Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | ||
Mar. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | |
DriveTime Automotive Group, Inc [Member] | DT Acceptance Corp [Member] | ||
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
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 Common Stock, Shares Outstanding | ' | 102.1897 | 102.1897 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ||
Cash and cash equivalents | $31,197 | $30,754 | ||
Restricted cash and investments held in trust | 143,609 | 115,200 | ||
Finance receivables | 2,131,714 | 1,938,931 | ||
Allowance for credit losses | -319,753 | -299,516 | ||
Finance receivables, net | 1,811,961 | 1,639,415 | ||
Vehicle inventory | 285,394 | 319,567 | ||
Property and equipment, net | 106,715 | 103,660 | ||
Lease fleet vehicles, net | 74,434 | 31,161 | ||
Other assets | 70,388 | 58,087 | ||
Shareholder notes receivable | 28,542 | 28,542 | ||
Total Assets | 2,552,240 | 2,326,386 | ||
LIABILITIES & SHAREHOLDERSb EQUITY | ' | ' | ||
Payables and other accrued expenses | 148,648 | 109,081 | ||
Accrued expensesbrelated party | 610 | 647 | ||
Deferred revenue | 100,746 | 42,133 | ||
Portfolio warehouse facilities | 302,000 | 283,400 | ||
Portfolio term financings | 1,103,907 | 987,821 | ||
Senior secured notes payable | 253,083 | 253,316 | ||
Other secured notes payable | 154,982 | 161,964 | ||
Total Liabilities | 2,063,976 | 1,838,362 | ||
Shareholdersb equitybDTAG: | ' | ' | ||
Total shareholdersb equitybDTAG | 489,136 | 488,287 | ||
Noncontrolling Interest | -872 | -263 | ||
Total Equity | 488,264 | 488,024 | ||
Total Liabilities & Shareholdersb Equity | 2,552,240 | 2,326,386 | ||
DTAG [Member] | ' | ' | ||
Shareholdersb equitybDTAG: | ' | ' | ||
Common stock | 0 | 0 | ||
Paid-in capital | 148,370 | 147,729 | ||
Accumulated loss | -84,920 | -45,650 | ||
Total shareholdersb equitybDTAG | 63,450 | 102,079 | ||
Inilex [Member] | ' | ' | ||
Shareholdersb equitybDTAG: | ' | ' | ||
Noncontrolling Interest | -872 | [1] | -263 | [1] |
DTAC [Member] | ' | ' | ||
Shareholdersb equitybDTAG: | ' | ' | ||
Noncontrolling Interest | $425,686 | [2] | $386,208 | [2] |
[1] | Refer to Note 1 for a discussion regarding the noncontrolling interest-Inilex | |||
[2] | Refer to Note 1 for a discussion regarding the noncontrolling interest-DTAC. |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Revenue: | ' | ' | ||
Sales revenue | $352,162 | $309,468 | ||
Interest income | 88,261 | 74,971 | ||
Other income | 13,345 | 589 | ||
Total Revenue | 453,768 | 385,028 | ||
Costs and Expenses: | ' | ' | ||
Cost of sales | 259,248 | 211,638 | ||
Provision for credit losses | 89,084 | 77,842 | ||
Portfolio debt interest expense | 11,039 | 10,186 | ||
Non-portfolio debt interest expense | 1,675 | 1,319 | ||
Senior secured debt interest expense | 8,033 | 6,483 | ||
Senior secured debt interest expensebrelated party | 0 | 158 | ||
Selling and marketing | 12,037 | 8,904 | ||
General and administrative | 57,809 | 42,407 | ||
General and administrativebrelated party | 5,307 | 2,651 | ||
Depreciation expense | 9,640 | 5,277 | ||
Total Costs and Expenses | 453,872 | 366,865 | ||
Income (loss) before income taxes | -104 | 18,163 | ||
Income tax expense | 901 | 342 | ||
Net income (loss) from continuing operations | -1,005 | 17,821 | ||
Income from discontinued operations, net of taxes | 0 | 768 | ||
Net income (loss) | -1,005 | 18,589 | ||
Net income (loss) attributable to noncontrolling interests - Inilex | -591 | [1] | 0 | [1] |
Net Income (Loss) Attributable to DriveTime Consolidated | -414 | 18,589 | ||
DTAC [Member] | ' | ' | ||
Costs and Expenses: | ' | ' | ||
Net loss attributable to noncontrolling interestbDTAC | -66,730 | [2] | -59,749 | [2] |
DTAG [Member] | ' | ' | ||
Costs and Expenses: | ' | ' | ||
Net Income (Loss) Attributable to DriveTime Consolidated | $66,316 | $78,338 | ||
[1] | Refer to Note 1 for a discussion regarding the noncontrolling interestbInilex | |||
[2] | Refer to Note 1 for a discussion regarding the noncontrolling interestbDTAC. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Cash Flows from Operating Activities: | ' | ' | ||
Net income (loss) | ($1,005) | $18,589 | ||
Net loss attributable to noncontrolling interest - Inilex | 591 | [1] | 0 | [1] |
Net income (loss) attributable to DriveTime consolidated | -414 | 18,589 | ||
Income from discontinued operations | 0 | -768 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ||
Provision for credit losses | 89,084 | 77,842 | ||
Depreciation expense | 9,640 | 5,277 | ||
Amortization of debt issuance costs and debt premium and discount | 1,498 | 1,660 | ||
Non-cash compensation expensebrelated party | 1,282 | 311 | ||
Loss from disposal of property and equipment | 440 | 31 | ||
Originations of finance receivables | -416,390 | -311,829 | ||
Collections and recoveries on finance receivable principal balances | 155,636 | 151,103 | ||
Change in accrued interest receivable and loan origination costs | -876 | 423 | ||
Decrease in vehicle inventory | 34,173 | 41,857 | ||
Change in other assets | -12,679 | -28,814 | ||
Increase in deferred revenue | 58,612 | 6,779 | ||
Increase in accounts payable and accrued expenses | 39,567 | 17,100 | ||
Change in accrued expensesbrelated party | -37 | 123 | ||
Net cash used in operating activities from continuing operations | -40,464 | -20,316 | ||
Net cash provided by operating activities from discontinued operations | 0 | 1,351 | ||
Net cash used in operating activities | -40,464 | -18,965 | ||
Cash Flows from Investing Activities: | ' | ' | ||
Proceeds from disposal of property and equipment | 702 | 641 | ||
Purchase of property and equipment | -11,077 | -7,685 | ||
Purchase of lease fleet | -46,033 | 0 | ||
Net cash used in investing activities from continuing operations | -56,408 | -7,044 | ||
Net cash used in investing activities from discontinued operations | 0 | -33,909 | ||
Net cash used in investing activities | -56,408 | -40,953 | ||
Cash Flows from Financing Activities: | ' | ' | ||
Increase in restricted cash | -8,704 | -15,760 | ||
Deposits into investments held in trust | -5,250 | 0 | ||
Change in investments held in trust and collection account cash | -14,455 | -4,255 | ||
Additions to portfolio term financings | 267,751 | 75,000 | ||
Repayments of portfolio term financings | -151,665 | -135,207 | ||
Additions to portfolio warehouse facilities | 313,600 | 210,300 | ||
Repayment of portfolio warehouse facilities | -295,000 | -122,500 | ||
Additions to other secured notes payable | 0 | 20,000 | ||
Repayment of other secured notes payable | -6,982 | -614 | ||
Payment of debt issuance costs | -1,980 | -348 | ||
Net cash provided by financing activities from continuing operations | 97,315 | 26,616 | ||
Net cash provided by financing activities from discontinued operations | 0 | 32,553 | ||
Net cash provided by financing activities | 97,315 | 59,169 | ||
Net increase (decrease) in cash and cash equivalents | 443 | -749 | ||
Cash and cash equivalents at beginning of period | 30,754 | 26,480 | ||
Cash and cash equivalents at end of period | 31,197 | 25,731 | ||
Cash and cash equivalents from discontinued operations at end of period | 0 | 0 | ||
Cash and cash equivalents from continuing operations at end of period | 31,197 | 25,731 | ||
Supplemental Statement of Cash Flows Information: | ' | ' | ||
Interest paid | 12,817 | 11,424 | ||
Interest paidbrelated party | 0 | 158 | ||
Income taxes paid | 704 | 518 | ||
Supplemental Statement of Non-Cash Investing and Financing Activities: | ' | ' | ||
Disposal of fully depreciated property and equipment | $4 | $0 | ||
[1] | Refer to Note 1 for a discussion regarding the noncontrolling interestbInilex |
Description_Of_Business_Owners
Description Of Business, Ownership Formation, Basis Of Presentation, and Principles Of Consolidation | 3 Months Ended |
Mar. 31, 2014 | |
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”) is the leading used vehicle retailer in the United States with a primary focus on the sale and lease of quality used vehicles and related products to the subprime market. Through DTAG's sister company, DT Acceptance Corp ("DTAC"), we provide auto financing and loan servicing for substantially all of the vehicles we sell. Auto financing is provided through retail installment sales contracts (referred to herein as "loans" and/or "finance receivables"). Through our national network of Company owned and branded dealerships, we provide our customers with a comprehensive end-to-end solution for their automotive needs, including the sale, financing and maintenance of their vehicles. As of March 31, 2014 we operated 110 dealerships and 21 reconditioning facilities located in 50 designated marketing areas ("DMA") in 20 states. As many of our customers may be unable to obtain financing to acquire a vehicle from another company, financing is an important component of our integrated business model and product offering. We fund this portfolio primarily through portfolio warehouse facilities, securitizations, and other portfolio term financings. | |
Ownership | |
DTAG and DTAC (collectively known as "DriveTime" and also referred to herein as “we,” “our,” “the Company,” and “us”) are sister companies operating collectively under common control and are consolidated for financial reporting purposes. Generally, DTAG directs our retail vehicle sales operations and DTAC directs our financing and loan servicing operations. As of March 31, 2014, and December 31, 2013, 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”) and Raymond C. Fidel (President and CEO). As of March 31, 2014 Mr. Garcia owned 100.0 shares, or 97.6% of each of DTAG and DTAC and Mr. Fidel owned 2.4939 shares, or 2.4% 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. | |
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 and other finance charges. 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 VIEs 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. | |
On December 5, 2013, DTAC sold GO Financial ("GO") to the shareholders of DTAC. GO's operations for the three months ended March 31, 2013 were reclassified out of operations and presented as a separate line on the condensed consolidated statements of operations. We have determined that GO is a 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. We will not have significant continuing involvement in GO's operations. As such, GO qualifies for and is presented as a discontinued operation based on the guidance provided in ASC 205—Presentation of Financial Statements. | |
Reclassifications | |
Although not material, certain prior period amounts have been reclassified to be consistent with the current period financial statement presentation. | |
Noncontrolling Interests | |
DTAG and DTAC are consolidated for financial reporting purposes. Therefore, we are required to separately present the noncontrolling equity interest of the VIE (DTAC) on the condensed consolidated balance sheets and condensed consolidated statements of operations for all periods presented. The noncontrolling interest is DTAC’s equity and income for the periods presented. There are no third-party competing interests in DTAC. For the amounts of assets, liabilities, revenue, and income of DTAC consolidated into DTAG at March 31, 2014, see Note 16 — Supplemental Consolidating Financial Information. | |
In 2013, we acquired a controlling interest in Inilex through the purchase of 50% plus one share of its fully diluted outstanding common stock. Inilex is a provider of GPS technology solutions and has been our provider of GPS installed on vehicle inventory for approximately two years. In accordance with ASC 810—Consolidation, we are required to fully consolidate Inilex's operations, and eliminate all transactions between the entities. | |
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 16 — Supplemental Consolidating Financial Information. | |
These condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such interim condensed consolidated financial statements reflect all normal recurring adjustments considered necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes as of and for the year-ended December 31, 2013, which are included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 24, 2014. | |
Use of Estimates | |
The preparation of the consolidated financial statements in conformity with United States 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, the revenue recognition pattern of ancillary products, the reserve for ancillary product refunds, inventory valuation, fair value measurements, certain legal reserves, our reserve for sales returns and allowances, our recovery receivables, and our limited warranty accrual. Estimates used in deriving these amounts are described in the footnotes herein. Actual results could differ from these estimates. |
Restricted_Cash_and_Investment
Restricted Cash and Investments Held in Trust | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Restricted Cash and Investments [Abstract] | ' | |||||||
Restricted Cash And Investments Held In Trust | ' | |||||||
(2) Restricted Cash and Investments Held in Trust | ||||||||
We maintain various cash accounts, which are pledged and/or held in trust 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: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Restricted cash | $ | 39,774 | $ | 31,070 | ||||
Investments held in trust | 103,835 | 84,130 | ||||||
$ | 143,609 | $ | 115,200 | |||||
Finance_Receivables
Finance Receivables | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||
Finance Receivables - DriveTime | ' | ||||||||||||||||||||
(3) Finance Receivables | |||||||||||||||||||||
The following summarizes the components of finance receivables: | |||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Principal balances | $ | 2,068,792 | $ | 1,871,576 | |||||||||||||||||
Recovery receivables | 24,122 | 29,432 | |||||||||||||||||||
Accrued interest | 18,609 | 19,522 | |||||||||||||||||||
Loan origination costs | 20,191 | 18,401 | |||||||||||||||||||
Total finance receivables | $ | 2,131,714 | $ | 1,938,931 | |||||||||||||||||
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 in —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 of receivables and monitoring its performance. | |||||||||||||||||||||
A majority of our finance receivables are pledged in non-recourse SPEs, related to our warehouse facilities, asset backed securitizations, and bank term financings. The details of amounts pledged are provided in Note 5 — 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. | |||||||||||||||||||||
Recovery receivables consist of estimated recoveries to be received on charged-off vehicle loans, including proceeds from selling repossessed vehicles at auction, net of sales tax, insurance proceeds, bankruptcy and deficiency collections, and estimates of expected refunds on terminated ancillary products. The recovery amount from selling repossessed vehicles at auction is a forecast of vehicles to be recovered from loans previously charged-off. Upon repossession, estimated recoveries are reclassified and recorded as a component of other assets in the accompanying condensed consolidated balance sheets. | |||||||||||||||||||||
Credit quality information for our finance receivables portfolio is provided as of the dates indicated below: | |||||||||||||||||||||
Age Analysis of Past Due Finance Receivables | |||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2013 | |||||||||||||||||||
Percent of | Loan | Percent of | Loan | Percent of | Loan | ||||||||||||||||
Loans | Principal | Loans | Principal | Loans | Principal | ||||||||||||||||
($ In thousands) | |||||||||||||||||||||
Current | 63 | % | $ | 1,303,338 | 53.7 | % | $ | 1,005,036 | 61.4 | % | $ | 1,047,839 | |||||||||
Days Delinquent: | |||||||||||||||||||||
01-30 Days | 26.4 | % | 546,161 | 30 | % | 561,473 | 28 | % | 478,733 | ||||||||||||
31-60 Days | 6 | % | 124,128 | 9 | % | 168,442 | 6.9 | % | 117,699 | ||||||||||||
61-90 Days | 3 | % | 62,064 | 4.9 | % | 91,707 | 3.2 | % | 54,531 | ||||||||||||
91-120 Days | 1.6 | % | 33,101 | 2.4 | % | 44,918 | 0.5 | % | 7,971 | ||||||||||||
Total Past Due | 37 | % | 765,454 | 46.3 | % | 866,540 | 38.6 | % | 658,934 | ||||||||||||
Total Finance Receivables | 100 | % | $ | 2,068,792 | 100 | % | $ | 1,871,576 | 100 | % | $ | 1,706,773 | |||||||||
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. | |||||||||||||||||||||
A summary of our portfolio by our internally assigned credit risk ratings at March 31, 2014, and December 31, 2013, is as follows: | |||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||
Grade | Average | Percentage of | Total Loans | Percentage of | Loan Principal | ||||||||||||||||
FICO Score (1) | Portfolio Loans | Portfolio Principal | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
A | 547 | 28.60% | 45,837 | 28.80% | $ | 596,745 | |||||||||||||||
B | 519 | 38.20% | 61,224 | 38.60% | 797,989 | ||||||||||||||||
C | 506 | 28.90% | 46,318 | 28.80% | 595,843 | ||||||||||||||||
C-/D | 481 | 4.30% | 6,891 | 3.80% | 78,215 | ||||||||||||||||
100.00% | 160,270 | 100.00% | $ | 2,068,792 | |||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Grade | Average | Percentage of | Total Loans | Percentage of | Loan Principal | ||||||||||||||||
FICO Score (1) | Portfolio Loans | Portfolio Principal | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
A | 547 | 29.00% | 43,730 | 29.50% | $ | 551,251 | |||||||||||||||
B | 519 | 38.30% | 57,836 | 38.90% | 727,192 | ||||||||||||||||
C | 505 | 28.20% | 42,480 | 27.80% | 519,653 | ||||||||||||||||
C-/D | 484 | 4.50% | 6,784 | 3.80% | 73,480 | ||||||||||||||||
100.00% | 150,830 | 100.00% | $ | 1,871,576 | |||||||||||||||||
(1) | Average FICO score is provided as an external metric of credit quality. FICO score is not utilized as the primary tool in determining internal credit grade. | ||||||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, our portfolio concentration by state was as follows: | |||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||
State | Percent of | Loan Principal | State | Percent of | Loan Principal | ||||||||||||||||
Portfolio | (In thousands) | Portfolio | (In thousands) | ||||||||||||||||||
Texas | 21 | % | $ | 434,384 | Texas | 21.2 | % | $ | 397,438 | ||||||||||||
Florida | 15.6 | % | 323,247 | Florida | 15.7 | % | 294,043 | ||||||||||||||
North Carolina | 8.4 | % | 173,269 | North Carolina | 8.7 | % | 162,749 | ||||||||||||||
Georgia | 7.8 | % | 160,991 | Georgia | 7.6 | % | 142,001 | ||||||||||||||
Arizona | 6 | % | 124,059 | Arizona | 6.4 | % | 117,861 | ||||||||||||||
All Others (1) | 41.2 | % | 852,842 | All Others (2) | 40.4 | % | 757,484 | ||||||||||||||
100 | % | $ | 2,068,792 | 100 | % | $ | 1,871,576 | ||||||||||||||
(1) | Consists of fifteen additional states wherein the portfolio concentration per state is at or below 5.8% | ||||||||||||||||||||
(2) | Consists of fifteen additional states wherein the portfolio concentration per state is at or below 6.0%. | ||||||||||||||||||||
Allowance for Credit Losses | |||||||||||||||||||||
The following table sets forth the rollforward of the allowance for credit losses for the periods indicated: | |||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Allowance Activity: | ($ In thousands) | ||||||||||||||||||||
Balance, beginning of period | $ | 299,516 | $ | 252,590 | |||||||||||||||||
Provision for credit losses | 89,084 | 77,842 | |||||||||||||||||||
Net charge-offs | (68,847 | ) | (60,810 | ) | |||||||||||||||||
Balance, end of period | $ | 319,753 | $ | 269,622 | |||||||||||||||||
Allowance as a percent of portfolio principal, end of period | 15.4 | % | 15.7 | % | |||||||||||||||||
Charge off Activity: | |||||||||||||||||||||
Principal balances | $ | (107,905 | ) | $ | (97,917 | ) | |||||||||||||||
Recoveries, net | 39,058 | 37,107 | |||||||||||||||||||
Net charge-offs | $ | (68,847 | ) | $ | (60,810 | ) |
Leased_Vehicles
Leased Vehicles | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Leased Assets [Abstract] | ' | |||||||
Leased Vehicles | ' | |||||||
(4) Leased Vehicles | ||||||||
A summary of our vehicle lease fleet is as follows: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Lease fleet vehicles | $ | 79,043 | $ | 33,009 | ||||
Less accumulated depreciation | (4,609 | ) | (1,848 | ) | ||||
Lease Fleet Vehicles, net | $ | 74,434 | $ | 31,161 | ||||
Debt_Obligations
Debt Obligations | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Debt Obligations | ' | ||||||||||||||||||||||||||||
(5) Debt Obligations | |||||||||||||||||||||||||||||
Portfolio Term Financings | |||||||||||||||||||||||||||||
The following is a summary of portfolio term financings: | |||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Securitization Debt: | (In thousands) | ||||||||||||||||||||||||||||
Asset-backed security obligations issued pursuant to the Company’s securitizations | $ | 869,848 | $ | 713,953 | |||||||||||||||||||||||||
Bank Term Financing: | |||||||||||||||||||||||||||||
Secured financing transaction for our finance receivables portfolio | 184,059 | 223,868 | |||||||||||||||||||||||||||
Portfolio Term Residual Financing: | |||||||||||||||||||||||||||||
Variable rate financing facility secured by residual interests in finance receivables of warehouse facilities and securitization trusts | 50,000 | 50,000 | |||||||||||||||||||||||||||
Total Portfolio Term Financings | $ | 1,103,907 | $ | 987,821 | |||||||||||||||||||||||||
Securitization debt | |||||||||||||||||||||||||||||
The following is a summary of securitization transactions with outstanding balances for each period presented: | |||||||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||
Transaction | Debt | Gross Receivables | Cash | Interest | Debt | Gross Receivables | Cash | Interest | |||||||||||||||||||||
Balance | Pledged | Reserve | Rate (1) | Balance | Pledged | Reserve | Rate (1) | ||||||||||||||||||||||
($ In thousands) | ($ In thousands) | ||||||||||||||||||||||||||||
2011-1 | $ | 16,922 | $ | 22,845 | $ | 4,200 | 3.00% | $ | 22,772 | $ | 31,271 | $ | 4,200 | 3.00% | |||||||||||||||
2011-2 | 24,532 | 31,339 | 4,500 | 2.90% | 34,762 | 41,954 | 4,500 | 2.90% | |||||||||||||||||||||
2011-3 | 49,515 | 59,724 | 4,500 | 3.90% | 61,485 | 75,037 | 4,500 | 3.90% | |||||||||||||||||||||
2012-1 | 77,377 | 99,682 | 4,500 | 3.50% | 90,175 | 117,529 | 4,500 | 3.50% | |||||||||||||||||||||
2012-2 | 97,435 | 119,387 | 4,500 | 2.90% | 113,142 | 138,194 | 4,500 | 2.90% | |||||||||||||||||||||
2013-1 | 163,150 | 209,403 | 4,500 | 2.70% | 181,018 | 233,346 | 4,500 | 2.70% | |||||||||||||||||||||
2013-2 | 190,510 | 252,096 | 4,500 | 2.90% | 210,599 | 277,023 | 4,500 | 2.90% | |||||||||||||||||||||
2014-1 | 250,407 | 330,448 | 5,250 | 2.60% | — | — | — | —% | |||||||||||||||||||||
$ | 869,848 | $ | 1,124,924 | $ | 36,450 | $ | 713,953 | $ | 914,354 | $ | 31,200 | ||||||||||||||||||
(1) These rates represent the original duration weighted average rates of the outstanding asset-backed securities. | |||||||||||||||||||||||||||||
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 outstanding securitizations were rated in tranches with credit ratings from AAA to BBB by Standard & Poor's Ratings Service, a Standard & Poor's Financial Services LLC business, and DBRS, Inc., with the 2013-1, 2013-2 and 2014-1 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. At March 31, 2014, we were in compliance with all financial covenants of outstanding securitizations. | |||||||||||||||||||||||||||||
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 2.15% and 2.17% at March 31, 2014 and December 31, 2013, 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. At March 31, 2014 and December 31, 2013, $226.4 million and $271.8 million in receivables were pledged as collateral to this facility, respectively. At both March 31, 2014 and December 31, 2013, $6.9 million was held as a cash reserve for this facility. At March 31, 2014, we were in compliance with all financial covenants of the facility. | |||||||||||||||||||||||||||||
Portfolio term residual financing | |||||||||||||||||||||||||||||
The term residual facility is secured by residual interests in our warehouse facilities and securitization trusts. The amounts outstanding under the term facility bear interest at LIBOR + 4.50% at March 31, 2014 and December 31, 2013 resulting in an interest rate of 4.66% at March 31, 2014 and December 31, 2013, respectively. This facility provides for funding through December 2019, with a term-out feature resulting in a final maturity of December 2020. At March 31, 2014, we were in compliance with all financial covenants of the facility. | |||||||||||||||||||||||||||||
The SPE related to our term residual facility entered into a demand note with DTAC, which is guaranteed by DTAG. Under specific circumstances, the lender may require DTAC to fund the demand note, with proceeds used to pay down the term residual facility if any of the following were to occur: (i) termination due to a defined Event of Termination, (ii) failure to maintain borrowing base compliance after the termination date, or (iii) an Event of Termination occurs after the termination date and is continuing. | |||||||||||||||||||||||||||||
Portfolio warehouse facilities | |||||||||||||||||||||||||||||
The following is a summary of portfolio warehouse facilities: | |||||||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||
Amount | Facility | Stated Advance | Collateral (1) | Interest | Expiration | Final | |||||||||||||||||||||||
Drawn | Amount | Rate | Rate (2) | Date | Maturity | ||||||||||||||||||||||||
Portfolio warehouse facilities | ($ In thousands) | ||||||||||||||||||||||||||||
Deutsche Bank | $ | 101,500 | $ | 150,000 | 65 | % | $ | 183,975 | 2.41 | % | Dec-14 | Dec-15 | |||||||||||||||||
Wells Fargo | 110,500 | 150,000 | 66 | % | (3) | 173,919 | 2.4 | % | Dec-15 | Dec-17 | |||||||||||||||||||
RBS | 90,000 | 125,000 | 65 | % | 147,456 | 2.4 | % | Jun-14 | Jun-15 | ||||||||||||||||||||
Total portfolio warehouse facilities | $ | 302,000 | $ | 425,000 | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Amount | Facility | Stated Advance | Collateral (1) | Interest | Expiration | Final | |||||||||||||||||||||||
Drawn | Amount | Rate | Rate (2) | Date | 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 | % | (3) | 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 | |||||||||||||||||||||||||
(1) | Collateral represents underlying pools of finance receivables pledged to each facility. | ||||||||||||||||||||||||||||
(2) | Interest rate at period end equal to contractual benchmark plus index. | ||||||||||||||||||||||||||||
(3) | The Wells Fargo stated advance rate includes a cash reserve account pledged to the facility in the amount of 1% of all collateral pledged to the facility. | ||||||||||||||||||||||||||||
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 the mid-month LIBOR plus 2.25%. At March 31, 2014, 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%. At March 31, 2014, 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%. At March 31, 2014, we were in compliance with all financial covenants of this facility. | |||||||||||||||||||||||||||||
Collateral | |||||||||||||||||||||||||||||
The finance receivables pledged as collateral to each of the warehouse facilities is established for the benefit of the lenders. 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. | |||||||||||||||||||||||||||||
Senior Secured Notes Payable | |||||||||||||||||||||||||||||
In June 2010 we issued $200.0 million of 12.625% Senior Secured Notes (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 111.00%, 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 June 15th and December 15th of each year. | |||||||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, the amounts of our outstanding Senior Secured Notes payable were $253.1 million and $253.3 million, net of unamortized net premium of $3.1 million and $3.3 million, respectively. As of March 31, 2014, we were in compliance with all financial covenants of the Senior Secured Notes. | |||||||||||||||||||||||||||||
Other secured notes payable | |||||||||||||||||||||||||||||
A summary of other secured notes payable follows: | |||||||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||
Balance | Max Facility | Advance | Interest | Expiration | |||||||||||||||||||||||||
Capacity | Rate | Rate (1) | Date | ||||||||||||||||||||||||||
Other secured notes payable | ($ In thousands) | ||||||||||||||||||||||||||||
Revolving inventory facility | $ | 130,000 | $ | 130,000 | 75% | (2) | 3.50% | Nov-14 | |||||||||||||||||||||
Mortgage note payable | 12,171 | n/a | n/a | 5.87% | Mar-17 | ||||||||||||||||||||||||
Real estate facility | 12,811 | 25,000 | 70% | 4.05% | Oct-20 | ||||||||||||||||||||||||
Total other secured notes payable | $ | 154,982 | $ | 155,000 | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Balance | Max Facility | Advance | Interest | Expiration | |||||||||||||||||||||||||
Capacity | Rate | Rate (1) | Date | ||||||||||||||||||||||||||
Other secured notes payable | ($ In thousands) | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
(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 vehicle inventory. At March 31, 2014 the advance rate decreased to 60% for vehicles 151-180 days old. | ||||||||||||||||||||||||||||
(3) | Inclusive of a $10.0 million seasonal increase in the months of November through the end of January. | ||||||||||||||||||||||||||||
Revolving inventory facility | |||||||||||||||||||||||||||||
We have a revolving inventory facility with Wells Fargo. The interest rate on the facility is based on the Daily One Month LIBOR rate plus 3.25%, and is secured by our entire vehicle inventory. At March 31, 2014, 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 March 31, 2014, 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 March 31, 2014, the line was collateralized by eleven properties. At March 31, 2014, we were in compliance with all financial covenants of this facility. |
Accrued_Service_Contract_Liabi
Accrued Service Contract Liability | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accrued Service Contract Liability [Abstract] | ' | |||||||
Accrued Service Contract Liability | ' | |||||||
(6) Accrued Warranty Liability | ||||||||
The accrued limited warranty liability represents our estimated obligations related to limited warranties 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 condensed consolidated balance sheets for each period presented. The following table reflects activity in the accrual for the periods indicated: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Limited warranty accrual activity | (In thousands) | |||||||
Balance, beginning of period | $ | 15,806 | $ | 24,420 | ||||
Warranty expense | — | 8,556 | ||||||
Warranty claims paid | (3,927 | ) | (6,355 | ) | ||||
Balance, end of period | $ | 11,879 | $ | 26,621 | ||||
Deferred_Revenue
Deferred Revenue | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Revenue Recognition [Abstract] | ' | |||||||
Deferred Revenue | ' | |||||||
(7) Deferred Revenue | ||||||||
Deferred revenue represents the remaining unearned revenue balance of our DriveCare® Extended Vehicle Service Contract, a 36 month/36,000 mile or 60 month/50,000 mile service contract ("VSC"), Guaranteed Asset Protection ("GAP"), GPS monitoring subscription ("GPS") and vehicle lease revenue. The following table sets forth information regarding the changes in deferred revenue: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Deferred revenue, beginning of period | $ | 42,133 | $ | 2,501 | ||||
Revenue deferred | 85,819 | 8,219 | ||||||
Revenue recognized (1) | (27,206 | ) | (1,441 | ) | ||||
Deferred revenue, end of period | $ | 100,746 | $ | 9,279 | ||||
(1) Revenue is recognized as a component of sales revenue on the condensed consolidated statements of operations. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Related Party Transactions | ' | |||||||
(8) Related Party Transactions | ||||||||
Relationship with Verde Investments, Inc. | ||||||||
Verde Investments, Inc., or “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 shareholder, president and director of Verde. Transactions between us and Verde, as well as other related parties, are described below. | ||||||||
General and administrative expenses | ||||||||
During the three months ended March 31, 2014 and 2013, we recorded related party operating expenses as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
General and administrative expenses—related party | (In thousands) | |||||||
Property lease expense | $ | 1,206 | $ | 1,198 | ||||
Restricted stock compensation expense | 1,282 | 311 | ||||||
Aircraft operating and lease expense | 2,768 | 1,088 | ||||||
Salaries and wages, general & administrative and other expenses | 128 | 131 | ||||||
Reimbursement of certain general and administrative expenses | (77 | ) | (77 | ) | ||||
Total general and administrative expenses—related party | $ | 5,307 | $ | 2,651 | ||||
Interest expense | ||||||||
During the three months ended March 31, 2014 and 2013, we recorded related party interest expense as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Senior secured debt interest expense—related party | ||||||||
Senior secured debt interest expense—Verde | $ | — | $ | 142 | ||||
Senior secured debt interest expense—CEO | — | 16 | ||||||
Total senior debt interest expense—related party | $ | — | $ | 158 | ||||
Related party interest expense relates to the $4.5 million and $0.5 million of Senior Secured Notes held by Verde and Mr. Fidel, respectively, during the first quarter of 2013. The notes were sold in August 2013, such that none of the Senior Secured Notes were held by a related party during the first quarter 2014. | ||||||||
Relationship with GO Financial | ||||||||
On December 5, 2013, DTAC entered into an agreement to sell GO to the shareholders of DTAC. Transactions between GO and us are described below. | ||||||||
i. | Sale of loans | |||||||
We have an agreement with GO, such that GO purchases certain on-line generated loans from us each month. The loans are sold at par value with no associated gain or loss. The amount of the loans purchased for the three months ended March 31, 2014 and 2013 was $4.1 million and $0.3 million, respectively. | ||||||||
ii. | Shared services | |||||||
We provide certain administrative services to GO, as they build out their business processes. For example, we provide 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 three months ended March 31, 2014, total shared service revenues recorded to other income were $0.7 million. | ||||||||
iii. | Reimbursement of general and administrative expenses | |||||||
For the three months ended March 31, 2014, GO reimbursed us in the amount of $1.4 million for certain general and administrative expenses that we incurred on GO's behalf. | ||||||||
iv. | Inilex receivable for GPS devices provided to GO dealers | |||||||
Inilex has an agreement with GO, wherein Inilex provides GPS devices to GO dealers. GO guarantees a portion of the payment for these devices on behalf of GO dealers. As of March 31, 2014, the total receivables due from GO were $0.5 million and were recorded in other assets on the condensed consolidated balance sheets. As of December 31, 2013, the total payables due to GO were $0.1 million and were recorded in payables and other accrued expenses on the condensed consolidated balance sheets. | ||||||||
v. | Commission Expense to GO | |||||||
Inilex pays GO a commission expense for each GPS unit sold through a GO dealer. Commission expense for the three months ended March 31, 2014 and 2013 was $0.3 million and $0.2 million, respectively, and is recorded as a component of general and administrative expense on the condensed consolidated statements of operations . As of March 31, 2014 and December 31, 2013, accrued commissions in the amount of $0.1 million and zero, respectively, were recorded within payables and other accrued expenses on the condensed consolidated balance sheets. | ||||||||
Shareholder notes 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 the principal amount due in full in December 2018. Interest on principal amounts outstanding bear interest at LIBOR + 2.75%. For the three months ended March 31, 2014, we recorded $0.2 million in interest income related to these notes. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
(9) Income Taxes | |
The condensed 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 of DTAG and DTAC 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 March 31, 2014 and December 31, 2013, we had a net deferred tax liability of $0.8 million and $0.6 million, respectively. | |
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 March 31, 2014 and December 31, 2013, we had an income tax payable of $0.5 million and $0.6 million, respectively. | |
At March 31, 2014 and December 31, 2013, 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 did not accrue any amounts related to the payment of interest and penalties as of March 31, 2014 and December 31, 2013. 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 | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Stockholders' Equity Note [Abstract] | ' | ||||
Shareholders' Equity, Dividends & Stock Compensation | ' | ||||
(10) Shareholders’ Equity, Dividends & Stock Compensation | |||||
Share Information | |||||
At March 31, 2014, DTAG had 1,000 shares of common stock authorized with a par value of $0.001 per share, of which 102.4939 were issued and outstanding. DTAC had 1,000,000 shares of common stock authorized with no par value, of which 102.4939 were issued and outstanding. On March 20, 2014 the Board of Directors approved a restricted stock award to Mr. Fidel, consisting of 0.7243 shares of restricted stock in each of DTAG and DTAC. On April 18, 2014, 0.3042 shares were repurchased to satisfy federal and state income tax obligations pursuant to Mr. Fidel's 83(b) tax election, resulting in a net increase of 0.4201 shares issued and outstanding as of April 30, 2014. | |||||
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. As of March 31, 2014, 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. | |||||
No dividends were distributed during the three months ended March 31, 2014. However, in March 2014, the Board of Directors approved a cash dividend related to fourth quarter 2013 taxable income. The dividend of $3.8 million was declared and paid in April 2014 to our shareholders of record on the payment date and was not recorded as a liability as of March 31, 2014. | |||||
Chief Executive Officer Restricted Stock Grant | |||||
In March 2014, the Boards of Directors of each of DTAG and DTAC approved a new restricted stock award to Mr. Fidel, consisting of 0.7243 shares of restricted stock in each of DTAG and DTAC, pursuant to certain vesting restrictions. Mr. Fidel made an election under Section 83(b) of the United States Internal Revenue code of 1986 in April 2014, to be taxed on the fair market value of the entire restricted stock grant as of the grant date. In connection therewith, that portion of shares, the fair market value of which was 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 grant date, which was determined to be March 20, 2014 under the provisions of ASC 718—Compensation—Stock Compensation. 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 repurchase were delivered to the relevant tax authorities. One half of the remaining unvested shares of restricted stock vest subject to time based vesting of one-third each year over a period of three years commencing on March 20, 2014, and one half of the shares are subject to certain performance criteria. We believe it is probable the performance criteria will be satisfied. | |||||
For income tax purposes, Mr. Fidel was deemed to own 0.7243 shares at the grant date. In April 2014 the Company repurchased 0.3042 shares resulting in Mr. Fidel owning 0.4201 additional shares in each of DTAG and DTAC as of April 18, 2014. In connection with the execution of the Restricted Stock Agreements, 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 April 2014, we obtained a third party valuation of the 0.707% ownership award to Mr. Fidel, resulting in a $2.6 million fair value. As the terms of the agreements 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 the restricted stock agreements require the achievement of a service and a performance condition, the Company will only recognize compensation expense for those periods where the service is rendered and the performance condition is 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 $1.3 million restricted stock compensation expense in the first quarter 2014 for the 0.3367 shares which vested in the first quarter 2014. The remaining 53.51% of the shares will vest over the vesting schedule presented below, as set forth in the Agreement, and will be recognized as compensation expense in the requisite service periods. | |||||
Period 1 | Period 2 | Period 3 | |||
(3/20/14-12/31/14) | (1/31/15-12/31/15) | (1/31/16-12/31/16) | |||
9 Months | 12 Months | 12 Months | |||
17.84% | 17.84% | 17.83% | |||
As set forth above, the vesting is deemed to be equal each period since the performance condition contains carry-back and carry-forward rights, allowing for the CEO to compensate for any shortfalls in future periods, and use excess performance in a given period to carry forward into future periods. As such, equal vesting was deemed appropriate since although it is probable he will achieve the criteria, no weighting can be estimated for each period. | |||||
For the three months ended March 31, 2014, we recorded $1.3 million in restricted stock compensation expense associated with the 2014 restricted stock agreements between Mr. Fidel and each of DTAG and DTAC. For the three months ended March 31, 2013, we recorded $0.3 million in restricted stock compensation expense associated with the 2010 restricted stock agreements between Mr. Fidel and each of DTAG and DTAC. The stock compensation recorded for these periods also increased our Paid-in Capital accounts for both companies during these periods. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
(11) 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. As of March 31, 2014, we had approximately $104.4 million in aggregate operating lease obligations. | |
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. | |
There have been no material changes to the status of pending litigation or our accruals for legal matters disclosed in our Annual Report on Form 10-K for the year ended December 31, 2013, filed on March 24, 2014. On January 29, 2014 our counsel had a Notice of Response and Advice ("NORA") call with the Consumer Financial Protection Bureau ("CFPB"). On February 20, 2014, we responded in writing to the CFPB with respect to the NORA call. We have not yet had a response back from the CFPB. | |
Additionally, in the ordinary course of business, we are a defendant in or subject to various other types of legal proceedings. Although we cannot determine at this time the amount of the ultimate exposure from these legal proceedings, if any, based on the advice of counsel, management does not expect the final outcome to have a material adverse effect on us. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Of Financial Instruments | ' | |||||||||||||||
(12) 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 values 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 values presented within the balance sheet and fair value of our financial instruments for each period presented: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets | (In thousands) | |||||||||||||||
Finance receivables, net (1) | $ | 1,775,199 | $ | — | $ | — | $ | 1,934,652 | ||||||||
Shareholder notes receivable | 28,542 | — | 28,542 | — | ||||||||||||
Liabilities | ||||||||||||||||
Securitization debt | 869,848 | 885,089 | — | — | ||||||||||||
Portfolio term residual financing | 50,000 | — | 47,573 | — | ||||||||||||
Bank term financings | 184,059 | — | 184,059 | — | ||||||||||||
Portfolio warehouse facilities | 302,000 | — | 302,000 | — | ||||||||||||
Senior secured notes payable | 253,083 | 271,748 | — | — | ||||||||||||
Revolving inventory facility | 130,000 | — | 130,298 | — | ||||||||||||
Mortgage note payable | 12,171 | — | 12,745 | — | ||||||||||||
Real estate facility | 12,811 | — | 13,086 | — | ||||||||||||
December 31, 2013 | ||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets | (In thousands) | |||||||||||||||
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 | — | ||||||||||||
(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, based on actual experience. We estimate the cash flow of the portfolio and the cash flow of our retained interests in securitization, warehouse and bank term financing 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 March 31, 2014 and 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 March 31, 2014 and December 31, 2013, the fair value of securitization debt was determined using a third-party quoted market price. | ||||||||||||||||
Portfolio term residual financing | ||||||||||||||||
At March 31, 2014 and December 31, 2013, the fair value of the portfolio term residual financing was estimated by discounting future expected cash flows over the life of the facility, using market rates for similar facilities. | ||||||||||||||||
Bank term financing | ||||||||||||||||
At March 31, 2014 and December 31, 2013, the fair value of the bank term facility was determined to approximate carrying value based upon our knowledge of the securitization market. | ||||||||||||||||
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 expiration date was extended in March 2014 to June 2014. The Wells Fargo Warehouse Facility was renewed in December 2013. As these facilities were either recently renewed or extended and contain a floating market rate of interest, we believe the fair value of these facilities approximate carrying value at March 31, 2014 and December 31, 2013. | ||||||||||||||||
Senior secured notes payable | ||||||||||||||||
The fair value of senior secured notes payable at March 31, 2014 and December 31, 2013 was determined using a third-party quoted market price. | ||||||||||||||||
Revolving inventory facility | ||||||||||||||||
At March 31, 2014 and December 31, 2013, the fair value of the revolving 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. | ||||||||||||||||
Mortgage note payable | ||||||||||||||||
At March 31, 2014, and December 31, 2013, the fair value of this note was determined using third-party market prices for similar commercial real estate mortgages. Both periods utilize the December 31, 2013 analysis, as the market for these instruments is not considered volatile. | ||||||||||||||||
Real estate facility | ||||||||||||||||
At March 31, 2014 and December 31, 2013, the fair value of the real estate facility was determined using third-party market prices for similar real estate collateralized facilities. Both periods utilize the December 31, 2013 analysis, as the market for these instruments is not considered volatile. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
(13) Subsequent Events | |
In April 2014, a $3.8 million dividend related to fourth quarter 2013 taxable income was declared and paid to our shareholders. | |
In April 2014, we completed our 2014-2 securitization, issuing $288.8 million of asset-backed securities with an original duration weighted average coupon of 2.42%. The securities were rated in tranches with credit ratings from AAA to BBB by Standard and Poor's Rating Service, and DBRS Inc. | |
In April 2014, DTAG acquired the shares of Pathfinder Insurance Company ("Pathfinder"), a property and casualty insurance company licensed to operate in 43 states, within the continental United States, and the District of Columbia. Pathfinder is currently inactive, does not have personnel, operations, tangible assets (other than cash reserves), or liabilities, and has not issued or assumed new insurance policies since 2007. We acquired these assets for a purchase price of $9.5 million. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
(14) 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 that are 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. The final standard is expected to be issued in 2014, and is anticipated to become effective in 2017. 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 is 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 | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Discontinued Operations | ' | |||||||
(15) Discontinued Operations—GO Financial | ||||||||
A summary of revenue and income before income taxes reported in discontinued operations follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Total revenue | $ | — | $ | 2,803 | ||||
Income before income taxes | — | 768 | ||||||
Supplemental_Consolidating_Fin
Supplemental Consolidating Financial Information | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Consolidating Financial Information | ' | |||||||||||||||||||||||||||||||||||||||||||||||
(16) Supplemental Consolidating Financial Information | ||||||||||||||||||||||||||||||||||||||||||||||||
In accordance with the indenture governing the 12.625% Senior Secured Notes (see Note 5 — Debt Obligations), certain wholly-owned U.S. 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 March 31, 2014, and December 31, 2013; condensed consolidating statements of operations for the three months ended March 31, 2014 and 2013; and condensed consolidating statements of cash flows for the three months ended March 31, 2014 and 2013 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 condensed consolidated financial statements herein. | ||||||||||||||||||||||||||||||||||||||||||||||||
See "Note 20—Supplemental Consolidating Financial Information" to our Annual Report on Form 10-K, filed with the SEC on March 24, 2014, for information regarding the names of the guarantor and non-guarantor subsidiaries of our Senior Secured Notes. | ||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated amounts may be immaterially different compared to the condensed consolidated financial statements due to rounding. | ||||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corp | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Eliminations | DriveTime | |||||||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Company | Subsidiaries | Subsidiaries | Company | Automotive | ||||||||||||||||||||||||||||||||||||||||||
Combined | Combined | Combined | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 10,231 | $ | 4,115 | $ | 5 | $ | — | $ | 14,351 | $ | 5 | $ | 736 | $ | 16,105 | $ | — | $ | 16,846 | $ | — | $ | 31,197 | ||||||||||||||||||||||||
Restricted cash and investments held in trust | — | — | — | — | — | 21,799 | 121,810 | — | — | 143,609 | — | 143,609 | ||||||||||||||||||||||||||||||||||||
Finance receivables | — | — | — | — | — | — | — | 2,131,714 | — | 2,131,714 | — | 2,131,714 | ||||||||||||||||||||||||||||||||||||
Allowance for credit losses | — | — | — | — | — | — | — | (319,753 | ) | — | (319,753 | ) | — | (319,753 | ) | |||||||||||||||||||||||||||||||||
Finance receivables, net | — | — | — | — | — | — | — | 1,811,961 | — | 1,811,961 | — | 1,811,961 | ||||||||||||||||||||||||||||||||||||
Vehicle inventory | 286,012 | — | — | (618 | ) | 285,394 | — | — | — | — | — | — | 285,394 | |||||||||||||||||||||||||||||||||||
Property and equipment, net | 84,738 | 391 | — | — | 85,129 | 4,163 | 15,261 | 2,162 | — | 21,586 | — | 106,715 | ||||||||||||||||||||||||||||||||||||
Lease fleet vehicles, net | 74,434 | — | — | — | 74,434 | — | — | — | — | — | — | 74,434 | ||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | — | — | 146,965 | (146,965 | ) | — | — | — | 338,903 | (338,903 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
Other assets | 2,368,646 | 34,650 | 643,199 | (704,932 | ) | 2,341,563 | 1,304,398 | 1,948,062 | 2,257,632 | (3,238,717 | ) | 2,271,375 | (4,542,550 | ) | 70,388 | |||||||||||||||||||||||||||||||||
Shareholder notes receivable | — | — | — | — | — | — | — | 28,542 | — | 28,542 | — | 28,542 | ||||||||||||||||||||||||||||||||||||
Total Assets | $ | 2,824,061 | $ | 39,156 | $ | 790,169 | $ | (852,515 | ) | $ | 2,800,871 | $ | 1,330,365 | $ | 2,085,869 | $ | 4,455,305 | $ | (3,577,620 | ) | $ | 4,293,919 | $ | (4,542,550 | ) | $ | 2,552,240 | |||||||||||||||||||||
LIABILITIES & SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Payables and other accrued expenses | 2,467,944 | 2,017 | 602,517 | (704,283 | ) | 2,368,195 | 1,651,449 | 7,804 | 3,903,077 | (3,238,717 | ) | 2,323,613 | (4,542,550 | ) | 149,258 | |||||||||||||||||||||||||||||||||
Deferred revenue | 100,746 | — | — | — | 100,746 | — | — | — | — | — | — | 100,746 | ||||||||||||||||||||||||||||||||||||
Portfolio warehouse facilities | — | — | — | — | — | — | 302,000 | — | — | 302,000 | — | 302,000 | ||||||||||||||||||||||||||||||||||||
Portfolio term financings | — | — | — | — | — | — | 1,103,907 | — | — | 1,103,907 | — | 1,103,907 | ||||||||||||||||||||||||||||||||||||
Senior secured notes payable | — | — | 126,542 | — | 126,542 | — | — | 126,541 | — | 126,541 | — | 253,083 | ||||||||||||||||||||||||||||||||||||
Other secured notes payable | 130,000 | 12,811 | — | — | 142,811 | — | 12,171 | — | — | 12,171 | — | 154,982 | ||||||||||||||||||||||||||||||||||||
Total Liabilities | 2,698,690 | 14,828 | 729,059 | (704,283 | ) | 2,738,294 | 1,651,449 | 1,425,882 | 4,029,618 | (3,238,717 | ) | 3,868,232 | (4,542,550 | ) | 2,063,976 | |||||||||||||||||||||||||||||||||
Shareholders’ Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest - Inilex | — | 2,734 | — | (3,942 | ) | (1,208 | ) | — | — | — | — | — | 336 | (872 | ) | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 125,371 | 21,594 | 61,110 | (144,290 | ) | 63,785 | (321,084 | ) | 659,987 | 425,687 | (338,903 | ) | 425,687 | (336 | ) | 489,136 | ||||||||||||||||||||||||||||||||
Total Equity | 125,371 | 24,328 | 61,110 | (148,232 | ) | 62,577 | (321,084 | ) | 659,987 | 425,687 | (338,903 | ) | 425,687 | — | 488,264 | |||||||||||||||||||||||||||||||||
Total Liabilities & Shareholders’ Equity | $ | 2,824,061 | $ | 39,156 | $ | 790,169 | $ | (852,515 | ) | $ | 2,800,871 | $ | 1,330,365 | $ | 2,085,869 | $ | 4,455,305 | $ | (3,577,620 | ) | $ | 4,293,919 | $ | (4,542,550 | ) | $ | 2,552,240 | |||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corp | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | |||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | ||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiaries | 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 | — | — | — | — | — | 12,707 | 102,493 | — | — | 115,200 | — | 115,200 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
Vehicle 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, net | 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 notes receivable | — | — | — | — | — | — | — | 28,542 | — | 28,542 | — | 28,542 | ||||||||||||||||||||||||||||||||||||
Total Assets | $ | 2,539,316 | $ | 38,147 | $ | 830,264 | $ | (956,458 | ) | $ | 2,451,269 | $ | 1,199,294 | $ | 1,897,644 | $ | 4,052,475 | $ | (3,374,928 | ) | $ | 3,774,485 | $ | (3,899,368 | ) | $ | 2,326,386 | |||||||||||||||||||||
LIABILITIES & SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Payables and other accrued expenses | 2,125,853 | 2,067 | 599,332 | (696,323 | ) | 2,030,929 | 1,388,632 | 6,763 | 3,539,609 | (2,956,837 | ) | 1,978,167 | (3,899,368 | ) | 109,728 | |||||||||||||||||||||||||||||||||
Deferred revenue | 42,101 | 32 | — | — | 42,133 | — | — | — | — | — | — | 42,133 | ||||||||||||||||||||||||||||||||||||
Portfolio warehouse facilities | — | — | — | — | — | — | 283,400 | — | — | 283,400 | — | 283,400 | ||||||||||||||||||||||||||||||||||||
Portfolio term financings | — | — | — | — | — | — | 987,821 | — | — | 987,821 | — | 987,821 | ||||||||||||||||||||||||||||||||||||
Senior secured notes payable | — | — | 126,658 | — | 126,658 | — | — | 126,658 | — | 126,658 | — | 253,316 | ||||||||||||||||||||||||||||||||||||
Other secured notes payable | 136,321 | 13,412 | — | — | 149,733 | — | 12,231 | — | — | 12,231 | — | 161,964 | ||||||||||||||||||||||||||||||||||||
Total Liabilities | 2,304,275 | 15,511 | 725,990 | (696,323 | ) | 2,349,453 | 1,388,632 | 1,290,215 | 3,666,267 | (2,956,837 | ) | 3,388,277 | (3,899,368 | ) | 1,838,362 | |||||||||||||||||||||||||||||||||
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 | $ | 1,199,294 | $ | 1,897,644 | $ | 4,052,475 | $ | (3,374,928 | ) | $ | 3,774,485 | $ | (3,899,368 | ) | $ | 2,326,386 | |||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corp | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Eliminations | DriveTime | |||||||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Company | Subsidiaries | Subsidiaries | Company | Automotive | ||||||||||||||||||||||||||||||||||||||||||
Combined | Combined | Combined | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales revenue | $ | 365,500 | $ | — | $ | 18,145 | $ | — | $ | 383,645 | $ | 13 | $ | — | $ | 683 | $ | (33 | ) | $ | 663 | $ | (32,146 | ) | $ | 352,162 | ||||||||||||||||||||||
Interest income | — | — | — | — | — | — | 86,375 | 1,886 | — | 88,261 | — | 88,261 | ||||||||||||||||||||||||||||||||||||
Other income | 9,815 | 5,721 | — | (2,659 | ) | 12,877 | 19,805 | — | 45 | (19,382 | ) | 468 | — | 13,345 | ||||||||||||||||||||||||||||||||||
Equity in income of subsidiaries | — | — | 56,768 | (56,768 | ) | — | — | — | 58,212 | (58,212 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
Total Revenue | 375,315 | 5,721 | 74,913 | (59,427 | ) | 396,522 | 19,818 | 86,375 | 60,826 | (77,627 | ) | 89,392 | (32,146 | ) | 453,768 | |||||||||||||||||||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | 258,661 | 2,953 | — | (2,366 | ) | 259,248 | — | — | — | — | — | — | 259,248 | |||||||||||||||||||||||||||||||||||
Provision for credit losses | — | — | — | — | — | — | — | 89,084 | — | 89,084 | — | 89,084 | ||||||||||||||||||||||||||||||||||||
Portfolio debt interest expense | — | — | — | — | — | — | 11,039 | — | — | 11,039 | — | 11,039 | ||||||||||||||||||||||||||||||||||||
Non-portfolio debt interest expense | 1,656 | 148 | 5 | — | 1,809 | — | 182 | 19,274 | — | 19,456 | (19,590 | ) | 1,675 | |||||||||||||||||||||||||||||||||||
Senior secured debt interest expense | — | — | 4,016 | — | 4,016 | — | — | 4,017 | — | 4,017 | — | 8,033 | ||||||||||||||||||||||||||||||||||||
Selling and marketing | 12,037 | — | — | — | 12,037 | — | — | — | — | — | — | 12,037 | ||||||||||||||||||||||||||||||||||||
General and administrative | 38,163 | 1,298 | 4,900 | — | 44,361 | 17,843 | 18,427 | 14,456 | (19,415 | ) | 31,311 | (12,556 | ) | 63,116 | ||||||||||||||||||||||||||||||||||
Depreciation expense | 8,706 | 76 | — | — | 8,782 | 347 | 143 | 368 | — | 858 | — | 9,640 | ||||||||||||||||||||||||||||||||||||
Total Costs and Expenses | 319,223 | 4,475 | 8,921 | (2,366 | ) | 330,253 | 18,190 | 29,791 | 127,199 | (19,415 | ) | 155,765 | (32,146 | ) | 453,872 | |||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 56,092 | 1,246 | 65,992 | (57,061 | ) | 66,269 | 1,628 | 56,584 | (66,373 | ) | (58,212 | ) | (66,373 | ) | — | (104 | ) | |||||||||||||||||||||||||||||||
Income tax expense | — | 516 | 28 | — | 544 | — | — | 357 | — | 357 | — | 901 | ||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 56,092 | $ | 730 | $ | 65,964 | $ | (57,061 | ) | $ | 65,725 | $ | 1,628 | $ | 56,584 | $ | (66,730 | ) | $ | (58,212 | ) | $ | (66,730 | ) | $ | — | $ | (1,005 | ) | |||||||||||||||||||
Income from discontinued operations, net of taxes | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net income (loss) | 56,092 | 730 | 65,964 | (57,061 | ) | 65,725 | 1,628 | 56,584 | (66,730 | ) | (58,212 | ) | (66,730 | ) | — | (1,005 | ) | |||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests - Inilex | — | 54 | — | (645 | ) | (591 | ) | — | — | — | — | — | — | (591 | ) | |||||||||||||||||||||||||||||||||
Net Income Attributable to DriveTime Consolidated | $ | 56,092 | $ | 676 | $ | 65,964 | $ | (56,416 | ) | $ | 66,316 | $ | 1,628 | $ | 56,584 | $ | (66,730 | ) | $ | (58,212 | ) | $ | (66,730 | ) | $ | — | $ | (414 | ) | |||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corp | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | |||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | ||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiaries | Combined | Subsidiaries | Group, Inc. | ||||||||||||||||||||||||||||||||||||||||||||
Combined | and | |||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales revenue | $ | 309,468 | $ | — | $ | — | $ | — | $ | 309,468 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 309,468 | ||||||||||||||||||||||||
Interest income | — | — | — | — | — | — | 73,291 | 75,249 | (73,569 | ) | 74,971 | — | 74,971 | |||||||||||||||||||||||||||||||||||
Other income | 12,130 | — | 12,546 | — | 24,676 | 15,980 | — | 523 | (15,536 | ) | 967 | (25,054 | ) | 589 | ||||||||||||||||||||||||||||||||||
Equity in income of subsidiaries | — | — | 71,391 | (71,391 | ) | — | — | — | 50,153 | (50,153 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
Total Revenue | 321,598 | — | 83,937 | (71,391 | ) | 334,144 | 15,980 | 73,291 | 125,925 | (139,258 | ) | 75,938 | (25,054 | ) | 385,028 | |||||||||||||||||||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | 211,638 | — | — | — | 211,638 | — | — | — | — | — | — | 211,638 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | — | — | — | — | — | — | — | 77,842 | — | 77,842 | — | 77,842 | ||||||||||||||||||||||||||||||||||||
Portfolio debt interest expense | — | — | — | — | — | — | 10,186 | — | — | 10,186 | — | 10,186 | ||||||||||||||||||||||||||||||||||||
Non-portfolio debt interest expense | 957 | 135 | 13 | — | 1,105 | 20 | 464 | 86,788 | (73,569 | ) | 13,703 | (13,489 | ) | 1,319 | ||||||||||||||||||||||||||||||||||
Senior secured debt interest expense | — | — | 3,321 | — | 3,321 | — | — | 3,320 | — | 3,320 | — | 6,641 | ||||||||||||||||||||||||||||||||||||
Selling and marketing | 8,982 | — | — | — | 8,982 | 1 | — | (79 | ) | — | (78 | ) | — | 8,904 | ||||||||||||||||||||||||||||||||||
General and administrative | 24,837 | (952 | ) | 2,195 | — | 26,080 | 14,668 | 14,124 | 17,287 | (15,536 | ) | 30,543 | (11,565 | ) | 45,058 | |||||||||||||||||||||||||||||||||
Depreciation expense | 4,527 | — | — | — | 4,527 | 288 | 135 | 327 | — | 750 | — | 5,277 | ||||||||||||||||||||||||||||||||||||
Total Costs and Expenses | 250,941 | (817 | ) | 5,529 | — | 255,653 | 14,977 | 24,909 | 185,485 | (89,105 | ) | 136,266 | (25,054 | ) | 366,865 | |||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 70,657 | 817 | 78,408 | (71,391 | ) | 78,491 | 1,003 | 48,382 | (59,560 | ) | (50,153 | ) | (60,328 | ) | — | 18,163 | ||||||||||||||||||||||||||||||||
Income tax expense | — | 83 | 70 | — | 153 | — | — | 189 | — | 189 | — | 342 | ||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 70,657 | $ | 734 | $ | 78,338 | $ | (71,391 | ) | $ | 78,338 | $ | 1,003 | $ | 48,382 | $ | (59,749 | ) | $ | (50,153 | ) | $ | (60,517 | ) | $ | — | $ | 17,821 | ||||||||||||||||||||
Income from discontinued operations, net of taxes | — | — | — | — | — | 768 | — | — | — | 768 | — | 768 | ||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 70,657 | $ | 734 | $ | 78,338 | $ | (71,391 | ) | $ | 78,338 | $ | 1,771 | $ | 48,382 | $ | (59,749 | ) | $ | (50,153 | ) | $ | (59,749 | ) | $ | — | $ | 18,589 | ||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests - Inilex | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net Income Attributable to DriveTime Consolidated | $ | 70,657 | $ | 734 | $ | 78,338 | $ | (71,391 | ) | $ | 78,338 | $ | 1,771 | $ | 48,382 | $ | (59,749 | ) | $ | (50,153 | ) | $ | (59,749 | ) | $ | — | $ | 18,589 | ||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corp | DriveTime | ||||||||||||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||||||||||||
Group, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Eliminations | Subsidiaries | |||||||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Company | Subsidiaries | Subsidiaries | Company | |||||||||||||||||||||||||||||||||||||||||||
Combined | Combined | Combined | ||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 56,092 | $ | 730 | $ | 65,964 | $ | (57,061 | ) | $ | 65,725 | $ | 1,628 | $ | 56,584 | $ | (66,730 | ) | $ | (58,212 | ) | $ | (66,730 | ) | $ | — | $ | (1,005 | ) | |||||||||||||||||||
Net loss attributable to noncontrolling interest - Inilex | — | (54 | ) | — | 645 | 591 | — | — | — | — | — | — | 591 | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to DriveTime consolidated | $ | 56,092 | $ | 676 | $ | 65,964 | $ | (56,416 | ) | $ | 66,316 | $ | 1,628 | $ | 56,584 | $ | (66,730 | ) | $ | (58,212 | ) | $ | (66,730 | ) | $ | — | $ | (414 | ) | |||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | — | — | — | — | — | — | — | 89,084 | — | 89,084 | — | 89,084 | ||||||||||||||||||||||||||||||||||||
Depreciation expense | 8,706 | 76 | — | — | 8,782 | 347 | 143 | 368 | — | 858 | — | 9,640 | ||||||||||||||||||||||||||||||||||||
Amortization of debt issuance costs and debt premium and discount | 41 | 18 | 71 | — | 130 | — | 1,297 | 71 | — | 1,368 | — | 1,498 | ||||||||||||||||||||||||||||||||||||
Non-cash compensation expense-related party | — | — | 641 | — | 641 | — | — | 641 | — | 641 | — | 1,282 | ||||||||||||||||||||||||||||||||||||
Loss (gain) from disposal of property and equipment | (111 | ) | — | — | — | (111 | ) | 556 | — | (5 | ) | — | 551 | — | 440 | |||||||||||||||||||||||||||||||||
Originations of finance receivables | — | — | — | — | — | — | — | (416,390 | ) | — | (416,390 | ) | — | (416,390 | ) | |||||||||||||||||||||||||||||||||
Collections and recoveries on finance receivable principal balances | — | — | — | — | — | — | — | 155,636 | — | 155,636 | — | 155,636 | ||||||||||||||||||||||||||||||||||||
Change in accrued interest receivable and loan origination costs | — | — | — | — | — | — | — | (876 | ) | — | (876 | ) | — | (876 | ) | |||||||||||||||||||||||||||||||||
(Increase) decrease in inventory | 34,394 | — | — | (221 | ) | 34,173 | — | — | — | — | — | — | 34,173 | |||||||||||||||||||||||||||||||||||
Change in other assets | (434,522 | ) | (11,429 | ) | (69,860 | ) | 64,597 | (451,214 | ) | (255,037 | ) | (171,650 | ) | (118,052 | ) | 340,092 | (204,647 | ) | 643,182 | (12,679 | ) | |||||||||||||||||||||||||||
Increase (decrease) in deferred revenue | 58,645 | (33 | ) | — | — | 58,612 | — | — | — | — | — | — | 58,612 | |||||||||||||||||||||||||||||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 342,092 | (49 | ) | 3,184 | (7,960 | ) | 337,267 | 262,817 | 1,042 | 363,466 | (281,880 | ) | 345,445 | (643,182 | ) | 39,530 | ||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 65,337 | (10,741 | ) | — | — | 54,596 | 10,311 | (112,584 | ) | 7,213 | — | (95,060 | ) | — | (40,464 | ) | ||||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from disposal of property and equipment | 678 | — | — | — | 678 | 19 | — | 5 | — | 24 | — | 702 | ||||||||||||||||||||||||||||||||||||
Purchase of property and equipment | (9,019 | ) | (20 | ) | — | — | (9,039 | ) | (1,238 | ) | (597 | ) | (203 | ) | — | (2,038 | ) | — | (11,077 | ) | ||||||||||||||||||||||||||||
Purchase of lease fleet | (46,033 | ) | — | — | — | (46,033 | ) | — | — | — | — | — | — | (46,033 | ) | |||||||||||||||||||||||||||||||||
Net cash used in investing activities | $ | (54,374 | ) | $ | (20 | ) | $ | — | $ | — | $ | (54,394 | ) | $ | (1,219 | ) | $ | (597 | ) | $ | (198 | ) | $ | — | $ | (2,014 | ) | $ | — | $ | (56,408 | ) | ||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corp | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Eliminations | DriveTime | |||||||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiary | Company | Subsidiaries | Subsidiaries | Company | Automotive | ||||||||||||||||||||||||||||||||||||||||||
Combined | Combined | Combined | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
(Increase) decrease in restricted cash | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (9,092 | ) | $ | 388 | $ | — | $ | — | $ | (8,704 | ) | $ | — | $ | (8,704 | ) | |||||||||||||||||||||
Deposits into investments held in trust | — | — | — | — | — | — | (5,250 | ) | — | — | (5,250 | ) | — | (5,250 | ) | |||||||||||||||||||||||||||||||||
Change in investments held in trust and collection account cash | — | — | — | — | — | — | (14,455 | ) | — | — | (14,455 | ) | — | (14,455 | ) | |||||||||||||||||||||||||||||||||
Additions to portfolio term financings | — | — | — | — | — | — | 267,751 | — | — | 267,751 | — | 267,751 | ||||||||||||||||||||||||||||||||||||
Repayment of portfolio term financings | — | — | — | — | — | — | (151,665 | ) | — | — | (151,665 | ) | — | (151,665 | ) | |||||||||||||||||||||||||||||||||
Additions to portfolio warehouse facilities | — | — | — | — | — | — | 313,600 | — | — | 313,600 | — | 313,600 | ||||||||||||||||||||||||||||||||||||
Repayment of portfolio warehouse facilities | — | — | — | — | — | — | (295,000 | ) | — | — | (295,000 | ) | — | (295,000 | ) | |||||||||||||||||||||||||||||||||
Additions to senior secured notes payable | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Additions to other secured notes payable | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Repayment of other secured notes payable | (6,321 | ) | (601 | ) | — | — | (6,922 | ) | — | (60 | ) | — | — | (60 | ) | — | (6,982 | ) | ||||||||||||||||||||||||||||||
Payment of debt issuance costs | — | — | — | — | — | — | (1,980 | ) | — | — | (1,980 | ) | — | (1,980 | ) | |||||||||||||||||||||||||||||||||
Dividend distributions | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (6,321 | ) | (601 | ) | — | — | (6,922 | ) | (9,092 | ) | 113,329 | — | — | 104,237 | — | 97,315 | ||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 4,642 | (11,362 | ) | — | — | (6,720 | ) | — | 148 | 7,015 | — | 7,163 | — | 443 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 5,589 | 15,477 | 5 | — | 21,071 | 5 | 588 | 9,090 | — | 9,683 | — | 30,754 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 10,231 | $ | 4,115 | $ | 5 | $ | — | $ | 14,351 | $ | 5 | $ | 736 | $ | 16,105 | $ | — | $ | 16,846 | $ | — | $ | 31,197 | ||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corp | DriveTime | ||||||||||||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||||||||||||
Group, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | Subsidiaries | |||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | |||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiaries | Combined | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||
Combined | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 70,657 | $ | 734 | $ | 78,338 | $ | (71,391 | ) | $ | 78,338 | $ | 1,771 | $ | 48,382 | $ | (59,749 | ) | $ | (50,153 | ) | $ | (59,749 | ) | $ | — | $ | 18,589 | ||||||||||||||||||||
Income from discontinued operations | — | — | — | — | — | (768 | ) | — | — | — | (768 | ) | — | (768 | ) | |||||||||||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | — | — | — | — | — | — | — | 77,842 | — | 77,842 | — | 77,842 | ||||||||||||||||||||||||||||||||||||
Depreciation expense | 4,527 | — | — | — | 4,527 | 288 | 135 | 327 | — | 750 | — | 5,277 | ||||||||||||||||||||||||||||||||||||
Amortization of debt issuance costs and debt premium and discount | 41 | 15 | 164 | — | 220 | — | 1,276 | 164 | — | 1,440 | — | 1,660 | ||||||||||||||||||||||||||||||||||||
Non-cash compensation expense-related party | — | — | 155 | — | 155 | — | — | 156 | — | 156 | — | 311 | ||||||||||||||||||||||||||||||||||||
Loss from disposal of property and equipment | (41 | ) | — | — | — | (41 | ) | 91 | — | (19 | ) | — | 72 | — | 31 | |||||||||||||||||||||||||||||||||
Originations of finance receivables | — | — | — | — | — | — | — | (311,829 | ) | — | (311,829 | ) | — | (311,829 | ) | |||||||||||||||||||||||||||||||||
Collections and recoveries on finance receivable principal balances | — | — | — | — | — | — | — | 151,103 | — | 151,103 | — | 151,103 | ||||||||||||||||||||||||||||||||||||
Decrease in accrued interest receivable and loan origination costs | — | — | — | — | — | — | — | 423 | — | 423 | — | 423 | ||||||||||||||||||||||||||||||||||||
Decrease in inventory | 41,857 | — | — | — | 41,857 | — | — | — | — | — | — | 41,857 | ||||||||||||||||||||||||||||||||||||
Change in other assets | (398,590 | ) | 332 | (81,588 | ) | 66,267 | (413,579 | ) | (196,465 | ) | (61,554 | ) | (219,895 | ) | 303,856 | (174,058 | ) | 558,823 | (28,814 | ) | ||||||||||||||||||||||||||||
Increase in deferred revenue | 6,751 | 28 | — | — | 6,779 | — | — | — | — | — | — | 6,779 | ||||||||||||||||||||||||||||||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 257,929 | (616 | ) | 2,931 | 5,124 | 265,368 | 204,125 | (108 | ) | 364,567 | (257,906 | ) | 310,678 | (558,823 | ) | 17,223 | ||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | (16,869 | ) | 493 | — | — | (16,376 | ) | 9,042 | (11,869 | ) | 3,090 | (4,203 | ) | (3,940 | ) | — | (20,316 | ) | ||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities from discontinued operations | — | — | — | — | — | 1,351 | — | — | — | 1,351 | — | 1,351 | ||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (16,869 | ) | 493 | — | — | (16,376 | ) | 10,393 | (11,869 | ) | 3,090 | (4,203 | ) | (2,589 | ) | — | (18,965 | ) | ||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from disposal of property and equipment | 453 | — | — | — | 453 | 96 | — | 92 | — | 188 | — | 641 | ||||||||||||||||||||||||||||||||||||
Purchase of property and equipment | (7,194 | ) | — | — | — | (7,194 | ) | (133 | ) | (131 | ) | (227 | ) | — | (491 | ) | — | (7,685 | ) | |||||||||||||||||||||||||||||
Net cash used in investing activities from continuing operations | (6,741 | ) | — | — | — | (6,741 | ) | (37 | ) | (131 | ) | (135 | ) | — | (303 | ) | — | (7,044 | ) | |||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities from discontinued operations | — | — | — | — | — | (33,909 | ) | — | — | — | (33,909 | ) | — | (33,909 | ) | |||||||||||||||||||||||||||||||||
Net cash used in investing activities | $ | (6,741 | ) | $ | — | $ | — | $ | — | $ | (6,741 | ) | $ | (33,946 | ) | $ | (131 | ) | $ | (135 | ) | $ | — | $ | (34,212 | ) | $ | — | $ | (40,953 | ) | |||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corp | 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 Financing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Increase in restricted cash | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (8,864 | ) | $ | (6,896 | ) | $ | — | $ | — | $ | (15,760 | ) | $ | — | $ | (15,760 | ) | ||||||||||||||||||||
Change in investments held in trust and collection account cash | — | — | — | — | — | — | (4,255 | ) | — | — | (4,255 | ) | — | (4,255 | ) | |||||||||||||||||||||||||||||||||
Additions to portfolio warehouse facilities | — | — | — | — | — | — | 75,000 | — | — | 75,000 | — | 75,000 | ||||||||||||||||||||||||||||||||||||
Repayment of portfolio warehouse facilities | — | — | — | — | — | — | (139,410 | ) | — | 4,203 | (135,207 | ) | — | (135,207 | ) | |||||||||||||||||||||||||||||||||
Additions to portfolio term financings | — | — | — | — | — | — | 210,300 | — | — | 210,300 | — | 210,300 | ||||||||||||||||||||||||||||||||||||
Repayment of portfolio term financings | — | — | — | — | — | — | (122,500 | ) | — | — | (122,500 | ) | — | (122,500 | ) | |||||||||||||||||||||||||||||||||
Additions to other secured notes payable | 20,000 | — | — | — | 20,000 | — | — | — | — | — | — | 20,000 | ||||||||||||||||||||||||||||||||||||
Repayment of other secured notes payable | — | (464 | ) | — | — | (464 | ) | (93 | ) | (57 | ) | — | — | (150 | ) | — | (614 | ) | ||||||||||||||||||||||||||||||
Payment of debt issuance costs | — | — | — | — | — | — | (348 | ) | — | — | (348 | ) | — | (348 | ) | |||||||||||||||||||||||||||||||||
Dividend distributions | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 20,000 | (464 | ) | — | — | 19,536 | (8,957 | ) | 11,834 | — | 4,203 | 7,080 | — | 26,616 | ||||||||||||||||||||||||||||||||||
Net cash provided by financing activities from discontinued operations | — | — | — | — | — | 32,553 | — | — | — | 32,553 | — | 32,553 | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 20,000 | (464 | ) | — | — | 19,536 | 23,596 | 11,834 | — | 4,203 | 39,633 | — | 59,169 | |||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (3,610 | ) | 29 | — | — | (3,581 | ) | 43 | (166 | ) | 2,955 | — | 2,832 | — | (749 | ) | ||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 6,937 | 481 | 5 | — | 7,423 | 10 | 423 | 18,624 | — | 19,057 | — | 26,480 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | 3,327 | 510 | 5 | — | 3,842 | 53 | 257 | 21,579 | — | 21,889 | — | 25,731 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents from discontinued operations at end of period | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalent from continuing operations at end of period | $ | 3,327 | $ | 510 | $ | 5 | $ | — | $ | 3,842 | $ | 53 | $ | 257 | $ | 21,579 | $ | — | $ | 21,889 | $ | — | $ | 25,731 | ||||||||||||||||||||||||
Description_Of_Business_Owners1
Description Of Business, Ownership Formation, Basis Of Presentation, and Principles Of Consolidation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Consolidation, Variable Interest Entity, Policy | ' |
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. | |
Basis of Accounting, Policy | ' |
These condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such interim condensed consolidated financial statements reflect all normal recurring adjustments considered necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes as of and for the year-ended December 31, 2013, which are included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 24, 2014. | |
Use of Estimates, Policy | ' |
The preparation of the consolidated financial statements in conformity with United States 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, the revenue recognition pattern of ancillary products, the reserve for ancillary product refunds, inventory valuation, fair value measurements, certain legal reserves, our reserve for sales returns and allowances, our recovery receivables, and our limited warranty accrual. Estimates used in deriving these amounts are described in the footnotes herein. Actual results could differ from these estimates. | |
Finance, Loans and Leases Receivable, Policy | ' |
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 in —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 of receivables and monitoring its performance. | |
A majority of our finance receivables are pledged in non-recourse SPEs, related to our warehouse facilities, asset backed securitizations, and bank term financings. The details of amounts pledged are provided in Note 5 — 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. | |
Finance, Loan and Lease Receivables, Held-for-investment, Allowance and Nonperforming Loans, Nonperforming Loans Policy | ' |
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. | |
Limited Warranty, Policy | ' |
The accrued limited warranty liability represents our estimated obligations related to limited warranties 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 condensed consolidated balance sheets for each period presented. | |
Income Tax, Policy | ' |
The condensed 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 of DTAG and DTAC 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 March 31, 2014 and December 31, 2013, we had a net deferred tax liability of $0.8 million and $0.6 million, respectively. | |
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 March 31, 2014 and December 31, 2013, we had an income tax payable of $0.5 million and $0.6 million, respectively. | |
At March 31, 2014 and December 31, 2013, 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 did not accrue any amounts related to the payment of interest and penalties as of March 31, 2014 and December 31, 2013. We do not anticipate any material changes to our unrecognized tax benefits in the next 12 months. | |
Legal Matters, Policy | ' |
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. | |
Valuation Methodologies, Policy | ' |
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, based on actual experience. We estimate the cash flow of the portfolio and the cash flow of our retained interests in securitization, warehouse and bank term financing 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. | |
Consolidation, Policy | ' |
In accordance with the indenture governing the 12.625% Senior Secured Notes (see Note 5 — Debt Obligations), certain wholly-owned U.S. 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. |
Restricted_Cash_and_Investment1
Restricted Cash and Investments Held in Trust (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Restricted Cash and Investments [Abstract] | ' | |||||||
Restricted Cash and Investments Held in Trust | ' | |||||||
The following is a summary of restricted cash and investments held in trust: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Restricted cash | $ | 39,774 | $ | 31,070 | ||||
Investments held in trust | 103,835 | 84,130 | ||||||
$ | 143,609 | $ | 115,200 | |||||
Finance_Receivables_Tables
Finance Receivables (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||
Finance Receivable | ' | ||||||||||||||||||||
The following summarizes the components of finance receivables: | |||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Principal balances | $ | 2,068,792 | $ | 1,871,576 | |||||||||||||||||
Recovery receivables | 24,122 | 29,432 | |||||||||||||||||||
Accrued interest | 18,609 | 19,522 | |||||||||||||||||||
Loan origination costs | 20,191 | 18,401 | |||||||||||||||||||
Total finance receivables | $ | 2,131,714 | $ | 1,938,931 | |||||||||||||||||
Past Due Financing Receivables | ' | ||||||||||||||||||||
Age Analysis of Past Due Finance Receivables | |||||||||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2013 | |||||||||||||||||||
Percent of | Loan | Percent of | Loan | Percent of | Loan | ||||||||||||||||
Loans | Principal | Loans | Principal | Loans | Principal | ||||||||||||||||
($ In thousands) | |||||||||||||||||||||
Current | 63 | % | $ | 1,303,338 | 53.7 | % | $ | 1,005,036 | 61.4 | % | $ | 1,047,839 | |||||||||
Days Delinquent: | |||||||||||||||||||||
01-30 Days | 26.4 | % | 546,161 | 30 | % | 561,473 | 28 | % | 478,733 | ||||||||||||
31-60 Days | 6 | % | 124,128 | 9 | % | 168,442 | 6.9 | % | 117,699 | ||||||||||||
61-90 Days | 3 | % | 62,064 | 4.9 | % | 91,707 | 3.2 | % | 54,531 | ||||||||||||
91-120 Days | 1.6 | % | 33,101 | 2.4 | % | 44,918 | 0.5 | % | 7,971 | ||||||||||||
Total Past Due | 37 | % | 765,454 | 46.3 | % | 866,540 | 38.6 | % | 658,934 | ||||||||||||
Total Finance Receivables | 100 | % | $ | 2,068,792 | 100 | % | $ | 1,871,576 | 100 | % | $ | 1,706,773 | |||||||||
Financing Receivable Credit Quality Indicators | ' | ||||||||||||||||||||
A summary of our portfolio by our internally assigned credit risk ratings at March 31, 2014, and December 31, 2013, is as follows: | |||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||
Grade | Average | Percentage of | Total Loans | Percentage of | Loan Principal | ||||||||||||||||
FICO Score (1) | Portfolio Loans | Portfolio Principal | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
A | 547 | 28.60% | 45,837 | 28.80% | $ | 596,745 | |||||||||||||||
B | 519 | 38.20% | 61,224 | 38.60% | 797,989 | ||||||||||||||||
C | 506 | 28.90% | 46,318 | 28.80% | 595,843 | ||||||||||||||||
C-/D | 481 | 4.30% | 6,891 | 3.80% | 78,215 | ||||||||||||||||
100.00% | 160,270 | 100.00% | $ | 2,068,792 | |||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Grade | Average | Percentage of | Total Loans | Percentage of | Loan Principal | ||||||||||||||||
FICO Score (1) | Portfolio Loans | Portfolio Principal | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
A | 547 | 29.00% | 43,730 | 29.50% | $ | 551,251 | |||||||||||||||
B | 519 | 38.30% | 57,836 | 38.90% | 727,192 | ||||||||||||||||
C | 505 | 28.20% | 42,480 | 27.80% | 519,653 | ||||||||||||||||
C-/D | 484 | 4.50% | 6,784 | 3.80% | 73,480 | ||||||||||||||||
100.00% | 150,830 | 100.00% | $ | 1,871,576 | |||||||||||||||||
(1) | Average FICO score is provided as an external metric of credit quality. FICO score is not utilized as the primary tool in determining internal credit grade. | ||||||||||||||||||||
Schedules of Concentration of Risk, by Risk Factor | ' | ||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, our portfolio concentration by state was as follows: | |||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||
State | Percent of | Loan Principal | State | Percent of | Loan Principal | ||||||||||||||||
Portfolio | (In thousands) | Portfolio | (In thousands) | ||||||||||||||||||
Texas | 21 | % | $ | 434,384 | Texas | 21.2 | % | $ | 397,438 | ||||||||||||
Florida | 15.6 | % | 323,247 | Florida | 15.7 | % | 294,043 | ||||||||||||||
North Carolina | 8.4 | % | 173,269 | North Carolina | 8.7 | % | 162,749 | ||||||||||||||
Georgia | 7.8 | % | 160,991 | Georgia | 7.6 | % | 142,001 | ||||||||||||||
Arizona | 6 | % | 124,059 | Arizona | 6.4 | % | 117,861 | ||||||||||||||
All Others (1) | 41.2 | % | 852,842 | All Others (2) | 40.4 | % | 757,484 | ||||||||||||||
100 | % | $ | 2,068,792 | 100 | % | $ | 1,871,576 | ||||||||||||||
(1) | Consists of fifteen additional states wherein the portfolio concentration per state is at or below 5.8% | ||||||||||||||||||||
(2) | Consists of fifteen additional states wherein the portfolio concentration per state is at or below | ||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables | ' | ||||||||||||||||||||
The following table sets forth the rollforward of the allowance for credit losses for the periods indicated: | |||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Allowance Activity: | ($ In thousands) | ||||||||||||||||||||
Balance, beginning of period | $ | 299,516 | $ | 252,590 | |||||||||||||||||
Provision for credit losses | 89,084 | 77,842 | |||||||||||||||||||
Net charge-offs | (68,847 | ) | (60,810 | ) | |||||||||||||||||
Balance, end of period | $ | 319,753 | $ | 269,622 | |||||||||||||||||
Allowance as a percent of portfolio principal, end of period | 15.4 | % | 15.7 | % | |||||||||||||||||
Charge off Activity: | |||||||||||||||||||||
Principal balances | $ | (107,905 | ) | $ | (97,917 | ) | |||||||||||||||
Recoveries, net | 39,058 | 37,107 | |||||||||||||||||||
Net charge-offs | $ | (68,847 | ) | $ | (60,810 | ) |
Leased_Vehicles_Tables
Leased Vehicles (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Leased Assets [Abstract] | ' | |||||||
Schedule of Lease Vehicles | ' | |||||||
A summary of our vehicle lease fleet is as follows: | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Lease fleet vehicles | $ | 79,043 | $ | 33,009 | ||||
Less accumulated depreciation | (4,609 | ) | (1,848 | ) | ||||
Lease Fleet Vehicles, net | $ | 74,434 | $ | 31,161 | ||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Debt | ' | ||||||||||||||||||||||||||||
The following is a summary of portfolio term financings: | |||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Securitization Debt: | (In thousands) | ||||||||||||||||||||||||||||
Asset-backed security obligations issued pursuant to the Company’s securitizations | $ | 869,848 | $ | 713,953 | |||||||||||||||||||||||||
Bank Term Financing: | |||||||||||||||||||||||||||||
Secured financing transaction for our finance receivables portfolio | 184,059 | 223,868 | |||||||||||||||||||||||||||
Portfolio Term Residual Financing: | |||||||||||||||||||||||||||||
Variable rate financing facility secured by residual interests in finance receivables of warehouse facilities and securitization trusts | 50,000 | 50,000 | |||||||||||||||||||||||||||
Total Portfolio Term Financings | $ | 1,103,907 | $ | 987,821 | |||||||||||||||||||||||||
Securitization Debt | ' | ||||||||||||||||||||||||||||
The following is a summary of securitization transactions with outstanding balances for each period presented: | |||||||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||
Transaction | Debt | Gross Receivables | Cash | Interest | Debt | Gross Receivables | Cash | Interest | |||||||||||||||||||||
Balance | Pledged | Reserve | Rate (1) | Balance | Pledged | Reserve | Rate (1) | ||||||||||||||||||||||
($ In thousands) | ($ In thousands) | ||||||||||||||||||||||||||||
2011-1 | $ | 16,922 | $ | 22,845 | $ | 4,200 | 3.00% | $ | 22,772 | $ | 31,271 | $ | 4,200 | 3.00% | |||||||||||||||
2011-2 | 24,532 | 31,339 | 4,500 | 2.90% | 34,762 | 41,954 | 4,500 | 2.90% | |||||||||||||||||||||
2011-3 | 49,515 | 59,724 | 4,500 | 3.90% | 61,485 | 75,037 | 4,500 | 3.90% | |||||||||||||||||||||
2012-1 | 77,377 | 99,682 | 4,500 | 3.50% | 90,175 | 117,529 | 4,500 | 3.50% | |||||||||||||||||||||
2012-2 | 97,435 | 119,387 | 4,500 | 2.90% | 113,142 | 138,194 | 4,500 | 2.90% | |||||||||||||||||||||
2013-1 | 163,150 | 209,403 | 4,500 | 2.70% | 181,018 | 233,346 | 4,500 | 2.70% | |||||||||||||||||||||
2013-2 | 190,510 | 252,096 | 4,500 | 2.90% | 210,599 | 277,023 | 4,500 | 2.90% | |||||||||||||||||||||
2014-1 | 250,407 | 330,448 | 5,250 | 2.60% | — | — | — | —% | |||||||||||||||||||||
$ | 869,848 | $ | 1,124,924 | $ | 36,450 | $ | 713,953 | $ | 914,354 | $ | 31,200 | ||||||||||||||||||
(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 March 31, 2014 | |||||||||||||||||||||||||||||
Amount | Facility | Stated Advance | Collateral (1) | Interest | Expiration | Final | |||||||||||||||||||||||
Drawn | Amount | Rate | Rate (2) | Date | Maturity | ||||||||||||||||||||||||
Portfolio warehouse facilities | ($ In thousands) | ||||||||||||||||||||||||||||
Deutsche Bank | $ | 101,500 | $ | 150,000 | 65 | % | $ | 183,975 | 2.41 | % | Dec-14 | Dec-15 | |||||||||||||||||
Wells Fargo | 110,500 | 150,000 | 66 | % | (3) | 173,919 | 2.4 | % | Dec-15 | Dec-17 | |||||||||||||||||||
RBS | 90,000 | 125,000 | 65 | % | 147,456 | 2.4 | % | Jun-14 | Jun-15 | ||||||||||||||||||||
Total portfolio warehouse facilities | $ | 302,000 | $ | 425,000 | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Amount | Facility | Stated Advance | Collateral (1) | Interest | Expiration | Final | |||||||||||||||||||||||
Drawn | Amount | Rate | Rate (2) | Date | 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 | % | (3) | 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 | |||||||||||||||||||||||||
(1) | Collateral represents underlying pools of finance receivables pledged to each facility. | ||||||||||||||||||||||||||||
(2) | Interest rate at period end equal to contractual benchmark plus index. | ||||||||||||||||||||||||||||
(3) | The Wells Fargo stated advance rate includes a cash reserve account pledged to the facility in the amount of 1% of all collateral pledged to the facility. | ||||||||||||||||||||||||||||
Other Secured Notes Payable | ' | ||||||||||||||||||||||||||||
A summary of other secured notes payable follows: | |||||||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||||||
Balance | Max Facility | Advance | Interest | Expiration | |||||||||||||||||||||||||
Capacity | Rate | Rate (1) | Date | ||||||||||||||||||||||||||
Other secured notes payable | ($ In thousands) | ||||||||||||||||||||||||||||
Revolving inventory facility | $ | 130,000 | $ | 130,000 | 75% | (2) | 3.50% | Nov-14 | |||||||||||||||||||||
Mortgage note payable | 12,171 | n/a | n/a | 5.87% | Mar-17 | ||||||||||||||||||||||||
Real estate facility | 12,811 | 25,000 | 70% | 4.05% | Oct-20 | ||||||||||||||||||||||||
Total other secured notes payable | $ | 154,982 | $ | 155,000 | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Balance | Max Facility | Advance | Interest | Expiration | |||||||||||||||||||||||||
Capacity | Rate | Rate (1) | Date | ||||||||||||||||||||||||||
Other secured notes payable | ($ In thousands) | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
(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 vehicle inventory. At March 31, 2014 the advance rate decreased to 60% for vehicles 151-180 days old. | ||||||||||||||||||||||||||||
(3) | Inclusive of a $10.0 million seasonal increase in the months of November through the end of January. |
Accrued_Service_Contract_Liabi1
Accrued Service Contract Liability (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Accrued Service Contract Liability [Abstract] | ' | |||||||
Schedule of Limited Warranty Service Contract Liabilities | ' | |||||||
The following table reflects activity in the accrual for the periods indicated: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Limited warranty accrual activity | (In thousands) | |||||||
Balance, beginning of period | $ | 15,806 | $ | 24,420 | ||||
Warranty expense | — | 8,556 | ||||||
Warranty claims paid | (3,927 | ) | (6,355 | ) | ||||
Balance, end of period | $ | 11,879 | $ | 26,621 | ||||
Deferred_Revenue_Tables
Deferred Revenue (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Revenue Recognition [Abstract] | ' | |||||||
Deferred Revenue, by Arrangement, Disclosure | ' | |||||||
The following table sets forth information regarding the changes in deferred revenue: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Deferred revenue, beginning of period | $ | 42,133 | $ | 2,501 | ||||
Revenue deferred | 85,819 | 8,219 | ||||||
Revenue recognized (1) | (27,206 | ) | (1,441 | ) | ||||
Deferred revenue, end of period | $ | 100,746 | $ | 9,279 | ||||
(1) Revenue is recognized as a component of sales revenue on the condensed consolidated statements of operations. |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Schedule of Related Party Transactions | ' | |||||||
During the three months ended March 31, 2014 and 2013, we recorded related party operating expenses as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
General and administrative expenses—related party | (In thousands) | |||||||
Property lease expense | $ | 1,206 | $ | 1,198 | ||||
Restricted stock compensation expense | 1,282 | 311 | ||||||
Aircraft operating and lease expense | 2,768 | 1,088 | ||||||
Salaries and wages, general & administrative and other expenses | 128 | 131 | ||||||
Reimbursement of certain general and administrative expenses | (77 | ) | (77 | ) | ||||
Total general and administrative expenses—related party | $ | 5,307 | $ | 2,651 | ||||
During the three months ended March 31, 2014 and 2013, we recorded related party interest expense as follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Senior secured debt interest expense—related party | ||||||||
Senior secured debt interest expense—Verde | $ | — | $ | 142 | ||||
Senior secured debt interest expense—CEO | — | 16 | ||||||
Total senior debt interest expense—related party | $ | — | $ | 158 | ||||
Shareholders_Equity_Dividends_1
Shareholders' Equity, Dividends & Stock Compensation (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Stockholders' Equity Note [Abstract] | ' | ||||
Schedule of Vesting of Restricted Stock Award | ' | ||||
Period 1 | Period 2 | Period 3 | |||
(3/20/14-12/31/14) | (1/31/15-12/31/15) | (1/31/16-12/31/16) | |||
9 Months | 12 Months | 12 Months | |||
17.84% | 17.84% | 17.83% |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | |||||||||||||||
The following is a summary of carrying values presented within the balance sheet and fair value of our financial instruments for each period presented: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets | (In thousands) | |||||||||||||||
Finance receivables, net (1) | $ | 1,775,199 | $ | — | $ | — | $ | 1,934,652 | ||||||||
Shareholder notes receivable | 28,542 | — | 28,542 | — | ||||||||||||
Liabilities | ||||||||||||||||
Securitization debt | 869,848 | 885,089 | — | — | ||||||||||||
Portfolio term residual financing | 50,000 | — | 47,573 | — | ||||||||||||
Bank term financings | 184,059 | — | 184,059 | — | ||||||||||||
Portfolio warehouse facilities | 302,000 | — | 302,000 | — | ||||||||||||
Senior secured notes payable | 253,083 | 271,748 | — | — | ||||||||||||
Revolving inventory facility | 130,000 | — | 130,298 | — | ||||||||||||
Mortgage note payable | 12,171 | — | 12,745 | — | ||||||||||||
Real estate facility | 12,811 | — | 13,086 | — | ||||||||||||
December 31, 2013 | ||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets | (In thousands) | |||||||||||||||
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 | — | ||||||||||||
(1) | Represents finance receivable principal balances, plus accrued interest, less the allowance for credit losses. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Schedule of Revenue and Pretax Profit Reported in Discontinued Operations | ' | |||||||
A summary of revenue and income before income taxes reported in discontinued operations follows: | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Total revenue | $ | — | $ | 2,803 | ||||
Income before income taxes | — | 768 | ||||||
Supplemental_Consolidating_Fin1
Supplemental Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Consolidating Balance Sheets | ' | |||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corp | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Eliminations | DriveTime | |||||||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Company | Subsidiaries | Subsidiaries | Company | Automotive | ||||||||||||||||||||||||||||||||||||||||||
Combined | Combined | Combined | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 10,231 | $ | 4,115 | $ | 5 | $ | — | $ | 14,351 | $ | 5 | $ | 736 | $ | 16,105 | $ | — | $ | 16,846 | $ | — | $ | 31,197 | ||||||||||||||||||||||||
Restricted cash and investments held in trust | — | — | — | — | — | 21,799 | 121,810 | — | — | 143,609 | — | 143,609 | ||||||||||||||||||||||||||||||||||||
Finance receivables | — | — | — | — | — | — | — | 2,131,714 | — | 2,131,714 | — | 2,131,714 | ||||||||||||||||||||||||||||||||||||
Allowance for credit losses | — | — | — | — | — | — | — | (319,753 | ) | — | (319,753 | ) | — | (319,753 | ) | |||||||||||||||||||||||||||||||||
Finance receivables, net | — | — | — | — | — | — | — | 1,811,961 | — | 1,811,961 | — | 1,811,961 | ||||||||||||||||||||||||||||||||||||
Vehicle inventory | 286,012 | — | — | (618 | ) | 285,394 | — | — | — | — | — | — | 285,394 | |||||||||||||||||||||||||||||||||||
Property and equipment, net | 84,738 | 391 | — | — | 85,129 | 4,163 | 15,261 | 2,162 | — | 21,586 | — | 106,715 | ||||||||||||||||||||||||||||||||||||
Lease fleet vehicles, net | 74,434 | — | — | — | 74,434 | — | — | — | — | — | — | 74,434 | ||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | — | — | 146,965 | (146,965 | ) | — | — | — | 338,903 | (338,903 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
Other assets | 2,368,646 | 34,650 | 643,199 | (704,932 | ) | 2,341,563 | 1,304,398 | 1,948,062 | 2,257,632 | (3,238,717 | ) | 2,271,375 | (4,542,550 | ) | 70,388 | |||||||||||||||||||||||||||||||||
Shareholder notes receivable | — | — | — | — | — | — | — | 28,542 | — | 28,542 | — | 28,542 | ||||||||||||||||||||||||||||||||||||
Total Assets | $ | 2,824,061 | $ | 39,156 | $ | 790,169 | $ | (852,515 | ) | $ | 2,800,871 | $ | 1,330,365 | $ | 2,085,869 | $ | 4,455,305 | $ | (3,577,620 | ) | $ | 4,293,919 | $ | (4,542,550 | ) | $ | 2,552,240 | |||||||||||||||||||||
LIABILITIES & SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Payables and other accrued expenses | 2,467,944 | 2,017 | 602,517 | (704,283 | ) | 2,368,195 | 1,651,449 | 7,804 | 3,903,077 | (3,238,717 | ) | 2,323,613 | (4,542,550 | ) | 149,258 | |||||||||||||||||||||||||||||||||
Deferred revenue | 100,746 | — | — | — | 100,746 | — | — | — | — | — | — | 100,746 | ||||||||||||||||||||||||||||||||||||
Portfolio warehouse facilities | — | — | — | — | — | — | 302,000 | — | — | 302,000 | — | 302,000 | ||||||||||||||||||||||||||||||||||||
Portfolio term financings | — | — | — | — | — | — | 1,103,907 | — | — | 1,103,907 | — | 1,103,907 | ||||||||||||||||||||||||||||||||||||
Senior secured notes payable | — | — | 126,542 | — | 126,542 | — | — | 126,541 | — | 126,541 | — | 253,083 | ||||||||||||||||||||||||||||||||||||
Other secured notes payable | 130,000 | 12,811 | — | — | 142,811 | — | 12,171 | — | — | 12,171 | — | 154,982 | ||||||||||||||||||||||||||||||||||||
Total Liabilities | 2,698,690 | 14,828 | 729,059 | (704,283 | ) | 2,738,294 | 1,651,449 | 1,425,882 | 4,029,618 | (3,238,717 | ) | 3,868,232 | (4,542,550 | ) | 2,063,976 | |||||||||||||||||||||||||||||||||
Shareholders’ Equity: | ||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest - Inilex | — | 2,734 | — | (3,942 | ) | (1,208 | ) | — | — | — | — | — | 336 | (872 | ) | |||||||||||||||||||||||||||||||||
Shareholders’ equity | 125,371 | 21,594 | 61,110 | (144,290 | ) | 63,785 | (321,084 | ) | 659,987 | 425,687 | (338,903 | ) | 425,687 | (336 | ) | 489,136 | ||||||||||||||||||||||||||||||||
Total Equity | 125,371 | 24,328 | 61,110 | (148,232 | ) | 62,577 | (321,084 | ) | 659,987 | 425,687 | (338,903 | ) | 425,687 | — | 488,264 | |||||||||||||||||||||||||||||||||
Total Liabilities & Shareholders’ Equity | $ | 2,824,061 | $ | 39,156 | $ | 790,169 | $ | (852,515 | ) | $ | 2,800,871 | $ | 1,330,365 | $ | 2,085,869 | $ | 4,455,305 | $ | (3,577,620 | ) | $ | 4,293,919 | $ | (4,542,550 | ) | $ | 2,552,240 | |||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corp | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | |||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | ||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiaries | 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 | — | — | — | — | — | 12,707 | 102,493 | — | — | 115,200 | — | 115,200 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
Vehicle 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, net | 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 notes receivable | — | — | — | — | — | — | — | 28,542 | — | 28,542 | — | 28,542 | ||||||||||||||||||||||||||||||||||||
Total Assets | $ | 2,539,316 | $ | 38,147 | $ | 830,264 | $ | (956,458 | ) | $ | 2,451,269 | $ | 1,199,294 | $ | 1,897,644 | $ | 4,052,475 | $ | (3,374,928 | ) | $ | 3,774,485 | $ | (3,899,368 | ) | $ | 2,326,386 | |||||||||||||||||||||
LIABILITIES & SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Payables and other accrued expenses | 2,125,853 | 2,067 | 599,332 | (696,323 | ) | 2,030,929 | 1,388,632 | 6,763 | 3,539,609 | (2,956,837 | ) | 1,978,167 | (3,899,368 | ) | 109,728 | |||||||||||||||||||||||||||||||||
Deferred revenue | 42,101 | 32 | — | — | 42,133 | — | — | — | — | — | — | 42,133 | ||||||||||||||||||||||||||||||||||||
Portfolio warehouse facilities | — | — | — | — | — | — | 283,400 | — | — | 283,400 | — | 283,400 | ||||||||||||||||||||||||||||||||||||
Portfolio term financings | — | — | — | — | — | — | 987,821 | — | — | 987,821 | — | 987,821 | ||||||||||||||||||||||||||||||||||||
Senior secured notes payable | — | — | 126,658 | — | 126,658 | — | — | 126,658 | — | 126,658 | — | 253,316 | ||||||||||||||||||||||||||||||||||||
Other secured notes payable | 136,321 | 13,412 | — | — | 149,733 | — | 12,231 | — | — | 12,231 | — | 161,964 | ||||||||||||||||||||||||||||||||||||
Total Liabilities | 2,304,275 | 15,511 | 725,990 | (696,323 | ) | 2,349,453 | 1,388,632 | 1,290,215 | 3,666,267 | (2,956,837 | ) | 3,388,277 | (3,899,368 | ) | 1,838,362 | |||||||||||||||||||||||||||||||||
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 | $ | 1,199,294 | $ | 1,897,644 | $ | 4,052,475 | $ | (3,374,928 | ) | $ | 3,774,485 | $ | (3,899,368 | ) | $ | 2,326,386 | |||||||||||||||||||||
Schedule of Consolidating Statements of Operations | ' | |||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corp | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Eliminations | DriveTime | |||||||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Company | Subsidiaries | Subsidiaries | Company | Automotive | ||||||||||||||||||||||||||||||||||||||||||
Combined | Combined | Combined | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales revenue | $ | 365,500 | $ | — | $ | 18,145 | $ | — | $ | 383,645 | $ | 13 | $ | — | $ | 683 | $ | (33 | ) | $ | 663 | $ | (32,146 | ) | $ | 352,162 | ||||||||||||||||||||||
Interest income | — | — | — | — | — | — | 86,375 | 1,886 | — | 88,261 | — | 88,261 | ||||||||||||||||||||||||||||||||||||
Other income | 9,815 | 5,721 | — | (2,659 | ) | 12,877 | 19,805 | — | 45 | (19,382 | ) | 468 | — | 13,345 | ||||||||||||||||||||||||||||||||||
Equity in income of subsidiaries | — | — | 56,768 | (56,768 | ) | — | — | — | 58,212 | (58,212 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
Total Revenue | 375,315 | 5,721 | 74,913 | (59,427 | ) | 396,522 | 19,818 | 86,375 | 60,826 | (77,627 | ) | 89,392 | (32,146 | ) | 453,768 | |||||||||||||||||||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | 258,661 | 2,953 | — | (2,366 | ) | 259,248 | — | — | — | — | — | — | 259,248 | |||||||||||||||||||||||||||||||||||
Provision for credit losses | — | — | — | — | — | — | — | 89,084 | — | 89,084 | — | 89,084 | ||||||||||||||||||||||||||||||||||||
Portfolio debt interest expense | — | — | — | — | — | — | 11,039 | — | — | 11,039 | — | 11,039 | ||||||||||||||||||||||||||||||||||||
Non-portfolio debt interest expense | 1,656 | 148 | 5 | — | 1,809 | — | 182 | 19,274 | — | 19,456 | (19,590 | ) | 1,675 | |||||||||||||||||||||||||||||||||||
Senior secured debt interest expense | — | — | 4,016 | — | 4,016 | — | — | 4,017 | — | 4,017 | — | 8,033 | ||||||||||||||||||||||||||||||||||||
Selling and marketing | 12,037 | — | — | — | 12,037 | — | — | — | — | — | — | 12,037 | ||||||||||||||||||||||||||||||||||||
General and administrative | 38,163 | 1,298 | 4,900 | — | 44,361 | 17,843 | 18,427 | 14,456 | (19,415 | ) | 31,311 | (12,556 | ) | 63,116 | ||||||||||||||||||||||||||||||||||
Depreciation expense | 8,706 | 76 | — | — | 8,782 | 347 | 143 | 368 | — | 858 | — | 9,640 | ||||||||||||||||||||||||||||||||||||
Total Costs and Expenses | 319,223 | 4,475 | 8,921 | (2,366 | ) | 330,253 | 18,190 | 29,791 | 127,199 | (19,415 | ) | 155,765 | (32,146 | ) | 453,872 | |||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 56,092 | 1,246 | 65,992 | (57,061 | ) | 66,269 | 1,628 | 56,584 | (66,373 | ) | (58,212 | ) | (66,373 | ) | — | (104 | ) | |||||||||||||||||||||||||||||||
Income tax expense | — | 516 | 28 | — | 544 | — | — | 357 | — | 357 | — | 901 | ||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 56,092 | $ | 730 | $ | 65,964 | $ | (57,061 | ) | $ | 65,725 | $ | 1,628 | $ | 56,584 | $ | (66,730 | ) | $ | (58,212 | ) | $ | (66,730 | ) | $ | — | $ | (1,005 | ) | |||||||||||||||||||
Income from discontinued operations, net of taxes | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net income (loss) | 56,092 | 730 | 65,964 | (57,061 | ) | 65,725 | 1,628 | 56,584 | (66,730 | ) | (58,212 | ) | (66,730 | ) | — | (1,005 | ) | |||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests - Inilex | — | 54 | — | (645 | ) | (591 | ) | — | — | — | — | — | — | (591 | ) | |||||||||||||||||||||||||||||||||
Net Income Attributable to DriveTime Consolidated | $ | 56,092 | $ | 676 | $ | 65,964 | $ | (56,416 | ) | $ | 66,316 | $ | 1,628 | $ | 56,584 | $ | (66,730 | ) | $ | (58,212 | ) | $ | (66,730 | ) | $ | — | $ | (414 | ) | |||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corp | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | DriveTime | |||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | Automotive | ||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiaries | Combined | Subsidiaries | Group, Inc. | ||||||||||||||||||||||||||||||||||||||||||||
Combined | and | |||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales revenue | $ | 309,468 | $ | — | $ | — | $ | — | $ | 309,468 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 309,468 | ||||||||||||||||||||||||
Interest income | — | — | — | — | — | — | 73,291 | 75,249 | (73,569 | ) | 74,971 | — | 74,971 | |||||||||||||||||||||||||||||||||||
Other income | 12,130 | — | 12,546 | — | 24,676 | 15,980 | — | 523 | (15,536 | ) | 967 | (25,054 | ) | 589 | ||||||||||||||||||||||||||||||||||
Equity in income of subsidiaries | — | — | 71,391 | (71,391 | ) | — | — | — | 50,153 | (50,153 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
Total Revenue | 321,598 | — | 83,937 | (71,391 | ) | 334,144 | 15,980 | 73,291 | 125,925 | (139,258 | ) | 75,938 | (25,054 | ) | 385,028 | |||||||||||||||||||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | 211,638 | — | — | — | 211,638 | — | — | — | — | — | — | 211,638 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | — | — | — | — | — | — | — | 77,842 | — | 77,842 | — | 77,842 | ||||||||||||||||||||||||||||||||||||
Portfolio debt interest expense | — | — | — | — | — | — | 10,186 | — | — | 10,186 | — | 10,186 | ||||||||||||||||||||||||||||||||||||
Non-portfolio debt interest expense | 957 | 135 | 13 | — | 1,105 | 20 | 464 | 86,788 | (73,569 | ) | 13,703 | (13,489 | ) | 1,319 | ||||||||||||||||||||||||||||||||||
Senior secured debt interest expense | — | — | 3,321 | — | 3,321 | — | — | 3,320 | — | 3,320 | — | 6,641 | ||||||||||||||||||||||||||||||||||||
Selling and marketing | 8,982 | — | — | — | 8,982 | 1 | — | (79 | ) | — | (78 | ) | — | 8,904 | ||||||||||||||||||||||||||||||||||
General and administrative | 24,837 | (952 | ) | 2,195 | — | 26,080 | 14,668 | 14,124 | 17,287 | (15,536 | ) | 30,543 | (11,565 | ) | 45,058 | |||||||||||||||||||||||||||||||||
Depreciation expense | 4,527 | — | — | — | 4,527 | 288 | 135 | 327 | — | 750 | — | 5,277 | ||||||||||||||||||||||||||||||||||||
Total Costs and Expenses | 250,941 | (817 | ) | 5,529 | — | 255,653 | 14,977 | 24,909 | 185,485 | (89,105 | ) | 136,266 | (25,054 | ) | 366,865 | |||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 70,657 | 817 | 78,408 | (71,391 | ) | 78,491 | 1,003 | 48,382 | (59,560 | ) | (50,153 | ) | (60,328 | ) | — | 18,163 | ||||||||||||||||||||||||||||||||
Income tax expense | — | 83 | 70 | — | 153 | — | — | 189 | — | 189 | — | 342 | ||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 70,657 | $ | 734 | $ | 78,338 | $ | (71,391 | ) | $ | 78,338 | $ | 1,003 | $ | 48,382 | $ | (59,749 | ) | $ | (50,153 | ) | $ | (60,517 | ) | $ | — | $ | 17,821 | ||||||||||||||||||||
Income from discontinued operations, net of taxes | — | — | — | — | — | 768 | — | — | — | 768 | — | 768 | ||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 70,657 | $ | 734 | $ | 78,338 | $ | (71,391 | ) | $ | 78,338 | $ | 1,771 | $ | 48,382 | $ | (59,749 | ) | $ | (50,153 | ) | $ | (59,749 | ) | $ | — | $ | 18,589 | ||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests - Inilex | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net Income Attributable to DriveTime Consolidated | $ | 70,657 | $ | 734 | $ | 78,338 | $ | (71,391 | ) | $ | 78,338 | $ | 1,771 | $ | 48,382 | $ | (59,749 | ) | $ | (50,153 | ) | $ | (59,749 | ) | $ | — | $ | 18,589 | ||||||||||||||||||||
Schedule of Consolidating Statements of Cash Flows | ' | |||||||||||||||||||||||||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corp | DriveTime | ||||||||||||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||||||||||||
Group, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Eliminations | Subsidiaries | |||||||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | Company | Subsidiaries | Subsidiaries | Company | |||||||||||||||||||||||||||||||||||||||||||
Combined | Combined | Combined | ||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 56,092 | $ | 730 | $ | 65,964 | $ | (57,061 | ) | $ | 65,725 | $ | 1,628 | $ | 56,584 | $ | (66,730 | ) | $ | (58,212 | ) | $ | (66,730 | ) | $ | — | $ | (1,005 | ) | |||||||||||||||||||
Net loss attributable to noncontrolling interest - Inilex | — | (54 | ) | — | 645 | 591 | — | — | — | — | — | — | 591 | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to DriveTime consolidated | $ | 56,092 | $ | 676 | $ | 65,964 | $ | (56,416 | ) | $ | 66,316 | $ | 1,628 | $ | 56,584 | $ | (66,730 | ) | $ | (58,212 | ) | $ | (66,730 | ) | $ | — | $ | (414 | ) | |||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | — | — | — | — | — | — | — | 89,084 | — | 89,084 | — | 89,084 | ||||||||||||||||||||||||||||||||||||
Depreciation expense | 8,706 | 76 | — | — | 8,782 | 347 | 143 | 368 | — | 858 | — | 9,640 | ||||||||||||||||||||||||||||||||||||
Amortization of debt issuance costs and debt premium and discount | 41 | 18 | 71 | — | 130 | — | 1,297 | 71 | — | 1,368 | — | 1,498 | ||||||||||||||||||||||||||||||||||||
Non-cash compensation expense-related party | — | — | 641 | — | 641 | — | — | 641 | — | 641 | — | 1,282 | ||||||||||||||||||||||||||||||||||||
Loss (gain) from disposal of property and equipment | (111 | ) | — | — | — | (111 | ) | 556 | — | (5 | ) | — | 551 | — | 440 | |||||||||||||||||||||||||||||||||
Originations of finance receivables | — | — | — | — | — | — | — | (416,390 | ) | — | (416,390 | ) | — | (416,390 | ) | |||||||||||||||||||||||||||||||||
Collections and recoveries on finance receivable principal balances | — | — | — | — | — | — | — | 155,636 | — | 155,636 | — | 155,636 | ||||||||||||||||||||||||||||||||||||
Change in accrued interest receivable and loan origination costs | — | — | — | — | — | — | — | (876 | ) | — | (876 | ) | — | (876 | ) | |||||||||||||||||||||||||||||||||
(Increase) decrease in inventory | 34,394 | — | — | (221 | ) | 34,173 | — | — | — | — | — | — | 34,173 | |||||||||||||||||||||||||||||||||||
Change in other assets | (434,522 | ) | (11,429 | ) | (69,860 | ) | 64,597 | (451,214 | ) | (255,037 | ) | (171,650 | ) | (118,052 | ) | 340,092 | (204,647 | ) | 643,182 | (12,679 | ) | |||||||||||||||||||||||||||
Increase (decrease) in deferred revenue | 58,645 | (33 | ) | — | — | 58,612 | — | — | — | — | — | — | 58,612 | |||||||||||||||||||||||||||||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 342,092 | (49 | ) | 3,184 | (7,960 | ) | 337,267 | 262,817 | 1,042 | 363,466 | (281,880 | ) | 345,445 | (643,182 | ) | 39,530 | ||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 65,337 | (10,741 | ) | — | — | 54,596 | 10,311 | (112,584 | ) | 7,213 | — | (95,060 | ) | — | (40,464 | ) | ||||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from disposal of property and equipment | 678 | — | — | — | 678 | 19 | — | 5 | — | 24 | — | 702 | ||||||||||||||||||||||||||||||||||||
Purchase of property and equipment | (9,019 | ) | (20 | ) | — | — | (9,039 | ) | (1,238 | ) | (597 | ) | (203 | ) | — | (2,038 | ) | — | (11,077 | ) | ||||||||||||||||||||||||||||
Purchase of lease fleet | (46,033 | ) | — | — | — | (46,033 | ) | — | — | — | — | — | — | (46,033 | ) | |||||||||||||||||||||||||||||||||
Net cash used in investing activities | $ | (54,374 | ) | $ | (20 | ) | $ | — | $ | — | $ | (54,394 | ) | $ | (1,219 | ) | $ | (597 | ) | $ | (198 | ) | $ | — | $ | (2,014 | ) | $ | — | $ | (56,408 | ) | ||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corp | |||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Guarantor | Non-Guarantor | Parent | Eliminations | Consolidated | Eliminations | DriveTime | |||||||||||||||||||||||||||||||||||||
Subsidiaries | Subsidiary | Company | Subsidiaries | Subsidiaries | Company | Automotive | ||||||||||||||||||||||||||||||||||||||||||
Combined | Combined | Combined | Group, Inc. | |||||||||||||||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiaries | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
(Increase) decrease in restricted cash | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (9,092 | ) | $ | 388 | $ | — | $ | — | $ | (8,704 | ) | $ | — | $ | (8,704 | ) | |||||||||||||||||||||
Deposits into investments held in trust | — | — | — | — | — | — | (5,250 | ) | — | — | (5,250 | ) | — | (5,250 | ) | |||||||||||||||||||||||||||||||||
Change in investments held in trust and collection account cash | — | — | — | — | — | — | (14,455 | ) | — | — | (14,455 | ) | — | (14,455 | ) | |||||||||||||||||||||||||||||||||
Additions to portfolio term financings | — | — | — | — | — | — | 267,751 | — | — | 267,751 | — | 267,751 | ||||||||||||||||||||||||||||||||||||
Repayment of portfolio term financings | — | — | — | — | — | — | (151,665 | ) | — | — | (151,665 | ) | — | (151,665 | ) | |||||||||||||||||||||||||||||||||
Additions to portfolio warehouse facilities | — | — | — | — | — | — | 313,600 | — | — | 313,600 | — | 313,600 | ||||||||||||||||||||||||||||||||||||
Repayment of portfolio warehouse facilities | — | — | — | — | — | — | (295,000 | ) | — | — | (295,000 | ) | — | (295,000 | ) | |||||||||||||||||||||||||||||||||
Additions to senior secured notes payable | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Additions to other secured notes payable | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Repayment of other secured notes payable | (6,321 | ) | (601 | ) | — | — | (6,922 | ) | — | (60 | ) | — | — | (60 | ) | — | (6,982 | ) | ||||||||||||||||||||||||||||||
Payment of debt issuance costs | — | — | — | — | — | — | (1,980 | ) | — | — | (1,980 | ) | — | (1,980 | ) | |||||||||||||||||||||||||||||||||
Dividend distributions | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (6,321 | ) | (601 | ) | — | — | (6,922 | ) | (9,092 | ) | 113,329 | — | — | 104,237 | — | 97,315 | ||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 4,642 | (11,362 | ) | — | — | (6,720 | ) | — | 148 | 7,015 | — | 7,163 | — | 443 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 5,589 | 15,477 | 5 | — | 21,071 | 5 | 588 | 9,090 | — | 9,683 | — | 30,754 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 10,231 | $ | 4,115 | $ | 5 | $ | — | $ | 14,351 | $ | 5 | $ | 736 | $ | 16,105 | $ | — | $ | 16,846 | $ | — | $ | 31,197 | ||||||||||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corp | DriveTime | ||||||||||||||||||||||||||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||||||||||||||||||||||||||
Group, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor | Non- | Parent | Eliminations | Consolidated | Guarantor | Non- | Parent | Eliminations | Consolidated | Eliminations | Subsidiaries | |||||||||||||||||||||||||||||||||||||
Subsidiaries | Guarantor | Company | Subsidiaries | Guarantor | Company | |||||||||||||||||||||||||||||||||||||||||||
Combined | Subsidiaries | Combined | Subsidiaries | |||||||||||||||||||||||||||||||||||||||||||||
Combined | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 70,657 | $ | 734 | $ | 78,338 | $ | (71,391 | ) | $ | 78,338 | $ | 1,771 | $ | 48,382 | $ | (59,749 | ) | $ | (50,153 | ) | $ | (59,749 | ) | $ | — | $ | 18,589 | ||||||||||||||||||||
Income from discontinued operations | — | — | — | — | — | (768 | ) | — | — | — | (768 | ) | — | (768 | ) | |||||||||||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | — | — | — | — | — | — | — | 77,842 | — | 77,842 | — | 77,842 | ||||||||||||||||||||||||||||||||||||
Depreciation expense | 4,527 | — | — | — | 4,527 | 288 | 135 | 327 | — | 750 | — | 5,277 | ||||||||||||||||||||||||||||||||||||
Amortization of debt issuance costs and debt premium and discount | 41 | 15 | 164 | — | 220 | — | 1,276 | 164 | — | 1,440 | — | 1,660 | ||||||||||||||||||||||||||||||||||||
Non-cash compensation expense-related party | — | — | 155 | — | 155 | — | — | 156 | — | 156 | — | 311 | ||||||||||||||||||||||||||||||||||||
Loss from disposal of property and equipment | (41 | ) | — | — | — | (41 | ) | 91 | — | (19 | ) | — | 72 | — | 31 | |||||||||||||||||||||||||||||||||
Originations of finance receivables | — | — | — | — | — | — | — | (311,829 | ) | — | (311,829 | ) | — | (311,829 | ) | |||||||||||||||||||||||||||||||||
Collections and recoveries on finance receivable principal balances | — | — | — | — | — | — | — | 151,103 | — | 151,103 | — | 151,103 | ||||||||||||||||||||||||||||||||||||
Decrease in accrued interest receivable and loan origination costs | — | — | — | — | — | — | — | 423 | — | 423 | — | 423 | ||||||||||||||||||||||||||||||||||||
Decrease in inventory | 41,857 | — | — | — | 41,857 | — | — | — | — | — | — | 41,857 | ||||||||||||||||||||||||||||||||||||
Change in other assets | (398,590 | ) | 332 | (81,588 | ) | 66,267 | (413,579 | ) | (196,465 | ) | (61,554 | ) | (219,895 | ) | 303,856 | (174,058 | ) | 558,823 | (28,814 | ) | ||||||||||||||||||||||||||||
Increase in deferred revenue | 6,751 | 28 | — | — | 6,779 | — | — | — | — | — | — | 6,779 | ||||||||||||||||||||||||||||||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 257,929 | (616 | ) | 2,931 | 5,124 | 265,368 | 204,125 | (108 | ) | 364,567 | (257,906 | ) | 310,678 | (558,823 | ) | 17,223 | ||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | (16,869 | ) | 493 | — | — | (16,376 | ) | 9,042 | (11,869 | ) | 3,090 | (4,203 | ) | (3,940 | ) | — | (20,316 | ) | ||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities from discontinued operations | — | — | — | — | — | 1,351 | — | — | — | 1,351 | — | 1,351 | ||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (16,869 | ) | 493 | — | — | (16,376 | ) | 10,393 | (11,869 | ) | 3,090 | (4,203 | ) | (2,589 | ) | — | (18,965 | ) | ||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from disposal of property and equipment | 453 | — | — | — | 453 | 96 | — | 92 | — | 188 | — | 641 | ||||||||||||||||||||||||||||||||||||
Purchase of property and equipment | (7,194 | ) | — | — | — | (7,194 | ) | (133 | ) | (131 | ) | (227 | ) | — | (491 | ) | — | (7,685 | ) | |||||||||||||||||||||||||||||
Net cash used in investing activities from continuing operations | (6,741 | ) | — | — | — | (6,741 | ) | (37 | ) | (131 | ) | (135 | ) | — | (303 | ) | — | (7,044 | ) | |||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities from discontinued operations | — | — | — | — | — | (33,909 | ) | — | — | — | (33,909 | ) | — | (33,909 | ) | |||||||||||||||||||||||||||||||||
Net cash used in investing activities | $ | (6,741 | ) | $ | — | $ | — | $ | — | $ | (6,741 | ) | $ | (33,946 | ) | $ | (131 | ) | $ | (135 | ) | $ | — | $ | (34,212 | ) | $ | — | $ | (40,953 | ) | |||||||||||||||||
DriveTime Automotive Group, Inc. | DT Acceptance Corp | 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 Financing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Increase in restricted cash | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (8,864 | ) | $ | (6,896 | ) | $ | — | $ | — | $ | (15,760 | ) | $ | — | $ | (15,760 | ) | ||||||||||||||||||||
Change in investments held in trust and collection account cash | — | — | — | — | — | — | (4,255 | ) | — | — | (4,255 | ) | — | (4,255 | ) | |||||||||||||||||||||||||||||||||
Additions to portfolio warehouse facilities | — | — | — | — | — | — | 75,000 | — | — | 75,000 | — | 75,000 | ||||||||||||||||||||||||||||||||||||
Repayment of portfolio warehouse facilities | — | — | — | — | — | — | (139,410 | ) | — | 4,203 | (135,207 | ) | — | (135,207 | ) | |||||||||||||||||||||||||||||||||
Additions to portfolio term financings | — | — | — | — | — | — | 210,300 | — | — | 210,300 | — | 210,300 | ||||||||||||||||||||||||||||||||||||
Repayment of portfolio term financings | — | — | — | — | — | — | (122,500 | ) | — | — | (122,500 | ) | — | (122,500 | ) | |||||||||||||||||||||||||||||||||
Additions to other secured notes payable | 20,000 | — | — | — | 20,000 | — | — | — | — | — | — | 20,000 | ||||||||||||||||||||||||||||||||||||
Repayment of other secured notes payable | — | (464 | ) | — | — | (464 | ) | (93 | ) | (57 | ) | — | — | (150 | ) | — | (614 | ) | ||||||||||||||||||||||||||||||
Payment of debt issuance costs | — | — | — | — | — | — | (348 | ) | — | — | (348 | ) | — | (348 | ) | |||||||||||||||||||||||||||||||||
Dividend distributions | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities from continuing operations | 20,000 | (464 | ) | — | — | 19,536 | (8,957 | ) | 11,834 | — | 4,203 | 7,080 | — | 26,616 | ||||||||||||||||||||||||||||||||||
Net cash provided by financing activities from discontinued operations | — | — | — | — | — | 32,553 | — | — | — | 32,553 | — | 32,553 | ||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 20,000 | (464 | ) | — | — | 19,536 | 23,596 | 11,834 | — | 4,203 | 39,633 | — | 59,169 | |||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (3,610 | ) | 29 | — | — | (3,581 | ) | 43 | (166 | ) | 2,955 | — | 2,832 | — | (749 | ) | ||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 6,937 | 481 | 5 | — | 7,423 | 10 | 423 | 18,624 | — | 19,057 | — | 26,480 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | 3,327 | 510 | 5 | — | 3,842 | 53 | 257 | 21,579 | — | 21,889 | — | 25,731 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents from discontinued operations at end of period | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalent from continuing operations at end of period | $ | 3,327 | $ | 510 | $ | 5 | $ | — | $ | 3,842 | $ | 53 | $ | 257 | $ | 21,579 | $ | — | $ | 21,889 | $ | — | $ | 25,731 | ||||||||||||||||||||||||
Description_Of_Business_Owners2
Description Of Business, Ownership Formation, Basis Of Presentation, and Principles Of Consolidation (Details) | 3 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
dealership | DriveTime Automotive Group, Inc [Member] | DriveTime Automotive Group, Inc [Member] | DriveTime Automotive Group, Inc [Member] | DriveTime Automotive Group, Inc [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |
state | 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] | |
facility | |||||||||
Schedule of Company Ownership by Owner [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of dealerships | 110 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reconditioning facilities | 21 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of states in which entity operates | 20 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares owned | ' | 100 | 100 | 2.4939 | 2.4939 | 100 | 100 | 2.4939 | 2.4939 |
Ownership percentage of company | ' | 97.60% | 97.60% | 2.40% | 2.40% | 97.60% | 97.60% | 2.40% | 2.40% |
DTAG loans as a percentage of loans DTAC is required to purchase | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted_Cash_and_Investment2
Restricted Cash and Investments Held in Trust (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Restricted Cash and Investments [Abstract] | ' | ' |
Restricted cash | $39,774 | $31,070 |
Investments held in trust | 103,835 | 84,130 |
Restricted cash and investments held in trust | $143,609 | $115,200 |
Finance_Receivables_Summary_of
Finance Receivables - Summary of Finance Receivables (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Receivables [Abstract] | ' | ' | ' |
Principal balances | $2,068,792 | $1,871,576 | $1,706,773 |
Recovery receivables | 24,122 | 29,432 | ' |
Accrued interest | 18,609 | 19,522 | ' |
Loan origination costs | 20,191 | 18,401 | ' |
Total finance receivables | $2,131,714 | $1,938,931 | ' |
Finance_Receivables_Age_Analys
Finance Receivables - Age Analysis of Past Due Finance Receivables (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Statement of Financial Position [Abstract] | ' | ' | ' |
Percent of Loans, Current | 63.00% | 53.70% | 61.40% |
Loan Principle, Current | $1,303,338 | $1,005,036 | $1,047,839 |
Percent of Loans, 01-30 Days | 26.40% | 30.00% | 28.00% |
Loan Principle, 01-30 Days | 546,161 | 561,473 | 478,733 |
Percent of Loans, 31-60 Days | 6.00% | 9.00% | 6.90% |
Loan Principle, 31-60 Days | 124,128 | 168,442 | 117,699 |
Percent of Loans, 61-90 Days | 3.00% | 4.90% | 3.20% |
Loan Principle, 61-90 Days | 62,064 | 91,707 | 54,531 |
Percent of Loans, 911-120 Days | 1.60% | 2.40% | 0.50% |
Loan Principle, 91-120 Days | 33,101 | 44,918 | 7,971 |
Percent of Loans, Total Past Due | 37.00% | 46.30% | 38.60% |
Loan Principle, Total Past Due | 765,454 | 866,540 | 658,934 |
Percent of Loans, Total Finance Receivable | 100.00% | 100.00% | 100.00% |
Loan Principal, Total Finance Receivable | $2,068,792 | $1,871,576 | $1,706,773 |
Finance_Receivables_Credit_Qua
Finance Receivables - Credit Quality Indicators (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | ||
In Thousands, unless otherwise specified | loan | loan | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Percentage of Portfolio Loans | 100.00% | 100.00% | ' | ||
Total Loans | 160,270 | 150,830 | ' | ||
Percentage of Portfolio Principal | 100.00% | 100.00% | ' | ||
Loan Principal | $2,068,792 | $1,871,576 | $1,706,773 | ||
Internally Assigned Credit Grade A [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Average FICO Score | 547 | [1] | 547 | [1] | ' |
Percentage of Portfolio Loans | 28.60% | 29.00% | ' | ||
Total Loans | 45,837 | 43,730 | ' | ||
Percentage of Portfolio Principal | 28.80% | 29.50% | ' | ||
Loan Principal | 596,745 | 551,251 | ' | ||
Internally Assigned Credit Grade B [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Average FICO Score | 519 | [1] | 519 | [1] | ' |
Percentage of Portfolio Loans | 38.20% | 38.30% | ' | ||
Total Loans | 61,224 | 57,836 | ' | ||
Percentage of Portfolio Principal | 38.60% | 38.90% | ' | ||
Loan Principal | 797,989 | 727,192 | ' | ||
Internally Assigned Credit Grade C [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Average FICO Score | 506 | [1] | 505 | [1] | ' |
Percentage of Portfolio Loans | 28.90% | 28.20% | ' | ||
Total Loans | 46,318 | 42,480 | ' | ||
Percentage of Portfolio Principal | 28.80% | 27.80% | ' | ||
Loan Principal | 595,843 | 519,653 | ' | ||
Internally Assigned Credit Grade C-/D [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Average FICO Score | 481 | [1] | 484 | [1] | ' |
Percentage of Portfolio Loans | 4.30% | 4.50% | ' | ||
Total Loans | 6,891 | 6,784 | ' | ||
Percentage of Portfolio Principal | 3.80% | 3.80% | ' | ||
Loan Principal | $78,215 | $73,480 | ' | ||
[1] | Average FICO score is provided as an external metric of credit quality. FICO score is not utilized as the primary tool in determining internal credit grade. |
Finance_Receivables_Concentrat
Finance Receivables - Concentration of Credit Risk (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | ||
In Thousands, unless otherwise specified | |||||
Concentration Risk [Line Items] | ' | ' | ' | ||
Percent of Portfolio | 100.00% | 100.00% | ' | ||
Loan Principal | $2,068,792 | $1,871,576 | $1,706,773 | ||
TEXAS [Member] | ' | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ' | ||
Percent of Portfolio | 21.00% | 21.20% | ' | ||
Loan Principal | 434,384 | 397,438 | ' | ||
FLORIDA [Member] | ' | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ' | ||
Percent of Portfolio | 15.60% | 15.70% | ' | ||
Loan Principal | 323,247 | 294,043 | ' | ||
NORTH CAROLINA [Member] | ' | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ' | ||
Percent of Portfolio | 8.40% | 8.70% | ' | ||
Loan Principal | 173,269 | 162,749 | ' | ||
GEORGIA [Member] | ' | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ' | ||
Percent of Portfolio | 7.80% | 7.60% | ' | ||
Loan Principal | 160,991 | 142,001 | ' | ||
ARIZONA [Member] | ' | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ' | ||
Percent of Portfolio | 6.00% | 6.40% | ' | ||
Loan Principal | 124,059 | 117,861 | ' | ||
Other States [Member] | ' | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ' | ||
Percent of Portfolio | 41.20% | [1] | 40.40% | [2] | ' |
Loan Principal | $852,842 | [1] | $757,484 | [2] | ' |
Maximum [Member] | Fifteen States [Member] | ' | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ' | ||
Percent of Portfolio | 5.80% | ' | ' | ||
Maximum [Member] | Fifteen States [Member] | ' | ' | ' | ||
Concentration Risk [Line Items] | ' | ' | ' | ||
Percent of Portfolio | ' | 6.00% | ' | ||
[1] | Consists of fifteen additional states wherein the portfolio concentration per state is at or below 5.8% | ||||
[2] | Consists of fifteen additional states wherein the portfolio concentration per state is at or below 6.0%. |
Finance_Receivables_Allowance_
Finance Receivables - Allowance for Credit Losses (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Allowance Activity: | ' | ' |
Balance, beginning of period | $299,516 | $252,590 |
Provision for credit losses | 89,084 | 77,842 |
Net charge-offs | -68,847 | -60,810 |
Balance, end of period | 319,753 | 269,622 |
Allowance as a percent of portfolio principal, end of period | 15.40% | 15.70% |
Charge off Activity: | ' | ' |
Principal balances | -107,905 | -97,917 |
Recoveries, net | 39,058 | 37,107 |
Net charge-offs | ($68,847) | ($60,810) |
Leased_VehiclesDetails
Leased Vehicles(Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Leased Assets [Abstract] | ' | ' |
Lease fleet vehicles | $79,043 | $33,009 |
Less accumulated depreciation | -4,609 | -1,848 |
Lease Fleet Vehicles, net | $74,434 | $31,161 |
Debt_Obligations_Details
Debt Obligations (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Bank Term Financing [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Collateral | 226,400 | 271,800 |
Cash reserve | ' | 6,900 |
LIBOR [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Cash reserve | 6,900 | ' |
LIBOR [Member] | Bank Term Financing [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Basis spread on variable interest rate | 2.00% | ' |
Interest rate | 2.15% | 2.17% |
LIBOR [Member] | Portfolio Term Residual Financing [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Basis spread on variable interest rate | 4.50% | 4.50% |
Interest rate | 4.66% | 4.66% |
Debt_Obligations_Portfolio_Ter
Debt Obligations - Portfolio Term Financing (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ' | ' |
Portfolio term financings | $1,103,907 | $987,821 |
Securitization Debt [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Portfolio term financings | 869,848 | 713,953 |
Bank Term Financing [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Portfolio term financings | 184,059 | 223,868 |
Portfolio Term Residual Financing [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Portfolio term financings | $50,000 | $50,000 |
Debt_Obligations_Securitizatio
Debt Obligations - Securitization Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
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 | $1,103,907 | $987,821 | ||
Repurchase Option Percentage | 10.00% | ' | ||
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 | 869,848 | 713,953 | ||
Gross Receivables Pledged | 1,124,924 | 914,354 | ||
Cash Reserve | 36,450 | 31,200 | ||
2011-1 [Member] | 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 | 16,922 | 22,772 | ||
Gross Receivables Pledged | 22,845 | 31,271 | ||
Cash Reserve | 4,200 | 4,200 | ||
Interest Rate | 3.00% | [1] | 3.00% | [1] |
2011-2 [Member] | 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 | 24,532 | 34,762 | ||
Gross Receivables Pledged | 31,339 | 41,954 | ||
Cash Reserve | 4,500 | 4,500 | ||
Interest Rate | 2.90% | [1] | 2.90% | [1] |
2011-3 [Member] | 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 | 49,515 | 61,485 | ||
Gross Receivables Pledged | 59,724 | 75,037 | ||
Cash Reserve | 4,500 | 4,500 | ||
Interest Rate | 3.90% | [1] | 3.90% | [1] |
2012-1 [Member] | 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 | 77,377 | 90,175 | ||
Gross Receivables Pledged | 99,682 | 117,529 | ||
Cash Reserve | 4,500 | 4,500 | ||
Interest Rate | 3.50% | [1] | 3.50% | [1] |
2012-2 [Member] | 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 | 97,435 | 113,142 | ||
Gross Receivables Pledged | 119,387 | 138,194 | ||
Cash Reserve | 4,500 | 4,500 | ||
Interest Rate | 2.90% | [1] | 2.90% | [1] |
2013-1 [Member] | 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 | 163,150 | 181,018 | ||
Gross Receivables Pledged | 209,403 | 233,346 | ||
Cash Reserve | 4,500 | 4,500 | ||
Interest Rate | 2.70% | [1] | 2.70% | |
2013-2 [Member] | 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 | 190,510 | 210,599 | ||
Gross Receivables Pledged | 252,096 | 277,023 | ||
Cash Reserve | 4,500 | 4,500 | ||
Interest Rate | 2.90% | [1] | 2.90% | |
2014-1 [Member] | 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 | 250,407 | 0 | ||
Gross Receivables Pledged | 330,448 | 0 | ||
Cash Reserve | $5,250 | $0 | ||
Interest Rate | 2.60% | [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 $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||
In Thousands, unless otherwise specified | Deutsche Bank Warehouse Facility [Member] | Deutsche Bank Warehouse Facility [Member] | Wells Fargo Warehouse Facility [Member] | Wells Fargo Warehouse Facility [Member] | RBS Warehouse Facility [Member] | RBS Warehouse Facility [Member] | LIBOR [Member] | LIBOR [Member] | Mid- month LIBOR [Member] | ||||||||
Wells Fargo Warehouse Facility [Member] | RBS Warehouse Facility [Member] | Deutsche Bank Warehouse Facility [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Amount Drawn | $302,000 | $283,400 | $101,500 | $98,400 | $110,500 | $107,000 | $90,000 | $78,000 | ' | ' | ' | ||||||
Facility Amount | 425,000 | 425,000 | 150,000 | 150,000 | 150,000 | 150,000 | 125,000 | 125,000 | ' | ' | ' | ||||||
Stated Advance Rate | ' | ' | 65.00% | 65.00% | 66.00% | [1] | 66.00% | [1] | 65.00% | 65.00% | ' | ' | ' | ||||
Collateral | ' | ' | $183,975 | [2] | $189,970 | [2] | $173,919 | [2] | $178,685 | [2] | $147,456 | [2] | $137,497 | [2] | ' | ' | ' |
Interest Rate | ' | ' | 2.41% | [3] | 2.41% | [3] | 2.40% | [3] | 2.42% | [3] | 2.40% | [3] | 2.42% | [3] | ' | ' | ' |
Basis spread on variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | 2.25% | 2.25% | ||||||
Cash reserve as a percent of all collateral pledged | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
[1] | The Wells Fargo stated advance rate includes a cash reserve account pledged to the facility in the amount of 1% of all collateral pledged to the facility. | ||||||||||||||||
[2] | Collateral represents underlying pools of finance receivables pledged to each facility. | ||||||||||||||||
[3] | Interest rate at period end equal to contractual benchmark plus index. |
Debt_Obligations_Senior_Secure
Debt Obligations - Senior Secured Notes Payable (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | 31-May-13 | Jun. 30, 2010 |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Senior secured notes payable | $253,083,000 | $253,316,000 | ' | ' |
Senior Notes [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Senior secured notes issued | ' | ' | 50,000,000 | 200,000,000 |
Stated interest rate on debt instrument | ' | ' | ' | 12.63% |
Senior notes issuance price as percent of face amount | ' | ' | 111.00% | 98.85% |
Senior notes issued, effective yield percentage | ' | ' | 7.67% | 12.88% |
Unamortized discount of senior notes | $3,100,000 | $3,300,000 | ' | ' |
Debt_Obligations_Other_Secured
Debt Obligations - Other Secured Notes Payable (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |||||||
In Thousands, unless otherwise specified | Revolving Inventory Facility [Member] | Revolving Inventory Facility [Member] | Revolving Inventory Facility [Member] | Revolving Inventory Facility [Member] | Revolving Inventory Facility [Member] | Mortgage Note Payable [Member] | Mortgage Note Payable [Member] | Real Estate Credit Facility [Member] | Real Estate Credit Facility [Member] | Real Estate Credit Facility [Member] | Real Estate Credit Facility [Member] | |||||||||
Vehicles 151-180 Days Old [Member] | Seasonal Increase [Member] | LIBOR [Member] | property | LIBOR [Member] | LIBOR [Member] | |||||||||||||||
Properties Added to the Facility Subsequent to August 22, 2013 [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Balance | $154,982 | $161,964 | $130,000 | $136,321 | ' | $10,000 | ' | $12,171 | $12,231 | $12,811 | $13,412 | ' | ' | |||||||
Max Facility Capacity | 425,000 | 425,000 | 130,000 | 140,000 | [1] | ' | ' | ' | ' | ' | 25,000 | 25,000 | ' | ' | ||||||
Stated Advance Rate | ' | ' | 75.00% | [2] | 85.00% | [2] | 60.00% | [2] | ' | ' | ' | ' | 70.00% | 70.00% | ' | ' | ||||
Interest Rate | ' | ' | 3.50% | [3] | 3.75% | [3] | ' | ' | ' | 5.87% | [3] | 5.87% | [3] | 4.05% | [3] | 4.05% | [3] | ' | ' | |
Total other secured notes payable | $155,000 | $165,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Basis spread on variable interest rate | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | 4.00% | 3.50% | |||||||
Properties used as a collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | |||||||
[1] | Inclusive of a $10.0 million seasonal increase in the months of November through the end of January. | |||||||||||||||||||
[2] | Advance rate is based on qualifying vehicle cost and is secured by our entire vehicle inventory. | |||||||||||||||||||
[3] | Interest rate at period end equal to contractual benchmark plus index |
Accrued_Service_Contract_Liabi2
Accrued Service Contract Liability - Limited Warranty and Service Contract (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Service Contract Accrual Activity [Roll Forward] | ' | ' |
Balance, beginning of period | $15,806 | $24,420 |
Warranty expense | 0 | 8,556 |
Warranty claims paid | -3,927 | -6,355 |
Balance, end of period | $11,879 | $26,621 |
Deferred_Revenue_Changes_in_De
Deferred Revenue - Changes in Deferred Income (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Movement in Deferred Revenue [Roll Forward] | ' | ' | ||
Deferred revenue, beginning of period | $42,133 | $2,501 | ||
Revenue deferred | 85,819 | 8,219 | ||
Revenue recognized (1) | -27,206 | [1] | -1,441 | [1] |
Deferred revenue, end of period | $100,746 | $9,279 | ||
[1] | Revenue is recognized as a component of sales revenue on the condensed consolidated statements of operations. |
Related_Party_Transactions_Rel
Related Party Transactions - Related Party Operating Expenses (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Related Party Transaction [Line Items] | ' | ' |
General and administrativebrelated party | $5,307 | $2,651 |
Property lease expense [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
General and administrativebrelated party | 1,206 | 1,198 |
Restricted stock compensation expense [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
General and administrativebrelated party | 1,282 | 311 |
Aircraft operating and lease expense [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
General and administrativebrelated party | 2,768 | 1,088 |
Salaries and wages, general & administrative and other expenses | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
General and administrativebrelated party | 128 | 131 |
Reimbursement of certain general and administrative expenses | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
General and administrativebrelated party | ($77) | ($77) |
Related_Party_Transactions_Tra
Related Party Transactions - Transactions Interest Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Related Party Transaction [Line Items] | ' | ' |
Senior secured debt interest expensebrelated party | $0 | $158 |
Board of Directors Chairman [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Senior secured debt interest expensebrelated party | 0 | 142 |
Chief Executive Officer [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Senior secured debt interest expensebrelated party | $0 | $16 |
Related_Party_Transactions_Sen
Related Party Transactions - Senior Secured Notes Payable (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | 31-May-13 | Jun. 30, 2010 | Mar. 31, 2014 | Aug. 30, 2012 | Aug. 30, 2012 |
Sale of Carvana Loans [Member] | Sale of Carvana Loans [Member] | Shares Service Expenses [Member] | Shareholder Receivable [Member] | Shareholder Receivable [Member] | Shareholder Receivable [Member] | GO Financial [Member] | GO Financial [Member] | GO Financial [Member] | GO Financial [Member] | GO Financial [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | |
LIBOR [Member] | Inilex [Member] | Inilex [Member] | Inilex [Member] | Outstanding Debt Held By Related Party [Member] | Debt Purchased from Verde by Chief Executive Officer [Member] | Senior Notes Sold by Verde [Member] | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | $200,000,000 | $0 | $500,000 | $4,500,000 |
Loans purchased by related party | 4,100,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shared services revenue with related party | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursement for certain general and administrative expenses | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from related parties | ' | ' | ' | ' | 28,500,000 | ' | 500,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Dealer commission expense | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 200,000 | ' | ' | ' | ' | ' | ' |
Dealer accrued commissions | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | 0 | ' | ' | ' | ' | ' |
Loans receivable, basis spread on variable rate | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from related parties | ' | ' | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Deferred tax assets (liabilities) | ($0.80) | ($0.60) |
State tax liability | $0.50 | $0.60 |
Shareholders_Equity_Dividends_2
Shareholders' Equity, Dividends & Stock Compensation (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 28, 2010 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Dec. 28, 2010 | Jan. 31, 2008 | Jan. 31, 2008 | |
Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | DriveTime Automotive Group, Inc [Member] | DriveTime Automotive Group, Inc [Member] | DriveTime Automotive Group, Inc [Member] | DT Acceptance Corp [Member] | DT Acceptance Corp [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Vesting, Annual [Member] | Non-cash Compensation Expense [Member] | Non-cash Compensation Expense [Member] | |||
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | DriveTime Automotive Group, Inc [Member] | DriveTime Automotive Group, Inc [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Board of Directors Chairman [Member] | ||||||
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Restricted Stock [Member] | |||||||||||
Restricted Stock [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non cash compensation recorded as general and administrative expense | $5,307,000 | $2,651,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Par value of common stock | ' | ' | ' | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock authorized | ' | ' | ' | ' | ' | 1,000 | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued | ' | ' | ' | ' | ' | 102.4939 | ' | ' | 102.4939 | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock outstanding | ' | ' | ' | ' | ' | 102.4939 | ' | ' | 102.4939 | ' | ' | ' | ' | ' | ' | ' |
Dividends, percentage of the difference between net earnings and amounts paid for tax that may be included in dividends paid | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' |
Dividend distributions | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock compensation expense | ' | ' | ' | 1,300,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued in period | ' | ' | ' | ' | ' | ' | 0.7243 | ' | ' | 0.7243 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares repurchased for payment of taxes | ' | ' | ' | ' | ' | ' | 0.3042 | 0.3042 | ' | ' | ' | ' | ' | ' | ' | ' |
Residual shares owned after repurchase of shares for payment of taxes | ' | ' | ' | ' | ' | ' | 0.4201 | 0.4201 | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage of company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.71% | ' | ' | ' | ' |
Aggregate grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,600,000 | ' | ' | ' |
Vested in period | ' | ' | ' | ' | ' | ' | ' | 0.3367 | ' | ' | ' | ' | ' | ' | ' | ' |
Grants in period, unvested percentage | ' | ' | ' | 53.51% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting rights, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' |
Notes Payable Related Parties, Percentage Waivable by Payor in Event of Early Termination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% |
Notes Payable Related Parties, Percentage Deemed Compensation Expense to Payee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Shareholders_Equity_Dividends_3
Shareholders' Equity, Dividends & Stock Compensation (Vesting Schedule) (Details) (Scenario, Forecast [Member], Restricted Stock [Member], Chief Executive Officer [Member]) | 9 Months Ended | 11 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Scenario, Forecast [Member] | Restricted Stock [Member] | Chief Executive Officer [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award vesting rights, percentage | 17.84% | 17.83% | 17.84% |
Commitments_and_Contingencies_
Commitments and Contingencies - Operating Leases (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Aggregate operating lease obligations | $104.40 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Shareholder notes receivable | $28,542 | $28,542 | ||
Portfolio term financings | 1,103,907 | 987,821 | ||
Portfolio warehouse facilities | 302,000 | 283,400 | ||
Senior secured notes payable | 253,083 | 253,316 | ||
Other secured notes payable | 154,982 | 161,964 | ||
Securitization Debt [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio term financings | 869,848 | 713,953 | ||
Portfolio Term Residual Financing [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio term financings | 50,000 | 50,000 | ||
Revolving Inventory Facility [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other secured notes payable | 130,000 | 136,321 | ||
Mortgage Note Payable [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other secured notes payable | 12,171 | 12,231 | ||
Real Estate Credit Facility [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other secured notes payable | 12,811 | 13,412 | ||
Carrying Value [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Finance receivables, net | 1,775,199 | [1] | 1,598,010 | [1] |
Shareholder notes receivable | 28,542 | 28,542 | ||
Portfolio warehouse facilities | 302,000 | 283,400 | ||
Senior secured notes payable | 253,083 | 253,316 | ||
Carrying Value [Member] | Securitization Debt [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio term financings | 869,848 | 713,953 | ||
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 | 50,000 | ||
Carrying Value [Member] | Bank Term Financings [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio term financings | 184,059 | 223,868 | ||
Carrying Value [Member] | Revolving Inventory Facility [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other secured notes payable | 130,000 | 136,321 | ||
Carrying Value [Member] | Mortgage Note Payable [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other secured notes payable | 12,171 | 12,231 | ||
Carrying Value [Member] | Real Estate Credit Facility [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other secured notes payable | 12,811 | 13,412 | ||
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 | 0 | ||
Portfolio warehouse facilities | 0 | 0 | ||
Senior secured notes payable | 271,748 | 279,914 | ||
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 | 885,089 | 729,395 | ||
Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | Portfolio Term Residual Financing [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio term financings | 0 | 0 | ||
Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | Bank Term Financings [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio term financings | 0 | 0 | ||
Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | Revolving Inventory Facility [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other secured notes payable | 0 | 0 | ||
Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage Note Payable [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other secured notes payable | 0 | 0 | ||
Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | Real Estate Credit Facility [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other secured notes payable | 0 | 0 | ||
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 | 28,542 | ||
Portfolio warehouse facilities | 302,000 | 283,400 | ||
Senior secured notes payable | 0 | 0 | ||
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | Securitization Debt [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio term financings | 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 | 47,573 | 47,462 | ||
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | Bank Term Financings [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio term financings | 184,059 | 223,868 | ||
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 | 130,298 | 136,729 | ||
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 | 12,745 | 12,808 | ||
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | Real Estate Credit Facility [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other secured notes payable | 13,086 | 13,700 | ||
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 | 1,934,652 | [1] | 1,692,247 | [1] |
Shareholder notes receivable | 0 | 0 | ||
Portfolio warehouse facilities | 0 | 0 | ||
Senior secured notes payable | 0 | 0 | ||
Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | Securitization Debt [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio term financings | 0 | 0 | ||
Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | Portfolio Term Residual Financing [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio term financings | 0 | 0 | ||
Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | Bank Term Financings [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Portfolio term financings | 0 | 0 | ||
Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | Revolving Inventory Facility [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other secured notes payable | 0 | 0 | ||
Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage Note Payable [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other secured notes payable | 0 | 0 | ||
Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | Real Estate Credit Facility [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
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 $) | 3 Months Ended | 1 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | |
Securitization Debt [Member] | Securitization Debt [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Pathfinder Insurance Company [Member] | Securitization Debt [Member] | |||||||
state | 2014-2 [Member] | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid | ' | ' | ' | ' | ' | $3,800,000 | ' | ' |
Debt balance | 1,103,907,000 | ' | 987,821,000 | 869,848,000 | 713,953,000 | ' | ' | 288,800,000 |
Interest rate | ' | ' | ' | ' | ' | ' | ' | 2.42% |
Airplane sale | 702,000 | 641,000 | ' | ' | ' | ' | ' | ' |
Number of states in which license would be acquired | ' | ' | ' | ' | ' | ' | 43 | ' |
Purchase price | ' | ' | ' | ' | ' | ' | $9,500,000 | ' |
Discontinued_Operations_Summar
Discontinued Operations (Summary of Revenue and Pretax Profit) (Details) (GO Financial [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
GO Financial [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Total revenue | $0 | $2,803 |
Income before income taxes | $0 | $768 |
Supplemental_Consolidating_Fin2
Supplemental Consolidating Financial Information (Details) (Senior Secured Notes [Member]) | Mar. 31, 2014 |
Senior Secured Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Stated interest rate on debt instrument | 12.63% |
Supplemental_Consolidating_Fin3
Supplemental Consolidating Financial Information - Supplemental Consolidating Balance Sheets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||||
ASSETS | ' | ' | ' | ' | ||
Cash and cash equivalents | $31,197 | $30,754 | $25,731 | $26,480 | ||
Restricted cash and investments held in trust | 143,609 | 115,200 | ' | ' | ||
Finance receivables | 2,131,714 | 1,938,931 | ' | ' | ||
Allowance for credit losses | -319,753 | -299,516 | -269,622 | -252,590 | ||
Finance receivables, net | 1,811,961 | 1,639,415 | ' | ' | ||
Vehicle inventory | 285,394 | 319,567 | ' | ' | ||
Property and equipment, net | 106,715 | 103,660 | ' | ' | ||
Lease fleet vehicles, net | 74,434 | 31,161 | ' | ' | ||
Investments in subsidiaries | 0 | 0 | ' | ' | ||
Other assets | 70,388 | 58,087 | ' | ' | ||
Shareholder notes receivable | 28,542 | 28,542 | ' | ' | ||
Total Assets | 2,552,240 | 2,326,386 | ' | ' | ||
LIABILITIES & SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ||
Payables and other accrued expenses | 149,258 | 109,728 | ' | ' | ||
Deferred revenue | 100,746 | 42,133 | 9,279 | 2,501 | ||
Portfolio warehouse facilities | 302,000 | 283,400 | ' | ' | ||
Portfolio term financings | 1,103,907 | 987,821 | ' | ' | ||
Senior secured notes payable | 253,083 | 253,316 | ' | ' | ||
Other secured notes payable | 154,982 | 161,964 | ' | ' | ||
Total Liabilities | 2,063,976 | 1,838,362 | ' | ' | ||
Noncontrolling Interest - Inilex | -872 | -263 | ' | ' | ||
Shareholdersb Equity | 489,136 | 488,287 | ' | ' | ||
Total Equity | 488,264 | 488,024 | ' | ' | ||
Total Liabilities & Shareholdersb Equity | 2,552,240 | 2,326,386 | ' | ' | ||
Drive Time Automotive Group, Inc. [Member] | ' | ' | ' | ' | ||
LIABILITIES & SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ||
Shareholdersb Equity | 63,450 | 102,079 | ' | ' | ||
Drive Time Automotive Group, Inc. [Member] | Guarantor Subsidiaries Combined [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Cash and cash equivalents | 10,231 | 5,589 | 3,327 | 6,937 | ||
Restricted cash and investments held in trust | 0 | 0 | ' | ' | ||
Finance receivables | 0 | 0 | ' | ' | ||
Allowance for credit losses | 0 | 0 | ' | ' | ||
Finance receivables, net | 0 | 0 | ' | ' | ||
Vehicle inventory | 286,012 | 320,406 | ' | ' | ||
Property and equipment, net | 84,738 | 82,232 | ' | ' | ||
Lease fleet vehicles, net | 74,434 | 31,161 | ' | ' | ||
Investments in subsidiaries | 0 | 0 | ' | ' | ||
Other assets | 2,368,646 | 2,099,928 | ' | ' | ||
Shareholder notes receivable | 0 | 0 | ' | ' | ||
Total Assets | 2,824,061 | 2,539,316 | ' | ' | ||
LIABILITIES & SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ||
Payables and other accrued expenses | 2,467,944 | 2,125,853 | ' | ' | ||
Deferred revenue | 100,746 | 42,101 | ' | ' | ||
Portfolio warehouse facilities | 0 | 0 | ' | ' | ||
Portfolio term financings | 0 | 0 | ' | ' | ||
Senior secured notes payable | 0 | 0 | ' | ' | ||
Other secured notes payable | 130,000 | 136,321 | ' | ' | ||
Total Liabilities | 2,698,690 | 2,304,275 | ' | ' | ||
Noncontrolling Interest - Inilex | 0 | 0 | ' | ' | ||
Shareholdersb Equity | 125,371 | 235,041 | ' | ' | ||
Total Equity | 125,371 | 235,041 | ' | ' | ||
Total Liabilities & Shareholdersb Equity | 2,824,061 | 2,539,316 | ' | ' | ||
Drive Time Automotive Group, Inc. [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Cash and cash equivalents | 4,115 | 15,477 | 510 | 481 | ||
Restricted cash and investments held in trust | 0 | 0 | ' | ' | ||
Finance receivables | 0 | 0 | ' | ' | ||
Allowance for credit losses | 0 | 0 | ' | ' | ||
Finance receivables, net | 0 | 0 | ' | ' | ||
Vehicle inventory | 0 | 0 | ' | ' | ||
Property and equipment, net | 391 | 449 | ' | ' | ||
Lease fleet vehicles, net | 0 | 0 | ' | ' | ||
Investments in subsidiaries | 0 | 0 | ' | ' | ||
Other assets | 34,650 | 22,221 | ' | ' | ||
Shareholder notes receivable | 0 | 0 | ' | ' | ||
Total Assets | 39,156 | 38,147 | ' | ' | ||
LIABILITIES & SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ||
Payables and other accrued expenses | 2,017 | 2,067 | ' | ' | ||
Deferred revenue | 0 | 32 | ' | ' | ||
Portfolio warehouse facilities | 0 | 0 | ' | ' | ||
Portfolio term financings | 0 | 0 | ' | ' | ||
Senior secured notes payable | 0 | 0 | ' | ' | ||
Other secured notes payable | 12,811 | 13,412 | ' | ' | ||
Total Liabilities | 14,828 | 15,511 | ' | ' | ||
Noncontrolling Interest - Inilex | 2,734 | 2,698 | ' | ' | ||
Shareholdersb Equity | 21,594 | 19,938 | ' | ' | ||
Total Equity | 24,328 | 22,636 | ' | ' | ||
Total Liabilities & Shareholdersb Equity | 39,156 | 38,147 | ' | ' | ||
Drive Time Automotive Group, Inc. [Member] | Parent Company [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Cash and cash equivalents | 5 | 5 | 5 | 5 | ||
Restricted cash and investments held in trust | 0 | 0 | ' | ' | ||
Finance receivables | 0 | 0 | ' | ' | ||
Allowance for credit losses | 0 | 0 | ' | ' | ||
Finance receivables, net | 0 | 0 | ' | ' | ||
Vehicle inventory | 0 | 0 | ' | ' | ||
Property and equipment, net | 0 | 0 | ' | ' | ||
Lease fleet vehicles, net | 0 | 0 | ' | ' | ||
Investments in subsidiaries | 146,965 | 259,162 | ' | ' | ||
Other assets | 643,199 | 571,097 | ' | ' | ||
Shareholder notes receivable | 0 | 0 | ' | ' | ||
Total Assets | 790,169 | 830,264 | ' | ' | ||
LIABILITIES & SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ||
Payables and other accrued expenses | 602,517 | 599,332 | ' | ' | ||
Deferred revenue | 0 | 0 | ' | ' | ||
Portfolio warehouse facilities | 0 | 0 | ' | ' | ||
Portfolio term financings | 0 | 0 | ' | ' | ||
Senior secured notes payable | 126,542 | 126,658 | ' | ' | ||
Other secured notes payable | 0 | 0 | ' | ' | ||
Total Liabilities | 729,059 | 725,990 | ' | ' | ||
Noncontrolling Interest - Inilex | 0 | 0 | ' | ' | ||
Shareholdersb Equity | 61,110 | 104,274 | ' | ' | ||
Total Equity | 61,110 | 104,274 | ' | ' | ||
Total Liabilities & Shareholdersb Equity | 790,169 | 830,264 | ' | ' | ||
Drive Time Automotive Group, Inc. [Member] | Eliminations [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
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 | ' | ' | ||
Vehicle inventory | -618 | -839 | ' | ' | ||
Property and equipment, net | 0 | 0 | ' | ' | ||
Lease fleet vehicles, net | 0 | 0 | ' | ' | ||
Investments in subsidiaries | -146,965 | -259,162 | ' | ' | ||
Other assets | -704,932 | -696,457 | ' | ' | ||
Shareholder notes receivable | 0 | 0 | ' | ' | ||
Total Assets | -852,515 | -956,458 | ' | ' | ||
LIABILITIES & SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ||
Payables and other accrued expenses | -704,283 | -696,323 | ' | ' | ||
Deferred revenue | 0 | 0 | ' | ' | ||
Portfolio warehouse facilities | 0 | 0 | ' | ' | ||
Portfolio term financings | 0 | 0 | ' | ' | ||
Senior secured notes payable | 0 | 0 | ' | ' | ||
Other secured notes payable | 0 | 0 | ' | ' | ||
Total Liabilities | -704,283 | -696,323 | ' | ' | ||
Noncontrolling Interest - Inilex | -3,942 | -3,297 | ' | ' | ||
Shareholdersb Equity | -144,290 | -256,838 | ' | ' | ||
Total Equity | -148,232 | -260,135 | ' | ' | ||
Total Liabilities & Shareholdersb Equity | -852,515 | -956,458 | ' | ' | ||
Drive Time Automotive Group, Inc. [Member] | Consolidated [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Cash and cash equivalents | 14,351 | 21,071 | 3,842 | 7,423 | ||
Restricted cash and investments held in trust | 0 | 0 | ' | ' | ||
Finance receivables | 0 | 0 | ' | ' | ||
Allowance for credit losses | 0 | 0 | ' | ' | ||
Finance receivables, net | 0 | 0 | ' | ' | ||
Vehicle inventory | 285,394 | 319,567 | ' | ' | ||
Property and equipment, net | 85,129 | 82,681 | ' | ' | ||
Lease fleet vehicles, net | 74,434 | 31,161 | ' | ' | ||
Investments in subsidiaries | 0 | 0 | ' | ' | ||
Other assets | 2,341,563 | 1,996,789 | ' | ' | ||
Shareholder notes receivable | 0 | 0 | ' | ' | ||
Total Assets | 2,800,871 | 2,451,269 | ' | ' | ||
LIABILITIES & SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ||
Payables and other accrued expenses | 2,368,195 | 2,030,929 | ' | ' | ||
Deferred revenue | 100,746 | 42,133 | ' | ' | ||
Portfolio warehouse facilities | 0 | 0 | ' | ' | ||
Portfolio term financings | 0 | 0 | ' | ' | ||
Senior secured notes payable | 126,542 | 126,658 | ' | ' | ||
Other secured notes payable | 142,811 | 149,733 | ' | ' | ||
Total Liabilities | 2,738,294 | 2,349,453 | ' | ' | ||
Noncontrolling Interest - Inilex | -1,208 | -599 | ' | ' | ||
Shareholdersb Equity | 63,785 | 102,415 | ' | ' | ||
Total Equity | 62,577 | 101,816 | ' | ' | ||
Total Liabilities & Shareholdersb Equity | 2,800,871 | 2,451,269 | ' | ' | ||
DTAC [Member] | ' | ' | ' | ' | ||
LIABILITIES & SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ||
Noncontrolling Interest - Inilex | 425,686 | [1] | 386,208 | [1] | ' | ' |
DTAC [Member] | Guarantor Subsidiaries Combined [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Cash and cash equivalents | 5 | 5 | 53 | 10 | ||
Restricted cash and investments held in trust | 21,799 | 12,707 | ' | ' | ||
Finance receivables | 0 | 0 | ' | ' | ||
Allowance for credit losses | 0 | 0 | ' | ' | ||
Finance receivables, net | 0 | 0 | ' | ' | ||
Vehicle inventory | 0 | 0 | ' | ' | ||
Property and equipment, net | 4,163 | 3,848 | ' | ' | ||
Lease fleet vehicles, net | 0 | 0 | ' | ' | ||
Investments in subsidiaries | 0 | 0 | ' | ' | ||
Other assets | 1,304,398 | 1,182,734 | ' | ' | ||
Shareholder notes receivable | 0 | 0 | ' | ' | ||
Total Assets | 1,330,365 | 1,199,294 | ' | ' | ||
LIABILITIES & SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ||
Payables and other accrued expenses | 1,651,449 | 1,388,632 | ' | ' | ||
Deferred revenue | 0 | 0 | ' | ' | ||
Portfolio warehouse facilities | 0 | 0 | ' | ' | ||
Portfolio term financings | 0 | 0 | ' | ' | ||
Senior secured notes payable | 0 | 0 | ' | ' | ||
Other secured notes payable | 0 | 0 | ' | ' | ||
Total Liabilities | 1,651,449 | 1,388,632 | ' | ' | ||
Noncontrolling Interest - Inilex | 0 | 0 | ' | ' | ||
Shareholdersb Equity | -321,084 | -189,338 | ' | ' | ||
Total Equity | -321,084 | -189,338 | ' | ' | ||
Total Liabilities & Shareholdersb Equity | 1,330,365 | 1,199,294 | ' | ' | ||
DTAC [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Cash and cash equivalents | 736 | 588 | 257 | 423 | ||
Restricted cash and investments held in trust | 121,810 | 102,493 | ' | ' | ||
Finance receivables | 0 | 0 | ' | ' | ||
Allowance for credit losses | 0 | 0 | ' | ' | ||
Finance receivables, net | 0 | 0 | ' | ' | ||
Vehicle inventory | 0 | 0 | ' | ' | ||
Property and equipment, net | 15,261 | 14,806 | ' | ' | ||
Lease fleet vehicles, net | 0 | 0 | ' | ' | ||
Investments in subsidiaries | 0 | 0 | ' | ' | ||
Other assets | 1,948,062 | 1,779,757 | ' | ' | ||
Shareholder notes receivable | 0 | 0 | ' | ' | ||
Total Assets | 2,085,869 | 1,897,644 | ' | ' | ||
LIABILITIES & SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ||
Payables and other accrued expenses | 7,804 | 6,763 | ' | ' | ||
Deferred revenue | 0 | 0 | ' | ' | ||
Portfolio warehouse facilities | 302,000 | 283,400 | ' | ' | ||
Portfolio term financings | 1,103,907 | 987,821 | ' | ' | ||
Senior secured notes payable | 0 | 0 | ' | ' | ||
Other secured notes payable | 12,171 | 12,231 | ' | ' | ||
Total Liabilities | 1,425,882 | 1,290,215 | ' | ' | ||
Noncontrolling Interest - Inilex | 0 | 0 | ' | ' | ||
Shareholdersb Equity | 659,987 | 607,429 | ' | ' | ||
Total Equity | 659,987 | 607,429 | ' | ' | ||
Total Liabilities & Shareholdersb Equity | 2,085,869 | 1,897,644 | ' | ' | ||
DTAC [Member] | Parent Company [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Cash and cash equivalents | 16,105 | 9,090 | 21,579 | 18,624 | ||
Restricted cash and investments held in trust | 0 | 0 | ' | ' | ||
Finance receivables | 2,131,714 | 1,938,931 | ' | ' | ||
Allowance for credit losses | -319,753 | -299,516 | ' | ' | ||
Finance receivables, net | 1,811,961 | 1,639,415 | ' | ' | ||
Vehicle inventory | 0 | 0 | ' | ' | ||
Property and equipment, net | 2,162 | 2,325 | ' | ' | ||
Lease fleet vehicles, net | 0 | 0 | ' | ' | ||
Investments in subsidiaries | 338,903 | 418,091 | ' | ' | ||
Other assets | 2,257,632 | 1,955,012 | ' | ' | ||
Shareholder notes receivable | 28,542 | 28,542 | ' | ' | ||
Total Assets | 4,455,305 | 4,052,475 | ' | ' | ||
LIABILITIES & SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ||
Payables and other accrued expenses | 3,903,077 | 3,539,609 | ' | ' | ||
Deferred revenue | 0 | 0 | ' | ' | ||
Portfolio warehouse facilities | 0 | 0 | ' | ' | ||
Portfolio term financings | 0 | 0 | ' | ' | ||
Senior secured notes payable | 126,541 | 126,658 | ' | ' | ||
Other secured notes payable | 0 | 0 | ' | ' | ||
Total Liabilities | 4,029,618 | 3,666,267 | ' | ' | ||
Noncontrolling Interest - Inilex | 0 | 0 | ' | ' | ||
Shareholdersb Equity | 425,687 | 386,208 | ' | ' | ||
Total Equity | 425,687 | 386,208 | ' | ' | ||
Total Liabilities & Shareholdersb Equity | 4,455,305 | 4,052,475 | ' | ' | ||
DTAC [Member] | Eliminations [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
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 | ' | ' | ||
Vehicle inventory | 0 | 0 | ' | ' | ||
Property and equipment, net | 0 | 0 | ' | ' | ||
Lease fleet vehicles, net | 0 | 0 | ' | ' | ||
Investments in subsidiaries | -338,903 | -418,091 | ' | ' | ||
Other assets | -3,238,717 | -2,956,837 | ' | ' | ||
Shareholder notes receivable | 0 | 0 | ' | ' | ||
Total Assets | -3,577,620 | -3,374,928 | ' | ' | ||
LIABILITIES & SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ||
Payables and other accrued expenses | -3,238,717 | -2,956,837 | ' | ' | ||
Deferred revenue | 0 | 0 | ' | ' | ||
Portfolio warehouse facilities | 0 | 0 | ' | ' | ||
Portfolio term financings | 0 | 0 | ' | ' | ||
Senior secured notes payable | 0 | 0 | ' | ' | ||
Other secured notes payable | 0 | 0 | ' | ' | ||
Total Liabilities | -3,238,717 | -2,956,837 | ' | ' | ||
Noncontrolling Interest - Inilex | 0 | 0 | ' | ' | ||
Shareholdersb Equity | -338,903 | -418,091 | ' | ' | ||
Total Equity | -338,903 | -418,091 | ' | ' | ||
Total Liabilities & Shareholdersb Equity | -3,577,620 | -3,374,928 | ' | ' | ||
DTAC [Member] | Consolidated [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
Cash and cash equivalents | 16,846 | 9,683 | 21,889 | 19,057 | ||
Restricted cash and investments held in trust | 143,609 | 115,200 | ' | ' | ||
Finance receivables | 2,131,714 | 1,938,931 | ' | ' | ||
Allowance for credit losses | -319,753 | -299,516 | ' | ' | ||
Finance receivables, net | 1,811,961 | 1,639,415 | ' | ' | ||
Vehicle inventory | 0 | 0 | ' | ' | ||
Property and equipment, net | 21,586 | 20,979 | ' | ' | ||
Lease fleet vehicles, net | 0 | 0 | ' | ' | ||
Investments in subsidiaries | 0 | 0 | ' | ' | ||
Other assets | 2,271,375 | 1,960,666 | ' | ' | ||
Shareholder notes receivable | 28,542 | 28,542 | ' | ' | ||
Total Assets | 4,293,919 | 3,774,485 | ' | ' | ||
LIABILITIES & SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ||
Payables and other accrued expenses | 2,323,613 | 1,978,167 | ' | ' | ||
Deferred revenue | 0 | 0 | ' | ' | ||
Portfolio warehouse facilities | 302,000 | 283,400 | ' | ' | ||
Portfolio term financings | 1,103,907 | 987,821 | ' | ' | ||
Senior secured notes payable | 126,541 | 126,658 | ' | ' | ||
Other secured notes payable | 12,171 | 12,231 | ' | ' | ||
Total Liabilities | 3,868,232 | 3,388,277 | ' | ' | ||
Noncontrolling Interest - Inilex | 0 | 0 | ' | ' | ||
Shareholdersb Equity | 425,687 | 386,208 | ' | ' | ||
Total Equity | 425,687 | 386,208 | ' | ' | ||
Total Liabilities & Shareholdersb Equity | 4,293,919 | 3,774,485 | ' | ' | ||
Eliminations [Member] | ' | ' | ' | ' | ||
ASSETS | ' | ' | ' | ' | ||
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 | ' | ' | ||
Vehicle inventory | 0 | 0 | ' | ' | ||
Property and equipment, net | 0 | 0 | ' | ' | ||
Lease fleet vehicles, net | 0 | 0 | ' | ' | ||
Investments in subsidiaries | 0 | 0 | ' | ' | ||
Other assets | -4,542,550 | -3,899,368 | ' | ' | ||
Shareholder notes receivable | 0 | 0 | ' | ' | ||
Total Assets | -4,542,550 | -3,899,368 | ' | ' | ||
LIABILITIES & SHAREHOLDERSb EQUITY | ' | ' | ' | ' | ||
Payables and other accrued expenses | -4,542,550 | -3,899,368 | ' | ' | ||
Deferred revenue | 0 | 0 | ' | ' | ||
Portfolio warehouse facilities | 0 | 0 | ' | ' | ||
Portfolio term financings | 0 | 0 | ' | ' | ||
Senior secured notes payable | 0 | 0 | ' | ' | ||
Other secured notes payable | 0 | 0 | ' | ' | ||
Total Liabilities | -4,542,550 | -3,899,368 | ' | ' | ||
Noncontrolling Interest - Inilex | 336 | 336 | ' | ' | ||
Shareholdersb Equity | -336 | -336 | ' | ' | ||
Total Equity | 0 | 0 | ' | ' | ||
Total Liabilities & Shareholdersb Equity | ($4,542,550) | ($3,899,368) | ' | ' | ||
[1] | Refer to Note 1 for a discussion regarding the noncontrolling interest-DTAC. |
Supplemental_Consolidating_Fin4
Supplemental Consolidating Financial Information - Supplemental Consolidating Statement of Operations (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Revenue: | ' | ' | ||
Sales revenue | $352,162 | $309,468 | ||
Interest income | 88,261 | 74,971 | ||
Other income | 13,345 | 589 | ||
Equity in income of subsidiaries | 0 | 0 | ||
Total Revenue | 453,768 | 385,028 | ||
Costs and Expenses: | ' | ' | ||
Cost of sales | 259,248 | 211,638 | ||
Provision for credit losses | 89,084 | 77,842 | ||
Portfolio debt interest expense | 11,039 | 10,186 | ||
Non-portfolio debt interest expense | 1,675 | 1,319 | ||
Senior secured debt interest expense | 8,033 | 6,641 | ||
Selling and marketing | 12,037 | 8,904 | ||
General and administrative | 63,116 | 45,058 | ||
Depreciation expense | 9,640 | 5,277 | ||
Total Costs and Expenses | 453,872 | 366,865 | ||
Income (loss) before income taxes | -104 | 18,163 | ||
Income tax expense | 901 | 342 | ||
Net income (loss) from continuing operations | -1,005 | 17,821 | ||
Income from discontinued operations, net of taxes | 0 | 768 | ||
Net income (loss) | -1,005 | 18,589 | ||
Net income (loss) attributable to noncontrolling interests - Inilex | -591 | [1] | 0 | [1] |
Net Income attributable to DriveTime Consolidated | -414 | 18,589 | ||
Drive Time Automotive Group, Inc. [Member] | ' | ' | ||
Costs and Expenses: | ' | ' | ||
Net Income attributable to DriveTime Consolidated | 66,316 | 78,338 | ||
Drive Time Automotive Group, Inc. [Member] | Guarantor Subsidiaries Combined [Member] | ' | ' | ||
Revenue: | ' | ' | ||
Sales revenue | 365,500 | 309,468 | ||
Interest income | 0 | 0 | ||
Other income | 9,815 | 12,130 | ||
Equity in income of subsidiaries | 0 | 0 | ||
Total Revenue | 375,315 | 321,598 | ||
Costs and Expenses: | ' | ' | ||
Cost of sales | 258,661 | 211,638 | ||
Provision for credit losses | 0 | 0 | ||
Portfolio debt interest expense | 0 | 0 | ||
Non-portfolio debt interest expense | 1,656 | 957 | ||
Senior secured debt interest expense | 0 | 0 | ||
Selling and marketing | 12,037 | 8,982 | ||
General and administrative | 38,163 | 24,837 | ||
Depreciation expense | 8,706 | 4,527 | ||
Total Costs and Expenses | 319,223 | 250,941 | ||
Income (loss) before income taxes | 56,092 | 70,657 | ||
Income tax expense | 0 | 0 | ||
Net income (loss) from continuing operations | 56,092 | 70,657 | ||
Income from discontinued operations, net of taxes | 0 | 0 | ||
Net income (loss) | 56,092 | 70,657 | ||
Net income (loss) attributable to noncontrolling interests - Inilex | 0 | 0 | ||
Net Income attributable to DriveTime Consolidated | 56,092 | 70,657 | ||
Drive Time Automotive Group, Inc. [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ||
Revenue: | ' | ' | ||
Sales revenue | 0 | 0 | ||
Interest income | 0 | 0 | ||
Other income | 5,721 | 0 | ||
Equity in income of subsidiaries | 0 | 0 | ||
Total Revenue | 5,721 | 0 | ||
Costs and Expenses: | ' | ' | ||
Cost of sales | 2,953 | 0 | ||
Provision for credit losses | 0 | 0 | ||
Portfolio debt interest expense | 0 | 0 | ||
Non-portfolio debt interest expense | 148 | 135 | ||
Senior secured debt interest expense | 0 | 0 | ||
Selling and marketing | 0 | 0 | ||
General and administrative | 1,298 | -952 | ||
Depreciation expense | 76 | 0 | ||
Total Costs and Expenses | 4,475 | -817 | ||
Income (loss) before income taxes | 1,246 | 817 | ||
Income tax expense | 516 | 83 | ||
Net income (loss) from continuing operations | 730 | 734 | ||
Income from discontinued operations, net of taxes | 0 | 0 | ||
Net income (loss) | 730 | 734 | ||
Net income (loss) attributable to noncontrolling interests - Inilex | 54 | 0 | ||
Net Income attributable to DriveTime Consolidated | 676 | 734 | ||
Drive Time Automotive Group, Inc. [Member] | Parent Company [Member] | ' | ' | ||
Revenue: | ' | ' | ||
Sales revenue | 18,145 | 0 | ||
Interest income | 0 | 0 | ||
Other income | 0 | 12,546 | ||
Equity in income of subsidiaries | 56,768 | 71,391 | ||
Total Revenue | 74,913 | 83,937 | ||
Costs and Expenses: | ' | ' | ||
Cost of sales | 0 | 0 | ||
Provision for credit losses | 0 | 0 | ||
Portfolio debt interest expense | 0 | 0 | ||
Non-portfolio debt interest expense | 5 | 13 | ||
Senior secured debt interest expense | 4,016 | 3,321 | ||
Selling and marketing | 0 | 0 | ||
General and administrative | 4,900 | 2,195 | ||
Depreciation expense | 0 | 0 | ||
Total Costs and Expenses | 8,921 | 5,529 | ||
Income (loss) before income taxes | 65,992 | 78,408 | ||
Income tax expense | 28 | 70 | ||
Net income (loss) from continuing operations | 65,964 | 78,338 | ||
Income from discontinued operations, net of taxes | 0 | 0 | ||
Net income (loss) | 65,964 | 78,338 | ||
Net income (loss) attributable to noncontrolling interests - Inilex | 0 | 0 | ||
Net Income attributable to DriveTime Consolidated | 65,964 | 78,338 | ||
Drive Time Automotive Group, Inc. [Member] | Eliminations [Member] | ' | ' | ||
Revenue: | ' | ' | ||
Sales revenue | 0 | 0 | ||
Interest income | 0 | 0 | ||
Other income | -2,659 | 0 | ||
Equity in income of subsidiaries | -56,768 | -71,391 | ||
Total Revenue | -59,427 | -71,391 | ||
Costs and Expenses: | ' | ' | ||
Cost of sales | -2,366 | 0 | ||
Provision for credit losses | 0 | 0 | ||
Portfolio debt interest expense | 0 | 0 | ||
Non-portfolio debt interest expense | 0 | 0 | ||
Senior secured debt interest expense | 0 | 0 | ||
Selling and marketing | 0 | 0 | ||
General and administrative | 0 | 0 | ||
Depreciation expense | 0 | 0 | ||
Total Costs and Expenses | -2,366 | 0 | ||
Income (loss) before income taxes | -57,061 | -71,391 | ||
Income tax expense | 0 | 0 | ||
Net income (loss) from continuing operations | -57,061 | -71,391 | ||
Income from discontinued operations, net of taxes | 0 | 0 | ||
Net income (loss) | -57,061 | -71,391 | ||
Net income (loss) attributable to noncontrolling interests - Inilex | -645 | 0 | ||
Net Income attributable to DriveTime Consolidated | -56,416 | -71,391 | ||
Drive Time Automotive Group, Inc. [Member] | Consolidated [Member] | ' | ' | ||
Revenue: | ' | ' | ||
Sales revenue | 383,645 | 309,468 | ||
Interest income | 0 | 0 | ||
Other income | 12,877 | 24,676 | ||
Equity in income of subsidiaries | 0 | 0 | ||
Total Revenue | 396,522 | 334,144 | ||
Costs and Expenses: | ' | ' | ||
Cost of sales | 259,248 | 211,638 | ||
Provision for credit losses | 0 | 0 | ||
Portfolio debt interest expense | 0 | 0 | ||
Non-portfolio debt interest expense | 1,809 | 1,105 | ||
Senior secured debt interest expense | 4,016 | 3,321 | ||
Selling and marketing | 12,037 | 8,982 | ||
General and administrative | 44,361 | 26,080 | ||
Depreciation expense | 8,782 | 4,527 | ||
Total Costs and Expenses | 330,253 | 255,653 | ||
Income (loss) before income taxes | 66,269 | 78,491 | ||
Income tax expense | 544 | 153 | ||
Net income (loss) from continuing operations | 65,725 | 78,338 | ||
Income from discontinued operations, net of taxes | 0 | 0 | ||
Net income (loss) | 65,725 | 78,338 | ||
Net income (loss) attributable to noncontrolling interests - Inilex | -591 | 0 | ||
Net Income attributable to DriveTime Consolidated | 66,316 | 78,338 | ||
DTAC [Member] | Guarantor Subsidiaries Combined [Member] | ' | ' | ||
Revenue: | ' | ' | ||
Sales revenue | 13 | 0 | ||
Interest income | 0 | 0 | ||
Other income | 19,805 | 15,980 | ||
Equity in income of subsidiaries | 0 | 0 | ||
Total Revenue | 19,818 | 15,980 | ||
Costs and Expenses: | ' | ' | ||
Cost of sales | 0 | 0 | ||
Provision for credit losses | 0 | 0 | ||
Portfolio debt interest expense | 0 | 0 | ||
Non-portfolio debt interest expense | 0 | 20 | ||
Senior secured debt interest expense | 0 | 0 | ||
Selling and marketing | 0 | 1 | ||
General and administrative | 17,843 | 14,668 | ||
Depreciation expense | 347 | 288 | ||
Total Costs and Expenses | 18,190 | 14,977 | ||
Income (loss) before income taxes | 1,628 | 1,003 | ||
Income tax expense | 0 | 0 | ||
Net income (loss) from continuing operations | 1,628 | 1,003 | ||
Income from discontinued operations, net of taxes | 0 | 768 | ||
Net income (loss) | 1,628 | 1,771 | ||
Net income (loss) attributable to noncontrolling interests - Inilex | 0 | 0 | ||
Net Income attributable to DriveTime Consolidated | 1,628 | 1,771 | ||
DTAC [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ||
Revenue: | ' | ' | ||
Sales revenue | 0 | 0 | ||
Interest income | 86,375 | 73,291 | ||
Other income | 0 | 0 | ||
Equity in income of subsidiaries | 0 | 0 | ||
Total Revenue | 86,375 | 73,291 | ||
Costs and Expenses: | ' | ' | ||
Cost of sales | 0 | 0 | ||
Provision for credit losses | 0 | 0 | ||
Portfolio debt interest expense | 11,039 | 10,186 | ||
Non-portfolio debt interest expense | 182 | 464 | ||
Senior secured debt interest expense | 0 | 0 | ||
Selling and marketing | 0 | 0 | ||
General and administrative | 18,427 | 14,124 | ||
Depreciation expense | 143 | 135 | ||
Total Costs and Expenses | 29,791 | 24,909 | ||
Income (loss) before income taxes | 56,584 | 48,382 | ||
Income tax expense | 0 | 0 | ||
Net income (loss) from continuing operations | 56,584 | 48,382 | ||
Income from discontinued operations, net of taxes | 0 | 0 | ||
Net income (loss) | 56,584 | 48,382 | ||
Net income (loss) attributable to noncontrolling interests - Inilex | 0 | 0 | ||
Net Income attributable to DriveTime Consolidated | 56,584 | 48,382 | ||
DTAC [Member] | Parent Company [Member] | ' | ' | ||
Revenue: | ' | ' | ||
Sales revenue | 683 | 0 | ||
Interest income | 1,886 | 75,249 | ||
Other income | 45 | 523 | ||
Equity in income of subsidiaries | 58,212 | 50,153 | ||
Total Revenue | 60,826 | 125,925 | ||
Costs and Expenses: | ' | ' | ||
Cost of sales | 0 | 0 | ||
Provision for credit losses | 89,084 | 77,842 | ||
Portfolio debt interest expense | 0 | 0 | ||
Non-portfolio debt interest expense | 19,274 | 86,788 | ||
Senior secured debt interest expense | 4,017 | 3,320 | ||
Selling and marketing | 0 | -79 | ||
General and administrative | 14,456 | 17,287 | ||
Depreciation expense | 368 | 327 | ||
Total Costs and Expenses | 127,199 | 185,485 | ||
Income (loss) before income taxes | -66,373 | -59,560 | ||
Income tax expense | 357 | 189 | ||
Net income (loss) from continuing operations | -66,730 | -59,749 | ||
Income from discontinued operations, net of taxes | 0 | 0 | ||
Net income (loss) | -66,730 | -59,749 | ||
Net income (loss) attributable to noncontrolling interests - Inilex | 0 | 0 | ||
Net Income attributable to DriveTime Consolidated | -66,730 | -59,749 | ||
DTAC [Member] | Eliminations [Member] | ' | ' | ||
Revenue: | ' | ' | ||
Sales revenue | -33 | 0 | ||
Interest income | 0 | -73,569 | ||
Other income | -19,382 | -15,536 | ||
Equity in income of subsidiaries | -58,212 | -50,153 | ||
Total Revenue | -77,627 | -139,258 | ||
Costs and Expenses: | ' | ' | ||
Cost of sales | 0 | 0 | ||
Provision for credit losses | 0 | 0 | ||
Portfolio debt interest expense | 0 | 0 | ||
Non-portfolio debt interest expense | 0 | -73,569 | ||
Senior secured debt interest expense | 0 | 0 | ||
Selling and marketing | 0 | 0 | ||
General and administrative | -19,415 | -15,536 | ||
Depreciation expense | 0 | 0 | ||
Total Costs and Expenses | -19,415 | -89,105 | ||
Income (loss) before income taxes | -58,212 | -50,153 | ||
Income tax expense | 0 | 0 | ||
Net income (loss) from continuing operations | -58,212 | -50,153 | ||
Income from discontinued operations, net of taxes | 0 | 0 | ||
Net income (loss) | -58,212 | -50,153 | ||
Net income (loss) attributable to noncontrolling interests - Inilex | 0 | 0 | ||
Net Income attributable to DriveTime Consolidated | -58,212 | -50,153 | ||
DTAC [Member] | Consolidated [Member] | ' | ' | ||
Revenue: | ' | ' | ||
Sales revenue | 663 | 0 | ||
Interest income | 88,261 | 74,971 | ||
Other income | 468 | 967 | ||
Equity in income of subsidiaries | 0 | 0 | ||
Total Revenue | 89,392 | 75,938 | ||
Costs and Expenses: | ' | ' | ||
Cost of sales | 0 | 0 | ||
Provision for credit losses | 89,084 | 77,842 | ||
Portfolio debt interest expense | 11,039 | 10,186 | ||
Non-portfolio debt interest expense | 19,456 | 13,703 | ||
Senior secured debt interest expense | 4,017 | 3,320 | ||
Selling and marketing | 0 | -78 | ||
General and administrative | 31,311 | 30,543 | ||
Depreciation expense | 858 | 750 | ||
Total Costs and Expenses | 155,765 | 136,266 | ||
Income (loss) before income taxes | -66,373 | -60,328 | ||
Income tax expense | 357 | 189 | ||
Net income (loss) from continuing operations | -66,730 | -60,517 | ||
Income from discontinued operations, net of taxes | 0 | 768 | ||
Net income (loss) | -66,730 | -59,749 | ||
Net income (loss) attributable to noncontrolling interests - Inilex | 0 | 0 | ||
Net Income attributable to DriveTime Consolidated | -66,730 | -59,749 | ||
Eliminations [Member] | ' | ' | ||
Revenue: | ' | ' | ||
Sales revenue | -32,146 | 0 | ||
Interest income | 0 | 0 | ||
Other income | 0 | -25,054 | ||
Equity in income of subsidiaries | 0 | 0 | ||
Total Revenue | -32,146 | -25,054 | ||
Costs and Expenses: | ' | ' | ||
Cost of sales | 0 | 0 | ||
Provision for credit losses | 0 | 0 | ||
Portfolio debt interest expense | 0 | 0 | ||
Non-portfolio debt interest expense | -19,590 | -13,489 | ||
Senior secured debt interest expense | 0 | 0 | ||
Selling and marketing | 0 | 0 | ||
General and administrative | -12,556 | -11,565 | ||
Depreciation expense | 0 | 0 | ||
Total Costs and Expenses | -32,146 | -25,054 | ||
Income (loss) before income taxes | 0 | 0 | ||
Income tax expense | 0 | 0 | ||
Net income (loss) from continuing operations | 0 | 0 | ||
Income from discontinued operations, net of taxes | 0 | 0 | ||
Net income (loss) | 0 | 0 | ||
Net income (loss) attributable to noncontrolling interests - Inilex | 0 | 0 | ||
Net Income attributable to DriveTime Consolidated | $0 | $0 | ||
[1] | Refer to Note 1 for a discussion regarding the noncontrolling interestbInilex |
Supplemental_Consolidating_Fin5
Supplemental Consolidating Financial Information - Supplemental Consolidating Statements of Cash Flows (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Cash Flows from Operating Activities: | ' | ' | ' | ||
Net income (loss) | ($1,005) | $18,589 | ' | ||
Net loss attributable to noncontrolling interest - Inilex | 591 | [1] | 0 | [1] | ' |
Net Income (Loss) Attributable to DriveTime Consolidated | -414 | 18,589 | ' | ||
Income from discontinued operations | 0 | -768 | ' | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ||
Provision for credit losses | 89,084 | 77,842 | ' | ||
Depreciation expense | 9,640 | 5,277 | ' | ||
Amortization of debt issuance costs and debt premium and discount | 1,498 | 1,660 | ' | ||
Non-cash compensation expensebrelated party | 1,282 | 311 | ' | ||
Loss (gain) from disposal of property and equipment | 440 | 31 | ' | ||
Originations of finance receivables | -416,390 | -311,829 | ' | ||
Collections and recoveries on finance receivable principal balances | 155,636 | 151,103 | ' | ||
Change in accrued interest receivable and loan origination costs | -876 | 423 | ' | ||
(Increase) decrease in inventory | 34,173 | 41,857 | ' | ||
Change in other assets | -12,679 | -28,814 | ' | ||
Increase in deferred revenue | 58,612 | 6,779 | ' | ||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 39,530 | 17,223 | ' | ||
Net cash used in operating activities from continuing operations | -40,464 | -20,316 | ' | ||
Net cash provided by operating activities from discontinued operations | 0 | 1,351 | ' | ||
Net cash used in operating activities | -40,464 | -18,965 | ' | ||
Cash Flows from Investing Activities: | ' | ' | ' | ||
Proceeds from disposal of property and equipment | 702 | 641 | ' | ||
Purchase of property and equipment | -11,077 | -7,685 | ' | ||
Purchase of lease fleet | -46,033 | 0 | ' | ||
Net cash used in investing activities from continuing operations | -56,408 | -7,044 | ' | ||
Net cash used in investing activities from discontinued operations | 0 | -33,909 | ' | ||
Net cash used in investing activities | -56,408 | -40,953 | ' | ||
Cash Flows from Financing Activities: | ' | ' | ' | ||
(Increase) decrease in restricted cash | -8,704 | -15,760 | ' | ||
Deposits into investments held in trust | -5,250 | 0 | ' | ||
Change in investments held in trust and collection account cash | -14,455 | -4,255 | ' | ||
Additions to portfolio term financings | 267,751 | 75,000 | ' | ||
Repayment of portfolio term financings | -151,665 | -135,207 | ' | ||
Additions to portfolio warehouse facilities | 313,600 | 210,300 | ' | ||
Repayment of portfolio warehouse facilities | -295,000 | -122,500 | ' | ||
Additions to senior secured notes payable | 0 | ' | ' | ||
Additions to other secured notes payable | 0 | 20,000 | ' | ||
Repayment of other secured notes payable | -6,982 | -614 | ' | ||
Payment of debt issuance costs | -1,980 | -348 | ' | ||
Dividend distributionsbrelated party | 0 | 0 | ' | ||
Net cash provided by financing activities from continuing operations | 97,315 | 26,616 | ' | ||
Net cash provided by financing activities from discontinued operations | 0 | 32,553 | ' | ||
Net cash provided by financing activities | 97,315 | 59,169 | ' | ||
Net increase (decrease) in cash and cash equivalents | 443 | -749 | ' | ||
Cash and cash equivalents at beginning of period | 30,754 | 26,480 | 26,480 | ||
Cash and cash equivalents at end of period | 31,197 | 25,731 | ' | ||
Cash and cash equivalents from discontinued operations at end of period | 0 | 0 | ' | ||
Cash and cash equivalents from continuing operations at end of period | 31,197 | 25,731 | ' | ||
Drive Time Automotive Group, Inc. [Member] | ' | ' | ' | ||
Cash Flows from Operating Activities: | ' | ' | ' | ||
Net Income (Loss) Attributable to DriveTime Consolidated | 66,316 | 78,338 | ' | ||
Drive Time Automotive Group, Inc. [Member] | Guarantor Subsidiaries Combined [Member] | ' | ' | ' | ||
Cash Flows from Operating Activities: | ' | ' | ' | ||
Net income (loss) | 56,092 | 70,657 | ' | ||
Net loss attributable to noncontrolling interest - Inilex | 0 | 0 | ' | ||
Net Income (Loss) Attributable to DriveTime Consolidated | 56,092 | 70,657 | ' | ||
Income from discontinued operations | ' | 0 | ' | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ||
Provision for credit losses | 0 | 0 | ' | ||
Depreciation expense | 8,706 | 4,527 | ' | ||
Amortization of debt issuance costs and debt premium and discount | 41 | 41 | ' | ||
Non-cash compensation expensebrelated party | 0 | 0 | ' | ||
Loss (gain) from disposal of property and equipment | -111 | -41 | ' | ||
Originations of finance receivables | 0 | 0 | ' | ||
Collections and recoveries on finance receivable principal balances | 0 | 0 | ' | ||
Change in accrued interest receivable and loan origination costs | 0 | 0 | ' | ||
(Increase) decrease in inventory | 34,394 | 41,857 | ' | ||
Change in other assets | -434,522 | -398,590 | ' | ||
Increase in deferred revenue | 58,645 | 6,751 | ' | ||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 342,092 | 257,929 | ' | ||
Net cash used in operating activities from continuing operations | ' | -16,869 | ' | ||
Net cash provided by operating activities from discontinued operations | ' | 0 | ' | ||
Net cash used in operating activities | 65,337 | -16,869 | ' | ||
Cash Flows from Investing Activities: | ' | ' | ' | ||
Proceeds from disposal of property and equipment | 678 | 453 | ' | ||
Purchase of property and equipment | -9,019 | -7,194 | ' | ||
Purchase of lease fleet | -46,033 | ' | ' | ||
Net cash used in investing activities from continuing operations | ' | -6,741 | ' | ||
Net cash used in investing activities from discontinued operations | ' | 0 | ' | ||
Net cash used in investing activities | -54,374 | -6,741 | ' | ||
Cash Flows from Financing Activities: | ' | ' | ' | ||
(Increase) decrease in restricted cash | 0 | 0 | ' | ||
Deposits into investments held in trust | 0 | ' | ' | ||
Change in investments held in trust and collection account cash | 0 | 0 | ' | ||
Additions to portfolio term financings | 0 | 0 | ' | ||
Repayment of portfolio term financings | 0 | 0 | ' | ||
Additions to portfolio warehouse facilities | 0 | 0 | ' | ||
Repayment of portfolio warehouse facilities | 0 | 0 | ' | ||
Additions to senior secured notes payable | 0 | ' | ' | ||
Additions to other secured notes payable | 0 | 20,000 | ' | ||
Repayment of other secured notes payable | -6,321 | 0 | ' | ||
Payment of debt issuance costs | 0 | 0 | ' | ||
Dividend distributionsbrelated party | 0 | 0 | ' | ||
Net cash provided by financing activities from continuing operations | ' | 20,000 | ' | ||
Net cash provided by financing activities from discontinued operations | ' | 0 | ' | ||
Net cash provided by financing activities | -6,321 | 20,000 | ' | ||
Net increase (decrease) in cash and cash equivalents | 4,642 | -3,610 | ' | ||
Cash and cash equivalents at beginning of period | 5,589 | 6,937 | 6,937 | ||
Cash and cash equivalents at end of period | 10,231 | 3,327 | ' | ||
Cash and cash equivalents from discontinued operations at end of period | ' | 0 | ' | ||
Cash and cash equivalents from continuing operations at end of period | ' | 3,327 | ' | ||
Drive Time Automotive Group, Inc. [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ||
Cash Flows from Operating Activities: | ' | ' | ' | ||
Net income (loss) | 730 | 734 | ' | ||
Net loss attributable to noncontrolling interest - Inilex | -54 | 0 | ' | ||
Net Income (Loss) Attributable to DriveTime Consolidated | 676 | 734 | ' | ||
Income from discontinued operations | ' | 0 | ' | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ||
Provision for credit losses | 0 | 0 | ' | ||
Depreciation expense | 76 | 0 | ' | ||
Amortization of debt issuance costs and debt premium and discount | 18 | 15 | ' | ||
Non-cash compensation expensebrelated party | 0 | 0 | ' | ||
Loss (gain) from disposal of property and equipment | 0 | 0 | ' | ||
Originations of finance receivables | 0 | 0 | ' | ||
Collections and recoveries on finance receivable principal balances | 0 | 0 | ' | ||
Change in accrued interest receivable and loan origination costs | 0 | 0 | ' | ||
(Increase) decrease in inventory | 0 | 0 | ' | ||
Change in other assets | -11,429 | 332 | ' | ||
Increase in deferred revenue | -33 | 28 | ' | ||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | -49 | -616 | ' | ||
Net cash used in operating activities from continuing operations | ' | 493 | ' | ||
Net cash provided by operating activities from discontinued operations | ' | 0 | ' | ||
Net cash used in operating activities | -10,741 | 493 | ' | ||
Cash Flows from Investing Activities: | ' | ' | ' | ||
Proceeds from disposal of property and equipment | 0 | 0 | ' | ||
Purchase of property and equipment | -20 | 0 | ' | ||
Purchase of lease fleet | 0 | ' | ' | ||
Net cash used in investing activities from continuing operations | ' | 0 | ' | ||
Net cash used in investing activities from discontinued operations | ' | 0 | ' | ||
Net cash used in investing activities | -20 | 0 | ' | ||
Cash Flows from Financing Activities: | ' | ' | ' | ||
(Increase) decrease in restricted cash | 0 | 0 | ' | ||
Deposits into investments held in trust | 0 | ' | ' | ||
Change in investments held in trust and collection account cash | 0 | 0 | ' | ||
Additions to portfolio term financings | 0 | 0 | ' | ||
Repayment of portfolio term financings | 0 | 0 | ' | ||
Additions to portfolio warehouse facilities | 0 | 0 | ' | ||
Repayment of portfolio warehouse facilities | 0 | 0 | ' | ||
Additions to senior secured notes payable | 0 | ' | ' | ||
Additions to other secured notes payable | 0 | 0 | ' | ||
Repayment of other secured notes payable | -601 | -464 | ' | ||
Payment of debt issuance costs | 0 | 0 | ' | ||
Dividend distributionsbrelated party | 0 | 0 | ' | ||
Net cash provided by financing activities from continuing operations | ' | -464 | ' | ||
Net cash provided by financing activities from discontinued operations | ' | 0 | ' | ||
Net cash provided by financing activities | -601 | -464 | ' | ||
Net increase (decrease) in cash and cash equivalents | -11,362 | 29 | ' | ||
Cash and cash equivalents at beginning of period | 15,477 | 481 | 481 | ||
Cash and cash equivalents at end of period | 4,115 | 510 | ' | ||
Cash and cash equivalents from discontinued operations at end of period | ' | 0 | ' | ||
Cash and cash equivalents from continuing operations at end of period | ' | 510 | ' | ||
Drive Time Automotive Group, Inc. [Member] | Parent Company [Member] | ' | ' | ' | ||
Cash Flows from Operating Activities: | ' | ' | ' | ||
Net income (loss) | 65,964 | 78,338 | ' | ||
Net loss attributable to noncontrolling interest - Inilex | 0 | 0 | ' | ||
Net Income (Loss) Attributable to DriveTime Consolidated | 65,964 | 78,338 | ' | ||
Income from discontinued operations | ' | 0 | ' | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ||
Provision for credit losses | 0 | 0 | ' | ||
Depreciation expense | 0 | 0 | ' | ||
Amortization of debt issuance costs and debt premium and discount | 71 | 164 | ' | ||
Non-cash compensation expensebrelated party | 641 | 155 | ' | ||
Loss (gain) from disposal of property and equipment | 0 | 0 | ' | ||
Originations of finance receivables | 0 | 0 | ' | ||
Collections and recoveries on finance receivable principal balances | 0 | 0 | ' | ||
Change in accrued interest receivable and loan origination costs | 0 | 0 | ' | ||
(Increase) decrease in inventory | 0 | 0 | ' | ||
Change in other assets | -69,860 | -81,588 | ' | ||
Increase in deferred revenue | 0 | 0 | ' | ||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 3,184 | 2,931 | ' | ||
Net cash used in operating activities from continuing operations | ' | 0 | ' | ||
Net cash provided by operating activities from discontinued operations | ' | 0 | ' | ||
Net cash used in operating activities | 0 | 0 | ' | ||
Cash Flows from Investing Activities: | ' | ' | ' | ||
Proceeds from disposal of property and equipment | 0 | 0 | ' | ||
Purchase of property and equipment | 0 | 0 | ' | ||
Purchase of lease fleet | 0 | ' | ' | ||
Net cash used in investing activities from continuing operations | ' | 0 | ' | ||
Net cash used in investing activities from discontinued operations | ' | 0 | ' | ||
Net cash used in investing activities | 0 | 0 | ' | ||
Cash Flows from Financing Activities: | ' | ' | ' | ||
(Increase) decrease in restricted cash | 0 | 0 | ' | ||
Deposits into investments held in trust | 0 | ' | ' | ||
Change in investments held in trust and collection account cash | 0 | 0 | ' | ||
Additions to portfolio term financings | 0 | 0 | ' | ||
Repayment of portfolio term financings | 0 | 0 | ' | ||
Additions to portfolio warehouse facilities | 0 | 0 | ' | ||
Repayment of portfolio warehouse facilities | 0 | 0 | ' | ||
Additions to senior secured notes payable | 0 | ' | ' | ||
Additions to other secured notes payable | 0 | 0 | ' | ||
Repayment of other secured notes payable | 0 | 0 | ' | ||
Payment of debt issuance costs | 0 | 0 | ' | ||
Dividend distributionsbrelated party | 0 | 0 | ' | ||
Net cash provided by financing activities from continuing operations | ' | 0 | ' | ||
Net cash provided by financing activities from discontinued operations | ' | 0 | ' | ||
Net cash provided by financing activities | 0 | 0 | ' | ||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | ' | ||
Cash and cash equivalents at beginning of period | 5 | 5 | 5 | ||
Cash and cash equivalents at end of period | 5 | 5 | ' | ||
Cash and cash equivalents from discontinued operations at end of period | ' | 0 | ' | ||
Cash and cash equivalents from continuing operations at end of period | ' | 5 | ' | ||
Drive Time Automotive Group, Inc. [Member] | Eliminations [Member] | ' | ' | ' | ||
Cash Flows from Operating Activities: | ' | ' | ' | ||
Net income (loss) | -57,061 | -71,391 | ' | ||
Net loss attributable to noncontrolling interest - Inilex | 645 | 0 | ' | ||
Net Income (Loss) Attributable to DriveTime Consolidated | -56,416 | -71,391 | ' | ||
Income from discontinued operations | ' | 0 | ' | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ||
Provision for credit losses | 0 | 0 | ' | ||
Depreciation expense | 0 | 0 | ' | ||
Amortization of debt issuance costs and debt premium and discount | 0 | 0 | ' | ||
Non-cash compensation expensebrelated party | 0 | 0 | ' | ||
Loss (gain) from disposal of property and equipment | 0 | 0 | ' | ||
Originations of finance receivables | 0 | 0 | ' | ||
Collections and recoveries on finance receivable principal balances | 0 | 0 | ' | ||
Change in accrued interest receivable and loan origination costs | 0 | 0 | ' | ||
(Increase) decrease in inventory | -221 | 0 | ' | ||
Change in other assets | 64,597 | 66,267 | ' | ||
Increase in deferred revenue | 0 | 0 | ' | ||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | -7,960 | 5,124 | ' | ||
Net cash used in operating activities from continuing operations | ' | 0 | ' | ||
Net cash provided by operating activities from discontinued operations | ' | 0 | ' | ||
Net cash used in operating activities | 0 | 0 | ' | ||
Cash Flows from Investing Activities: | ' | ' | ' | ||
Proceeds from disposal of property and equipment | 0 | 0 | ' | ||
Purchase of property and equipment | 0 | 0 | ' | ||
Purchase of lease fleet | 0 | ' | ' | ||
Net cash used in investing activities from continuing operations | ' | 0 | ' | ||
Net cash used in investing activities from discontinued operations | ' | 0 | ' | ||
Net cash used in investing activities | 0 | 0 | ' | ||
Cash Flows from Financing Activities: | ' | ' | ' | ||
(Increase) decrease in restricted cash | 0 | 0 | ' | ||
Deposits into investments held in trust | 0 | ' | ' | ||
Change in investments held in trust and collection account cash | 0 | 0 | ' | ||
Additions to portfolio term financings | 0 | 0 | ' | ||
Repayment of portfolio term financings | 0 | 0 | ' | ||
Additions to portfolio warehouse facilities | 0 | 0 | ' | ||
Repayment of portfolio warehouse facilities | 0 | 0 | ' | ||
Additions to senior secured notes payable | 0 | ' | ' | ||
Additions to other secured notes payable | 0 | 0 | ' | ||
Repayment of other secured notes payable | 0 | 0 | ' | ||
Payment of debt issuance costs | 0 | 0 | ' | ||
Dividend distributionsbrelated party | 0 | 0 | ' | ||
Net cash provided by financing activities from continuing operations | ' | 0 | ' | ||
Net cash provided by financing activities from discontinued operations | ' | 0 | ' | ||
Net cash provided by financing activities | 0 | 0 | ' | ||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | ' | ||
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | ||
Cash and cash equivalents at end of period | 0 | 0 | ' | ||
Cash and cash equivalents from discontinued operations at end of period | ' | 0 | ' | ||
Cash and cash equivalents from continuing operations at end of period | ' | 0 | ' | ||
Drive Time Automotive Group, Inc. [Member] | Consolidated [Member] | ' | ' | ' | ||
Cash Flows from Operating Activities: | ' | ' | ' | ||
Net income (loss) | 65,725 | 78,338 | ' | ||
Net loss attributable to noncontrolling interest - Inilex | 591 | 0 | ' | ||
Net Income (Loss) Attributable to DriveTime Consolidated | 66,316 | 78,338 | ' | ||
Income from discontinued operations | ' | 0 | ' | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ||
Provision for credit losses | 0 | 0 | ' | ||
Depreciation expense | 8,782 | 4,527 | ' | ||
Amortization of debt issuance costs and debt premium and discount | 130 | 220 | ' | ||
Non-cash compensation expensebrelated party | 641 | 155 | ' | ||
Loss (gain) from disposal of property and equipment | -111 | -41 | ' | ||
Originations of finance receivables | 0 | 0 | ' | ||
Collections and recoveries on finance receivable principal balances | 0 | 0 | ' | ||
Change in accrued interest receivable and loan origination costs | 0 | 0 | ' | ||
(Increase) decrease in inventory | 34,173 | 41,857 | ' | ||
Change in other assets | -451,214 | -413,579 | ' | ||
Increase in deferred revenue | 58,612 | 6,779 | ' | ||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 337,267 | 265,368 | ' | ||
Net cash used in operating activities from continuing operations | ' | -16,376 | ' | ||
Net cash provided by operating activities from discontinued operations | ' | 0 | ' | ||
Net cash used in operating activities | 54,596 | -16,376 | ' | ||
Cash Flows from Investing Activities: | ' | ' | ' | ||
Proceeds from disposal of property and equipment | 678 | 453 | ' | ||
Purchase of property and equipment | -9,039 | -7,194 | ' | ||
Purchase of lease fleet | -46,033 | ' | ' | ||
Net cash used in investing activities from continuing operations | ' | -6,741 | ' | ||
Net cash used in investing activities from discontinued operations | ' | 0 | ' | ||
Net cash used in investing activities | -54,394 | -6,741 | ' | ||
Cash Flows from Financing Activities: | ' | ' | ' | ||
(Increase) decrease in restricted cash | 0 | 0 | ' | ||
Deposits into investments held in trust | 0 | ' | ' | ||
Change in investments held in trust and collection account cash | 0 | 0 | ' | ||
Additions to portfolio term financings | 0 | 0 | ' | ||
Repayment of portfolio term financings | 0 | 0 | ' | ||
Additions to portfolio warehouse facilities | 0 | 0 | ' | ||
Repayment of portfolio warehouse facilities | 0 | 0 | ' | ||
Additions to senior secured notes payable | 0 | ' | ' | ||
Additions to other secured notes payable | 0 | 20,000 | ' | ||
Repayment of other secured notes payable | -6,922 | -464 | ' | ||
Payment of debt issuance costs | 0 | 0 | ' | ||
Dividend distributionsbrelated party | 0 | 0 | ' | ||
Net cash provided by financing activities from continuing operations | ' | 19,536 | ' | ||
Net cash provided by financing activities from discontinued operations | ' | 0 | ' | ||
Net cash provided by financing activities | -6,922 | 19,536 | ' | ||
Net increase (decrease) in cash and cash equivalents | -6,720 | -3,581 | ' | ||
Cash and cash equivalents at beginning of period | 21,071 | 7,423 | 7,423 | ||
Cash and cash equivalents at end of period | 14,351 | 3,842 | ' | ||
Cash and cash equivalents from discontinued operations at end of period | ' | 0 | ' | ||
Cash and cash equivalents from continuing operations at end of period | ' | 3,842 | ' | ||
DTAC [Member] | Guarantor Subsidiaries Combined [Member] | ' | ' | ' | ||
Cash Flows from Operating Activities: | ' | ' | ' | ||
Net income (loss) | 1,628 | 1,771 | ' | ||
Net loss attributable to noncontrolling interest - Inilex | 0 | 0 | ' | ||
Net Income (Loss) Attributable to DriveTime Consolidated | 1,628 | 1,771 | ' | ||
Income from discontinued operations | ' | -768 | ' | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ||
Provision for credit losses | 0 | 0 | ' | ||
Depreciation expense | 347 | 288 | ' | ||
Amortization of debt issuance costs and debt premium and discount | 0 | 0 | ' | ||
Non-cash compensation expensebrelated party | 0 | 0 | ' | ||
Loss (gain) from disposal of property and equipment | 556 | 91 | ' | ||
Originations of finance receivables | 0 | 0 | ' | ||
Collections and recoveries on finance receivable principal balances | 0 | 0 | ' | ||
Change in accrued interest receivable and loan origination costs | 0 | 0 | ' | ||
(Increase) decrease in inventory | 0 | 0 | ' | ||
Change in other assets | -255,037 | -196,465 | ' | ||
Increase in deferred revenue | 0 | 0 | ' | ||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 262,817 | 204,125 | ' | ||
Net cash used in operating activities from continuing operations | ' | 9,042 | ' | ||
Net cash provided by operating activities from discontinued operations | ' | 1,351 | ' | ||
Net cash used in operating activities | 10,311 | 10,393 | ' | ||
Cash Flows from Investing Activities: | ' | ' | ' | ||
Proceeds from disposal of property and equipment | 19 | 96 | ' | ||
Purchase of property and equipment | -1,238 | -133 | ' | ||
Purchase of lease fleet | 0 | ' | ' | ||
Net cash used in investing activities from continuing operations | ' | -37 | ' | ||
Net cash used in investing activities from discontinued operations | ' | -33,909 | ' | ||
Net cash used in investing activities | -1,219 | -33,946 | ' | ||
Cash Flows from Financing Activities: | ' | ' | ' | ||
(Increase) decrease in restricted cash | -9,092 | -8,864 | ' | ||
Deposits into investments held in trust | 0 | ' | ' | ||
Change in investments held in trust and collection account cash | 0 | 0 | ' | ||
Additions to portfolio term financings | 0 | 0 | ' | ||
Repayment of portfolio term financings | 0 | 0 | ' | ||
Additions to portfolio warehouse facilities | 0 | 0 | ' | ||
Repayment of portfolio warehouse facilities | 0 | 0 | ' | ||
Additions to senior secured notes payable | 0 | ' | ' | ||
Additions to other secured notes payable | 0 | 0 | ' | ||
Repayment of other secured notes payable | 0 | -93 | ' | ||
Payment of debt issuance costs | 0 | 0 | ' | ||
Dividend distributionsbrelated party | 0 | 0 | ' | ||
Net cash provided by financing activities from continuing operations | ' | -8,957 | ' | ||
Net cash provided by financing activities from discontinued operations | ' | 32,553 | ' | ||
Net cash provided by financing activities | -9,092 | 23,596 | ' | ||
Net increase (decrease) in cash and cash equivalents | 0 | 43 | ' | ||
Cash and cash equivalents at beginning of period | 5 | 10 | 10 | ||
Cash and cash equivalents at end of period | 5 | 53 | ' | ||
Cash and cash equivalents from discontinued operations at end of period | ' | 0 | ' | ||
Cash and cash equivalents from continuing operations at end of period | ' | 53 | ' | ||
DTAC [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ||
Cash Flows from Operating Activities: | ' | ' | ' | ||
Net income (loss) | 56,584 | 48,382 | ' | ||
Net loss attributable to noncontrolling interest - Inilex | 0 | 0 | ' | ||
Net Income (Loss) Attributable to DriveTime Consolidated | 56,584 | 48,382 | ' | ||
Income from discontinued operations | ' | 0 | ' | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ||
Provision for credit losses | 0 | 0 | ' | ||
Depreciation expense | 143 | 135 | ' | ||
Amortization of debt issuance costs and debt premium and discount | 1,297 | 1,276 | ' | ||
Non-cash compensation expensebrelated party | 0 | 0 | ' | ||
Loss (gain) from disposal of property and equipment | 0 | 0 | ' | ||
Originations of finance receivables | 0 | 0 | ' | ||
Collections and recoveries on finance receivable principal balances | 0 | 0 | ' | ||
Change in accrued interest receivable and loan origination costs | 0 | 0 | ' | ||
(Increase) decrease in inventory | 0 | 0 | ' | ||
Change in other assets | -171,650 | -61,554 | ' | ||
Increase in deferred revenue | 0 | 0 | ' | ||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 1,042 | -108 | ' | ||
Net cash used in operating activities from continuing operations | ' | -11,869 | ' | ||
Net cash provided by operating activities from discontinued operations | ' | 0 | ' | ||
Net cash used in operating activities | -112,584 | -11,869 | ' | ||
Cash Flows from Investing Activities: | ' | ' | ' | ||
Proceeds from disposal of property and equipment | 0 | 0 | ' | ||
Purchase of property and equipment | -597 | -131 | ' | ||
Purchase of lease fleet | 0 | ' | ' | ||
Net cash used in investing activities from continuing operations | ' | -131 | ' | ||
Net cash used in investing activities from discontinued operations | ' | 0 | ' | ||
Net cash used in investing activities | -597 | -131 | ' | ||
Cash Flows from Financing Activities: | ' | ' | ' | ||
(Increase) decrease in restricted cash | 388 | -6,896 | ' | ||
Deposits into investments held in trust | -5,250 | ' | ' | ||
Change in investments held in trust and collection account cash | -14,455 | -4,255 | ' | ||
Additions to portfolio term financings | 267,751 | 75,000 | ' | ||
Repayment of portfolio term financings | -151,665 | -139,410 | ' | ||
Additions to portfolio warehouse facilities | 313,600 | 210,300 | ' | ||
Repayment of portfolio warehouse facilities | -295,000 | -122,500 | ' | ||
Additions to senior secured notes payable | 0 | ' | ' | ||
Additions to other secured notes payable | 0 | 0 | ' | ||
Repayment of other secured notes payable | -60 | -57 | ' | ||
Payment of debt issuance costs | -1,980 | -348 | ' | ||
Dividend distributionsbrelated party | 0 | 0 | ' | ||
Net cash provided by financing activities from continuing operations | ' | 11,834 | ' | ||
Net cash provided by financing activities from discontinued operations | ' | 0 | ' | ||
Net cash provided by financing activities | 113,329 | 11,834 | ' | ||
Net increase (decrease) in cash and cash equivalents | 148 | -166 | ' | ||
Cash and cash equivalents at beginning of period | 588 | 423 | 423 | ||
Cash and cash equivalents at end of period | 736 | 257 | ' | ||
Cash and cash equivalents from discontinued operations at end of period | ' | 0 | ' | ||
Cash and cash equivalents from continuing operations at end of period | ' | 257 | ' | ||
DTAC [Member] | Parent Company [Member] | ' | ' | ' | ||
Cash Flows from Operating Activities: | ' | ' | ' | ||
Net income (loss) | -66,730 | -59,749 | ' | ||
Net loss attributable to noncontrolling interest - Inilex | 0 | 0 | ' | ||
Net Income (Loss) Attributable to DriveTime Consolidated | -66,730 | -59,749 | ' | ||
Income from discontinued operations | ' | 0 | ' | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ||
Provision for credit losses | 89,084 | 77,842 | ' | ||
Depreciation expense | 368 | 327 | ' | ||
Amortization of debt issuance costs and debt premium and discount | 71 | 164 | ' | ||
Non-cash compensation expensebrelated party | 641 | 156 | ' | ||
Loss (gain) from disposal of property and equipment | -5 | -19 | ' | ||
Originations of finance receivables | -416,390 | -311,829 | ' | ||
Collections and recoveries on finance receivable principal balances | 155,636 | 151,103 | ' | ||
Change in accrued interest receivable and loan origination costs | -876 | 423 | ' | ||
(Increase) decrease in inventory | 0 | 0 | ' | ||
Change in other assets | -118,052 | -219,895 | ' | ||
Increase in deferred revenue | 0 | 0 | ' | ||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 363,466 | 364,567 | ' | ||
Net cash used in operating activities from continuing operations | ' | 3,090 | ' | ||
Net cash provided by operating activities from discontinued operations | ' | 0 | ' | ||
Net cash used in operating activities | 7,213 | 3,090 | ' | ||
Cash Flows from Investing Activities: | ' | ' | ' | ||
Proceeds from disposal of property and equipment | 5 | 92 | ' | ||
Purchase of property and equipment | -203 | -227 | ' | ||
Purchase of lease fleet | 0 | ' | ' | ||
Net cash used in investing activities from continuing operations | ' | -135 | ' | ||
Net cash used in investing activities from discontinued operations | ' | 0 | ' | ||
Net cash used in investing activities | -198 | -135 | ' | ||
Cash Flows from Financing Activities: | ' | ' | ' | ||
(Increase) decrease in restricted cash | 0 | 0 | ' | ||
Deposits into investments held in trust | 0 | ' | ' | ||
Change in investments held in trust and collection account cash | 0 | 0 | ' | ||
Additions to portfolio term financings | 0 | 0 | ' | ||
Repayment of portfolio term financings | 0 | 0 | ' | ||
Additions to portfolio warehouse facilities | 0 | 0 | ' | ||
Repayment of portfolio warehouse facilities | 0 | 0 | ' | ||
Additions to senior secured notes payable | 0 | ' | ' | ||
Additions to other secured notes payable | 0 | 0 | ' | ||
Repayment of other secured notes payable | 0 | 0 | ' | ||
Payment of debt issuance costs | 0 | 0 | ' | ||
Dividend distributionsbrelated party | 0 | 0 | ' | ||
Net cash provided by financing activities from continuing operations | ' | 0 | ' | ||
Net cash provided by financing activities from discontinued operations | ' | 0 | ' | ||
Net cash provided by financing activities | 0 | 0 | ' | ||
Net increase (decrease) in cash and cash equivalents | 7,015 | 2,955 | ' | ||
Cash and cash equivalents at beginning of period | 9,090 | 18,624 | 18,624 | ||
Cash and cash equivalents at end of period | 16,105 | 21,579 | ' | ||
Cash and cash equivalents from discontinued operations at end of period | ' | 0 | ' | ||
Cash and cash equivalents from continuing operations at end of period | ' | 21,579 | ' | ||
DTAC [Member] | Eliminations [Member] | ' | ' | ' | ||
Cash Flows from Operating Activities: | ' | ' | ' | ||
Net income (loss) | -58,212 | -50,153 | ' | ||
Net loss attributable to noncontrolling interest - Inilex | 0 | 0 | ' | ||
Net Income (Loss) Attributable to DriveTime Consolidated | -58,212 | -50,153 | ' | ||
Income from discontinued operations | ' | 0 | ' | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ||
Provision for credit losses | 0 | 0 | ' | ||
Depreciation expense | 0 | 0 | ' | ||
Amortization of debt issuance costs and debt premium and discount | 0 | 0 | ' | ||
Non-cash compensation expensebrelated party | 0 | 0 | ' | ||
Loss (gain) from disposal of property and equipment | 0 | 0 | ' | ||
Originations of finance receivables | 0 | 0 | ' | ||
Collections and recoveries on finance receivable principal balances | 0 | 0 | ' | ||
Change in accrued interest receivable and loan origination costs | 0 | 0 | ' | ||
(Increase) decrease in inventory | 0 | 0 | ' | ||
Change in other assets | 340,092 | 303,856 | ' | ||
Increase in deferred revenue | 0 | 0 | ' | ||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | -281,880 | -257,906 | ' | ||
Net cash used in operating activities from continuing operations | ' | -4,203 | ' | ||
Net cash provided by operating activities from discontinued operations | ' | 0 | ' | ||
Net cash used in operating activities | 0 | -4,203 | ' | ||
Cash Flows from Investing Activities: | ' | ' | ' | ||
Proceeds from disposal of property and equipment | 0 | 0 | ' | ||
Purchase of property and equipment | 0 | 0 | ' | ||
Purchase of lease fleet | 0 | ' | ' | ||
Net cash used in investing activities from continuing operations | ' | 0 | ' | ||
Net cash used in investing activities from discontinued operations | ' | 0 | ' | ||
Net cash used in investing activities | 0 | 0 | ' | ||
Cash Flows from Financing Activities: | ' | ' | ' | ||
(Increase) decrease in restricted cash | 0 | 0 | ' | ||
Deposits into investments held in trust | 0 | ' | ' | ||
Change in investments held in trust and collection account cash | 0 | 0 | ' | ||
Additions to portfolio term financings | 0 | 0 | ' | ||
Repayment of portfolio term financings | 0 | 4,203 | ' | ||
Additions to portfolio warehouse facilities | 0 | 0 | ' | ||
Repayment of portfolio warehouse facilities | 0 | 0 | ' | ||
Additions to senior secured notes payable | 0 | ' | ' | ||
Additions to other secured notes payable | 0 | 0 | ' | ||
Repayment of other secured notes payable | 0 | 0 | ' | ||
Payment of debt issuance costs | 0 | 0 | ' | ||
Dividend distributionsbrelated party | 0 | 0 | ' | ||
Net cash provided by financing activities from continuing operations | ' | 4,203 | ' | ||
Net cash provided by financing activities from discontinued operations | ' | 0 | ' | ||
Net cash provided by financing activities | 0 | 4,203 | ' | ||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | ' | ||
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | ||
Cash and cash equivalents at end of period | 0 | 0 | ' | ||
Cash and cash equivalents from discontinued operations at end of period | ' | 0 | ' | ||
Cash and cash equivalents from continuing operations at end of period | ' | 0 | ' | ||
DTAC [Member] | Consolidated [Member] | ' | ' | ' | ||
Cash Flows from Operating Activities: | ' | ' | ' | ||
Net income (loss) | -66,730 | -59,749 | ' | ||
Net loss attributable to noncontrolling interest - Inilex | 0 | 0 | ' | ||
Net Income (Loss) Attributable to DriveTime Consolidated | -66,730 | -59,749 | ' | ||
Income from discontinued operations | ' | -768 | ' | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ||
Provision for credit losses | 89,084 | 77,842 | ' | ||
Depreciation expense | 858 | 750 | ' | ||
Amortization of debt issuance costs and debt premium and discount | 1,368 | 1,440 | ' | ||
Non-cash compensation expensebrelated party | 641 | 156 | ' | ||
Loss (gain) from disposal of property and equipment | 551 | 72 | ' | ||
Originations of finance receivables | -416,390 | -311,829 | ' | ||
Collections and recoveries on finance receivable principal balances | 155,636 | 151,103 | ' | ||
Change in accrued interest receivable and loan origination costs | -876 | 423 | ' | ||
(Increase) decrease in inventory | 0 | 0 | ' | ||
Change in other assets | -204,647 | -174,058 | ' | ||
Increase in deferred revenue | 0 | 0 | ' | ||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 345,445 | 310,678 | ' | ||
Net cash used in operating activities from continuing operations | ' | -3,940 | ' | ||
Net cash provided by operating activities from discontinued operations | ' | 1,351 | ' | ||
Net cash used in operating activities | -95,060 | -2,589 | ' | ||
Cash Flows from Investing Activities: | ' | ' | ' | ||
Proceeds from disposal of property and equipment | 24 | 188 | ' | ||
Purchase of property and equipment | -2,038 | -491 | ' | ||
Purchase of lease fleet | 0 | ' | ' | ||
Net cash used in investing activities from continuing operations | ' | -303 | ' | ||
Net cash used in investing activities from discontinued operations | ' | -33,909 | ' | ||
Net cash used in investing activities | -2,014 | -34,212 | ' | ||
Cash Flows from Financing Activities: | ' | ' | ' | ||
(Increase) decrease in restricted cash | -8,704 | -15,760 | ' | ||
Deposits into investments held in trust | -5,250 | ' | ' | ||
Change in investments held in trust and collection account cash | -14,455 | -4,255 | ' | ||
Additions to portfolio term financings | 267,751 | 75,000 | ' | ||
Repayment of portfolio term financings | -151,665 | -135,207 | ' | ||
Additions to portfolio warehouse facilities | 313,600 | 210,300 | ' | ||
Repayment of portfolio warehouse facilities | -295,000 | -122,500 | ' | ||
Additions to senior secured notes payable | 0 | ' | ' | ||
Additions to other secured notes payable | 0 | 0 | ' | ||
Repayment of other secured notes payable | -60 | -150 | ' | ||
Payment of debt issuance costs | -1,980 | -348 | ' | ||
Dividend distributionsbrelated party | 0 | 0 | ' | ||
Net cash provided by financing activities from continuing operations | ' | 7,080 | ' | ||
Net cash provided by financing activities from discontinued operations | ' | 32,553 | ' | ||
Net cash provided by financing activities | 104,237 | 39,633 | ' | ||
Net increase (decrease) in cash and cash equivalents | 7,163 | 2,832 | ' | ||
Cash and cash equivalents at beginning of period | 9,683 | 19,057 | 19,057 | ||
Cash and cash equivalents at end of period | 16,846 | 21,889 | ' | ||
Cash and cash equivalents from discontinued operations at end of period | ' | 0 | ' | ||
Cash and cash equivalents from continuing operations at end of period | ' | 21,889 | ' | ||
Eliminations [Member] | ' | ' | ' | ||
Cash Flows from Operating Activities: | ' | ' | ' | ||
Net income (loss) | 0 | 0 | ' | ||
Net loss attributable to noncontrolling interest - Inilex | 0 | 0 | ' | ||
Net Income (Loss) Attributable to DriveTime Consolidated | 0 | 0 | ' | ||
Income from discontinued operations | ' | 0 | ' | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' | ||
Provision for credit losses | 0 | 0 | ' | ||
Depreciation expense | 0 | 0 | ' | ||
Amortization of debt issuance costs and debt premium and discount | 0 | 0 | ' | ||
Non-cash compensation expensebrelated party | 0 | 0 | ' | ||
Loss (gain) from disposal of property and equipment | 0 | 0 | ' | ||
Originations of finance receivables | 0 | 0 | ' | ||
Collections and recoveries on finance receivable principal balances | 0 | 0 | ' | ||
Change in accrued interest receivable and loan origination costs | 0 | 0 | ' | ||
(Increase) decrease in inventory | 0 | 0 | ' | ||
Change in other assets | 643,182 | 558,823 | ' | ||
Increase in deferred revenue | 0 | 0 | ' | ||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | -643,182 | -558,823 | ' | ||
Net cash used in operating activities from continuing operations | ' | 0 | ' | ||
Net cash provided by operating activities from discontinued operations | ' | 0 | ' | ||
Net cash used in operating activities | 0 | 0 | ' | ||
Cash Flows from Investing Activities: | ' | ' | ' | ||
Proceeds from disposal of property and equipment | 0 | 0 | ' | ||
Purchase of property and equipment | 0 | 0 | ' | ||
Purchase of lease fleet | 0 | ' | ' | ||
Net cash used in investing activities from continuing operations | ' | 0 | ' | ||
Net cash used in investing activities from discontinued operations | ' | 0 | ' | ||
Net cash used in investing activities | 0 | 0 | ' | ||
Cash Flows from Financing Activities: | ' | ' | ' | ||
(Increase) decrease in restricted cash | 0 | 0 | ' | ||
Deposits into investments held in trust | 0 | ' | ' | ||
Change in investments held in trust and collection account cash | 0 | 0 | ' | ||
Additions to portfolio term financings | 0 | 0 | ' | ||
Repayment of portfolio term financings | 0 | 0 | ' | ||
Additions to portfolio warehouse facilities | 0 | 0 | ' | ||
Repayment of portfolio warehouse facilities | 0 | 0 | ' | ||
Additions to senior secured notes payable | 0 | ' | ' | ||
Additions to other secured notes payable | 0 | 0 | ' | ||
Repayment of other secured notes payable | 0 | 0 | ' | ||
Payment of debt issuance costs | 0 | 0 | ' | ||
Dividend distributionsbrelated party | 0 | 0 | ' | ||
Net cash provided by financing activities from continuing operations | ' | 0 | ' | ||
Net cash provided by financing activities from discontinued operations | ' | ' | 0 | ||
Net cash provided by financing activities | 0 | 0 | ' | ||
Net increase (decrease) in cash and cash equivalents | 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 from discontinued operations at end of period | ' | 0 | ' | ||
Cash and cash equivalents from continuing operations at end of period | ' | $0 | ' | ||
[1] | Refer to Note 1 for a discussion regarding the noncontrolling interestbInilex |