Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Jun. 30, 2013 | |
Document Type | '10-K | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Entity Registrant Name | 'DRIVETIME AUTOMOTIVE GROUP INC | ' |
Entity Central Index Key | '0001012704 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Public Float | ' | $0 |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
DriveTime Automotive Group, Inc [Member] | ' | ' |
Entity Common Stock, Shares Outstanding | 101.7696 | ' |
DT Acceptance Corp [Member] | ' | ' |
Entity Common Stock, Shares Outstanding | 101.7696 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Cash and Cash Equivalents | $30,754 | $26,478 | ||
Restricted Cash and Investments Held in Trust | 114,868 | 107,072 | ||
Finance Receivables | 1,938,931 | 1,661,662 | ||
Allowance for Credit Losses | -299,516 | -252,590 | ||
Finance Receivables, net | 1,639,415 | 1,409,072 | ||
Vehicle Inventory, net | 319,567 | 270,733 | ||
Property and Equipment, net | 103,660 | 93,141 | ||
Lease Fleet Vehicles, net | 31,161 | 0 | ||
Other Assets | 58,087 | 40,218 | ||
Shareholder Notes Receivable | 28,542 | 0 | ||
Assets of Discontinued Operation | 0 | 42,403 | ||
Total Assets | 2,326,054 | 1,989,117 | ||
LIABILITIES & SHAREHOLDERS’ EQUITY | ' | ' | ||
Payables and Other Accrued Expenses | 108,749 | 95,267 | ||
Accrued Expenses-Related Party | 647 | 818 | ||
Deferred Revenue | 42,133 | 2,501 | ||
Portfolio Warehouse Facilities | 283,400 | 57,200 | ||
Portfolio Term Financings | 987,821 | 1,049,478 | ||
Senior Secured Notes Payable | 253,316 | 193,320 | ||
Senior Secured Notes Payable-Related Party | 0 | 5,000 | ||
Other Secured Notes Payable | 161,964 | 117,281 | ||
Liabilities of Discontinued Operations | 0 | 699 | ||
Total Liabilities | 1,838,030 | 1,521,564 | ||
Shareholders’ Equity-DTAG: | ' | ' | ||
Total Shareholders’ Equity-DTAG | 488,287 | 467,553 | ||
Non-Controlling Interest-DTAC (2) | -263 | ' | ||
Total Equity | 488,024 | 467,553 | ||
Total Liabilities & Shareholders’ Equity | 2,326,054 | 1,989,117 | ||
DTAG [Member] | ' | ' | ||
Shareholders’ Equity-DTAG: | ' | ' | ||
Common Stock | 0 | 0 | ||
Paid-in Capital | 147,729 | 147,117 | ||
Retained Earnings / (Loss) | -45,650 | 8,931 | ||
Total Shareholders’ Equity-DTAG | 102,079 | 156,048 | ||
Inilex [Member] | ' | ' | ||
Shareholders’ Equity-DTAG: | ' | ' | ||
Non-Controlling Interest-DTAC (2) | -263 | [1] | 0 | [1] |
DTAC [Member] | ' | ' | ||
Shareholders’ Equity-DTAG: | ' | ' | ||
Non-Controlling Interest-DTAC (2) | $386,208 | [2] | $311,505 | [2] |
[1] | Refer to Note 20 for Consolidating Financial Information and discussion regarding non-controlling interest-Inilex. | |||
[2] | Refer to Note 20 for Consolidating Financial Information and discussion regarding non-controlling interest-DTAC. |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenue: | ' | ' | ' | |||
Sales Revenue | $1,055,504 | $920,507 | $838,242 | |||
Interest Income | 327,798 | 299,382 | 283,065 | |||
Other Income | 17,594 | 1,175 | 660 | |||
Total Revenue | 1,400,896 | 1,221,064 | 1,121,967 | |||
Costs and Expenses: | ' | ' | ' | |||
Cost of Sales | 731,190 | 607,932 | 544,504 | |||
Provision for Credit Losses | 308,332 | 253,603 | 207,198 | |||
Portfolio Debt Interest Expense | 42,196 | 41,978 | 43,475 | |||
Non-Portfolio Debt Interest Expense | 2,552 | 4,644 | 3,034 | |||
Senior Secured Debt Interest Expense | 29,919 | 26,209 | 23,861 | |||
Senior Secured Debt Interest Expense—Related party | 406 | 261 | 2,680 | |||
Selling and Marketing | 32,138 | 28,015 | 22,790 | |||
General and Administrative | 184,971 | 165,393 | 157,201 | |||
General and Administrative—Related party | 10,835 | 10,873 | 11,001 | |||
Depreciation Expense | 25,032 | 19,740 | 16,075 | |||
Total Costs and Expenses | 1,367,571 | 1,158,648 | 1,031,819 | [1] | ||
Income Before Income Taxes | 33,325 | 62,416 | 90,148 | |||
Income Tax Expense | 1,609 | 1,194 | 1,221 | |||
Net Income From Continuing Operations | 31,716 | 61,222 | 88,927 | |||
Loss from Discontinued Operations (net of taxes) | -1,956 | -1,869 | -789 | |||
Net Income | 29,760 | 59,353 | 88,138 | |||
Net Income (Loss) Attributable to Noncontrolling Interest1 | -548 | 0 | 0 | |||
Net Income Attributable to DriveTime Consolidated | 30,308 | 59,353 | 88,138 | |||
Net Loss Attributable to Non-Controlling Interest-DTAC (1) | -216,753 | [2] | -178,318 | [2] | -128,765 | [2] |
DTAG [Member] | ' | ' | ' | |||
Costs and Expenses: | ' | ' | ' | |||
Net Income Attributable to DriveTime Consolidated | $247,061 | $237,671 | $216,903 | |||
[1] | Includes net loss on extinguishment of debt. | |||||
[2] | Refer to Note 20 for Consolidating Financial Information and discussion regarding non-controlling interest. |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Paid-in Capital [Member] | Retained Earnings / (Loss) [Member] | DTAC [Member] | Inilex [Member] | ||
In Thousands, unless otherwise specified | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | |||||
Balances, beginning at Dec. 31, 2010 | $418,767 | $144,942 | ($2,383) | $276,208 | [1] | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ||
Net Income (Loss) for the Year | 88,138 | ' | 216,903 | -128,765 | [1] | ' | |
Non-Cash Compensation Expense-Related Party | 2,789 | 1,394 | ' | 1,395 | [1] | ' | |
Dividends-Related Party | -51,845 | ' | ' | -51,845 | [1] | ' | |
Intercompany Transfers of Loans | ' | ' | -211,992 | 211,992 | [1] | ' | |
Balances, ending at Dec. 31, 2011 | 457,849 | 146,336 | 2,528 | 308,985 | [1] | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ||
Net Income (Loss) for the Year | 59,353 | ' | 237,671 | -178,318 | [1] | ' | |
Non-Cash Compensation Expense-Related Party | 1,546 | 781 | ' | 765 | [1] | ' | |
Dividends-Related Party | -51,195 | ' | ' | -51,195 | [1] | ' | |
Intercompany Transfers of Loans | ' | ' | -231,268 | 231,268 | [1] | ' | |
Balances, ending at Dec. 31, 2012 | 467,553 | 147,117 | 8,931 | 311,505 | [1] | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ||
Net Income (Loss) for the Year | 29,760 | ' | 247,061 | -216,753 | [1] | -548 | [1] |
Non-Cash Compensation Expense-Related Party | 1,239 | 612 | ' | 627 | [1] | ' | |
Dividends-Related Party | -13,701 | ' | ' | -13,701 | [1] | ' | |
Intercompany Transfers of Loans | ' | ' | -304,944 | 304,944 | [1] | ' | |
Other Equity Transactions | 3,173 | ' | 3,302 | -414 | [1] | 285 | [1] |
Balances, ending at Dec. 31, 2013 | $488,024 | $147,729 | ($45,650) | $386,208 | [1] | ($263) | [1] |
[1] | Refer to Note 20 for Consolidating Financial Information and discussion regarding non-controlling interest. |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net income | $29,760 | $59,353 | $88,138 |
Net Income (Loss) Attributable to Noncontrolling Interest1 | 548 | 0 | 0 |
Net Income Attributable to DriveTime Consolidated | 30,308 | 59,353 | 88,138 |
Net Loss from Discontinued Operations | 1,956 | 1,869 | 789 |
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | ' | ' | ' |
Provision for Credit Losses | 308,332 | 253,603 | 207,198 |
Depreciation Expense | 25,032 | 19,740 | 16,075 |
Amortization of Debt Issuance Costs and Debt Premium and Discount | 6,284 | 8,163 | 11,880 |
Non-Cash Compensation Expense | 1,239 | 1,546 | 2,789 |
Loss (Gain) from Disposal of Property and Equipment | -145 | -153 | 81 |
Originations of Finance Receivables | -1,106,422 | -917,093 | -829,141 |
Collections and Recoveries on Finance Receivable Principal Balances | 572,757 | 559,092 | 540,450 |
Increase in Accrued Interest Receivable and Loan Origination Costs | -5,011 | -4,252 | -1,011 |
Increase in Inventory | -48,834 | -58,403 | -66,286 |
Increase in Other Assets | -12,432 | -3,319 | -2,814 |
Increase (Decrease) in Deferred Revenue | 39,632 | 2,393 | -28 |
Increase / (Decrease) in Accounts Payable and Accrued Expenses | 14,460 | 8,488 | 9,083 |
Increase (Decrease) in Accrued Expenses-Related Party | -171 | 20 | -1,561 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -173,015 | -68,953 | -24,358 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 761 | -925 | -838 |
Net Cash Used By Operating Activities | -172,254 | -69,878 | -25,196 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchase of Property and Equipment | 1,748 | 1,895 | 519 |
Proceeds from Sale of Discontinued Operations | -36,271 | -24,481 | -44,174 |
Purchase of Lease Fleet | -33,022 | 0 | 0 |
Proceeds from Sale of Discontinued Operations | 85,074 | 0 | 0 |
Increase in Other Investments | -3,200 | 0 | 0 |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | 14,329 | -22,586 | -43,655 |
Net Cash Used in Investing Activities from Discontinued Operations | -74,629 | -41,971 | -630 |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | -60,300 | -64,557 | -44,285 |
Cash Flows from Financing Activities: | ' | ' | ' |
(Increase) Decrease in Restricted Cash | -8,242 | 15,421 | 18,193 |
Deposits into Investments Held in Trust | -9,000 | -15,864 | -13,199 |
Change in Investments Held in Trust and Collection Account Cash | 9,446 | -6,913 | -22,819 |
Additions to Portfolio Term Financings | 543,890 | 857,246 | 707,947 |
Repayments of Portfolio Term Financings | -605,349 | -590,151 | -339,110 |
Additions to Portfolio Warehouse Facilities | 1,034,300 | 827,300 | 970,600 |
Repayments of Portfolio Warehouse Facilities | -808,100 | -911,492 | -1,232,215 |
Additions to Senior Secured Notes Payable | 55,500 | 0 | 0 |
Additions to Other Secured Notes Payable | 58,871 | 83,968 | 44,500 |
Repayments of Other Secured Notes Payable | -14,188 | -65,982 | -542 |
Payment of Debt Issuance Costs | -6,597 | -7,343 | -9,788 |
Dividend Distributions - Related Party | -13,701 | -51,195 | -51,845 |
Net Cash Provided by Financing Activities | 236,830 | 134,995 | 71,722 |
Net Increase in Cash and Cash Equivalents | 4,276 | 560 | 2,241 |
Cash and Cash Equivalents at Beginning of Period | 26,478 | 25,918 | 23,677 |
Cash and Cash Equivalents at End of Period | 30,754 | 26,478 | 25,918 |
Cash and Cash Equivalents of Discontinued Operations at End of Period | 0 | 2 | 12 |
Cash and Cash Equivalents from Continuing Operations at End of Period | 30,754 | 26,480 | 25,930 |
Supplemental Statement of Cash Flow Information: | ' | ' | ' |
Interest Paid | 74,088 | 72,872 | 70,648 |
Interest Paid-Related Party | 406 | 261 | 2,680 |
Income Taxes Paid | 899 | 1,506 | 1,078 |
Supplemental Statement of Non-Cash Investing and Financing Activities: | ' | ' | ' |
Purchase of Property and Equipment Under Capital Lease | 978 | 91 | 922 |
Disposal of Fully Depreciated Property & Equipment | 1,712 | 1,746 | 1,855 |
Receipt of Shareholder Notes Receivable - Related Party | $28,542 | $0 | $0 |
Description_Of_Business_Owners
Description Of Business, Ownership Formation, Basis Of Presentation, And Principles Of Consolidation | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description Of Business, Ownership Formation, Basis Of Presentation, And Principles Of Consolidation | ' |
(1) Description of Business, Ownership Formation, Basis of Presentation, and Principles of Consolidation | |
Description of Business | |
DriveTime Automotive Group, Inc. (“DTAG”) (referred to herein as “we,” “our,” “the Company,” and “us”), through its subsidiaries, owns and operates used automobile dealerships in the United States focusing on the sale and financing of used vehicles to the subprime credit market. The subprime credit market is comprised of customers with modest incomes who have experienced credit difficulties, have very limited credit histories, and/or do not have access to obtain their own source of financing from third-party finance companies. Therefore, we provide financing for substantially all of the vehicles we sell. As many of our customers may be unable to obtain financing to acquire a vehicle from another company, financing is an essential component of the services we provide our customers. We fund this portfolio primarily through portfolio warehouse facilities, securitizations, and other portfolio term financings. | |
Ownership | |
DTAG and its consolidated sister company DT Acceptance Corporation ("DTAC") operate collectively, generally with DTAG directing our retail vehicle sales operations and DTAC directing our financing and collections operations. As of December 31, 2013 and 2012, the shareholders of DTAG and DTAC were Ernest C. Garcia II (Executive Chairman) and the Garcia Family Trusts (collectively, herein also referred to as “Principal Shareholder” or “Mr. Garcia”) owning 100.0 shares, or 98.3% of each of DTAG and DTAC, and Raymond C. Fidel (President and CEO) owning 1.8 shares or 1.7% of each of DTAG and DTAC. | |
Basis of Presentation | |
We have determined that DTAC is a variable interest entity (“VIE”) and DTAG is the primary beneficiary of DTAC. Therefore, the accounts of DTAG and DTAC are consolidated and intercompany transactions between DTAG and DTAC are eliminated in consolidation. We determined DTAG is the primary beneficiary of DTAC because DTAG has both (1) the power to direct the activities of DTAC that most significantly impact DTAC’s economic performance and (2) a potentially significant variable interest that carries with it the obligation to absorb the losses or the right to receive benefits of DTAC. DTAG has the power to direct the activities of DTAC because it originates and sells 100% of the loans DTAC is required to purchase, sets underwriting standards and origination terms, sets servicing and collection policies administered by DTAC, and DTAC was specifically created and designed by DTAG to obtain third party financing for DTAG’s originations. DTAG also has potentially significant variable interests in the form of debt capital provided to DTAC through various debt issuances, guarantees of DTAC’s debt, as well as operational liabilities owed to DTAG, all of which carry the obligation to absorb losses or receive benefits of DTAC. Creditors of DTAC generally do not have recourse to the general credit of DTAG, except that the special purpose entity ("SPE") related to our term residual facility entered into a demand note with DTAC. The demand note is guaranteed by DTAG. (See Note 8 — Debt Obligations for further information.) | |
Total assets of DTAC consolidated into DTAG are comprised primarily of net finance receivables, cash and cash equivalents, restricted cash, investments held in trust, and deferred financing costs. Total liabilities consolidated into DTAG are comprised primarily of portfolio warehouse, portfolio term, and senior secured debt. Total revenue of DTAC consolidated into DTAG is comprised of interest income. DTAC expenses are comprised of provision for credit losses, interest expense and general and administrative expenses. | |
Also included in the consolidated financial statements are SPEs of DTAC, which are all bankruptcy remote entities formed in conjunction with our securitizations, warehouse facilities, residual facility, real estate financing, and bank term financing transactions. We have determined that these SPEs' are VIE's and DTAC is the primary beneficiary. Therefore, all intercompany accounts and transactions have been eliminated in consolidation for all periods presented. We determined DTAC is the primary beneficiary of these SPEs because DTAC has both (1) the power to direct the activities of the SPEs that most significantly impact the SPEs' economic performance and (2) a potentially significant variable interest that carries with it the obligation to absorb the losses or the right to receive benefits of DTAC. DTAC has the power to direct the activities of these SPEs because it services the loans in each of the securitizations, warehouse facilities and other lending arrangements. DTAC also has potentially significant variable interests in the form of holding the residual certificates for securitizations and rights to residual cash flows of the warehouse facilities. Creditors of the SPEs generally do not have recourse to the general credit of DTAC, except through servicing performance guarantees. | |
In 2013 we acquired a 51% controlling interest in Inilex Inc. ("Inilex"). Inilex is a provider of GPS technology and telemetry solutions and has been our provider of GPS installed on vehicle inventory for approximately the last two years. Prior to the acquisition, we determined Inilex to be a VIE for financial reporting purposes, though we did not previously consolidate the VIE as it was not material. However, we have reflected the prior period effects of the consolidation as an adjustment to the beginning retained earnings. We are required to fully consolidate Inilex's operations, and eliminate all transactions between the entities. As a result of the application of this guidance, the consolidated statements of operations show a net loss attributable to the noncontrolling interest in Inilex, as the profitability of the entity is dependent on its transactions with DriveTime. The benefit of ownership is represented in a lower net sales margin. | |
For more information regarding DTAC's financial position and results of operations and the SPEs' financial position and results of operations consolidated into DTAG and DTAC, respectively, see Note 20 — Supplemental Consolidating Financial Information. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
(2) Significant Accounting Policies | |
Cash & Cash Equivalents | |
We consider all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents. Periodically we maintain cash in excess of the amounts insured by the federal government. | |
Finance Receivables | |
Finance receivables consist of the aggregate principal balances of installment sales contracts ("loans"), collateralized by used vehicles sold, in our active portfolio, plus accrued interest receivable and direct loan origination costs. Finance receivables are comprised of loans related to used vehicles sold by us, all of which are simple interest loans which may be prepaid without penalty. We do not place loans on nonaccrual status, nor do we classify loans as impaired, since accounts are charged-off when the loans are contractually past due under our charge-off policy. | |
Under our charge-off policy, we charge off the entire principal balance, accrued interest and unamortized loan origination costs of receivables that are contractually 91 or more days past due at the end of a month, unless the customer has made a minimum payment that meets certain requirements to keep the account active, in which case the customer loan would not charge off until 120 days contractually past due. At time of charge-off, the accrual of interest is discontinued and any accrued but unpaid interest is reversed and written off and the principal balance is reduced to the net estimated recovery proceeds. Upon vehicle repossession, estimated recoveries are reclassified and recorded as a component of other assets in the accompanying consolidated balance sheets. | |
Allowance for Credit Losses | |
We maintain an allowance for credit losses on an aggregate basis at a level we consider sufficient to cover probable credit losses inherent in our portfolio of receivables as of each reporting date. We accrue for estimated losses when it is probable that the amount will not be fully collectible and the amount of the loss can be reasonably estimated. The allowance takes into account a loss emergent period, historical credit loss experience, including timing, frequency and severity of losses. This estimate of existing probable credit losses inherent in the portfolio is primarily based on static pool analyses by month of origination based on origination principal, credit grade mix and deal structure, including down payment and term. The evaluation of the adequacy of the allowance also considers factors and assumptions regarding the overall portfolio quality, delinquency status, the value of the underlying collateral, current economic conditions that may affect the borrowers’ ability to pay and the overall effectiveness of collection efforts. | |
The static pool loss curves by grade are adjusted for actual performance to date and historical seasonality patterns. The forecasted periodic loss rates, which drive the forecast for estimated gross losses (before recoveries) are calculated by factoring amortization speed and origination terms. Recoveries are estimated using historical unit and dollar static pool recovery activity to forecast recoveries for estimated charge-offs at the balance sheet date. The forecasted recovery rates (on a per unit basis) are based on the historical unit recovery trends by recovery type as adjusted for estimated impacts of economic and market conditions. Recovery proceeds from non-auction avenues are derived from historical data. Estimated recoveries include proceeds from selling repossessed vehicles at auction, sales tax credits, insurance proceeds, bankruptcy and deficiency collections and refunds to be applied from canceled or terminated service contracts and GAP. | |
The allowance model is sensitive to changes in assumptions such that an increase or decrease in our forecasted net charge-offs would increase or decrease the allowance as a percentage of principal outstanding required to be maintained. The amount of our allowance is sensitive to losses within credit grade, recovery values, deal structure, the loss emergence period and overall credit grade mix of the portfolio. | |
Vehicle Inventory | |
Inventory consists of used vehicles acquired at auction, and are stated at the lower of cost or market value. Vehicle inventory cost is determined by specific identification. Direct and indirect vehicle reconditioning costs including parts and labor, overhead, costs to transport the vehicles to our reconditioning centers and dealership locations, and other incremental costs are capitalized as a component of inventory cost. | |
Lease Fleet Vehicles | |
Our lease fleet is stated at cost and is shown net of accumulated depreciation. Depreciation is computed using the straight-line method over the three year estimated useful life of the vehicles, and an estimated residual value. | |
Property and Equipment | |
Property and equipment consists of land, buildings, leasehold improvements, furniture, software, and repairs and maintenance costs that extend the life of an asset. Property and equipment is stated at cost and is shown net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the assets, which range from three to fifteen years for equipment, three to five years for furniture, three years for software, five to ten years for building improvements, and thirty years for buildings. Leasehold improvements are depreciated using the straight-line method over the lesser of the lease term or the estimated useful lives of the related improvements. | |
We capitalize direct costs of materials and services consumed in developing or obtaining internal use software. We also capitalize payroll and payroll-related costs for employees who are directly associated with and who devote time to the development of software products for internal use, to the extent of the time spent directly on the project. Capitalization of costs begins during the development stage and ends when the software is available for general use. Amortization of these costs is computed using the straight-line method over the estimated economic life of the software. | |
Deferred Financing Costs | |
Costs related to obtaining debt financing and capital leases are capitalized and amortized over the term of the related debt using the effective interest method. Unamortized deferred financing costs at December 31, 2013 and 2012 were $14.6 million and $15.0 million, respectively, and are included as a component of other assets on the accompanying consolidated balance sheets. Amortization of deferred financing costs is recorded as component of interest expense, and was $6.3 million, $8.2 million and $11.9 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |
Interest Income | |
Interest income consists of interest earned on finance receivables, net of amortization of loan origination costs, plus late payment fees and interest earned on investments held in trust. Interest income is recognized on the accrual basis, when earned, based on a simple interest method. Finance Receivables continue to accrue interest until repayment or charge-off. Customer loans may be prepaid without penalty. Direct loan origination costs related to loans originated at our dealerships are deferred and charged against interest income over the life of the related loans using the effective interest method. | |
Revenue Recognition | |
Revenue is generated through the sale of used vehicles, optional ancillary products, which includes our DriveCare® Extended Vehicle Service Contract ("VSC"), Guaranteed Asset Protection ("GAP") and GPS Monitoring Subscription ("GPS"). We provide all customers with a 30 day/1,500 mile limited maintenance warranty (“Limited Warranty”) with the purchase of any vehicle. The 30 day DriveCare® Limited Warranty is included in the sales price of the vehicle. | |
We recognize revenue in accordance with FASB Accounting Standards Codification (“ASC”) Topic 605-25, Revenue Recognition. We recognize revenue applying the basic revenue recognition criteria (i.e., when persuasive evidence of a sales arrangement exists, delivery has occurred or services are rendered, the sales price or fee is fixed or determinable, and collectibility is reasonably assured). Further, our sales arrangements include multiple elements. As a result, contract interpretation is required to determine the appropriate accounting, including the identification of deliverables considered to be separate units of accounting, the allocation of the transaction price among the elements in the arrangement, and timing of revenue recognition for each of those elements. | |
We establish the selling prices used for each deliverable based on vendor-specific objective evidence (“VSOE”) of selling price, if available, third-party evidence ("TPE"), if VSOE of selling price is not available, or estimated selling price ("ESP"), if neither VSOE of selling price nor TPE is available. To determine whether each item in the arrangement meets the separation criteria, DriveTime reviewed each item to determine whether separation of each deliverable is appropriate. We establish VSOE of selling price using the price charged for a deliverable when sold separately and, in rare instances, using the price established by management having the relative authority. TPE of selling price is established by evaluating largely similar and interchangeable competitor products or services in standalone sales to similarly situated customers. ESP is established, based on management's judgment, considering internal factors such as margin objectives, pricing practices and controls, customer segment pricing strategies and the product life cycle. In arrangements with multiple elements, allocation of the transaction price is determined at inception of the arrangement based on each unit of accounting's relative selling price. | |
Revenue from used vehicle sales is combined with revenue recognized on ancillary products on the accompanying consolidated statements of operations. For the year ended December 31, 2013 we recognized $13.6 million of ancillary product sales revenue. | |
Vehicle Sales | |
Vehicle sales are considered a separate deliverable as a vehicle has stand-alone value. Used vehicles have standalone value to the customer as similar vehicles are typically sold on a standalone basis by other auto dealers. Additionally, the used vehicles have value on a standalone basis as customers could resell the vehicle to a different individual on a standalone basis which would allow them to recapture a substantial portion of the selling price of the vehicle. | |
Revenue allocated to the vehicle is recognized upon delivery, when the sales contract is signed and the agreed-upon down payment or purchase price has been received. Sales of used vehicles include revenue from the sale of used vehicles, net of a reserve for returns, estimated using historical experience and trends, excluding sales tax. Our reserve for returns was $6.2 million and $5.3 million at December 31, 2013 and 2012, respectively. Revenue is recognized at time of sale as persuasive evidence of an arrangement in the form of an installment sales contract exists, we have delivered the vehicle to the customer, transferred title, the sales have a fixed and determinable price, and collectability is reasonably assured. | |
30 Day Limited Warranty | |
The 30 Day DriveCare® Limited Warranty is not considered a separate deliverable in the arrangement, therefore, it is accounted for in accordance with ASC 450, Contingencies. In accordance with ASC 450, warranties that are not separately priced are generally accounted for by accruing the estimated costs to fulfill the warranty obligation. The amount of revenue related to the product is recognized in full upon the delivery if all other criteria for revenue recognition have been met. Thus, the 30 day DriveCare® Limited Warranty would not be considered a separate deliverable in the arrangement. As a result, we accrue the estimated costs to fulfill the warranty obligation in accordance with ASC 450 at the time of the vehicle sale, as a component of costs of used vehicles sold. | |
Vehicle Service Contracts | |
The DriveCare® VSC package is a separately priced extended warranty contract that is within the scope of ASC 605-20, Revenue Recognition - Services. According to ASC 605-20, the amount of the transaction price that should be allocated to the separately priced extended warranty contract is the stated contractual amount of the extended coverage. Therefore, the separately priced VSC’s are considered a separate deliverable in the arrangement in which the amount to be deferred is the stated amount of the extended coverage. Revenue is deferred and recognized into sale of used vehicles over a pattern consistent with service repair claims, adjusted for charge-off experience. | |
GAP | |
GAP has standalone value to the customer as it is a common product sold by many insurance companies in each of the markets where DriveTime operates. If the customer did not obtain the GAP from DriveTime at the time of vehicle sale, the customer could obtain GAP from another vendor and receive the same type of coverage. The price of GAP is deferred and recognized on a straight line basis over the term of the customer’s loan. | |
GPS Monitoring Subscription | |
We recognize revenue for GPS as a separate element of the sales arrangement, by deferring the revenue over the life of the subscription. | |
Lease Vehicles | |
DriveTime leases vehicles to customers under a Cancel Anytime Lease™, therefore, leased vehicles are classified as operating leases with lease revenue recognized as payments are received. Origination fees received at lease inception are deferred and recognized on a straight line basis over the term of the lease. Lease revenue is recorded within other income on the accompanying consolidated statements of operations. | |
Cost of Sales | |
Cost of sales includes the cost to acquire vehicles, standard production costs and the reconditioning and transportation costs associated with preparing the vehicles for resale, and the cost of ancillary products. Direct and indirect vehicle reconditioning costs, including parts and labor, overhead, costs to transport the vehicles to our dealership locations, warranty costs, ancillary product costs and other incremental costs which are allocated to inventory via standard costing, are included in cost of sales. The cost of sales for each used vehicles sold is determined on a specific identification basis. | |
Accounting for Transfers of Financial Assets | |
Securitizations. We periodically sell loans originated at our dealerships to bankruptcy-remote securitization subsidiaries, which, in turn, transfer the loans to separate trusts that issue notes and certificates collateralized by these loans. The notes (asset-backed securities) are sold to investors, and we retain the residual certificates. We continue to service all securitized loans. We have determined that the trusts are variable interest entities and that DTAC is the primary beneficiary of those trusts, therefore, loans included in the securitization transactions are recorded as finance receivables and the asset-backed securities that are issued by the trusts are recorded as a component of portfolio term financings in the accompanying consolidated balance sheets. The bankruptcy remote securitization subsidiaries are owned and controlled by DTAC. | |
Additional credit enhancement is achieved via over collateralization and a cash reserve account is established for the benefit of the Asset-Backed Security note holders. The reserve accounts are classified as restricted cash and investments held in trust in the consolidated balance sheets. | |
Warehouse facilities. We utilize portfolio warehouse facilities in order to fund our finance receivable originations. Loans originated are pledged to the warehouse lenders to create borrowing base. The pledge of collateral is accomplished through a transfer from DTAC to the bankruptcy-remote entity (an SPE) formed for each warehouse facility. Although these transfers are treated as true-sales for legal purposes, we have determined these SPEs to be VIEs, for which DTAC is the primary beneficiary, therefore, DTAC consolidates the VIEs and finance receivables pledged to the SPEs and the associated debt of the warehouse facilities are consolidated into our financial statements. | |
Bank Term Financing. Under our bank term financings, we pooled loans originated at our dealerships and transferred them to an SPE in a secured financing transaction. We continue to service all transferred loans. This financing was structured similar to a securitization, with only one financial institution investing in the notes of the SPE. Although the transfer of loans was treated as a true sale for legal purposes, we have determined this SPE to be a VIE, for which DTAC is the primary beneficiary, therefore DTAC consolidates the VIE and finance receivables pledged to the SPE and the associated debt into our financial statements. | |
Provision for Credit Losses | |
Provision for credit losses is the charge recorded to operations in order to maintain an allowance for credit losses adequate to cover losses inherent in our portfolio. | |
Advertising | |
All costs related to advertising and marketing are expensed in the period incurred. Advertising costs related to production are capitalized, and expensed once the media is aired. We had no capitalized advertising costs as of December 31, 2013 and 2012. Total advertising costs for the years ended December 31, 2013, 2012, and 2011 were $32.1 million, $28.0 million, and $22.3 million, respectively, and are included in selling and marketing expenses on the accompanying consolidated statements of operations. | |
Income Taxes | |
DTAG and DTAC are both S-corporations for federal and state income tax purposes. There is no provision for income taxes, except for any amount of entity level state tax in certain jurisdictions, and federal income taxes related to two C corporation subsidiaries, one of which is wholly owned with the other majority owned. Income or losses of an S-corporation flow through to the individual shareholders, who report such income or loss on their individual income tax returns. | |
Impairment of Long-Lived Assets | |
We own some of our used vehicle sales facilities, a reconditioning facility, and an operations call center building. These long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed would be reported at the lower of the carrying amount or fair value less costs to sell, and would no longer be depreciated. At December 31, 2013 and 2012, there were no indications of impairment pertaining to these assets. | |
Business Segments | |
Business segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing operating performance. With the sale of GO Financial in December 2013, we have determined that we currently operate with one reportable business segment for our operations. See Note 19 — Discontinued Operations for further information. | |
Use of Estimates | |
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities. Certain accounting estimates involve significant judgments, assumptions, and estimates by management that have a material impact on the carrying value of certain assets and liabilities, disclosures of contingent assets and liabilities, and the reported amounts of income and expenses during the reporting period which management considers to be critical accounting estimates. The judgments, assumptions, and estimates used by management are based on historical experience, management’s experience, and other factors, which are believed to be reasonable under the circumstances. Because of the nature of the judgments and assumptions made by management, actual results could differ materially from these judgments and estimates, which could have a material impact on the carrying values of our assets and liabilities and our results of operations. | |
Significant items subject to estimates and assumptions include the allowance for credit losses, inventory valuation, fair value measurements, certain legal reserves, our reserve for sales returns and allowances, our recovery receivables, and our service contract accrual. Estimates used in deriving these amounts are described in the footnotes herein. Actual results could differ from these estimates. | |
During 2013, we evaluated our recovery estimates related to sales tax in certain states in which we operate. As a result, we identified and recorded an adjustment to our finance receivables and now include an estimate of credits to be received on our sales tax returns related to accrued but charged-off interest and post charge-off interest assessed to customers’ accounts. If this change was not executed, for the year-ended December 31, 2013, net charge-offs would have been $9.4 million higher than reported, provision for credit losses would have been $2.3 million higher than reported, and net income would have been $11.7 million lower than reported. Although the change in estimate may cause our recoveries to be higher than historical rates, we do not expect this change to have a significant impact on 2013 and future net charge-offs or the allowance as a percent of principal outstanding. | |
Stock-Based Compensation | |
We record compensation expense for awards of restricted stock granted to employees in accordance with ASC 718, “Compensation—Stock Compensation”. Under the fair value recognition provisions of ASC 718, stock-based compensation cost is measured at the grant date based on the fair value. We utilized a third party financial and economic appraiser to assist us in determining the grant-date fair value of the award. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods using graded vesting (see Note 13 — Shareholders’ Equity, Dividends & Stock Compensation to our consolidated financial statements included herein). | |
Reclassifications | |
Certain prior period amounts have been reclassified to be consistent with current period financial statement presentation. For the year ended December 31, 2012 we reclassified $27.0 million of recovery receivables from other assets to finance receivables and reclassified $2.5 million from payables and other accrued expenses to deferred revenue to be consistent with current period presentation. |
Restricted_Cash_And_Investment
Restricted Cash And Investments Held In Trust | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Restricted Cash and Investments [Abstract] | ' | |||||||
Restricted Cash And Investments Held In Trust | ' | |||||||
(3) Restricted Cash and Investments Held in Trust | ||||||||
We maintain various cash accounts, which are pledged as collateral under our debt agreements. We are permitted to invest funds in these accounts in short-term, high quality liquid investments. The following is a summary of restricted cash and investments held in trust: | ||||||||
31-Dec-13 | 31-Dec-12 | |||||||
(In thousands) | ||||||||
Restricted Cash | $ | 30,738 | $ | 22,496 | ||||
Investments Held in Trust | 84,130 | 84,576 | ||||||
$ | 114,868 | $ | 107,072 | |||||
Restricted Cash | ||||||||
Restricted cash consists of cash collections related to loans held in securitization trusts, pledged to our portfolio warehouse facilities and included in bank term financings, which have been collected from customers, but have not yet been submitted to the securitization trustee to which the cash is pledged. Restricted cash is maintained in a trust account for the benefit of the securitization trusts and warehouse facilities, and cannot be accessed by DriveTime. Funds are released by the trustee upon our completion of our monthly reporting and compliance for each trust and warehouse. | ||||||||
Investments Held in Trust | ||||||||
We maintain cash reserve accounts on behalf of Asset-Backed Security investors in our securitizations and our bank term financing as a form of credit enhancement. At the time loans are transferred to a trust, a portion of the proceeds from sales of notes are deposited into a reserve account that is pledged to the trusts. We may be required to make additional deposits to reserve accounts from collections on the loans to fund the reserve account to the required target percentage. Balances in the reserve accounts totaled $38.1 million and $33.6 million at December 31, 2013 and 2012, respectively. Investments held in trust also include collections related to loans held in securitization trusts and loans included in bank term financing transactions, which have been collected from customers, and submitted to the trustee, but have not yet been paid to the lenders, as appropriate. |
Finance_Receivables
Finance Receivables | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||
Finance Receivables | ' | ||||||||||||||||
(4) Finance Receivables | |||||||||||||||||
The following summarizes the components of finance receivables: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Principal Balances | $ | 1,871,576 | $ | 1,601,710 | |||||||||||||
Recovery Receivables | 29,432 | 27,040 | |||||||||||||||
Accrued Interest | 19,522 | 16,414 | |||||||||||||||
Loan Origination Costs | 18,401 | 16,498 | |||||||||||||||
Total Finance Receivables | $ | 1,938,931 | $ | 1,661,662 | |||||||||||||
Our finance receivables are defined as one segment and class of loan, which is the sub-prime consumer auto loan. Therefore, the disaggregation of information into portfolio segment and classes for assets with different risk characteristics is limited, and the level of risks inherent in our financing receivables are managed as one homogeneous pool and further segmented with our proprietary credit scoring system as described below —Credit Quality Indicators. We have chosen our internal customer credit scoring model as our key credit quality indicator because it has a direct and prominent impact in managing our portfolio receivables and monitoring its performance. | |||||||||||||||||
Finance receivables pledged as collateral associated with liabilities in our warehouse facilities, asset-backed securitizations, and bank term financings, are provided in Note 8 — Debt Obligations. We do not place loans on nonaccrual status, nor do we classify loans as impaired, since accounts are charged-off when they become contractually past due under our charge-off policy. The amount charged-off is the difference between estimated recoveries and the carrying amount of the loan. We do not have loans that meet the definition of troubled debt restructurings. | |||||||||||||||||
Credit quality information for our finance receivables portfolio is provided as of the dates indicated below: | |||||||||||||||||
Age Analysis of Past Due Finance Receivables | |||||||||||||||||
December 31, | |||||||||||||||||
Days Delinquent: | 2013 | 2012 | |||||||||||||||
(In thousands) | |||||||||||||||||
Percent of Portfolio | Loan Principal | Percent of Portfolio | Loan Principal | ||||||||||||||
Current | 53.7 | % | $ | 1,005,036 | 49.1 | % | $ | 786,765 | |||||||||
1-30 Days | 30 | % | 561,473 | 33 | % | 528,300 | |||||||||||
31-60 Days | 9 | % | 168,442 | 10 | % | 161,157 | |||||||||||
61-90 Days | 4.9 | % | 91,707 | 5.1 | % | 81,378 | |||||||||||
91-120 Days | 2.4 | % | 44,918 | 2.8 | % | 44,110 | |||||||||||
Total Past Due | 46.3 | % | $ | 866,540 | 50.9 | % | $ | 814,945 | |||||||||
Total Finance Receivables | 100 | % | $ | 1,871,576 | 100 | % | $ | 1,601,710 | |||||||||
An account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date such payment was contractually due. Delinquencies may vary from period to period based upon the average age or seasoning of the portfolio, seasonality within the calendar year and economic factors. Delinquencies are presented on a Sunday-to-Sunday basis, which reflects delinquencies as of the nearest Sunday to period end. Sunday is used to eliminate any impact of the day of the week on delinquencies since delinquencies tend to be higher mid-week. | |||||||||||||||||
Credit Quality Indicators | |||||||||||||||||
We monitor our portfolio performance and the credit grade mix of originations. Our proprietary credit grading system segments our customers into credit grades. | |||||||||||||||||
Many companies use FICO scores as a standard metric to assess the credit risk of customers. Our internal scoring models include the use of alternative data sources along with traditional credit bureau data which allow us the ability to separate the credit risk levels of the subprime auto segment into different categories. Our centralized proprietary credit scoring models are currently used to classify customers into various risk grades that are linked to financing parameters. The scoring models are periodically updated to account for changes in loan performance, data sources, geographic presence, economic cycles, and business processes. | |||||||||||||||||
The static-pool tracking of portfolio loss performance is also monitored by credit grade. Our scoring model is comprised of credit grades ranging from A to D, with A being the lowest risk credit grade and a D being the highest risk credit grade. Generally, the lower the risk grade, the lower the unit loss rate. | |||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||
At December 31, 2013, a summary of our portfolio by our internally assigned credit risk ratings was as follows: | |||||||||||||||||
Grade | Average | Percentage of | Total | Percentage of | Total Portfolio | ||||||||||||
FICO Score (1) | Portfolio Contracts | Contracts | Portfolio Principal | Principal | |||||||||||||
(In thousands) | |||||||||||||||||
A | 547 | 29 | % | 43,730 | 29.5 | % | $ | 551,251 | |||||||||
B | 519 | 38.3 | % | 57,836 | 38.9 | % | 727,192 | ||||||||||
C | 499 | 31.4 | % | 47,339 | 30.5 | % | 571,680 | ||||||||||
D | 480 | 1.3 | % | 1,925 | 1.1 | % | 21,453 | ||||||||||
100 | % | 150,830 | 100 | % | $ | 1,871,576 | |||||||||||
At December 31, 2012, a summary of our portfolio by our internally assigned credit risk ratings was as follows: | |||||||||||||||||
Grade | Average | Percentage of | Total | Percentage of | Total Portfolio | ||||||||||||
FICO Score (1) | Portfolio Contracts | Contracts | Portfolio Principal | Principal | |||||||||||||
(In thousands) | |||||||||||||||||
A | 548 | 28.9 | % | 40,658 | 29.4 | % | $ | 470,196 | |||||||||
B | 517 | 37.3 | % | 52,476 | 38.2 | % | 612,084 | ||||||||||
C | 496 | 32.3 | % | 45,513 | 31.1 | % | 499,009 | ||||||||||
D | 478 | 1.5 | % | 2,101 | 1.3 | % | 20,421 | ||||||||||
100 | % | 140,748 | 100 | % | $ | 1,601,710 | |||||||||||
(1) | Average FICO score is provided as an external metric of credit quality, but is generally not utilized to determine internal credit grade. Our internal scoring model is the primary driver of our internal credit grade. Average FICO presented excludes originations with no FICO. | ||||||||||||||||
Our portfolio concentration by state was as follows: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
State | Percent of | Loan Principal (In thousands) | State | Percent of | Loan Principal | ||||||||||||
Portfolio | Portfolio | ||||||||||||||||
Texas | 21.2 | % | $ | 397,438 | Texas | 23 | % | $ | 369,021 | ||||||||
Florida | 15.7 | % | 294,043 | Florida | 15.4 | % | 247,281 | ||||||||||
North Carolina | 8.7 | % | 162,749 | North Carolina | 9.9 | % | 157,670 | ||||||||||
Georgia | 7.6 | % | 142,001 | Georgia | 7.6 | % | 122,027 | ||||||||||
Arizona | 6.4 | % | 117,861 | Arizona | 6.8 | % | 108,792 | ||||||||||
All Others (1) | 40.4 | % | 757,484 | All Others (2) | 37.3 | % | 596,919 | ||||||||||
100 | % | $ | 1,871,576 | 100 | % | $ | 1,601,710 | ||||||||||
(1) Consists of fifteen additional states wherein the portfolio concentration per state is at or below 6.0% | |||||||||||||||||
(2) Consists of fourteen additional states wherein the portfolio concentration per state is at or below 6.7% | |||||||||||||||||
Allowance for Credit Losses | |||||||||||||||||
The following table sets forth the rollforward of the allowance for credit losses for the periods indicated: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Allowance Activity: | (In thousands) | ||||||||||||||||
Balance, beginning of period | $ | 252,590 | $ | 221,533 | |||||||||||||
Provision for credit losses | 308,332 | 253,603 | |||||||||||||||
Net charge-offs | (261,406 | ) | (222,546 | ) | |||||||||||||
Balance, end of period | $ | 299,516 | $ | 252,590 | |||||||||||||
Allowance as a percent of ending principal | 16 | % | 15.7 | % | |||||||||||||
Charge-off Activity: | |||||||||||||||||
Principal balances | $ | (419,165 | ) | $ | (372,493 | ) | |||||||||||
Recoveries, net | 157,759 | 149,947 | |||||||||||||||
Net charge-offs | $ | (261,406 | ) | $ | (222,546 | ) |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
(5) Property Plant & Equipment | ||||||||
A summary of property and equipment follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Land | $ | 17,270 | $ | 13,313 | ||||
Buildings and Improvements | 125,724 | 112,077 | ||||||
Equipment | 50,443 | 42,993 | ||||||
Furniture | 18,040 | 17,056 | ||||||
Software | 44,470 | 37,664 | ||||||
255,947 | 223,103 | |||||||
Less Accumulated Depreciation | (152,287 | ) | (129,962 | ) | ||||
Property and Equipment, Net | $ | 103,660 | $ | 93,141 | ||||
We have commitments under capital leases, consisting primarily of software, computer equipment, and reconditioning center equipment classified in Equipment and Software included in the above table. As of December 31, 2013, assets under capital leases had a cost of $5.0 million and accumulated depreciation of $3.1 million. As of December 31, 2012, assets under capital leases had a cost of $5.4 million and accumulated depreciation of $3.1 million. Depreciation expense for capital leases is recorded as a component of depreciation expense on the consolidated statements of operations. | ||||||||
For the years ended December 31, 2013, 2012, and 2011, we capitalized $3.9 million, $2.4 million, and $2.6 million, respectively, of payroll and payroll-related costs for employees who are directly associated with and who devote time to the development of software products for internal use, to the extent of the time spent directly on the project. |
Leased_Vehicles
Leased Vehicles | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Leased Assets [Abstract] | ' | |||||||
Leased Vehicles | ' | |||||||
(6) Leased Vehicles | ||||||||
A summary of our lease fleet follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Lease Fleet Vehicles | $ | 33,009 | $ | — | ||||
Less Accumulated Depreciation | (1,848 | ) | — | |||||
Lease Fleet Vehicles, net | $ | 31,161 | $ | — | ||||
Other_Assets
Other Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Other Assets | ' | |||||||
(7) Other Assets | ||||||||
A summary of other assets follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Prepaid Assets | $ | 8,415 | $ | 5,540 | ||||
Deferred Financing Costs | 14,607 | 14,996 | ||||||
Other Assets | 35,065 | 19,682 | ||||||
Total Other Assets | $ | 58,087 | $ | 40,218 | ||||
Debt_Obligations
Debt Obligations | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||
Debt Obligations | ' | ||||||||||||||||||||||||||||||
(8) Debt Obligations | |||||||||||||||||||||||||||||||
Portfolio Term Financings | |||||||||||||||||||||||||||||||
The following is a summary of portfolio term financings: | |||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||
Securitization Debt: | (In thousands) | ||||||||||||||||||||||||||||||
Asset-backed security obligations issued pursuant to the Company’s securitizations | $ | 713,953 | $ | 677,118 | |||||||||||||||||||||||||||
Bank Term Financing: | |||||||||||||||||||||||||||||||
Secured financing transaction for our finance receivable portfolio | 223,868 | 347,360 | |||||||||||||||||||||||||||||
Portfolio Term Residual Financing: | |||||||||||||||||||||||||||||||
Variable rate financing facility secured by residual interests in finance receivables of warehouse facilities and securitization trusts | 50,000 | 25,000 | |||||||||||||||||||||||||||||
Total Portfolio Term Financings | $ | 987,821 | $ | 1,049,478 | |||||||||||||||||||||||||||
Securitization debt | |||||||||||||||||||||||||||||||
The following table is a summary of securitization transactions with outstanding balances for each period presented: | |||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||
Debt | Gross Receivables | Cash | Interest | Debt | Gross Receivables | Cash | Interest | ||||||||||||||||||||||||
Transaction | Balance | Pledged | Reserve (2) | Rate (1) | Balance | Pledged | Reserve (2) | Rate (1) | |||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||||
2010-1 | $ | — | $ | — | $ | — | — | % | $ | 23,036 | $ | 55,525 | $ | 4,500 | 3.6 | % | |||||||||||||||
2011-1 | 22,772 | 31,271 | 4,200 | 3 | % | 60,335 | 84,198 | 4,200 | 3 | % | |||||||||||||||||||||
2011-2 | 34,762 | 41,954 | 4,500 | 2.9 | % | 84,977 | 103,779 | 4,500 | 2.9 | % | |||||||||||||||||||||
2011-3 | 61,485 | 75,037 | 4,500 | 3.9 | % | 130,347 | 159,068 | 4,500 | 3.9 | % | |||||||||||||||||||||
2012-1 | 90,175 | 117,529 | 4,500 | 3.5 | % | 170,198 | 219,252 | 4,500 | 3.5 | % | |||||||||||||||||||||
2012-2 | 113,142 | 138,194 | 4,500 | 2.9 | % | 208,225 | 251,409 | 4,500 | 2.9 | % | |||||||||||||||||||||
2013-1 | 181,018 | 233,346 | 4,500 | 2.7 | % | — | — | — | — | % | |||||||||||||||||||||
2013-2 | 210,599 | 277,023 | 4,500 | 2.9 | % | — | — | — | — | % | |||||||||||||||||||||
$ | 713,953 | $ | 914,354 | $ | 31,200 | $ | 677,118 | $ | 873,231 | $ | 26,700 | ||||||||||||||||||||
(1) These rates represent the original duration weighted average rates of the outstanding asset-backed securities. | |||||||||||||||||||||||||||||||
(2) Investments held in trust | |||||||||||||||||||||||||||||||
Asset-backed securities outstanding are secured by underlying pools of finance receivables (collateral) and investments held in trust (cash reserve). Credit enhancement for the asset-backed securities consists of a reserve account, over collateralization, and subordination of certain classes of notes in each trust to more senior classes of notes in such trust. Over collateralization represents finance receivable principal balance in excess of the face value of asset-backed securities issued. Cash reserves are funded with proceeds from the sale of asset-backed securities and through cash collections. Asset-backed securities outstanding have interest payable monthly at the fixed rates represented in the table above. All securitizations were rated in tranches with credit ratings from AAA to BBB by Standard and Poor's Ratings Service, a Standard & Poor's Financial Services LLC business, and DBRS, Inc., with the 2013-1 & 2013-2 securitizations also rated by Kroll Bond Rating Agency, Inc. | |||||||||||||||||||||||||||||||
Individual securitization trusts are not cross-collateralized or cross-defaulted. Additionally, we have the option to purchase the remaining loans in a trust when the remaining principal balances of the loans reach 10% of their original principal balance. | |||||||||||||||||||||||||||||||
Bank term financing | |||||||||||||||||||||||||||||||
The bank term financing is secured by an underlying pool of finance receivables and a cash reserve account. The amounts outstanding bear interest at LIBOR plus 2.0%, resulting in an interest rate of 2.17% and 2.20% at December 31, 2013 and 2012, respectively. This financing includes overcollateralization and a cash reserve similar to a securitization transaction, but consists of only one class of bonds and is unrated. Finance receivables pledged as collateral were $271.8 million and $443.9 million at December 31, 2013 and 2012, respectively. At both December 31, 2013 and 2012, $6.9 million was held as a cash reserve for this facility. | |||||||||||||||||||||||||||||||
Portfolio term residual financing | |||||||||||||||||||||||||||||||
The term residual facility is secured by residual interests in our warehouse facilities and securitization trusts. The amounts outstanding under the term residual facility bear interest at LIBOR + 4.50% and LIBOR + 3.50% at December 31, 2013 and December 31, 2012, resulting in an interest rate of 4.66% and 3.70% at December 31, 2013 and December 31, 2012, respectively. This facility provides funding through December 2019, with a term-out feature resulting in a final maturity of December 2020. At December 31, 2013, we were in compliance with all financial covenants of the facility. | |||||||||||||||||||||||||||||||
The SPE related to our term residual facility entered into a demand note with DTAC, which is guaranteed by DTAG. Under specific circumstances, the lender may require DTAC to fund the demand note, with proceeds used to pay down the term residual facility if any of the following were to occur: (i) termination due to a defined Event of Termination, (ii) failure to maintain borrowing base compliance after the termination date, (iii) an Event of Termination occurs after the termination date and is continuing. | |||||||||||||||||||||||||||||||
Portfolio warehouse facilities | |||||||||||||||||||||||||||||||
The following is a summary of portfolio warehouse facilities: | |||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Amount Drawn | Facility Amount | Stated Advance Rate | Collateral(1) | Interest Rate (2) | Expiration Date | Final Maturity | |||||||||||||||||||||||||
Portfolio Warehouse Facilities: | (In thousands) | ||||||||||||||||||||||||||||||
Deutsche Bank | $ | 98,400 | $ | 150,000 | 65 | % | $ | 189,970 | 2.41 | % | Dec-14 | Dec-15 | |||||||||||||||||||
Wells Fargo | 107,000 | 150,000 | 66 | % | 178,685 | 2.42 | % | Dec-15 | Dec-17 | ||||||||||||||||||||||
RBS | 78,000 | 125,000 | 65 | % | 137,497 | 2.42 | % | Mar-14 | Mar-15 | ||||||||||||||||||||||
Total Portfolio Warehouse Facilities | $ | 283,400 | $ | 425,000 | |||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||
Amount Drawn | Facility Amount | Stated Advance Rate | Collateral(1) | Interest Rate (2) | Expiration Date | Final Maturity | |||||||||||||||||||||||||
Portfolio Warehouse Facilities: | (In thousands) | ||||||||||||||||||||||||||||||
Deutsche Bank | $ | 19,300 | $ | 150,000 | 65 | % | $ | 44,955 | 2.46 | % | Dec-14 | Dec-15 | |||||||||||||||||||
Wells Fargo | 23,000 | 150,000 | 58 | % | 43,057 | 2.46 | % | Dec-13 | Dec-15 | ||||||||||||||||||||||
RBS | 14,900 | 125,000 | 53 | % | 31,944 | 1.65 | % | Mar-13 | Mar-14 | ||||||||||||||||||||||
Total Portfolio Warehouse Facilities | $ | 57,200 | $ | 425,000 | |||||||||||||||||||||||||||
(1) Collateral represents underlying pools of finance receivables pledged to each facility. | |||||||||||||||||||||||||||||||
(2) Interest rate at period end equal to contractual benchmark plus index. | |||||||||||||||||||||||||||||||
Deutsche Bank Warehouse Facility | |||||||||||||||||||||||||||||||
We have a revolving warehouse facility with Deutsche Bank AG, New York Branch (Deutsche Bank). The amounts outstanding under the facility bear interest at LIBOR plus 2.25% as of December 31, 2013 and 2012. At December 31, 2013, we were in compliance with all financial covenants of this facility. | |||||||||||||||||||||||||||||||
Wells Fargo Warehouse Facility | |||||||||||||||||||||||||||||||
We have a revolving warehouse facility with Wells Fargo Bank, N.A. (Wells Fargo). The amounts outstanding under the facility bear interest at LIBOR plus 2.25% as of December 31, 2013 and 2012. At December 31, 2013, we were in compliance with all financial covenants of this facility. | |||||||||||||||||||||||||||||||
RBS Warehouse Facility | |||||||||||||||||||||||||||||||
We have a revolving warehouse facility with The Royal Bank of Scotland PLC (RBS). The amounts outstanding under the facility bear interest at LIBOR plus 2.25% and 1.4% as of December 31, 2013 and 2012, respectively. At December 31, 2013, we were in compliance with all financial covenants of this facility. | |||||||||||||||||||||||||||||||
In March 2014, we extended the expiration date for this facility with RBS. See Note 17 — Subsequent Events for further information. | |||||||||||||||||||||||||||||||
Collateral | |||||||||||||||||||||||||||||||
The finance receivables pledged as collateral to each of the warehouse facilities is established for the benefit of the lenders, and the respective carrying amounts of the finance receivables pledged as collateral are disclosed above. These facilities contain a borrowing base which requires us to pledge finance receivables in excess of the amounts which we can borrow under the facilities. The aggregate balance of finance receivables are presented on our consolidated balance sheets included herein, and we do not separately classify those assets serving as collateral since the creditors in each of the warehouse facilities do not have the right to sell or re-pledge the collateral, except in certain cases upon an event of default. | |||||||||||||||||||||||||||||||
Warehouse Facility Structure | |||||||||||||||||||||||||||||||
These facilities do not contain mark-to-market clauses that would otherwise enable the lenders to reduce advance rates based on market conditions, limit recourse of the respective facility amounts, and limit the lenders’ ability to sell or otherwise dispose of the underlying collateral upon certain termination events. In addition, on the termination date of the facilities, (i) failure to pay amounts outstanding at termination would not immediately give rise to the lender’s right to foreclose on the applicable collateral, (ii) collections on the contracts collateralizing these facilities would be used to pay down the facility until they are paid in full, (iii) during which time we would continue to service the contracts pledged under the facility, for which we would receive an annualized service fee of up to 7.0%. | |||||||||||||||||||||||||||||||
Senior secured notes payable | |||||||||||||||||||||||||||||||
A summary of Senior Secured Notes payable follows: | |||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Senior Secured Notes Payable | $ | 253,316 | $ | 193,320 | |||||||||||||||||||||||||||
Senior Secured Notes Payable—Related Party | — | 5,000 | |||||||||||||||||||||||||||||
Total Senior Secured Notes Payable | $ | 253,316 | $ | 198,320 | |||||||||||||||||||||||||||
In June 2010, we issued $200.0 million of Senior Secured Notes due 2017 (the "Senior Secured Notes"). The notes were issued with an original issuance price of 98.85%, resulting in an effective yield of 12.875%. In May 2013 we issued an additional $50.0 million of Senior Secured Notes. These notes were additional notes allowed under the indenture executed in June 2010. The additional notes were issued with an original issuance price of 111.0% resulting in an effective "yield to first call date" of 7.67%, with interest, maturity and covenant terms identical to those of the initial offering. Interest on the Senior Secured Notes is payable semi-annually in arrears on each June 15th and December 15th of each year. | |||||||||||||||||||||||||||||||
As of December 31, 2013, we were in compliance with all financial covenants of the Senior Secured Notes. At December 31, 2013 and December 31, 2012, the Senior Secured Notes are shown net of unamortized net premium of $3.3 million and unamortized discount of $1.7 million, respectively. | |||||||||||||||||||||||||||||||
Guarantees | |||||||||||||||||||||||||||||||
The Senior Secured Notes are unconditionally guaranteed by certain of our existing and future domestic restricted subsidiaries. The guarantees rank senior in right of payment to all existing and future subordinated indebtedness of these subsidiaries and equal in right of payment with all existing and future senior indebtedness of these subsidiaries. | |||||||||||||||||||||||||||||||
Security | |||||||||||||||||||||||||||||||
The collateral for the Senior Secured Notes consists of a (i) first lien on (a) finance receivables held by the issuers, (b) equity interests held by certain of DTAC’s wholly owned subsidiaries (“Pledged SPSs”), and (c) residual property rights in finance receivables securing other financings, in each case subject to certain exceptions, and a (ii) second lien, behind one or more secured credit facilities, on inventory owned by certain guarantors. If, following a payment default under the notes, the holders of Senior Secured Notes exercise their rights under the pledge agreement with respect to the Pledged SPSs, a third-party paying agent will direct all cash flows from the Pledged SPSs to their respective defined sets of creditors, with the residual to be paid to the collateral agent for the Senior Secured Notes. Therefore, a first-priority lien on the equity interests of the Pledged SPSs is effectively a second-priority lien on the underlying collateral held by such Pledged SPSs. | |||||||||||||||||||||||||||||||
Maintenance covenants | |||||||||||||||||||||||||||||||
We are required to comply with certain maintenance covenants relating to minimum net worth and minimum collateral coverage. As of December 31, 2013, we were in compliance with such covenants. | |||||||||||||||||||||||||||||||
Other secured notes payable | |||||||||||||||||||||||||||||||
A summary of other secured notes payable follows: | |||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Balance | Max Facility Capacity | Advance Rate | Interest Rate (1) | Expiration Date | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Other Secured Notes Payable | |||||||||||||||||||||||||||||||
Revolving Inventory Facility | $ | 136,321 | $ | 140,000 | (3) | 85 | % | (2) | 3.75 | % | Nov-14 | ||||||||||||||||||||
Mortgage Note Payable | 12,231 | n/a | n/a | 5.87 | % | Mar-17 | |||||||||||||||||||||||||
Real Estate Facility | 13,412 | 25,000 | 70 | % | 4.05 | % | Oct-20 | ||||||||||||||||||||||||
Total Other Secured Notes Payable | $ | 161,964 | $ | 165,000 | |||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||
Balance | Max Facility Capacity | Advance Rate | Interest Rate (1) | Expiration Date | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Other Secured Notes Payable | |||||||||||||||||||||||||||||||
Revolving Inventory Facility | $ | 91,320 | $ | 140,000 | (3) | 85 | % | (2) | 3.75 | % | Nov-14 | ||||||||||||||||||||
Mortgage Note Payable | 12,454 | n/a | n/a | 5.87 | % | Mar-17 | |||||||||||||||||||||||||
Real Estate Facility | 11,733 | 25,000 | 70 | % | 4.21 | % | Oct-20 | ||||||||||||||||||||||||
Equipment Note Payable | 1,774 | n/a | n/a | 4.75 | % | Apr-13 | |||||||||||||||||||||||||
Total Other Secured Notes Payable | $ | 117,281 | $ | 165,000 | |||||||||||||||||||||||||||
(1) Interest rate at period end equal to contractual benchmark plus index. | |||||||||||||||||||||||||||||||
(2) Advance rate is based on qualifying vehicle cost and is secured by our entire inventory. | |||||||||||||||||||||||||||||||
(3) Inclusive of a $10.0 million seasonal increase in the months of November through January. | |||||||||||||||||||||||||||||||
Revolving inventory facility | |||||||||||||||||||||||||||||||
We have a revolving inventory line with Wells Fargo. The interest rate on the facility is based on the Daily One Month LIBOR rate plus 3.5%, and is secured by our entire vehicle inventory. At December 31, 2013, we were in compliance with all financial covenants of this facility. | |||||||||||||||||||||||||||||||
Mortgage note payable | |||||||||||||||||||||||||||||||
We have a mortgage note payable which is secured by our operations call center building in Mesa, Arizona (a commercial property). Terms of the note agreement provide for monthly principal and interest payments with a final balloon payment. At December 31, 2013, we were in compliance with all financial covenants of this loan. | |||||||||||||||||||||||||||||||
Real estate facility | |||||||||||||||||||||||||||||||
We have a seven year fully amortizing real estate facility with Wells Fargo. The amounts outstanding under the facility bear interest at LIBOR plus 4.0%, or LIBOR plus 3.5% for properties added to the facility subsequent to August 22, 2013. At December 31, 2013, the line was collateralized by eleven properties and we were in compliance with all financial covenants of this facility. | |||||||||||||||||||||||||||||||
Equipment note payable | |||||||||||||||||||||||||||||||
We had an equipment note payable, which was secured by an aircraft and bore interest at the Prime rate plus 1.5%. This note was paid off in 2013. | |||||||||||||||||||||||||||||||
Future minimum principal payments | |||||||||||||||||||||||||||||||
The following table represents the future minimum principal payments required under our debt obligations and capital leases as of December 31, 2013: | |||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Payments by Period | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Total | Less than | Year 2 | Year 3 | Year 4 | Year 5 | More than 5 | |||||||||||||||||||||||||
1 Year (3) | Years | ||||||||||||||||||||||||||||||
Securitizations & Bank Term Financing (1) | $ | 937,821 | $ | 466,934 | $ | 254,734 | $ | 144,231 | $ | 71,922 | $ | — | $ | — | |||||||||||||||||
Portfolio warehouse facilities (2) | 283,400 | 154,953 | 128,447 | — | — | — | — | ||||||||||||||||||||||||
Portfolio Term Residual Financing | 50,000 | — | — | — | — | — | 50,000 | ||||||||||||||||||||||||
Senior secured notes | 253,316 | — | — | — | 253,316 | — | — | ||||||||||||||||||||||||
Inventory facility | 136,321 | 136,321 | — | — | — | — | — | ||||||||||||||||||||||||
Real estate mortgage loan | 12,231 | 236 | 251 | 264 | 11,480 | — | — | ||||||||||||||||||||||||
Real estate facility | 13,412 | 2,406 | 2,406 | 2,406 | 2,406 | 2,406 | 1,382 | ||||||||||||||||||||||||
Capital lease obligations | 1,773 | 1,137 | 473 | 163 | — | — | — | ||||||||||||||||||||||||
Operating lease obligations | 105,920 | 23,503 | 20,965 | 16,376 | 14,498 | 11,895 | 18,683 | ||||||||||||||||||||||||
Total (4) | $ | 1,794,194 | $ | 785,490 | $ | 407,276 | $ | 163,440 | $ | 353,622 | $ | 14,301 | $ | 70,065 | |||||||||||||||||
(1) | Securitization obligations and bank term financing agreements do not have a contractual termination date. Therefore, all collections on the contracts collateralizing the securities are used to repay the asset-backed security holders based on an expected duration of the securities. | ||||||||||||||||||||||||||||||
(2) | On the termination date of the facilities, amounts outstanding at termination are not due and payable immediately. All collections on the contracts collateralizing these facilities are used to pay down the facilities until they are paid in full because these facilities contain term-out features. | ||||||||||||||||||||||||||||||
(3) | Generally and historically, we renewed or replaced facilities expiring in less than one year. | ||||||||||||||||||||||||||||||
(4) | Total contractual obligations exclude future interest payment obligations. |
Accrued_Warranty_Liability
Accrued Warranty Liability | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Service Contract Liability [Abstract] | ' | |||||||
Accrued Warranty Liability | ' | |||||||
(9) Accrued Warranty Liability | ||||||||
The accrued warranty liability represents our estimated obligations related to service contracts that were included in the bundled price of vehicle sales and is recorded as a component of payables and other accrued expenses on the accompanying consolidated balance sheets for each period presented. The following table reflects activity in the accrual for the periods indicated: | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Balance, Beginning of Period | $ | 24,420 | $ | 24,004 | ||||
Service Contract Expense | 20,013 | 23,195 | ||||||
Service Contract Claims Paid | (28,627 | ) | (22,779 | ) | ||||
Balance, End of Period | $ | 15,806 | $ | 24,420 | ||||
Deferred_Revenue
Deferred Revenue | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Revenue Recognition [Abstract] | ' | |||||||
Deferred Revenue | ' | |||||||
(10) Deferred Revenue | ||||||||
Deferred revenue represents the remaining unearned revenue balance of VSC, GAP, GPS and vehicle lease revenue. The following table sets forth information regarding the changes in Deferred Revenue: | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Deferred Balance, Beginning of Period | $ | 2,501 | $ | — | ||||
Revenue Deferred | 57,264 | 2,520 | ||||||
Revenue Recognized | (17,632 | ) | (19 | ) | ||||
Deferred Balance, End of Period | $ | 42,133 | $ | 2,501 | ||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Related Party Transactions | ' | |||||||||||
(11) Related Party Transactions | ||||||||||||
Relationship with Verde Investments, Inc. | ||||||||||||
Verde is an Arizona corporation that is wholly-owned by Mr. Garcia. Verde engages in the acquisition, development, and long-term investment in real estate and other commercial assets. Mr. Garcia is the principal stockholder, president and director of Verde. Transactions between us and Verde, as well as other related parties are described below. | ||||||||||||
During the years ended December 31, 2013, 2012 and 2011, we recorded related party operating expenses as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
General and Administrative Expenses—Related Party | ||||||||||||
Property lease expense | $ | 4,711 | $ | 4,768 | $ | 3,795 | ||||||
Restricted stock compensation expense (1) | 1,239 | 1,546 | 2,790 | |||||||||
Aircraft operating and lease expense | 4,614 | 4,198 | 3,937 | |||||||||
Salaries and wages, general & administrative and other expenses | 579 | 645 | 793 | |||||||||
Reimbursement of certain general and administrative expenses | (308 | ) | (284 | ) | (314 | ) | ||||||
Total General and Administrative Expenses—Related Party | $ | 10,835 | $ | 10,873 | $ | 11,001 | ||||||
(1) Stock compensation agreement is between Ray Fidel, CEO, and DriveTime. | ||||||||||||
Property lease expense | ||||||||||||
Included in property lease expense are costs of operating leases with Verde for certain dealership and reconditioning facilities which the Company operates and Verde owns. For the years ended December 31, 2013, 2012 and 2011, we leased an average of 13, 13 and 14 vehicle dealership facilities, respectively, three reconditioning facilities, our former loan servicing center (which is currently being subleased to third-party tenants), and our corporate office from Verde and another affiliate of Mr. Garcia (the Garcia Family Limited Liability Partnership, LLP). For the years ended December 31, 2013, 2012 and 2011, we rented one vehicle sales facility from Stephen Fidel, the brother of Mr. Fidel, our President and CEO. At December 31, 2013, the maturity of these related party leases range from 2015 to 2025. Future minimum lease payments required under related party leases are disclosed in Note 14 — Commitments and Contingencies. | ||||||||||||
During the year ended December 31, 2011, we paid $0.4 million in lease termination fees on two of our closed properties to terminate the leases with Steven Johnson, a former director of DTAC, who is also Mr. Garcia's brother-in-law. | ||||||||||||
Restricted stock compensation expense | ||||||||||||
Restricted stock compensation expense represents stock compensation expense under a restricted stock agreement between DTAG, DTAC and Mr. Fidel. See Note 13 — Shareholders’ Equity, Dividends & Stock Compensation for further information. | ||||||||||||
Aircraft operating and lease expenses | ||||||||||||
We are party to two lease agreements for aircraft with Verde under which we agreed to pay cumulative monthly lease payments of $425,000 plus taxes, and are responsible for paying all operating costs and repairs and maintenance related to the aircraft. The leases expire in August 2015 and December 2018. | ||||||||||||
Salaries and wages, general and administrative and other expenses | ||||||||||||
Certain general and administrative expenses and salaries and wages of Verde and Verde employees who are enrolled in our health plan are reflected in our general and administrative expenses—related party. | ||||||||||||
Reimbursement of general and administrative expenses | ||||||||||||
For each of the periods presented, we received reimbursement of certain general and administrative expenses incurred by us on Verde’s behalf. | ||||||||||||
Interest expense | ||||||||||||
During the years ended December 31, 2013, 2012 and 2011, we recorded related party interest expense as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Senior Secured Notes Interest Expense—Related Party | (In thousands) | |||||||||||
Senior Secured Notes Payable—Verde | $ | 365 | $ | 237 | $ | 2,460 | ||||||
Senior Secured Notes Payable—CEO | 41 | 24 | 220 | |||||||||
Total Senior Secured Notes Interest Expense—Related Party | $ | 406 | $ | 261 | $ | 2,680 | ||||||
In August 2012, Verde purchased $5.0 million of the Senior Secured Notes on the open market, at a purchase price of 111.0% to par, plus accrued interest. Subsequent to this transaction, Mr. Fidel purchased $0.5 million of the notes purchased by Verde at an identical purchase price. In August 2013, Verde sold $4.5 million of the Senior Secured Notes on the open market at a price of 110.0% to par, plus accrued interest. In August 2013, Mr. Fidel also sold $0.5 million of the Senior Secured Notes on the open market at an identical price. As a result, at December 31, 2013, none of the Senior Secured Notes were held by a related party. | ||||||||||||
During the year ended December 31, 2011, we recorded related party interest expense associated with our June 2010 issuance of $200.0 million of the Senior Secured Notes, an aggregate of $49.0 million of which were held by Verde and Mr. Fidel. In June 2011, Verde purchased Mr. Fidel's portion of Senior Secured Notes, and Verde sold the Senior Secured Notes it held on the open market. As a result, at December 31, 2011, none of the Senior Secured Notes were held by a related party and interest expense during 2011 is related to the period they held the notes. | ||||||||||||
Relationship with GO | ||||||||||||
On December 5, 2013, DTAC entered into an agreement to sell GFC Lending, LLC ("GO") to the shareholders of DTAC. Transactions between GO and us, are described below. | ||||||||||||
Sale of Carvana loans | ||||||||||||
We have an agreement with GO, wherein GO purchases certain on-line generated installment sales contracts from us each month. The installment sales contracts are sold at par value with no associated gain or loss. The amount of loans purchased from us for the month ended December 31, 2013 was $0.6 million. | ||||||||||||
Shared services | ||||||||||||
DriveTime provides certain administrative services to GO, as it builds out its business processes. For example, we provide certain payroll, benefits, accounting and certain other corporate ancillary services. These agreed upon services do not allow DriveTime the ability to direct GO's business activities, and are provided at a marketable rate. For the month ended December 31, 2013, total shared services revenues recorded were $0.4 million. | ||||||||||||
Reimbursement of general and administrative expenses | ||||||||||||
We received reimbursement of certain general and administrative expenses incurred by us on GO's behalf during the month of December 2013. | ||||||||||||
Shareholder Receivable | ||||||||||||
In December 2013 we executed notes receivable from our shareholders in the principal amount of $28.5 million, as a result of the sale of GO Financial. Interest only payments are paid monthly with principal amounts due in full in December 2018. Interest on principal amounts outstanding bear interest at LIBOR + 2.75%. For the month ended December 2013, we recorded $0.1 million in interest income related to these notes. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
(12) Income Taxes | ||||||||||||
The consolidated financial statements consist of financial and operating data of DTAG and DTAC, which are both S corporations. As DTAC and DTAG are flow-through entities for federal income tax purposes, there is no federal income tax expense related to the income of DTAC and DTAG, other than for two of DTAG’s C corporation subsidiaries, one of which is wholly owned with the other majority owned. The taxable income flows through to our shareholders, who are responsible for paying the associated taxes. | ||||||||||||
The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of its assets and liabilities recorded in jurisdictions that either do not recognize the Company's S corporation status and/or assess a tax on the Company's operations at the entity level. If determined to be necessary, the Company's policy is to record a valuation allowance against its deferred tax assets to reduce the net carrying value to an amount that management believes is more likely than not to be realized. As of December 31, 2013, we had a net deferred tax liability of $0.6 million. As of December 31, 2012, we did not have any net deferred tax assets or liabilities. | ||||||||||||
Although most states follow the federal recognition of S corporation status, some states do impose an entity level tax on that income; therefore, the tax expense is adjusted accordingly. As of December 31, 2013 and 2012, we had an income tax payable of $0.6 million and $0.2 million respectively. | ||||||||||||
A reconciliation between expected taxes computed at the federal statutory rate of 35% and the effective tax rate on income before income taxes follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Computed “Expected” Income Taxes | $ | 13,128 | $ | 21,192 | $ | 31,276 | ||||||
Non C-Corporation (Income) | (12,080 | ) | (20,644 | ) | (30,859 | ) | ||||||
Entity Level State Income Tax on S Corp. Income | 782 | 834 | 890 | |||||||||
Other, Net | (221 | ) | (188 | ) | (86 | ) | ||||||
Computed “Expected” Income Taxes | $ | 1,609 | $ | 1,194 | $ | 1,221 | ||||||
Components of income tax (benefit) expense are as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Current Expense: | ||||||||||||
Federal | $ | 581 | $ | 532 | $ | 404 | ||||||
State | 810 | 662 | 817 | |||||||||
Deferred | 218 | — | — | |||||||||
Total | $ | 1,609 | $ | 1,194 | $ | 1,221 | ||||||
DTAG and DTAC, along with a wholly-owned C-corporation subsidiary of DTAG, file a federal and various state income tax returns. For federal purposes, the 2010 to 2012 years remain subject to examination, while for state purposes, the 2009 to 2012 years remain subject to examination. We do not have any open federal or state income tax examinations. | ||||||||||||
At December 31, 2013 and December 31, 2012, the Company had no unrecognized tax benefits. The Company recognizes accrued interest and penalties, if applicable, related to unrecognized tax benefits in income tax expense. The Company had not accrued any amounts related to the payment of interest and penalties as of December 31, 2013 and December 31, 2012. We do not anticipate any material changes to our unrecognized tax benefits in the next 12 months. |
Shareholders_Equity_Dividends_
Shareholders Equity, Dividends & Stock Compensation | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Stockholders' Equity Note [Abstract] | ' | ||||
Shareholders' Equity & Dividends | ' | ||||
(13) Shareholders’ Equity, Dividends & Stock Compensation | |||||
Share Information | |||||
DTAG – par value $0.001 per share, 1,000 shares authorized, 101.8 shares issued and outstanding; DTAC – no par value, 1,000,000 shares authorized, 101.8 shares issued and outstanding. | |||||
Non-controlling Interest | |||||
DTAG and DTAC are consolidated for financial reporting purposes, therefore we are required to separately present the non-controlling equity interest of the VIE (DTAC) on the consolidated balance sheets and consolidated statements of operations for all periods presented. The non-controlling interest represents DTAC's equity and income for the periods presented and there are no third-party competing interests in DTAC. For the amounts of assets, liabilities, revenue, and income of DTAC consolidated into DTAG at December 31, 2012, see Note 20 — Supplemental Consolidating Financial Information. | |||||
Dividends | |||||
Certain of our debt facilities place restrictions on the amount of cash dividends we are permitted to pay to our shareholders. If we are in compliance with the indebtedness ratio restriction in the Senior Secured Notes, we are permitted to pay cash dividends limited to an amount not greater than the percentage of S-corporation taxable income for such quarterly period equal to the highest combined federal, state, and/or local tax rate for individuals, plus 50% of the difference between net earnings less amounts paid for tax. If we are not in compliance with the indebtedness ratio dividend restriction in the Senior Secured Notes, specifically related to our ability to pay dividends, we are only permitted to pay cash dividends limited to an amount not greater than the percentage of S corporation taxable income for such quarterly periods equal to the highest combined federal, state, and/or local tax rate for individuals. During 2013 we exceeded the indebtedness ratio, which restricted our ability to pay dividends related to net GAAP earnings in excess of amounts to pay taxes. The indebtedness ratio dividend restriction under the Senior Secured Notes is not an aspect of the financial covenants of the Senior Secured Notes, but rather a mechanism designed to place limits on the Company’s ability to pay dividends to its shareholders. | |||||
During the years ended December 31, 2013 and 2012, we paid $13.7 million and $51.2 million in dividends. We did not have any approved but unpaid dividends at December 31, 2013 or 2012. | |||||
Chief Executive Officer Restricted Stock Grant | |||||
On December 28, 2010, Mr. Fidel entered into a Restricted Stock Agreement with each of DTAG and DTAC, pursuant to which he was issued an award of 2.8595 shares of restricted stock in each of DTAG and DTAC, subject to certain vesting restrictions. Mr. Fidel made an election under Section 83(b) of the United States Internal Revenue Code of 1986, as amended, to be taxed on the fair market value of the entire restricted stock grant as of the award date. In connection therewith, the fair market value of shares sufficient to satisfy Mr. Fidel's federal and state income tax obligations with respect to the entire award was deemed to be vested in full as of the award date. However, only those shares of a value equal to the minimum statutory federal and state withholding due from Mr. Fidel on the grant were repurchased by DTAG and DTAC, and the proceeds from such repurchases were delivered to the relevant tax authorities. The remaining unvested shares of restricted stock vested one-third each year over a period of three years based on Mr. Fidel's continued employment and on the achievement of certain income before income tax targets for the consolidated results of DTAG, measured for the preceding twelve months as of June 30, 2011, 2012 and 2013. For income tax purposes, Mr. Fidel was deemed to own 2.8595 shares at the grant date, and immediately thereafter the Company repurchased 1.0899 shares resulting in Mr. Fidel owning 1.7696 shares in each of DTAG and DTAC as of December 31, 2011, 2012, and 2013. All shares have vested. In connection with the execution of the Restricted Stock Agreement, Mr. Fidel also entered into a Shareholders' Agreement with our principal shareholder and DTAG and DTAC, which, among other things, restricts his ability to transfer his shares of restricted stock and grants him certain tag-along rights in the event of a sale by our principal shareholder and certain piggy-back registration rights in connection with a public offering of our shares or any successor entity. | |||||
In December 2010, we obtained a valuation of the Company and Mr. Fidel's 2.78% ownership from a third party appraisal firm resulting in a $9.5 million grant date fair value of the award. As the terms of the Agreement do not meet the specific criteria for liability classification as set forth in ASC 718 Compensation - Stock Compensation, we determined the awards to be equity based stock compensation awards, therefore recognizing the expense over the requisite service periods based on a graded vesting. As DriveTime's Restricted Stock Agreement requires the achievement of a service and a performance condition, the Company only recognized compensation expense for those periods where the service was rendered and the performance condition was met. In addition, as the number of shares and purchase price were known by Mr. Fidel at the time of grant, compensation cost was fixed and measured as of the grant date. | |||||
As a result of this transaction, we recorded $3.9 million in share-based compensation expense in 2010 for the 1.1721 shares which vested on December 31, 2010. The remaining 59.0% of the shares vested over the following 36 months based on various vesting periods as set forth in the Agreement and were recognized as compensation expense over the requisite service periods based on a graded vesting. The vesting was dependent upon achieving a predetermined performance ratio. The following is a summary of the vesting schedule: | |||||
Period 1 | Period 2 | Period 3 | |||
(1/1/11 - 6/30/11) | (7/1/11-6/30/12) | (7/1/12-12/31/13) | |||
6 Months | 12 Months | 18 Months | |||
19.67% | 19.67% | 19.67% | |||
For the years-ended December 31, 2013, 2012 and 2011, we recorded $1.2 million, $1.5 million and $2.8 million, respectively in share-based compensation expense for the shares which vested in association with the restricted stock agreements. The non-cash share-based compensation of $1.2 million, $1.5 million and $2.8 million was credited to Paid-in-Capital for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||
Intercompany Transfer of Loans | |||||
DriveTime Car Sales Company, LLC ("DTCS"), a wholly-owned subsidiary of DTAG, has a contractual commitment to sell all loans it originates at its dealerships to DTAC. Under ASC 805-50 “Business Combinations,” these transfers of loans from DTCS to DTAC are accounted for as a sale (and not a secured financing), at carryover basis since DTCS and DTAC are entities under common control. Therefore, the difference between book value and purchase price is accounted for as a debit to retained earnings on DTAG and credit to retained earnings on DTAC. These amounts are shown as “Intercompany Transfers of Loans” on the accompanying consolidated statements of shareholders’ equity for each period presented. | |||||
Other Equity Transactions | |||||
In 2013 we acquired a controlling interest in Inilex. Prior to the acquisition, we determined Inilex to be a VIE for financial reporting purposes, though we did not previously consolidate the VIE as it was not material. However, with the acquisition we recorded a $3.3 million adjustment to the beginning retained earnings related to the prior period effects of the non-consolidated VIE. We also recorded a $0.4 million adjustment to beginning retained earnings related to a deferred income tax adjustment. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Commitments and Contingencies | ' | |||||||||||
(14) Commitments and Contingencies | ||||||||||||
Lease commitments | ||||||||||||
We lease used car sales facilities, reconditioning centers, our corporate office, aircraft, and certain other office/computer equipment from unrelated and related entities under various operating leases that expire through January 2025. The leases provide for periodic rent increases and many contain escalation clauses and various renewal options from one to ten years. In certain instances, we are also responsible for occupancy and maintenance costs, including real estate taxes, insurance, and utility costs. We recognize rent expense on a straight-line basis over the length of the lease term. Rent expense totaled $19.7 million, $17.5 million, and $16.6 million for the years ended December 31, 2013, 2012, and 2011, respectively, and is included in general and administrative expenses on the accompanying consolidated statements of operations. | ||||||||||||
A summary of future minimum lease payments required under non-cancelable operating leases with remaining lease terms in excess of one year as of December 31, 2013 follows: | ||||||||||||
Related | Non-Related | Total | ||||||||||
Party | Party | |||||||||||
(In thousands) | ||||||||||||
Year 1 | $ | 11,108 | $ | 12,395 | $ | 23,503 | ||||||
Year 2 | 10,635 | 10,330 | 20,965 | |||||||||
Year 3 | 9,285 | 7,091 | 16,376 | |||||||||
Year 4 | 9,437 | 5,061 | 14,498 | |||||||||
Year 5 | 9,147 | 2,748 | 11,895 | |||||||||
Thereafter | 17,426 | 1,257 | 18,683 | |||||||||
Total | $ | 67,038 | $ | 38,882 | $ | 105,920 | ||||||
Legal matters | ||||||||||||
We are involved in various claims and actions arising in the ordinary course of business. In the opinion of management, based on consultation with legal counsel, the ultimate disposition of these matters will not have a material adverse effect on us. We believe appropriate accruals have been made for the disposition of these matters. In accordance with ASC 450, Contingencies, we establish an accrual for a liability when it is both probable that the liability has been incurred and the amount of the loss can be reasonably estimated. These accruals are reviewed monthly and adjusted to reflect the impact of negotiations, settlements and payments, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Legal expenses related to defense, negotiations, settlements, rulings, and advice of outside legal counsel are expensed as incurred. At December 31, 2013, we do not have any material accruals for legal contingencies. | ||||||||||||
In August 2008, we received a Civil Investigative Demand from the Texas Office of Attorney General, Consumer Protection Division, asking for the production of certain materials. The demand indicates it is the subject of an investigation of possible violations of the Deceptive Trade Practices Act, Sections 17.46(a) and (b) in the marketing, advertising, financing, and selling of used vehicles. We provided the Texas Office of Attorney General with all requested information in August 2008. At that time, we met with the state’s Attorney General’s Office to provide them with an overview of the Company and discuss the requested materials. In addition, the Attorney General’s Office indicated that they would review the materials we provided to them and if there were any concerns they would contact us to meet, discuss and resolve the concerns. The Texas Attorney General has requested additional information and documentation from time to time, most recently in February 2010 when it requested clarifying information limited to vehicle inspections, after sale repairs, warranty, loan servicing, and consumer concerns. We believe the request is routine in nature and we have responded accordingly. We believe we are in compliance with all applicable state laws and regulations and we intend to continue to cooperate with state officials, and we will continue to fully cooperate with the state’s Attorney General’s Office in responding to the demand and any follow up discussions with them. We believe we do not have loss contingencies related to this matter. | ||||||||||||
On April 12, 2012, the Consumer Financial Protection Bureau (the “CFPB”) delivered a Civil Investigative Demand to DTAG requesting DTAG produce certain documents and information and answer questions relating to certain components of the business of DTAG and its affiliates. The CFPB did not allege a violation of any law. We have continued to work closely with the CFPB to provide details and clarity related to their original request. Our counsel had a Jan 29, 2014 Notice of Response and Advice call with the CFPB, to which we responded on February 20, 2014. We have not had any contact with them since that time. See "—Item 1A. Risk Factors" for additional information on the CFPB investigation. | ||||||||||||
Additionally, in the ordinary course of business, we are a defendant in various other types of legal proceedings. Although we cannot determine at this time the amount of the ultimate exposure from these lawsuits, if any, based on the advice of counsel management does not expect the final outcome to have a material adverse effect on us. |
Retirement_Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Retirement Plan | ' |
(15) Retirement Plan | |
The Company sponsors a qualified 401(k) retirement plan (defined contribution plan) for its employees. The plan, as amended, covers substantially all employees having no less than 60 days of service, who have attained the age of 18, and work at least 1000 hours per year. Participants may voluntarily contribute to the plan up to the maximum limits established by Internal Revenue Service regulations. In 2013, 2012, and 2011, we provided matching contributions of cash in the amount of 40%, up to the first 6% of each employee’s deferrals. Compensation expense related to this plan totaled $0.9 million, $0.8 million, and $0.8 million for the years ended December 31, 2013, 2012, and 2011, respectively. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Financial Instruments, Owned, at Fair Value [Abstract] | ' | |||||||||||||||
Fair Value Of Financial Instruments | ' | |||||||||||||||
(16) Fair Value of Financial Instruments | ||||||||||||||||
Fair values of financial instruments are based on estimates using quoted market prices, discounted cash flows, or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and the estimated timing and amount of future cash flows. Therefore, the estimates of fair value may differ substantially from amounts that ultimately may be realized or paid at settlement or maturity of the financial instruments and those differences may be material. Accordingly, the aggregate fair value amounts presented do not represent our underlying institutional value. | ||||||||||||||||
When assessing the inputs used in calculating the fair value of our financial instruments, we use a three tier hierarchy. This hierarchy indicates to what extent the inputs used in our calculations are observable in the market. The different levels of the hierarchy are defined as follows: | ||||||||||||||||
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities | ||||||||||||||||
Level 2: Other than quoted prices that are observable in the market for the asset or liability, either directly or indirectly. | ||||||||||||||||
Level 3: Inputs are unobservable and reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. | ||||||||||||||||
Limitations | ||||||||||||||||
Fair value of financial instruments are based on relevant market information and information about the financial instrument; they are subjective in nature and involve uncertainties, matters of judgment and, therefore, cannot be determined with ultimate precision. These estimates do not reflect any premium or discount that could result from offering for sale at one time our entire holdings of a particular instrument. Changes in assumptions could significantly affect these estimates. Because the fair value is estimated as of each balance sheet date presented, the amounts that will actually be realized or paid in settlement of the instruments could be significantly different. | ||||||||||||||||
The following is a summary of carrying value presented within the balance sheet and fair value of our financial instruments for each period presented: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Fair Value | ||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Finance Receivables, net (1) | $ | 1,598,010 | $ | — | $ | — | $ | 1,692,247 | ||||||||
Shareholder Notes Receivable | 28,542 | — | 28,542 | — | ||||||||||||
Liabilities | ||||||||||||||||
Securitization Debt | 713,953 | 729,395 | — | — | ||||||||||||
Portfolio Term Residual Financing | 50,000 | — | 47,462 | — | ||||||||||||
Bank Term Financings | 223,868 | — | 223,868 | — | ||||||||||||
Portfolio Warehouse Facilities | 283,400 | — | 283,400 | — | ||||||||||||
Senior Secured Notes Payable | 253,316 | 279,914 | — | — | ||||||||||||
Revolving Inventory Facility | 136,321 | — | 136,729 | — | ||||||||||||
Mortgage Note Payable | 12,231 | — | 12,808 | — | ||||||||||||
Real Estate Facility | 13,412 | — | 13,700 | — | ||||||||||||
December 31, 2012 | ||||||||||||||||
Fair Value | ||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Finance Receivables, net (1) | $ | 1,370,800 | $ | — | $ | — | $ | 1,441,026 | ||||||||
Liabilities | ||||||||||||||||
Securitization Debt | 677,118 | 702,031 | — | — | ||||||||||||
Portfolio Term Residual Financing | 25,000 | — | 25,000 | — | ||||||||||||
Bank Term Financings | 347,360 | — | 347,360 | — | ||||||||||||
Portfolio Warehouse Facilities | 57,200 | — | 57,200 | — | ||||||||||||
Senior Secured Notes Payable | 198,320 | 220,135 | — | — | ||||||||||||
Revolving Inventory Facility | 91,320 | — | 91,600 | — | ||||||||||||
Mortgage Note Payable | 12,454 | — | 11,200 | — | ||||||||||||
Real Estate Facility | 11,733 | — | 11,700 | — | ||||||||||||
(1) | Represents finance receivable principal balances, plus accrued interest, less the allowance for credit losses. | |||||||||||||||
Valuation methodologies | ||||||||||||||||
Finance receivables | ||||||||||||||||
The fair value of finance receivables is estimated by discounting future cash flows expected to be collected using current rates at which similar loans would be made to borrowers with similar credit ratings and the same remaining maturities. This discounted cash flow is estimated utilizing an internal valuation model, which uses a combination of market inputs (i.e. discount rates for similar and like transactions) and our own assumptions regarding credit losses, recoveries, and prepayment rates in our portfolio. We estimate the cash flow of the portfolio and the cash flow of our retained interests in securitization and bank term transactions in measuring total cash flow. These cash flows are developed on a leveraged basis since our finance receivable portfolio is financed by these debt instruments and are not separable transactions. | ||||||||||||||||
Shareholder Notes Receivable | ||||||||||||||||
At December 31, 2013 the fair value of shareholder notes approximates the carrying value as the notes were recently executed at a market rate provided by a third party. | ||||||||||||||||
Securitization debt | ||||||||||||||||
At December 31, 2013 and 2012, the fair value of securitization debt was determined using a third-party quoted market price. | ||||||||||||||||
Portfolio term residual financing | ||||||||||||||||
At December 31, 2013, the fair value of the portfolio term residual facility was estimated by discounting future expected cash flow flows over the life of the facility, using market rates for similar facilities. At December 31, 2012, the fair value was determined to approximate carrying value as the facility was amended December 2012. | ||||||||||||||||
Bank term financing | ||||||||||||||||
At December 31, 2013, the fair value of the bank term facility was determined to approximate fair value based upon our knowledge of the securitization market. At December 31, 2012 the bank term facility was determined to approximate fair value as the facility was recently executed with Wells Fargo in November 2012. | ||||||||||||||||
Portfolio warehouse facilities | ||||||||||||||||
The portfolio warehouse facilities are short term in nature and the interest rates adjust in conjunction with the 30-day LIBOR. The Deutsche Bank Warehouse Facility was renewed in December 2012. The Royal Bank of Scotland Warehouse Facility was renewed in March 2013. The Wells Fargo Warehouse Facility was renewed in December 2013. As these facilities were recently renewed and contain a floating market rate of interest, we believe the fair value of these facilities approximate carrying value at December 31, 2013 and 2012. | ||||||||||||||||
Senior secured notes payable | ||||||||||||||||
The fair value of senior secured notes payable at December 31, 2013 and 2012 was determined using a third-party quoted market price. | ||||||||||||||||
Revolving inventory facility | ||||||||||||||||
At December 31, 2013, the fair value of the inventory facility was estimated by discounting future cash flows expected to be paid over the life of the facility, using market rates for similar facilities. At December 31, 2012, the fair value of the inventory facility was determined using a third party discounted cash flow using market interest rates for similar facilities. | ||||||||||||||||
Mortgage note payable | ||||||||||||||||
At December 31, 2013 and 2012, the fair value of this note was determined using third-party market prices for similar commercial real estate mortgages. | ||||||||||||||||
Real estate facility | ||||||||||||||||
At December 31, 2013 and 2012, the fair value of the real estate facility was determined using third-party market prices for similar real estate collateralized facilities. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
(17) Subsequent Events | |
We have evaluated subsequent events for potential recognition and/or disclosure through March 24, 2014, the date the financial statements were available for issuance. | |
Accordingly, the following disclosures apply: | |
In January 2014 we completed our 2014-1 securitization, issuing $267.8 million of asset-backed securities with a original duration weighted average coupon of 2.57%. The securities were rated in tranches with credit ratings from AAA to BBB by Standard and Poor's Ratings Service, DBRS, Inc. and Kroll Bond Rating Agency. | |
In March 2014 the Board of Directors for DTAG and DTAC approved a restricted stock award to Mr. Fidel our Chief Executive Officer. The restricted stock agreement provides for the issuance of a certain number of shares to Mr. Fidel in each of DTAG and DTAC, subject to certain time based and performance based vesting restrictions. The issued shares will result in recognition of stock compensation expense in 2014 and future years relating to the vesting arrangement. | |
In March 2014 the Board of Directors for DTAG and DTAC approved an updated Executive Compensation Plan, which updates the existing bonus plan and includes new profit sharing agreements. | |
In March 2014 the Board of Directors approved a dividend of up to $5.0 million to pay taxes related to fourth quarter 2013 taxable income. | |
In March 2014 we extended the expiration date of the RBS warehouse facility to June 2014. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
(18) Recent Accounting Pronouncements | |
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other accounting standards setting bodies, which we may adopt as of the specified date required by each standard. We believe the impact of recently issued standards not yet effective will not have a material impact on our consolidated financial statements upon adoption. However, the FASB continues to work on several projects, which will lead to new standards, which may have a material impact in future periods. | |
In 2014 the FASB is expected to release a new revenue recognition standard, to become effective in 2017, which will eliminate industry-specific revenue accounting, and will establish a single set of guidelines for revenue recognition across all industries. The proposed standard provides new guidance on identifying separate performance obligations in a contract, determining and allocating transaction price, and determining when a performance obligation is satisfied. Included within the exposure draft is a requirement to consider the time value of money when addressing contracts with a significant financing component. We will assess the impact of the new pronouncement when released. We believe the proposed new guidance may have a material effect on our future consolidated financial statements, but cannot determine the extent of the impact at this time. | |
In 2013 the FASB released a new lease accounting proposal which would eliminate the current operating and capital lease classifications and would require an asset or liability to be recorded for most leases longer than one year, similar to the current accounting treatment for capital leases. Additionally, the new guidance may change the way a lease is recorded on the income statement. We will assess the impact of the new pronouncement when released, but believe the new guidance may have a material effect on our future consolidated financial statements by grossing up our assets and liabilities for leases that are currently treated as operating leases. | |
The FASB also continues working on a financial instruments project, to address the classification and measurement of financial instruments. The FASB continues to deliberate the proposed measures of this project, but are expected to issue the final standard for impairment in 2014. We will assess the impact of the new pronouncement when released, to determine whether such pronouncement may have a material effect on our future consolidated financial statements, as this pronouncement may have an impact on our allowance for credit losses. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Discontinued Operations | ' | |||||||||||
(19) Discontinued Operations | ||||||||||||
On December 5, 2013, DTAC and GO entered into an agreement to sell GO to the shareholders of DTAC. In consideration for the sale of GO, DTAC received aggregate cash proceeds of $85.1 million and notes from the shareholders in the principal amount of $28.5 million. The sales price for GO was equal to the value of GO's net assets. We engaged a third party to assess the agreed upon price and to issue a fairness opinion on the transaction, to ensure net assets were sold at fair value. As a result, no gain or loss was recorded as part of the transaction. During a transition period, DriveTime will provide certain agreed upon services to GO as they build out their business processes. These agreed upon services do not allow DriveTime the ability to direct GO's business activities. These services will be provided at a marketable rate and would not be considered significant under ASC 205. | ||||||||||||
We have determined that GO is a variable interest entity ("VIE"), but that neither DTAG or DTAC are the primary beneficiary as we do not have the power to direct the most significant economic activities of GO, nor do we have the obligation to absorb losses or the right to receive benefits from GO's operations. Therefore, consolidation of GO is not required. Through the sale of GO we have eliminated our indirect lending operations. We will not have a significant continuing involvement in GO's operations. As such, the sale of GO qualifies for and is presented as a discontinued operation based on the guidance provided in ASC 205-20-55-3. | ||||||||||||
GO's operations for the years ending December 31, 2013, 2012 & 2011 were reclassified out of operations and presented as a separate line on the consolidated statements of operations. Further, the carrying amounts of the assets and liabilities disposed are presented separately for the year ended December 31, 2012 on the consolidated balance sheet. | ||||||||||||
A summary of other the revenue and pretax profit reported in discontinued operations follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Total Revenue | $ | 16,752 | $ | 2,977 | $ | — | ||||||
Net Loss Before Income Taxes | (1,956 | ) | (1,869 | ) | (789 | ) | ||||||
A summary of the major classes of assets and liabilities disposed of as part of the sale of GO follows: | ||||||||||||
30-Nov-13 | 31-Dec-12 | |||||||||||
Assets: | (In thousands) | |||||||||||
Cash and Cash Equivalents | $ | — | $ | 2 | ||||||||
Total Finance Receivables, Net | 2,171 | — | ||||||||||
Total Dealer Loans Receivables | 112,028 | 40,956 | ||||||||||
Property, Plant and Equipment | 1,738 | 1,256 | ||||||||||
Total Other Assets | 348 | 189 | ||||||||||
Total Assets: | $ | 116,285 | $ | 42,403 | ||||||||
Liabilities: | ||||||||||||
Accounts Payable | $ | 7 | $ | 4 | ||||||||
Accrued Expenses and Other Liabilities | 2,348 | 594 | ||||||||||
Deferred Revenue | 317 | 101 | ||||||||||
Total Liabilities: | $ | 2,672 | $ | 699 | ||||||||
Supplemental_Consolidating_Fin
Supplemental Consolidating Financial Information | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Consolidating Financial Information | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(20) Supplemental Consolidating Financial Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||
In accordance with the indenture governing our 12.625% Senior Secured Notes due 2017 (see Note 8 — Debt Obligations), certain wholly-owned subsidiaries of the Company have fully and unconditionally guaranteed the Senior Secured Notes on a joint and several basis. Pursuant to Regulation S-X, Rule 3-10(f), we are required to present condensed consolidating financial information for subsidiaries that have guaranteed the debt of a registrant issued in a public offering, where the guarantee is full and unconditional, joint and several, and where the voting interest of the subsidiary is 100% owned by the registrant. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
The following tables present condensed consolidating balance sheets as of December 31, 2013 and 2012; and condensed consolidating statements of operations for the years ended December 31, 2013, 2012, and 2011; and condensed consolidated statements of cash flows for the years ended December 31, 2013, 2012, and 2011 for (i) DTAG and DTAC, the co-issuers of the Senior Secured Notes, (ii) the separate DTAG and DTAC guarantor subsidiaries on a combined basis, (iii) the separate DTAG and DTAC non-guarantor subsidiaries on a combined basis, (iv) elimination adjustments, and (v) total consolidated amounts. Separate financial statements and other disclosures concerning the Guarantor Subsidiaries are not presented because management believes that such information is not material to the senior note holders. Consolidating adjustments include elimination of investment in subsidiaries, elimination of intercompany accounts; elimination of intercompany sales between guarantor and non-guarantor subsidiaries; and elimination of equity in earnings (losses) of subsidiaries. The condensed consolidating financial information should be read in conjunction with the consolidated financial statements herein. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in the column for DTAG Guarantor Subsidiaries Combined are DriveTime Sales and Finance Company, LLC and DriveTime Car Sales Company, LLC, DriveTime Ohio Company, LLC, Driver's Seat, LLC and Carvana, LLC. Included in the column for DTAC Guarantor Subsidiaries Combined are DT Credit Company, LLC, DT Jet Leasing, LLC and GFC Lending, LLC, presented as discontinued operations. Included in the column for DTAG Non-Guarantor Subsidiaries Combined are all other subsidiaries that are wholly-owned by DTAG and our 51% interest in Inilex. Included in the column for DTAC Non-Guarantor Subsidiaries Combined are all SPEs, which are VIEs and for which DTAC is the primary beneficiary. The column for the Issuers includes the accounts for DTAG and DTAC as issuers and as parent company for each of its respective subsidiaries. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated amounts may be immaterially different compared to the consolidated financial statements due to rounding. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | |||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Subsidiaries | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined | and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 5,589 | $ | 15,477 | $ | 5 | $ | — | $ | 21,071 | $ | 5 | $ | 588 | $ | 9,090 | $ | — | $ | 9,683 | $ | — | $ | 30,754 | |||||||||||||||||||||||||||||
Restricted Cash and Investments Held in Trust | — | — | — | — | — | 12,375 | 102,493 | — | — | 114,868 | — | 114,868 | |||||||||||||||||||||||||||||||||||||||||
Finance Receivables | — | — | — | — | — | — | — | 1,938,931 | — | 1,938,931 | — | 1,938,931 | |||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | — | — | — | — | — | — | — | (299,516 | ) | — | (299,516 | ) | — | (299,516 | ) | ||||||||||||||||||||||||||||||||||||||
Finance Receivables, net | — | — | — | — | — | — | — | 1,639,415 | — | 1,639,415 | — | 1,639,415 | |||||||||||||||||||||||||||||||||||||||||
Inventory | 320,406 | — | — | (839 | ) | 319,567 | — | — | — | — | — | — | 319,567 | ||||||||||||||||||||||||||||||||||||||||
Property and Equipment, net | 82,232 | 449 | — | — | 82,681 | 3,848 | 14,806 | 2,325 | — | 20,979 | — | 103,660 | |||||||||||||||||||||||||||||||||||||||||
Lease Fleet Vehicles | 31,161 | — | — | — | 31,161 | — | — | — | — | — | — | 31,161 | |||||||||||||||||||||||||||||||||||||||||
Investments in Subsidiaries | — | — | 259,162 | (259,162 | ) | — | — | — | 418,091 | (418,091 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other Assets | 2,099,928 | 22,221 | 571,097 | (696,457 | ) | 1,996,789 | 1,182,734 | 1,779,757 | 1,955,012 | (2,956,837 | ) | 1,960,666 | (3,899,368 | ) | 58,087 | ||||||||||||||||||||||||||||||||||||||
Shareholder Note Receivable | — | — | — | — | — | — | — | 28,542 | — | 28,542 | — | 28,542 | |||||||||||||||||||||||||||||||||||||||||
Assets of Discontinued Operation | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 2,539,316 | $ | 38,147 | $ | 830,264 | $ | (956,458 | ) | $ | 2,451,269 | $ | 1,198,962 | $ | 1,897,644 | $ | 4,052,475 | $ | (3,374,928 | ) | $ | 3,774,153 | $ | (3,899,368 | ) | $ | 2,326,054 | ||||||||||||||||||||||||||
LIABILITIES & SHAREHOLDERS' EQUITY: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Other Accrued Expenses | $ | 2,125,853 | $ | 2,067 | $ | 599,332 | $ | (696,323 | ) | $ | 2,030,929 | $ | 1,388,300 | $ | 6,763 | $ | 3,539,609 | $ | (2,956,837 | ) | $ | 1,977,835 | $ | (3,899,368 | ) | $ | 109,396 | ||||||||||||||||||||||||||
Deferred Revenue | 42,101 | 32 | — | — | 42,133 | — | — | — | — | — | — | 42,133 | |||||||||||||||||||||||||||||||||||||||||
Portfolio Term Financings | — | — | — | — | — | — | 987,821 | — | — | 987,821 | — | 987,821 | |||||||||||||||||||||||||||||||||||||||||
Portfolio Warehouse Facilities | — | — | — | — | — | — | 283,400 | — | — | 283,400 | — | 283,400 | |||||||||||||||||||||||||||||||||||||||||
Senior Secured Notes Payable | — | — | 126,658 | — | 126,658 | — | — | 126,658 | — | 126,658 | — | 253,316 | |||||||||||||||||||||||||||||||||||||||||
Other Secured Financing | 136,321 | 13,412 | — | — | 149,733 | — | 12,231 | — | — | 12,231 | — | 161,964 | |||||||||||||||||||||||||||||||||||||||||
Liabilities of Discontinued Operation | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 2,304,275 | 15,511 | 725,990 | (696,323 | ) | 2,349,453 | 1,388,300 | 1,290,215 | 3,666,267 | (2,956,837 | ) | 3,387,945 | (3,899,368 | ) | 1,838,030 | ||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest - Inilex | — | 2,698 | — | (3,297 | ) | (599 | ) | — | — | — | — | — | 336 | (263 | ) | ||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | 235,041 | 19,938 | 104,274 | (256,838 | ) | 102,415 | (189,338 | ) | 607,429 | 386,208 | (418,091 | ) | 386,208 | (336 | ) | 488,287 | |||||||||||||||||||||||||||||||||||||
Total Equity | 235,041 | 22,636 | 104,274 | (260,135 | ) | 101,816 | (189,338 | ) | 607,429 | 386,208 | (418,091 | ) | 386,208 | — | 488,024 | ||||||||||||||||||||||||||||||||||||||
Total Liabilities & Shareholders’ Equity | $ | 2,539,316 | $ | 38,147 | $ | 830,264 | $ | (956,458 | ) | $ | 2,451,269 | $ | 1,198,962 | $ | 1,897,644 | $ | 4,052,475 | $ | (3,374,928 | ) | $ | 3,774,153 | $ | (3,899,368 | ) | $ | 2,326,054 | ||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | |||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Subsidiaries | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined | and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 6,937 | $ | 482 | $ | 5 | $ | — | $ | 7,424 | $ | 7 | $ | 423 | $ | 18,624 | $ | — | $ | 19,054 | $ | — | $ | 26,478 | |||||||||||||||||||||||||||||
Restricted Cash and Investments Held in Trust | — | — | — | — | — | 16,163 | 90,909 | — | — | 107,072 | — | 107,072 | |||||||||||||||||||||||||||||||||||||||||
Finance Receivables | — | — | — | — | — | — | 4,435 | 1,657,227 | — | 1,661,662 | — | 1,661,662 | |||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | — | — | — | — | — | — | — | (252,590 | ) | — | (252,590 | ) | — | (252,590 | ) | ||||||||||||||||||||||||||||||||||||||
Finance Receivables, net | — | — | — | — | — | — | 4,435 | 1,404,637 | — | 1,409,072 | — | 1,409,072 | |||||||||||||||||||||||||||||||||||||||||
Inventory | 270,733 | — | — | — | 270,733 | — | — | — | — | — | — | 270,733 | |||||||||||||||||||||||||||||||||||||||||
Property and Equipment, net | 70,668 | — | — | — | 70,668 | 4,551 | 15,216 | 2,706 | — | 22,473 | — | 93,141 | |||||||||||||||||||||||||||||||||||||||||
Investments in Subsidiaries | — | — | 473,828 | (473,828 | ) | — | — | — | 348,577 | (348,577 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other Assets | 1,226,409 | 26,480 | 383,689 | (711,814 | ) | 924,764 | 496,195 | 1,347,860 | 864,643 | (1,857,217 | ) | 851,481 | (1,736,027 | ) | 40,218 | ||||||||||||||||||||||||||||||||||||||
Assets of Discontinued Operation | — | — | — | — | — | 42,403 | — | — | — | 42,403 | — | 42,403 | |||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 1,574,747 | $ | 26,962 | $ | 857,522 | $ | (1,185,642 | ) | $ | 1,273,589 | $ | 559,319 | $ | 1,458,843 | $ | 2,639,187 | $ | (2,205,794 | ) | $ | 2,451,555 | $ | (1,736,027 | ) | $ | 1,989,117 | ||||||||||||||||||||||||||
LIABILITIES & SHAREHOLDERS’ EQUITY: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Other Accrued Expenses | $ | 1,021,718 | $ | 609 | $ | 602,314 | $ | (711,814 | ) | $ | 912,827 | $ | 520,781 | $ | 6,703 | $ | 2,228,522 | $ | (1,836,721 | ) | $ | 919,285 | $ | (1,736,027 | ) | $ | 96,085 | ||||||||||||||||||||||||||
Deferred Revenue | 2,415 | 86 | — | — | 2,501 | — | — | — | — | — | — | 2,501 | |||||||||||||||||||||||||||||||||||||||||
Portfolio Term Financings | — | — | — | — | — | — | 1,069,974 | — | (20,496 | ) | 1,049,478 | — | 1,049,478 | ||||||||||||||||||||||||||||||||||||||||
Portfolio Warehouse Facilities | — | — | — | — | — | — | 57,200 | — | — | 57,200 | — | 57,200 | |||||||||||||||||||||||||||||||||||||||||
Senior Secured Notes Payable | — | — | 99,160 | — | 99,160 | — | — | 99,160 | — | 99,160 | — | 198,320 | |||||||||||||||||||||||||||||||||||||||||
Other Secured Financing | 91,320 | 11,733 | — | — | 103,053 | 1,774 | 12,454 | — | — | 14,228 | — | 117,281 | |||||||||||||||||||||||||||||||||||||||||
Liabilities of Discontinued Operation | — | — | — | — | — | 699 | — | — | — | 699 | — | 699 | |||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 1,115,453 | 12,428 | — | 701,474 | — | (711,814 | ) | 1,117,541 | 523,254 | — | 1,146,331 | — | 2,327,682 | — | (1,857,217 | ) | 2,140,050 | (1,736,027 | ) | 1,521,564 | |||||||||||||||||||||||||||||||||
Shareholders’ Equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Equity | 459,294 | 14,534 | 156,048 | (473,828 | ) | 156,048 | 36,065 | 312,512 | 311,505 | (348,577 | ) | 311,505 | — | 467,553 | |||||||||||||||||||||||||||||||||||||||
Total Liabilities & Shareholders’ Equity | $ | 1,574,747 | $ | 26,962 | $ | 857,522 | $ | (1,185,642 | ) | $ | 1,273,589 | $ | 559,319 | $ | 1,458,843 | $ | 2,639,187 | $ | (2,205,794 | ) | $ | 2,451,555 | $ | (1,736,027 | ) | $ | 1,989,117 | ||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Eliminations | DriveTime | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Subsidiaries | Company | Automotive | |||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Combined | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales Revenue | $ | 1,055,504 | $ | — | $ | — | $ | — | $ | 1,055,504 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,055,504 | |||||||||||||||||||||||||||||
Interest Income | — | — | — | — | — | — | 307,578 | 328,368 | (308,148 | ) | 327,798 | — | 327,798 | ||||||||||||||||||||||||||||||||||||||||
Other Income | 54,051 | 16,724 | 60,824 | (8,593 | ) | 123,006 | 72,395 | — | 2,367 | (69,364 | ) | 5,398 | (110,810 | ) | 17,594 | ||||||||||||||||||||||||||||||||||||||
Equity in Income of Subsidiaries | — | — | 211,764 | (211,764 | ) | — | — | — | 212,222 | (212,222 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total Revenue | 1,109,555 | 16,724 | 272,588 | (220,357 | ) | 1,178,510 | 72,395 | 307,578 | 542,957 | (589,734 | ) | 333,196 | (110,810 | ) | 1,400,896 | ||||||||||||||||||||||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Sales | 731,075 | 7,734 | — | (7,619 | ) | 731,190 | — | — | — | — | — | — | 731,190 | ||||||||||||||||||||||||||||||||||||||||
Provision for Credit Losses | — | — | — | — | — | — | — | 308,332 | — | 308,332 | — | 308,332 | |||||||||||||||||||||||||||||||||||||||||
Portfolio Debt Interest Expense | — | — | — | — | — | — | 42,196 | — | — | 42,196 | — | 42,196 | |||||||||||||||||||||||||||||||||||||||||
Non-Portfolio Debt Interest Expense | 5,555 | 577 | 42 | — | 6,174 | 64 | 1,318 | 368,417 | (308,148 | ) | 61,651 | (65,273 | ) | 2,552 | |||||||||||||||||||||||||||||||||||||||
Senior Secured Notes Interest Expense | — | — | 15,162 | — | 15,162 | — | — | 15,163 | — | 15,163 | — | 30,325 | |||||||||||||||||||||||||||||||||||||||||
Selling and Marketing | 32,138 | — | — | — | 32,138 | — | — | — | — | — | — | 32,138 | |||||||||||||||||||||||||||||||||||||||||
General and Administrative | 115,122 | 2,921 | 6,394 | — | 124,437 | 58,988 | 61,489 | 65,793 | (69,364 | ) | 116,906 | (45,537 | ) | 195,806 | |||||||||||||||||||||||||||||||||||||||
Depreciation Expense | 21,658 | 312 | — | — | 21,970 | 1,195 | 545 | 1,322 | — | 3,062 | — | 25,032 | |||||||||||||||||||||||||||||||||||||||||
Total Costs and Expenses | 905,548 | 11,544 | 21,598 | (7,619 | ) | 931,071 | 60,247 | 105,548 | 759,027 | (377,512 | ) | 547,310 | (110,810 | ) | 1,367,571 | ||||||||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes | 204,007 | 5,180 | 250,990 | (212,738 | ) | 247,439 | 12,148 | 202,030 | (216,070 | ) | (212,222 | ) | (214,114 | ) | — | 33,325 | |||||||||||||||||||||||||||||||||||||
Income Tax Expense | — | 665 | 261 | — | 926 | — | — | 683 | — | 683 | — | 1,609 | |||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) from Continuing Operations | 204,007 | 4,515 | 250,729 | (212,738 | ) | 246,513 | 12,148 | 202,030 | (216,753 | ) | (212,222 | ) | (214,797 | ) | — | 31,716 | |||||||||||||||||||||||||||||||||||||
Loss from Discontinued Operation (net of taxes) | — | — | — | — | — | (1,956 | ) | — | — | — | (1,956 | ) | — | (1,956 | ) | ||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | 204,007 | 4,515 | 250,729 | (212,738 | ) | 246,513 | 10,192 | 202,030 | (216,753 | ) | (212,222 | ) | (216,753 | ) | — | 29,760 | |||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests - Inilex | — | 941 | — | (1,731 | ) | (790 | ) | — | — | — | — | — | 242 | (548 | ) | ||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to DriveTime Consolidated | $ | 204,007 | $ | 3,574 | $ | 250,729 | $ | (211,007 | ) | $ | 247,303 | $ | 10,192 | $ | 202,030 | $ | (216,753 | ) | $ | (212,222 | ) | $ | (216,753 | ) | $ | (242 | ) | $ | 30,308 | ||||||||||||||||||||||||
DriveTime Automotive Group, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | |||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Subsidiaries | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined | and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales Revenue | $ | 920,507 | $ | — | $ | — | $ | — | $ | 920,507 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 920,507 | |||||||||||||||||||||||||||||
Interest Income | — | — | — | — | — | — | 273,460 | 300,595 | (274,673 | ) | 299,382 | — | 299,382 | ||||||||||||||||||||||||||||||||||||||||
Other Income | 45,442 | — | 37,760 | — | 83,202 | 65,058 | — | 2,757 | (64,342 | ) | 3,473 | (85,500 | ) | 1,175 | |||||||||||||||||||||||||||||||||||||||
Equity in Income of Subsidiaries | — | — | 220,795 | (220,795 | ) | — | — | — | 180,339 | (180,339 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total Revenue | 965,949 | — | 258,555 | (220,795 | ) | 1,003,709 | 65,058 | 273,460 | 483,691 | (519,354 | ) | 302,855 | (85,500 | ) | 1,221,064 | ||||||||||||||||||||||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Sales | 607,932 | — | — | — | 607,932 | — | — | — | — | — | — | 607,932 | |||||||||||||||||||||||||||||||||||||||||
Provision for Credit Losses | — | — | — | — | — | — | — | 253,603 | — | 253,603 | — | 253,603 | |||||||||||||||||||||||||||||||||||||||||
Portfolio Debt Interest Expense | — | — | — | — | — | — | 41,978 | — | — | 41,978 | — | 41,978 | |||||||||||||||||||||||||||||||||||||||||
Non-Portfolio Debt Interest Expense | 3,273 | 403 | 58 | — | 3,734 | 93 | 1,975 | 314,904 | (274,673 | ) | 42,299 | (41,389 | ) | 4,644 | |||||||||||||||||||||||||||||||||||||||
Senior Secured Notes Interest Expense | — | — | 13,233 | — | 13,233 | — | — | 13,237 | — | 13,237 | — | 26,470 | |||||||||||||||||||||||||||||||||||||||||
Selling and Marketing | 28,012 | — | — | — | 28,012 | — | — | 3 | — | 3 | — | 28,015 | |||||||||||||||||||||||||||||||||||||||||
General and Administrative | 91,546 | (3,406 | ) | 7,369 | — | 95,509 | 54,942 | 55,762 | 78,506 | (64,342 | ) | 124,868 | (44,111 | ) | 176,266 | ||||||||||||||||||||||||||||||||||||||
Depreciation Expense | 16,910 | — | — | — | 16,910 | 1,014 | 546 | 1,270 | — | 2,830 | — | 19,740 | |||||||||||||||||||||||||||||||||||||||||
Total Costs and Expenses | 747,673 | (3,003 | ) | 20,660 | — | 765,330 | 56,049 | 100,261 | 661,523 | (339,015 | ) | 478,818 | (85,500 | ) | 1,158,648 | ||||||||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes | 218,276 | 3,003 | 237,895 | (220,795 | ) | 238,379 | 9,009 | 173,199 | (177,832 | ) | (180,339 | ) | (175,963 | ) | — | 62,416 | |||||||||||||||||||||||||||||||||||||
Income Tax Expense | — | 484 | 224 | — | 708 | — | — | 486 | — | 486 | — | 1,194 | |||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) from Continuing Operations | 218,276 | 2,519 | 237,671 | (220,795 | ) | 237,671 | 9,009 | 173,199 | (178,318 | ) | (180,339 | ) | (176,449 | ) | — | 61,222 | |||||||||||||||||||||||||||||||||||||
Loss from Discontinued Operation (net of taxes) | — | — | — | — | — | (1,869 | ) | — | — | — | (1,869 | ) | — | (1,869 | ) | ||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to DriveTime Consolidated | $ | 218,276 | $ | 2,519 | $ | 237,671 | $ | (220,795 | ) | $ | 237,671 | $ | 7,140 | $ | 173,199 | $ | (178,318 | ) | $ | (180,339 | ) | $ | (178,318 | ) | $ | — | $ | 59,353 | |||||||||||||||||||||||||
DriveTime Automotive Group, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | |||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Subsidiaries | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined | and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales Revenue | $ | 838,242 | $ | — | $ | — | $ | — | $ | 838,242 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 838,242 | |||||||||||||||||||||||||||||
Interest Income | — | — | — | — | — | — | 252,911 | 284,282 | (254,128 | ) | 283,065 | — | 283,065 | ||||||||||||||||||||||||||||||||||||||||
Other Income | 38,333 | — | 26,500 | — | 64,833 | 60,250 | — | 2,864 | (60,018 | ) | 3,096 | (67,269 | ) | 660 | |||||||||||||||||||||||||||||||||||||||
Equity in Income of Subsidiaries | — | — | 211,104 | (211,104 | ) | — | — | — | 158,642 | (158,642 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total Revenue | 876,575 | — | 237,604 | (211,104 | ) | 903,075 | 60,250 | 252,911 | 445,788 | (472,788 | ) | 286,161 | (67,269 | ) | 1,121,967 | ||||||||||||||||||||||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Sales | 544,504 | — | — | — | 544,504 | — | — | — | — | — | — | 544,504 | |||||||||||||||||||||||||||||||||||||||||
Provision for Credit Losses | — | — | — | — | — | — | — | 207,198 | — | 207,198 | — | 207,198 | |||||||||||||||||||||||||||||||||||||||||
Portfolio Debt Interest Expense | — | — | — | — | — | — | 43,373 | 102 | — | 43,475 | — | 43,475 | |||||||||||||||||||||||||||||||||||||||||
Non-Portfolio Debt Interest Expense | 2,351 | — | 54 | — | 2,405 | 109 | 1,989 | 282,978 | (254,128 | ) | 30,948 | (30,319 | ) | 3,034 | |||||||||||||||||||||||||||||||||||||||
Senior Secured Notes Interest Expense | — | — | 13,271 | — | 13,271 | — | — | 13,270 | — | 13,270 | — | 26,541 | |||||||||||||||||||||||||||||||||||||||||
Selling and Marketing | 22,790 | — | — | — | 22,790 | — | — | — | — | — | — | 22,790 | |||||||||||||||||||||||||||||||||||||||||
General and Administrative | 83,081 | (1,191 | ) | 7,543 | — | 89,433 | 56,925 | 50,009 | 68,803 | (60,018 | ) | 115,719 | (36,950 | ) | 168,202 | ||||||||||||||||||||||||||||||||||||||
Depreciation Expense | 13,532 | — | — | — | 13,532 | 714 | 613 | 1,216 | — | 2,543 | — | 16,075 | |||||||||||||||||||||||||||||||||||||||||
Total Costs and Expenses | 666,258 | (1,191 | ) | 20,868 | — | 685,935 | 57,748 | 95,984 | 573,567 | (314,146 | ) | 413,153 | (67,269 | ) | 1,031,819 | ||||||||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes | 210,317 | 1,191 | 216,736 | (211,104 | ) | 217,140 | 2,502 | 156,927 | (127,779 | ) | (158,642 | ) | (126,992 | ) | — | 90,148 | |||||||||||||||||||||||||||||||||||||
Income Tax Expense | — | 403 | (166 | ) | — | 237 | — | — | 984 | — | 984 | — | 1,221 | ||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) from Continuing Operations | 210,317 | 788 | 216,902 | (211,104 | ) | 216,903 | 2,502 | 156,927 | (128,763 | ) | (158,642 | ) | (127,976 | ) | — | 88,927 | |||||||||||||||||||||||||||||||||||||
Loss from Discontinued Operation (net of taxes) | — | — | — | — | — | — | (789 | ) | — | — | (789 | ) | — | (789 | ) | ||||||||||||||||||||||||||||||||||||||
Net Income (Loss) attributable to DriveTime Consolidated | $ | 210,317 | $ | 788 | $ | 216,902 | $ | (211,104 | ) | $ | 216,903 | $ | 2,502 | $ | 156,138 | $ | (128,763 | ) | $ | (158,642 | ) | $ | (128,765 | ) | $ | — | $ | 88,138 | |||||||||||||||||||||||||
DriveTime Automotive Group, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | |||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Subsidiaries | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined | and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income / (Loss) | $ | 204,007 | $ | 4,515 | $ | 250,729 | $ | (212,738 | ) | $ | 246,513 | $ | 10,192 | $ | 202,030 | $ | (216,753 | ) | $ | (212,222 | ) | $ | (216,753 | ) | $ | — | $ | 29,760 | |||||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interests | — | (941 | ) | — | 1,731 | 790 | — | — | — | — | — | (242 | ) | 548 | |||||||||||||||||||||||||||||||||||||||
Net Income / (Loss) Attributable to DriveTime Consolidated | 204,007 | 3,574 | 250,729 | (211,007 | ) | 247,303 | 10,192 | 202,030 | (216,753 | ) | (212,222 | ) | (216,753 | ) | (242 | ) | 30,308 | ||||||||||||||||||||||||||||||||||||
Net Loss from Discontinued Operations | — | — | — | — | — | 1,956 | — | — | — | 1,956 | — | 1,956 | |||||||||||||||||||||||||||||||||||||||||
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Credit Losses | — | — | — | — | — | — | — | 308,332 | — | 308,332 | — | 308,332 | |||||||||||||||||||||||||||||||||||||||||
Depreciation Expense | 21,658 | 312 | — | — | 21,970 | 1,195 | 545 | 1,322 | — | 3,062 | — | 25,032 | |||||||||||||||||||||||||||||||||||||||||
Amortization of Debt Issuance Costs and Debt Premium and Discount | 163 | 74 | 451 | — | 688 | — | 5,145 | 451 | — | 5,596 | — | 6,284 | |||||||||||||||||||||||||||||||||||||||||
Non-Cash Compensation Expense | — | — | 612 | — | 612 | — | — | 627 | — | 627 | — | 1,239 | |||||||||||||||||||||||||||||||||||||||||
Loss (Gain) from Disposal of Property and Equipment | (232 | ) | — | — | — | (232 | ) | 94 | — | (7 | ) | — | 87 | — | (145 | ) | |||||||||||||||||||||||||||||||||||||
Originations of Finance Receivables | — | — | — | — | — | — | — | (1,106,422 | ) | — | (1,106,422 | ) | — | (1,106,422 | ) | ||||||||||||||||||||||||||||||||||||||
Collections and Recoveries on Finance Receivable Principal Balances | — | — | — | — | — | — | 4,434 | 568,323 | — | 572,757 | — | 572,757 | |||||||||||||||||||||||||||||||||||||||||
Increase in Accrued Interest Receivable and Loan Origination Costs | — | — | — | — | — | — | — | (5,011 | ) | — | (5,011 | ) | — | (5,011 | ) | ||||||||||||||||||||||||||||||||||||||
(Increase) Decrease in Inventory | (49,673 | ) | — | — | 839 | (48,834 | ) | — | — | — | — | — | — | (48,834 | ) | ||||||||||||||||||||||||||||||||||||||
(Increase) Decrease in Other Assets | (1,301,364 | ) | 8,714 | (272,571 | ) | 194,677 | (1,370,544 | ) | (882,385 | ) | (339,927 | ) | (895,002 | ) | 1,311,843 | (805,471 | ) | 2,163,583 | (12,432 | ) | |||||||||||||||||||||||||||||||||
Increase (Decrease) in Deferred Revenue | 39,686 | (54 | ) | — | — | 39,632 | — | — | — | — | — | — | 39,632 | ||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | 1,105,113 | 1,458 | (2,982 | ) | 15,491 | 1,119,080 | 867,518 | 61 | 1,311,087 | (1,120,116 | ) | 1,058,550 | (2,163,341 | ) | 14,289 | ||||||||||||||||||||||||||||||||||||||
Net Cash Provided By (Used in) Operating Activities from Continued Operations | 19,358 | 14,078 | (23,761 | ) | — | 9,675 | (1,430 | ) | (127,712 | ) | (33,053 | ) | (20,495 | ) | (182,690 | ) | — | (173,015 | ) | ||||||||||||||||||||||||||||||||||
Net Cash Provided By Operating Activities from Discontinued Operation | — | — | — | — | — | 761 | — | — | — | 761 | — | 761 | |||||||||||||||||||||||||||||||||||||||||
Net Cash Provided By (Used in) Operating Activities | 19,358 | 14,078 | (23,761 | ) | — | 9,675 | (669 | ) | (127,712 | ) | (33,053 | ) | (20,495 | ) | (181,929 | ) | — | (172,254 | ) | ||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | DriveTime | |||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||
Combined | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Disposal of Property and Equipment | 1,520 | — | — | — | 1,520 | 177 | — | 51 | — | 228 | — | 1,748 | |||||||||||||||||||||||||||||||||||||||||
Purchase of Property and Equipment | (33,626 | ) | (762 | ) | — | — | (34,388 | ) | (761 | ) | (136 | ) | (986 | ) | — | (1,883 | ) | — | (36,271 | ) | |||||||||||||||||||||||||||||||||
Purchase of Lease Fleet | (33,022 | ) | — | — | — | (33,022 | ) | — | — | — | — | — | — | (33,022 | ) | ||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Discontinued Operation | — | — | — | — | — | — | — | 85,074 | — | 85,074 | — | 85,074 | |||||||||||||||||||||||||||||||||||||||||
Increase in Other Investments | — | — | (3,200 | ) | — | (3,200 | ) | — | — | — | — | — | — | (3,200 | ) | ||||||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities from Continuing Operations | (65,128 | ) | (762 | ) | (3,200 | ) | — | (69,090 | ) | (584 | ) | (136 | ) | 84,139 | — | 83,419 | — | 14,329 | |||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities from Discontinued Operation | — | — | — | — | — | (762 | ) | — | (73,867 | ) | — | (74,629 | ) | — | (74,629 | ) | |||||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities | (65,128 | ) | (762 | ) | (3,200 | ) | — | (69,090 | ) | (1,346 | ) | (136 | ) | 10,272 | — | 8,790 | — | (60,300 | ) | ||||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Restricted Cash | — | — | — | — | — | 3,788 | (12,030 | ) | — | — | (8,242 | ) | — | (8,242 | ) | ||||||||||||||||||||||||||||||||||||||
Deposits into Investments Held in Trust | — | — | — | — | — | — | (9,000 | ) | — | — | (9,000 | ) | — | (9,000 | ) | ||||||||||||||||||||||||||||||||||||||
Change in Investments Held in Trust and Collection Account Cash | — | — | — | — | — | — | 9,446 | — | — | 9,446 | — | 9,446 | |||||||||||||||||||||||||||||||||||||||||
Additions to Portfolio Term Financings | — | — | — | — | — | — | 543,890 | — | — | 543,890 | — | 543,890 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Portfolio Term Financings | — | — | — | — | — | — | (625,844 | ) | — | 20,495 | (605,349 | ) | — | (605,349 | ) | ||||||||||||||||||||||||||||||||||||||
Additions to Portfolio Warehouse Facilities | — | — | — | — | — | — | 1,034,300 | — | — | 1,034,300 | — | 1,034,300 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Portfolio Warehouse Facilities | — | — | — | — | — | — | (808,100 | ) | — | — | (808,100 | ) | — | (808,100 | ) | ||||||||||||||||||||||||||||||||||||||
Additions to Senior Secured Notes Payable | — | — | 27,750 | — | 27,750 | — | — | 27,750 | — | 27,750 | — | 55,500 | |||||||||||||||||||||||||||||||||||||||||
Additions to Other Secured Notes Payable | 55,000 | 3,871 | — | — | 58,871 | — | — | — | — | — | — | 58,871 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Other Secured Notes Payable | (10,000 | ) | (2,192 | ) | — | — | (12,192 | ) | (1,775 | ) | (221 | ) | — | — | (1,996 | ) | — | (14,188 | ) | ||||||||||||||||||||||||||||||||||
Payment of Debt Issuance Costs | (578 | ) | — | (789 | ) | — | (1,367 | ) | — | (4,428 | ) | (802 | ) | — | (5,230 | ) | — | (6,597 | ) | ||||||||||||||||||||||||||||||||||
Dividend Distributions | — | — | — | — | — | — | — | (13,701 | ) | — | (13,701 | ) | — | (13,701 | ) | ||||||||||||||||||||||||||||||||||||||
Net Cash Provided By Financing Activities | 44,422 | 1,679 | 26,961 | — | 73,062 | 2,013 | 128,013 | 13,247 | 20,495 | 163,768 | — | 236,830 | |||||||||||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (1,348 | ) | 14,995 | — | — | 13,647 | (2 | ) | 165 | (9,534 | ) | — | (9,371 | ) | — | 4,276 | |||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 6,937 | 482 | 5 | — | 7,424 | 7 | 423 | 18,624 | — | 19,054 | — | 26,478 | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents at End of Period | 5,589 | 15,477 | 5 | — | 21,071 | 5 | 588 | 9,090 | — | 9,683 | — | 30,754 | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents from Discontinued Operation at End of Period | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents from Continued Operations at End of Period | $ | 5,589 | $ | 15,477 | $ | 5 | $ | — | $ | 21,071 | $ | 5 | $ | 588 | $ | 9,090 | $ | — | $ | 9,683 | $ | — | $ | 30,754 | |||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | DriveTime | |||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Eliminations | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Subsidiaries | Company | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Combined | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income / (Loss) | $ | 218,276 | $ | 2,519 | $ | 237,671 | $ | (220,795 | ) | $ | 237,671 | $ | 7,140 | $ | 173,199 | $ | (178,318 | ) | $ | (180,339 | ) | $ | (178,318 | ) | $ | — | $ | 59,353 | |||||||||||||||||||||||||
Net Loss from Discontinued Operations | — | — | — | — | — | 1,869 | — | — | — | 1,869 | — | 1,869 | |||||||||||||||||||||||||||||||||||||||||
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Credit Losses | — | — | — | — | — | — | — | 253,603 | — | 253,603 | — | 253,603 | |||||||||||||||||||||||||||||||||||||||||
Depreciation Expense | 16,910 | — | — | — | 16,910 | 1,014 | 546 | 1,270 | — | 2,830 | — | 19,740 | |||||||||||||||||||||||||||||||||||||||||
Amortization of Debt Issuance Costs and Debt Premium and Discount | 115 | 39 | 608 | — | 762 | — | 6,792 | 609 | — | 7,401 | — | 8,163 | |||||||||||||||||||||||||||||||||||||||||
Non-Cash Compensation Expense | — | — | 781 | — | 781 | — | — | 765 | — | 765 | — | 1,546 | |||||||||||||||||||||||||||||||||||||||||
Loss (Gain) from Disposal of Property and Equipment | (117 | ) | — | — | — | (117 | ) | (34 | ) | — | (2 | ) | — | (36 | ) | — | (153 | ) | |||||||||||||||||||||||||||||||||||
Originations of Finance Receivables | — | — | — | — | — | — | — | (917,093 | ) | — | (917,093 | ) | — | (917,093 | ) | ||||||||||||||||||||||||||||||||||||||
Collections and Recoveries on Finance Receivable Principal Balances | — | — | — | — | — | — | (1,496 | ) | 560,588 | — | 559,092 | — | 559,092 | ||||||||||||||||||||||||||||||||||||||||
Increase in Accrued Interest Receivable and Loan Origination Costs | — | — | — | — | — | — | — | (4,252 | ) | — | (4,252 | ) | — | (4,252 | ) | ||||||||||||||||||||||||||||||||||||||
Increase in Inventory | (58,403 | ) | — | — | — | (58,403 | ) | — | — | — | — | — | — | (58,403 | ) | ||||||||||||||||||||||||||||||||||||||
(Increase) Decrease in Other Assets | (269,542 | ) | (14,358 | ) | (232,721 | ) | 208,224 | (308,397 | ) | 156,538 | (342,738 | ) | 166,308 | 145,614 | 125,722 | 179,356 | (3,319 | ) | |||||||||||||||||||||||||||||||||||
Increase in Deferred Revenue | 2,362 | 31 | — | — | 2,393 | — | — | — | — | — | — | 2,393 | |||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | 107,580 | 311 | (6,333 | ) | 12,571 | 114,129 | (127,876 | ) | 1,552 | 165,334 | 34,725 | 73,735 | (179,356 | ) | 8,508 | ||||||||||||||||||||||||||||||||||||||
Net Cash Provided By (Used in) Operating Activities from Continued Operations | 17,181 | (11,458 | ) | 6 | — | 5,729 | 38,651 | (162,145 | ) | 48,812 | — | (74,682 | ) | — | (68,953 | ) | |||||||||||||||||||||||||||||||||||||
Net Cash Provided By Operating Activities from Discontinued Operation | — | — | — | — | — | (925 | ) | — | — | — | (925 | ) | — | (925 | ) | ||||||||||||||||||||||||||||||||||||||
Net Cash Provided By (Used in) Operating Activities | 17,181 | (11,458 | ) | 6 | — | 5,729 | 37,726 | (162,145 | ) | 48,812 | — | (75,607 | ) | — | (69,878 | ) | |||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | DriveTime | |||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Eliminations | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Subsidiaries | Company | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Combined | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Disposal of Property and Equipment | 1,540 | — | — | — | 1,540 | 317 | — | 38 | — | 355 | — | 1,895 | |||||||||||||||||||||||||||||||||||||||||
Purchase of Property and Equipment | (21,333 | ) | — | — | — | (21,333 | ) | (2,111 | ) | — | (1,037 | ) | — | (3,148 | ) | — | (24,481 | ) | |||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities from Continuing Operations | (19,793 | ) | — | — | — | (19,793 | ) | (1,794 | ) | — | (999 | ) | — | (2,793 | ) | — | (22,586 | ) | |||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities from Discontinued Operation | — | — | — | — | — | (41,971 | ) | — | — | — | (41,971 | ) | — | (41,971 | ) | ||||||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities | (19,793 | ) | — | — | — | (19,793 | ) | (43,765 | ) | — | (999 | ) | — | (44,764 | ) | — | (64,557 | ) | |||||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in Restricted Cash | — | — | — | — | — | 6,354 | 9,067 | — | — | 15,421 | — | 15,421 | |||||||||||||||||||||||||||||||||||||||||
Deposits into Investments Held in Trust | — | — | — | — | — | — | (15,864 | ) | — | — | (15,864 | ) | — | (15,864 | ) | ||||||||||||||||||||||||||||||||||||||
Change in Investments Held in Trust and Collection Account Cash | — | — | — | — | — | — | (6,913 | ) | — | — | (6,913 | ) | — | (6,913 | ) | ||||||||||||||||||||||||||||||||||||||
Additions to Portfolio Term Financings | — | — | — | — | — | — | 857,246 | — | — | 857,246 | — | 857,246 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Portfolio Term Financings | — | — | — | — | — | — | (590,151 | ) | — | — | (590,151 | ) | — | (590,151 | ) | ||||||||||||||||||||||||||||||||||||||
Additions to Portfolio Warehouse Facilities | — | — | — | — | — | — | 827,300 | — | — | 827,300 | — | 827,300 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Portfolio Warehouse Facilities | — | — | — | — | — | — | (911,492 | ) | — | — | (911,492 | ) | — | (911,492 | ) | ||||||||||||||||||||||||||||||||||||||
Additions to Other Secured Notes Payable | 71,000 | 12,968 | — | — | 83,968 | — | — | — | — | — | — | 83,968 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Other Secured Notes Payable | (64,179 | ) | (1,235 | ) | — | — | (65,414 | ) | (360 | ) | (208 | ) | — | — | (568 | ) | — | (65,982 | ) | ||||||||||||||||||||||||||||||||||
Payment of Debt Issuance Costs | (141 | ) | (388 | ) | (6 | ) | — | (535 | ) | — | (6,801 | ) | (7 | ) | — | (6,808 | ) | — | (7,343 | ) | |||||||||||||||||||||||||||||||||
Dividend Distributions | — | — | — | — | — | — | — | (51,195 | ) | — | (51,195 | ) | — | (51,195 | ) | ||||||||||||||||||||||||||||||||||||||
Net Cash Provided By (Used In) Financing Activities | 6,680 | 11,345 | (6 | ) | — | 18,019 | 5,994 | 162,184 | (51,202 | ) | — | 116,976 | — | 134,995 | |||||||||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 4,068 | (113 | ) | — | — | 3,955 | (45 | ) | 39 | (3,389 | ) | — | (3,395 | ) | — | 560 | |||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 2,869 | 595 | 5 | — | 3,469 | 52 | 384 | 22,013 | — | 22,449 | — | 25,918 | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents at End of Period | 6,937 | 482 | 5 | — | 7,424 | 7 | 423 | 18,624 | — | 19,054 | — | 26,478 | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents from Discontinued Operations at End of Period | — | — | — | — | — | 2 | — | — | — | 2 | — | 2 | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents from Continued Operations at End of Period | $ | 6,937 | $ | 482 | $ | 5 | $ | — | $ | 7,424 | $ | 9 | $ | 423 | $ | 18,624 | $ | — | $ | 19,056 | $ | — | $ | 26,480 | |||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | |||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Subsidiaries | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined | and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income / (Loss) | $ | 210,317 | $ | 788 | $ | 216,902 | $ | (211,104 | ) | $ | 216,903 | $ | 2,502 | $ | 156,138 | $ | (128,763 | ) | $ | (158,642 | ) | $ | (128,765 | ) | $ | — | $ | 88,138 | |||||||||||||||||||||||||
Net Loss from Discontinued Operations | — | — | — | — | — | — | 789 | — | — | 789 | — | 789 | |||||||||||||||||||||||||||||||||||||||||
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Credit Losses | — | — | — | — | — | — | — | 207,198 | — | 207,198 | — | 207,198 | |||||||||||||||||||||||||||||||||||||||||
Depreciation Expense | 13,532 | — | — | — | 13,532 | 714 | 613 | 1,216 | — | 2,543 | — | 16,075 | |||||||||||||||||||||||||||||||||||||||||
Amortization of Debt Issuance Costs and Debt Premium and Discount | 494 | — | 562 | — | 1,056 | — | 10,262 | 562 | — | 10,824 | — | 11,880 | |||||||||||||||||||||||||||||||||||||||||
Non-Cash Compensation Expense | — | — | 1,395 | — | 1,395 | — | — | 1,394 | — | 1,394 | — | 2,789 | |||||||||||||||||||||||||||||||||||||||||
Loss (Gain) from Disposal of Property and Equipment | 86 | — | — | — | 86 | — | — | (5 | ) | — | (5 | ) | — | 81 | |||||||||||||||||||||||||||||||||||||||
Originations of Finance Receivables | — | — | — | — | — | — | 23 | (829,164 | ) | — | (829,141 | ) | — | (829,141 | ) | ||||||||||||||||||||||||||||||||||||||
Collections and Recoveries on Finance Receivable Principal Balances | — | — | — | — | — | — | (223 | ) | 540,673 | — | 540,450 | — | 540,450 | ||||||||||||||||||||||||||||||||||||||||
Increase in Accrued Interest Receivable and Loan Origination Costs | — | — | — | — | — | — | — | (1,011 | ) | — | (1,011 | ) | — | (1,011 | ) | ||||||||||||||||||||||||||||||||||||||
Increase in Inventory | (66,286 | ) | — | — | — | (66,286 | ) | — | — | — | — | — | — | (66,286 | ) | ||||||||||||||||||||||||||||||||||||||
(Increase) Decrease in Other Assets | (851,669 | ) | 2,564 | (335,292 | ) | 310,151 | (874,246 | ) | (603,676 | ) | (233,228 | ) | (763,142 | ) | 1,113,025 | (487,021 | ) | 1,358,453 | (2,814 | ) | |||||||||||||||||||||||||||||||||
Decrease in Deferred Revenue | (28 | ) | — | — | — | (28 | ) | — | — | — | — | — | — | (28 | ) | ||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | 691,667 | (3,079 | ) | 116,607 | (99,047 | ) | 706,148 | 602,492 | (14,843 | ) | 1,026,561 | (954,383 | ) | 659,827 | (1,358,453 | ) | 7,522 | ||||||||||||||||||||||||||||||||||||
Net Cash Provided By (Used in) Operating Activities from Continued Operations | (1,887 | ) | 273 | 174 | — | (1,440 | ) | 2,032 | (80,469 | ) | 55,519 | — | (22,918 | ) | — | (24,358 | ) | ||||||||||||||||||||||||||||||||||||
Net Cash Provided By Operating Activities from Discontinued Operation | — | — | — | — | — | — | (838 | ) | — | — | (838 | ) | — | (838 | ) | ||||||||||||||||||||||||||||||||||||||
Net Cash Provided By (Used in) Operating Activities | (1,887 | ) | 273 | 174 | — | (1,440 | ) | 2,032 | (81,307 | ) | 55,519 | — | (23,756 | ) | — | (25,196 | ) | ||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | |||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Subsidiaries | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined | and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Disposal of Property and Equipment | 438 | — | — | — | 438 | 62 | — | 19 | — | 81 | — | 519 | |||||||||||||||||||||||||||||||||||||||||
Purchase of Property and Equipment | (43,290 | ) | — | — | — | (43,290 | ) | (243 | ) | (164 | ) | (477 | ) | — | (884 | ) | — | (44,174 | ) | ||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities from Continuing Operations | (42,852 | ) | — | — | — | (42,852 | ) | (181 | ) | (164 | ) | (458 | ) | — | (803 | ) | — | (43,655 | ) | ||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities from Discontinued Operation | — | — | — | — | — | — | (630 | ) | — | — | (630 | ) | — | (630 | ) | ||||||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities | (42,852 | ) | — | — | — | (42,852 | ) | (181 | ) | (794 | ) | (458 | ) | — | (1,433 | ) | — | (44,285 | ) | ||||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in Restricted Cash | 5 | — | — | — | 5 | (1,740 | ) | 19,928 | — | — | 18,188 | — | 18,193 | ||||||||||||||||||||||||||||||||||||||||
Deposits into Investments Held in Trust | — | — | — | — | — | — | (13,199 | ) | — | — | (13,199 | ) | — | (13,199 | ) | ||||||||||||||||||||||||||||||||||||||
Change in Investments Held in Trust and Collection Account Cash | — | — | — | — | — | — | (22,819 | ) | — | — | (22,819 | ) | — | (22,819 | ) | ||||||||||||||||||||||||||||||||||||||
Additions to Portfolio Term Facilities | — | — | — | — | — | — | 707,947 | — | — | 707,947 | — | 707,947 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Portfolio Term Facilities | — | — | — | — | — | — | (339,110 | ) | — | — | (339,110 | ) | — | (339,110 | ) | ||||||||||||||||||||||||||||||||||||||
Additions to Portfolio Warehouse Facilities | — | — | — | — | — | — | 970,600 | — | — | 970,600 | — | 970,600 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Portfolio Warehouse Facilities | — | — | — | — | — | — | (1,232,215 | ) | — | — | (1,232,215 | ) | — | (1,232,215 | ) | ||||||||||||||||||||||||||||||||||||||
Additions to Other Secured Notes Payable | 44,500 | — | — | — | 44,500 | — | — | — | — | — | — | 44,500 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Other Secured Notes Payable | — | — | — | — | — | (344 | ) | (198 | ) | — | — | (542 | ) | — | (542 | ) | |||||||||||||||||||||||||||||||||||||
Payment of Debt Issuance Costs | (485 | ) | — | (169 | ) | — | (654 | ) | — | (8,965 | ) | (169 | ) | — | (9,134 | ) | — | (9,788 | ) | ||||||||||||||||||||||||||||||||||
Dividend Distributions | — | — | — | — | — | — | — | (51,845 | ) | — | (51,845 | ) | — | (51,845 | ) | ||||||||||||||||||||||||||||||||||||||
Net Cash Provided By (Used In) Financing Activities | 44,020 | — | (169 | ) | — | 43,851 | (2,084 | ) | 81,969 | (52,014 | ) | — | 27,871 | — | 71,722 | ||||||||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (719 | ) | 273 | 5 | — | (441 | ) | (233 | ) | (132 | ) | 3,047 | — | 2,682 | — | 2,241 | |||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 3,588 | 322 | — | — | 3,910 | 285 | 516 | 18,966 | — | 19,767 | — | 23,677 | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents at End of Period | 2,869 | 595 | 5 | — | 3,469 | 52 | 384 | 22,013 | — | 22,449 | — | 25,918 | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents from Discontinued Operation at End of Period | — | — | — | — | — | — | 12 | — | — | 12 | — | 12 | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents from Continued Operations at End of Period | $ | 2,869 | $ | 595 | $ | 5 | $ | — | $ | 3,469 | $ | 52 | $ | 396 | $ | 22,013 | $ | — | $ | 22,461 | $ | — | $ | 25,930 | |||||||||||||||||||||||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data - Unaudited | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Selected Quarterly Financial Data - Unaudited | ' | |||||||||||||||||||
(21) Selected Quarterly Financial Data—Unaudited | ||||||||||||||||||||
A summary of the quarterly data follows: | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
2013 | (In thousands) | |||||||||||||||||||
Total revenue | $ | 385,224 | $ | 360,865 | $ | 364,204 | $ | 290,603 | $ | 1,400,896 | ||||||||||
Costs and expenses | 367,061 | 339,975 | 358,818 | 301,717 | 1,367,571 | |||||||||||||||
Income before income taxes | 18,163 | 20,890 | 5,386 | (11,114 | ) | 33,325 | ||||||||||||||
Net Income/(Loss) From Continuing Operations | $ | 17,821 | $ | 20,620 | $ | 5,455 | $ | (12,180 | ) | $ | 31,716 | |||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
2012 | (In thousands) | |||||||||||||||||||
Total revenue | $ | 367,663 | $ | 301,850 | $ | 304,785 | $ | 246,766 | $ | 1,221,064 | ||||||||||
Costs and expenses | 333,825 | 271,596 | 299,344 | 253,883 | 1,158,648 | |||||||||||||||
Income before income taxes | 33,838 | 30,254 | 5,441 | (7,117 | ) | 62,416 | ||||||||||||||
Net Income/(Loss) From Continuing Operations | $ | 33,446 | $ | 29,987 | $ | 5,070 | $ | (7,281 | ) | $ | 61,222 | |||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
2011 | (In thousands) | |||||||||||||||||||
Total revenue | $ | 332,856 | $ | 275,405 | $ | 286,012 | $ | 227,694 | $ | 1,121,967 | ||||||||||
Costs and expenses (1) | 291,841 | 242,975 | 273,567 | 223,436 | 1,031,819 | |||||||||||||||
Income before income taxes | 41,015 | 32,430 | 12,445 | 4,258 | 90,148 | |||||||||||||||
Net Income/(Loss) From Continuing Operations | $ | 40,503 | $ | 32,093 | $ | 12,383 | $ | 3,948 | $ | 88,927 | ||||||||||
(1) Includes net loss on extinguishment of debt. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Cash & Cash Equivalents | ' |
We consider all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents. Periodically we maintain cash in excess of the amounts insured by the federal government. | |
Finance Receivables | ' |
Finance Receivables | |
Finance receivables consist of the aggregate principal balances of installment sales contracts ("loans"), collateralized by used vehicles sold, in our active portfolio, plus accrued interest receivable and direct loan origination costs. Finance receivables are comprised of loans related to used vehicles sold by us, all of which are simple interest loans which may be prepaid without penalty. We do not place loans on nonaccrual status, nor do we classify loans as impaired, since accounts are charged-off when the loans are contractually past due under our charge-off policy. | |
Under our charge-off policy, we charge off the entire principal balance, accrued interest and unamortized loan origination costs of receivables that are contractually 91 or more days past due at the end of a month, unless the customer has made a minimum payment that meets certain requirements to keep the account active, in which case the customer loan would not charge off until 120 days contractually past due. At time of charge-off, the accrual of interest is discontinued and any accrued but unpaid interest is reversed and written off and the principal balance is reduced to the net estimated recovery proceeds. Upon vehicle repossession, estimated recoveries are reclassified and recorded as a component of other assets in the accompanying consolidated balance sheets. | |
Allowance for Credit Losses | |
We maintain an allowance for credit losses on an aggregate basis at a level we consider sufficient to cover probable credit losses inherent in our portfolio of receivables as of each reporting date. We accrue for estimated losses when it is probable that the amount will not be fully collectible and the amount of the loss can be reasonably estimated. The allowance takes into account a loss emergent period, historical credit loss experience, including timing, frequency and severity of losses. This estimate of existing probable credit losses inherent in the portfolio is primarily based on static pool analyses by month of origination based on origination principal, credit grade mix and deal structure, including down payment and term. The evaluation of the adequacy of the allowance also considers factors and assumptions regarding the overall portfolio quality, delinquency status, the value of the underlying collateral, current economic conditions that may affect the borrowers’ ability to pay and the overall effectiveness of collection efforts. | |
The static pool loss curves by grade are adjusted for actual performance to date and historical seasonality patterns. The forecasted periodic loss rates, which drive the forecast for estimated gross losses (before recoveries) are calculated by factoring amortization speed and origination terms. Recoveries are estimated using historical unit and dollar static pool recovery activity to forecast recoveries for estimated charge-offs at the balance sheet date. The forecasted recovery rates (on a per unit basis) are based on the historical unit recovery trends by recovery type as adjusted for estimated impacts of economic and market conditions. Recovery proceeds from non-auction avenues are derived from historical data. Estimated recoveries include proceeds from selling repossessed vehicles at auction, sales tax credits, insurance proceeds, bankruptcy and deficiency collections and refunds to be applied from canceled or terminated service contracts and GAP. | |
The allowance model is sensitive to changes in assumptions such that an increase or decrease in our forecasted net charge-offs would increase or decrease the allowance as a percentage of principal outstanding required to be maintained. The amount of our allowance is sensitive to losses within credit grade, recovery values, deal structure, the loss emergence period and overall credit grade mix of the portfolio. | |
Provision for Credit Losses | |
Provision for credit losses is the charge recorded to operations in order to maintain an allowance for credit losses adequate to cover losses inherent in our portfolio. | |
Vehicle Inventory | ' |
Inventory consists of used vehicles acquired at auction, and are stated at the lower of cost or market value. Vehicle inventory cost is determined by specific identification. Direct and indirect vehicle reconditioning costs including parts and labor, overhead, costs to transport the vehicles to our reconditioning centers and dealership locations, and other incremental costs are capitalized as a component of inventory cost. | |
Lease Fleet Vehicles | ' |
Our lease fleet is stated at cost and is shown net of accumulated depreciation. Depreciation is computed using the straight-line method over the three year estimated useful life of the vehicles, and an estimated residual value. | |
Property and Equipment | ' |
Property and equipment consists of land, buildings, leasehold improvements, furniture, software, and repairs and maintenance costs that extend the life of an asset. Property and equipment is stated at cost and is shown net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the assets, which range from three to fifteen years for equipment, three to five years for furniture, three years for software, five to ten years for building improvements, and thirty years for buildings. Leasehold improvements are depreciated using the straight-line method over the lesser of the lease term or the estimated useful lives of the related improvements. | |
Capitalized Internally Developed Software | ' |
We capitalize direct costs of materials and services consumed in developing or obtaining internal use software. We also capitalize payroll and payroll-related costs for employees who are directly associated with and who devote time to the development of software products for internal use, to the extent of the time spent directly on the project. Capitalization of costs begins during the development stage and ends when the software is available for general use. Amortization of these costs is computed using the straight-line method over the estimated economic life of the software. | |
Deferred Financing Costs | ' |
Costs related to obtaining debt financing and capital leases are capitalized and amortized over the term of the related debt using the effective interest method. Unamortized deferred financing costs at December 31, 2013 and 2012 were $14.6 million and $15.0 million, respectively, and are included as a component of other assets on the accompanying consolidated balance sheets. Amortization of deferred financing costs is recorded as component of interest expense, and was $6.3 million, $8.2 million and $11.9 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |
Interest Income | ' |
Interest income consists of interest earned on finance receivables, net of amortization of loan origination costs, plus late payment fees and interest earned on investments held in trust. Interest income is recognized on the accrual basis, when earned, based on a simple interest method. Finance Receivables continue to accrue interest until repayment or charge-off. Customer loans may be prepaid without penalty. Direct loan origination costs related to loans originated at our dealerships are deferred and charged against interest income over the life of the related loans using the effective interest method. | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenue is generated through the sale of used vehicles, optional ancillary products, which includes our DriveCare® Extended Vehicle Service Contract ("VSC"), Guaranteed Asset Protection ("GAP") and GPS Monitoring Subscription ("GPS"). We provide all customers with a 30 day/1,500 mile limited maintenance warranty (“Limited Warranty”) with the purchase of any vehicle. The 30 day DriveCare® Limited Warranty is included in the sales price of the vehicle. | |
We recognize revenue in accordance with FASB Accounting Standards Codification (“ASC”) Topic 605-25, Revenue Recognition. We recognize revenue applying the basic revenue recognition criteria (i.e., when persuasive evidence of a sales arrangement exists, delivery has occurred or services are rendered, the sales price or fee is fixed or determinable, and collectibility is reasonably assured). Further, our sales arrangements include multiple elements. As a result, contract interpretation is required to determine the appropriate accounting, including the identification of deliverables considered to be separate units of accounting, the allocation of the transaction price among the elements in the arrangement, and timing of revenue recognition for each of those elements. | |
We establish the selling prices used for each deliverable based on vendor-specific objective evidence (“VSOE”) of selling price, if available, third-party evidence ("TPE"), if VSOE of selling price is not available, or estimated selling price ("ESP"), if neither VSOE of selling price nor TPE is available. To determine whether each item in the arrangement meets the separation criteria, DriveTime reviewed each item to determine whether separation of each deliverable is appropriate. We establish VSOE of selling price using the price charged for a deliverable when sold separately and, in rare instances, using the price established by management having the relative authority. TPE of selling price is established by evaluating largely similar and interchangeable competitor products or services in standalone sales to similarly situated customers. ESP is established, based on management's judgment, considering internal factors such as margin objectives, pricing practices and controls, customer segment pricing strategies and the product life cycle. In arrangements with multiple elements, allocation of the transaction price is determined at inception of the arrangement based on each unit of accounting's relative selling price. | |
Revenue from used vehicle sales is combined with revenue recognized on ancillary products on the accompanying consolidated statements of operations. For the year ended December 31, 2013 we recognized $13.6 million of ancillary product sales revenue. | |
Vehicle Sales | |
Vehicle sales are considered a separate deliverable as a vehicle has stand-alone value. Used vehicles have standalone value to the customer as similar vehicles are typically sold on a standalone basis by other auto dealers. Additionally, the used vehicles have value on a standalone basis as customers could resell the vehicle to a different individual on a standalone basis which would allow them to recapture a substantial portion of the selling price of the vehicle. | |
Revenue allocated to the vehicle is recognized upon delivery, when the sales contract is signed and the agreed-upon down payment or purchase price has been received. Sales of used vehicles include revenue from the sale of used vehicles, net of a reserve for returns, estimated using historical experience and trends, excluding sales tax. Our reserve for returns was $6.2 million and $5.3 million at December 31, 2013 and 2012, respectively. Revenue is recognized at time of sale as persuasive evidence of an arrangement in the form of an installment sales contract exists, we have delivered the vehicle to the customer, transferred title, the sales have a fixed and determinable price, and collectability is reasonably assured. | |
30 Day Limited Warranty | |
The 30 Day DriveCare® Limited Warranty is not considered a separate deliverable in the arrangement, therefore, it is accounted for in accordance with ASC 450, Contingencies. In accordance with ASC 450, warranties that are not separately priced are generally accounted for by accruing the estimated costs to fulfill the warranty obligation. The amount of revenue related to the product is recognized in full upon the delivery if all other criteria for revenue recognition have been met. Thus, the 30 day DriveCare® Limited Warranty would not be considered a separate deliverable in the arrangement. As a result, we accrue the estimated costs to fulfill the warranty obligation in accordance with ASC 450 at the time of the vehicle sale, as a component of costs of used vehicles sold. | |
Vehicle Service Contracts | |
The DriveCare® VSC package is a separately priced extended warranty contract that is within the scope of ASC 605-20, Revenue Recognition - Services. According to ASC 605-20, the amount of the transaction price that should be allocated to the separately priced extended warranty contract is the stated contractual amount of the extended coverage. Therefore, the separately priced VSC’s are considered a separate deliverable in the arrangement in which the amount to be deferred is the stated amount of the extended coverage. Revenue is deferred and recognized into sale of used vehicles over a pattern consistent with service repair claims, adjusted for charge-off experience. | |
GAP | |
GAP has standalone value to the customer as it is a common product sold by many insurance companies in each of the markets where DriveTime operates. If the customer did not obtain the GAP from DriveTime at the time of vehicle sale, the customer could obtain GAP from another vendor and receive the same type of coverage. The price of GAP is deferred and recognized on a straight line basis over the term of the customer’s loan. | |
GPS Monitoring Subscription | |
We recognize revenue for GPS as a separate element of the sales arrangement, by deferring the revenue over the life of the subscription. | |
Lease Vehicles | |
DriveTime leases vehicles to customers under a Cancel Anytime Lease™, therefore, leased vehicles are classified as operating leases with lease revenue recognized as payments are received. Origination fees received at lease inception are deferred and recognized on a straight line basis over the term of the lease. Lease revenue is recorded within other income on the accompanying consolidated statements of operations. | |
Cost of Sales | ' |
Cost of sales includes the cost to acquire vehicles, standard production costs and the reconditioning and transportation costs associated with preparing the vehicles for resale, and the cost of ancillary products. Direct and indirect vehicle reconditioning costs, including parts and labor, overhead, costs to transport the vehicles to our dealership locations, warranty costs, ancillary product costs and other incremental costs which are allocated to inventory via standard costing, are included in cost of sales. The cost of sales for each used vehicles sold is determined on a specific identification basis. | |
Accounting for Transfers of Financial Assets | ' |
Securitizations. We periodically sell loans originated at our dealerships to bankruptcy-remote securitization subsidiaries, which, in turn, transfer the loans to separate trusts that issue notes and certificates collateralized by these loans. The notes (asset-backed securities) are sold to investors, and we retain the residual certificates. We continue to service all securitized loans. We have determined that the trusts are variable interest entities and that DTAC is the primary beneficiary of those trusts, therefore, loans included in the securitization transactions are recorded as finance receivables and the asset-backed securities that are issued by the trusts are recorded as a component of portfolio term financings in the accompanying consolidated balance sheets. The bankruptcy remote securitization subsidiaries are owned and controlled by DTAC. | |
Additional credit enhancement is achieved via over collateralization and a cash reserve account is established for the benefit of the Asset-Backed Security note holders. The reserve accounts are classified as restricted cash and investments held in trust in the consolidated balance sheets. | |
Warehouse facilities. We utilize portfolio warehouse facilities in order to fund our finance receivable originations. Loans originated are pledged to the warehouse lenders to create borrowing base. The pledge of collateral is accomplished through a transfer from DTAC to the bankruptcy-remote entity (an SPE) formed for each warehouse facility. Although these transfers are treated as true-sales for legal purposes, we have determined these SPEs to be VIEs, for which DTAC is the primary beneficiary, therefore, DTAC consolidates the VIEs and finance receivables pledged to the SPEs and the associated debt of the warehouse facilities are consolidated into our financial statements. | |
Bank Term Financing. Under our bank term financings, we pooled loans originated at our dealerships and transferred them to an SPE in a secured financing transaction. We continue to service all transferred loans. This financing was structured similar to a securitization, with only one financial institution investing in the notes of the SPE. Although the transfer of loans was treated as a true sale for legal purposes, we have determined this SPE to be a VIE, for which DTAC is the primary beneficiary, therefore DTAC consolidates the VIE and finance receivables pledged to the SPE and the associated debt into our financial statements. | |
Provision for Credit Losses | ' |
Provision for credit losses is the charge recorded to operations in order to maintain an allowance for credit losses adequate to cover losses inherent in our portfolio. | |
Advertising | ' |
All costs related to advertising and marketing are expensed in the period incurred. Advertising costs related to production are capitalized, and expensed once the media is aired. We had no capitalized advertising costs as of December 31, 2013 and 2012. Total advertising costs for the years ended December 31, 2013, 2012, and 2011 were $32.1 million, $28.0 million, and $22.3 million, respectively, and are included in selling and marketing expenses on the accompanying consolidated statements of operations. | |
Income Taxes | ' |
DTAG and DTAC are both S-corporations for federal and state income tax purposes. There is no provision for income taxes, except for any amount of entity level state tax in certain jurisdictions, and federal income taxes related to two C corporation subsidiaries, one of which is wholly owned with the other majority owned. Income or losses of an S-corporation flow through to the individual shareholders, who report such income or loss on their individual income tax returns. | |
Impairment of Long-Lived Assets | ' |
We own some of our used vehicle sales facilities, a reconditioning facility, and an operations call center building. These long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed would be reported at the lower of the carrying amount or fair value less costs to sell, and would no longer be depreciated. At December 31, 2013 and 2012, there were no indications of impairment pertaining to these assets. | |
Business Segments | ' |
Business segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing operating performance. With the sale of GO Financial in December 2013, we have determined that we currently operate with one reportable business segment for our operations. See Note 19 — Discontinued Operations for further information. | |
Use of Estimates | ' |
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities. Certain accounting estimates involve significant judgments, assumptions, and estimates by management that have a material impact on the carrying value of certain assets and liabilities, disclosures of contingent assets and liabilities, and the reported amounts of income and expenses during the reporting period which management considers to be critical accounting estimates. The judgments, assumptions, and estimates used by management are based on historical experience, management’s experience, and other factors, which are believed to be reasonable under the circumstances. Because of the nature of the judgments and assumptions made by management, actual results could differ materially from these judgments and estimates, which could have a material impact on the carrying values of our assets and liabilities and our results of operations. | |
Significant items subject to estimates and assumptions include the allowance for credit losses, inventory valuation, fair value measurements, certain legal reserves, our reserve for sales returns and allowances, our recovery receivables, and our service contract accrual. Estimates used in deriving these amounts are described in the footnotes herein. Actual results could differ from these estimates. | |
During 2013, we evaluated our recovery estimates related to sales tax in certain states in which we operate. As a result, we identified and recorded an adjustment to our finance receivables and now include an estimate of credits to be received on our sales tax returns related to accrued but charged-off interest and post charge-off interest assessed to customers’ accounts. If this change was not executed, for the year-ended December 31, 2013, net charge-offs would have been $9.4 million higher than reported, provision for credit losses would have been $2.3 million higher than reported, and net income would have been $11.7 million lower than reported. Although the change in estimate may cause our recoveries to be higher than historical rates, we do not expect this change to have a significant impact on 2013 and future net charge-offs or the allowance as a percent of principal outstanding. | |
Stock-Based Compensation | ' |
We record compensation expense for awards of restricted stock granted to employees in accordance with ASC 718, “Compensation—Stock Compensation”. Under the fair value recognition provisions of ASC 718, stock-based compensation cost is measured at the grant date based on the fair value. We utilized a third party financial and economic appraiser to assist us in determining the grant-date fair value of the award. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods using graded vesting (see Note 13 — Shareholders’ Equity, Dividends & Stock Compensation to our consolidated financial statements included herein). | |
Reclassifications | ' |
Certain prior period amounts have been reclassified to be consistent with current period financial statement presentation. For the year ended December 31, 2012 we reclassified $27.0 million of recovery receivables from other assets to finance receivables and reclassified $2.5 million from payables and other accrued expenses to deferred revenue to be consistent with current period presentation. | |
New Accounting Pronouncements | ' |
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other accounting standards setting bodies, which we may adopt as of the specified date required by each standard. We believe the impact of recently issued standards not yet effective will not have a material impact on our consolidated financial statements upon adoption. However, the FASB continues to work on several projects, which will lead to new standards, which may have a material impact in future periods. | |
Consolidation, Variable Interest Entity | ' |
We have determined that DTAC is a variable interest entity (“VIE”) and DTAG is the primary beneficiary of DTAC. Therefore, the accounts of DTAG and DTAC are consolidated and intercompany transactions between DTAG and DTAC are eliminated in consolidation. We determined DTAG is the primary beneficiary of DTAC because DTAG has both (1) the power to direct the activities of DTAC that most significantly impact DTAC’s economic performance and (2) a potentially significant variable interest that carries with it the obligation to absorb the losses or the right to receive benefits of DTAC. DTAG has the power to direct the activities of DTAC because it originates and sells 100% of the loans DTAC is required to purchase, sets underwriting standards and origination terms, sets servicing and collection policies administered by DTAC, and DTAC was specifically created and designed by DTAG to obtain third party financing for DTAG’s originations. DTAG also has potentially significant variable interests in the form of debt capital provided to DTAC through various debt issuances, guarantees of DTAC’s debt, as well as operational liabilities owed to DTAG, all of which carry the obligation to absorb losses or receive benefits of DTAC. Creditors of DTAC generally do not have recourse to the general credit of DTAG, except that the special purpose entity ("SPE") related to our term residual facility entered into a demand note with DTAC. The demand note is guaranteed by DTAG. (See Note 8 — Debt Obligations for further information.) | |
Total assets of DTAC consolidated into DTAG are comprised primarily of net finance receivables, cash and cash equivalents, restricted cash, investments held in trust, and deferred financing costs. Total liabilities consolidated into DTAG are comprised primarily of portfolio warehouse, portfolio term, and senior secured debt. Total revenue of DTAC consolidated into DTAG is comprised of interest income. DTAC expenses are comprised of provision for credit losses, interest expense and general and administrative expenses. | |
Related Party Expense | ' |
Certain general and administrative expenses and salaries and wages of Verde and Verde employees who are enrolled in our health plan are reflected in our general and administrative expenses—related party. | |
Finance Receivables, Aging Analysis of Past Due Receivables | ' |
An account is considered delinquent if a substantial portion of a scheduled payment has not been received by the date such payment was contractually due. Delinquencies may vary from period to period based upon the average age or seasoning of the portfolio, seasonality within the calendar year and economic factors. Delinquencies are presented on a Sunday-to-Sunday basis, which reflects delinquencies as of the nearest Sunday to period end. Sunday is used to eliminate any impact of the day of the week on delinquencies since delinquencies tend to be higher mid-week. |
Restricted_Cash_And_Investment1
Restricted Cash And Investments Held In Trust (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Restricted Cash and Investments [Abstract] | ' | |||||||
Schedule of Restricted Cash and Investments Held in Trust | ' | |||||||
The following is a summary of restricted cash and investments held in trust: | ||||||||
31-Dec-13 | 31-Dec-12 | |||||||
(In thousands) | ||||||||
Restricted Cash | $ | 30,738 | $ | 22,496 | ||||
Investments Held in Trust | 84,130 | 84,576 | ||||||
$ | 114,868 | $ | 107,072 | |||||
Finance_Receivables_Tables
Finance Receivables (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||
Schedule of Finance Receivable | ' | ||||||||||||||||
The following summarizes the components of finance receivables: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Principal Balances | $ | 1,871,576 | $ | 1,601,710 | |||||||||||||
Recovery Receivables | 29,432 | 27,040 | |||||||||||||||
Accrued Interest | 19,522 | 16,414 | |||||||||||||||
Loan Origination Costs | 18,401 | 16,498 | |||||||||||||||
Total Finance Receivables | $ | 1,938,931 | $ | 1,661,662 | |||||||||||||
Schedule of Past Due Financing Receivables | ' | ||||||||||||||||
Age Analysis of Past Due Finance Receivables | |||||||||||||||||
December 31, | |||||||||||||||||
Days Delinquent: | 2013 | 2012 | |||||||||||||||
(In thousands) | |||||||||||||||||
Percent of Portfolio | Loan Principal | Percent of Portfolio | Loan Principal | ||||||||||||||
Current | 53.7 | % | $ | 1,005,036 | 49.1 | % | $ | 786,765 | |||||||||
1-30 Days | 30 | % | 561,473 | 33 | % | 528,300 | |||||||||||
31-60 Days | 9 | % | 168,442 | 10 | % | 161,157 | |||||||||||
61-90 Days | 4.9 | % | 91,707 | 5.1 | % | 81,378 | |||||||||||
91-120 Days | 2.4 | % | 44,918 | 2.8 | % | 44,110 | |||||||||||
Total Past Due | 46.3 | % | $ | 866,540 | 50.9 | % | $ | 814,945 | |||||||||
Total Finance Receivables | 100 | % | $ | 1,871,576 | 100 | % | $ | 1,601,710 | |||||||||
Schedule of Financing Receivable Credit Quality Indicators | ' | ||||||||||||||||
At December 31, 2013, a summary of our portfolio by our internally assigned credit risk ratings was as follows: | |||||||||||||||||
Grade | Average | Percentage of | Total | Percentage of | Total Portfolio | ||||||||||||
FICO Score (1) | Portfolio Contracts | Contracts | Portfolio Principal | Principal | |||||||||||||
(In thousands) | |||||||||||||||||
A | 547 | 29 | % | 43,730 | 29.5 | % | $ | 551,251 | |||||||||
B | 519 | 38.3 | % | 57,836 | 38.9 | % | 727,192 | ||||||||||
C | 499 | 31.4 | % | 47,339 | 30.5 | % | 571,680 | ||||||||||
D | 480 | 1.3 | % | 1,925 | 1.1 | % | 21,453 | ||||||||||
100 | % | 150,830 | 100 | % | $ | 1,871,576 | |||||||||||
At December 31, 2012, a summary of our portfolio by our internally assigned credit risk ratings was as follows: | |||||||||||||||||
Grade | Average | Percentage of | Total | Percentage of | Total Portfolio | ||||||||||||
FICO Score (1) | Portfolio Contracts | Contracts | Portfolio Principal | Principal | |||||||||||||
(In thousands) | |||||||||||||||||
A | 548 | 28.9 | % | 40,658 | 29.4 | % | $ | 470,196 | |||||||||
B | 517 | 37.3 | % | 52,476 | 38.2 | % | 612,084 | ||||||||||
C | 496 | 32.3 | % | 45,513 | 31.1 | % | 499,009 | ||||||||||
D | 478 | 1.5 | % | 2,101 | 1.3 | % | 20,421 | ||||||||||
100 | % | 140,748 | 100 | % | $ | 1,601,710 | |||||||||||
(1) | Average FICO score is provided as an external metric of credit quality, but is generally not utilized to determine internal credit grade. Our internal scoring model is the primary driver of our internal credit grade. Average FICO presented excludes originations with no FICO. | ||||||||||||||||
Schedules of Concentration of Risk, by Risk Factor | ' | ||||||||||||||||
Our portfolio concentration by state was as follows: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
State | Percent of | Loan Principal (In thousands) | State | Percent of | Loan Principal | ||||||||||||
Portfolio | Portfolio | ||||||||||||||||
Texas | 21.2 | % | $ | 397,438 | Texas | 23 | % | $ | 369,021 | ||||||||
Florida | 15.7 | % | 294,043 | Florida | 15.4 | % | 247,281 | ||||||||||
North Carolina | 8.7 | % | 162,749 | North Carolina | 9.9 | % | 157,670 | ||||||||||
Georgia | 7.6 | % | 142,001 | Georgia | 7.6 | % | 122,027 | ||||||||||
Arizona | 6.4 | % | 117,861 | Arizona | 6.8 | % | 108,792 | ||||||||||
All Others (1) | 40.4 | % | 757,484 | All Others (2) | 37.3 | % | 596,919 | ||||||||||
100 | % | $ | 1,871,576 | 100 | % | $ | 1,601,710 | ||||||||||
(1) Consists of fifteen additional states wherein the portfolio concentration per state is at or below 6.0% | |||||||||||||||||
(2) Consists of fourteen additional states wherein the portfolio concentration per state is at or below | |||||||||||||||||
Schedule of Allowance for Credit Losses on Financing Receivables | ' | ||||||||||||||||
The following table sets forth the rollforward of the allowance for credit losses for the periods indicated: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Allowance Activity: | (In thousands) | ||||||||||||||||
Balance, beginning of period | $ | 252,590 | $ | 221,533 | |||||||||||||
Provision for credit losses | 308,332 | 253,603 | |||||||||||||||
Net charge-offs | (261,406 | ) | (222,546 | ) | |||||||||||||
Balance, end of period | $ | 299,516 | $ | 252,590 | |||||||||||||
Allowance as a percent of ending principal | 16 | % | 15.7 | % | |||||||||||||
Charge-off Activity: | |||||||||||||||||
Principal balances | $ | (419,165 | ) | $ | (372,493 | ) | |||||||||||
Recoveries, net | 157,759 | 149,947 | |||||||||||||||
Net charge-offs | $ | (261,406 | ) | $ | (222,546 | ) |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of Property and Equipment | ' | |||||||
A summary of property and equipment follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Land | $ | 17,270 | $ | 13,313 | ||||
Buildings and Improvements | 125,724 | 112,077 | ||||||
Equipment | 50,443 | 42,993 | ||||||
Furniture | 18,040 | 17,056 | ||||||
Software | 44,470 | 37,664 | ||||||
255,947 | 223,103 | |||||||
Less Accumulated Depreciation | (152,287 | ) | (129,962 | ) | ||||
Property and Equipment, Net | $ | 103,660 | $ | 93,141 | ||||
Leased_Vehicles_Tables
Leased Vehicles (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Leased Assets [Abstract] | ' | |||||||
Schedule of Lease Vehicles | ' | |||||||
A summary of our lease fleet follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Lease Fleet Vehicles | $ | 33,009 | $ | — | ||||
Less Accumulated Depreciation | (1,848 | ) | — | |||||
Lease Fleet Vehicles, net | $ | 31,161 | $ | — | ||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Schedule of Other Assets | ' | |||||||
A summary of other assets follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Prepaid Assets | $ | 8,415 | $ | 5,540 | ||||
Deferred Financing Costs | 14,607 | 14,996 | ||||||
Other Assets | 35,065 | 19,682 | ||||||
Total Other Assets | $ | 58,087 | $ | 40,218 | ||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||
Schedule of Debt | ' | ||||||||||||||||||||||||||||||
The following is a summary of portfolio term financings: | |||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||
Securitization Debt: | (In thousands) | ||||||||||||||||||||||||||||||
Asset-backed security obligations issued pursuant to the Company’s securitizations | $ | 713,953 | $ | 677,118 | |||||||||||||||||||||||||||
Bank Term Financing: | |||||||||||||||||||||||||||||||
Secured financing transaction for our finance receivable portfolio | 223,868 | 347,360 | |||||||||||||||||||||||||||||
Portfolio Term Residual Financing: | |||||||||||||||||||||||||||||||
Variable rate financing facility secured by residual interests in finance receivables of warehouse facilities and securitization trusts | 50,000 | 25,000 | |||||||||||||||||||||||||||||
Total Portfolio Term Financings | $ | 987,821 | $ | 1,049,478 | |||||||||||||||||||||||||||
Schedule of Securitization Debt | ' | ||||||||||||||||||||||||||||||
The following table is a summary of securitization transactions with outstanding balances for each period presented: | |||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||
Debt | Gross Receivables | Cash | Interest | Debt | Gross Receivables | Cash | Interest | ||||||||||||||||||||||||
Transaction | Balance | Pledged | Reserve (2) | Rate (1) | Balance | Pledged | Reserve (2) | Rate (1) | |||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||||
2010-1 | $ | — | $ | — | $ | — | — | % | $ | 23,036 | $ | 55,525 | $ | 4,500 | 3.6 | % | |||||||||||||||
2011-1 | 22,772 | 31,271 | 4,200 | 3 | % | 60,335 | 84,198 | 4,200 | 3 | % | |||||||||||||||||||||
2011-2 | 34,762 | 41,954 | 4,500 | 2.9 | % | 84,977 | 103,779 | 4,500 | 2.9 | % | |||||||||||||||||||||
2011-3 | 61,485 | 75,037 | 4,500 | 3.9 | % | 130,347 | 159,068 | 4,500 | 3.9 | % | |||||||||||||||||||||
2012-1 | 90,175 | 117,529 | 4,500 | 3.5 | % | 170,198 | 219,252 | 4,500 | 3.5 | % | |||||||||||||||||||||
2012-2 | 113,142 | 138,194 | 4,500 | 2.9 | % | 208,225 | 251,409 | 4,500 | 2.9 | % | |||||||||||||||||||||
2013-1 | 181,018 | 233,346 | 4,500 | 2.7 | % | — | — | — | — | % | |||||||||||||||||||||
2013-2 | 210,599 | 277,023 | 4,500 | 2.9 | % | — | — | — | — | % | |||||||||||||||||||||
$ | 713,953 | $ | 914,354 | $ | 31,200 | $ | 677,118 | $ | 873,231 | $ | 26,700 | ||||||||||||||||||||
(1) These rates represent the original duration weighted average rates of the outstanding asset-backed securities. | |||||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities | ' | ||||||||||||||||||||||||||||||
The following is a summary of portfolio warehouse facilities: | |||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Amount Drawn | Facility Amount | Stated Advance Rate | Collateral(1) | Interest Rate (2) | Expiration Date | Final Maturity | |||||||||||||||||||||||||
Portfolio Warehouse Facilities: | (In thousands) | ||||||||||||||||||||||||||||||
Deutsche Bank | $ | 98,400 | $ | 150,000 | 65 | % | $ | 189,970 | 2.41 | % | Dec-14 | Dec-15 | |||||||||||||||||||
Wells Fargo | 107,000 | 150,000 | 66 | % | 178,685 | 2.42 | % | Dec-15 | Dec-17 | ||||||||||||||||||||||
RBS | 78,000 | 125,000 | 65 | % | 137,497 | 2.42 | % | Mar-14 | Mar-15 | ||||||||||||||||||||||
Total Portfolio Warehouse Facilities | $ | 283,400 | $ | 425,000 | |||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||
Amount Drawn | Facility Amount | Stated Advance Rate | Collateral(1) | Interest Rate (2) | Expiration Date | Final Maturity | |||||||||||||||||||||||||
Portfolio Warehouse Facilities: | (In thousands) | ||||||||||||||||||||||||||||||
Deutsche Bank | $ | 19,300 | $ | 150,000 | 65 | % | $ | 44,955 | 2.46 | % | Dec-14 | Dec-15 | |||||||||||||||||||
Wells Fargo | 23,000 | 150,000 | 58 | % | 43,057 | 2.46 | % | Dec-13 | Dec-15 | ||||||||||||||||||||||
RBS | 14,900 | 125,000 | 53 | % | 31,944 | 1.65 | % | Mar-13 | Mar-14 | ||||||||||||||||||||||
Total Portfolio Warehouse Facilities | $ | 57,200 | $ | 425,000 | |||||||||||||||||||||||||||
(1) Collateral represents underlying pools of finance receivables pledged to each facility. | |||||||||||||||||||||||||||||||
(2) Interest rate at period end equal to contractual benchmark plus index. | |||||||||||||||||||||||||||||||
Schedule of Senior Secured Notes Payable | ' | ||||||||||||||||||||||||||||||
A summary of Senior Secured Notes payable follows: | |||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Senior Secured Notes Payable | $ | 253,316 | $ | 193,320 | |||||||||||||||||||||||||||
Senior Secured Notes Payable—Related Party | — | 5,000 | |||||||||||||||||||||||||||||
Total Senior Secured Notes Payable | $ | 253,316 | $ | 198,320 | |||||||||||||||||||||||||||
Schedule of Other Secured Notes Payable | ' | ||||||||||||||||||||||||||||||
A summary of other secured notes payable follows: | |||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Balance | Max Facility Capacity | Advance Rate | Interest Rate (1) | Expiration Date | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Other Secured Notes Payable | |||||||||||||||||||||||||||||||
Revolving Inventory Facility | $ | 136,321 | $ | 140,000 | (3) | 85 | % | (2) | 3.75 | % | Nov-14 | ||||||||||||||||||||
Mortgage Note Payable | 12,231 | n/a | n/a | 5.87 | % | Mar-17 | |||||||||||||||||||||||||
Real Estate Facility | 13,412 | 25,000 | 70 | % | 4.05 | % | Oct-20 | ||||||||||||||||||||||||
Total Other Secured Notes Payable | $ | 161,964 | $ | 165,000 | |||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||
Balance | Max Facility Capacity | Advance Rate | Interest Rate (1) | Expiration Date | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Other Secured Notes Payable | |||||||||||||||||||||||||||||||
Revolving Inventory Facility | $ | 91,320 | $ | 140,000 | (3) | 85 | % | (2) | 3.75 | % | Nov-14 | ||||||||||||||||||||
Mortgage Note Payable | 12,454 | n/a | n/a | 5.87 | % | Mar-17 | |||||||||||||||||||||||||
Real Estate Facility | 11,733 | 25,000 | 70 | % | 4.21 | % | Oct-20 | ||||||||||||||||||||||||
Equipment Note Payable | 1,774 | n/a | n/a | 4.75 | % | Apr-13 | |||||||||||||||||||||||||
Total Other Secured Notes Payable | $ | 117,281 | $ | 165,000 | |||||||||||||||||||||||||||
(1) Interest rate at period end equal to contractual benchmark plus index. | |||||||||||||||||||||||||||||||
(2) Advance rate is based on qualifying vehicle cost and is secured by our entire inventory. | |||||||||||||||||||||||||||||||
(3) Inclusive of a $10.0 million seasonal increase in the months of November through January. | |||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | ' | ||||||||||||||||||||||||||||||
The following table represents the future minimum principal payments required under our debt obligations and capital leases as of December 31, 2013: | |||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||
Payments by Period | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Total | Less than | Year 2 | Year 3 | Year 4 | Year 5 | More than 5 | |||||||||||||||||||||||||
1 Year (3) | Years | ||||||||||||||||||||||||||||||
Securitizations & Bank Term Financing (1) | $ | 937,821 | $ | 466,934 | $ | 254,734 | $ | 144,231 | $ | 71,922 | $ | — | $ | — | |||||||||||||||||
Portfolio warehouse facilities (2) | 283,400 | 154,953 | 128,447 | — | — | — | — | ||||||||||||||||||||||||
Portfolio Term Residual Financing | 50,000 | — | — | — | — | — | 50,000 | ||||||||||||||||||||||||
Senior secured notes | 253,316 | — | — | — | 253,316 | — | — | ||||||||||||||||||||||||
Inventory facility | 136,321 | 136,321 | — | — | — | — | — | ||||||||||||||||||||||||
Real estate mortgage loan | 12,231 | 236 | 251 | 264 | 11,480 | — | — | ||||||||||||||||||||||||
Real estate facility | 13,412 | 2,406 | 2,406 | 2,406 | 2,406 | 2,406 | 1,382 | ||||||||||||||||||||||||
Capital lease obligations | 1,773 | 1,137 | 473 | 163 | — | — | — | ||||||||||||||||||||||||
Operating lease obligations | 105,920 | 23,503 | 20,965 | 16,376 | 14,498 | 11,895 | 18,683 | ||||||||||||||||||||||||
Total (4) | $ | 1,794,194 | $ | 785,490 | $ | 407,276 | $ | 163,440 | $ | 353,622 | $ | 14,301 | $ | 70,065 | |||||||||||||||||
(1) | Securitization obligations and bank term financing agreements do not have a contractual termination date. Therefore, all collections on the contracts collateralizing the securities are used to repay the asset-backed security holders based on an expected duration of the securities. | ||||||||||||||||||||||||||||||
(2) | On the termination date of the facilities, amounts outstanding at termination are not due and payable immediately. All collections on the contracts collateralizing these facilities are used to pay down the facilities until they are paid in full because these facilities contain term-out features. | ||||||||||||||||||||||||||||||
(3) | Generally and historically, we renewed or replaced facilities expiring in less than one year. | ||||||||||||||||||||||||||||||
(4) | Total contractual obligations exclude future interest payment obligations. |
Accrued_Warranty_Liability_Tab
Accrued Warranty Liability (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Service Contract Liability [Abstract] | ' | |||||||
Schedule of Warranty Service Contract Liabilities | ' | |||||||
The following table reflects activity in the accrual for the periods indicated: | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Balance, Beginning of Period | $ | 24,420 | $ | 24,004 | ||||
Service Contract Expense | 20,013 | 23,195 | ||||||
Service Contract Claims Paid | (28,627 | ) | (22,779 | ) | ||||
Balance, End of Period | $ | 15,806 | $ | 24,420 | ||||
Deferred_Revenue_Tables
Deferred Revenue (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Revenue Recognition [Abstract] | ' | |||||||
Deferred Revenue, by Arrangement, Disclosure | ' | |||||||
The following table sets forth information regarding the changes in Deferred Revenue: | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Deferred Balance, Beginning of Period | $ | 2,501 | $ | — | ||||
Revenue Deferred | 57,264 | 2,520 | ||||||
Revenue Recognized | (17,632 | ) | (19 | ) | ||||
Deferred Balance, End of Period | $ | 42,133 | $ | 2,501 | ||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Schedule of Related Party Transactions | ' | |||||||||||
During the years ended December 31, 2013, 2012 and 2011, we recorded related party interest expense as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Senior Secured Notes Interest Expense—Related Party | (In thousands) | |||||||||||
Senior Secured Notes Payable—Verde | $ | 365 | $ | 237 | $ | 2,460 | ||||||
Senior Secured Notes Payable—CEO | 41 | 24 | 220 | |||||||||
Total Senior Secured Notes Interest Expense—Related Party | $ | 406 | $ | 261 | $ | 2,680 | ||||||
During the years ended December 31, 2013, 2012 and 2011, we recorded related party operating expenses as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
General and Administrative Expenses—Related Party | ||||||||||||
Property lease expense | $ | 4,711 | $ | 4,768 | $ | 3,795 | ||||||
Restricted stock compensation expense (1) | 1,239 | 1,546 | 2,790 | |||||||||
Aircraft operating and lease expense | 4,614 | 4,198 | 3,937 | |||||||||
Salaries and wages, general & administrative and other expenses | 579 | 645 | 793 | |||||||||
Reimbursement of certain general and administrative expenses | (308 | ) | (284 | ) | (314 | ) | ||||||
Total General and Administrative Expenses—Related Party | $ | 10,835 | $ | 10,873 | $ | 11,001 | ||||||
(1) Stock compensation agreement is between Ray Fidel, CEO, and DriveTime. |
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
A reconciliation between expected taxes computed at the federal statutory rate of 35% and the effective tax rate on income before income taxes follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Computed “Expected” Income Taxes | $ | 13,128 | $ | 21,192 | $ | 31,276 | ||||||
Non C-Corporation (Income) | (12,080 | ) | (20,644 | ) | (30,859 | ) | ||||||
Entity Level State Income Tax on S Corp. Income | 782 | 834 | 890 | |||||||||
Other, Net | (221 | ) | (188 | ) | (86 | ) | ||||||
Computed “Expected” Income Taxes | $ | 1,609 | $ | 1,194 | $ | 1,221 | ||||||
Co | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
Components of income tax (benefit) expense are as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Current Expense: | ||||||||||||
Federal | $ | 581 | $ | 532 | $ | 404 | ||||||
State | 810 | 662 | 817 | |||||||||
Deferred | 218 | — | — | |||||||||
Total | $ | 1,609 | $ | 1,194 | $ | 1,221 | ||||||
Shareholders_Equity_Dividends_1
Shareholders’ Equity, Dividends & Stock Compensation (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Stockholders' Equity Note [Abstract] | ' | ||||
Schedule of Vesting of Restricted Stock Award | ' | ||||
The following is a summary of the vesting schedule: | |||||
Period 1 | Period 2 | Period 3 | |||
(1/1/11 - 6/30/11) | (7/1/11-6/30/12) | (7/1/12-12/31/13) | |||
6 Months | 12 Months | 18 Months | |||
19.67% | 19.67% | 19.67% |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||||||||||
A summary of future minimum lease payments required under non-cancelable operating leases with remaining lease terms in excess of one year as of December 31, 2013 follows: | ||||||||||||
Related | Non-Related | Total | ||||||||||
Party | Party | |||||||||||
(In thousands) | ||||||||||||
Year 1 | $ | 11,108 | $ | 12,395 | $ | 23,503 | ||||||
Year 2 | 10,635 | 10,330 | 20,965 | |||||||||
Year 3 | 9,285 | 7,091 | 16,376 | |||||||||
Year 4 | 9,437 | 5,061 | 14,498 | |||||||||
Year 5 | 9,147 | 2,748 | 11,895 | |||||||||
Thereafter | 17,426 | 1,257 | 18,683 | |||||||||
Total | $ | 67,038 | $ | 38,882 | $ | 105,920 | ||||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Financial Instruments, Owned, at Fair Value [Abstract] | ' | |||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||
The following is a summary of carrying value presented within the balance sheet and fair value of our financial instruments for each period presented: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Fair Value | ||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Finance Receivables, net (1) | $ | 1,598,010 | $ | — | $ | — | $ | 1,692,247 | ||||||||
Shareholder Notes Receivable | 28,542 | — | 28,542 | — | ||||||||||||
Liabilities | ||||||||||||||||
Securitization Debt | 713,953 | 729,395 | — | — | ||||||||||||
Portfolio Term Residual Financing | 50,000 | — | 47,462 | — | ||||||||||||
Bank Term Financings | 223,868 | — | 223,868 | — | ||||||||||||
Portfolio Warehouse Facilities | 283,400 | — | 283,400 | — | ||||||||||||
Senior Secured Notes Payable | 253,316 | 279,914 | — | — | ||||||||||||
Revolving Inventory Facility | 136,321 | — | 136,729 | — | ||||||||||||
Mortgage Note Payable | 12,231 | — | 12,808 | — | ||||||||||||
Real Estate Facility | 13,412 | — | 13,700 | — | ||||||||||||
December 31, 2012 | ||||||||||||||||
Fair Value | ||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Finance Receivables, net (1) | $ | 1,370,800 | $ | — | $ | — | $ | 1,441,026 | ||||||||
Liabilities | ||||||||||||||||
Securitization Debt | 677,118 | 702,031 | — | — | ||||||||||||
Portfolio Term Residual Financing | 25,000 | — | 25,000 | — | ||||||||||||
Bank Term Financings | 347,360 | — | 347,360 | — | ||||||||||||
Portfolio Warehouse Facilities | 57,200 | — | 57,200 | — | ||||||||||||
Senior Secured Notes Payable | 198,320 | 220,135 | — | — | ||||||||||||
Revolving Inventory Facility | 91,320 | — | 91,600 | — | ||||||||||||
Mortgage Note Payable | 12,454 | — | 11,200 | — | ||||||||||||
Real Estate Facility | 11,733 | — | 11,700 | — | ||||||||||||
(1) | Represents finance receivable principal balances, plus accrued interest, less the allowance for credit losses. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Schedule of Revenue and Pretax Profit Reported in Discontinued Operations | ' | |||||||||||
A summary of other the revenue and pretax profit reported in discontinued operations follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Total Revenue | $ | 16,752 | $ | 2,977 | $ | — | ||||||
Net Loss Before Income Taxes | (1,956 | ) | (1,869 | ) | (789 | ) | ||||||
A summary of the major classes of assets and liabilities disposed of as part of the sale of GO follows: | ||||||||||||
30-Nov-13 | 31-Dec-12 | |||||||||||
Assets: | (In thousands) | |||||||||||
Cash and Cash Equivalents | $ | — | $ | 2 | ||||||||
Total Finance Receivables, Net | 2,171 | — | ||||||||||
Total Dealer Loans Receivables | 112,028 | 40,956 | ||||||||||
Property, Plant and Equipment | 1,738 | 1,256 | ||||||||||
Total Other Assets | 348 | 189 | ||||||||||
Total Assets: | $ | 116,285 | $ | 42,403 | ||||||||
Liabilities: | ||||||||||||
Accounts Payable | $ | 7 | $ | 4 | ||||||||
Accrued Expenses and Other Liabilities | 2,348 | 594 | ||||||||||
Deferred Revenue | 317 | 101 | ||||||||||
Total Liabilities: | $ | 2,672 | $ | 699 | ||||||||
Supplemental_Consolidating_Fin1
Supplemental Consolidating Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Consolidating Balance Sheets | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | |||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Subsidiaries | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined | and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 5,589 | $ | 15,477 | $ | 5 | $ | — | $ | 21,071 | $ | 5 | $ | 588 | $ | 9,090 | $ | — | $ | 9,683 | $ | — | $ | 30,754 | |||||||||||||||||||||||||||||
Restricted Cash and Investments Held in Trust | — | — | — | — | — | 12,375 | 102,493 | — | — | 114,868 | — | 114,868 | |||||||||||||||||||||||||||||||||||||||||
Finance Receivables | — | — | — | — | — | — | — | 1,938,931 | — | 1,938,931 | — | 1,938,931 | |||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | — | — | — | — | — | — | — | (299,516 | ) | — | (299,516 | ) | — | (299,516 | ) | ||||||||||||||||||||||||||||||||||||||
Finance Receivables, net | — | — | — | — | — | — | — | 1,639,415 | — | 1,639,415 | — | 1,639,415 | |||||||||||||||||||||||||||||||||||||||||
Inventory | 320,406 | — | — | (839 | ) | 319,567 | — | — | — | — | — | — | 319,567 | ||||||||||||||||||||||||||||||||||||||||
Property and Equipment, net | 82,232 | 449 | — | — | 82,681 | 3,848 | 14,806 | 2,325 | — | 20,979 | — | 103,660 | |||||||||||||||||||||||||||||||||||||||||
Lease Fleet Vehicles | 31,161 | — | — | — | 31,161 | — | — | — | — | — | — | 31,161 | |||||||||||||||||||||||||||||||||||||||||
Investments in Subsidiaries | — | — | 259,162 | (259,162 | ) | — | — | — | 418,091 | (418,091 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other Assets | 2,099,928 | 22,221 | 571,097 | (696,457 | ) | 1,996,789 | 1,182,734 | 1,779,757 | 1,955,012 | (2,956,837 | ) | 1,960,666 | (3,899,368 | ) | 58,087 | ||||||||||||||||||||||||||||||||||||||
Shareholder Note Receivable | — | — | — | — | — | — | — | 28,542 | — | 28,542 | — | 28,542 | |||||||||||||||||||||||||||||||||||||||||
Assets of Discontinued Operation | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 2,539,316 | $ | 38,147 | $ | 830,264 | $ | (956,458 | ) | $ | 2,451,269 | $ | 1,198,962 | $ | 1,897,644 | $ | 4,052,475 | $ | (3,374,928 | ) | $ | 3,774,153 | $ | (3,899,368 | ) | $ | 2,326,054 | ||||||||||||||||||||||||||
LIABILITIES & SHAREHOLDERS' EQUITY: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Other Accrued Expenses | $ | 2,125,853 | $ | 2,067 | $ | 599,332 | $ | (696,323 | ) | $ | 2,030,929 | $ | 1,388,300 | $ | 6,763 | $ | 3,539,609 | $ | (2,956,837 | ) | $ | 1,977,835 | $ | (3,899,368 | ) | $ | 109,396 | ||||||||||||||||||||||||||
Deferred Revenue | 42,101 | 32 | — | — | 42,133 | — | — | — | — | — | — | 42,133 | |||||||||||||||||||||||||||||||||||||||||
Portfolio Term Financings | — | — | — | — | — | — | 987,821 | — | — | 987,821 | — | 987,821 | |||||||||||||||||||||||||||||||||||||||||
Portfolio Warehouse Facilities | — | — | — | — | — | — | 283,400 | — | — | 283,400 | — | 283,400 | |||||||||||||||||||||||||||||||||||||||||
Senior Secured Notes Payable | — | — | 126,658 | — | 126,658 | — | — | 126,658 | — | 126,658 | — | 253,316 | |||||||||||||||||||||||||||||||||||||||||
Other Secured Financing | 136,321 | 13,412 | — | — | 149,733 | — | 12,231 | — | — | 12,231 | — | 161,964 | |||||||||||||||||||||||||||||||||||||||||
Liabilities of Discontinued Operation | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 2,304,275 | 15,511 | 725,990 | (696,323 | ) | 2,349,453 | 1,388,300 | 1,290,215 | 3,666,267 | (2,956,837 | ) | 3,387,945 | (3,899,368 | ) | 1,838,030 | ||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest - Inilex | — | 2,698 | — | (3,297 | ) | (599 | ) | — | — | — | — | — | 336 | (263 | ) | ||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | 235,041 | 19,938 | 104,274 | (256,838 | ) | 102,415 | (189,338 | ) | 607,429 | 386,208 | (418,091 | ) | 386,208 | (336 | ) | 488,287 | |||||||||||||||||||||||||||||||||||||
Total Equity | 235,041 | 22,636 | 104,274 | (260,135 | ) | 101,816 | (189,338 | ) | 607,429 | 386,208 | (418,091 | ) | 386,208 | — | 488,024 | ||||||||||||||||||||||||||||||||||||||
Total Liabilities & Shareholders’ Equity | $ | 2,539,316 | $ | 38,147 | $ | 830,264 | $ | (956,458 | ) | $ | 2,451,269 | $ | 1,198,962 | $ | 1,897,644 | $ | 4,052,475 | $ | (3,374,928 | ) | $ | 3,774,153 | $ | (3,899,368 | ) | $ | 2,326,054 | ||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | |||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Subsidiaries | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined | and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 6,937 | $ | 482 | $ | 5 | $ | — | $ | 7,424 | $ | 7 | $ | 423 | $ | 18,624 | $ | — | $ | 19,054 | $ | — | $ | 26,478 | |||||||||||||||||||||||||||||
Restricted Cash and Investments Held in Trust | — | — | — | — | — | 16,163 | 90,909 | — | — | 107,072 | — | 107,072 | |||||||||||||||||||||||||||||||||||||||||
Finance Receivables | — | — | — | — | — | — | 4,435 | 1,657,227 | — | 1,661,662 | — | 1,661,662 | |||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | — | — | — | — | — | — | — | (252,590 | ) | — | (252,590 | ) | — | (252,590 | ) | ||||||||||||||||||||||||||||||||||||||
Finance Receivables, net | — | — | — | — | — | — | 4,435 | 1,404,637 | — | 1,409,072 | — | 1,409,072 | |||||||||||||||||||||||||||||||||||||||||
Inventory | 270,733 | — | — | — | 270,733 | — | — | — | — | — | — | 270,733 | |||||||||||||||||||||||||||||||||||||||||
Property and Equipment, net | 70,668 | — | — | — | 70,668 | 4,551 | 15,216 | 2,706 | — | 22,473 | — | 93,141 | |||||||||||||||||||||||||||||||||||||||||
Investments in Subsidiaries | — | — | 473,828 | (473,828 | ) | — | — | — | 348,577 | (348,577 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Other Assets | 1,226,409 | 26,480 | 383,689 | (711,814 | ) | 924,764 | 496,195 | 1,347,860 | 864,643 | (1,857,217 | ) | 851,481 | (1,736,027 | ) | 40,218 | ||||||||||||||||||||||||||||||||||||||
Assets of Discontinued Operation | — | — | — | — | — | 42,403 | — | — | — | 42,403 | — | 42,403 | |||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 1,574,747 | $ | 26,962 | $ | 857,522 | $ | (1,185,642 | ) | $ | 1,273,589 | $ | 559,319 | $ | 1,458,843 | $ | 2,639,187 | $ | (2,205,794 | ) | $ | 2,451,555 | $ | (1,736,027 | ) | $ | 1,989,117 | ||||||||||||||||||||||||||
LIABILITIES & SHAREHOLDERS’ EQUITY: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Other Accrued Expenses | $ | 1,021,718 | $ | 609 | $ | 602,314 | $ | (711,814 | ) | $ | 912,827 | $ | 520,781 | $ | 6,703 | $ | 2,228,522 | $ | (1,836,721 | ) | $ | 919,285 | $ | (1,736,027 | ) | $ | 96,085 | ||||||||||||||||||||||||||
Deferred Revenue | 2,415 | 86 | — | — | 2,501 | — | — | — | — | — | — | 2,501 | |||||||||||||||||||||||||||||||||||||||||
Portfolio Term Financings | — | — | — | — | — | — | 1,069,974 | — | (20,496 | ) | 1,049,478 | — | 1,049,478 | ||||||||||||||||||||||||||||||||||||||||
Portfolio Warehouse Facilities | — | — | — | — | — | — | 57,200 | — | — | 57,200 | — | 57,200 | |||||||||||||||||||||||||||||||||||||||||
Senior Secured Notes Payable | — | — | 99,160 | — | 99,160 | — | — | 99,160 | — | 99,160 | — | 198,320 | |||||||||||||||||||||||||||||||||||||||||
Other Secured Financing | 91,320 | 11,733 | — | — | 103,053 | 1,774 | 12,454 | — | — | 14,228 | — | 117,281 | |||||||||||||||||||||||||||||||||||||||||
Liabilities of Discontinued Operation | — | — | — | — | — | 699 | — | — | — | 699 | — | 699 | |||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 1,115,453 | 12,428 | — | 701,474 | — | (711,814 | ) | 1,117,541 | 523,254 | — | 1,146,331 | — | 2,327,682 | — | (1,857,217 | ) | 2,140,050 | (1,736,027 | ) | 1,521,564 | |||||||||||||||||||||||||||||||||
Shareholders’ Equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Equity | 459,294 | 14,534 | 156,048 | (473,828 | ) | 156,048 | 36,065 | 312,512 | 311,505 | (348,577 | ) | 311,505 | — | 467,553 | |||||||||||||||||||||||||||||||||||||||
Total Liabilities & Shareholders’ Equity | $ | 1,574,747 | $ | 26,962 | $ | 857,522 | $ | (1,185,642 | ) | $ | 1,273,589 | $ | 559,319 | $ | 1,458,843 | $ | 2,639,187 | $ | (2,205,794 | ) | $ | 2,451,555 | $ | (1,736,027 | ) | $ | 1,989,117 | ||||||||||||||||||||||||||
Schedule of Consolidating Statements of Operations | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Eliminations | DriveTime | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Subsidiaries | Company | Automotive | |||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Combined | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales Revenue | $ | 1,055,504 | $ | — | $ | — | $ | — | $ | 1,055,504 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,055,504 | |||||||||||||||||||||||||||||
Interest Income | — | — | — | — | — | — | 307,578 | 328,368 | (308,148 | ) | 327,798 | — | 327,798 | ||||||||||||||||||||||||||||||||||||||||
Other Income | 54,051 | 16,724 | 60,824 | (8,593 | ) | 123,006 | 72,395 | — | 2,367 | (69,364 | ) | 5,398 | (110,810 | ) | 17,594 | ||||||||||||||||||||||||||||||||||||||
Equity in Income of Subsidiaries | — | — | 211,764 | (211,764 | ) | — | — | — | 212,222 | (212,222 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total Revenue | 1,109,555 | 16,724 | 272,588 | (220,357 | ) | 1,178,510 | 72,395 | 307,578 | 542,957 | (589,734 | ) | 333,196 | (110,810 | ) | 1,400,896 | ||||||||||||||||||||||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Sales | 731,075 | 7,734 | — | (7,619 | ) | 731,190 | — | — | — | — | — | — | 731,190 | ||||||||||||||||||||||||||||||||||||||||
Provision for Credit Losses | — | — | — | — | — | — | — | 308,332 | — | 308,332 | — | 308,332 | |||||||||||||||||||||||||||||||||||||||||
Portfolio Debt Interest Expense | — | — | — | — | — | — | 42,196 | — | — | 42,196 | — | 42,196 | |||||||||||||||||||||||||||||||||||||||||
Non-Portfolio Debt Interest Expense | 5,555 | 577 | 42 | — | 6,174 | 64 | 1,318 | 368,417 | (308,148 | ) | 61,651 | (65,273 | ) | 2,552 | |||||||||||||||||||||||||||||||||||||||
Senior Secured Notes Interest Expense | — | — | 15,162 | — | 15,162 | — | — | 15,163 | — | 15,163 | — | 30,325 | |||||||||||||||||||||||||||||||||||||||||
Selling and Marketing | 32,138 | — | — | — | 32,138 | — | — | — | — | — | — | 32,138 | |||||||||||||||||||||||||||||||||||||||||
General and Administrative | 115,122 | 2,921 | 6,394 | — | 124,437 | 58,988 | 61,489 | 65,793 | (69,364 | ) | 116,906 | (45,537 | ) | 195,806 | |||||||||||||||||||||||||||||||||||||||
Depreciation Expense | 21,658 | 312 | — | — | 21,970 | 1,195 | 545 | 1,322 | — | 3,062 | — | 25,032 | |||||||||||||||||||||||||||||||||||||||||
Total Costs and Expenses | 905,548 | 11,544 | 21,598 | (7,619 | ) | 931,071 | 60,247 | 105,548 | 759,027 | (377,512 | ) | 547,310 | (110,810 | ) | 1,367,571 | ||||||||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes | 204,007 | 5,180 | 250,990 | (212,738 | ) | 247,439 | 12,148 | 202,030 | (216,070 | ) | (212,222 | ) | (214,114 | ) | — | 33,325 | |||||||||||||||||||||||||||||||||||||
Income Tax Expense | — | 665 | 261 | — | 926 | — | — | 683 | — | 683 | — | 1,609 | |||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) from Continuing Operations | 204,007 | 4,515 | 250,729 | (212,738 | ) | 246,513 | 12,148 | 202,030 | (216,753 | ) | (212,222 | ) | (214,797 | ) | — | 31,716 | |||||||||||||||||||||||||||||||||||||
Loss from Discontinued Operation (net of taxes) | — | — | — | — | — | (1,956 | ) | — | — | — | (1,956 | ) | — | (1,956 | ) | ||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | 204,007 | 4,515 | 250,729 | (212,738 | ) | 246,513 | 10,192 | 202,030 | (216,753 | ) | (212,222 | ) | (216,753 | ) | — | 29,760 | |||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests - Inilex | — | 941 | — | (1,731 | ) | (790 | ) | — | — | — | — | — | 242 | (548 | ) | ||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to DriveTime Consolidated | $ | 204,007 | $ | 3,574 | $ | 250,729 | $ | (211,007 | ) | $ | 247,303 | $ | 10,192 | $ | 202,030 | $ | (216,753 | ) | $ | (212,222 | ) | $ | (216,753 | ) | $ | (242 | ) | $ | 30,308 | ||||||||||||||||||||||||
DriveTime Automotive Group, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | |||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Subsidiaries | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined | and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales Revenue | $ | 920,507 | $ | — | $ | — | $ | — | $ | 920,507 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 920,507 | |||||||||||||||||||||||||||||
Interest Income | — | — | — | — | — | — | 273,460 | 300,595 | (274,673 | ) | 299,382 | — | 299,382 | ||||||||||||||||||||||||||||||||||||||||
Other Income | 45,442 | — | 37,760 | — | 83,202 | 65,058 | — | 2,757 | (64,342 | ) | 3,473 | (85,500 | ) | 1,175 | |||||||||||||||||||||||||||||||||||||||
Equity in Income of Subsidiaries | — | — | 220,795 | (220,795 | ) | — | — | — | 180,339 | (180,339 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total Revenue | 965,949 | — | 258,555 | (220,795 | ) | 1,003,709 | 65,058 | 273,460 | 483,691 | (519,354 | ) | 302,855 | (85,500 | ) | 1,221,064 | ||||||||||||||||||||||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Sales | 607,932 | — | — | — | 607,932 | — | — | — | — | — | — | 607,932 | |||||||||||||||||||||||||||||||||||||||||
Provision for Credit Losses | — | — | — | — | — | — | — | 253,603 | — | 253,603 | — | 253,603 | |||||||||||||||||||||||||||||||||||||||||
Portfolio Debt Interest Expense | — | — | — | — | — | — | 41,978 | — | — | 41,978 | — | 41,978 | |||||||||||||||||||||||||||||||||||||||||
Non-Portfolio Debt Interest Expense | 3,273 | 403 | 58 | — | 3,734 | 93 | 1,975 | 314,904 | (274,673 | ) | 42,299 | (41,389 | ) | 4,644 | |||||||||||||||||||||||||||||||||||||||
Senior Secured Notes Interest Expense | — | — | 13,233 | — | 13,233 | — | — | 13,237 | — | 13,237 | — | 26,470 | |||||||||||||||||||||||||||||||||||||||||
Selling and Marketing | 28,012 | — | — | — | 28,012 | — | — | 3 | — | 3 | — | 28,015 | |||||||||||||||||||||||||||||||||||||||||
General and Administrative | 91,546 | (3,406 | ) | 7,369 | — | 95,509 | 54,942 | 55,762 | 78,506 | (64,342 | ) | 124,868 | (44,111 | ) | 176,266 | ||||||||||||||||||||||||||||||||||||||
Depreciation Expense | 16,910 | — | — | — | 16,910 | 1,014 | 546 | 1,270 | — | 2,830 | — | 19,740 | |||||||||||||||||||||||||||||||||||||||||
Total Costs and Expenses | 747,673 | (3,003 | ) | 20,660 | — | 765,330 | 56,049 | 100,261 | 661,523 | (339,015 | ) | 478,818 | (85,500 | ) | 1,158,648 | ||||||||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes | 218,276 | 3,003 | 237,895 | (220,795 | ) | 238,379 | 9,009 | 173,199 | (177,832 | ) | (180,339 | ) | (175,963 | ) | — | 62,416 | |||||||||||||||||||||||||||||||||||||
Income Tax Expense | — | 484 | 224 | — | 708 | — | — | 486 | — | 486 | — | 1,194 | |||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) from Continuing Operations | 218,276 | 2,519 | 237,671 | (220,795 | ) | 237,671 | 9,009 | 173,199 | (178,318 | ) | (180,339 | ) | (176,449 | ) | — | 61,222 | |||||||||||||||||||||||||||||||||||||
Loss from Discontinued Operation (net of taxes) | — | — | — | — | — | (1,869 | ) | — | — | — | (1,869 | ) | — | (1,869 | ) | ||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to DriveTime Consolidated | $ | 218,276 | $ | 2,519 | $ | 237,671 | $ | (220,795 | ) | $ | 237,671 | $ | 7,140 | $ | 173,199 | $ | (178,318 | ) | $ | (180,339 | ) | $ | (178,318 | ) | $ | — | $ | 59,353 | |||||||||||||||||||||||||
DriveTime Automotive Group, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | |||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Subsidiaries | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined | and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales Revenue | $ | 838,242 | $ | — | $ | — | $ | — | $ | 838,242 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 838,242 | |||||||||||||||||||||||||||||
Interest Income | — | — | — | — | — | — | 252,911 | 284,282 | (254,128 | ) | 283,065 | — | 283,065 | ||||||||||||||||||||||||||||||||||||||||
Other Income | 38,333 | — | 26,500 | — | 64,833 | 60,250 | — | 2,864 | (60,018 | ) | 3,096 | (67,269 | ) | 660 | |||||||||||||||||||||||||||||||||||||||
Equity in Income of Subsidiaries | — | — | 211,104 | (211,104 | ) | — | — | — | 158,642 | (158,642 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total Revenue | 876,575 | — | 237,604 | (211,104 | ) | 903,075 | 60,250 | 252,911 | 445,788 | (472,788 | ) | 286,161 | (67,269 | ) | 1,121,967 | ||||||||||||||||||||||||||||||||||||||
Costs and Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Sales | 544,504 | — | — | — | 544,504 | — | — | — | — | — | — | 544,504 | |||||||||||||||||||||||||||||||||||||||||
Provision for Credit Losses | — | — | — | — | — | — | — | 207,198 | — | 207,198 | — | 207,198 | |||||||||||||||||||||||||||||||||||||||||
Portfolio Debt Interest Expense | — | — | — | — | — | — | 43,373 | 102 | — | 43,475 | — | 43,475 | |||||||||||||||||||||||||||||||||||||||||
Non-Portfolio Debt Interest Expense | 2,351 | — | 54 | — | 2,405 | 109 | 1,989 | 282,978 | (254,128 | ) | 30,948 | (30,319 | ) | 3,034 | |||||||||||||||||||||||||||||||||||||||
Senior Secured Notes Interest Expense | — | — | 13,271 | — | 13,271 | — | — | 13,270 | — | 13,270 | — | 26,541 | |||||||||||||||||||||||||||||||||||||||||
Selling and Marketing | 22,790 | — | — | — | 22,790 | — | — | — | — | — | — | 22,790 | |||||||||||||||||||||||||||||||||||||||||
General and Administrative | 83,081 | (1,191 | ) | 7,543 | — | 89,433 | 56,925 | 50,009 | 68,803 | (60,018 | ) | 115,719 | (36,950 | ) | 168,202 | ||||||||||||||||||||||||||||||||||||||
Depreciation Expense | 13,532 | — | — | — | 13,532 | 714 | 613 | 1,216 | — | 2,543 | — | 16,075 | |||||||||||||||||||||||||||||||||||||||||
Total Costs and Expenses | 666,258 | (1,191 | ) | 20,868 | — | 685,935 | 57,748 | 95,984 | 573,567 | (314,146 | ) | 413,153 | (67,269 | ) | 1,031,819 | ||||||||||||||||||||||||||||||||||||||
Income (Loss) Before Income Taxes | 210,317 | 1,191 | 216,736 | (211,104 | ) | 217,140 | 2,502 | 156,927 | (127,779 | ) | (158,642 | ) | (126,992 | ) | — | 90,148 | |||||||||||||||||||||||||||||||||||||
Income Tax Expense | — | 403 | (166 | ) | — | 237 | — | — | 984 | — | 984 | — | 1,221 | ||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) from Continuing Operations | 210,317 | 788 | 216,902 | (211,104 | ) | 216,903 | 2,502 | 156,927 | (128,763 | ) | (158,642 | ) | (127,976 | ) | — | 88,927 | |||||||||||||||||||||||||||||||||||||
Loss from Discontinued Operation (net of taxes) | — | — | — | — | — | — | (789 | ) | — | — | (789 | ) | — | (789 | ) | ||||||||||||||||||||||||||||||||||||||
Net Income (Loss) attributable to DriveTime Consolidated | $ | 210,317 | $ | 788 | $ | 216,902 | $ | (211,104 | ) | $ | 216,903 | $ | 2,502 | $ | 156,138 | $ | (128,763 | ) | $ | (158,642 | ) | $ | (128,765 | ) | $ | — | $ | 88,138 | |||||||||||||||||||||||||
Schedule of Consolidating Statements of Cash Flows | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | |||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Subsidiaries | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined | and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income / (Loss) | $ | 204,007 | $ | 4,515 | $ | 250,729 | $ | (212,738 | ) | $ | 246,513 | $ | 10,192 | $ | 202,030 | $ | (216,753 | ) | $ | (212,222 | ) | $ | (216,753 | ) | $ | — | $ | 29,760 | |||||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interests | — | (941 | ) | — | 1,731 | 790 | — | — | — | — | — | (242 | ) | 548 | |||||||||||||||||||||||||||||||||||||||
Net Income / (Loss) Attributable to DriveTime Consolidated | 204,007 | 3,574 | 250,729 | (211,007 | ) | 247,303 | 10,192 | 202,030 | (216,753 | ) | (212,222 | ) | (216,753 | ) | (242 | ) | 30,308 | ||||||||||||||||||||||||||||||||||||
Net Loss from Discontinued Operations | — | — | — | — | — | 1,956 | — | — | — | 1,956 | — | 1,956 | |||||||||||||||||||||||||||||||||||||||||
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Credit Losses | — | — | — | — | — | — | — | 308,332 | — | 308,332 | — | 308,332 | |||||||||||||||||||||||||||||||||||||||||
Depreciation Expense | 21,658 | 312 | — | — | 21,970 | 1,195 | 545 | 1,322 | — | 3,062 | — | 25,032 | |||||||||||||||||||||||||||||||||||||||||
Amortization of Debt Issuance Costs and Debt Premium and Discount | 163 | 74 | 451 | — | 688 | — | 5,145 | 451 | — | 5,596 | — | 6,284 | |||||||||||||||||||||||||||||||||||||||||
Non-Cash Compensation Expense | — | — | 612 | — | 612 | — | — | 627 | — | 627 | — | 1,239 | |||||||||||||||||||||||||||||||||||||||||
Loss (Gain) from Disposal of Property and Equipment | (232 | ) | — | — | — | (232 | ) | 94 | — | (7 | ) | — | 87 | — | (145 | ) | |||||||||||||||||||||||||||||||||||||
Originations of Finance Receivables | — | — | — | — | — | — | — | (1,106,422 | ) | — | (1,106,422 | ) | — | (1,106,422 | ) | ||||||||||||||||||||||||||||||||||||||
Collections and Recoveries on Finance Receivable Principal Balances | — | — | — | — | — | — | 4,434 | 568,323 | — | 572,757 | — | 572,757 | |||||||||||||||||||||||||||||||||||||||||
Increase in Accrued Interest Receivable and Loan Origination Costs | — | — | — | — | — | — | — | (5,011 | ) | — | (5,011 | ) | — | (5,011 | ) | ||||||||||||||||||||||||||||||||||||||
(Increase) Decrease in Inventory | (49,673 | ) | — | — | 839 | (48,834 | ) | — | — | — | — | — | — | (48,834 | ) | ||||||||||||||||||||||||||||||||||||||
(Increase) Decrease in Other Assets | (1,301,364 | ) | 8,714 | (272,571 | ) | 194,677 | (1,370,544 | ) | (882,385 | ) | (339,927 | ) | (895,002 | ) | 1,311,843 | (805,471 | ) | 2,163,583 | (12,432 | ) | |||||||||||||||||||||||||||||||||
Increase (Decrease) in Deferred Revenue | 39,686 | (54 | ) | — | — | 39,632 | — | — | — | — | — | — | 39,632 | ||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | 1,105,113 | 1,458 | (2,982 | ) | 15,491 | 1,119,080 | 867,518 | 61 | 1,311,087 | (1,120,116 | ) | 1,058,550 | (2,163,341 | ) | 14,289 | ||||||||||||||||||||||||||||||||||||||
Net Cash Provided By (Used in) Operating Activities from Continued Operations | 19,358 | 14,078 | (23,761 | ) | — | 9,675 | (1,430 | ) | (127,712 | ) | (33,053 | ) | (20,495 | ) | (182,690 | ) | — | (173,015 | ) | ||||||||||||||||||||||||||||||||||
Net Cash Provided By Operating Activities from Discontinued Operation | — | — | — | — | — | 761 | — | — | — | 761 | — | 761 | |||||||||||||||||||||||||||||||||||||||||
Net Cash Provided By (Used in) Operating Activities | 19,358 | 14,078 | (23,761 | ) | — | 9,675 | (669 | ) | (127,712 | ) | (33,053 | ) | (20,495 | ) | (181,929 | ) | — | (172,254 | ) | ||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | DriveTime | |||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||||
Combined | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Disposal of Property and Equipment | 1,520 | — | — | — | 1,520 | 177 | — | 51 | — | 228 | — | 1,748 | |||||||||||||||||||||||||||||||||||||||||
Purchase of Property and Equipment | (33,626 | ) | (762 | ) | — | — | (34,388 | ) | (761 | ) | (136 | ) | (986 | ) | — | (1,883 | ) | — | (36,271 | ) | |||||||||||||||||||||||||||||||||
Purchase of Lease Fleet | (33,022 | ) | — | — | — | (33,022 | ) | — | — | — | — | — | — | (33,022 | ) | ||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Discontinued Operation | — | — | — | — | — | — | — | 85,074 | — | 85,074 | — | 85,074 | |||||||||||||||||||||||||||||||||||||||||
Increase in Other Investments | — | — | (3,200 | ) | — | (3,200 | ) | — | — | — | — | — | — | (3,200 | ) | ||||||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities from Continuing Operations | (65,128 | ) | (762 | ) | (3,200 | ) | — | (69,090 | ) | (584 | ) | (136 | ) | 84,139 | — | 83,419 | — | 14,329 | |||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities from Discontinued Operation | — | — | — | — | — | (762 | ) | — | (73,867 | ) | — | (74,629 | ) | — | (74,629 | ) | |||||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities | (65,128 | ) | (762 | ) | (3,200 | ) | — | (69,090 | ) | (1,346 | ) | (136 | ) | 10,272 | — | 8,790 | — | (60,300 | ) | ||||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Restricted Cash | — | — | — | — | — | 3,788 | (12,030 | ) | — | — | (8,242 | ) | — | (8,242 | ) | ||||||||||||||||||||||||||||||||||||||
Deposits into Investments Held in Trust | — | — | — | — | — | — | (9,000 | ) | — | — | (9,000 | ) | — | (9,000 | ) | ||||||||||||||||||||||||||||||||||||||
Change in Investments Held in Trust and Collection Account Cash | — | — | — | — | — | — | 9,446 | — | — | 9,446 | — | 9,446 | |||||||||||||||||||||||||||||||||||||||||
Additions to Portfolio Term Financings | — | — | — | — | — | — | 543,890 | — | — | 543,890 | — | 543,890 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Portfolio Term Financings | — | — | — | — | — | — | (625,844 | ) | — | 20,495 | (605,349 | ) | — | (605,349 | ) | ||||||||||||||||||||||||||||||||||||||
Additions to Portfolio Warehouse Facilities | — | — | — | — | — | — | 1,034,300 | — | — | 1,034,300 | — | 1,034,300 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Portfolio Warehouse Facilities | — | — | — | — | — | — | (808,100 | ) | — | — | (808,100 | ) | — | (808,100 | ) | ||||||||||||||||||||||||||||||||||||||
Additions to Senior Secured Notes Payable | — | — | 27,750 | — | 27,750 | — | — | 27,750 | — | 27,750 | — | 55,500 | |||||||||||||||||||||||||||||||||||||||||
Additions to Other Secured Notes Payable | 55,000 | 3,871 | — | — | 58,871 | — | — | — | — | — | — | 58,871 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Other Secured Notes Payable | (10,000 | ) | (2,192 | ) | — | — | (12,192 | ) | (1,775 | ) | (221 | ) | — | — | (1,996 | ) | — | (14,188 | ) | ||||||||||||||||||||||||||||||||||
Payment of Debt Issuance Costs | (578 | ) | — | (789 | ) | — | (1,367 | ) | — | (4,428 | ) | (802 | ) | — | (5,230 | ) | — | (6,597 | ) | ||||||||||||||||||||||||||||||||||
Dividend Distributions | — | — | — | — | — | — | — | (13,701 | ) | — | (13,701 | ) | — | (13,701 | ) | ||||||||||||||||||||||||||||||||||||||
Net Cash Provided By Financing Activities | 44,422 | 1,679 | 26,961 | — | 73,062 | 2,013 | 128,013 | 13,247 | 20,495 | 163,768 | — | 236,830 | |||||||||||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (1,348 | ) | 14,995 | — | — | 13,647 | (2 | ) | 165 | (9,534 | ) | — | (9,371 | ) | — | 4,276 | |||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 6,937 | 482 | 5 | — | 7,424 | 7 | 423 | 18,624 | — | 19,054 | — | 26,478 | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents at End of Period | 5,589 | 15,477 | 5 | — | 21,071 | 5 | 588 | 9,090 | — | 9,683 | — | 30,754 | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents from Discontinued Operation at End of Period | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents from Continued Operations at End of Period | $ | 5,589 | $ | 15,477 | $ | 5 | $ | — | $ | 21,071 | $ | 5 | $ | 588 | $ | 9,090 | $ | — | $ | 9,683 | $ | — | $ | 30,754 | |||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | DriveTime | |||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Eliminations | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Subsidiaries | Company | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Combined | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income / (Loss) | $ | 218,276 | $ | 2,519 | $ | 237,671 | $ | (220,795 | ) | $ | 237,671 | $ | 7,140 | $ | 173,199 | $ | (178,318 | ) | $ | (180,339 | ) | $ | (178,318 | ) | $ | — | $ | 59,353 | |||||||||||||||||||||||||
Net Loss from Discontinued Operations | — | — | — | — | — | 1,869 | — | — | — | 1,869 | — | 1,869 | |||||||||||||||||||||||||||||||||||||||||
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Credit Losses | — | — | — | — | — | — | — | 253,603 | — | 253,603 | — | 253,603 | |||||||||||||||||||||||||||||||||||||||||
Depreciation Expense | 16,910 | — | — | — | 16,910 | 1,014 | 546 | 1,270 | — | 2,830 | — | 19,740 | |||||||||||||||||||||||||||||||||||||||||
Amortization of Debt Issuance Costs and Debt Premium and Discount | 115 | 39 | 608 | — | 762 | — | 6,792 | 609 | — | 7,401 | — | 8,163 | |||||||||||||||||||||||||||||||||||||||||
Non-Cash Compensation Expense | — | — | 781 | — | 781 | — | — | 765 | — | 765 | — | 1,546 | |||||||||||||||||||||||||||||||||||||||||
Loss (Gain) from Disposal of Property and Equipment | (117 | ) | — | — | — | (117 | ) | (34 | ) | — | (2 | ) | — | (36 | ) | — | (153 | ) | |||||||||||||||||||||||||||||||||||
Originations of Finance Receivables | — | — | — | — | — | — | — | (917,093 | ) | — | (917,093 | ) | — | (917,093 | ) | ||||||||||||||||||||||||||||||||||||||
Collections and Recoveries on Finance Receivable Principal Balances | — | — | — | — | — | — | (1,496 | ) | 560,588 | — | 559,092 | — | 559,092 | ||||||||||||||||||||||||||||||||||||||||
Increase in Accrued Interest Receivable and Loan Origination Costs | — | — | — | — | — | — | — | (4,252 | ) | — | (4,252 | ) | — | (4,252 | ) | ||||||||||||||||||||||||||||||||||||||
Increase in Inventory | (58,403 | ) | — | — | — | (58,403 | ) | — | — | — | — | — | — | (58,403 | ) | ||||||||||||||||||||||||||||||||||||||
(Increase) Decrease in Other Assets | (269,542 | ) | (14,358 | ) | (232,721 | ) | 208,224 | (308,397 | ) | 156,538 | (342,738 | ) | 166,308 | 145,614 | 125,722 | 179,356 | (3,319 | ) | |||||||||||||||||||||||||||||||||||
Increase in Deferred Revenue | 2,362 | 31 | — | — | 2,393 | — | — | — | — | — | — | 2,393 | |||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | 107,580 | 311 | (6,333 | ) | 12,571 | 114,129 | (127,876 | ) | 1,552 | 165,334 | 34,725 | 73,735 | (179,356 | ) | 8,508 | ||||||||||||||||||||||||||||||||||||||
Net Cash Provided By (Used in) Operating Activities from Continued Operations | 17,181 | (11,458 | ) | 6 | — | 5,729 | 38,651 | (162,145 | ) | 48,812 | — | (74,682 | ) | — | (68,953 | ) | |||||||||||||||||||||||||||||||||||||
Net Cash Provided By Operating Activities from Discontinued Operation | — | — | — | — | — | (925 | ) | — | — | — | (925 | ) | — | (925 | ) | ||||||||||||||||||||||||||||||||||||||
Net Cash Provided By (Used in) Operating Activities | 17,181 | (11,458 | ) | 6 | — | 5,729 | 37,726 | (162,145 | ) | 48,812 | — | (75,607 | ) | — | (69,878 | ) | |||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | DriveTime | |||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Eliminations | Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Subsidiaries | Company | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Combined | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Disposal of Property and Equipment | 1,540 | — | — | — | 1,540 | 317 | — | 38 | — | 355 | — | 1,895 | |||||||||||||||||||||||||||||||||||||||||
Purchase of Property and Equipment | (21,333 | ) | — | — | — | (21,333 | ) | (2,111 | ) | — | (1,037 | ) | — | (3,148 | ) | — | (24,481 | ) | |||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities from Continuing Operations | (19,793 | ) | — | — | — | (19,793 | ) | (1,794 | ) | — | (999 | ) | — | (2,793 | ) | — | (22,586 | ) | |||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities from Discontinued Operation | — | — | — | — | — | (41,971 | ) | — | — | — | (41,971 | ) | — | (41,971 | ) | ||||||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities | (19,793 | ) | — | — | — | (19,793 | ) | (43,765 | ) | — | (999 | ) | — | (44,764 | ) | — | (64,557 | ) | |||||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in Restricted Cash | — | — | — | — | — | 6,354 | 9,067 | — | — | 15,421 | — | 15,421 | |||||||||||||||||||||||||||||||||||||||||
Deposits into Investments Held in Trust | — | — | — | — | — | — | (15,864 | ) | — | — | (15,864 | ) | — | (15,864 | ) | ||||||||||||||||||||||||||||||||||||||
Change in Investments Held in Trust and Collection Account Cash | — | — | — | — | — | — | (6,913 | ) | — | — | (6,913 | ) | — | (6,913 | ) | ||||||||||||||||||||||||||||||||||||||
Additions to Portfolio Term Financings | — | — | — | — | — | — | 857,246 | — | — | 857,246 | — | 857,246 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Portfolio Term Financings | — | — | — | — | — | — | (590,151 | ) | — | — | (590,151 | ) | — | (590,151 | ) | ||||||||||||||||||||||||||||||||||||||
Additions to Portfolio Warehouse Facilities | — | — | — | — | — | — | 827,300 | — | — | 827,300 | — | 827,300 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Portfolio Warehouse Facilities | — | — | — | — | — | — | (911,492 | ) | — | — | (911,492 | ) | — | (911,492 | ) | ||||||||||||||||||||||||||||||||||||||
Additions to Other Secured Notes Payable | 71,000 | 12,968 | — | — | 83,968 | — | — | — | — | — | — | 83,968 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Other Secured Notes Payable | (64,179 | ) | (1,235 | ) | — | — | (65,414 | ) | (360 | ) | (208 | ) | — | — | (568 | ) | — | (65,982 | ) | ||||||||||||||||||||||||||||||||||
Payment of Debt Issuance Costs | (141 | ) | (388 | ) | (6 | ) | — | (535 | ) | — | (6,801 | ) | (7 | ) | — | (6,808 | ) | — | (7,343 | ) | |||||||||||||||||||||||||||||||||
Dividend Distributions | — | — | — | — | — | — | — | (51,195 | ) | — | (51,195 | ) | — | (51,195 | ) | ||||||||||||||||||||||||||||||||||||||
Net Cash Provided By (Used In) Financing Activities | 6,680 | 11,345 | (6 | ) | — | 18,019 | 5,994 | 162,184 | (51,202 | ) | — | 116,976 | — | 134,995 | |||||||||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 4,068 | (113 | ) | — | — | 3,955 | (45 | ) | 39 | (3,389 | ) | — | (3,395 | ) | — | 560 | |||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 2,869 | 595 | 5 | — | 3,469 | 52 | 384 | 22,013 | — | 22,449 | — | 25,918 | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents at End of Period | 6,937 | 482 | 5 | — | 7,424 | 7 | 423 | 18,624 | — | 19,054 | — | 26,478 | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents from Discontinued Operations at End of Period | — | — | — | — | — | 2 | — | — | — | 2 | — | 2 | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents from Continued Operations at End of Period | $ | 6,937 | $ | 482 | $ | 5 | $ | — | $ | 7,424 | $ | 9 | $ | 423 | $ | 18,624 | $ | — | $ | 19,056 | $ | — | $ | 26,480 | |||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. and Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | |||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Subsidiaries | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined | and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income / (Loss) | $ | 210,317 | $ | 788 | $ | 216,902 | $ | (211,104 | ) | $ | 216,903 | $ | 2,502 | $ | 156,138 | $ | (128,763 | ) | $ | (158,642 | ) | $ | (128,765 | ) | $ | — | $ | 88,138 | |||||||||||||||||||||||||
Net Loss from Discontinued Operations | — | — | — | — | — | — | 789 | — | — | 789 | — | 789 | |||||||||||||||||||||||||||||||||||||||||
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Credit Losses | — | — | — | — | — | — | — | 207,198 | — | 207,198 | — | 207,198 | |||||||||||||||||||||||||||||||||||||||||
Depreciation Expense | 13,532 | — | — | — | 13,532 | 714 | 613 | 1,216 | — | 2,543 | — | 16,075 | |||||||||||||||||||||||||||||||||||||||||
Amortization of Debt Issuance Costs and Debt Premium and Discount | 494 | — | 562 | — | 1,056 | — | 10,262 | 562 | — | 10,824 | — | 11,880 | |||||||||||||||||||||||||||||||||||||||||
Non-Cash Compensation Expense | — | — | 1,395 | — | 1,395 | — | — | 1,394 | — | 1,394 | — | 2,789 | |||||||||||||||||||||||||||||||||||||||||
Loss (Gain) from Disposal of Property and Equipment | 86 | — | — | — | 86 | — | — | (5 | ) | — | (5 | ) | — | 81 | |||||||||||||||||||||||||||||||||||||||
Originations of Finance Receivables | — | — | — | — | — | — | 23 | (829,164 | ) | — | (829,141 | ) | — | (829,141 | ) | ||||||||||||||||||||||||||||||||||||||
Collections and Recoveries on Finance Receivable Principal Balances | — | — | — | — | — | — | (223 | ) | 540,673 | — | 540,450 | — | 540,450 | ||||||||||||||||||||||||||||||||||||||||
Increase in Accrued Interest Receivable and Loan Origination Costs | — | — | — | — | — | — | — | (1,011 | ) | — | (1,011 | ) | — | (1,011 | ) | ||||||||||||||||||||||||||||||||||||||
Increase in Inventory | (66,286 | ) | — | — | — | (66,286 | ) | — | — | — | — | — | — | (66,286 | ) | ||||||||||||||||||||||||||||||||||||||
(Increase) Decrease in Other Assets | (851,669 | ) | 2,564 | (335,292 | ) | 310,151 | (874,246 | ) | (603,676 | ) | (233,228 | ) | (763,142 | ) | 1,113,025 | (487,021 | ) | 1,358,453 | (2,814 | ) | |||||||||||||||||||||||||||||||||
Decrease in Deferred Revenue | (28 | ) | — | — | — | (28 | ) | — | — | — | — | — | — | (28 | ) | ||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | 691,667 | (3,079 | ) | 116,607 | (99,047 | ) | 706,148 | 602,492 | (14,843 | ) | 1,026,561 | (954,383 | ) | 659,827 | (1,358,453 | ) | 7,522 | ||||||||||||||||||||||||||||||||||||
Net Cash Provided By (Used in) Operating Activities from Continued Operations | (1,887 | ) | 273 | 174 | — | (1,440 | ) | 2,032 | (80,469 | ) | 55,519 | — | (22,918 | ) | — | (24,358 | ) | ||||||||||||||||||||||||||||||||||||
Net Cash Provided By Operating Activities from Discontinued Operation | — | — | — | — | — | — | (838 | ) | — | — | (838 | ) | — | (838 | ) | ||||||||||||||||||||||||||||||||||||||
Net Cash Provided By (Used in) Operating Activities | (1,887 | ) | 273 | 174 | — | (1,440 | ) | 2,032 | (81,307 | ) | 55,519 | — | (23,756 | ) | — | (25,196 | ) | ||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | ||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | |||||||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiary | Combined | Subsidiaries | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined | and | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Disposal of Property and Equipment | 438 | — | — | — | 438 | 62 | — | 19 | — | 81 | — | 519 | |||||||||||||||||||||||||||||||||||||||||
Purchase of Property and Equipment | (43,290 | ) | — | — | — | (43,290 | ) | (243 | ) | (164 | ) | (477 | ) | — | (884 | ) | — | (44,174 | ) | ||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities from Continuing Operations | (42,852 | ) | — | — | — | (42,852 | ) | (181 | ) | (164 | ) | (458 | ) | — | (803 | ) | — | (43,655 | ) | ||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities from Discontinued Operation | — | — | — | — | — | — | (630 | ) | — | — | (630 | ) | — | (630 | ) | ||||||||||||||||||||||||||||||||||||||
Net Cash Used in Investing Activities | (42,852 | ) | — | — | — | (42,852 | ) | (181 | ) | (794 | ) | (458 | ) | — | (1,433 | ) | — | (44,285 | ) | ||||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in Restricted Cash | 5 | — | — | — | 5 | (1,740 | ) | 19,928 | — | — | 18,188 | — | 18,193 | ||||||||||||||||||||||||||||||||||||||||
Deposits into Investments Held in Trust | — | — | — | — | — | — | (13,199 | ) | — | — | (13,199 | ) | — | (13,199 | ) | ||||||||||||||||||||||||||||||||||||||
Change in Investments Held in Trust and Collection Account Cash | — | — | — | — | — | — | (22,819 | ) | — | — | (22,819 | ) | — | (22,819 | ) | ||||||||||||||||||||||||||||||||||||||
Additions to Portfolio Term Facilities | — | — | — | — | — | — | 707,947 | — | — | 707,947 | — | 707,947 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Portfolio Term Facilities | — | — | — | — | — | — | (339,110 | ) | — | — | (339,110 | ) | — | (339,110 | ) | ||||||||||||||||||||||||||||||||||||||
Additions to Portfolio Warehouse Facilities | — | — | — | — | — | — | 970,600 | — | — | 970,600 | — | 970,600 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Portfolio Warehouse Facilities | — | — | — | — | — | — | (1,232,215 | ) | — | — | (1,232,215 | ) | — | (1,232,215 | ) | ||||||||||||||||||||||||||||||||||||||
Additions to Other Secured Notes Payable | 44,500 | — | — | — | 44,500 | — | — | — | — | — | — | 44,500 | |||||||||||||||||||||||||||||||||||||||||
Repayment of Other Secured Notes Payable | — | — | — | — | — | (344 | ) | (198 | ) | — | — | (542 | ) | — | (542 | ) | |||||||||||||||||||||||||||||||||||||
Payment of Debt Issuance Costs | (485 | ) | — | (169 | ) | — | (654 | ) | — | (8,965 | ) | (169 | ) | — | (9,134 | ) | — | (9,788 | ) | ||||||||||||||||||||||||||||||||||
Dividend Distributions | — | — | — | — | — | — | — | (51,845 | ) | — | (51,845 | ) | — | (51,845 | ) | ||||||||||||||||||||||||||||||||||||||
Net Cash Provided By (Used In) Financing Activities | 44,020 | — | (169 | ) | — | 43,851 | (2,084 | ) | 81,969 | (52,014 | ) | — | 27,871 | — | 71,722 | ||||||||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (719 | ) | 273 | 5 | — | (441 | ) | (233 | ) | (132 | ) | 3,047 | — | 2,682 | — | 2,241 | |||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 3,588 | 322 | — | — | 3,910 | 285 | 516 | 18,966 | — | 19,767 | — | 23,677 | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents at End of Period | 2,869 | 595 | 5 | — | 3,469 | 52 | 384 | 22,013 | — | 22,449 | — | 25,918 | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents from Discontinued Operation at End of Period | — | — | — | — | — | — | 12 | — | — | 12 | — | 12 | |||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents from Continued Operations at End of Period | $ | 2,869 | $ | 595 | $ | 5 | $ | — | $ | 3,469 | $ | 52 | $ | 396 | $ | 22,013 | $ | — | $ | 22,461 | $ | — | $ | 25,930 | |||||||||||||||||||||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data - Unaudited (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||||||
A summary of the quarterly data follows: | ||||||||||||||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
2013 | (In thousands) | |||||||||||||||||||
Total revenue | $ | 385,224 | $ | 360,865 | $ | 364,204 | $ | 290,603 | $ | 1,400,896 | ||||||||||
Costs and expenses | 367,061 | 339,975 | 358,818 | 301,717 | 1,367,571 | |||||||||||||||
Income before income taxes | 18,163 | 20,890 | 5,386 | (11,114 | ) | 33,325 | ||||||||||||||
Net Income/(Loss) From Continuing Operations | $ | 17,821 | $ | 20,620 | $ | 5,455 | $ | (12,180 | ) | $ | 31,716 | |||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
2012 | (In thousands) | |||||||||||||||||||
Total revenue | $ | 367,663 | $ | 301,850 | $ | 304,785 | $ | 246,766 | $ | 1,221,064 | ||||||||||
Costs and expenses | 333,825 | 271,596 | 299,344 | 253,883 | 1,158,648 | |||||||||||||||
Income before income taxes | 33,838 | 30,254 | 5,441 | (7,117 | ) | 62,416 | ||||||||||||||
Net Income/(Loss) From Continuing Operations | $ | 33,446 | $ | 29,987 | $ | 5,070 | $ | (7,281 | ) | $ | 61,222 | |||||||||
First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
2011 | (In thousands) | |||||||||||||||||||
Total revenue | $ | 332,856 | $ | 275,405 | $ | 286,012 | $ | 227,694 | $ | 1,121,967 | ||||||||||
Costs and expenses (1) | 291,841 | 242,975 | 273,567 | 223,436 | 1,031,819 | |||||||||||||||
Income before income taxes | 41,015 | 32,430 | 12,445 | 4,258 | 90,148 | |||||||||||||||
Net Income/(Loss) From Continuing Operations | $ | 40,503 | $ | 32,093 | $ | 12,383 | $ | 3,948 | $ | 88,927 | ||||||||||
(1) Includes net loss on extinguishment of debt. |
Description_Of_Business_Owners1
Description Of Business, Ownership Formation, Basis Of Presentation, And Principles Of Consolidation (Details) | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
DriveTime Automotive Group, Inc [Member] | DriveTime Automotive Group, Inc [Member] | DriveTime Automotive Group, Inc [Member] | DriveTime Automotive Group, Inc [Member] | DT Acceptance Corp [Member] | DT Acceptance Corp [Member] | DT Acceptance Corp [Member] | DT Acceptance Corp [Member] | Inilex [Member] | ||
Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | |||
Schedule of Company Ownership by Owner [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares owned | ' | 100 | 100 | 1.8 | 1.8 | 100 | 100 | 1.8 | 1.8 | ' |
Ownership percentage of Company | ' | 98.30% | 98.30% | ' | 1.70% | 98.30% | 98.30% | 1.70% | 1.70% | ' |
DTAG loans as a percentage of loans DTAC is required to purchase | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% |
Significant_Accounting_Policie2
Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $290,603,000 | $364,204,000 | $360,865,000 | $385,224,000 | $246,766,000 | $304,785,000 | $301,850,000 | $367,663,000 | $227,694,000 | $286,012,000 | $275,405,000 | $332,856,000 | $1,400,896,000 | $1,221,064,000 | $1,121,967,000 |
Reserve for returns | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,200,000 | 5,300,000 | ' |
Capitalized advertising | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Changes in estimates, charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,400,000 | ' | ' |
Changes in estimates, provision for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' |
Changes in estimates, net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,700,000 | ' | ' |
Deferred revenue | 42,133,000 | ' | ' | ' | 2,501,000 | ' | ' | ' | 0 | ' | ' | ' | 42,133,000 | 2,501,000 | 0 |
Selling and Marketing Expense [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,100,000 | 28,000,000 | 22,300,000 |
Ancillary Product Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,600,000 | ' | ' |
Significant_Accounting_Policie3
Significant Accounting Policies (Finance and Other Receivables) (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Charge Off Policy [Abstract] | ' | ' | ' |
Number of days delinquent at month end at which loans are charged off | '91 days | ' | ' |
Recovery receivables | ' | ' | $27,000,000 |
Recoveries, net | ' | $157,759,000 | $149,947,000 |
Significant_Accounting_Policie4
Significant Accounting Policies (Property and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '3 years |
Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '15 years |
Furniture [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '3 years |
Furniture [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '5 years |
Software [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '3 years |
Building Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '5 years |
Building Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '10 years |
Building [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '30 years |
Significant_Accounting_Policie5
Significant Accounting Policies (Deferred Financing Costs) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | ' | ' | ' |
Deferred financing costs | $14,607,000 | $14,996,000 | ' |
Interest Expense [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amortization of financing costs | 6,300,000 | 8,200,000 | 11,900,000 |
Other Assets [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Deferred financing costs | $14,600,000 | $15,000,000 | ' |
Restricted_Cash_And_Investment2
Restricted Cash And Investments Held In Trust (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Cash and Investments [Abstract] | ' | ' |
Restricted Cash | $30,738,000 | $22,496,000 |
Investments Held in Trust | 84,130,000 | 84,576,000 |
Restricted Cash and Investments Held in Trust | 114,868,000 | 107,072,000 |
Investments held in trust, reserves | $38,100,000 | $33,600,000 |
Finance_Receivables_Summary_of
Finance Receivables (Summary of Finance Receivables) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Principal Balances | $1,871,576 | $1,601,710 |
Recovery Receivables | 29,432 | 27,040 |
Accrued Interest | 19,522 | 16,414 |
Loan Origination Costs | 18,401 | 16,498 |
Total Finance Receivables | $1,938,931 | $1,661,662 |
Finance_Receivables_Age_Analys
Finance Receivables (Age Analysis of Past Due Finance Receivables) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Percent of Portfolio [Abstract] | ' | ' |
Current, Percent of Portfolio | 53.70% | 49.10% |
01 To 30 Days, Percent of Portfolio | 30.00% | 33.00% |
31 To 60 Days, Percent of Portfolio | 9.00% | 10.00% |
61 To 90 Days, Percent of Portfolio | 4.90% | 5.10% |
91 to 120 Days Past Due, Percent of Portfolio | 2.40% | 2.80% |
Total Past Due, Percent of Portfolio | 46.30% | 50.90% |
Total Finance Receivables, Percent of Portfolio | 100.00% | 100.00% |
Loan Principal [Abstract] | ' | ' |
Current | $1,005,036 | $786,765 |
01-30 Days | 561,473 | 528,300 |
31-60 Days | 168,442 | 161,157 |
61-90 Days | 91,707 | 81,378 |
91-120 Days | 44,918 | 44,110 |
Total Past Due | 866,540 | 814,945 |
Principal Balances | $1,871,576 | $1,601,710 |
Finance_Receivables_Credit_Qua
Finance Receivables (Credit Quality Indicators) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | loan | loan | ||
Concentration of Credit Risk [Abstract] | ' | ' | ||
Percentage of Portfolio Contracts | 100.00% | 100.00% | ||
Total Contracts | 150,830 | 140,748 | ||
Percentage of Portfolio Principal | 100.00% | 100.00% | ||
Loan Principal (In thousands) | $1,871,576 | $1,601,710 | ||
A [Member] | ' | ' | ||
Concentration of Credit Risk [Abstract] | ' | ' | ||
Average FICO Score | 547 | [1] | 548 | [1] |
Percentage of Portfolio Contracts | 29.00% | 28.90% | ||
Total Contracts | 43,730 | 40,658 | ||
Percentage of Portfolio Principal | 29.50% | 29.40% | ||
Loan Principal (In thousands) | 551,251 | 470,196 | ||
B [Member] | ' | ' | ||
Concentration of Credit Risk [Abstract] | ' | ' | ||
Average FICO Score | 519 | [1] | 517 | [1] |
Percentage of Portfolio Contracts | 38.30% | 37.30% | ||
Total Contracts | 57,836 | 52,476 | ||
Percentage of Portfolio Principal | 38.90% | 38.20% | ||
Loan Principal (In thousands) | 727,192 | 612,084 | ||
C [Member] | ' | ' | ||
Concentration of Credit Risk [Abstract] | ' | ' | ||
Average FICO Score | 499 | [1] | 496 | [1] |
Percentage of Portfolio Contracts | 31.40% | 32.30% | ||
Total Contracts | 47,339 | 45,513 | ||
Percentage of Portfolio Principal | 30.50% | 31.10% | ||
Loan Principal (In thousands) | 571,680 | 499,009 | ||
D [Member] | ' | ' | ||
Concentration of Credit Risk [Abstract] | ' | ' | ||
Average FICO Score | 480 | [1] | 478 | [1] |
Percentage of Portfolio Contracts | 1.30% | 1.50% | ||
Total Contracts | 1,925 | 2,101 | ||
Percentage of Portfolio Principal | 1.10% | 1.30% | ||
Loan Principal (In thousands) | $21,453 | $20,421 | ||
[1] | Average FICO score is provided as an external metric of credit quality, but is generally not utilized to determine internal credit grade. Our internal scoring model is the primary driver of our internal credit grade. Average FICO presented excludes originations with no FICO. |
Finance_Receivables_Concentrat
Finance Receivables (Concentration of Credit Risk) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Concentration Risk [Line Items] | ' | ' | ||
Percent of Portfolio | 100.00% | 100.00% | ||
Loan Principal (In thousands) | $1,871,576 | $1,601,710 | ||
Texas [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percent of Portfolio | 21.20% | 23.00% | ||
Loan Principal (In thousands) | 397,438 | 369,021 | ||
Florida [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percent of Portfolio | 15.70% | 15.40% | ||
Loan Principal (In thousands) | 294,043 | 247,281 | ||
North Carolina [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percent of Portfolio | 8.70% | 9.90% | ||
Loan Principal (In thousands) | 162,749 | 157,670 | ||
Georgia [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percent of Portfolio | 7.60% | 7.60% | ||
Loan Principal (In thousands) | 142,001 | 122,027 | ||
Arizona [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percent of Portfolio | 6.40% | 6.80% | ||
Loan Principal (In thousands) | 117,861 | 108,792 | ||
All Others [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percent of Portfolio | 40.40% | [1] | 37.30% | [2] |
Loan Principal (In thousands) | $757,484 | [1] | $596,919 | [2] |
Fifteen States [Member] | Maximum [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percent of Portfolio | 6.00% | ' | ||
Fourteen States [Member] | Maximum [Member] | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ||
Percent of Portfolio | ' | 6.70% | ||
[1] | Consists of fifteen additional states wherein the portfolio concentration per state is at or below 6.0% | |||
[2] | Consists of fourteen additional states wherein the portfolio concentration per state is at or below 6.7% |
Finance_Receivables_Allowance_
Finance Receivables (Allowance for Credit Losses) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance Activity: | ' | ' |
Balance, beginning of period | $252,590 | $221,533 |
Provision for credit losses | 308,332 | 253,603 |
Net charge-offs | -261,406 | -222,546 |
Balance, end of period | 299,516 | 252,590 |
Allowance as a percent of ending principal | 16.00% | 15.70% |
Charge-off Activity: | ' | ' |
Principal balances | -419,165 | -372,493 |
Recoveries, net | 157,759 | 149,947 |
Net charge-offs | ($261,406) | ($222,546) |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | $255,947,000 | $223,103,000 | ' |
Less Accumulated Depreciation | -152,287,000 | -129,962,000 | ' |
Property and Equipment, Net | 103,660,000 | 93,141,000 | ' |
Assets under capital lease | 5,000,000 | 5,400,000 | ' |
Accumulated depreciation of assets under capital lease | 3,100,000 | 3,100,000 | ' |
Payroll capitalized for software development | 3,900,000 | 2,400,000 | 2,600,000 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | 17,270,000 | 13,313,000 | ' |
Buildings and Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | 125,724,000 | 112,077,000 | ' |
Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | 50,443,000 | 42,993,000 | ' |
Furniture [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | 18,040,000 | 17,056,000 | ' |
Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and Equipment, Gross | $44,470,000 | $37,664,000 | ' |
Leased_VehiclesDetails
Leased Vehicles(Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Leased Assets [Abstract] | ' | ' |
Lease Fleet Vehicles | $33,009 | $0 |
Less Accumulated Depreciation | -1,848 | 0 |
Lease Fleet Vehicles, net | $31,161 | $0 |
Other_Assets_Details
Other Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Prepaid Assets | $8,415 | $5,540 |
Deferred Financing Costs | 14,607 | 14,996 |
Other Assets | 35,065 | 19,682 |
Total Other Assets | $58,087 | $40,218 |
Debt_Obligations_Narrative_Det
Debt Obligations (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-13 | Jun. 30, 2010 | |||||||||||
Portfolio Term Residual Financing [Member] | Bank Term Financing [Member] | Bank Term Financing [Member] | Bank Term Financing [Member] | Bank Term Financing [Member] | Bank Term Financing [Member] | Deutsche Bank Warehouse Facility [Member] | Deutsche Bank Warehouse Facility [Member] | Deutsche Bank Warehouse Facility [Member] | Deutsche Bank Warehouse Facility [Member] | Securitization Debt [Member] | Securitization Debt [Member] | Wells Fargo Warehouse Facility [Member] | Wells Fargo Warehouse Facility [Member] | Wells Fargo Warehouse Facility [Member] | Wells Fargo Warehouse Facility [Member] | RBS Warehouse Facility [Member] | RBS Warehouse Facility [Member] | RBS Warehouse Facility [Member] | RBS Warehouse Facility [Member] | Revolving Inventory Facility [Member] | Revolving Inventory Facility [Member] | Revolving Inventory Facility [Member] | Portfolio Term Residual Financing [Member] | Portfolio Term Residual Financing [Member] | Real Estate Facility [Member] | Real Estate Facility [Member] | Equipment Note Payable [Member] | Equipment Note Payable [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||||||||||||
LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | Prime Rate [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Unamortized premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,300,000 | ' | ' | |||||||||||
Repurchase Option Percentage | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Debt Instrument, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | 2.17% | 2.20% | 2.41% | [1] | 2.46% | [1] | ' | ' | ' | ' | 2.42% | [1] | 2.46% | [1] | ' | ' | 2.42% | [1] | 1.65% | [1] | ' | ' | 3.75% | [1] | 3.75% | [1] | ' | 4.66% | 3.70% | 4.05% | [1] | 4.21% | 4.75% | [1] | ' | ' | ' | ' | |
Other Secured Notes Payable | 161,964,000 | 117,281,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 136,321,000 | 91,320,000 | ' | ' | ' | 13,412,000 | 11,733,000 | 1,774,000 | ' | ' | ' | ' | |||||||||||
Basis spread on variable rate | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | 2.25% | 2.25% | ' | ' | ' | ' | 2.25% | 2.25% | ' | ' | 2.25% | 1.40% | ' | ' | 3.50% | 4.50% | ' | ' | ' | ' | 1.50% | ' | ' | ' | |||||||||||
Original debt amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 200,000,000 | |||||||||||
Net advance rate | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | 65.00% | ' | ' | ' | ' | 66.00% | 58.00% | ' | ' | 65.00% | 53.00% | ' | ' | 85.00% | [2] | 85.00% | [2] | ' | ' | ' | 70.00% | 70.00% | [2] | ' | ' | ' | ' | ' | ||||||||
Contract Service Fee, Percent | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Loans Pledged as Collateral | ' | ' | ' | 271,800,000 | 443,900,000 | ' | ' | ' | 189,970,000 | [3] | 44,955,000 | [3] | ' | ' | 914,354,000 | 873,231,000 | 178,685,000 | [3] | 43,057,000 | [3] | ' | ' | 137,497,000 | [3] | 31,944,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Cash Reserve (2) | ' | ' | ' | $6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | $31,200,000 | $26,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
[1] | Interest rate at period end equal to contractual benchmark plus index. | ||||||||||||||||||||||||||||||||||||||||||||
[2] | Advance rate is based on qualifying vehicle cost and is secured by our entire inventory. | ||||||||||||||||||||||||||||||||||||||||||||
[3] | Collateral represents underlying pools of finance receivables pledged to each facility. |
Debt_Obligations_Portfolio_Ter
Debt Obligations (Portfolio Term Financing) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ' | ' |
Debt Balance | $987,821 | $1,049,478 |
Securitization Debt [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt Balance | 713,953 | 677,118 |
Bank Term Financing [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt Balance | 223,868 | 347,360 |
Portfolio Term Residual Financing [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt Balance | $50,000 | $25,000 |
Debt_Obligations_Securitizatio
Debt Obligations (Securitization Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ' | ' | ||
Debt Balance | $987,821 | $1,049,478 | ||
Securitization Debt [Member] | ' | ' | ||
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ' | ' | ||
Debt Balance | 713,953 | 677,118 | ||
Gross Receivables Pledged | 914,354 | 873,231 | ||
Cash Reserve (2) | 31,200 | 26,700 | ||
Securitization Debt [Member] | 2010-1 [Member] | ' | ' | ||
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ' | ' | ||
Debt Balance | 0 | 23,036 | ||
Gross Receivables Pledged | 0 | 55,525 | ||
Cash Reserve (2) | 0 | 4,500 | ||
Interest Rate | 0.00% | [1] | 3.60% | [1] |
Securitization Debt [Member] | 2011-1 [Member] | ' | ' | ||
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ' | ' | ||
Debt Balance | 22,772 | 60,335 | ||
Gross Receivables Pledged | 31,271 | 84,198 | ||
Cash Reserve (2) | 4,200 | 4,200 | ||
Interest Rate | 3.03% | [1] | 3.00% | [1] |
Securitization Debt [Member] | 2011-2 [Member] | ' | ' | ||
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ' | ' | ||
Debt Balance | 34,762 | 84,977 | ||
Gross Receivables Pledged | 41,954 | 103,779 | ||
Cash Reserve (2) | 4,500 | 4,500 | ||
Interest Rate | 2.88% | [1] | 2.90% | [1] |
Securitization Debt [Member] | 2011-3 [Member] | ' | ' | ||
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ' | ' | ||
Debt Balance | 61,485 | 130,347 | ||
Gross Receivables Pledged | 75,037 | 159,068 | ||
Cash Reserve (2) | 4,500 | 4,500 | ||
Interest Rate | 3.92% | [1] | 3.90% | [1] |
Securitization Debt [Member] | 2012-1 [Member] | ' | ' | ||
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ' | ' | ||
Debt Balance | 90,175 | 170,198 | ||
Gross Receivables Pledged | 117,529 | 219,252 | ||
Cash Reserve (2) | 4,500 | 4,500 | ||
Interest Rate | 3.50% | [1] | 3.50% | |
Securitization Debt [Member] | 2012-2 [Member] | ' | ' | ||
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ' | ' | ||
Debt Balance | 113,142 | 208,225 | ||
Gross Receivables Pledged | 138,194 | 251,409 | ||
Cash Reserve (2) | 4,500 | 4,500 | ||
Interest Rate | 2.85% | [1] | 2.90% | |
Securitization Debt [Member] | 2013-1 [Member] | ' | ' | ||
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ' | ' | ||
Debt Balance | 181,018 | 0 | ||
Gross Receivables Pledged | 233,346 | 0 | ||
Cash Reserve (2) | 4,500 | 0 | ||
Interest Rate | 2.68% | [1] | 0.00% | |
Securitization Debt [Member] | 2013-2 [Member] | ' | ' | ||
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together [Line Items] | ' | ' | ||
Debt Balance | 210,599 | 0 | ||
Gross Receivables Pledged | 277,023 | 0 | ||
Cash Reserve (2) | $4,500 | $0 | ||
Interest Rate | 2.90% | [1] | 0.00% | |
[1] | These rates represent the original duration weighted average rates of the outstanding asset-backed securities. |
Debt_Obligations_Portfolio_War
Debt Obligations (Portfolio Warehouse Facilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Line of Credit Facility [Line Items] | ' | ' | ||
Portfolio Warehouse Facilities | $283,400 | $57,200 | ||
Facility Amount | 425,000 | 425,000 | ||
Deutsche Bank Warehouse Facility [Member] | ' | ' | ||
Line of Credit Facility [Line Items] | ' | ' | ||
Portfolio Warehouse Facilities | 98,400 | 19,300 | ||
Facility Amount | 150,000 | 150,000 | ||
Stated Advance Rate | 65.00% | 65.00% | ||
Collateral | 189,970 | [1] | 44,955 | [1] |
Interest Rate | 2.41% | [2] | 2.46% | [2] |
Wells Fargo Warehouse Facility [Member] | ' | ' | ||
Line of Credit Facility [Line Items] | ' | ' | ||
Portfolio Warehouse Facilities | 107,000 | 23,000 | ||
Facility Amount | 150,000 | 150,000 | ||
Stated Advance Rate | 66.00% | 58.00% | ||
Collateral | 178,685 | [1] | 43,057 | [1] |
Interest Rate | 2.42% | [2] | 2.46% | [2] |
RBS Warehouse Facility [Member] | ' | ' | ||
Line of Credit Facility [Line Items] | ' | ' | ||
Portfolio Warehouse Facilities | 78,000 | 14,900 | ||
Facility Amount | 125,000 | 125,000 | ||
Stated Advance Rate | 65.00% | 53.00% | ||
Collateral | $137,497 | [1] | $31,944 | [1] |
Interest Rate | 2.42% | [2] | 1.65% | [2] |
[1] | Collateral represents underlying pools of finance receivables pledged to each facility. | |||
[2] | Interest rate at period end equal to contractual benchmark plus index. |
Debt_Obligations_Senior_Secure
Debt Obligations (Senior Secured Notes Payable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | 31-May-13 | Jun. 30, 2010 | Aug. 31, 2012 | Aug. 30, 2012 | Aug. 30, 2012 |
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | |||
Senior Notes Owned by Verde [Member] | Senior Notes Owned by Verde [Member] | Debt Purchased from Verde by Chief Executive Officer [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Secured Notes Payable | $253,316,000 | $193,320,000 | ' | ' | ' | ' | ' | ' |
Senior Secured Notes Payable - Related Party | 0 | 5,000,000 | ' | ' | ' | ' | ' | ' |
Long-term Debt | 253,316,000 | 198,320,000 | ' | ' | ' | ' | ' | ' |
Original debt amount | ' | ' | ' | 50,000,000 | 200,000,000 | ' | 5,000,000 | 500,000 |
Percent of face amount of debt | ' | ' | ' | 111.00% | 98.85% | ' | ' | ' |
Interest rate, effective percentage | ' | ' | ' | 7.67% | 12.88% | ' | ' | ' |
Unamortized premium | ' | ' | 3,300,000 | ' | ' | ' | ' | ' |
Unamortized discount | ' | ' | $1,700,000 | ' | ' | ' | ' | ' |
Purchase price in excess of par, percent | ' | ' | ' | ' | ' | 111.00% | ' | ' |
Debt_Obligations_Other_Secured
Debt Obligations (Other Secured Notes Payable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |||||||
In Thousands, unless otherwise specified | Revolving Inventory Facility [Member] | Revolving Inventory Facility [Member] | Mortgage Note Payable [Member] | Mortgage Note Payable [Member] | Real Estate Facility [Member] | Real Estate Facility [Member] | Equipment Note Payable [Member] | LIBOR [Member] | Seasonal Increase [Member] | Properties Added to the Facility Subsequent to August 22, 2013 [Member] | LIBOR [Member] | |||||||||
property | Real Estate Facility [Member] | Revolving Inventory Facility [Member] | LIBOR [Member] | Revolving Inventory Facility [Member] | ||||||||||||||||
Real Estate Facility [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | 3.50% | 3.50% | |||||||
Number of Real Estate Properties Used as a Collateral | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | |||||||
Balance | $161,964 | $117,281 | $136,321 | $91,320 | $12,231 | $12,454 | $13,412 | $11,733 | $1,774 | ' | $10,000 | ' | ' | |||||||
Max Facility Capacity | 425,000 | 425,000 | 140,000 | [1] | 140,000 | [1] | ' | ' | 25,000 | 25,000 | ' | ' | ' | ' | ' | |||||
Total Other Secured Notes Payable, Max Facility Capacity | $165,000 | $165,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Advance Rate | ' | ' | 85.00% | [2] | 85.00% | [2] | ' | ' | 70.00% | 70.00% | [2] | ' | ' | ' | ' | ' | ||||
Interest Rate | ' | ' | 3.75% | [3] | 3.75% | [3] | 5.87% | [3] | 5.87% | [3] | 4.05% | [3] | 4.21% | 4.75% | [3] | ' | ' | ' | ' | |
[1] | Inclusive of a $10.0 million seasonal increase in the months of November through January. | |||||||||||||||||||
[2] | Advance rate is based on qualifying vehicle cost and is secured by our entire inventory. | |||||||||||||||||||
[3] | Interest rate at period end equal to contractual benchmark plus index. |
Debt_Obligations_Maturities_of
Debt Obligations (Maturities of Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt | $253,316 | $198,320 | |
Capital Lease Obligations | 1,773 | ' | |
Capital Lease Obligation, Less than 1 Year | 1,137 | [1] | ' |
Capital Lease Obligation, Year 2 | 473 | ' | |
Capital Lease Obligation, Year 3 | 163 | ' | |
Capital Lease Obligation, Year 4 | 0 | ' | |
Capital Lease Obligation, Year 5 | 0 | ' | |
Capital Lease Obligation, More than 5 Years | 0 | ' | |
Total | 105,920 | ' | |
Less than 1 Year | 23,503 | [1] | ' |
Year 2 | 20,965 | ' | |
Year 3 | 16,376 | ' | |
Year 4 | 14,498 | ' | |
Year 5 | 11,895 | ' | |
Thereafter | 18,683 | ' | |
Debt and Capital Lease Obligations | 1,794,194 | [2] | ' |
Debt and Capital Lease Obligations, Less than 1 Year | 785,490 | [1],[2] | ' |
Debt and Capital Lease Obligations, Year 2 | 407,276 | [2] | ' |
Debt and Capital Lease Obligations, Year 3 | 163,440 | [2] | ' |
Debt and Capital Lease Obligations, Year 4 | 353,622 | [2] | ' |
Debt and Capital Lease Obligations, Year 5 | 14,301 | [2] | ' |
Debt and Capital Lease Obligations, More than 5 Years | 70,065 | [2] | ' |
Securitization Debt [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt | 937,821 | [3] | ' |
Debt Obligation, Less than 1 Year | 466,934 | [1],[3] | ' |
Debt Obligation, Year 2 | 254,734 | [3] | ' |
Debt Obligation, Year 3 | 144,231 | [3] | ' |
Debt Obligation, Year 4 | 71,922 | [3] | ' |
Debt Obligation, Year 5 | 0 | [3] | ' |
Debt Obligation, More than 5 Years | 0 | [3] | ' |
Portfolio Term Residual Financing [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt | 50,000 | ' | |
Debt Obligation, Less than 1 Year | 0 | [1] | ' |
Debt Obligation, Year 2 | 0 | ' | |
Debt Obligation, Year 3 | 0 | ' | |
Debt Obligation, Year 4 | 0 | ' | |
Debt Obligation, Year 5 | 0 | ' | |
Debt Obligation, More than 5 Years | 50,000 | ' | |
Senior Secured Notes [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt | 253,316 | ' | |
Debt Obligation, Less than 1 Year | 0 | [1] | ' |
Debt Obligation, Year 2 | 0 | ' | |
Debt Obligation, Year 3 | 0 | ' | |
Debt Obligation, Year 4 | 253,316 | ' | |
Debt Obligation, Year 5 | 0 | ' | |
Debt Obligation, More than 5 Years | 0 | ' | |
Real Estate Mortgage Loan [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt | 12,231 | ' | |
Debt Obligation, Less than 1 Year | 236 | [1] | ' |
Debt Obligation, Year 2 | 251 | ' | |
Debt Obligation, Year 3 | 264 | ' | |
Debt Obligation, Year 4 | 11,480 | ' | |
Debt Obligation, Year 5 | 0 | ' | |
Debt Obligation, More than 5 Years | 0 | ' | |
Portfolio Warehouse Facilities [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt | 283,400 | [4] | ' |
Debt Obligation, Less than 1 Year | 154,953 | [1],[4] | ' |
Debt Obligation, Year 2 | 128,447 | [4] | ' |
Debt Obligation, Year 3 | 0 | [4] | ' |
Debt Obligation, Year 4 | 0 | [4] | ' |
Debt Obligation, Year 5 | 0 | [4] | ' |
Debt Obligation, More than 5 Years | 0 | [4] | ' |
Inventory Facility [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt | 136,321 | ' | |
Debt Obligation, Less than 1 Year | 136,321 | [1] | ' |
Debt Obligation, Year 2 | 0 | ' | |
Debt Obligation, Year 3 | 0 | ' | |
Debt Obligation, Year 4 | 0 | ' | |
Debt Obligation, Year 5 | 0 | ' | |
Debt Obligation, More than 5 Years | 0 | ' | |
Real Estate Facility [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term Debt | 13,412 | ' | |
Debt Obligation, Less than 1 Year | 2,406 | [1] | ' |
Debt Obligation, Year 2 | 2,406 | ' | |
Debt Obligation, Year 3 | 2,406 | ' | |
Debt Obligation, Year 4 | 2,406 | ' | |
Debt Obligation, Year 5 | 2,406 | ' | |
Debt Obligation, More than 5 Years | $1,382 | ' | |
[1] | Generally and historically, we renewed or replaced facilities expiring in less than one year. | ||
[2] | Total contractual obligations exclude future interest payment obligations. | ||
[3] | Securitization obligations and bank term financing agreements do not have a contractual termination date. Therefore, all collections on the contracts collateralizing the securities are used to repay the asset-backed security holders based on an expected duration of the securities. | ||
[4] | On the termination date of the facilities, amounts outstanding at termination are not due and payable immediately. All collections on the contracts collateralizing these facilities are used to pay down the facilities until they are paid in full because these facilities contain term-out features. |
Accrued_Warranty_Liability_Det
Accrued Warranty Liability (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' |
Balance, Beginning of Period | $24,420 | $24,004 |
Service Contract Expense | 20,013 | 23,195 |
Service Contract Claims Paid | -28,627 | -22,779 |
Balance, End of Period | $15,806 | $24,420 |
Deferred_Revenue_Details
Deferred Revenue (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Deferred Revenue [Roll Forward] | ' | ' |
Deferred Income, Beginning of Period | $2,501 | $0 |
Revenue Deferred | 57,264 | 2,520 |
Revenue Recognized | -17,632 | -19 |
Deferred Income, End of Period | $42,133 | $2,501 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | 31-May-13 | Jun. 30, 2010 | Dec. 31, 2011 | Jun. 30, 2010 | Aug. 31, 2012 | Aug. 30, 2012 | Aug. 31, 2012 | Aug. 30, 2012 | Aug. 30, 2012 | |
Sale of Carvana Loans [Member] | Shares Service Expenses [Member] | Shareholder Receivable [Member] | Shareholder Receivable [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Director [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Subordinated Debt [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes Owned by Verde [Member] | Senior Notes Owned by Verde [Member] | Senior Notes Sold by Verde [Member] | Senior Notes Sold by Verde [Member] | Debt Sold from Verde by Chief Executive Officer [Member] | ||
LIBOR [Member] | reconditioning_facility | reconditioning_facility | reconditioning_facility | closed_facility | dealership | dealership | dealership | Board of Directors Chairman [Member] | Outstanding Debt Held By Related Party [Member] | Outstanding Debt Held By Related Party [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | |||||||
dealership | closed_facility | dealership | ||||||||||||||||||||
closed_facility | dealership | |||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stores | ' | ' | ' | ' | ' | 13 | 13 | 14 | ' | 1 | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reconditioning centers | ' | ' | ' | ' | ' | 3 | 3 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of closed facilities | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease expiration date | ' | ' | ' | ' | ' | 30-Aug-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease termination fees | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of closed facilities with terminated leases | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aircraft rental, monthly | 425,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original debt amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | 50,000,000 | 200,000,000 | 0 | 49,000,000 | ' | 5,000,000 | ' | 4,500,000 | 500,000 |
Purchase price in excess of par, percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111.00% | ' | 110.00% | ' | ' |
Loans purchased by related party | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shared services revenue with related party | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable form shareholders | ' | ' | ' | 28,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from related parties | ' | ' | ' | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Rel
Related Party Transactions (Related Party Operating Expenses) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
General and Administrative Expense - Related party | $10,835 | $10,873 | $11,001 | |||
Property Lease Expense [Member] | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
General and Administrative Expense - Related party | 4,711 | 4,768 | 3,795 | |||
Restricted Stock Compensation Expense [Member] | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
General and Administrative Expense - Related party | 1,239 | [1] | 1,546 | [1] | 2,790 | [1] |
Aircraft Operating and Lease Expense [Member] | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
General and Administrative Expense - Related party | 4,614 | 4,198 | 3,937 | |||
Salaries and Wages, General & Administrative and Other Expenses [Member] | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
General and Administrative Expense - Related party | 579 | 645 | 793 | |||
Reimbursement of Certain General and Administrative Expenses [Member] | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
General and Administrative Expense - Related party | ($308) | ($284) | ($314) | |||
[1] | Stock compensation agreement is between Ray Fidel, CEO, and DriveTime. |
Related_Party_Transactions_Int
Related Party Transactions (Interest Expense) (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | 31-May-13 | Jun. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Subordinated Debt [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||
Board of Directors Chairman [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | ||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Secured Notes Interest Expense - Related Party | $406,000 | $261,000 | $2,680,000 | ' | ' | ' | $41,000 | $24,000 | $220,000 | $365,000 | $237,000 | $2,460,000 |
Original debt amount | ' | ' | ' | $75,000,000 | $50,000,000 | $200,000,000 | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Deferred tax assets (liability), net | ($600,000) | ' | ' |
Income tax liability, state level S-corporation taxes | 600,000 | 200,000 | ' |
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Computed “Expected†Income Taxes | 13,128,000 | 21,192,000 | 31,276,000 |
Non C-Corporation (Income) | -12,080,000 | -20,644,000 | -30,859,000 |
Entity Level State Income Tax on S Corp. Income | 782,000 | 834,000 | 890,000 |
Other, Net | -221,000 | -188,000 | -86,000 |
Income Taxes | 1,609,000 | 1,194,000 | 1,221,000 |
Current Expense: | ' | ' | ' |
Federal | 581,000 | 532,000 | 404,000 |
State | 810,000 | 662,000 | 817,000 |
Deferred | 218,000 | 0 | 0 |
Income Taxes | $1,609,000 | $1,194,000 | $1,221,000 |
Shareholders_Equity_Dividends_2
Shareholders’ Equity, Dividends & Stock Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 31, 2008 | Jan. 31, 2008 | Dec. 28, 2010 | Dec. 31, 2012 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 28, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 28, 2010 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2010 | Dec. 31, 2011 | Dec. 28, 2010 | |
Inilex [Member] | Board of Directors Chairman [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | DT Acceptance Corp [Member] | DT Acceptance Corp [Member] | DT Acceptance Corp [Member] | DT Acceptance Corp [Member] | DriveTime Automotive Group, Inc [Member] | DriveTime Automotive Group, Inc [Member] | DriveTime Automotive Group, Inc [Member] | DriveTime Automotive Group, Inc [Member] | DriveTime Automotive Group, Inc [Member] | DriveTime Automotive Group, Inc [Member] | DriveTime Automotive Group, Inc [Member] | DriveTime Automotive Group, Inc [Member] | Senior Secured Notes [Member] | Subordinated Debt [Member] | Vesting, Annual [Member] | ||||
Non-cash Compensation Expense [Member] | Non-cash Compensation Expense [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Board of Directors Chairman [Member] | Chief Executive Officer [Member] | ||||||
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | ||||||||||||||||||||
Dividends [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the difference between net earnings and amounts paid for tax that may be included in dividends paid | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid | $13,700,000 | $51,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Chief Executive Officer Restricted Stock Grant [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.8595 | ' | ' | ' | ' | ' | ' | 2.8595 | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Measurement period for achievement of vesting conditions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | '12 months | '12 months | ' | ' | ' | ' | ' |
Shares deemed owned at grant date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.8595 | ' | ' | ' | ' | ' | ' | 2.8595 | ' | ' | ' | ' | ' | ' | ' |
Shares repurchased for payment of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.0899 | ' | ' | ' | ' | ' | ' | 1.0899 | ' | ' | ' | ' | ' | ' | ' |
Shares owned by Mr. Fidel after repurchase of shares for payment of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.7696 | 1.7696 | 1.7696 | ' | ' | ' | ' | 1.7696 | ' | 1.7696 | 1.7696 | ' | ' | ' |
Mr. Fidel's ownership percentage of Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.30% | 98.30% | 2.78% | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate grant date fair value of award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,500,000 | ' | ' | ' | ' | ' | ' | ' |
Share based compensation for restricted shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | 1,500,000 | ' | 2,800,000 | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares that vested on December 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.1721 | ' | ' | ' | ' | ' |
Unvested percentage of restricted shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted award vesting percentage | ' | ' | ' | ' | ' | ' | ' | 19.67% | 19.67% | ' | ' | 19.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% |
Share-based compensation credited to additional paid in capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | 1,500,000 | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-Cash Compensation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate on debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.63% | ' | ' |
Non cash compensation recorded as general and administrative expense | 10,835,000 | 10,873,000 | 11,001,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of principal payable by Mr. Garcia | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original debt amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' |
Percentage of principal deemed compensation expense | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to retained earnings | $400,000 | ' | ' | $3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Dividends_3
Shareholders’ Equity, Dividends & Stock Compensation (Share Information) (Details) (USD $) | Dec. 31, 2013 |
DriveTime Automotive Group, Inc [Member] | ' |
Class of Stock [Line Items] | ' |
Par value | $0.00 |
Shares authorized | 1,000 |
Shares issued | 101.8 |
Shares outstanding | 101.8 |
DT Acceptance Corp [Member] | ' |
Class of Stock [Line Items] | ' |
Par value | $0 |
Shares authorized | 1,000,000 |
Shares issued | 101.8 |
Shares outstanding | 101.8 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Operating Leases) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Operating Leased Assets [Line Items] | ' | ' | ' | |
Rent expense | $19,700,000 | $17,500,000 | $16,600,000 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' | |
Year 1 | 23,503,000 | [1] | ' | ' |
Year 2 | 20,965,000 | ' | ' | |
Year 3 | 16,376,000 | ' | ' | |
Year 4 | 14,498,000 | ' | ' | |
Year 5 | 11,895,000 | ' | ' | |
Thereafter | 18,683,000 | ' | ' | |
Total | 105,920,000 | ' | ' | |
Related Party [Member] | ' | ' | ' | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' | |
Year 1 | 11,108,000 | ' | ' | |
Year 2 | 10,635,000 | ' | ' | |
Year 3 | 9,285,000 | ' | ' | |
Year 4 | 9,437,000 | ' | ' | |
Year 5 | 9,147,000 | ' | ' | |
Thereafter | 17,426,000 | ' | ' | |
Total | 67,038,000 | ' | ' | |
Non-Related Party [Member] | ' | ' | ' | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' | |
Year 1 | 12,395,000 | ' | ' | |
Year 2 | 10,330,000 | ' | ' | |
Year 3 | 7,091,000 | ' | ' | |
Year 4 | 5,061,000 | ' | ' | |
Year 5 | 2,748,000 | ' | ' | |
Thereafter | 1,257,000 | ' | ' | |
Total | $38,882,000 | ' | ' | |
[1] | Generally and historically, we renewed or replaced facilities expiring in less than one year. |
Retirement_Plan_Details
Retirement Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
401(k) eligibility requirement, days of service | '60 days | ' | ' |
401(k) eligibility requirement, minimum age | '18 years | ' | ' |
401(k) eligibility requirement, hours of service | '1000 hours | ' | ' |
401(k) maximum employer matching percentage of employee's contribution | 40.00% | 40.00% | 40.00% |
401(k) maximum employee contribution which can receive partial employer match | 6.00% | 6.00% | 6.00% |
401(k) compensation expense | $0.90 | $0.80 | $0.80 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Shareholder Notes Receivable | $28,542 | $0 | ||
Portfolio Term Financings | 987,821 | 1,049,478 | ||
Portfolio Warehouse Facilities | 283,400 | 57,200 | ||
Senior Secured Notes Payable | 253,316 | 193,320 | ||
Other Secured Notes Payable | 161,964 | 117,281 | ||
Securitization Debt [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio Term Financings | 713,953 | 677,118 | ||
Portfolio Term Residual Financing [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio Term Financings | 50,000 | 25,000 | ||
Revolving Inventory Facility [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other Secured Notes Payable | 136,321 | 91,320 | ||
Mortgage Note Payable [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other Secured Notes Payable | 12,231 | 12,454 | ||
Equipment Note Payable [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other Secured Notes Payable | ' | 1,774 | ||
Real Estate Facility [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other Secured Notes Payable | 13,412 | 11,733 | ||
Carrying Value [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Finance Receivables, net | 1,598,010 | [1] | 1,370,800 | [1] |
Shareholder Notes Receivable | 28,542 | ' | ||
Portfolio Warehouse Facilities | 283,400 | 57,200 | ||
Senior Secured Notes Payable | 253,316 | 198,320 | ||
Carrying Value [Member] | Securitization Debt [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio Term Financings | 713,953 | 677,118 | ||
Carrying Value [Member] | Portfolio Term Residual Financing [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio Term Financings | 50,000 | 25,000 | ||
Carrying Value [Member] | Pooled Auto Loan Program Financing [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio Term Financings | 223,868 | 347,360 | ||
Carrying Value [Member] | Revolving Inventory Facility [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other Secured Notes Payable | 136,321 | 91,320 | ||
Carrying Value [Member] | Mortgage Note Payable [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other Secured Notes Payable | 12,231 | 12,454 | ||
Carrying Value [Member] | Real Estate Facility [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other Secured Notes Payable | 13,412 | 11,733 | ||
Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Finance Receivables, net | 0 | [1] | 0 | [1] |
Shareholder Notes Receivable | 0 | ' | ||
Portfolio Term Financings | 0 | 0 | ||
Portfolio Warehouse Facilities | 0 | 0 | ||
Senior Secured Notes Payable | 279,914 | 220,135 | ||
Other Secured Notes Payable | 0 | 0 | ||
Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | Securitization Debt [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio Term Financings | 729,395 | 702,031 | ||
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Finance Receivables, net | 0 | [1] | 0 | [1] |
Shareholder Notes Receivable | 28,542 | ' | ||
Portfolio Term Financings | 0 | 0 | ||
Portfolio Warehouse Facilities | 283,400 | 57,200 | ||
Senior Secured Notes Payable | 0 | 0 | ||
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | Portfolio Term Residual Financing [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio Term Financings | 47,462 | 25,000 | ||
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | Pooled Auto Loan Program Financing [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio Term Financings | 223,868 | 347,360 | ||
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | Revolving Inventory Facility [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other Secured Notes Payable | 136,729 | 91,600 | ||
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage Note Payable [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other Secured Notes Payable | 12,808 | 11,200 | ||
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | Real Estate Facility [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other Secured Notes Payable | 13,700 | 11,700 | ||
Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Finance Receivables, net | 1,692,247 | [1] | 1,441,026 | [1] |
Shareholder Notes Receivable | 0 | ' | ||
Portfolio Term Financings | 0 | 0 | ||
Portfolio Warehouse Facilities | 0 | 0 | ||
Senior Secured Notes Payable | 0 | 0 | ||
Other Secured Notes Payable | $0 | $0 | ||
[1] | Represents finance receivable principal balances, plus accrued interest, less the allowance for credit losses. |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 20, 2014 | Jan. 31, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | ||||
Asset-backed Securities [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Debt | ' | ' | ' | ' | $267,800,000 |
Weighted average interest rate | ' | ' | ' | ' | 2.57% |
Dividends approved | $13,701,000 | $51,195,000 | $51,845,000 | $5,000,000 | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 05, 2013 |
GO Financial [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Proceeds from divestiture of businesses | ' | ' | $85,100,000 |
Shareholder Notes Receivable | $28,542,000 | $0 | $28,500,000 |
Discontinued_Operations_Summar
Discontinued Operations (Summary of Revenue and Pretax Profit) (Details) (GO Financial [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
GO Financial [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Total Revenue | $16,752 | $2,977 | $0 |
Net Loss Before Income Taxes | ($1,956) | ($1,869) | ($789) |
Discontinued_Operations_Summar1
Discontinued Operations (Summary of Major Classes of Assets and Liabilities Disposed) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | GO Financial [Member] | GO Financial [Member] | |||
Assets: | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | $0 | $2 | $12 | $0 | $2 |
Total Finance Receivables, Net | ' | ' | ' | 2,171 | 0 |
Total Dealer Loans Receivables | ' | ' | ' | 112,028 | 40,956 |
Property, Plant and Equipment | ' | ' | ' | 1,738 | 1,256 |
Total Other Assets | ' | ' | ' | 348 | 189 |
Total Assets: | 0 | 42,403 | ' | 116,285 | 42,403 |
Liabilities: | ' | ' | ' | ' | ' |
Accounts Payable | ' | ' | ' | 7 | 4 |
Accrued Expenses and Other Liabilities | ' | ' | ' | 2,348 | 594 |
Deferred Revenue | ' | ' | ' | 317 | 101 |
Total Liabilities: | $0 | $699 | ' | $2,672 | $699 |
Supplemental_Consolidating_Fin2
Supplemental Consolidating Financial Information (Details) | Dec. 31, 2013 | Jun. 30, 2010 |
Inilex [Member] | Senior Secured Notes [Member] | |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate on debt instrument | ' | 12.63% |
Ownership percentage | 51.00% | ' |
Supplemental_Consolidating_Fin3
Supplemental Consolidating Financial Information (Supplemental Consolidating Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Thousands, unless otherwise specified | ||||||
ASSETS [Abstract] | ' | ' | ' | ' | ||
Cash and Cash Equivalents | $30,754 | $26,478 | $25,918 | $23,677 | ||
Restricted Cash and Investments Held in Trust | 114,868 | 107,072 | ' | ' | ||
Finance Receivables | 1,938,931 | 1,661,662 | ' | ' | ||
Allowance for Credit Losses | -299,516 | -252,590 | -221,533 | ' | ||
Finance Receivables, net | 1,639,415 | 1,409,072 | ' | ' | ||
Inventory | 319,567 | 270,733 | ' | ' | ||
Property and Equipment, net | 103,660 | 93,141 | ' | ' | ||
Lease Fleet Vehicles | 31,161 | 0 | ' | ' | ||
Investment in Subsidiaries | 0 | 0 | ' | ' | ||
Other Assets | 58,087 | 40,218 | ' | ' | ||
Shareholder Notes Receivable | 28,542 | 0 | ' | ' | ||
Assets of Discontinued Operation | 0 | 42,403 | ' | ' | ||
Total Assets | 2,326,054 | 1,989,117 | ' | ' | ||
LIABILITIES & SHAREHOLDERS’ EQUITY | ' | ' | ' | ' | ||
Payables and Other Accrued Expenses | 109,396 | 96,085 | ' | ' | ||
Deferred Revenue | 42,133 | 2,501 | 0 | ' | ||
Portfolio Term Financings | 987,821 | 1,049,478 | ' | ' | ||
Portfolio Warehouse Facilities | 283,400 | 57,200 | ' | ' | ||
Senior Secured Notes Payable | 253,316 | 198,320 | ' | ' | ||
Other Secured Financing | 161,964 | 117,281 | ' | ' | ||
Liabilities of Discontinued Operations | 0 | 699 | ' | ' | ||
Total Liabilities | 1,838,030 | 1,521,564 | ' | ' | ||
Noncontrolling Interest - Inilex | -263 | ' | ' | ' | ||
Total Shareholders’ Equity-DTAG | 488,287 | 467,553 | ' | ' | ||
Total Equity | 488,024 | 467,553 | 457,849 | 418,767 | ||
Total Liabilities & Shareholders’ Equity | 2,326,054 | 1,989,117 | ' | ' | ||
DTAG [Member] | ' | ' | ' | ' | ||
LIABILITIES & SHAREHOLDERS’ EQUITY | ' | ' | ' | ' | ||
Total Shareholders’ Equity-DTAG | 102,079 | 156,048 | ' | ' | ||
DTAG [Member] | Consolidated Entities [Member] | ' | ' | ' | ' | ||
ASSETS [Abstract] | ' | ' | ' | ' | ||
Cash and Cash Equivalents | 21,071 | 7,424 | 3,469 | 3,910 | ||
Restricted Cash and Investments Held in Trust | 0 | 0 | ' | ' | ||
Finance Receivables | 0 | 0 | ' | ' | ||
Allowance for Credit Losses | 0 | 0 | ' | ' | ||
Finance Receivables, net | 0 | 0 | ' | ' | ||
Inventory | 319,567 | 270,733 | ' | ' | ||
Property and Equipment, net | 82,681 | 70,668 | ' | ' | ||
Lease Fleet Vehicles | 31,161 | ' | ' | ' | ||
Investment in Subsidiaries | 0 | 0 | ' | ' | ||
Other Assets | 1,996,789 | 924,764 | ' | ' | ||
Shareholder Notes Receivable | 0 | ' | ' | ' | ||
Assets of Discontinued Operation | 0 | 0 | ' | ' | ||
Total Assets | 2,451,269 | 1,273,589 | ' | ' | ||
LIABILITIES & SHAREHOLDERS’ EQUITY | ' | ' | ' | ' | ||
Payables and Other Accrued Expenses | 2,030,929 | 912,827 | ' | ' | ||
Deferred Revenue | 42,133 | 2,501 | ' | ' | ||
Portfolio Term Financings | 0 | 0 | ' | ' | ||
Portfolio Warehouse Facilities | 0 | 0 | ' | ' | ||
Senior Secured Notes Payable | 126,658 | 99,160 | ' | ' | ||
Other Secured Financing | 149,733 | 103,053 | ' | ' | ||
Liabilities of Discontinued Operations | 0 | 0 | ' | ' | ||
Total Liabilities | 2,349,453 | 1,117,541 | ' | ' | ||
Noncontrolling Interest - Inilex | -599 | ' | ' | ' | ||
Total Shareholders’ Equity-DTAG | 102,415 | 156,048 | ' | ' | ||
Total Equity | 101,816 | ' | ' | ' | ||
Total Liabilities & Shareholders’ Equity | 2,451,269 | 1,273,589 | ' | ' | ||
DTAG [Member] | Guarantor Subsidiaries Combined [Member] | ' | ' | ' | ' | ||
ASSETS [Abstract] | ' | ' | ' | ' | ||
Cash and Cash Equivalents | 5,589 | 6,937 | 2,869 | 3,588 | ||
Restricted Cash and Investments Held in Trust | 0 | 0 | ' | ' | ||
Finance Receivables | 0 | 0 | ' | ' | ||
Allowance for Credit Losses | 0 | 0 | ' | ' | ||
Finance Receivables, net | 0 | 0 | ' | ' | ||
Inventory | 320,406 | 270,733 | ' | ' | ||
Property and Equipment, net | 82,232 | 70,668 | ' | ' | ||
Lease Fleet Vehicles | 31,161 | ' | ' | ' | ||
Investment in Subsidiaries | 0 | 0 | ' | ' | ||
Other Assets | 2,099,928 | 1,226,409 | ' | ' | ||
Shareholder Notes Receivable | 0 | ' | ' | ' | ||
Assets of Discontinued Operation | 0 | 0 | ' | ' | ||
Total Assets | 2,539,316 | 1,574,747 | ' | ' | ||
LIABILITIES & SHAREHOLDERS’ EQUITY | ' | ' | ' | ' | ||
Payables and Other Accrued Expenses | 2,125,853 | 1,021,718 | ' | ' | ||
Deferred Revenue | 42,101 | 2,415 | ' | ' | ||
Portfolio Term Financings | 0 | 0 | ' | ' | ||
Portfolio Warehouse Facilities | 0 | 0 | ' | ' | ||
Senior Secured Notes Payable | 0 | 0 | ' | ' | ||
Other Secured Financing | 136,321 | 91,320 | ' | ' | ||
Liabilities of Discontinued Operations | 0 | 0 | ' | ' | ||
Total Liabilities | 2,304,275 | 1,115,453 | ' | ' | ||
Noncontrolling Interest - Inilex | 0 | ' | ' | ' | ||
Total Shareholders’ Equity-DTAG | 235,041 | 459,294 | ' | ' | ||
Total Equity | 235,041 | ' | ' | ' | ||
Total Liabilities & Shareholders’ Equity | 2,539,316 | 1,574,747 | ' | ' | ||
DTAG [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
ASSETS [Abstract] | ' | ' | ' | ' | ||
Cash and Cash Equivalents | 15,477 | 482 | 595 | 322 | ||
Restricted Cash and Investments Held in Trust | 0 | 0 | ' | ' | ||
Finance Receivables | 0 | 0 | ' | ' | ||
Allowance for Credit Losses | 0 | 0 | ' | ' | ||
Finance Receivables, net | 0 | 0 | ' | ' | ||
Inventory | 0 | 0 | ' | ' | ||
Property and Equipment, net | 449 | 0 | ' | ' | ||
Lease Fleet Vehicles | 0 | ' | ' | ' | ||
Investment in Subsidiaries | 0 | 0 | ' | ' | ||
Other Assets | 22,221 | 26,480 | ' | ' | ||
Shareholder Notes Receivable | 0 | ' | ' | ' | ||
Assets of Discontinued Operation | 0 | 0 | ' | ' | ||
Total Assets | 38,147 | 26,962 | ' | ' | ||
LIABILITIES & SHAREHOLDERS’ EQUITY | ' | ' | ' | ' | ||
Payables and Other Accrued Expenses | 2,067 | 609 | ' | ' | ||
Deferred Revenue | 32 | 86 | ' | ' | ||
Portfolio Term Financings | 0 | 0 | ' | ' | ||
Portfolio Warehouse Facilities | 0 | 0 | ' | ' | ||
Senior Secured Notes Payable | 0 | 0 | ' | ' | ||
Other Secured Financing | 13,412 | 11,733 | ' | ' | ||
Liabilities of Discontinued Operations | 0 | 0 | ' | ' | ||
Total Liabilities | 15,511 | 12,428 | ' | ' | ||
Noncontrolling Interest - Inilex | 2,698 | ' | ' | ' | ||
Total Shareholders’ Equity-DTAG | 19,938 | 14,534 | ' | ' | ||
Total Equity | 22,636 | ' | ' | ' | ||
Total Liabilities & Shareholders’ Equity | 38,147 | 26,962 | ' | ' | ||
DTAG [Member] | DriveTime Automotive Group, Inc [Member] | ' | ' | ' | ' | ||
ASSETS [Abstract] | ' | ' | ' | ' | ||
Cash and Cash Equivalents | 5 | 5 | 5 | 0 | ||
Restricted Cash and Investments Held in Trust | 0 | 0 | ' | ' | ||
Finance Receivables | 0 | 0 | ' | ' | ||
Allowance for Credit Losses | 0 | 0 | ' | ' | ||
Finance Receivables, net | 0 | 0 | ' | ' | ||
Inventory | 0 | 0 | ' | ' | ||
Property and Equipment, net | 0 | 0 | ' | ' | ||
Lease Fleet Vehicles | 0 | ' | ' | ' | ||
Investment in Subsidiaries | 259,162 | 473,828 | ' | ' | ||
Other Assets | 571,097 | 383,689 | ' | ' | ||
Shareholder Notes Receivable | 0 | ' | ' | ' | ||
Assets of Discontinued Operation | 0 | 0 | ' | ' | ||
Total Assets | 830,264 | 857,522 | ' | ' | ||
LIABILITIES & SHAREHOLDERS’ EQUITY | ' | ' | ' | ' | ||
Payables and Other Accrued Expenses | 599,332 | 602,314 | ' | ' | ||
Deferred Revenue | 0 | 0 | ' | ' | ||
Portfolio Term Financings | 0 | 0 | ' | ' | ||
Portfolio Warehouse Facilities | 0 | 0 | ' | ' | ||
Senior Secured Notes Payable | 126,658 | 99,160 | ' | ' | ||
Other Secured Financing | 0 | 0 | ' | ' | ||
Liabilities of Discontinued Operations | 0 | 0 | ' | ' | ||
Total Liabilities | 725,990 | 701,474 | ' | ' | ||
Noncontrolling Interest - Inilex | 0 | ' | ' | ' | ||
Total Shareholders’ Equity-DTAG | 104,274 | 156,048 | ' | ' | ||
Total Equity | 104,274 | ' | ' | ' | ||
Total Liabilities & Shareholders’ Equity | 830,264 | 857,522 | ' | ' | ||
DTAG [Member] | Eliminations [Member] | ' | ' | ' | ' | ||
ASSETS [Abstract] | ' | ' | ' | ' | ||
Cash and Cash Equivalents | 0 | 0 | 0 | 0 | ||
Restricted Cash and Investments Held in Trust | 0 | 0 | ' | ' | ||
Finance Receivables | 0 | 0 | ' | ' | ||
Allowance for Credit Losses | 0 | 0 | ' | ' | ||
Finance Receivables, net | 0 | 0 | ' | ' | ||
Inventory | -839 | 0 | ' | ' | ||
Property and Equipment, net | 0 | 0 | ' | ' | ||
Lease Fleet Vehicles | 0 | ' | ' | ' | ||
Investment in Subsidiaries | -259,162 | -473,828 | ' | ' | ||
Other Assets | -696,457 | -711,814 | ' | ' | ||
Shareholder Notes Receivable | 0 | ' | ' | ' | ||
Assets of Discontinued Operation | 0 | 0 | ' | ' | ||
Total Assets | -956,458 | -1,185,642 | ' | ' | ||
LIABILITIES & SHAREHOLDERS’ EQUITY | ' | ' | ' | ' | ||
Payables and Other Accrued Expenses | -696,323 | -711,814 | ' | ' | ||
Deferred Revenue | 0 | 0 | ' | ' | ||
Portfolio Term Financings | 0 | 0 | ' | ' | ||
Portfolio Warehouse Facilities | 0 | 0 | ' | ' | ||
Senior Secured Notes Payable | 0 | 0 | ' | ' | ||
Other Secured Financing | 0 | 0 | ' | ' | ||
Liabilities of Discontinued Operations | 0 | 0 | ' | ' | ||
Total Liabilities | -696,323 | -711,814 | ' | ' | ||
Noncontrolling Interest - Inilex | -3,297 | ' | ' | ' | ||
Total Shareholders’ Equity-DTAG | -256,838 | -473,828 | ' | ' | ||
Total Equity | -260,135 | ' | ' | ' | ||
Total Liabilities & Shareholders’ Equity | -956,458 | -1,185,642 | ' | ' | ||
DTAC [Member] | ' | ' | ' | ' | ||
LIABILITIES & SHAREHOLDERS’ EQUITY | ' | ' | ' | ' | ||
Noncontrolling Interest - Inilex | 386,208 | [1] | 311,505 | [1] | ' | ' |
DTAC [Member] | Consolidated Entities [Member] | ' | ' | ' | ' | ||
ASSETS [Abstract] | ' | ' | ' | ' | ||
Cash and Cash Equivalents | 9,683 | 19,054 | 22,449 | 19,767 | ||
Restricted Cash and Investments Held in Trust | 114,868 | 107,072 | ' | ' | ||
Finance Receivables | 1,938,931 | 1,661,662 | ' | ' | ||
Allowance for Credit Losses | -299,516 | -252,590 | ' | ' | ||
Finance Receivables, net | 1,639,415 | 1,409,072 | ' | ' | ||
Inventory | 0 | 0 | ' | ' | ||
Property and Equipment, net | 20,979 | 22,473 | ' | ' | ||
Lease Fleet Vehicles | 0 | ' | ' | ' | ||
Investment in Subsidiaries | 0 | 0 | ' | ' | ||
Other Assets | 1,960,666 | 851,481 | ' | ' | ||
Shareholder Notes Receivable | 28,542 | ' | ' | ' | ||
Assets of Discontinued Operation | 0 | 42,403 | ' | ' | ||
Total Assets | 3,774,153 | 2,451,555 | ' | ' | ||
LIABILITIES & SHAREHOLDERS’ EQUITY | ' | ' | ' | ' | ||
Payables and Other Accrued Expenses | 1,977,835 | 919,285 | ' | ' | ||
Deferred Revenue | 0 | 0 | ' | ' | ||
Portfolio Term Financings | 987,821 | 1,049,478 | ' | ' | ||
Portfolio Warehouse Facilities | 283,400 | 57,200 | ' | ' | ||
Senior Secured Notes Payable | 126,658 | 99,160 | ' | ' | ||
Other Secured Financing | 12,231 | 14,228 | ' | ' | ||
Liabilities of Discontinued Operations | 0 | 699 | ' | ' | ||
Total Liabilities | 3,387,945 | 2,140,050 | ' | ' | ||
Noncontrolling Interest - Inilex | 0 | ' | ' | ' | ||
Total Shareholders’ Equity-DTAG | 386,208 | 311,505 | ' | ' | ||
Total Equity | 386,208 | ' | ' | ' | ||
Total Liabilities & Shareholders’ Equity | 3,774,153 | 2,451,555 | ' | ' | ||
DTAC [Member] | Guarantor Subsidiaries Combined [Member] | ' | ' | ' | ' | ||
ASSETS [Abstract] | ' | ' | ' | ' | ||
Cash and Cash Equivalents | 5 | 7 | 52 | 285 | ||
Restricted Cash and Investments Held in Trust | 12,375 | 16,163 | ' | ' | ||
Finance Receivables | 0 | 0 | ' | ' | ||
Allowance for Credit Losses | 0 | 0 | ' | ' | ||
Finance Receivables, net | 0 | 0 | ' | ' | ||
Inventory | 0 | 0 | ' | ' | ||
Property and Equipment, net | 3,848 | 4,551 | ' | ' | ||
Lease Fleet Vehicles | 0 | ' | ' | ' | ||
Investment in Subsidiaries | 0 | 0 | ' | ' | ||
Other Assets | 1,182,734 | 496,195 | ' | ' | ||
Shareholder Notes Receivable | 0 | ' | ' | ' | ||
Assets of Discontinued Operation | 0 | 42,403 | ' | ' | ||
Total Assets | 1,198,962 | 559,319 | ' | ' | ||
LIABILITIES & SHAREHOLDERS’ EQUITY | ' | ' | ' | ' | ||
Payables and Other Accrued Expenses | 1,388,300 | 520,781 | ' | ' | ||
Deferred Revenue | 0 | 0 | ' | ' | ||
Portfolio Term Financings | 0 | 0 | ' | ' | ||
Portfolio Warehouse Facilities | 0 | 0 | ' | ' | ||
Senior Secured Notes Payable | 0 | 0 | ' | ' | ||
Other Secured Financing | 0 | 1,774 | ' | ' | ||
Liabilities of Discontinued Operations | 0 | 699 | ' | ' | ||
Total Liabilities | 1,388,300 | 523,254 | ' | ' | ||
Noncontrolling Interest - Inilex | 0 | ' | ' | ' | ||
Total Shareholders’ Equity-DTAG | -189,338 | 36,065 | ' | ' | ||
Total Equity | -189,338 | ' | ' | ' | ||
Total Liabilities & Shareholders’ Equity | 1,198,962 | 559,319 | ' | ' | ||
DTAC [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
ASSETS [Abstract] | ' | ' | ' | ' | ||
Cash and Cash Equivalents | 588 | 423 | 384 | 516 | ||
Restricted Cash and Investments Held in Trust | 102,493 | 90,909 | ' | ' | ||
Finance Receivables | 0 | 4,435 | ' | ' | ||
Allowance for Credit Losses | 0 | 0 | ' | ' | ||
Finance Receivables, net | 0 | 4,435 | ' | ' | ||
Inventory | 0 | 0 | ' | ' | ||
Property and Equipment, net | 14,806 | 15,216 | ' | ' | ||
Lease Fleet Vehicles | 0 | ' | ' | ' | ||
Investment in Subsidiaries | 0 | 0 | ' | ' | ||
Other Assets | 1,779,757 | 1,347,860 | ' | ' | ||
Shareholder Notes Receivable | 0 | ' | ' | ' | ||
Assets of Discontinued Operation | 0 | 0 | ' | ' | ||
Total Assets | 1,897,644 | 1,458,843 | ' | ' | ||
LIABILITIES & SHAREHOLDERS’ EQUITY | ' | ' | ' | ' | ||
Payables and Other Accrued Expenses | 6,763 | 6,703 | ' | ' | ||
Deferred Revenue | 0 | 0 | ' | ' | ||
Portfolio Term Financings | 987,821 | 1,069,974 | ' | ' | ||
Portfolio Warehouse Facilities | 283,400 | 57,200 | ' | ' | ||
Senior Secured Notes Payable | 0 | 0 | ' | ' | ||
Other Secured Financing | 12,231 | 12,454 | ' | ' | ||
Liabilities of Discontinued Operations | 0 | 0 | ' | ' | ||
Total Liabilities | 1,290,215 | 1,146,331 | ' | ' | ||
Noncontrolling Interest - Inilex | 0 | ' | ' | ' | ||
Total Shareholders’ Equity-DTAG | 607,429 | 312,512 | ' | ' | ||
Total Equity | 607,429 | ' | ' | ' | ||
Total Liabilities & Shareholders’ Equity | 1,897,644 | 1,458,843 | ' | ' | ||
DTAC [Member] | DriveTime Automotive Group, Inc [Member] | ' | ' | ' | ' | ||
ASSETS [Abstract] | ' | ' | ' | ' | ||
Cash and Cash Equivalents | 9,090 | 18,624 | 22,013 | 18,966 | ||
Restricted Cash and Investments Held in Trust | 0 | 0 | ' | ' | ||
Finance Receivables | 1,938,931 | 1,657,227 | ' | ' | ||
Allowance for Credit Losses | -299,516 | -252,590 | ' | ' | ||
Finance Receivables, net | 1,639,415 | 1,404,637 | ' | ' | ||
Inventory | 0 | 0 | ' | ' | ||
Property and Equipment, net | 2,325 | 2,706 | ' | ' | ||
Lease Fleet Vehicles | 0 | ' | ' | ' | ||
Investment in Subsidiaries | 418,091 | 348,577 | ' | ' | ||
Other Assets | 1,955,012 | 864,643 | ' | ' | ||
Shareholder Notes Receivable | 28,542 | ' | ' | ' | ||
Assets of Discontinued Operation | 0 | 0 | ' | ' | ||
Total Assets | 4,052,475 | 2,639,187 | ' | ' | ||
LIABILITIES & SHAREHOLDERS’ EQUITY | ' | ' | ' | ' | ||
Payables and Other Accrued Expenses | 3,539,609 | 2,228,522 | ' | ' | ||
Deferred Revenue | 0 | 0 | ' | ' | ||
Portfolio Term Financings | 0 | 0 | ' | ' | ||
Portfolio Warehouse Facilities | 0 | 0 | ' | ' | ||
Senior Secured Notes Payable | 126,658 | 99,160 | ' | ' | ||
Other Secured Financing | 0 | 0 | ' | ' | ||
Liabilities of Discontinued Operations | 0 | 0 | ' | ' | ||
Total Liabilities | 3,666,267 | 2,327,682 | ' | ' | ||
Noncontrolling Interest - Inilex | 0 | ' | ' | ' | ||
Total Shareholders’ Equity-DTAG | 386,208 | 311,505 | ' | ' | ||
Total Equity | 386,208 | ' | ' | ' | ||
Total Liabilities & Shareholders’ Equity | 4,052,475 | 2,639,187 | ' | ' | ||
DTAC [Member] | Eliminations [Member] | ' | ' | ' | ' | ||
ASSETS [Abstract] | ' | ' | ' | ' | ||
Cash and Cash Equivalents | 0 | 0 | 0 | 0 | ||
Restricted Cash and Investments Held in Trust | 0 | 0 | ' | ' | ||
Finance Receivables | 0 | 0 | ' | ' | ||
Allowance for Credit Losses | 0 | 0 | ' | ' | ||
Finance Receivables, net | 0 | 0 | ' | ' | ||
Inventory | 0 | 0 | ' | ' | ||
Property and Equipment, net | 0 | 0 | ' | ' | ||
Lease Fleet Vehicles | 0 | ' | ' | ' | ||
Investment in Subsidiaries | -418,091 | -348,577 | ' | ' | ||
Other Assets | -2,956,837 | -1,857,217 | ' | ' | ||
Shareholder Notes Receivable | 0 | ' | ' | ' | ||
Assets of Discontinued Operation | 0 | 0 | ' | ' | ||
Total Assets | -3,374,928 | -2,205,794 | ' | ' | ||
LIABILITIES & SHAREHOLDERS’ EQUITY | ' | ' | ' | ' | ||
Payables and Other Accrued Expenses | -2,956,837 | -1,836,721 | ' | ' | ||
Deferred Revenue | 0 | 0 | ' | ' | ||
Portfolio Term Financings | 0 | -20,496 | ' | ' | ||
Portfolio Warehouse Facilities | 0 | 0 | ' | ' | ||
Senior Secured Notes Payable | 0 | 0 | ' | ' | ||
Other Secured Financing | 0 | 0 | ' | ' | ||
Liabilities of Discontinued Operations | 0 | 0 | ' | ' | ||
Total Liabilities | -2,956,837 | -1,857,217 | ' | ' | ||
Noncontrolling Interest - Inilex | 0 | ' | ' | ' | ||
Total Shareholders’ Equity-DTAG | -418,091 | -348,577 | ' | ' | ||
Total Equity | -418,091 | ' | ' | ' | ||
Total Liabilities & Shareholders’ Equity | -3,374,928 | -2,205,794 | ' | ' | ||
Eliminations [Member] | ' | ' | ' | ' | ||
ASSETS [Abstract] | ' | ' | ' | ' | ||
Cash and Cash Equivalents | 0 | 0 | 0 | 0 | ||
Restricted Cash and Investments Held in Trust | 0 | 0 | ' | ' | ||
Finance Receivables | 0 | 0 | ' | ' | ||
Allowance for Credit Losses | 0 | 0 | ' | ' | ||
Finance Receivables, net | 0 | 0 | ' | ' | ||
Inventory | 0 | 0 | ' | ' | ||
Property and Equipment, net | 0 | 0 | ' | ' | ||
Lease Fleet Vehicles | 0 | ' | ' | ' | ||
Investment in Subsidiaries | 0 | 0 | ' | ' | ||
Other Assets | -3,899,368 | -1,736,027 | ' | ' | ||
Shareholder Notes Receivable | 0 | ' | ' | ' | ||
Assets of Discontinued Operation | 0 | 0 | ' | ' | ||
Total Assets | -3,899,368 | -1,736,027 | ' | ' | ||
LIABILITIES & SHAREHOLDERS’ EQUITY | ' | ' | ' | ' | ||
Payables and Other Accrued Expenses | -3,899,368 | -1,736,027 | ' | ' | ||
Deferred Revenue | 0 | 0 | ' | ' | ||
Portfolio Term Financings | 0 | 0 | ' | ' | ||
Portfolio Warehouse Facilities | 0 | 0 | ' | ' | ||
Senior Secured Notes Payable | 0 | 0 | ' | ' | ||
Other Secured Financing | 0 | 0 | ' | ' | ||
Liabilities of Discontinued Operations | 0 | 0 | ' | ' | ||
Total Liabilities | -3,899,368 | -1,736,027 | ' | ' | ||
Noncontrolling Interest - Inilex | 336 | ' | ' | ' | ||
Total Shareholders’ Equity-DTAG | -336 | 0 | ' | ' | ||
Total Equity | 0 | ' | ' | ' | ||
Total Liabilities & Shareholders’ Equity | ($3,899,368) | ($1,736,027) | ' | ' | ||
[1] | Refer to Note 20 for Consolidating Financial Information and discussion regarding non-controlling interest-DTAC. |
Supplemental_Consolidating_Fin4
Supplemental Consolidating Financial Information (Supplemental Consolidating Statement of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,055,504 | $920,507 | $838,242 | |
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 327,798 | 299,382 | 283,065 | |
Other Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,594 | 1,175 | 660 | |
Equity in Income of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total Revenue | 290,603 | 364,204 | 360,865 | 385,224 | 246,766 | 304,785 | 301,850 | 367,663 | 227,694 | 286,012 | 275,405 | 332,856 | 1,400,896 | 1,221,064 | 1,121,967 | |
Costs and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 731,190 | 607,932 | 544,504 | |
Provision for Credit Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 308,332 | 253,603 | 207,198 | |
Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,196 | 41,978 | 43,475 | |
Non-Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,552 | 4,644 | 3,034 | |
Senior Secured Notes Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,325 | 26,470 | 26,541 | |
Selling and Marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,138 | 28,015 | 22,790 | |
General and Administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 195,806 | 176,266 | 168,202 | |
Depreciation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,032 | 19,740 | 16,075 | |
Total Costs and Expenses | 301,717 | 358,818 | 339,975 | 367,061 | 253,883 | 299,344 | 271,596 | 333,825 | 223,436 | 273,567 | 242,975 | 291,841 | 1,367,571 | 1,158,648 | 1,031,819 | [1] |
Income Before Income Taxes | -11,114 | 5,386 | 20,890 | 18,163 | -7,117 | 5,441 | 30,254 | 33,838 | 4,258 | 12,445 | 32,430 | 41,015 | 33,325 | 62,416 | 90,148 | |
Income Tax Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,609 | 1,194 | 1,221 | |
Net Income | -12,180 | 5,455 | 20,620 | 17,821 | -7,281 | 5,070 | 29,987 | 33,446 | 3,948 | 12,383 | 32,093 | 40,503 | 31,716 | 61,222 | 88,927 | |
Loss from Discontinued Operations (net of taxes) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,956 | -1,869 | -789 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,760 | 59,353 | 88,138 | |
Net Income (Loss) Attributable to Noncontrolling Interest1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -548 | 0 | 0 | |
Net Income Attributable to DriveTime Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,308 | 59,353 | 88,138 | |
DTAG [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Costs and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net Income Attributable to DriveTime Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 247,061 | 237,671 | 216,903 | |
DTAG [Member] | Consolidated Entities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,055,504 | 920,507 | 838,242 | |
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 123,006 | 83,202 | 64,833 | |
Equity in Income of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,178,510 | 1,003,709 | 903,075 | |
Costs and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 731,190 | 607,932 | 544,504 | |
Provision for Credit Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Non-Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,174 | 3,734 | 2,405 | |
Senior Secured Notes Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,162 | 13,233 | 13,271 | |
Selling and Marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,138 | 28,012 | 22,790 | |
General and Administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,437 | 95,509 | 89,433 | |
Depreciation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,970 | 16,910 | 13,532 | |
Total Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 931,071 | 765,330 | 685,935 | |
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 247,439 | 238,379 | 217,140 | |
Income Tax Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 926 | 708 | 237 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 246,513 | 237,671 | 216,903 | |
Loss from Discontinued Operations (net of taxes) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 246,513 | 237,671 | 216,903 | |
Net Income (Loss) Attributable to Noncontrolling Interest1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -790 | ' | ' | |
Net Income Attributable to DriveTime Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 247,303 | ' | ' | |
DTAG [Member] | Guarantor Subsidiaries Combined [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,055,504 | 920,507 | 838,242 | |
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,051 | 45,442 | 38,333 | |
Equity in Income of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,109,555 | 965,949 | 876,575 | |
Costs and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 731,075 | 607,932 | 544,504 | |
Provision for Credit Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Non-Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,555 | 3,273 | 2,351 | |
Senior Secured Notes Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Selling and Marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,138 | 28,012 | 22,790 | |
General and Administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,122 | 91,546 | 83,081 | |
Depreciation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,658 | 16,910 | 13,532 | |
Total Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 905,548 | 747,673 | 666,258 | |
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204,007 | 218,276 | 210,317 | |
Income Tax Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204,007 | 218,276 | 210,317 | |
Loss from Discontinued Operations (net of taxes) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204,007 | 218,276 | 210,317 | |
Net Income (Loss) Attributable to Noncontrolling Interest1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Net Income Attributable to DriveTime Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204,007 | ' | ' | |
DTAG [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,724 | 0 | 0 | |
Equity in Income of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,724 | 0 | 0 | |
Costs and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,734 | 0 | 0 | |
Provision for Credit Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Non-Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 577 | 403 | 0 | |
Senior Secured Notes Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Selling and Marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
General and Administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,921 | -3,406 | -1,191 | |
Depreciation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 312 | 0 | 0 | |
Total Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,544 | -3,003 | -1,191 | |
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,180 | 3,003 | 1,191 | |
Income Tax Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 665 | 484 | 403 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,515 | 2,519 | 788 | |
Loss from Discontinued Operations (net of taxes) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,515 | 2,519 | 788 | |
Net Income (Loss) Attributable to Noncontrolling Interest1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 941 | ' | ' | |
Net Income Attributable to DriveTime Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,574 | ' | ' | |
DTAG [Member] | DriveTime Automotive Group, Inc [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,824 | 37,760 | 26,500 | |
Equity in Income of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 211,764 | 220,795 | 211,104 | |
Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 272,588 | 258,555 | 237,604 | |
Costs and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Provision for Credit Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Non-Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42 | 58 | 54 | |
Senior Secured Notes Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,162 | 13,233 | 13,271 | |
Selling and Marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
General and Administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,394 | 7,369 | 7,543 | |
Depreciation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,598 | 20,660 | 20,868 | |
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,990 | 237,895 | 216,736 | |
Income Tax Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 261 | 224 | -166 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,729 | 237,671 | 216,902 | |
Loss from Discontinued Operations (net of taxes) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,729 | 237,671 | 216,902 | |
Net Income (Loss) Attributable to Noncontrolling Interest1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Net Income Attributable to DriveTime Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,729 | ' | ' | |
DTAG [Member] | Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,593 | 0 | 0 | |
Equity in Income of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -211,764 | -220,795 | -211,104 | |
Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -220,357 | -220,795 | -211,104 | |
Costs and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,619 | 0 | 0 | |
Provision for Credit Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Non-Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Senior Secured Notes Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Selling and Marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
General and Administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Depreciation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,619 | 0 | 0 | |
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -212,738 | -220,795 | -211,104 | |
Income Tax Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -212,738 | -220,795 | -211,104 | |
Loss from Discontinued Operations (net of taxes) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -212,738 | -220,795 | -211,104 | |
Net Income (Loss) Attributable to Noncontrolling Interest1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,731 | ' | ' | |
Net Income Attributable to DriveTime Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -211,007 | ' | ' | |
DTAC [Member] | Consolidated Entities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 327,798 | 299,382 | 283,065 | |
Other Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,398 | 3,473 | 3,096 | |
Equity in Income of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 333,196 | 302,855 | 286,161 | |
Costs and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Provision for Credit Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 308,332 | 253,603 | 207,198 | |
Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,196 | 41,978 | 43,475 | |
Non-Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,651 | 42,299 | 30,948 | |
Senior Secured Notes Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,163 | 13,237 | 13,270 | |
Selling and Marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3 | 0 | |
General and Administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 116,906 | 124,868 | 115,719 | |
Depreciation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,062 | 2,830 | 2,543 | |
Total Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 547,310 | 478,818 | 413,153 | |
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -214,114 | -175,963 | -126,992 | |
Income Tax Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 683 | 486 | 984 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -214,797 | -176,449 | -127,976 | |
Loss from Discontinued Operations (net of taxes) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,956 | -1,869 | -789 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -216,753 | -178,318 | -128,765 | |
Net Income (Loss) Attributable to Noncontrolling Interest1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Net Income Attributable to DriveTime Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -216,753 | ' | ' | |
DTAC [Member] | Guarantor Subsidiaries Combined [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,395 | 65,058 | 60,250 | |
Equity in Income of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,395 | 65,058 | 60,250 | |
Costs and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Provision for Credit Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Non-Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64 | 93 | 109 | |
Senior Secured Notes Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Selling and Marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
General and Administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,988 | 54,942 | 56,925 | |
Depreciation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,195 | 1,014 | 714 | |
Total Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,247 | 56,049 | 57,748 | |
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,148 | 9,009 | 2,502 | |
Income Tax Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,148 | 9,009 | 2,502 | |
Loss from Discontinued Operations (net of taxes) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,956 | -1,869 | 0 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,192 | 7,140 | 2,502 | |
Net Income (Loss) Attributable to Noncontrolling Interest1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Net Income Attributable to DriveTime Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,192 | ' | ' | |
DTAC [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 307,578 | 273,460 | 252,911 | |
Other Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Equity in Income of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 307,578 | 273,460 | 252,911 | |
Costs and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Provision for Credit Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,196 | 41,978 | 43,373 | |
Non-Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,318 | 1,975 | 1,989 | |
Senior Secured Notes Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Selling and Marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
General and Administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,489 | 55,762 | 50,009 | |
Depreciation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 545 | 546 | 613 | |
Total Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,548 | 100,261 | 95,984 | |
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 202,030 | 173,199 | 156,927 | |
Income Tax Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 202,030 | 173,199 | 156,927 | |
Loss from Discontinued Operations (net of taxes) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -789 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 202,030 | 173,199 | 156,138 | |
Net Income (Loss) Attributable to Noncontrolling Interest1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Net Income Attributable to DriveTime Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 202,030 | ' | ' | |
DTAC [Member] | DriveTime Automotive Group, Inc [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 328,368 | 300,595 | 284,282 | |
Other Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,367 | 2,757 | 2,864 | |
Equity in Income of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 212,222 | 180,339 | 158,642 | |
Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 542,957 | 483,691 | 445,788 | |
Costs and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Provision for Credit Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 308,332 | 253,603 | 207,198 | |
Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 102 | |
Non-Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 368,417 | 314,904 | 282,978 | |
Senior Secured Notes Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,163 | 13,237 | 13,270 | |
Selling and Marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3 | 0 | |
General and Administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,793 | 78,506 | 68,803 | |
Depreciation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,322 | 1,270 | 1,216 | |
Total Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 759,027 | 661,523 | 573,567 | |
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -216,070 | -177,832 | -127,779 | |
Income Tax Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 683 | 486 | 984 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -216,753 | -178,318 | -128,763 | |
Loss from Discontinued Operations (net of taxes) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -216,753 | -178,318 | -128,763 | |
Net Income (Loss) Attributable to Noncontrolling Interest1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Net Income Attributable to DriveTime Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -216,753 | ' | ' | |
DTAC [Member] | Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -308,148 | -274,673 | -254,128 | |
Other Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -69,364 | -64,342 | -60,018 | |
Equity in Income of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -212,222 | -180,339 | -158,642 | |
Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -589,734 | -519,354 | -472,788 | |
Costs and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Provision for Credit Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Non-Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -308,148 | -274,673 | -254,128 | |
Senior Secured Notes Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Selling and Marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
General and Administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -69,364 | -64,342 | -60,018 | |
Depreciation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -377,512 | -339,015 | -314,146 | |
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -212,222 | -180,339 | -158,642 | |
Income Tax Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -212,222 | -180,339 | -158,642 | |
Loss from Discontinued Operations (net of taxes) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -212,222 | -180,339 | -158,642 | |
Net Income (Loss) Attributable to Noncontrolling Interest1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | |
Net Income Attributable to DriveTime Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -212,222 | ' | ' | |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -110,810 | -85,500 | -67,269 | |
Equity in Income of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -110,810 | -85,500 | -67,269 | |
Costs and Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Provision for Credit Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Non-Portfolio Debt Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -65,273 | -41,389 | -30,319 | |
Senior Secured Notes Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Selling and Marketing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
General and Administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -45,537 | -44,111 | -36,950 | |
Depreciation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total Costs and Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -110,810 | -85,500 | -67,269 | |
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Income Tax Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Loss from Discontinued Operations (net of taxes) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net Income (Loss) Attributable to Noncontrolling Interest1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 242 | ' | ' | |
Net Income Attributable to DriveTime Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($242) | ' | ' | |
[1] | Includes net loss on extinguishment of debt. |
Supplemental_Consolidating_Fin5
Supplemental Consolidating Financial Information (Supplemental Consolidating Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income (Loss) for the Year | $29,760 | $59,353 | $88,138 |
Net loss attributable to noncontrolling interest - Inilex | 548 | ' | ' |
Net Income Attributable to DriveTime Consolidated | 30,308 | 59,353 | 88,138 |
Net Loss from Discontinued Operations | 1,956 | 1,869 | 789 |
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | ' | ' | ' |
Provision for Credit Losses | 308,332 | 253,603 | 207,198 |
Depreciation Expense | 25,032 | 19,740 | 16,075 |
Amortization of Debt Issuance Costs and Debt Premium and Discount | 6,284 | 8,163 | 11,880 |
Non-Cash Compensation Expense | 1,239 | 1,546 | 2,789 |
Loss (Gain) from Disposal of Property and Equipment | -145 | -153 | 81 |
Originations of Finance Receivables | -1,106,422 | -917,093 | -829,141 |
Collections and Recoveries on Finance Receivable Principal Balances | 572,757 | 559,092 | 540,450 |
Increase in Accrued Interest Receivable and Loan Origination Costs | -5,011 | -4,252 | -1,011 |
(Increase) Decrease in Inventories | -48,834 | -58,403 | -66,286 |
(Increase) Decrease in Other Assets | -12,432 | -3,319 | -2,814 |
Increase (Decrease) in Deferred Revenue | 39,632 | 2,393 | -28 |
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | 14,289 | 8,508 | 7,522 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -173,015 | -68,953 | -24,358 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 761 | -925 | -838 |
Net Cash Used By Operating Activities | -172,254 | -69,878 | -25,196 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchase of Property and Equipment | 1,748 | 1,895 | 519 |
Proceeds from Sale of Discontinued Operations | -36,271 | -24,481 | -44,174 |
Purchase of Lease Fleet | -33,022 | 0 | 0 |
Proceeds from Sale of Discontinued Operations | 85,074 | 0 | 0 |
Increase in Other Investments | -3,200 | 0 | 0 |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | 14,329 | -22,586 | -43,655 |
Net Cash Used in Investing Activities from Discontinued Operations | -74,629 | -41,971 | -630 |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | -60,300 | -64,557 | -44,285 |
Cash Flows from Financing Activities: | ' | ' | ' |
(Increase) Decrease in Restricted Cash | -8,242 | 15,421 | 18,193 |
Deposits into Investments Held in Trust | -9,000 | -15,864 | -13,199 |
Change in Investments Held in Trust and Collection Account Cash | 9,446 | -6,913 | -22,819 |
Additions to Portfolio Term Financings | 543,890 | 857,246 | 707,947 |
Repayment of Portfolio Term Financings | -605,349 | -590,151 | -339,110 |
Additions to Portfolio Warehouse Facilities | 1,034,300 | 827,300 | 970,600 |
Repayments of Portfolio Warehouse Facilities | -808,100 | -911,492 | -1,232,215 |
Additions to Senior Secured Notes Payable | 55,500 | 0 | 0 |
Additions to Other Secured Notes Payable | 58,871 | 83,968 | 44,500 |
Repayments of Other Secured Notes Payable | -14,188 | -65,982 | -542 |
Payments of Debt Issuance Costs | -6,597 | -7,343 | -9,788 |
Dividend Distributions - Related Party | -13,701 | -51,195 | -51,845 |
Net Cash Provided by Financing Activities | 236,830 | 134,995 | 71,722 |
Net Increase in Cash and Cash Equivalents | 4,276 | 560 | 2,241 |
Cash and Cash Equivalents at Beginning of Period | 26,478 | 25,918 | 23,677 |
Cash and Cash Equivalents at End of Period | 30,754 | 26,478 | 25,918 |
Cash and Cash Equivalents of Discontinued Operations at End of Period | 0 | 2 | 12 |
Cash and Cash Equivalents from Continuing Operations at End of Period | 30,754 | 26,480 | 25,930 |
DTAG [Member] | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income Attributable to DriveTime Consolidated | 247,061 | 237,671 | 216,903 |
DTAG [Member] | Consolidated Entities [Member] | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income (Loss) for the Year | 246,513 | 237,671 | 216,903 |
Net loss attributable to noncontrolling interest - Inilex | 790 | ' | ' |
Net Income Attributable to DriveTime Consolidated | 247,303 | ' | ' |
Net Loss from Discontinued Operations | 0 | 0 | 0 |
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | ' | ' | ' |
Provision for Credit Losses | 0 | 0 | 0 |
Depreciation Expense | 21,970 | 16,910 | 13,532 |
Amortization of Debt Issuance Costs and Debt Premium and Discount | 688 | 762 | 1,056 |
Non-Cash Compensation Expense | 612 | 781 | 1,395 |
Loss (Gain) from Disposal of Property and Equipment | -232 | -117 | 86 |
Originations of Finance Receivables | 0 | 0 | 0 |
Collections and Recoveries on Finance Receivable Principal Balances | 0 | 0 | 0 |
Increase in Accrued Interest Receivable and Loan Origination Costs | 0 | 0 | 0 |
(Increase) Decrease in Inventories | -48,834 | -58,403 | -66,286 |
(Increase) Decrease in Other Assets | -1,370,544 | -308,397 | -874,246 |
Increase (Decrease) in Deferred Revenue | 39,632 | 2,393 | -28 |
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | 1,119,080 | 114,129 | 706,148 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 9,675 | 5,729 | -1,440 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | 0 |
Net Cash Used By Operating Activities | 9,675 | 5,729 | -1,440 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchase of Property and Equipment | 1,520 | 1,540 | 438 |
Proceeds from Sale of Discontinued Operations | -34,388 | -21,333 | -43,290 |
Purchase of Lease Fleet | -33,022 | ' | ' |
Proceeds from Sale of Discontinued Operations | 0 | ' | ' |
Increase in Other Investments | -3,200 | ' | ' |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | -69,090 | -19,793 | -42,852 |
Net Cash Used in Investing Activities from Discontinued Operations | 0 | 0 | 0 |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | -69,090 | -19,793 | -42,852 |
Cash Flows from Financing Activities: | ' | ' | ' |
(Increase) Decrease in Restricted Cash | 0 | 0 | 5 |
Deposits into Investments Held in Trust | 0 | 0 | 0 |
Change in Investments Held in Trust and Collection Account Cash | 0 | 0 | 0 |
Additions to Portfolio Term Financings | 0 | 0 | 0 |
Repayment of Portfolio Term Financings | 0 | 0 | 0 |
Additions to Portfolio Warehouse Facilities | 0 | 0 | 0 |
Repayments of Portfolio Warehouse Facilities | 0 | 0 | 0 |
Additions to Senior Secured Notes Payable | 27,750 | ' | ' |
Additions to Other Secured Notes Payable | 58,871 | 83,968 | 44,500 |
Repayments of Other Secured Notes Payable | -12,192 | -65,414 | 0 |
Payments of Debt Issuance Costs | -1,367 | -535 | -654 |
Dividend Distributions - Related Party | 0 | 0 | 0 |
Net Cash Provided by Financing Activities | 73,062 | 18,019 | 43,851 |
Net Increase in Cash and Cash Equivalents | 13,647 | 3,955 | -441 |
Cash and Cash Equivalents at Beginning of Period | 7,424 | 3,469 | 3,910 |
Cash and Cash Equivalents at End of Period | 21,071 | 7,424 | 3,469 |
Cash and Cash Equivalents of Discontinued Operations at End of Period | 0 | 0 | 0 |
Cash and Cash Equivalents from Continuing Operations at End of Period | 21,071 | 7,424 | 3,469 |
DTAG [Member] | Guarantor Subsidiaries Combined [Member] | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income (Loss) for the Year | 204,007 | 218,276 | 210,317 |
Net loss attributable to noncontrolling interest - Inilex | 0 | ' | ' |
Net Income Attributable to DriveTime Consolidated | 204,007 | ' | ' |
Net Loss from Discontinued Operations | 0 | 0 | 0 |
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | ' | ' | ' |
Provision for Credit Losses | 0 | 0 | 0 |
Depreciation Expense | 21,658 | 16,910 | 13,532 |
Amortization of Debt Issuance Costs and Debt Premium and Discount | 163 | 115 | 494 |
Non-Cash Compensation Expense | 0 | 0 | 0 |
Loss (Gain) from Disposal of Property and Equipment | -232 | -117 | 86 |
Originations of Finance Receivables | 0 | 0 | 0 |
Collections and Recoveries on Finance Receivable Principal Balances | 0 | 0 | 0 |
Increase in Accrued Interest Receivable and Loan Origination Costs | 0 | 0 | 0 |
(Increase) Decrease in Inventories | -49,673 | -58,403 | -66,286 |
(Increase) Decrease in Other Assets | -1,301,364 | -269,542 | -851,669 |
Increase (Decrease) in Deferred Revenue | 39,686 | 2,362 | -28 |
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | 1,105,113 | 107,580 | 691,667 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 19,358 | 17,181 | -1,887 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | 0 |
Net Cash Used By Operating Activities | 19,358 | 17,181 | -1,887 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchase of Property and Equipment | 1,520 | 1,540 | 438 |
Proceeds from Sale of Discontinued Operations | -33,626 | -21,333 | -43,290 |
Purchase of Lease Fleet | -33,022 | ' | ' |
Proceeds from Sale of Discontinued Operations | 0 | ' | ' |
Increase in Other Investments | 0 | ' | ' |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | -65,128 | -19,793 | -42,852 |
Net Cash Used in Investing Activities from Discontinued Operations | 0 | 0 | 0 |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | -65,128 | -19,793 | -42,852 |
Cash Flows from Financing Activities: | ' | ' | ' |
(Increase) Decrease in Restricted Cash | 0 | 0 | 5 |
Deposits into Investments Held in Trust | 0 | 0 | 0 |
Change in Investments Held in Trust and Collection Account Cash | 0 | 0 | 0 |
Additions to Portfolio Term Financings | 0 | 0 | 0 |
Repayment of Portfolio Term Financings | 0 | 0 | 0 |
Additions to Portfolio Warehouse Facilities | 0 | 0 | 0 |
Repayments of Portfolio Warehouse Facilities | 0 | 0 | 0 |
Additions to Senior Secured Notes Payable | 0 | ' | ' |
Additions to Other Secured Notes Payable | 55,000 | 71,000 | 44,500 |
Repayments of Other Secured Notes Payable | -10,000 | -64,179 | 0 |
Payments of Debt Issuance Costs | -578 | -141 | -485 |
Dividend Distributions - Related Party | 0 | 0 | 0 |
Net Cash Provided by Financing Activities | 44,422 | 6,680 | 44,020 |
Net Increase in Cash and Cash Equivalents | -1,348 | 4,068 | -719 |
Cash and Cash Equivalents at Beginning of Period | 6,937 | 2,869 | 3,588 |
Cash and Cash Equivalents at End of Period | 5,589 | 6,937 | 2,869 |
Cash and Cash Equivalents of Discontinued Operations at End of Period | 0 | 0 | 0 |
Cash and Cash Equivalents from Continuing Operations at End of Period | 5,589 | 6,937 | 2,869 |
DTAG [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income (Loss) for the Year | 4,515 | 2,519 | 788 |
Net loss attributable to noncontrolling interest - Inilex | -941 | ' | ' |
Net Income Attributable to DriveTime Consolidated | 3,574 | ' | ' |
Net Loss from Discontinued Operations | 0 | 0 | 0 |
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | ' | ' | ' |
Provision for Credit Losses | 0 | 0 | 0 |
Depreciation Expense | 312 | 0 | 0 |
Amortization of Debt Issuance Costs and Debt Premium and Discount | 74 | 39 | 0 |
Non-Cash Compensation Expense | 0 | 0 | 0 |
Loss (Gain) from Disposal of Property and Equipment | 0 | 0 | 0 |
Originations of Finance Receivables | 0 | 0 | 0 |
Collections and Recoveries on Finance Receivable Principal Balances | 0 | 0 | 0 |
Increase in Accrued Interest Receivable and Loan Origination Costs | 0 | 0 | 0 |
(Increase) Decrease in Inventories | 0 | 0 | 0 |
(Increase) Decrease in Other Assets | 8,714 | -14,358 | 2,564 |
Increase (Decrease) in Deferred Revenue | -54 | 31 | 0 |
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | 1,458 | 311 | -3,079 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 14,078 | -11,458 | 273 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | 0 |
Net Cash Used By Operating Activities | 14,078 | -11,458 | 273 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchase of Property and Equipment | 0 | 0 | 0 |
Proceeds from Sale of Discontinued Operations | -762 | 0 | 0 |
Purchase of Lease Fleet | 0 | ' | ' |
Proceeds from Sale of Discontinued Operations | 0 | ' | ' |
Increase in Other Investments | 0 | ' | ' |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | -762 | 0 | 0 |
Net Cash Used in Investing Activities from Discontinued Operations | 0 | 0 | 0 |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | -762 | 0 | 0 |
Cash Flows from Financing Activities: | ' | ' | ' |
(Increase) Decrease in Restricted Cash | 0 | 0 | 0 |
Deposits into Investments Held in Trust | 0 | 0 | 0 |
Change in Investments Held in Trust and Collection Account Cash | 0 | 0 | 0 |
Additions to Portfolio Term Financings | 0 | 0 | 0 |
Repayment of Portfolio Term Financings | 0 | 0 | 0 |
Additions to Portfolio Warehouse Facilities | 0 | 0 | 0 |
Repayments of Portfolio Warehouse Facilities | 0 | 0 | 0 |
Additions to Senior Secured Notes Payable | 0 | ' | ' |
Additions to Other Secured Notes Payable | 3,871 | 12,968 | 0 |
Repayments of Other Secured Notes Payable | -2,192 | -1,235 | 0 |
Payments of Debt Issuance Costs | 0 | -388 | 0 |
Dividend Distributions - Related Party | 0 | 0 | 0 |
Net Cash Provided by Financing Activities | 1,679 | 11,345 | 0 |
Net Increase in Cash and Cash Equivalents | 14,995 | -113 | 273 |
Cash and Cash Equivalents at Beginning of Period | 482 | 595 | 322 |
Cash and Cash Equivalents at End of Period | 15,477 | 482 | 595 |
Cash and Cash Equivalents of Discontinued Operations at End of Period | 0 | 0 | 0 |
Cash and Cash Equivalents from Continuing Operations at End of Period | 15,477 | 482 | 595 |
DTAG [Member] | DriveTime Automotive Group, Inc [Member] | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income (Loss) for the Year | 250,729 | 237,671 | 216,902 |
Net loss attributable to noncontrolling interest - Inilex | 0 | ' | ' |
Net Income Attributable to DriveTime Consolidated | 250,729 | ' | ' |
Net Loss from Discontinued Operations | 0 | 0 | 0 |
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | ' | ' | ' |
Provision for Credit Losses | 0 | 0 | 0 |
Depreciation Expense | 0 | 0 | 0 |
Amortization of Debt Issuance Costs and Debt Premium and Discount | 451 | 608 | 562 |
Non-Cash Compensation Expense | 612 | 781 | 1,395 |
Loss (Gain) from Disposal of Property and Equipment | 0 | 0 | 0 |
Originations of Finance Receivables | 0 | 0 | 0 |
Collections and Recoveries on Finance Receivable Principal Balances | 0 | 0 | 0 |
Increase in Accrued Interest Receivable and Loan Origination Costs | 0 | 0 | 0 |
(Increase) Decrease in Inventories | 0 | 0 | 0 |
(Increase) Decrease in Other Assets | -272,571 | -232,721 | -335,292 |
Increase (Decrease) in Deferred Revenue | 0 | 0 | 0 |
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | -2,982 | -6,333 | 116,607 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -23,761 | 6 | 174 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | 0 |
Net Cash Used By Operating Activities | -23,761 | 6 | 174 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchase of Property and Equipment | 0 | 0 | 0 |
Proceeds from Sale of Discontinued Operations | 0 | 0 | 0 |
Purchase of Lease Fleet | 0 | ' | ' |
Proceeds from Sale of Discontinued Operations | 0 | ' | ' |
Increase in Other Investments | -3,200 | ' | ' |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | -3,200 | 0 | 0 |
Net Cash Used in Investing Activities from Discontinued Operations | 0 | 0 | 0 |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | -3,200 | 0 | 0 |
Cash Flows from Financing Activities: | ' | ' | ' |
(Increase) Decrease in Restricted Cash | 0 | 0 | 0 |
Deposits into Investments Held in Trust | 0 | 0 | 0 |
Change in Investments Held in Trust and Collection Account Cash | 0 | 0 | 0 |
Additions to Portfolio Term Financings | 0 | 0 | 0 |
Repayment of Portfolio Term Financings | 0 | 0 | 0 |
Additions to Portfolio Warehouse Facilities | 0 | 0 | 0 |
Repayments of Portfolio Warehouse Facilities | 0 | 0 | 0 |
Additions to Senior Secured Notes Payable | 27,750 | ' | ' |
Additions to Other Secured Notes Payable | 0 | 0 | 0 |
Repayments of Other Secured Notes Payable | 0 | 0 | 0 |
Payments of Debt Issuance Costs | -789 | -6 | -169 |
Dividend Distributions - Related Party | 0 | 0 | 0 |
Net Cash Provided by Financing Activities | 26,961 | -6 | -169 |
Net Increase in Cash and Cash Equivalents | 0 | 0 | 5 |
Cash and Cash Equivalents at Beginning of Period | 5 | 5 | 0 |
Cash and Cash Equivalents at End of Period | 5 | 5 | 5 |
Cash and Cash Equivalents of Discontinued Operations at End of Period | 0 | 0 | 0 |
Cash and Cash Equivalents from Continuing Operations at End of Period | 5 | 5 | 5 |
DTAG [Member] | Eliminations [Member] | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income (Loss) for the Year | -212,738 | -220,795 | -211,104 |
Net loss attributable to noncontrolling interest - Inilex | 1,731 | ' | ' |
Net Income Attributable to DriveTime Consolidated | -211,007 | ' | ' |
Net Loss from Discontinued Operations | 0 | 0 | 0 |
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | ' | ' | ' |
Provision for Credit Losses | 0 | 0 | 0 |
Depreciation Expense | 0 | 0 | 0 |
Amortization of Debt Issuance Costs and Debt Premium and Discount | 0 | 0 | 0 |
Non-Cash Compensation Expense | 0 | 0 | 0 |
Loss (Gain) from Disposal of Property and Equipment | 0 | 0 | 0 |
Originations of Finance Receivables | 0 | 0 | 0 |
Collections and Recoveries on Finance Receivable Principal Balances | 0 | 0 | 0 |
Increase in Accrued Interest Receivable and Loan Origination Costs | 0 | 0 | 0 |
(Increase) Decrease in Inventories | 839 | 0 | 0 |
(Increase) Decrease in Other Assets | 194,677 | 208,224 | 310,151 |
Increase (Decrease) in Deferred Revenue | 0 | 0 | 0 |
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | 15,491 | 12,571 | -99,047 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 0 | 0 | 0 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | 0 |
Net Cash Used By Operating Activities | 0 | 0 | 0 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchase of Property and Equipment | 0 | 0 | 0 |
Proceeds from Sale of Discontinued Operations | 0 | 0 | 0 |
Purchase of Lease Fleet | 0 | ' | ' |
Proceeds from Sale of Discontinued Operations | 0 | ' | ' |
Increase in Other Investments | 0 | ' | ' |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | 0 | 0 | 0 |
Net Cash Used in Investing Activities from Discontinued Operations | 0 | 0 | 0 |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | 0 | 0 | 0 |
Cash Flows from Financing Activities: | ' | ' | ' |
(Increase) Decrease in Restricted Cash | 0 | 0 | 0 |
Deposits into Investments Held in Trust | 0 | 0 | 0 |
Change in Investments Held in Trust and Collection Account Cash | 0 | 0 | 0 |
Additions to Portfolio Term Financings | 0 | 0 | 0 |
Repayment of Portfolio Term Financings | 0 | 0 | 0 |
Additions to Portfolio Warehouse Facilities | 0 | 0 | 0 |
Repayments of Portfolio Warehouse Facilities | 0 | 0 | 0 |
Additions to Senior Secured Notes Payable | 0 | ' | ' |
Additions to Other Secured Notes Payable | 0 | 0 | 0 |
Repayments of Other Secured Notes Payable | 0 | 0 | 0 |
Payments of Debt Issuance Costs | 0 | 0 | 0 |
Dividend Distributions - Related Party | 0 | 0 | 0 |
Net Cash Provided by Financing Activities | 0 | 0 | 0 |
Net Increase in Cash and Cash Equivalents | 0 | 0 | 0 |
Cash and Cash Equivalents at Beginning of Period | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Period | 0 | 0 | 0 |
Cash and Cash Equivalents of Discontinued Operations at End of Period | 0 | 0 | 0 |
Cash and Cash Equivalents from Continuing Operations at End of Period | 0 | 0 | 0 |
DTAC [Member] | Consolidated Entities [Member] | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income (Loss) for the Year | -216,753 | -178,318 | -128,765 |
Net loss attributable to noncontrolling interest - Inilex | 0 | ' | ' |
Net Income Attributable to DriveTime Consolidated | -216,753 | ' | ' |
Net Loss from Discontinued Operations | 1,956 | 1,869 | 789 |
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | ' | ' | ' |
Provision for Credit Losses | 308,332 | 253,603 | 207,198 |
Depreciation Expense | 3,062 | 2,830 | 2,543 |
Amortization of Debt Issuance Costs and Debt Premium and Discount | 5,596 | 7,401 | 10,824 |
Non-Cash Compensation Expense | 627 | 765 | 1,394 |
Loss (Gain) from Disposal of Property and Equipment | 87 | -36 | -5 |
Originations of Finance Receivables | -1,106,422 | -917,093 | -829,141 |
Collections and Recoveries on Finance Receivable Principal Balances | 572,757 | 559,092 | 540,450 |
Increase in Accrued Interest Receivable and Loan Origination Costs | -5,011 | -4,252 | -1,011 |
(Increase) Decrease in Inventories | 0 | 0 | 0 |
(Increase) Decrease in Other Assets | -805,471 | 125,722 | -487,021 |
Increase (Decrease) in Deferred Revenue | 0 | 0 | 0 |
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | 1,058,550 | 73,735 | 659,827 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -182,690 | -74,682 | -22,918 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 761 | -925 | -838 |
Net Cash Used By Operating Activities | -181,929 | -75,607 | -23,756 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchase of Property and Equipment | 228 | 355 | 81 |
Proceeds from Sale of Discontinued Operations | -1,883 | -3,148 | -884 |
Purchase of Lease Fleet | 0 | ' | ' |
Proceeds from Sale of Discontinued Operations | 85,074 | ' | ' |
Increase in Other Investments | 0 | ' | ' |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | 83,419 | -2,793 | -803 |
Net Cash Used in Investing Activities from Discontinued Operations | -74,629 | -41,971 | -630 |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | 8,790 | -44,764 | -1,433 |
Cash Flows from Financing Activities: | ' | ' | ' |
(Increase) Decrease in Restricted Cash | -8,242 | 15,421 | 18,188 |
Deposits into Investments Held in Trust | -9,000 | -15,864 | -13,199 |
Change in Investments Held in Trust and Collection Account Cash | 9,446 | -6,913 | -22,819 |
Additions to Portfolio Term Financings | 543,890 | 857,246 | 707,947 |
Repayment of Portfolio Term Financings | -605,349 | -590,151 | -339,110 |
Additions to Portfolio Warehouse Facilities | 1,034,300 | 827,300 | 970,600 |
Repayments of Portfolio Warehouse Facilities | -808,100 | -911,492 | -1,232,215 |
Additions to Senior Secured Notes Payable | 27,750 | ' | ' |
Additions to Other Secured Notes Payable | 0 | 0 | 0 |
Repayments of Other Secured Notes Payable | -1,996 | -568 | -542 |
Payments of Debt Issuance Costs | -5,230 | -6,808 | -9,134 |
Dividend Distributions - Related Party | -13,701 | -51,195 | -51,845 |
Net Cash Provided by Financing Activities | 163,768 | 116,976 | 27,871 |
Net Increase in Cash and Cash Equivalents | -9,371 | -3,395 | 2,682 |
Cash and Cash Equivalents at Beginning of Period | 19,054 | 22,449 | 19,767 |
Cash and Cash Equivalents at End of Period | 9,683 | 19,054 | 22,449 |
Cash and Cash Equivalents of Discontinued Operations at End of Period | 0 | 2 | 12 |
Cash and Cash Equivalents from Continuing Operations at End of Period | 9,683 | 19,056 | 22,461 |
DTAC [Member] | Guarantor Subsidiaries Combined [Member] | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income (Loss) for the Year | 10,192 | 7,140 | 2,502 |
Net loss attributable to noncontrolling interest - Inilex | 0 | ' | ' |
Net Income Attributable to DriveTime Consolidated | 10,192 | ' | ' |
Net Loss from Discontinued Operations | 1,956 | 1,869 | 0 |
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | ' | ' | ' |
Provision for Credit Losses | 0 | 0 | 0 |
Depreciation Expense | 1,195 | 1,014 | 714 |
Amortization of Debt Issuance Costs and Debt Premium and Discount | 0 | 0 | 0 |
Non-Cash Compensation Expense | 0 | 0 | 0 |
Loss (Gain) from Disposal of Property and Equipment | 94 | -34 | 0 |
Originations of Finance Receivables | 0 | 0 | 0 |
Collections and Recoveries on Finance Receivable Principal Balances | 0 | 0 | 0 |
Increase in Accrued Interest Receivable and Loan Origination Costs | 0 | 0 | 0 |
(Increase) Decrease in Inventories | 0 | 0 | 0 |
(Increase) Decrease in Other Assets | -882,385 | 156,538 | -603,676 |
Increase (Decrease) in Deferred Revenue | 0 | 0 | 0 |
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | 867,518 | -127,876 | 602,492 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -1,430 | 38,651 | 2,032 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 761 | -925 | 0 |
Net Cash Used By Operating Activities | -669 | 37,726 | 2,032 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchase of Property and Equipment | 177 | 317 | 62 |
Proceeds from Sale of Discontinued Operations | -761 | -2,111 | -243 |
Purchase of Lease Fleet | 0 | ' | ' |
Proceeds from Sale of Discontinued Operations | 0 | ' | ' |
Increase in Other Investments | 0 | ' | ' |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | -584 | -1,794 | -181 |
Net Cash Used in Investing Activities from Discontinued Operations | -762 | -41,971 | 0 |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | -1,346 | -43,765 | -181 |
Cash Flows from Financing Activities: | ' | ' | ' |
(Increase) Decrease in Restricted Cash | 3,788 | 6,354 | -1,740 |
Deposits into Investments Held in Trust | 0 | 0 | 0 |
Change in Investments Held in Trust and Collection Account Cash | 0 | 0 | 0 |
Additions to Portfolio Term Financings | 0 | 0 | 0 |
Repayment of Portfolio Term Financings | 0 | 0 | 0 |
Additions to Portfolio Warehouse Facilities | 0 | 0 | 0 |
Repayments of Portfolio Warehouse Facilities | 0 | 0 | 0 |
Additions to Senior Secured Notes Payable | 0 | ' | ' |
Additions to Other Secured Notes Payable | 0 | 0 | 0 |
Repayments of Other Secured Notes Payable | -1,775 | -360 | -344 |
Payments of Debt Issuance Costs | 0 | 0 | 0 |
Dividend Distributions - Related Party | 0 | 0 | 0 |
Net Cash Provided by Financing Activities | 2,013 | 5,994 | -2,084 |
Net Increase in Cash and Cash Equivalents | -2 | -45 | -233 |
Cash and Cash Equivalents at Beginning of Period | 7 | 52 | 285 |
Cash and Cash Equivalents at End of Period | 5 | 7 | 52 |
Cash and Cash Equivalents of Discontinued Operations at End of Period | 0 | 2 | 0 |
Cash and Cash Equivalents from Continuing Operations at End of Period | 5 | 9 | 52 |
DTAC [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income (Loss) for the Year | 202,030 | 173,199 | 156,138 |
Net loss attributable to noncontrolling interest - Inilex | 0 | ' | ' |
Net Income Attributable to DriveTime Consolidated | 202,030 | ' | ' |
Net Loss from Discontinued Operations | 0 | 0 | 789 |
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | ' | ' | ' |
Provision for Credit Losses | 0 | 0 | 0 |
Depreciation Expense | 545 | 546 | 613 |
Amortization of Debt Issuance Costs and Debt Premium and Discount | 5,145 | 6,792 | 10,262 |
Non-Cash Compensation Expense | 0 | 0 | 0 |
Loss (Gain) from Disposal of Property and Equipment | 0 | 0 | 0 |
Originations of Finance Receivables | 0 | 0 | 23 |
Collections and Recoveries on Finance Receivable Principal Balances | 4,434 | -1,496 | -223 |
Increase in Accrued Interest Receivable and Loan Origination Costs | 0 | 0 | 0 |
(Increase) Decrease in Inventories | 0 | 0 | 0 |
(Increase) Decrease in Other Assets | -339,927 | -342,738 | -233,228 |
Increase (Decrease) in Deferred Revenue | 0 | 0 | 0 |
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | 61 | 1,552 | -14,843 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -127,712 | -162,145 | -80,469 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | -838 |
Net Cash Used By Operating Activities | -127,712 | -162,145 | -81,307 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchase of Property and Equipment | 0 | 0 | 0 |
Proceeds from Sale of Discontinued Operations | -136 | 0 | -164 |
Purchase of Lease Fleet | 0 | ' | ' |
Proceeds from Sale of Discontinued Operations | 0 | ' | ' |
Increase in Other Investments | 0 | ' | ' |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | -136 | 0 | -164 |
Net Cash Used in Investing Activities from Discontinued Operations | 0 | 0 | -630 |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | -136 | 0 | -794 |
Cash Flows from Financing Activities: | ' | ' | ' |
(Increase) Decrease in Restricted Cash | -12,030 | 9,067 | 19,928 |
Deposits into Investments Held in Trust | -9,000 | -15,864 | -13,199 |
Change in Investments Held in Trust and Collection Account Cash | 9,446 | -6,913 | -22,819 |
Additions to Portfolio Term Financings | 543,890 | 857,246 | 707,947 |
Repayment of Portfolio Term Financings | -625,844 | -590,151 | -339,110 |
Additions to Portfolio Warehouse Facilities | 1,034,300 | 827,300 | 970,600 |
Repayments of Portfolio Warehouse Facilities | -808,100 | -911,492 | -1,232,215 |
Additions to Senior Secured Notes Payable | 0 | ' | ' |
Additions to Other Secured Notes Payable | 0 | 0 | 0 |
Repayments of Other Secured Notes Payable | -221 | -208 | -198 |
Payments of Debt Issuance Costs | -4,428 | -6,801 | -8,965 |
Dividend Distributions - Related Party | 0 | 0 | 0 |
Net Cash Provided by Financing Activities | 128,013 | 162,184 | 81,969 |
Net Increase in Cash and Cash Equivalents | 165 | 39 | -132 |
Cash and Cash Equivalents at Beginning of Period | 423 | 384 | 516 |
Cash and Cash Equivalents at End of Period | 588 | 423 | 384 |
Cash and Cash Equivalents of Discontinued Operations at End of Period | 0 | 0 | 12 |
Cash and Cash Equivalents from Continuing Operations at End of Period | 588 | 423 | 396 |
DTAC [Member] | DriveTime Automotive Group, Inc [Member] | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income (Loss) for the Year | -216,753 | -178,318 | -128,763 |
Net loss attributable to noncontrolling interest - Inilex | 0 | ' | ' |
Net Income Attributable to DriveTime Consolidated | -216,753 | ' | ' |
Net Loss from Discontinued Operations | 0 | 0 | 0 |
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | ' | ' | ' |
Provision for Credit Losses | 308,332 | 253,603 | 207,198 |
Depreciation Expense | 1,322 | 1,270 | 1,216 |
Amortization of Debt Issuance Costs and Debt Premium and Discount | 451 | 609 | 562 |
Non-Cash Compensation Expense | 627 | 765 | 1,394 |
Loss (Gain) from Disposal of Property and Equipment | -7 | -2 | -5 |
Originations of Finance Receivables | -1,106,422 | -917,093 | -829,164 |
Collections and Recoveries on Finance Receivable Principal Balances | 568,323 | 560,588 | 540,673 |
Increase in Accrued Interest Receivable and Loan Origination Costs | -5,011 | -4,252 | -1,011 |
(Increase) Decrease in Inventories | 0 | 0 | 0 |
(Increase) Decrease in Other Assets | -895,002 | 166,308 | -763,142 |
Increase (Decrease) in Deferred Revenue | 0 | 0 | 0 |
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | 1,311,087 | 165,334 | 1,026,561 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -33,053 | 48,812 | 55,519 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | 0 |
Net Cash Used By Operating Activities | -33,053 | 48,812 | 55,519 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchase of Property and Equipment | 51 | 38 | 19 |
Proceeds from Sale of Discontinued Operations | -986 | -1,037 | -477 |
Purchase of Lease Fleet | 0 | ' | ' |
Proceeds from Sale of Discontinued Operations | 85,074 | ' | ' |
Increase in Other Investments | 0 | ' | ' |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | 84,139 | -999 | -458 |
Net Cash Used in Investing Activities from Discontinued Operations | -73,867 | 0 | 0 |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | 10,272 | -999 | -458 |
Cash Flows from Financing Activities: | ' | ' | ' |
(Increase) Decrease in Restricted Cash | 0 | 0 | 0 |
Deposits into Investments Held in Trust | 0 | 0 | 0 |
Change in Investments Held in Trust and Collection Account Cash | 0 | 0 | 0 |
Additions to Portfolio Term Financings | 0 | 0 | 0 |
Repayment of Portfolio Term Financings | 0 | 0 | 0 |
Additions to Portfolio Warehouse Facilities | 0 | 0 | 0 |
Repayments of Portfolio Warehouse Facilities | 0 | 0 | 0 |
Additions to Senior Secured Notes Payable | 27,750 | ' | ' |
Additions to Other Secured Notes Payable | 0 | 0 | 0 |
Repayments of Other Secured Notes Payable | 0 | 0 | 0 |
Payments of Debt Issuance Costs | -802 | -7 | -169 |
Dividend Distributions - Related Party | -13,701 | -51,195 | -51,845 |
Net Cash Provided by Financing Activities | 13,247 | -51,202 | -52,014 |
Net Increase in Cash and Cash Equivalents | -9,534 | -3,389 | 3,047 |
Cash and Cash Equivalents at Beginning of Period | 18,624 | 22,013 | 18,966 |
Cash and Cash Equivalents at End of Period | 9,090 | 18,624 | 22,013 |
Cash and Cash Equivalents of Discontinued Operations at End of Period | 0 | 0 | 0 |
Cash and Cash Equivalents from Continuing Operations at End of Period | 9,090 | 18,624 | 22,013 |
DTAC [Member] | Eliminations [Member] | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income (Loss) for the Year | -212,222 | -180,339 | -158,642 |
Net loss attributable to noncontrolling interest - Inilex | 0 | ' | ' |
Net Income Attributable to DriveTime Consolidated | -212,222 | ' | ' |
Net Loss from Discontinued Operations | 0 | 0 | 0 |
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | ' | ' | ' |
Provision for Credit Losses | 0 | 0 | 0 |
Depreciation Expense | 0 | 0 | 0 |
Amortization of Debt Issuance Costs and Debt Premium and Discount | 0 | 0 | 0 |
Non-Cash Compensation Expense | 0 | 0 | 0 |
Loss (Gain) from Disposal of Property and Equipment | 0 | 0 | 0 |
Originations of Finance Receivables | 0 | 0 | 0 |
Collections and Recoveries on Finance Receivable Principal Balances | 0 | 0 | 0 |
Increase in Accrued Interest Receivable and Loan Origination Costs | 0 | 0 | 0 |
(Increase) Decrease in Inventories | 0 | 0 | 0 |
(Increase) Decrease in Other Assets | 1,311,843 | 145,614 | 1,113,025 |
Increase (Decrease) in Deferred Revenue | 0 | 0 | 0 |
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | -1,120,116 | 34,725 | -954,383 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | -20,495 | 0 | 0 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | 0 |
Net Cash Used By Operating Activities | -20,495 | 0 | 0 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchase of Property and Equipment | 0 | 0 | 0 |
Proceeds from Sale of Discontinued Operations | 0 | 0 | 0 |
Purchase of Lease Fleet | 0 | ' | ' |
Proceeds from Sale of Discontinued Operations | 0 | ' | ' |
Increase in Other Investments | 0 | ' | ' |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | 0 | 0 | 0 |
Net Cash Used in Investing Activities from Discontinued Operations | 0 | 0 | 0 |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | 0 | 0 | 0 |
Cash Flows from Financing Activities: | ' | ' | ' |
(Increase) Decrease in Restricted Cash | 0 | 0 | 0 |
Deposits into Investments Held in Trust | 0 | 0 | 0 |
Change in Investments Held in Trust and Collection Account Cash | 0 | 0 | 0 |
Additions to Portfolio Term Financings | 0 | 0 | 0 |
Repayment of Portfolio Term Financings | 20,495 | 0 | 0 |
Additions to Portfolio Warehouse Facilities | 0 | 0 | 0 |
Repayments of Portfolio Warehouse Facilities | 0 | 0 | 0 |
Additions to Senior Secured Notes Payable | 0 | ' | ' |
Additions to Other Secured Notes Payable | 0 | 0 | 0 |
Repayments of Other Secured Notes Payable | 0 | 0 | 0 |
Payments of Debt Issuance Costs | 0 | 0 | 0 |
Dividend Distributions - Related Party | 0 | 0 | 0 |
Net Cash Provided by Financing Activities | 20,495 | 0 | 0 |
Net Increase in Cash and Cash Equivalents | 0 | 0 | 0 |
Cash and Cash Equivalents at Beginning of Period | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Period | 0 | 0 | 0 |
Cash and Cash Equivalents of Discontinued Operations at End of Period | 0 | 0 | 0 |
Cash and Cash Equivalents from Continuing Operations at End of Period | 0 | 0 | 0 |
Eliminations [Member] | ' | ' | ' |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Income (Loss) for the Year | 0 | 0 | 0 |
Net loss attributable to noncontrolling interest - Inilex | -242 | ' | ' |
Net Income Attributable to DriveTime Consolidated | -242 | ' | ' |
Net Loss from Discontinued Operations | 0 | 0 | 0 |
Adjustments to Reconcile Net Income to Net Cash (Used in) Provided by Operating Activities: | ' | ' | ' |
Provision for Credit Losses | 0 | 0 | 0 |
Depreciation Expense | 0 | 0 | 0 |
Amortization of Debt Issuance Costs and Debt Premium and Discount | 0 | 0 | 0 |
Non-Cash Compensation Expense | 0 | 0 | 0 |
Loss (Gain) from Disposal of Property and Equipment | 0 | 0 | 0 |
Originations of Finance Receivables | 0 | 0 | 0 |
Collections and Recoveries on Finance Receivable Principal Balances | 0 | 0 | 0 |
Increase in Accrued Interest Receivable and Loan Origination Costs | 0 | 0 | 0 |
(Increase) Decrease in Inventories | 0 | 0 | 0 |
(Increase) Decrease in Other Assets | 2,163,583 | 179,356 | 1,358,453 |
Increase (Decrease) in Deferred Revenue | 0 | 0 | 0 |
Increase (Decrease) in Accounts Payable, Accrued Expenses and Other Liabilities | -2,163,341 | -179,356 | -1,358,453 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 0 | 0 | 0 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | 0 |
Net Cash Used By Operating Activities | 0 | 0 | 0 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchase of Property and Equipment | 0 | 0 | 0 |
Proceeds from Sale of Discontinued Operations | 0 | 0 | 0 |
Purchase of Lease Fleet | 0 | ' | ' |
Proceeds from Sale of Discontinued Operations | 0 | ' | ' |
Increase in Other Investments | 0 | ' | ' |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | 0 | 0 | 0 |
Net Cash Used in Investing Activities from Discontinued Operations | 0 | 0 | 0 |
Net Cash Provided by / (Used in) Investing Activities from Continuing Operations | 0 | 0 | 0 |
Cash Flows from Financing Activities: | ' | ' | ' |
(Increase) Decrease in Restricted Cash | 0 | 0 | 0 |
Deposits into Investments Held in Trust | 0 | 0 | 0 |
Change in Investments Held in Trust and Collection Account Cash | 0 | 0 | 0 |
Additions to Portfolio Term Financings | 0 | 0 | 0 |
Repayment of Portfolio Term Financings | 0 | 0 | 0 |
Additions to Portfolio Warehouse Facilities | 0 | 0 | 0 |
Repayments of Portfolio Warehouse Facilities | 0 | 0 | 0 |
Additions to Senior Secured Notes Payable | 0 | ' | ' |
Additions to Other Secured Notes Payable | 0 | 0 | 0 |
Repayments of Other Secured Notes Payable | 0 | 0 | 0 |
Payments of Debt Issuance Costs | 0 | 0 | 0 |
Dividend Distributions - Related Party | 0 | 0 | 0 |
Net Cash Provided by Financing Activities | 0 | 0 | 0 |
Net Increase in Cash and Cash Equivalents | 0 | 0 | 0 |
Cash and Cash Equivalents at Beginning of Period | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Period | 0 | 0 | 0 |
Cash and Cash Equivalents of Discontinued Operations at End of Period | 0 | 0 | 0 |
Cash and Cash Equivalents from Continuing Operations at End of Period | $0 | $0 | $0 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data - Unaudited (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total revenue | $290,603 | $364,204 | $360,865 | $385,224 | $246,766 | $304,785 | $301,850 | $367,663 | $227,694 | $286,012 | $275,405 | $332,856 | $1,400,896 | $1,221,064 | $1,121,967 | |
Costs and expenses | 301,717 | 358,818 | 339,975 | 367,061 | 253,883 | 299,344 | 271,596 | 333,825 | 223,436 | 273,567 | 242,975 | 291,841 | 1,367,571 | 1,158,648 | 1,031,819 | [1] |
Income before income taxes | -11,114 | 5,386 | 20,890 | 18,163 | -7,117 | 5,441 | 30,254 | 33,838 | 4,258 | 12,445 | 32,430 | 41,015 | 33,325 | 62,416 | 90,148 | |
Net Income/(Loss) From Continuing Operations | ($12,180) | $5,455 | $20,620 | $17,821 | ($7,281) | $5,070 | $29,987 | $33,446 | $3,948 | $12,383 | $32,093 | $40,503 | $31,716 | $61,222 | $88,927 | |
[1] | Includes net loss on extinguishment of debt. |