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14. Subsequent Events | 12 Months Ended
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Dec. 31, 2018
Subsequent Events [Abstract] |
Subsequent Events | 14) Subsequent Events On January 23, 2019 we executed our first securitization of 2019. In the transaction, qualified institutional buyers purchased $254.4 million of asset-backed notes secured by $265.0 million in automobile receivables purchased by us. The sold notes, issued by CPS Auto Receivables Trust 2019-A, consist of five classes. Ratings of the notes were provided by Standard & Poor’s, and DBRS and were based on the structure of the transaction, the historical performance of similar receivables and our experience as a servicer. The weighted average yield on the notes is approximately 4.22%. The 2019-A transaction has initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance. The final enhancement level requires accelerated payment of principal on the notes to reach overcollateralization of the lesser of 8.50% of the original receivable pool balance, or 18.70% of the then outstanding pool balance. The transaction utilizes a pre-funding structure, in which CPS sold approximately $166.1 million of receivables on January 23, 2019 and sold $98.9 million of additional receivables on February 13, 2019. The transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law. On February 22, 2019 we amended our $100 million warehouse credit line with Fortress Investment Group extending the revolving period to February 2021 followed by an amortization period through February 2023.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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