Accrued interest payable			3,059				–				–				3,059				3,059
Residual interest financing			15,582				–				–				15,582				15,582
Debt secured by receivables measured at fair value			8,576				–				–				8,576				8,576
Securitization trust debt			1,247,380				–				–				1,288,384				1,288,384
Subordinated renewable notes			18,585				–				–				18,585				18,585

		As of December 31, 2013
Financial Instrument		(In thousands)
		Carrying				Fair Value Measurements Using:
		Value				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	22,112			$	22,112			$	–			$	–			$	22,112
Restricted cash and equivalents			132,284				132,284				–				–				132,284
Finance receivables, net			1,115,437				–				–				1,100,153				1,100,153
Finance receivables measured at fair value			14,476				–				–				14,476				14,476
Residual interest in securitizations			854				–				–				854				854
Accrued interest receivable			18,670				–				–				18,670				18,670
Liabilities:
Warehouse lines of credit		$	9,452			$	–			$	–			$	9,452			$	9,452
Accrued interest payable			2,908				–				–				2,908				2,908
Residual interest financing			19,096				–				–				19,096				19,096
Debt secured by receivables measured at fair value			13,117				–				–				13,117				13,117
Securitization trust debt			1,177,559				–				–				1,189,086				1,189,086
Senior secured debt, related party			38,559				–				–				38,559				38,559
Subordinated renewable notes			19,142				–				–				19,142				19,142

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) the reasons for electing a fair value option for each eligible item or group of similar eligible items and (b) if the fair value option is elected for some but not all eligible items within a group of similar eligible items: (i) a description of those similar items and the reasons for partial election and (ii) information of how the group of similar items relates to individual balance sheet line items; (c) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, information of how each line item in the statement of financial position relates to major categories of assets and liabilities presented in accordance with other fair value disclosures; (2) for items included in the income statement: (a) a description of how interest and dividends are measured and where they are reported in the income statement; (b) how the gains or losses attributable to changes in instrument-specific credit risk were determined; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk: (i) qualitative information about the reasons for the changes and (ii) how the gains and losses attributable to changes in instrument-specific credit risk were determined; and (3) certain other disclosures as required or determined to be provided.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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