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5. Debt | 3 Months Ended
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Mar. 31, 2015
Debt Disclosure [Abstract] |
Debt | The terms and amounts of our other debt outstanding at March 31, 2015 and December 31, 2014 are summarized below:
|  |  |  |  |  | Amount Outstanding at |
|  |  |  |  |  | March 31, |  |  | December 31, |
|  |  |  |  |  | 2015 |  |  | 2014 |
|  |  |  |  |  | (In thousands) |
Description |  | Interest Rate |  | Maturity |  |  |  |  |  |
Warehouse lines of credit |  | 5.50% over one month Libor (Minimum 6.50%) |  | April 2019 |  | $ | 21,965 |  |  | $ | 23,581 |
|  | 5.50% over one month Libor (Minimum 6.25%) |  | August 2017 |  |  | – |  |  |  | 33,258 |
Residual interest financing |  | 11.75% over one month Libor |  | April 2018 |  |  | 12,074 |  |  |  | 12,327 |
Debt secured by receivables measured at fair value |  | n/a |  | Repayment is based on payments from underlying receivables. Final payment of the 8.00% loan was made in September 2013, while final residual payment was made in January 2015 |  |  | – |  |  |  | 1,250 |
Subordinated renewable notes |  | Weighted average rate of 9.83% and 10.7% at March 31, 2015 and December 31, 2014 , respectively |  | Weighted average maturity of November 2016 and October 2016 at March 31, 2015 and December 31, 2014, respectively |  |  | 15,082 |  |  |  | 15,233 |
|  |  |  |  |  | $ | 49,121 |  |  | $ | 85,649 |
In April 2015 we entered into a new $100 million warehouse credit line with affiliates of Fortress Investment Group. The facility is structured to allow us to fund a portion of the purchase price of automobile contracts by borrowing from a credit facility to our consolidated subsidiary Page Six Funding LLC. This facility, which replaces a revolving credit facility that we have used since December 2010, provides for advances up to 88% of eligible finance receivables and the loans under it accrue interest at a rate of one-month LIBOR plus 5.50% per annum, with a minimum rate of 6.50% per annum. There was $22.0 million outstanding under the previous facility at March 31, 2015. The new facility has a revolving period through April 2017 and an amortization period through April 2019 for any receivables pledged to the facility at the end of the revolving period.

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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 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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