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(4) Debt
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
(4) Debt

(4) Debt

 

The terms and amounts of our other debt outstanding at June 30, 2021 and December 31, 2020 are summarized below: 

               
          Amount Outstanding at 
          June   December 31, 
          2021   2020 
          (In thousands) 
Description  Interest Rate  Maturity         
                
Warehouse lines of credit  5.50% over one month Libor (Minimum 6.50%)   N/A   $–   $42,558 
                   
   3.00% over one month Libor (Minimum 3.75%)   December 2022    45,642    45,689 
                   
   4.00% over a commercial paper rate (Minimum 5.00%)   December 2021    32,310    32,265 
                   
Residual interest financing  8.60%   January 2026    17,908    25,576 
                   
   7.86%   June 2026    50,000    – 
                   
Subordinated renewable notes  Weighted average rate of 9.67% and 10.09% at June 30, 2021 and December 31, 2020, respectively   Weighted average maturity of April 2023 and January 2023 at June 30, 2021 and December 31, 2020, respectively    26,005    21,323 
                   
           $171,865   $167,411 

 

As of December 31, 2020, we had short-term funding capacity of $300 million, comprising three credit facilities. We repaid the outstanding balance for the facility first established in April 2015 at its maturity date in February 2021 and elected not to renew it. As of June 30, 2021, our short-term funding capacity is $200 million, comprising two credit facilities.

 

On June 30, 2021, we completed a $50 million securitization of residual interests from previously issued securitizations. In this residual interest financing transaction, qualified institutional buyers purchased $50.0 million of asset-backed notes secured by residual interests in eleven CPS securitizations consecutively issued from January 2018 and September 2020. The sold notes, issued by CPS Auto Securitization Trust 2021-1, consist of a single class with a coupon of 7.86%.

 

Unamortized debt issuance costs of $755,000 and $150,000 as of June 30, 2021 and December 31, 2020, respectively, have been excluded from the amount reported above for residual interest financing. Similarly, unamortized debt issuance costs of $907,000 and $1.5 million as of June 30, 2021 and December 31, 2020, respectively, have been excluded from the Warehouse lines of credit amounts in the table above. These debt issuance costs are presented as a direct deduction to the carrying amount of the debt on our Unaudited Condensed Consolidated Balance Sheets.