Consumer Portfolio Services (CPSS) 10-Q 30 Oct 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Oct. 22, 2013
Document And Entity Information
Entity Registrant Name	CONSUMER PORTFOLIO SERVICES INC
Entity Central Index Key	889609
Document Type	10-Q
Document Period End Date	30-Sep-13
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		22,274,010
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2013

UNAUDITED_CONDENSED_CONSOLIDAT

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
ASSETS
Cash and cash equivalents	$24,128	$12,966
Restricted cash and equivalents	129,450	104,445
Finance receivables	1,081,282	764,343
Less: Allowance for finance credit losses	-34,464	-19,594
Finance receivables, net	1,046,818	744,749
Finance receivables measured at fair value	21,217	59,668
Residual interest in securitizations	1,426	4,824
Furniture and equipment, net	607	726
Deferred financing costs	11,163	9,140
Deferred tax assets, net	66,166	75,640
Accrued interest receivable	15,146	10,411
Other assets	17,391	15,051
Total	1,333,512	1,037,620
Liabilities
Accounts payable and accrued expenses	33,817	17,785
Warehouse lines of credit	26,959	21,731
Residual interest financing	20,000	13,773
Debt secured by receivables measured at fair value	16,888	57,107
Securitization trust debt	1,094,559	792,497
Senior secured debt, related party	38,963	50,135
Subordinated renewable notes	20,640	23,281
Total	1,251,826	976,309
COMMITMENTS AND CONTINGENCIES
Shareholders' Equity
Preferred stock, $1 par value; authorized 4,998,130 shares; none issued Series A preferred stock, $1 par value; authorized 5,000,000 shares; none issued Series B preferred stock, $1 par value; authorized 1,870 shares; none issued
Common stock, no par value; authorized 75,000,000 shares; 22,150,560 and 19,838,913 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively	71,570	65,678
Retained earnings	15,753	1,270
Accumulated other comprehensive loss	-5,637	-5,637
Total	81,686	61,311
Total	1,333,512	1,037,620
Series A Preferred Stock [Member]
Shareholders' Equity
Preferred stock, $1 par value; authorized 4,998,130 shares; none issued Series A preferred stock, $1 par value; authorized 5,000,000 shares; none issued Series B preferred stock, $1 par value; authorized 1,870 shares; none issued	0	0
Series B Preferred Stock [Member]
Shareholders' Equity
Preferred stock, $1 par value; authorized 4,998,130 shares; none issued Series A preferred stock, $1 par value; authorized 5,000,000 shares; none issued Series B preferred stock, $1 par value; authorized 1,870 shares; none issued	$0	$0

UNAUDITED_CONDENSED_CONSOLIDAT1

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Shareholders' Equity
Preferred Stock, Par Value	$1	$1
Preferred Stock, Authorized	4,998,130	4,998,130
Preferred Stock, Issued	0	0
Preferred Stock, Outstanding	0	0
Common Stock, Par Value	$0	$0
Common Stock, Authorized	75,000,000	75,000,000
Common Stock, Issued	22,150,560	19,838,913
Common Stock, Outstanding	22,150,560	19,838,913
Series A Preferred Stock [Member]
Shareholders' Equity
Preferred Stock, Par Value	$1	$1
Preferred Stock, Authorized	5,000,000	5,000,000
Preferred Stock, Issued	0	0
Preferred Stock, Outstanding	0	0
Series B Preferred Stock [Member]
Shareholders' Equity
Preferred Stock, Par Value	$1	$1
Preferred Stock, Authorized	1,870	1,870
Preferred Stock, Issued	0	0
Preferred Stock, Outstanding	0	0

UNAUDITED_CONDENSED_CONSOLIDAT2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:
Interest income	$60,462	$45,053	$167,426	$127,210
Servicing fees	700	502	2,484	1,897
Other income	2,904	2,365	8,284	7,481
Gain on cancellation of debt			10,947
Total	64,066	47,920	189,141	136,588
Expenses:
Employee costs	11,199	8,730	31,675	25,878
General and administrative	4,074	3,690	12,346	11,765
Interest	13,853	19,560	44,800	61,696
Provision for credit losses	20,220	9,465	52,739	22,012
Provision for contingent liabilities			9,650
Marketing	3,378	2,906	10,032	8,086
Occupancy	695	723	1,921	2,170
Depreciation and amortization	88	118	345	401
Total expenses	53,507	45,192	163,508	132,008
Income before income tax expense	10,559	2,728	25,633	4,580
Income tax expense	4,686		11,150
Net income	$5,873	$2,728	$14,483	$4,580
Earnings per share:
Basic	$0.27	$0.14	$0.69	$0.24
Diluted	$0.19	$0.11	$0.46	$0.19
Number of shares used in computing income per share:
Basic	21,795	19,495	20,959	19,406
Diluted	31,217	25,695	31,550	24,026

UNAUDITED_CONDENSED_CONSOLIDAT3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Unaudited Condensed Consolidated Statements Of Comprehensive Income
Net income	$5,873	$2,728	$14,483	$4,580
Other comprehensive income/(loss); change in funded status of pension plan
Comprehensive income	$5,873	$2,728	$14,483	$4,580

UNAUDITED_CONDENSED_CONSOLIDAT4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:
Net income	$14,483	$4,580
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of deferred acquisition fees	-15,543	-11,370
Accretion of purchase discount on receivables measured at fair value	-1,247	-7,272
Amortization of discount on securitization trust debt	53	1,371
Amortization of discount on senior secured debt, related party	1,681	2,308
Accretion of premium on debt secured by receivables measured at fair value	2,079	5,552
Mark to fair value on debt secured by receivables at fair value	-933	1,953
Mark to fair value of receivables measured at fair value	595	-1,824
Depreciation and amortization	345	401
Amortization of deferred financing costs	2,874	3,952
Provision for credit losses	52,739	22,012
Provision for contingent liabilities	9,650
Stock-based compensation expense	2,939	801
Interest income on residual assets		-458
Gain on cancellation of debt	-10,947
Changes in assets and liabilities:
Accrued interest receivable	-4,735	-2,387
Deferred tax assets, net	9,474
Other assets	680	1,350
Accounts payable and accrued expenses	6,965	-4,540
Net cash provided by operating activities	71,152	16,429
Cash flows from investing activities:
Purchases of finance receivables held for investment	-592,327	-400,908
Payments received on finance receivables held for investment	253,062	226,395
Payments on receivables portfolio at fair value	39,103	91,865
Proceeds received on residual interest in securitizations	3,398
Change in repossessions in inventory	-3,020	-221
Decreases (increases) in restricted cash and equivalents, net	-25,005	51,988
Purchase of furniture and equipment	-226	-326
Net cash used in investing activities	-325,015	-31,207
Cash flows from financing activities:
Proceeds from issuance of securitization trust debt	595,000	443,500
Proceeds from issuance of subordinated renewable notes	1,380	2,609
Payments on subordinated renewable notes	-4,021	-1,834
Net proceeds (repayments of) from warehouse lines of credit	5,228	-4,995
Net proceeds from (repayments of) residual interest financing debt	6,227	-8,111
Repayment of securitization trust debt	-282,044	-306,540
Repayment of debt secured by receivables measured at fair value	-41,365	-97,703
Repayment of senior secured debt, related party	-12,852	-6,200
Payment of financing costs	-4,898	-5,638
Repurchase of common stock	-2,484	-435
Exercise of options and warrants	4,854	499
Net cash provided by financing activities	265,025	15,152
Increase in cash and cash equivalents	11,162	374
Cash and cash equivalents at beginning of period	12,966	10,094
Cash and cash equivalents at end of period	24,128	10,468
Cash paid during the period for:
Interest	41,936	63,258
Income taxes	2,058	963
Non-cash financing activities:
Derivative warrants reclassified from accounts payable to common stock	$583	$1,307

1_Summary_of_Significant_Accou

1. Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Description of Business
	We were formed in California on March 8, 1991. We specialize in purchasing and servicing retail automobile installment sale contracts (“automobile contracts” or “finance receivables”) originated by licensed motor vehicle dealers located throughout the United States (“dealers”) in the sale of new and used automobiles, light trucks and passenger vans. Through our purchases, we provide indirect financing to dealer customers for borrowers with limited credit histories, low incomes or past credit problems (“sub-prime customers”). We serve as an alternative source of financing for dealers, allowing sales to customers who otherwise might not be able to obtain financing. In addition to purchasing installment purchase contracts directly from dealers, we have also (i) acquired installment purchase contracts in four merger and acquisition transactions, (ii) purchased immaterial amounts of vehicle purchase money loans from non-affiliated lenders, and (iii) lent money directly to consumers for an immaterial amount of loans secured by vehicles. In this report, we refer to all of such contracts and loans as "automobile contracts."
	Basis of Presentation
	Our Unaudited Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America, with the instructions to Form 10-Q and with Article 8 of Regulation S-X of the Securities and Exchange Commission, and include all adjustments that are, in management’s opinion, necessary for a fair presentation of the results for the interim periods presented. All such adjustments are, in the opinion of management, of a normal recurring nature. Results for the nine-month period ended September 30, 2013 are not necessarily indicative of the operating results to be expected for the full year.
	Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from these Unaudited Condensed Consolidated Financial Statements. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2012.
	Use of Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, as well as the reported amounts of income and expenses during the reported periods. Specifically, a number of estimates were made in connection with determining an appropriate allowance for finance credit losses, valuing finance receivables measured at fair value and the related debt, valuing residual interest in securitizations, accreting net acquisition fees, amortizing deferred costs, valuing stock options and warrants issued, and recording deferred tax assets and reserves for uncertain tax positions. These are material estimates that could be susceptible to changes in the near term and, accordingly, actual results could differ from those estimates.
	Other Income
	The following table presents the primary components of Other Income for the three-month and nine-month periods ending September 30, 2013 and 2012:
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013		2012
		(In thousands)						(In thousands)
	Direct mail revenues	$	1,691		$	1,617		$	5,418	$	4,468
	Convenience fee revenue		720			715			2,235		2,237
	Recoveries on previously charged-off contracts		49			67			153		312
	Sales tax refunds		–			59			84		186
	Other		444			(93	)		394		278
	Other income for the period	$	2,904		$	2,365		$	8,284	$	7,481
	Stock-based Compensation
	We recognize compensation costs in the financial statements for all share-based payments based on the grant date fair value estimated in accordance with the provisions of ASC 718 “Stock Compensation”.
	For the nine months ended September 30, 2013 and 2012, we recorded stock-based compensation costs in the amount of $2,939,000 and $801,000, respectively. As of September 30, 2013, unrecognized stock-based compensation costs to be recognized over future periods equaled $13.5 million. This amount will be recognized as expense over a weighted-average period of 3.6 years.
	The following represents stock option activity for the nine months ended September 30, 2013:
		Number of			Weighted			Weighted Average
		Shares			Average			Remaining
		(in thousands)			Exercise Price			Contractual Term
	Options outstanding at the beginning of period		8,652		$	1.58		N/A
	Granted		3,040			7.43		N/A
	Exercised		(1,116	)		1.52		N/A
	Forfeited		(151	)		4.64		N/A
	Options outstanding at the end of period		10,425		$	3.25		6.63 years
	Options exercisable at the end of period		5,769		$	1.95		4.90 years
	At September 30, 2013, the aggregate intrinsic value of options outstanding and exercisable was $32.5 million and $23.3 million, respectively. There were 1,116,000 options exercised for the nine months ended September 30, 2013 compared to 356,000 for the comparable period in 2012. There were 4.0 million shares available for future stock option grants under existing plans as of September 30, 2013.
	Purchases of Company Stock
	During the nine-month period ended September 30, 2013 and 2012, we purchased 323,674 and 320,154 shares, respectively, of our common stock, at average prices of $7.68 and $1.36, respectively.
	Reclassifications
	Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or total shareholders’ equity.
	Derivative Financial Instruments
	We do not use derivative financial instruments to hedge exposures to cash flow or market risks. However, from 2008 to 2010, we issued warrants to purchase the Company’s common stock in conjunction with various debt financing transactions. At the time of issuance, five of these warrants issued contained "down round," or price reset, features that are subject to classification as liabilities for financial statement purposes. These liabilities were measured at fair value, with the changes in fair value at the end of each period reflected as current period income or loss. Accordingly, changes to the market price per share of our common stock underlying these warrants with "down round," or price reset, features directly affected the fair value computations for these derivative financial instruments. The effect was that any increase in the market price per share of our common stock would also increase the related liability, which in turn would result in a current period loss. Conversely, any decrease in the market price per share of our common stock would also decrease the related liability, which in turn would result in a current period gain. We used a binomial pricing model to compute the fair value of the liabilities associated with the outstanding warrants. In computing the fair value of the warrant liabilities at the end of each period, we used significant judgments with respect to the risk free interest rate, the volatility of our stock price, and the estimated life of the warrants. The warrant liabilities were included in Accounts payable and accrued expenses on our consolidated balance sheets. On March 29, 2012 we agreed with the holders to amend three of the five warrants that contained the “down round” features, removing those specific price reset terms. On the date of the amendment, we valued each of the three warrants using a binomial pricing model as described above. The aggregate value of the three amended warrants of $1.1 million was then reclassified from Accounts payable to Common Stock. On June 25, 2012 we agreed with the holder to amend one other warrant that contained the “down round” features, removing those specific price reset terms. The $250,000 aggregate value of this amended warrant was reclassified from Accounts payable to Common stock on the date of the amendment. The fifth warrant with the “down round” feature was exercised on February 22, 2013. The $583,000 intrinsic value of this warrant was reclassified from Accounts payable to Common stock on the date of the exercise. As of September 30, 2013 all five of the warrants issued that previously contained price reset features have either been amended or exercised and are no longer subject to quarterly valuations.
	Financial Covenants
	Certain of our securitization transactions, our warehouse credit facilities and our residual interest financing contain various financial covenants requiring minimum financial ratios and results. Such covenants include maintaining minimum levels of liquidity and net worth and not exceeding maximum leverage levels. As of September 30, 2013, we were in compliance with all such covenants. In addition, certain securitization and non-securitization related debt agreements contain cross-default provisions that would allow certain creditors to declare a default if a default occurred under a different facility.
	Finance Receivables and Related Debt Measured at Fair Value
	In September 2011 we purchased approximately $217.8 million of finance receivables from Fireside Bank. These receivables and the related acquisition debt are recorded on our balance sheet at fair value. There are no level 1 or level 2 inputs (as described by ASC 820) available to us for measurement of such receivables, or for the related debt. Our level 3, unobservable inputs reflect our own assumptions about the factors that market participants use in pricing similar receivables and debt, and are based on the best information available in the circumstances. The valuation method used to estimate fair value may produce a fair value measurement that may not be indicative of ultimate realizable value. Furthermore, while we believe our valuation methods are appropriate and consistent with those used by other market participants, the use of different methods or assumptions to estimate the fair value of certain financial instruments could result in different estimates of fair value. Those estimated values may differ significantly from the values that would have been used had a readily available market for such receivables or debt existed, or had such receivables or debt been liquidated, and those differences could be material to the financial statements.
	Gain on Cancellation of Debt
	In April 2013, we repurchased the outstanding Class D notes from our first 2008 securitization for a cash payment of $6.1 million and a new 5% note for $5.3 million due in June 2014. The Class D notes were held by the same related party that holds our senior secured debt. On the date we repurchased the Class D notes, the Class D note holder owned 10.5% of our outstanding common stock and warrants to purchase an additional 1.9 million shares of common stock. We subsequently exercised our “clean-up call” option and repurchased the remaining collateral from the related securitization trust. The aggregate value of our consideration for the Class D notes was $10.9 million less than our carrying value of the Class D notes at the time of the repurchase. As a result of the repurchase of the Class D notes and the termination of the securitization trust, we realized a gain of $10.9 million.
	Provision for Contingent Liabilities
	During the nine months ended September 30, 2013, we recognized $9.7 million in contingent liability expenses to either record or increase the amounts we believe we may incur related to various pending litigation. The amount was allocated in part to a long running case we refer to as the Stanwich litigation, and also to more recent matters including two California class action suits where we are the defendant, and a governmental inquiry, in which the United States Federal Trade Commission (“FTC”) has informally proposed that the we refrain from certain allegedly unfair trade practices, and make restitutionary payments into a consumer relief fund.

2_Finance_Receivables

2. Finance Receivables	9 Months Ended
	Sep. 30, 2013
Finance Receivables
Finance Receivables
	Our portfolio of finance receivables consists of small-balance homogeneous contracts comprising a single segment and class that is collectively evaluated for impairment on a portfolio basis according to delinquency status. Our contract purchase guidelines are designed to produce a homogenous portfolio. For key terms such as interest rate, length of contract, monthly payment and amount financed, there is relatively little variation from the average for the portfolio. We report delinquency on a contractual basis. Once a contract becomes greater than 90 days delinquent, we do not recognize additional interest income until the obligor under the contract makes sufficient payments to be less than 90 days delinquent. Any payments received on a contract that is greater than 90 days delinquent are first applied to accrued interest and then to principal reduction.
	The following table presents the components of Finance Receivables, net of unearned interest:
		September 30,			December 31,
		2013			2012
	Finance Receivables		(In thousands)
	Automobile finance receivables, net of unearned interest	$	1,111,773		$	795,786
	Less: Unearned acquisition fees and originations costs		(30,491	)		(31,443	)
	Finance Receivables	$	1,081,282		$	764,343
	We consider an automobile contract delinquent when an obligor fails to make at least 90% of a contractually due payment by the following due date, which date may have been extended within limits specified in the servicing agreements. The period of delinquency is based on the number of days payments are contractually past due, as extended where applicable. Automobile contracts less than 31 days delinquent are not included. In certain circumstances we will grant obligors one-month payment extensions to assist them with temporary cash flow problems. The only modification of terms is to advance the obligor’s next due date by one month and extend the maturity date of the receivable by one month. In some cases, a two-month extension may be granted. There are no other concessions such as a reduction in interest rate, forgiveness of principal or of accrued interest. Accordingly, we consider such extensions to be insignificant delays in payments rather than troubled debt restructurings. The following table summarizes the delinquency status of finance receivables as of September 30, 2013 and December 31, 2012:
			September 30,			December 31,
			2013			2012
			(In thousands)
	Delinquency Status
	Current	$	1,061,090		$	764,741
	31 - 61 days		26,335			16,925
	61 - 90 days		16,084			9,019
	91 + days		8,264			5,101
		$	1,111,773		$	795,786
	Finance receivables totaling $8.3 million and $5.1 million at September 30, 2013 and December 31, 2012, respectively, including all receivables greater than 90 days delinquent, have been placed on non-accrual status as a result of their delinquency status.
	We use a loss allowance methodology commonly referred to as "static pooling," which stratifies our finance receivable portfolio into separately identified pools based on the period of origination. Using analytical and formula driven techniques, we estimate an allowance for finance credit losses, which we believe is adequate for probable credit losses that can be reasonably estimated in our portfolio of automobile contracts. The estimate for probable credit losses is reduced by our estimate for future recoveries on previously incurred losses. Provision for losses is charged to our consolidated statement of operations. Net losses incurred on finance receivables are charged to the allowance. For finance receivables originated through December 31, 2010 we established the allowance at the time of the acquisition of the receivable. Beginning January 1, 2011, we establish the allowance for new receivables over the 12-month period following their acquisition.
	The following table presents a summary of the activity for the allowance for finance credit losses for the three-month and nine-month periods ended September 30, 2013 and 2012:
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
		(In thousands)						(In thousands)
	Balance at beginning of period	$	32,101		$	14,093		$	19,594		$	10,351
	Provision for credit losses on finance receivables		20,220			9,465			52,739			22,012
	Charge-offs		(20,952	)		(9,578	)		(47,229	)		(26,158	)
	Recoveries		3,095			2,966			9,360			10,741
	Balance at end of period	$	34,464		$	16,946		$	34,464		$	16,946
	Excluded from finance receivables are contracts that were previously classified as finance receivables but were reclassified as other assets because we have repossessed the vehicle securing the Contract. The following table presents a summary of such repossessed inventory together with the allowance for losses in repossessed inventory that is not included in the allowance for finance credit losses:
		September 30,			December 31,
		2013			2012
		(In thousands)
	Gross balance of repossessions in inventory	$	20,718		$	12,102
	Allowance for losses on repossessed inventory		(11,980	)		(6,384	)
	Net repossessed inventory included in other assets	$	8,738		$	5,718

3_Finance_Receivables_Measured

3. Finance Receivables Measured at Fair Value	9 Months Ended
	Sep. 30, 2013
Finance Receivables Measured At Fair Value
Finance Receivables Measured at Fair Value
	In September 2011 we purchased approximately $217.8 million of finance receivables from Fireside Bank. These receivables are recorded on our balance sheet at fair value.
	The following table presents the components of Finance Receivables measured at fair value:
		September 30,			December 31,
		2013			2012
	Finance Receivables Measured at Fair Value		(In thousands)
	Finance receivables and accrued interest, net of unearned interest	$	21,701		$	60,804
	Less: Fair value adjustment		(484	)		(1,136	)
	Finance receivables measured at fair value	$	21,217		$	59,668
	The following table summarizes the delinquency status of finance receivables measured at fair value as of September 30, 2013 and December 31, 2012:
		September 30,			December 31,
		2013			2012
		(In thousands)
	Deliquency Status
	Current	$	19,795		$	57,557
	31 - 60 days		1,218			2,206
	61 - 90 days		436			710
	91 + days		252			331
		$	21,701		$	60,804

4_Securitization_Trust_Debt

4. Securitization Trust Debt	9 Months Ended
	Sep. 30, 2013
SecuritizationTrustDebtAbstract
Securitization Trust Debt	We have completed a number of securitization transactions that are structured as secured borrowings for financial accounting purposes. The debt issued in these transactions is shown on our Unaudited Condensed Consolidated Balance Sheets as “Securitization trust debt,” and the components of such debt are summarized in the following table:
			Final Scheduled	Receivables Pledged at				Outstanding Principal at		Outstanding Principal at		Weighted
												Average Contractual Interest
												Rate at
			Payment	September 30,		Initial		September 30,		December 31,		September 30,
	Series		Date (1)	2013		Principal		2013		2012		2013
	(Dollars in thousands)
	CPS 2008-A		Oct-14	$	–	$	310,359	$	–	$	40,713		–
	Page Five Funding		Jan-18		13,244		46,058		11,500		21,251		9.39%
	CPS 2011-A		Apr-18		33,088		100,364		29,533		48,368		3.54%
	CPS 2011-B		Sep-18		50,758		109,936		50,286		70,863		4.70%
	CPS 2011-C		Mar-19		63,410		119,400		63,429		88,269		5.03%
	CPS 2012-A		Jun-19		73,288		155,000		72,964		105,485		3.58%
	CPS 2012-B		Sep-19		96,641		141,500		95,324		122,329		3.24%
	CPS 2012-C		Dec-19		103,877		147,000		101,575		135,219		2.56%
	CPS 2012-D		Mar-20		124,318		160,000		118,237		160,000		2.12%
	CPS 2013-A		Jun-20		165,276		185,000		157,015		–		1.85%
	CPS 2013-B		Sep-20		192,628		205,000		189,696		–		2.28%
	CPS 2013-C		Dec-20		137,989		205,000		205,000		–		2.36%
				$	1,054,517	$	1,884,617	$	1,094,559	$	792,497
	_________________
	-1	The Final Scheduled Payment Date represents final legal maturity of the securitization trust debt. Securitization trust debt is expected to become due and to be paid prior to those dates, based on amortization of the finance receivables pledged to the trusts. Expected payments, which will depend on the performance of such receivables, as to which there can be no assurance, are $104.7 million in 2013, $393.4 million in 2014, $292.0 million in 2015, $181.0 million in 2016, $96.8 million in 2017 and $26.6 million in 2018.
	All of the securitization trust debt was sold in private placement transactions to qualified institutional buyers. The debt was issued through our wholly-owned bankruptcy remote subsidiaries and is secured by the assets of such subsidiaries, but not by our other assets.
	The terms of the securitization agreements related to the issuance of the securitization trust debt and the warehouse credit facilities require that we meet certain delinquency and credit loss criteria with respect to the pool of receivables, and certain of the agreements require that we maintain minimum levels of liquidity and not exceed maximum leverage levels. In addition, certain securitization and non-securitization related debt contain cross-default provisions, which would allow certain creditors to declare a default if a default were declared under a different facility. As of September 30, 2013, we were in compliance with all such covenants.
	We are responsible for the administration and collection of the automobile contracts. The securitization agreements also require certain funds be held in restricted cash accounts to provide additional collateral for the borrowings, to be applied to make payments on the securitization trust debt or as pre-funding proceeds from a term securitization prior to the purchase of additional collateral. As of September 30, 2013, restricted cash under the various agreements totaled approximately $129.5 million, of which $65.8 million represented pre-funding proceeds. Interest expense on the securitization trust debt consists of the stated rate of interest plus amortization of additional costs of borrowing. Additional costs of borrowing include facility fees, amortization of deferred financing costs and discounts on notes sold. Deferred financing costs and discounts on notes sold related to the securitization trust debt are amortized using a level yield method. Accordingly, the effective cost of the securitization trust debt is greater than the contractual rate of interest disclosed above.
	Our wholly-owned bankruptcy remote subsidiaries were formed to facilitate the above asset-backed financing transactions. Similar bankruptcy remote subsidiaries issue the debt outstanding under our credit facilities. Bankruptcy remote refers to a legal structure in which it is expected that the applicable entity would not be included in any bankruptcy filing by its parent or affiliates. All of the assets of these subsidiaries have been pledged as collateral for the related debt. All such transactions, treated as secured financings for accounting and tax purposes, are treated as sales for all other purposes, including legal and bankruptcy purposes. None of the assets of these subsidiaries are available to pay other creditors.

5_Debt

5. Debt	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]
Debt
	The terms and amounts of our other debt outstanding at September 30, 2013 and December 31, 2012 are summarized below:
				Amount Outstanding at
				September 30,		December 31,
				2013		2012
				(In thousands)
	Description	Interest Rate	Maturity
	Residual interest financing	12.875% over one month Libor	Sep-13	$	–	$	13,773
		11.75% over one month Libor	Apr-18		20,000		–
	Senior secured debt, related party	13.0% and 16.0% at September 30, 2013 and December 31, 2012, respectively	Jun-14		36,816		50,135
		5.00%	Jun-14		2,147		–
	Subordinated renewable notes	Weighted average rate of 12.7% and 14.4% at September 30, 2013 and December 31, 2012, respectively	Weighted average maturity of July 2016 and June 2015 at September 30, 2013 and December 31, 2012, respectively		20,640		23,281
	Debt secured by receivables measured at fair value	n/a	Repayment is based on payments from underlying receivables. Final payment of the 8.00% note was made in September 2013, with residual payments extending through 2016		16,888		57,107
				$	96,491	$	144,296
	In April 2013 we entered into a new $20 million five-year residual financing facility secured by eligible residual assets in two previously securitized pools of automobile receivables. We also prepaid $15 million of our senior secured debt in April 2013 and reduced the interest rate on the remaining outstanding amount from 16.00% to 13.00%. The maturity date on the remaining outstanding amount was extended from December 2013 to June 2014.

6_Interest_Income_and_Interest

6. Interest Income and Interest Expense	9 Months Ended
	Sep. 30, 2013
Interest Income And Interest Expense
Interest Income and Interest Expense	The following table presents the components of interest income:
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In thousands)				(In thousands)
	Interest on Finance Receivables	$	60,462	$	44,808	$	167,416	$	126,029
	Residual interest income		–		–		–		458
	Other interest income		–		245		10		723
	Interest income	$	60,462	$	45,053	$	167,426	$	127,210
	The following table presents the components of interest expense:
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In thousands)				(In thousands)
	Securitization trust debt	$	8,357	$	9,398	$	25,725	$	28,557
	Warehouse lines of credit		1,447		2,179		4,026		5,243
	Senior secured debt, related party		1,599		3,077		6,474		9,873
	Debt secured by receivables at fair value		623		3,275		3,435		13,362
	Residual interest financing		1,079		731		2,666		2,125
	Subordinated renewable notes		748		900		2,474		2,536
		$	13,853	$	19,560	$	44,800	$	61,696

7_Earnings_Per_Share

7. Earnings Per Share	9 Months Ended
	Sep. 30, 2013
Earnings per share:
Earnings Per Share	Earnings per share for the three-month and nine-month periods ended September 30, 2013 and 2012 were calculated using the weighted average number of shares outstanding for the related period. The following table reconciles the number of shares used in the computations of basic and diluted earnings per share for the three-month and nine-month periods ended September 30, 2013 and 2012:
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In thousands)				(In thousands)
	Weighted average number of common shares outstanding during the period used to compute basic earnings per share		21,795		19,495		20,959		19,406
	Incremental common shares attributable to exercise of outstanding options and warrants		9,422		6,200		10,591		4,620
	Weighted average number of common shares used to compute diluted earnings per share		31,217		25,695		31,550		24,026
	If the anti-dilutive effects of common stock equivalents were considered, shares included in the diluted earnings per share calculation for the three-month and nine-month periods ended September 30, 2013 would have included an additional 3.1 million and 1.9 million shares, respectively, attributable to the exercise of outstanding options and warrants. For the three-month and nine-month periods ended September 30, 2012, the anti-dilutive shares were 1.3 million and 2.3 million, respectively.

8_Income_Taxes

8. Income Taxes	9 Months Ended
	Sep. 30, 2013
Income Tax Disclosure [Abstract]
Income Taxes
	We file numerous consolidated and separate income tax returns with the United States and with many states. With few exceptions, we are no longer subject to U.S. federal, state, or local examinations by tax authorities for years before 2008.
	We do not anticipate that total unrecognized tax benefits will significantly change due to any settlements of audits or expirations of statutes of limitations over the next 12 months.
	The Company and its subsidiaries file a consolidated federal income tax return and combined or stand-alone state franchise tax returns for certain states. We utilize the asset and liability method of accounting for income taxes, under which deferred income taxes are recognized for the future tax consequences attributable to the differences between the financial statement values of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date.
	Deferred tax assets are recognized subject to management’s judgment that realization is more likely than not. A valuation allowance is recognized for a deferred tax asset if, based on the weight of the available evidence, it is more likely than not that some portion of the deferred tax asset will not be realized. In making such judgments, significant weight is given to evidence that can be objectively verified. As a result of the unprecedented adverse changes in the market for securitizations, the recession and the resulting high levels of unemployment that occurred in 2008 and 2009, we incurred substantial operating losses from 2009 through 2011 which led us to establish a valuation allowance against a substantial portion of our deferred tax assets. However, since the fourth quarter of 2011, we have reported eight consecutive quarters of increasing profitability, observed improvement in credit metrics, and produced reliable internal financial projections. Furthermore, we have demonstrated an ability to increase our volumes of contract purchases, grow our managed portfolio and obtain cost effective short-term and long-term financing for our finance receivables. As a result of these and other factors, we determined at December 31, 2012 that, based on the weight of the available objective evidence, it was more likely than not that we would generate sufficient future taxable income to utilize our net deferred tax assets. Accordingly, we reversed the related valuation allowance of $62.8 million in the fourth quarter of 2012.
	Although realization is not assured, we believe that the realization of the recognized net deferred tax asset of $66.2 million as of September 30, 2013 is more likely than not based on forecasted future net earnings. Our net deferred tax asset of $66.2 million consists of approximately $54.5 million of net U.S. federal deferred tax assets and $11.7 million of net state deferred tax assets. The major components of the deferred tax asset are $46.4 million in net operating loss carryforwards and built in losses and $19.8 million in net deductions which have not yet been taken on a tax return. We estimate that we would need to generate approximately $165 million of taxable income during the applicable carryforward periods to realize fully our federal and state net deferred tax assets.
	Income tax expense was $4.7 million and $11.2 million for the three and nine months ended September 30, 2013 and represents an effective income tax rate of 44.4% and 43.5%, respectively.

9_Legal_Proceedings

9. Legal Proceedings	9 Months Ended
	Sep. 30, 2013
Legal Proceedings
Legal Proceedings
	Stanwich Litigation. We were for some time a defendant in a class action (the “Stanwich Case”) brought in the California Superior Court, Los Angeles County. The original plaintiffs in that case were persons entitled to receive regular payments (the “Settlement Payments”) pursuant to earlier settlements of claims, generally personal injury claims, against unrelated defendants. Stanwich Financial Services Corp. (“Stanwich”), an affiliate of the former chairman of our board of directors, is the entity that was obligated to pay the Settlement Payments. Stanwich defaulted on its payment obligations to the plaintiffs and in June 2001 filed for reorganization under the Bankruptcy Code, in the federal bankruptcy court in Connecticut. By February 2005, we had settled all claims brought against us in the Stanwich Case.
	In November 2001, one of the defendants in the Stanwich Case, Jonathan Pardee, asserted claims for indemnity against us in a separate action, which is now pending in federal district court in Rhode Island. We have filed counterclaims in the Rhode Island federal court against Mr. Pardee, and have filed a separate action against Mr. Pardee's Rhode Island attorneys, in the same court. The litigation between Mr. Pardee and us was stayed for several years through September 2011, awaiting resolution of an adversary action brought against Mr. Pardee in the bankruptcy court, which is hearing the bankruptcy of Stanwich.
	Pursuant to an agreement with the representative of creditors in the Stanwich bankruptcy, that adversary action has been dismissed. Under that agreement, we paid the bankruptcy estate $800,000 and abandoned our claims against the estate, while the estate has abandoned its adversary action against Mr. Pardee. With the dismissal of the adversary action, all known claims asserted against Mr. Pardee have been resolved without his incurring any liability. Accordingly, we believe that this resolution of the adversary action will result in limitation of our exposure to Mr. Pardee to no more than some portion of his attorneys fees incurred. The stay in the action against us in Rhode Island has been lifted, and both we and Mr. Pardee filed motions for summary judgment. The court ruled on those motions in February 2013, denying our motion, and granting Mr. Pardee’s motion as to liability. The issues remaining for trial are the extent of our obligation to indemnify Mr. Pardee. There is no trial date set, but our expectation is that the court may, not earlier than December 2013, set the matter for trial in 2014.
	Consumer Litigation. We are routinely involved in various legal proceedings resulting from our consumer finance activities and practices, both continuing and discontinued. Consumers can and do initiate lawsuits against us alleging violations of law applicable to collection of receivables, and such lawsuits sometimes allege that resolution as a class action is appropriate. We are currently defending two such class actions. For the most part, we have legal and factual defenses to such claims, which we routinely contest or settle (for immaterial amounts) depending on the particular circumstances of each case. We have recorded a liability as of September 30, 2013 with respect to such matters, in the aggregate.
	FTC Action. On July 17, 2013, the staff of the Federal Trade Commission (“FTC”) advised us that they are prepared to recommend that the FTC initiate a lawsuit against us relating to allegedly unfair trade practices, and simultaneously advised that settlement of such issues by consent decree may be possible. Based on our review of the FTC’s allegations, of past practices of the FTC, of our records of our collection and servicing activities, and of other companies’ settlements with the FTC, we expect that we will reach such a settlement, and that such a settlement will require that we make restitutionary payments and that we implement procedural changes under a consent decree. There can be no assurance, however, that we will reach agreement regarding any such settlement, and we may choose to contest the allegations of the FTC. Whether we reach such an agreement or not, the cost to us of contesting or settling the matter may be material. We have recorded a liability as of September 30, 2013 with respect to this matter.
	In General. There can be no assurance as to the outcomes of any of the matters referenced above. We have recorded a liability as of September 30, 2013 that we believe represents our best estimate of probable incurred losses for legal contingencies, including all of the matters described or referenced above. The amount of losses that may ultimately be incurred cannot be estimated with certainty. However, based on such information as is available to us, we believe that the range of reasonably possible losses for the legal proceedings and contingencies described or referenced above does not include an amount that would materially exceed the reserves established at September 30, 2013.
	Accordingly, we believe that the ultimate resolution of such legal proceedings and contingencies, after taking into account our current litigation reserves, should not have a material adverse effect on our consolidated financial condition. We note, however, that in light of the uncertainties inherent in contested proceedings, there can be no assurance that the ultimate resolution of these matters will not significantly exceed the reserves we have accrued; as a result, the outcome of a particular matter may be material to our operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of our income for that period.

10_Employee_Benefits

10. Employee Benefits	9 Months Ended
	Sep. 30, 2013
Employee Benefits
Employee Benefits
	On March 8, 2002 we acquired MFN Financial Corporation and its subsidiaries in a merger. We sponsor the MFN Financial Corporation Benefit Plan (the “Plan”). Plan benefits were frozen June 30, 2001. The table below sets forth the Plan’s net periodic benefit cost for the three-month and nine-month periods ended September 30, 2013 and 2012.
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
		(In thousands)						(In thousands)
	Components of net periodic cost (benefit)
	Service cost	$	–		$	–		$	–		$	–
	Interest cost		210			220			630			660
	Expected return on assets		(335	)		(234	)		(1,005	)		(702	)
	Amortization of transition (asset)/obligation		–			–			–			–
	Amortization of net (gain) / loss		117			157			351			471
	Net periodic cost (benefit)	$	(8	)	$	143		$	(24	)	$	429
	We contributed $112,000 and $277,000 to the Plan during the three and nine-month periods ended September 30, 2013 and we anticipate making contributions in the amount of $112,000 for the remainder of 2013.

11_Fair_Value_Measurements

11. Fair Value Measurements	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]
Fair Value Measurements	ASC 820, "Fair Value Measurements" clarifies the principle that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. Under the standard, fair value measurements would be separately disclosed by level within the fair value hierarchy.
	ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The three levels are defined as follows: level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.
	At the time of issuance, five warrants issued between 2008 and 2010 in conjunction with various debt financing transactions contained features that make them subject to derivative accounting. We valued these warrants using a binomial valuation model using a weighted average volatility assumption of 41%, weighted average term of 8 years and a risk free rate of 3.3%. On March 29, 2012 we agreed with the holders to amend three of the five warrants to remove the price reset features that resulted in derivative accounting. On the date of the amendment, we valued each of the three warrants using a binomial pricing model as described above. The aggregate value of the three amended warrants of $1.1 million was then reclassified from Accounts Payable to Common Stock. On June 25, 2012 we agreed with the holder to amend one other warrant that contained the “down round,” or price reset, features to remove those specific price reset terms. The $250,000 aggregate value of this amended warrant was reclassified from Accounts Payable to Common Stock on the date of the amendment. The fifth warrant with the “down round” feature was exercised on February 22, 2013. The $583,000 intrinsic value of this warrant was reclassified from Accounts Payable to Common Stock on the date of the exercise. As of September 30, 2013 all five of the warrants issued that previously contained price reset features have either been amended or exercised and are no longer subject to quarterly valuations.
	In September 2008 we sold automobile contracts in a securitization that was structured as a sale for financial accounting purposes. In that sale, we retained both securities and a residual interest in the transaction that are measured at fair value. In September 2010 we took advantage of improvement in the market for asset-backed securities by re-securitizing the underlying receivables from our unrated September 2008 securitization. We also sold the securities retained from the September 2008 transaction. No gain or loss was recorded as a result of the re-securitization transaction described above. We describe below the valuation methodologies we use for the securities retained and the residual interest in the cash flows of the transaction, as well as the general classification of such instruments pursuant to the valuation hierarchy. The residual interest in such securitization is $1.4 million as of September 30, 2013 and $4.8 million as of December 31, 2012 and is classified as level 3 in the three-level valuation hierarchy. We determine the value of that residual interest using a discounted cash flow model that includes estimates for prepayments and losses. We use a discount rate of 20% per annum and a cumulative net loss rate of 15% at September 30, 2013 and 14% at December 31, 2012. The assumptions we used are based on historical performance of automobile contracts we have originated and serviced in the past, adjusted for current market conditions.
	In September 2011, we acquired $217.8 million of finance receivables from Fireside Bank for a purchase price of $199.6 million. The receivables were acquired by our wholly-owned special purpose subsidiary, CPS Fender Receivables, LLC, which issued a note for $197.3 million, with a fair value of $196.5 million. Since the Fireside receivables were originated by another entity with its own underwriting guidelines and procedures, we have elected to account for the Fireside receivables and the related debt secured by those receivables at their estimated fair values so that changes in fair value will be reflected in our results of operations as they occur. Interest income from the receivables and interest expense on the note are included in interest income and interest expense, respectively. Changes to the fair value of the receivables and debt are included in other income. Our level 3, unobservable inputs reflect our own assumptions about the factors that market participants use in pricing similar receivables and debt, and are based on the best information available in the circumstances. They include such inputs as estimated net charge-offs and timing of the amortization of the portfolio of finance receivables. Our estimate of the fair value of the Fireside receivables is performed on a pool basis, rather than separately on each individual receivable. The table below presents a reconciliation of the acquired finance receivables and related debt measured at fair value on a recurring basis using significant unobservable inputs:
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
		(in thousands)						(in thousands)
	Finance Receivables Measured at Fair Value:
	Balance at beginning of period	$	30,319		$	102,366		$	59,668		$	160,253
	Payments on finance receivables at fair value		(8,848	)		(22,449	)		(36,828	)		(86,556	)
	Charge-offs on finance receivables at fair value		(535	)		(1,259	)		(2,275	)		(5,309	)
	Discount accretion		263			1,870			1,247			7,272
	Mark to fair value		18			(3,044	)		(595	)		1,824
	Balance at end of period	$	21,217		$	77,484		$	21,217		$	77,484
	Debt Secured by Finance Receivables Measured at Fair Value:
	Balance at beginning of period	$	21,907		$	104,662		$	57,107		$	166,828
	Principal payments on debt at fair value		(5,107	)		(26,902	)		(41,365	)		(97,703	)
	Premium accretion		379			1,687			2,079			5,552
	Mark to fair value		(291	)		(2,817	)		(933	)		1,953
	Balance at end of period		16,888			76,630			16,888			76,630
	Reduction for payments collected and payable		(570	)		(7,002	)		(570	)		(7,002	)
	Adjusted balance at end of period	$	16,318		$	69,628		$	16,318		$	69,628
	The table below compares the fair values of the Fireside receivables and the related secured debt to their contractual balances for the periods shown:
		30-Sep-13						31-Dec-12
		Contractual			Fair			Contractual			Fair
		Balance			Value			Balance			Value
		(In thousands)
	Fireside receivables portfolio	$	21,701		$	21,217		$	60,804		$	59,668
	Debt secured by Fireside receivables portfolio		–			16,888			41,365			57,107
	The fair value of the debt secured by the Fireside receivables portfolio represents the discounted value of future cash flows that we estimate will become due to the lender in accordance with the terms of our financing for the Fireside portfolio.
	Repossessed vehicle inventory, which is included in Other Assets on our balance sheet, is measured at fair value using level 2 assumptions based on our actual loss experience on sale of repossessed vehicles. At September 30, 2013, the finance receivables related to the repossessed vehicles in inventory totaled $20.7 million. We have applied a valuation adjustment, or loss allowance, of $12.0 million, which is based on a recovery rate of 42%, resulting in an estimated fair value and carrying amount of $8.7 million. The fair value and carrying amount of the repossessed inventory at December 31, 2012 was $5.7 million after applying a valuation adjustment of $6.4 million.
	There were no transfers in or out of level 1 or level 2 assets and liabilities for the three or nine months ended September 30, 2013 and 2012. We have no level 3 assets that are measured at fair value on a non-recurring basis. The table below presents a reconciliation for level 3 assets measured at fair value on a recurring basis using significant unobservable inputs:
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
		(in thousands)						(in thousands)
	Residual Interest in Securitizations:
	Balance at beginning of period	$	2,246		$	4,850		$	4,824		$	4,414
	Cash paid (received) during period		(820	)		45			(3,398	)		23
	Included in earnings		–			–			–			458
	Balance at end of period	$	1,426		$	4,895		$	1,426		$	4,895
	Warrant Derivative Liability:
	Balance at beginning of period	$	–		$	51		$	355		$	967
	Included in earnings		–			44			228			435
	Reclassification to equity		–			–			(583	)		(1,307	)
	Balance at end of period	$	–		$	95		$	–		$	95
	The following table provides certain qualitative information about our level 3 fair value measurements for assets and liabilities carried at fair value:
	Financial Instrument	Fair Values as of									Inputs as of
		September 30,			December 31,			Valuation		Unobservable	September 30,			December 31,
		2013			2012			Techniques		Inputs	2013			2012
		(In thousands)
	Assets:
	Finance receivables measured at fair value	$	21,217		$	59,668		Discounted cash flows		Discount rate		15.40%			20.40%
										Cumulative net losses		4.80%			5.50%
										Monthly average prepayments		0.50%			0.50%
	Residual interest in securitizations		1,426			4,824		Discounted cash flows		Discount rate		20.00%			20.00%
										Cumulative net losses		15.00%			13.50%
										Monthly average prepayments		0.50%			0.50%
	Liabilities:
	Warrant derivative liability	$	–		$	355		Binomial		Stock price		n/a			$5.36/sh
										Volatility		n/a			40.00%
										Risk free rate		n/a			1.26%
Debt secured by receivables measured at fair value		16,888			57,107		Discounted cash flows		Discount rate		12.20%			16.20%
The estimated fair values of financial assets and liabilities at September 30, 2013 and December 31, 2012, were as follows:
	As of September 30, 2013
Financial Instrument	(In thousands)
	Carrying			Fair Value Measurements Using:
	Value			Level 1			Level 2			Level 3			Total
Assets:
Cash and cash equivalents	$	24,128		$	24,128		$	–		$	–		$	24,128
Restricted cash and equivalents		129,450			129,450			–			–			129,450
Finance receivables, net		1,046,818			–			–			1,025,398			1,025,398
Finance receivables measured at fair value		21,217			–			–			21,217			21,217
Residual interest in securitizations		1,426			–			–			1,426			1,426
Accrued interest receivable		15,146			–			–			15,146			15,146
Liabilities:
Warehouse lines of credit	$	26,959		$	–		$	–		$	26,959		$	26,959
Accrued interest payable		2,733			–			–			2,733			2,733
Residual interest financing		20,000			–			–			20,000			20,000
Debt secured by receivables measured at fair value		16,888			–			–			16,888			16,888
Securitization trust debt		1,094,559			–			–			1,107,865			1,107,865
Senior secured debt		38,963			–			–			38,963			38,963
Subordinated renewable notes		20,640			–			–			20,640			20,640
	As of December 31, 2012
Financial Instrument	(In thousands)
	Carrying			Fair Value Measurements Using:
	Value			Level 1			Level 2			Level 3			Total
Assets:
Cash and cash equivalents	$	12,966		$	12,966		$	–		$	–		$	12,966
Restricted cash and equivalents		104,445			104,445			–			–			104,445
Finance receivables, net		744,749			–			–			740,511			740,511
Finance receivables measured at fair value		59,668			–			–			59,668			59,668
Residual interest in securitizations		4,824			–			–			4,824			4,824
Accrued interest receivable		10,411			–			–			10,411			10,411
Liabilities:
Warrant derivative liability	$	355		$	–		$	–		$	355		$	355
Warehouse lines of credit		21,731			–			–			21,731			21,731
Accrued interest payable		2,795			–			–			2,795			2,795
Residual interest financing		13,773			–			–			13,773			13,773
Debt secured by receivables measured at fair value		57,107			–			–			57,107			57,107
Securitization trust debt		792,497			–			–			803,290			803,290
Senior secured debt		50,135			–			–			50,135			50,135
Subordinated renewable notes		23,281			–			–			23,281			23,281
The following summary presents a description of the methodologies and assumptions used to estimate the fair value of our financial instruments. Much of the information used to determine fair value is highly subjective. When applicable, readily available market information has been utilized. However, for a significant portion of our financial instruments, active markets do not exist. Therefore, significant elements of judgment were required in estimating fair value for certain items. The subjective factors include, among other things, the estimated timing and amount of cash flows, risk characteristics, credit quality and interest rates, all of which are subject to change. Since the fair value is estimated as of September 30, 2013 and December 31, 2012, the amounts that will actually be realized or paid at settlement or maturity of the instruments could be significantly different.
Cash, Cash Equivalents and Restricted Cash and Equivalents
The carrying value equals fair value.
Finance Receivables, net
The fair value of finance receivables is estimated by discounting future cash flows expected to be collected using current rates at which similar receivables could be originated.
Finance Receivables Measured at Fair Value and Debt Secured by Receivables Measured at Fair Value
The carrying value equals fair value.
Residual Interest in Securitizations
The fair value is estimated by discounting future cash flows using credit and discount rates that we believe reflect the estimated credit, interest rate and prepayment risks associated with similar types of instruments.
Accrued Interest Receivable and Payable
The carrying value approximates fair value because the related interest rates are estimated to reflect current market conditions for similar types of instruments.
Warrant Derivative Liability
The method used to estimate fair value is described above.
Warehouse Lines of Credit, Residual Interest Financing, Senior Secured Debt and Subordinated Renewable Notes
The carrying value approximates fair value because the related interest rates are estimated to reflect current market conditions for similar types of secured instruments.
Securitization Trust Debt
The fair value is estimated by discounting future cash flows using interest rates that we believe reflects the current market rates.

1_Summary_of_Significant_Accou1

1. Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]
Description of Business	Description of Business
	We were formed in California on March 8, 1991. We specialize in purchasing and servicing retail automobile installment sale contracts (“automobile contracts” or “finance receivables”) originated by licensed motor vehicle dealers located throughout the United States (“dealers”) in the sale of new and used automobiles, light trucks and passenger vans. Through our purchases, we provide indirect financing to dealer customers for borrowers with limited credit histories, low incomes or past credit problems (“sub-prime customers”). We serve as an alternative source of financing for dealers, allowing sales to customers who otherwise might not be able to obtain financing. In addition to purchasing installment purchase contracts directly from dealers, we have also (i) acquired installment purchase contracts in four merger and acquisition transactions, (ii) purchased immaterial amounts of vehicle purchase money loans from non-affiliated lenders, and (iii) lent money directly to consumers for an immaterial amount of loans secured by vehicles. In this report, we refer to all of such contracts and loans as "automobile contracts."
Basis of Presentation	Basis of Presentation
	Our Unaudited Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America, with the instructions to Form 10-Q and with Article 8 of Regulation S-X of the Securities and Exchange Commission, and include all adjustments that are, in management’s opinion, necessary for a fair presentation of the results for the interim periods presented. All such adjustments are, in the opinion of management, of a normal recurring nature. Results for the nine-month period ended September 30, 2013 are not necessarily indicative of the operating results to be expected for the full year.
	Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from these Unaudited Condensed Consolidated Financial Statements. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2012.
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, as well as the reported amounts of income and expenses during the reported periods. Specifically, a number of estimates were made in connection with determining an appropriate allowance for finance credit losses, valuing finance receivables measured at fair value and the related debt, valuing residual interest in securitizations, accreting net acquisition fees, amortizing deferred costs, valuing stock options and warrants issued, and recording deferred tax assets and reserves for uncertain tax positions. These are material estimates that could be susceptible to changes in the near term and, accordingly, actual results could differ from those estimates.
Other Income	Other Income
	The following table presents the primary components of Other Income for the three-month and nine-month periods ending September 30, 2013 and 2012:
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013		2012
		(In thousands)						(In thousands)
	Direct mail revenues	$	1,691		$	1,617		$	5,418	$	4,468
	Convenience fee revenue		720			715			2,235		2,237
	Recoveries on previously charged-off contracts		49			67			153		312
	Sales tax refunds		–			59			84		186
	Other		444			(93	)		394		278
	Other income for the period	$	2,904		$	2,365		$	8,284	$	7,481
Stock-based Compensation	Stock-based Compensation
	We recognize compensation costs in the financial statements for all share-based payments based on the grant date fair value estimated in accordance with the provisions of ASC 718 “Stock Compensation”.
	For the nine months ended September 30, 2013 and 2012, we recorded stock-based compensation costs in the amount of $2,939,000 and $801,000, respectively. As of September 30, 2013, unrecognized stock-based compensation costs to be recognized over future periods equaled $13.5 million. This amount will be recognized as expense over a weighted-average period of 3.6 years.
	The following represents stock option activity for the nine months ended September 30, 2013:
		Number of			Weighted			Weighted Average
		Shares			Average			Remaining
		(in thousands)			Exercise Price			Contractual Term
	Options outstanding at the beginning of period		8,652		$	1.58		N/A
	Granted		3,040			7.43		N/A
	Exercised		(1,116	)		1.52		N/A
	Forfeited		(151	)		4.64		N/A
	Options outstanding at the end of period		10,425		$	3.25		6.63 years
	Options exercisable at the end of period		5,769		$	1.95		4.90 years
	At September 30, 2013, the aggregate intrinsic value of options outstanding and exercisable was $32.5 million and $23.3 million, respectively. There were 1,116,000 options exercised for the nine months ended September 30, 2013 compared to 356,000 for the comparable period in 2012. There were 4.0 million shares available for future stock option grants under existing plans as of September 30, 2013.
Purchases of Company Stock	Purchases of Company Stock
	During the nine-month period ended September 30, 2013 and 2012, we purchased 323,674 and 320,154 shares, respectively, of our common stock, at average prices of $7.68 and $1.36, respectively.
Reclassifications	Reclassifications
	Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or total shareholders’ equity.
Derivative Financial Instruments	Derivative Financial Instruments
	We do not use derivative financial instruments to hedge exposures to cash flow or market risks. However, from 2008 to 2010, we issued warrants to purchase the Company’s common stock in conjunction with various debt financing transactions. At the time of issuance, five of these warrants issued contained "down round," or price reset, features that are subject to classification as liabilities for financial statement purposes. These liabilities were measured at fair value, with the changes in fair value at the end of each period reflected as current period income or loss. Accordingly, changes to the market price per share of our common stock underlying these warrants with "down round," or price reset, features directly affected the fair value computations for these derivative financial instruments. The effect was that any increase in the market price per share of our common stock would also increase the related liability, which in turn would result in a current period loss. Conversely, any decrease in the market price per share of our common stock would also decrease the related liability, which in turn would result in a current period gain. We used a binomial pricing model to compute the fair value of the liabilities associated with the outstanding warrants. In computing the fair value of the warrant liabilities at the end of each period, we used significant judgments with respect to the risk free interest rate, the volatility of our stock price, and the estimated life of the warrants. The warrant liabilities were included in Accounts payable and accrued expenses on our consolidated balance sheets. On March 29, 2012 we agreed with the holders to amend three of the five warrants that contained the “down round” features, removing those specific price reset terms. On the date of the amendment, we valued each of the three warrants using a binomial pricing model as described above. The aggregate value of the three amended warrants of $1.1 million was then reclassified from Accounts payable to Common Stock. On June 25, 2012 we agreed with the holder to amend one other warrant that contained the “down round” features, removing those specific price reset terms. The $250,000 aggregate value of this amended warrant was reclassified from Accounts payable to Common stock on the date of the amendment. The fifth warrant with the “down round” feature was exercised on February 22, 2013. The $583,000 intrinsic value of this warrant was reclassified from Accounts payable to Common stock on the date of the exercise. As of September 30, 2013 all five of the warrants issued that previously contained price reset features have either been amended or exercised and are no longer subject to quarterly valuations.
Financial Covenants	Financial Covenants
	Certain of our securitization transactions, our warehouse credit facilities and our residual interest financing contain various financial covenants requiring minimum financial ratios and results. Such covenants include maintaining minimum levels of liquidity and net worth and not exceeding maximum leverage levels. As of September 30, 2013, we were in compliance with all such covenants. In addition, certain securitization and non-securitization related debt agreements contain cross-default provisions that would allow certain creditors to declare a default if a default occurred under a different facility.
Finance Receivables and Related Debt Measured at Fair Value	Finance Receivables and Related Debt Measured at Fair Value
	In September 2011 we purchased approximately $217.8 million of finance receivables from Fireside Bank. These receivables and the related acquisition debt are recorded on our balance sheet at fair value. There are no level 1 or level 2 inputs (as described by ASC 820) available to us for measurement of such receivables, or for the related debt. Our level 3, unobservable inputs reflect our own assumptions about the factors that market participants use in pricing similar receivables and debt, and are based on the best information available in the circumstances. The valuation method used to estimate fair value may produce a fair value measurement that may not be indicative of ultimate realizable value. Furthermore, while we believe our valuation methods are appropriate and consistent with those used by other market participants, the use of different methods or assumptions to estimate the fair value of certain financial instruments could result in different estimates of fair value. Those estimated values may differ significantly from the values that would have been used had a readily available market for such receivables or debt existed, or had such receivables or debt been liquidated, and those differences could be material to the financial statements.
Gain on Cancellation of Debt	Gain on Cancellation of Debt
	In April 2013, we repurchased the outstanding Class D notes from our first 2008 securitization for a cash payment of $6.1 million and a new 5% note for $5.3 million due in June 2014. The Class D notes were held by the same related party that holds our senior secured debt. On the date we repurchased the Class D notes, the Class D note holder owned 10.5% of our outstanding common stock and warrants to purchase an additional 1.9 million shares of common stock. We subsequently exercised our “clean-up call” option and repurchased the remaining collateral from the related securitization trust. The aggregate value of our consideration for the Class D notes was $10.9 million less than our carrying value of the Class D notes at the time of the repurchase. As a result of the repurchase of the Class D notes and the termination of the securitization trust, we realized a gain of $10.9 million.
Provision for Contingent Liabilities	Provision for Contingent Liabilities
	During the nine months ended September 30, 2013, we recognized $9.7 million in contingent liability expenses to either record or increase the amounts we believe we may incur related to various pending litigation. The amount was allocated in part to a long running case we refer to as the Stanwich litigation, and also to more recent matters including two California class action suits where we are the defendant, and a governmental inquiry, in which the United States Federal Trade Commission (“FTC”) has informally proposed that the we refrain from certain allegedly unfair trade practices, and make restitutionary payments into a consumer relief fund.

1_Summary_of_Significant_Accou2

1. Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]
Other Income
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013		2012
		(In thousands)						(In thousands)
	Direct mail revenues	$	1,691		$	1,617		$	5,418	$	4,468
	Convenience fee revenue		720			715			2,235		2,237
	Recoveries on previously charged-off contracts		49			67			153		312
	Sales tax refunds		–			59			84		186
	Other		444			(93	)		394		278
	Other income for the period	$	2,904		$	2,365		$	8,284	$	7,481
Stock option activity
		Number of			Weighted			Weighted Average
		Shares			Average			Remaining
		(in thousands)			Exercise Price			Contractual Term
	Options outstanding at the beginning of period		8,652		$	1.58		N/A
	Granted		3,040			7.43		N/A
	Exercised		(1,116	)		1.52		N/A
	Forfeited		(151	)		4.64		N/A
	Options outstanding at the end of period		10,425		$	3.25		6.63 years
	Options exercisable at the end of period		5,769		$	1.95		4.90 years

2_Finance_Receivables_Tables

2. Finance Receivables (Tables)	9 Months Ended
	Sep. 30, 2013
Finance Receivables Tables
Financial Receivables
		September 30,			December 31,
		2013			2012
	Finance Receivables		(In thousands)
	Automobile finance receivables, net of unearned interest	$	1,111,773		$	795,786
	Less: Unearned acquisition fees and originations costs		(30,491	)		(31,443	)
	Finance Receivables	$	1,081,282		$	764,343
Delinquency status of finance receivables
			September 30,			December 31,
			2013			2012
			(In thousands)
	Delinquency Status
	Current	$	1,061,090		$	764,741
	31 - 61 days		26,335			16,925
	61 - 90 days		16,084			9,019
	91 + days		8,264			5,101
		$	1,111,773		$	795,786
Allowance for credit losses
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
		(In thousands)						(In thousands)
	Balance at beginning of period	$	32,101		$	14,093		$	19,594		$	10,351
	Provision for credit losses on finance receivables		20,220			9,465			52,739			22,012
	Charge-offs		(20,952	)		(9,578	)		(47,229	)		(26,158	)
	Recoveries		3,095			2,966			9,360			10,741
	Balance at end of period	$	34,464		$	16,946		$	34,464		$	16,946
Allowance for losses on repossessed inventory
		September 30,			December 31,
		2013			2012
		(In thousands)
	Gross balance of repossessions in inventory	$	20,718		$	12,102
	Allowance for losses on repossessed inventory		(11,980	)		(6,384	)
	Net repossessed inventory included in other assets	$	8,738		$	5,718

3_Finance_Receivables_Measured1

3. Finance Receivables Measured at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2013
Finance Receivables Measured At Fair Value Tables
Finance Receivables measured at fair value
		September 30,			December 31,
		2013			2012
	Finance Receivables Measured at Fair Value		(In thousands)
	Finance receivables and accrued interest, net of unearned interest	$	21,701		$	60,804
	Less: Fair value adjustment		(484	)		(1,136	)
	Finance receivables measured at fair value	$	21,217		$	59,668
Delinquency status of finance receivables measured at fair value
		September 30,			December 31,
		2013			2012
		(In thousands)
	Deliquency Status
	Current	$	19,795		$	57,557
	31 - 60 days		1,218			2,206
	61 - 90 days		436			710
	91 + days		252			331
		$	21,701		$	60,804

4_Securitization_Trust_Debt_Ta

4. Securitization Trust Debt (Tables)	9 Months Ended
	Sep. 30, 2013
Securitization Trust Debt Tables
Securitization trust debt
			Final Scheduled	Receivables Pledged at				Outstanding Principal at		Outstanding Principal at		Weighted
												Average Contractual Interest
												Rate at
			Payment	September 30,		Initial		September 30,		December 31,		September 30,
	Series		Date (1)	2013		Principal		2013		2012		2013
	(Dollars in thousands)
	CPS 2008-A		Oct-14	$	–	$	310,359	$	–	$	40,713		–
	Page Five Funding		Jan-18		13,244		46,058		11,500		21,251		9.39%
	CPS 2011-A		Apr-18		33,088		100,364		29,533		48,368		3.54%
	CPS 2011-B		Sep-18		50,758		109,936		50,286		70,863		4.70%
	CPS 2011-C		Mar-19		63,410		119,400		63,429		88,269		5.03%
	CPS 2012-A		Jun-19		73,288		155,000		72,964		105,485		3.58%
	CPS 2012-B		Sep-19		96,641		141,500		95,324		122,329		3.24%
	CPS 2012-C		Dec-19		103,877		147,000		101,575		135,219		2.56%
	CPS 2012-D		Mar-20		124,318		160,000		118,237		160,000		2.12%
	CPS 2013-A		Jun-20		165,276		185,000		157,015		–		1.85%
	CPS 2013-B		Sep-20		192,628		205,000		189,696		–		2.28%
	CPS 2013-C		Dec-20		137,989		205,000		205,000		–		2.36%
				$	1,054,517	$	1,884,617	$	1,094,559	$	792,497
	_________________
	-1	The Final Scheduled Payment Date represents final legal maturity of the securitization trust debt. Securitization trust debt is expected to become due and to be paid prior to those dates, based on amortization of the finance receivables pledged to the trusts. Expected payments, which will depend on the performance of such receivables, as to which there can be no assurance, are $104.7 million in 2013, $393.4 million in 2014, $292.0 million in 2015, $181.0 million in 2016, $96.8 million in 2017 and $26.6 million in 2018.

5_Debt_Tables

5. Debt (Tables)	9 Months Ended
	Sep. 30, 2013
Debt Tables
Debt Outstanding
				Amount Outstanding at
				September 30,		December 31,
				2013		2012
				(In thousands)
	Description	Interest Rate	Maturity
	Residual interest financing	12.875% over one month Libor	Sep-13	$	–	$	13,773
		11.75% over one month Libor	Apr-18		20,000		–
	Senior secured debt, related party	13.0% and 16.0% at September 30, 2013 and December 31, 2012, respectively	Jun-14		36,816		50,135
		5.00%	Jun-14		2,147		–
	Subordinated renewable notes	Weighted average rate of 12.7% and 14.4% at September 30, 2013 and December 31, 2012, respectively	Weighted average maturity of July 2016 and June 2015 at September 30, 2013 and December 31, 2012, respectively		20,640		23,281
	Debt secured by receivables measured at fair value	n/a	Repayment is based on payments from underlying receivables. Final payment of the 8.00% note was made in September 2013, with residual payments extending through 2016		16,888		57,107
				$	96,491	$	144,296

6_Interest_Income_and_Interest1

6. Interest Income and Interest Expense (Tables)	9 Months Ended
	Sep. 30, 2013
Interest Income And Interest Expense
Interest income		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In thousands)				(In thousands)
	Interest on Finance Receivables	$	60,462	$	44,808	$	167,416	$	126,029
	Residual interest income		–		–		–		458
	Other interest income		–		245		10		723
	Interest income	$	60,462	$	45,053	$	167,426	$	127,210
Interest expense		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In thousands)				(In thousands)
	Securitization trust debt	$	8,357	$	9,398	$	25,725	$	28,557
	Warehouse lines of credit		1,447		2,179		4,026		5,243
	Senior secured debt, related party		1,599		3,077		6,474		9,873
	Debt secured by receivables at fair value		623		3,275		3,435		13,362
	Residual interest financing		1,079		731		2,666		2,125
	Subordinated renewable notes		748		900		2,474		2,536
		$	13,853	$	19,560	$	44,800	$	61,696

7_Earnings_Per_Share_Tables

7. Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2013
Earnings Per Share Tables
Computation of basic and diluted earnings per share
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2013		2012		2013		2012
		(In thousands)				(In thousands)
	Weighted average number of common shares outstanding during the period used to compute basic earnings per share		21,795		19,495		20,959		19,406
	Incremental common shares attributable to exercise of outstanding options and warrants		9,422		6,200		10,591		4,620
	Weighted average number of common shares used to compute diluted earnings per share		31,217		25,695		31,550		24,026

10_Employee_Benefits_Tables

10. Employee Benefits (Tables)	9 Months Ended
	Sep. 30, 2013
Employee Benefits Tables
Net periodic cost (benefit)		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
		(In thousands)						(In thousands)
	Components of net periodic cost (benefit)
	Service cost	$	–		$	–		$	–		$	–
	Interest cost		210			220			630			660
	Expected return on assets		(335	)		(234	)		(1,005	)		(702	)
	Amortization of transition (asset)/obligation		–			–			–			–
	Amortization of net (gain) / loss		117			157			351			471
	Net periodic cost (benefit)	$	(8	)	$	143		$	(24	)	$	429

11_Fair_Value_Measurements_Tab

11. Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Measurements Tables
Reconciliation of the acquired finance receivables and related debt measured at fair value on a recurring basis
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
		(in thousands)						(in thousands)
	Finance Receivables Measured at Fair Value:
	Balance at beginning of period	$	30,319		$	102,366		$	59,668		$	160,253
	Payments on finance receivables at fair value		(8,848	)		(22,449	)		(36,828	)		(86,556	)
	Charge-offs on finance receivables at fair value		(535	)		(1,259	)		(2,275	)		(5,309	)
	Discount accretion		263			1,870			1,247			7,272
	Mark to fair value		18			(3,044	)		(595	)		1,824
	Balance at end of period	$	21,217		$	77,484		$	21,217		$	77,484
	Debt Secured by Finance Receivables Measured at Fair Value:
	Balance at beginning of period	$	21,907		$	104,662		$	57,107		$	166,828
	Principal payments on debt at fair value		(5,107	)		(26,902	)		(41,365	)		(97,703	)
	Premium accretion		379			1,687			2,079			5,552
	Mark to fair value		(291	)		(2,817	)		(933	)		1,953
	Balance at end of period		16,888			76,630			16,888			76,630
	Reduction for payments collected and payable		(570	)		(7,002	)		(570	)		(7,002	)
	Adjusted balance at end of period	$	16,318		$	69,628		$	16,318		$	69,628
Comparision of fair values of the Fireside receivables and the related secured debt
		30-Sep-13						31-Dec-12
		Contractual			Fair			Contractual			Fair
		Balance			Value			Balance			Value
		(In thousands)
	Fireside receivables portfolio	$	21,701		$	21,217		$	60,804		$	59,668
	Debt secured by Fireside receivables portfolio		–			16,888			41,365			57,107
Reconciliation for level 3 assets
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2013			2012			2013			2012
		(in thousands)						(in thousands)
	Residual Interest in Securitizations:
	Balance at beginning of period	$	2,246		$	4,850		$	4,824		$	4,414
	Cash paid (received) during period		(820	)		45			(3,398	)		23
	Included in earnings		–			–			–			458
	Balance at end of period	$	1,426		$	4,895		$	1,426		$	4,895
	Warrant Derivative Liability:
	Balance at beginning of period	$	–		$	51		$	355		$	967
	Included in earnings		–			44			228			435
	Reclassification to equity		–			–			(583	)		(1,307	)
	Balance at end of period	$	–		$	95		$	–		$	95
Qualitative information about level 3 fair value measurements
	Financial Instrument	Fair Values as of									Inputs as of
		September 30,			December 31,			Valuation		Unobservable	September 30,			December 31,
		2013			2012			Techniques		Inputs	2013			2012
		(In thousands)
	Assets:
	Finance receivables measured at fair value	$	21,217		$	59,668		Discounted cash flows		Discount rate		15.40%			20.40%
										Cumulative net losses		4.80%			5.50%
										Monthly average prepayments		0.50%			0.50%
	Residual interest in securitizations		1,426			4,824		Discounted cash flows		Discount rate		20.00%			20.00%
										Cumulative net losses		15.00%			13.50%
										Monthly average prepayments		0.50%			0.50%
	Liabilities:
	Warrant derivative liability	$	–		$	355		Binomial		Stock price		n/a			$5.36/sh
										Volatility		n/a			40.00%
										Risk free rate		n/a			1.26%
	Debt secured by receivables measured at fair value		16,888			57,107		Discounted cash flows		Discount rate		12.20%			16.20%
Estimated fair values of financial assets and liabilities
		As of September 30, 2013
	Financial Instrument	(In thousands)
		Carrying			Fair Value Measurements Using:
		Value			Level 1			Level 2			Level 3			Total
	Assets:
	Cash and cash equivalents	$	24,128		$	24,128		$	–		$	–		$	24,128
	Restricted cash and equivalents		129,450			129,450			–			–			129,450
	Finance receivables, net		1,046,818			–			–			1,025,398			1,025,398
	Finance receivables measured at fair value		21,217			–			–			21,217			21,217
	Residual interest in securitizations		1,426			–			–			1,426			1,426
	Accrued interest receivable		15,146			–			–			15,146			15,146
	Liabilities:
	Warehouse lines of credit	$	26,959		$	–		$	–		$	26,959		$	26,959
	Accrued interest payable		2,733			–			–			2,733			2,733
	Residual interest financing		20,000			–			–			20,000			20,000
	Debt secured by receivables measured at fair value		16,888			–			–			16,888			16,888
	Securitization trust debt		1,094,559			–			–			1,107,865			1,107,865
	Senior secured debt		38,963			–			–			38,963			38,963
	Subordinated renewable notes		20,640			–			–			20,640			20,640
		As of December 31, 2012
	Financial Instrument	(In thousands)
		Carrying			Fair Value Measurements Using:
		Value			Level 1			Level 2			Level 3			Total
	Assets:
	Cash and cash equivalents	$	12,966		$	12,966		$	–		$	–		$	12,966
	Restricted cash and equivalents		104,445			104,445			–			–			104,445
	Finance receivables, net		744,749			–			–			740,511			740,511
	Finance receivables measured at fair value		59,668			–			–			59,668			59,668
	Residual interest in securitizations		4,824			–			–			4,824			4,824
	Accrued interest receivable		10,411			–			–			10,411			10,411
	Liabilities:
	Warrant derivative liability	$	355		$	–		$	–		$	355		$	355
	Warehouse lines of credit		21,731			–			–			21,731			21,731
	Accrued interest payable		2,795			–			–			2,795			2,795
	Residual interest financing		13,773			–			–			13,773			13,773
	Debt secured by receivables measured at fair value		57,107			–			–			57,107			57,107
	Securitization trust debt		792,497			–			–			803,290			803,290
	Senior secured debt		50,135			–			–			50,135			50,135
	Subordinated renewable notes		23,281			–			–			23,281			23,281

1_Schedule_of_Other_Income_Det

1. Schedule of Other Income (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Primary components of Other Income
Other income for the period	$2,904	$2,365	$8,284	$7,481
Direct Mail Revenues
Primary components of Other Income
Other income for the period	1,691	1,617	5,418	4,468
Convenience Fee Revenue
Primary components of Other Income
Other income for the period	720	715	2,235	2,237
Recoveries on previously charged-off contracts
Primary components of Other Income
Other income for the period	49	67	153	312
Sales Tax Refunds
Primary components of Other Income
Other income for the period	0	59	84	186
Other Income
Primary components of Other Income
Other income for the period	$444	($93)	$394	$278

1_Stockbased_Compensation_Deta

1. Stock-based Compensation (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Number of Shares
Outstanding options, beginning balance	8,652
Granted	3,040
Exercised	-1,116	-356
Forfeited	-151
Outstanding options, ending balance	10,425
Options exercisable	5,769
Outstanding options, beginning balance	$1.58
Granted	$7.43
Exercised	$1.52
Forfeited	$4.64
Outstanding options, ending balance	$3.25
Options exercisable	$1.95
Weighted Average Remaining Contractual Term
Outstanding options, ending balance	6 years 7 months 17 days
Options exercisable	4 years 10 months 2 days

1_Summary_of_Significant_Accou3

1. Summary of Significant Accounting Policies (Details Narrative) (USD $)	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Summary Of Significant Accounting Policies Details Narrative
Unrecognized stock-based compensation costs	$13,500
Unrecognized stock-based compensation costs amortization period	3 years 7 months 6 days
Aggregate intrinsic value outstanding	32,500
Aggregate intrinsic value exercisable	$23,300
Options exercised	1,116	356
Shares available for future grants	4,000
Common stock repurchased, shares	323,674	320,154

2_Finance_Receivables_Details

2. Finance Receivables (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Finance Receivables Details
Automobile finance receivables, net of unearned interest	$1,111,773	$795,786
Less: Unearned acquisition fees and discounts	-30,491	-31,443
Finance Receivables	$1,081,282	$764,343

2_Delinquency_Status_Finance_R

2. Delinquency Status Finance Receivables (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Deliquency Status
Current	$1,061,090	$764,741
31 - 60 days	26,335	16,925
61 - 90 days	16,084	9,019
91 + days	8,264	5,101
Finance receivables	$1,111,773	$795,786

2_Allowance_for_Finance_Credit

2. Allowance for Finance Credit Losses (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Finance Receivables Details
Balance at beginning of period	$32,101	$14,093	$19,594	$10,351
Provision for credit losses	20,220	9,465	52,739	22,012
Charge-offs	-20,952	-9,578	-47,229	-26,158
Recoveries	3,095	2,966	9,360	10,741
Balance at end of period	$34,464	$16,946	$34,464	$16,946

2_Repossessed_Inventory_Detail

2. Repossessed Inventory (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Finance Receivables Details
Gross balance of repossessions in inventory	$20,718	$12,102
Allowance for losses on repossessed inventory	-11,980	-6,384
Net repossessed inventory included in other assets	$8,738	$5,718

2_Finance_Receivables_Details_

2. Finance Receivables (Details Narrative) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Finance Receivables Details Narrative
Finance receivables	$8.30	$5.10

3_Finance_Receivables_Measured2

3. Finance Receivables Measured at Fair Value (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Finance Receivables Measured At Fair Value Tables
Finance receivables and accrued interest, net of unearned interest	$21,701	$60,804
Less: Fair value adjustment	-484	-1,136
Finance receivables measured at fair value	$21,217	$59,668

3_Fair_Value_of_Delinquency_St

3. Fair Value of Delinquency Status of Finance Receivables (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Deliquency Status
Total finance receivables measured at fair value	$21,701	$60,804
Current
Deliquency Status
Total finance receivables measured at fair value	19,795	57,557
31-60 days
Deliquency Status
Total finance receivables measured at fair value	1,218	2,206
61-90 days
Deliquency Status
Total finance receivables measured at fair value	436	710
91 + days
Deliquency Status
Total finance receivables measured at fair value	$252	$331

4_Securitization_Trust_Debt_De

4. Securitization Trust Debt (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Schedule of Held-to-maturity Securities [Line Items]
Receivables Pledged at end of period	$1,054,517
Initial Principal	1,884,617
Outstanding Principal	1,094,559	792,497
CPS 2008-A [Member]
Schedule of Held-to-maturity Securities [Line Items]
Final Scheduled Payment Date	14-Oct
Receivables Pledged at end of period
Initial Principal	310,359
Outstanding Principal		40,713
Weighted Average Contractual Interest Rate
Page Five Funding [Member]
Schedule of Held-to-maturity Securities [Line Items]
Final Scheduled Payment Date	18-Jan
Receivables Pledged at end of period	13,244
Initial Principal	46,058
Outstanding Principal	11,500	21,251
Weighted Average Contractual Interest Rate	9.39%
CPS 2011-A [Member]
Schedule of Held-to-maturity Securities [Line Items]
Final Scheduled Payment Date	18-Apr
Receivables Pledged at end of period	33,088
Initial Principal	100,364
Outstanding Principal	29,533	48,368
Weighted Average Contractual Interest Rate	3.54%
CPS 2011-B [Member]
Schedule of Held-to-maturity Securities [Line Items]
Final Scheduled Payment Date	18-Sep
Receivables Pledged at end of period	50,758
Initial Principal	109,936
Outstanding Principal	50,286	70,863
Weighted Average Contractual Interest Rate	4.70%
CPS 2011-C [Member]
Schedule of Held-to-maturity Securities [Line Items]
Final Scheduled Payment Date	19-Mar
Receivables Pledged at end of period	63,410
Initial Principal	119,400
Outstanding Principal	63,429	88,269
Weighted Average Contractual Interest Rate	5.03%
CPS 2012-A [Member]
Schedule of Held-to-maturity Securities [Line Items]
Final Scheduled Payment Date	19-Jun
Receivables Pledged at end of period	73,288
Initial Principal	155,000
Outstanding Principal	72,964	105,485
Weighted Average Contractual Interest Rate	3.58%
CPS 2012-B [Member]
Schedule of Held-to-maturity Securities [Line Items]
Final Scheduled Payment Date	19-Sep
Receivables Pledged at end of period	96,641
Initial Principal	141,500
Outstanding Principal	95,324	122,329
Weighted Average Contractual Interest Rate	3.24%
CPS 2012-C [Member]
Schedule of Held-to-maturity Securities [Line Items]
Final Scheduled Payment Date	19-Dec
Receivables Pledged at end of period	103,877
Initial Principal	147,000
Outstanding Principal	101,575	135,219
Weighted Average Contractual Interest Rate	2.56%
CPS 2012-D [Member]
Schedule of Held-to-maturity Securities [Line Items]
Final Scheduled Payment Date	20-Mar
Receivables Pledged at end of period	124,318
Initial Principal	160,000
Outstanding Principal	118,237	160,000
Weighted Average Contractual Interest Rate	2.12%
CPS 2013-A [Member]
Schedule of Held-to-maturity Securities [Line Items]
Final Scheduled Payment Date	20-Jun
Receivables Pledged at end of period	165,276
Initial Principal	185,000
Outstanding Principal	157,015
Weighted Average Contractual Interest Rate	1.85%
CPS 2013-B [Member]
Schedule of Held-to-maturity Securities [Line Items]
Final Scheduled Payment Date	20-Sep
Receivables Pledged at end of period	192,628
Initial Principal	205,000
Outstanding Principal	189,696
Weighted Average Contractual Interest Rate	2.28%
CPS 2013-C [Member]
Schedule of Held-to-maturity Securities [Line Items]
Final Scheduled Payment Date	20-Dec
Receivables Pledged at end of period	137,989
Initial Principal	205,000
Outstanding Principal	$205,000
Weighted Average Contractual Interest Rate	2.36%

4_Securitization_Trust_Debt_De1

4. Securitization Trust Debt (Details Narrative) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Securitization Trust Debt Details Narrative
Restricted Cash for securitization trust debt	$129,500

5_Debt_Details

5. Debt (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Other debt outstanding	$96,491	$144,296
Residual interest financing
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Other debt outstanding		13,773
Interest rate	12.875% over one month Libor
Maturity date	Sep-13
Residual interest financing 2
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Other debt outstanding	20,000
Interest rate	11.75% over one month Libor
Maturity date	Apr-18
Senior Secured Debt Related Party 1
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Other debt outstanding	36,816	50,135
Interest rate	13.0% and 16.0% at September 30, 2013 and December 31, 2012, respectively
Maturity date	Jun-14
Senior Secured Debt Related Party 2
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Other debt outstanding	2,147
Interest rate	5.00%
Maturity date	Jun-14
Subordinated renewable notes
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Other debt outstanding	20,640	23,281
Interest rate	Weighted average rate of 12.7% and 14.4% at September 30, 2013 and December 31, 2012, respectively
Maturity date	Weighted average maturity of July 2016 and June 2015 at September 30, 2013 and December 31, 2012, respectively
Debt secured by receivables measured at fair value
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Other debt outstanding	$16,888	$57,107
Interest rate	n/a
Maturity date	Repayment is based on payments from underlying receivables. Final payment of the 8.00% note was made in September 2013, with residual payments extending through 2016

6_Interest_Income_Details

6. Interest Income (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Interest income	$60,462	$45,053	$167,426	$127,210
Interest on Finance Receivables
Interest income	60,462	44,808	167,416	126,029
Residual Interest Income
Interest income	0	0	0	458
Other Interest Income
Interest income	$0	$245	$10	$723

6_Interest_Expense_Details

6. Interest Expense (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Interest expense	$13,853	$19,560	$44,800	$61,696
Securitization Trust Debt
Interest expense	8,357	9,398	25,725	28,557
Warehouse Lines of Credit
Interest expense	1,447	2,179	4,026	5,243
Senior Secured Debt, Related Party
Interest expense	1,599	3,077	6,474	9,873
Debt secured by receivables at fair value
Interest expense	623	3,275	3,435	13,362
Residual interest financing
Interest expense	1,079	731	2,666	2,125
Subordinated renewable notes
Interest expense	$748	$900	$2,474	$2,536

7_Earnings_Per_Share_Details

7. Earnings Per Share (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share Details
Weighted average common shares - basic	21,795	19,495	20,959	19,406
Incremental common shares attibutable to exercise of outstanding options and warrants	9,422	6,200	10,591	4,620
Weighted average common shares - diluted	31,217	25,695	31,550	24,026

7_Earnings_Per_Share_Details_N

7. Earnings Per Share (Details Narrative)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share Details Narrative
Antidilutive common stock equivalents	3.1	1.3	1.9	2.3

8_Income_Taxes_Details_Narrati

8. Income Taxes (Details Narrative) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Income Taxes Details Narrative
Deferred tax asset	$66,200
U.S. federal deferred tax assets	54,500
State deferred tax assets	11,700
Net operating loss carryforward	46,400
Deferred tax assets other deductions	$19,800

10_Employee_Benefits_Details

10. Employee Benefits (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Components of net periodic cost (benefit)
Service cost
Interest cost	210	220	630	660
Expected return on assets	-335	-234	-1,005	-702
Amortization of transition (asset)/obligation
Amortization of net (gain)/loss	117	157	351	471
Net periodic cost (benefit)	($8)	$143	($24)	$429

11_Fair_Value_measurements_Det

11. Fair Value measurements (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Finance Receivables Measured at Fair Value:
Balance at beginning of period	$30,319	$102,366	$59,668	$160,253
Payments on finance receivables at fair value	-8,848	-22,449	-36,828	-86,556
Charge-offs on finance receivables at fair value	-535	-1,259	-2,275	-5,309
Discount accretion	263	1,870	1,247	7,272
Mark to fair value	18	-3,044	-595	1,824
Balance at end of period	21,217	77,484	21,217	77,484
Debt Secured by Finance Receivables Measured at Fair Value:
Balance at beginning of period	21,907	104,662	57,107	166,828
Principal payments on debt at fair value	-5,107	-26,902	-41,365	-97,703
Premium accretion	379	1,687	2,079	5,552
Mark to fair value	-291	-2,817	-933	1,953
Balance at end of period	16,888	76,630	16,888	76,630
Reduction for principal payments collected and payable	-570	-7,002	-570	-7,002
Adjusted balance at end of period	$16,318	$69,628	$16,318	$69,628

11_Fireside_Fair_Value_Details

11. Fireside Fair Value (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Contractual Balance [Member]
Fair values of the Fireside receivables and the related secured debt to their contractual balances
Fireside receivables portfolio	$21,701	$60,804
Debt secured by Fireside receivables portfolio		41,365
Fair Value [Member]
Fair values of the Fireside receivables and the related secured debt to their contractual balances
Fireside receivables portfolio	21,217	59,668
Debt secured by Fireside receivables portfolio	$16,888	$57,107

11_Level_3_Fair_Value_Details

11. Level 3 Fair Value (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Residual Interest in Securitizations:
Balance at beginning of period	$2,246	$4,850	$4,824	$4,414
Cash paid (received) during period	-820	45	-3,398	23
Included in earnings				458
Balance at end of period	1,426	4,895	1,426	4,895
Warrant Derivative Liability:
Balance at beginning of period		51	355	967
Included in earnings		44	228	435
Reclassification to equity			-583	-1,307
Balance at end of period		$95		$95

11_Fair_Value_Financial_Assets

11. Fair Value Financial Assets (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets:
Cash and cash equivalents	$24,128	$12,966
Restricted cash and equivalents	129,450	104,445
Finance receivables, net	1,025,398	740,511
Finance receivables measured at fair value	21,217	59,668
Residual interest in securitizations	1,426	4,824
Accrued interest receivable	15,146	10,411
Liabilities:
Warehouse lines of credit	26,959	21,731
Accrued interest payable	2,733	2,795
Residual interest financing	20,000	13,773
Debt secured by receivables measured at fair value	16,888	57,107
Securitization trust debt	1,107,865	803,290
Senior secured debt	38,963	50,135
Subordinated renewable notes	20,640	23,281
Fair Value Inputs Level 1 [Member]
Assets:
Cash and cash equivalents	24,128	12,966
Restricted cash and equivalents	129,450	104,445
Finance receivables, net
Finance receivables measured at fair value
Residual interest in securitizations
Accrued interest receivable
Liabilities:
Warehouse lines of credit
Accrued interest payable
Residual interest financing
Debt secured by receivables measured at fair value
Securitization trust debt
Senior secured debt
Subordinated renewable notes
Level 2 [Member]
Assets:
Cash and cash equivalents
Restricted cash and equivalents
Finance receivables, net
Finance receivables measured at fair value
Residual interest in securitizations
Accrued interest receivable
Liabilities:
Warehouse lines of credit
Accrued interest payable
Residual interest financing
Debt secured by receivables measured at fair value
Securitization trust debt
Senior secured debt
Subordinated renewable notes
Level 3 [Member]
Assets:
Cash and cash equivalents
Restricted cash and equivalents
Finance receivables, net	1,025,398	740,511
Finance receivables measured at fair value	21,217	59,668
Residual interest in securitizations	1,426	4,824
Accrued interest receivable	15,146	10,411
Liabilities:
Warehouse lines of credit	26,959	21,731
Accrued interest payable	2,733	2,795
Residual interest financing	20,000	13,773
Debt secured by receivables measured at fair value	16,888	57,107
Securitization trust debt	1,107,865	803,290
Senior secured debt	38,963	50,135
Subordinated renewable notes	20,640	23,281
Carrying Value [Member]
Assets:
Cash and cash equivalents	24,128	12,966
Restricted cash and equivalents	129,450	104,445
Finance receivables, net	1,046,818	744,749
Finance receivables measured at fair value	21,217	59,668
Residual interest in securitizations	1,426	4,824
Accrued interest receivable	15,146	10,411
Liabilities:
Warehouse lines of credit	26,959	21,731
Accrued interest payable	2,733	2,795
Residual interest financing	20,000	13,773
Debt secured by receivables measured at fair value	16,888	57,107
Securitization trust debt	1,094,559	792,497
Senior secured debt	38,963	50,135
Subordinated renewable notes	$20,640	$23,281