Consumer Portfolio Services (CPSS) 10-Q24 Apr 152015 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2015	Apr. 20, 2015
Document And Entity Information
Entity Registrant Name	CONSUMER PORTFOLIO SERVICES INC
Entity Central Index Key	889609
Document Type	10-Q
Document Period End Date	31-Mar-15
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	Accelerated Filer
Entity Common Stock, Shares Outstanding		26,101,400
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

UNAUDITED_CONDENSED_CONSOLIDAT

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$20,202	$17,859
Restricted cash and equivalents	173,451	175,382
Finance receivables	1,683,904	1,595,956
Less: Allowance for finance credit losses	-68,142	-61,460
Finance receivables, net	1,615,762	1,534,496
Finance receivables measured at fair value	743	1,664
Furniture and equipment, net	1,417	1,161
Deferred financing costs	12,609	12,362
Deferred tax assets, net	40,347	42,847
Accrued interest receivable	24,496	23,372
Other assets	16,426	23,915
Total	1,905,453	1,833,058
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses	21,665	21,660
Warehouse lines of credit	21,965	56,839
Residual interest financing	12,074	12,327
Debt secured by receivables measured at fair value	0	1,250
Securitization trust debt	1,697,649	1,598,496
Subordinated renewable notes	15,082	15,233
Total	1,768,435	1,705,805
COMMITMENTS AND CONTINGENCIES
Shareholders' Equity
Preferred stock, $1 par value; authorized 4,998,130 shares; none issued	0	0
Common stock, no par value; authorized 75,000,000 shares; 25,750,240 and 24,540,640 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	81,945	80,513
Retained earnings	60,124	51,791
Accumulated other comprehensive loss	-5,051	-5,051
Total	137,018	127,253
Total	1,905,453	1,833,058
Series A Preferred Stock [Member]
Shareholders' Equity
Preferred stock, $1 par value; authorized 4,998,130 shares; none issued	0	0
Series B Preferred Stock [Member]
Shareholders' Equity
Preferred stock, $1 par value; authorized 4,998,130 shares; none issued	$0	$0

UNAUDITED_CONDENSED_CONSOLIDAT1

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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, No Par Value	$0	$0
Common Stock, Authorized	75,000,000	75,000,000
Common Stock, Issued	25,750,240	24,540,640
Common Stock, Outstanding	25,750,240	24,540,640
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
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Interest income	$82,359	$64,996
Servicing fees	148	513
Other income	3,482	2,637
Total	85,989	68,146
Expenses:
Employee costs	14,486	10,890
General and administrative	4,836	3,603
Interest	13,173	13,381
Provision for credit losses	33,439	23,880
Marketing	4,204	3,846
Occupancy	954	688
Depreciation and amortization	148	94
Total	71,240	56,382
Income before income tax expense	14,749	11,764
Income tax expense	6,416	5,059
Net income	$8,333	$6,705
Earnings per share:
Basic	$0.33	$0.28
Diluted	$0.26	$0.21
Number of shares used in computing earnings per share:
Basic	25,635	24,355
Diluted	31,991	32,011

UNAUDITED_CONDENSED_CONSOLIDAT3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Unaudited Condensed Consolidated Statements Of Comprehensive Income
Net income	$8,333	$6,705
Other comprehensive income/(loss); change in funded status of pension plan	0	0
Comprehensive income	$8,333	$6,705

UNAUDITED_CONDENSED_CONSOLIDAT4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$8,333	$6,705
Accretion of deferred acquisition fees	-2,881	-4,610
Accretion of purchase discount on receivables measured at fair value	0	-239
Amortization of discount on securitization trust debt	20	41
Amortization of discount on senior secured debt, related party	0	623
Accretion of premium on debt secured by receivables measured at fair value	0	304
Mark to fair value on debt secured by receivables at fair value	0	194
Mark to fair value of receivables measured at fair value	0	-7
Depreciation and amortization	148	94
Amortization of deferred financing costs	1,673	1,684
Provision for credit losses	33,439	23,880
Stock-based compensation expense	1,096	771
Interest income on residual assets	-37	-113
Changes in assets and liabilities:
Accrued interest receivable	-1,124	1,213
Deferred tax assets, net	2,500	5,059
Other assets	6,644	530
Accounts payable and accrued expenses	5	26
Net cash provided by operating activities	49,816	36,155
Cash flows from investing activities:
Purchases of finance receivables held for investment	-233,890	-189,886
Payments received on finance receivables held for investment	122,066	103,936
Payments received on receivables portfolio at fair value	921	5,664
Proceeds received on residual interest in securitizations	0	522
Change in repossessions in inventory	882	-1,800
Decreases (increases) in restricted cash and cash equivalents, net	1,931	-15,312
Purchase of furniture and equipment	-404	-165
Net cash used in investing activities	-108,494	-97,041
Cash flows from financing activities:
Proceeds from issuance of securitization trust debt	245,000	180,000
Proceeds from issuance of subordinated renewable notes	111	155
Payments on subordinated renewable notes	-262	-712
Net proceeds from (repayments of) warehouse lines of credit	-34,874	32,075
Proceeds from (repayments of) residual interest financing debt	-253	-3,514
Repayment of securitization trust debt	-145,867	-110,220
Repayment of debt secured by receivables measured at fair value	-1,250	-5,039
Repayment of senior secured debt, related party	0	-39,182
Payment of financing costs	-1,920	-1,578
Exercise of options and warrants	336	1,356
Net cash provided by financing activities	61,021	53,341
Increase (decrease) in cash and cash equivalents	2,343	-7,545
Cash and cash equivalents at beginning of period	17,859	22,112
Cash and cash equivalents at end of period	20,202	14,567
Cash paid during the period for:
Interest	11,415	11,506
Income taxes	$5	$261

1_Summary_of_Significant_Accou

1. Summary of Significant Accounting Policies	3 Months Ended
1. Summary of Significant Accounting Policies	Mar. 31, 2015
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 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 10 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 three-month period ended March 31, 2015 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, 2014.

	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, determining appropriate reserves for contingent liabilities, 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 periods ending March 31, 2015 and 2014:

		Three Months Ended
		March 31,

		2015			2014
		(In thousands)
	Direct mail revenues	$	2,137		$	1,852
	Convenience fee revenue		950			810
	Recoveries on previously charged-off contracts		192			35
	Sales tax refunds		150			102
	Other		53			(162	)
	Other income for the period	$	3,482		$	2,637

	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 three months ended March 31, 2015 and 2014, we recorded stock-based compensation costs in the amount of $1,096,000 and $771,000, respectively. As of March 31, 2015, unrecognized stock-based compensation costs to be recognized over future periods equaled $12.8 million. This amount will be recognized as expense over a weighted-average period of 2.8 years.

	The following represents stock option activity for the three months ended March 31, 2015:

								Weighted
		Number of			Weighted			Average
		Shares			Average			Remaining
		(in thousands)			Exercise Price			Contractual Term
	Options outstanding at the beginning of period		10,828		$	4.05		6.01 years
	Granted		–			–		N/A
	Exercised		(209	)		1.34		N/A
	Forfeited		–			–		N/A
	Options outstanding at the end of period		10,619		$	4.11		5.83 years

	Options exercisable at the end of period		5,932		$	2.83		4.88 years

	At March 31, 2015, the aggregate intrinsic value of options outstanding and exercisable was $32.0 million and $25.1 million, respectively. There were 209,000 options exercised for the three months ended March 31, 2015 compared to 574,000 for the comparable period in 2014. The total intrinsic value of options exercised was $1.2 million and $4.4 million for the three-month periods ended March 31, 2015 and 2014. There were 2.1 million shares available for future stock option grants under existing plans as of March 31, 2015.

	Purchases of Company Stock

	We did not re-purchase any shares of our common stock during the three months ended March 31, 2015. During the three-month period ended March 31, 2014, we re-purchased 64,430 shares of our common stock, at an average price of $7.97. All purchases were related to net exercises of outstanding options and warrants. In transactions during the three-month period ended March 31, 2014, the holder of options and warrants to purchase 365,000 shares of our common stock paid the aggregate $513,400 exercise price by surrender to us of 64,430 of such 365,000 shares. There were no open market purchases of our common stock.

	New Accounting Pronouncements

	In April 2015, the FASB issued Accounting Standards Update No. 2015-03 (ASU 2015-03), Interest – Imputation of Interest (Subtopic 835-30). ASU 2015-03 changes the presentation of debt issuance costs in the financial statements to present such costs as a direct deduction from the related debt liability rather than as an asset. Amortization of debt issuance costs will be reported as interest expense. This standard is effective for interim and annual reporting periods beginning after December 15, 2015. ASU 2015-03 will not have a material impact on our consolidated financial position, results of operations, or cash flows.

	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.

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 March 31, 2015, 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.

Provision for Contingent Liabilities

We are routinely involved in various legal proceedings resulting from our consumer finance activities and practices, both continuing and discontinued. Our legal counsel has advised us on such matters where, based on information available at the time of this report, there is an indication that it is both probable that a liability has been incurred and the amount of the loss can be reasonably determined.

We have recorded a liability as of March 31, 2015, which represents our best estimate of probable incurred losses for legal contingencies. The amount of losses that may ultimately be incurred cannot be estimated with certainty.

2_Finance_Receivables

2. Finance Receivables	3 Months Ended
2. Finance Receivables	Mar. 31, 2015
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:

		March 31,			December 31,
		2015			2014
	Finance Receivables		(In thousands)

	Automobile finance receivables, net of unearned interest	$	1,697,894		$	1,612,246
	Less: Unearned acquisition fees and originations costs		(13,990	)		(16,290	)
	Finance Receivables	$	1,683,904		$	1,595,956

	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 certain limited 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 March 31, 2015 and December 31, 2014:


		March 31,			December 31,
		2015			2014
		(In thousands)
	Deliquency Status
	Current	$	1,604,715		$	1,523,020
	31 - 60 days		38,093			42,730
	61 - 90 days		23,192			23,300
	91 + days		31,894			23,196
		$	1,697,894		$	1,612,246

	Finance receivables totaling $31.9 million and $23.2 million at March 31, 2015 and December 31, 2014, 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 incurred credit losses that can be reasonably estimated in our portfolio of automobile contracts. The estimate for probable incurred 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. 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 periods ended March 31, 2015 and 2014:

		Three Months Ended
		March 31,

		2015			2014
		(In thousands)
	Balance at beginning of period	$	61,460		$	39,626
	Provision for credit losses on finance receivables		33,439			23,880
	Charge-offs		(31,829	)		(23,541	)
	Recoveries		5,072			4,687
	Balance at end of period	$	68,142		$	44,652

	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:

		March 31,			December 31,
		2015			2014
		(In thousands)
	Gross balance of repossessions in inventory	$	25,625		$	28,234
	Allowance for losses on repossessed inventory		(16,102	)		(17,829	)
	Net repossessed inventory included in other assets	$	9,523		$	10,405

3_Finance_Receivables_Measured

3. Finance Receivables Measured at Fair Value	3 Months Ended
3. Finance Receivables Measured at Fair Value	Mar. 31, 2015
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:

		March 31,		December 31,
		2015		2014
	Finance Receivables Measured at Fair Value	(In thousands)

	Finance receivables and accrued interest, net of unearned interest	$	743	$	1,664
	Less: Fair value adjustment		–		–
	Finance receivables measured at fair value	$	743	$	1,664

	The following table summarizes the delinquency status of finance receivables measured at fair value as of March 31, 2015 and December 31, 2014:

		March 31,		December 31,
		2015		2014
		(In thousands)
	Deliquency Status
	Current	$	385	$	1,266
	31 - 60 days		210		262
	61 - 90 days		106		74
	91 + days		42		62
		$	743	$	1,664

4_Securitization_Trust_Debt

4. Securitization Trust Debt	3 Months Ended
4. Securitization Trust Debt	Mar. 31, 2015
Securitization Trust Debt
Securitization Trust Debt	We have completed many 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	Receivables				Outstanding		Outstanding		Weighted Average Contractual
			Scheduled	Pledged at				Principal at		Principal at		Interest Rate at
			Payment	March 31,		Initial		March 31,		December 31,		March 31,
	Series		Date (1)	2015 (2)		Principal		2015		2014		2015
			(Dollars in thousands)
	CPS 2011-A		Apr-18	$	10,138	$	100,364	$	5,836	$	8,457		2.82%
	CPS 2011-B		Sep-18		19,613		109,936		19,299		22,985		4.46%
	CPS 2011-C		Mar-19		25,918		119,400		26,049		30,601		4.92%
	CPS 2012-A		Jun-19		31,274		155,000		30,393		35,923		3.35%
	CPS 2012-B		Sep-19		44,458		141,500		43,388		50,125		3.06%
	CPS 2012-C		Dec-19		49,655		147,000		48,610		55,619		2.40%
	CPS 2012-D		Mar-20		60,076		160,000		59,229		67,833		2.06%
	CPS 2013-A		Jun-20		87,361		185,000		87,059		97,775		1.95%
	CPS 2013-B		Sep-20		106,376		205,000		106,305		118,692		2.44%
	CPS 2013-C		Dec-20		122,248		205,000		120,830		133,628		2.87%
	CPS 2013-D		Mar-21		120,330		183,000		118,794		132,150		2.54%
	CPS 2014-A		Jun-21		132,426		180,000		130,422		143,456		2.13%
	CPS 2014-B		Sep-21		166,835		202,500		165,346		177,601		1.92%
	CPS 2014-C		Dec-21		244,750		273,000		241,176		256,151		2.15%
	CPS 2014-D		Mar-22		254,224		267,500		249,913		267,500		2.40%
	CPS 2015-A (3)		Jun-22		170,624		245,000		245,000		–		2.31%
				$	1,646,306	$	2,879,200	$	1,697,649	$	1,598,496

	_________________
		-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 $491.0 million in 2015, $538.9 million in 2016, $359.4 million in 2017, $200.1 million in 2018, $92.4 million in 2019 and $15.9 million in 2020.

		-2	Includes repossessed assets that are included in Other assets on our Unaudited Condensed Consolidated Balance Sheet.

		-3	An additional $72.0 million of receivables were pledged to CPS 2015-A in April 2015.

	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 March 31, 2015, 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 March 31, 2015, restricted cash under the various agreements totaled approximately $173.5 million, of which $72.0 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

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Debt

The terms and amounts of our other debt outstanding at March 31, 2015 and December 31, 2014 are summarized below:

Amount Outstanding at

March 31,

December 31,

2015

2014

(In thousands)

Description

Interest Rate

Maturity

Warehouse lines of credit

5.50% over one month Libor (Minimum 6.50%)

Apr-19

21,965

23,581

5.50% over one month Libor (Minimum 6.25%)

Aug-17

–

33,258

Residual interest financing

11.75% over one month Libor

Apr-18

12,074

12,327

Debt secured by receivables measured at fair value

n/a

Repayment is based on payments from underlying receivables. Final payment of the 8.00% loan was made in September 2013, while final residual payment was made in January 2015

–

1,250

Subordinated renewable notes

Weighted average rate of 9.83% and 10.7% at March 31, 2015 and December 31, 2014 , respectively

Weighted average maturity of November 2016 and October 2016 at March 31, 2015 and December 31, 2014, respectively

15,082

15,233

49,121

85,649

In April 2015 we entered into a new $100 million warehouse credit line with affiliates of Fortress Investment Group. The facility is structured to allow us to fund a portion of the purchase price of automobile contracts by borrowing from a credit facility to our consolidated subsidiary Page Six Funding LLC. This facility, which replaces a revolving credit facility that we have used since December 2010, provides for advances up to 88% of eligible finance receivables and the loans under it accrue interest at a rate of one-month LIBOR plus 5.50% per annum, with a minimum rate of 6.50% per annum. There was $22.0 million outstanding under the previous facility at March 31, 2015. The new facility has a revolving period through April 2017 and an amortization period through April 2019 for any receivables pledged to the facility at the end of the revolving period.

6_Interest_Income_and_Interest

6. Interest Income and Interest Expense	3 Months Ended
6. Interest Income and Interest Expense	Mar. 31, 2015
Interest Income And Interest Expense
Interest Income and Interest Expense	The following table presents the components of interest income:

		Three Months Ended
		March 31,

		2015		2014
		(In thousands)

	Interest on finance receivables	$	82,321	$	64,882
	Residual interest income		37		113
	Other interest income		1		1
	Interest income	$	82,359	$	64,996

	The following table presents the components of interest expense:

		Three Months Ended
		March 31,

		2015		2014
		(In thousands)

	Securitization trust debt	$	10,876	$	9,316
	Warehouse lines of credit		1,473		877
	Senior secured debt, related party		–		1,651
	Debt secured by receivables at fair value		–		328
	Residual interest financing		423		579
	Subordinated renewable notes		401		630
	Interest expense	$	13,173	$	13,381

7_Earnings_Per_Share

7. Earnings Per Share	3 Months Ended
7. Earnings Per Share	Mar. 31, 2015
Earnings per share:
Earnings Per Share	Earnings per share for the three-month periods ended March 31, 2015 and 2014 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 ended March 31, 2015 and 2014:

		Three Months Ended
		March 31,

		2015		2014
		(In thousands)

	Weighted average number of common shares outstanding during the period used to compute basic earnings per share		25,635		24,355

	Incremental common shares attributable to exercise of outstanding options and warrants		6,356		7,656

	Weighted average number of common shares used to compute diluted earnings per share		31,991		32,011

	If the anti-dilutive effects of common stock equivalents were considered, shares included in the diluted earnings per share calculation for the three-month periods ended March 31, 2015 and 2014 would have included an additional 4.7 and 2.5 million shares, respectively attributable to the exercise of outstanding options and warrants.

8_Income_Taxes

8. Income Taxes	3 Months Ended
8. Income Taxes	Mar. 31, 2015
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 2011.

	As of March 31, 2015 and December 31, 2014, we had no unrecognized tax benefits for uncertain tax positions. 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. Although realization is not assured, we believe that the realization of the recognized net deferred tax asset of $40.3 million as of March 31, 2015 is more likely than not based on forecasted future net earnings. Our net deferred tax asset of $40.3 million consists of approximately $30.2 million of net U.S. federal deferred tax assets and $10.1 million of net state deferred tax assets. We estimate that we would need to generate approximately $93 million of taxable income during the applicable carryforward periods to realize fully our federal and state net deferred tax assets.

	Income tax expense was $6.4 million and $5.1 million for the three months ended March 31, 2015 and 2014, and represents an effective income tax rate of 44% and 43%, respectively.

9_Legal_Proceedings

9. Legal Proceedings	3 Months Ended
9. Legal Proceedings	Mar. 31, 2015
Legal Proceedings
Legal Proceedings	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 purported class actions, The first of those two has been settled by agreement with the plaintiffs, with the settlement remaining subject to approval by the court. The court hearing the second has been instructed by its court of appeals to grant our motion for dismissal, following which the plaintiff may assert his claim in arbitration on an individual basis and not on a class basis.

	For the most part, we have legal and factual defenses to such consumer 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 March 31, 2015 with respect to such matters, in the aggregate.

	FTC Action. In July 2013, the staff of the U.S. Federal Trade Commission (“FTC”) advised us that they were 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 might be achieved. On May 29, 2014, the FTC announced its agreement to settle the matter by filing a lawsuit against us, and requesting, with our consent, that the court enter an agreed judgment against us. The lawsuit arose out of the FTC’s inquiry into our business practices. Under the agreed settlement, we made approximately $1.9 million of restitutionary payments and $1.6 million of account adjustments to our customers in September 2014, paid a $2 million penalty to the federal government in June 2014, and implemented procedural changes, all pursuant to a consent decree that was entered by the court in June 2014.

	Department of Justice Subpoena. In January 2015, we were served with a subpoena by the U.S. Department of Justice directing us to produce certain documents relating to our and our subsidiaries’ and affiliates’ origination and securitization of sub-prime automobile contracts since 2005 in connection with an investigation by the U.S. Department of Justice in contemplation of a civil proceeding for potential violations of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. Among other matters, the subpoena requests information relating to the underwriting criteria used to originate these automobile contracts and the representations and warranties relating to those underwriting criteria that were made in connection with the securitization of the automobile contracts. We are investigating these matters internally and are cooperating with the request. Such investigation could in the future result in the imposition of damages, fines or civil or criminal claims and/or penalties. No assurance can be given as to the ultimate outcome of the investigation or any resulting proceeding(s), which might materially and adversely affect us.

	In General. There can be no assurance as to the outcomes of the matters referenced above. We have recorded a liability as of March 31, 2015, which 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 we face, including those described or referenced above, as of March 31, 2015, and in excess of the liability we have recorded, is from $0 to $250,000.

	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, the wide discretion vested in the U.S. Department of Justice and other government agencies, and the deference that courts may give to assertions made by government litigants, 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	3 Months Ended
10. Employee Benefits	Mar. 31, 2015
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 periods ended March 31, 2015 and 2014.

		Three Months Ended
		March 31,
		2015			2014
		(In thousands)
	Components of net periodic cost (benefit)
	Service cost	$	–		$	–
	Interest cost		211			220
	Expected return on assets		(377	)		(432	)
	Amortization of transition (asset)/obligation		–			–
	Amortization of net (gain) / loss		87			–
	Net periodic cost (benefit)	$	(79	)	$	(212	)

	We did not make any contributions to the Plan during the three-month period ended March 31, 2015 and we do not anticipate making any contributions for the remainder of 2015. We contributed $112,000 during the three-month period ended March 31, 2014.

11_Fair_Value_Measurements

11. Fair Value Measurements	3 Months Ended
11. Fair Value Measurements	Mar. 31, 2015
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.

	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
			March 31,
			2015				2014
			(in thousands)
	Finance Receivables Measured at Fair Value:
	Balance at beginning of period		$	1,664			$	14,476
	Payments on finance receivables at fair value			(921	)			(5,321	)
	Charge-offs on finance receivables at fair value			–				(343	)
	Discount accretion			–				239
	Mark to fair value			–				7
	Balance at end of period		$	$743			$	9,058

	Debt Secured by Finance Receivables Measured at Fair Value:
	Balance at beginning of period		$	1,250			$	13,117
	Principal payments on debt at fair value			(1,250	)			(5,039	)
	Premium accretion			–				304
	Mark to fair value			–				194
	Balance at end of period			–				8,576
	Reduction for payments collected and payable			–				(1,399	)
	Adjusted balance at end of period		$	–			$	7,177



	The table below compares the fair values of the Fireside receivables and the related secured debt to their contractual balances for the periods shown:

			31-Mar-15								31-Dec-14
			Contractual				Fair				Contractual				Fair
			Balance				Value				Balance				Value
			(In thousands)

	Fireside receivables portfolio		$	743			$	743			$	1,664			$	1,664

	Debt secured by Fireside receivables portfolio			–				–				–				1,250

	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. The terms of the debt provide for the lenders to receive a share of residual cash flows from the underlying receivables after the contractual balance of the debt is repaid and the Company’s investment in the Fireside portfolio is returned. The final residual payment was made in January 2015.

	Repossessed vehicle inventory, which is included in Other assets on our unaudited condensed consolidated balance sheet, is measured at fair value using level 2 assumptions based on our actual loss experience on sale of repossessed vehicles. At March 31, 2015, the finance receivables related to the repossessed vehicles in inventory totaled $25.6 million. We have applied a valuation adjustment, or loss allowance, of $16.1 million, which is based on a recovery rate of approximately 37%, resulting in an estimated fair value and carrying amount of $9.5 million. The fair value and carrying amount of the repossessed inventory at December 31, 2014 was $10.4 million after applying a valuation adjustment of $17.8 million.

	There were no transfers in or out of level 1 or level 2 assets and liabilities for the three months ended March 31, 2015 and 2014. We have no level 3 assets that are measured at fair value on a non-recurring basis.

	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
			March 31,				December 31,				Valuation		Unobservable		March 31,			December 31,
			2015				2014				Techniques		Inputs		2015			2014
			(In thousands)
	Assets:

	Finance receivables measured at fair value		$	743			$	1,664			Discounted cash flows		Discount rate			15.40%			15.40%
													Cumulative net losses			5.00%			5.00%
													Monthly average prepayments			0.50%			0.50%
	Liabilities:

	Debt secured by receivables measured at fair value			–				1,250			Discounted cash flows		Discount rate			n/a			12.20%

	The estimated fair values of financial assets and liabilities at March 31, 2015 and December 31, 2014, were as follows:

			As of March 31, 2015
Financial Instrument		(In thousands)
		Carrying				Fair Value Measurements Using:
		Value				Level 1				Level 2				Level 3			Total
Assets:
Cash and cash equivalents		$	20,202			$	20,202			$	–			$	–		$	20,202
Restricted cash and equivalents			173,451				173,451				–				–			173,451
Finance receivables, net			1,615,762				–				–				1,589,952			1,589,952
Finance receivables measured at fair value			743				–				–				743			743
Residual interest in securitizations			32				–				–				32			32
Accrued interest receivable			24,496				–				–				24,496			24,496
Liabilities:
Warehouse lines of credit		$	21,965			$	–			$	–			$	21,965		$	21,965
Accrued interest payable			2,678				–				–				2,678			2,678
Residual interest financing			12,074				–				–				12,074			12,074
Securitization trust debt			1,697,649				–				–				1,720,705			1,720,705
Subordinated renewable notes			15,082				–				–				15,082			15,082

		As of December 31, 2014
Financial Instrument		(In thousands)
		Carrying				Fair Value Measurements Using:
			Value				Level 1				Level 2				Level 3			Total
Assets:
Cash and cash equivalents		$	17,859			$	17,859			$	–			$	–		$	17,859
Restricted cash and equivalents			175,382				175,382				–				–			175,382
Finance receivables, net			1,534,496				–				–				1,512,567			1,512,567
Finance receivables measured at fair value			1,664				–				–				1,664			1,664
Residual interest in securitizations			68				–				–				68			68
Accrued interest receivable			23,372				–				–				23,372			23,372
Liabilities:
Warehouse lines of credit		$	56,839			$	–			$	–			$	56,839		$	56,839
Accrued interest payable			2,613				–				–				2,613			2,613
Residual interest financing			12,327				–				–				12,327			12,327
Debt secured by receivables measured at fair value			1,250				–				–				1,250			1,250
Securitization trust debt			1,598,496				–				–				1,619,742			1,619,742
Subordinated renewable notes			15,233				–				–				15,233			15,233

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 March 31, 2015 and December 31, 2014, 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.

Warehouse Lines of Credit, Residual Interest Financing, 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 reflect the current market rates.

1_Summary_of_Significant_Accou1

1. Summary of Significant Accounting Policies (Policies)	3 Months Ended
1. Summary of Significant Accounting Policies (Policies)	Mar. 31, 2015
Accounting Policies [Abstract]
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 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 10 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 three-month period ended March 31, 2015 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, 2014.

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, determining appropriate reserves for contingent liabilities, 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.
Use of Estimates
Other Income	The following table presents the primary components of Other Income for the three-month periods ending March 31, 2015 and 2014:

		Three Months Ended
		March 31,

		2015			2014
		(In thousands)
	Direct mail revenues	$	2,137		$	1,852
	Convenience fee revenue		950			810
	Recoveries on previously charged-off contracts		192			35
	Sales tax refunds		150			102
	Other		53			(162	)
	Other income for the period	$	3,482		$	2,637

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 three months ended March 31, 2015 and 2014, we recorded stock-based compensation costs in the amount of $1,096,000 and $771,000, respectively. As of March 31, 2015, unrecognized stock-based compensation costs to be recognized over future periods equaled $12.8 million. This amount will be recognized as expense over a weighted-average period of 2.8 years.

	The following represents stock option activity for the three months ended March 31, 2015:

								Weighted
		Number of			Weighted			Average
		Shares			Average			Remaining
		(in thousands)			Exercise Price			Contractual Term
	Options outstanding at the beginning of period		10,828		$	4.05		6.01 years
	Granted		–			–		N/A
	Exercised		(209	)		1.34		N/A
	Forfeited		–			–		N/A
	Options outstanding at the end of period		10,619		$	4.11		5.83 years

	Options exercisable at the end of period		5,932		$	2.83		4.88 years

	At March 31, 2015, the aggregate intrinsic value of options outstanding and exercisable was $32.0 million and $25.1 million, respectively. There were 209,000 options exercised for the three months ended March 31, 2015 compared to 574,000 for the comparable period in 2014. The total intrinsic value of options exercised was $1.2 million and $4.4 million for the three-month periods ended March 31, 2015 and 2014. There were 2.1 million shares available for future stock option grants under existing plans as of March 31, 2015.

Purchases of Company Stock	We did not re-purchase any shares of our common stock during the three months ended March 31, 2015. During the three-month period ended March 31, 2014, we re-purchased 64,430 shares of our common stock, at an average price of $7.97. All purchases were related to net exercises of outstanding options and warrants. In transactions during the three-month period ended March 31, 2014, the holder of options and warrants to purchase 365,000 shares of our common stock paid the aggregate $513,400 exercise price by surrender to us of 64,430 of such 365,000 shares. There were no open market purchases of our common stock.
Purchases of Company Stock
New Accounting Pronouncements	In April 2015, the FASB issued Accounting Standards Update No. 2015-03 (ASU 2015-03), Interest – Imputation of Interest (Subtopic 835-30). ASU 2015-03 changes the presentation of debt issuance costs in the financial statements to present such costs as a direct deduction from the related debt liability rather than as an asset. Amortization of debt issuance costs will be reported as interest expense. This standard is effective for interim and annual reporting periods beginning after December 15, 2015. ASU 2015-03 will not have a material impact on our consolidated financial position, results of operations, or cash flows.
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.
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 March 31, 2015, 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.
Provision for Contingent Liabilities	We are routinely involved in various legal proceedings resulting from our consumer finance activities and practices, both continuing and discontinued. Our legal counsel has advised us on such matters where, based on information available at the time of this report, there is an indication that it is both probable that a liability has been incurred and the amount of the loss can be reasonably determined.

	We have recorded a liability as of March 31, 2015, which represents our best estimate of probable incurred losses for legal contingencies. The amount of losses that may ultimately be incurred cannot be estimated with certainty.

1_Summary_of_Significant_Accou2

1. Summary of Significant Accounting Policies (Tables)	3 Months Ended
1. Summary of Significant Accounting Policies (Tables)	Mar. 31, 2015
Accounting Policies [Abstract]
Other Income		Three Months Ended
		March 31,

		2015			2014
		(In thousands)
	Direct mail revenues	$	2,137		$	1,852
	Convenience fee revenue		950			810
	Recoveries on previously charged-off contracts		192			35
	Sales tax refunds		150			102
	Other		53			(162	)
	Other income for the period	$	3,482		$	2,637
Stock option activity								Weighted
		Number of			Weighted			Average
		Shares			Average			Remaining
		(in thousands)			Exercise Price			Contractual Term
	Options outstanding at the beginning of period		10,828		$	4.05		6.01 years
	Granted		–			–		N/A
	Exercised		(209	)		1.34		N/A
	Forfeited		–			–		N/A
	Options outstanding at the end of period		10,619		$	4.11		5.83 years

	Options exercisable at the end of period		5,932		$	2.83		4.88 years

2_Finance_Receivables_Tables

2. Finance Receivables (Tables)	3 Months Ended
2. Finance Receivables (Tables)	Mar. 31, 2015
Finance Receivables
Financial Receivables		March 31,			December 31,
		2015			2014
	Finance Receivables		(In thousands)

	Automobile finance receivables, net of unearned interest	$	1,697,894		$	1,612,246
	Less: Unearned acquisition fees and originations costs		(13,990	)		(16,290	)
	Finance Receivables	$	1,683,904		$	1,595,956
Delinquency status of finance receivables		March 31,			December 31,
		2015			2014
		(In thousands)
	Deliquency Status
	Current	$	1,604,715		$	1,523,020
	31 - 60 days		38,093			42,730
	61 - 90 days		23,192			23,300
	91 + days		31,894			23,196
		$	1,697,894		$	1,612,246
Allowance for credit losses		Three Months Ended
		March 31,

		2015			2014
		(In thousands)
	Balance at beginning of period	$	61,460		$	39,626
	Provision for credit losses on finance receivables		33,439			23,880
	Charge-offs		(31,829	)		(23,541	)
	Recoveries		5,072			4,687
	Balance at end of period	$	68,142		$	44,652
Allowance for losses on repossessed inventory		March 31,			December 31,
		2015			2014
		(In thousands)
	Gross balance of repossessions in inventory	$	25,625		$	28,234
	Allowance for losses on repossessed inventory		(16,102	)		(17,829	)
	Net repossessed inventory included in other assets	$	9,523		$	10,405

3_Finance_Receivables_Measured1

3. Finance Receivables Measured at Fair Value (Tables)	3 Months Ended
3. Finance Receivables Measured at Fair Value (Tables)	Mar. 31, 2015
Finance Receivables Measured At Fair Value
Finance Receivables measured at fair value		March 31,		December 31,
		2015		2014
	Finance Receivables Measured at Fair Value	(In thousands)

	Finance receivables and accrued interest, net of unearned interest	$	743	$	1,664
	Less: Fair value adjustment		–		–
	Finance receivables measured at fair value	$	743	$	1,664
Delinquency status of finance receivables measured at fair value		March 31,		December 31,
		2015		2014
		(In thousands)
	Deliquency Status
	Current	$	385	$	1,266
	31 - 60 days		210		262
	61 - 90 days		106		74
	91 + days		42		62
		$	743	$	1,664

4_Securitization_Trust_Debt_Ta

4. Securitization Trust Debt (Tables)	3 Months Ended
4. Securitization Trust Debt (Tables)	Mar. 31, 2015
Securitization Trust Debt
Securitization trust debt

			Final	Receivables				Outstanding		Outstanding		Weighted Average Contractual
			Scheduled	Pledged at				Principal at		Principal at		Interest Rate at
			Payment	March 31,		Initial		March 31,		December 31,		March 31,
	Series		Date (1)	2015 (2)		Principal		2015		2014		2015
			(Dollars in thousands)
	CPS 2011-A		Apr-18	$	10,138	$	100,364	$	5,836	$	8,457		2.82%
	CPS 2011-B		Sep-18		19,613		109,936		19,299		22,985		4.46%
	CPS 2011-C		Mar-19		25,918		119,400		26,049		30,601		4.92%
	CPS 2012-A		Jun-19		31,274		155,000		30,393		35,923		3.35%
	CPS 2012-B		Sep-19		44,458		141,500		43,388		50,125		3.06%
	CPS 2012-C		Dec-19		49,655		147,000		48,610		55,619		2.40%
	CPS 2012-D		Mar-20		60,076		160,000		59,229		67,833		2.06%
	CPS 2013-A		Jun-20		87,361		185,000		87,059		97,775		1.95%
	CPS 2013-B		Sep-20		106,376		205,000		106,305		118,692		2.44%
	CPS 2013-C		Dec-20		122,248		205,000		120,830		133,628		2.87%
	CPS 2013-D		Mar-21		120,330		183,000		118,794		132,150		2.54%
	CPS 2014-A		Jun-21		132,426		180,000		130,422		143,456		2.13%
	CPS 2014-B		Sep-21		166,835		202,500		165,346		177,601		1.92%
	CPS 2014-C		Dec-21		244,750		273,000		241,176		256,151		2.15%
	CPS 2014-D		Mar-22		254,224		267,500		249,913		267,500		2.40%
	CPS 2015-A (3)		Jun-22		170,624		245,000		245,000		–		2.31%
				$	1,646,306	$	2,879,200	$	1,697,649	$	1,598,496

	_________________
		-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 $491.0 million in 2015, $538.9 million in 2016, $359.4 million in 2017, $200.1 million in 2018, $92.4 million in 2019 and $15.9 million in 2020.

		-2	Includes repossessed assets that are included in Other assets on our Unaudited Condensed Consolidated Balance Sheet.

		-3	An additional $72.0 million of receivables were pledged to CPS 2015-A in April 2015.

5_Debt_Tables

5. Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Debt Outstanding

Amount Outstanding at

March 31,

December 31,

2015

2014

(In thousands)

Description

Interest Rate

Maturity

Warehouse lines of credit

5.50% over one month Libor (Minimum 6.50%)

Apr-19

21,965

23,581

5.50% over one month Libor (Minimum 6.25%)

Aug-17

–

33,258

Residual interest financing

11.75% over one month Libor

Apr-18

12,074

12,327

Debt secured by receivables measured at fair value

n/a

Repayment is based on payments from underlying receivables. Final payment of the 8.00% loan was made in September 2013, while final residual payment was made in January 2015

–

1,250

Subordinated renewable notes

Weighted average rate of 9.83% and 10.7% at March 31, 2015 and December 31, 2014 , respectively

Weighted average maturity of November 2016 and October 2016 at March 31, 2015 and December 31, 2014, respectively

15,082

15,233

49,121

85,649

6_Interest_Income_and_Interest1

6. Interest Income and Interest Expense (Tables)	3 Months Ended
6. Interest Income and Interest Expense (Tables)	Mar. 31, 2015
Interest Income And Interest Expense Tables
Interest income		Three Months Ended
		March 31,

		2015		2014
		(In thousands)

	Interest on finance receivables	$	82,321	$	64,882
	Residual interest income		37		113
	Other interest income		1		1
	Interest income	$	82,359	$	64,996
Interest expense		Three Months Ended
		March 31,

		2015		2014
		(In thousands)

	Securitization trust debt	$	10,876	$	9,316
	Warehouse lines of credit		1,473		877
	Senior secured debt, related party		–		1,651
	Debt secured by receivables at fair value		–		328
	Residual interest financing		423		579
	Subordinated renewable notes		401		630
	Interest expense	$	13,173	$	13,381

7_Earnings_Per_Share_Tables

7. Earnings Per Share (Tables)	3 Months Ended
7. Earnings Per Share (Tables)	Mar. 31, 2015
Earnings per share:
Computation of basic and diluted earnings per share		Three Months Ended
		March 31,

		2015		2014
		(In thousands)

	Weighted average number of common shares outstanding during the period used to compute basic earnings per share		25,635		24,355

	Incremental common shares attributable to exercise of outstanding options and warrants		6,356		7,656

	Weighted average number of common shares used to compute diluted earnings per share		31,991		32,011

10_Employee_Benefits_Tables

10. Employee Benefits (Tables)	3 Months Ended
10. Employee Benefits (Tables)	Mar. 31, 2015
Employee Benefits
Net periodic cost (benefit)		Three Months Ended
		March 31,
		2015			2014
		(In thousands)
	Components of net periodic cost (benefit)
	Service cost	$	–		$	–
	Interest cost		211			220
	Expected return on assets		(377	)		(432	)
	Amortization of transition (asset)/obligation		–			–
	Amortization of net (gain) / loss		87			–
	Net periodic cost (benefit)	$	(79	)	$	(212	)

11_Fair_Value_Measurements_Tab

11. Fair Value Measurements (Tables)	3 Months Ended
11. Fair Value Measurements (Tables)	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Reconciliation of the acquired finance receivables and related debt measured at fair value on a recurring basis		Three Months Ended
		March 31,
		2015			2014
		(in thousands)
	Finance Receivables Measured at Fair Value:
	Balance at beginning of period	$	1,664		$	14,476
	Payments on finance receivables at fair value		(921	)		(5,321	)
	Charge-offs on finance receivables at fair value		–			(343	)
	Discount accretion		–			239
	Mark to fair value		–			7
	Balance at end of period	$	$743		$	9,058

	Debt Secured by Finance Receivables Measured at Fair Value:
	Balance at beginning of period	$	1,250		$	13,117
	Principal payments on debt at fair value		(1,250	)		(5,039	)
	Premium accretion		–			304
	Mark to fair value		–			194
	Balance at end of period		–			8,576
	Reduction for payments collected and payable		–			(1,399	)
	Adjusted balance at end of period	$	–		$	7,177
Comparision of fair values of the Fireside receivables and the related secured debt		31-Mar-15						31-Dec-14
		Contractual			Fair			Contractual			Fair
		Balance			Value			Balance			Value
		(In thousands)

	Fireside receivables portfolio	$	743		$	743		$	1,664		$	1,664

	Debt secured by Fireside receivables portfolio		–			–			–			1,250
Qualitative information about level 3 fair value measurements	Financial Instrument	Fair Values as of									Inputs as of
		March 31,			December 31,			Valuation		Unobservable	March 31,		December 31,
		2015			2014			Techniques		Inputs	2015		2014
		(In thousands)
	Assets:

	Finance receivables measured at fair value	$	743		$	1,664		Discounted cash flows		Discount rate		15.40%		15.40%
										Cumulative net losses		5.00%		5.00%
										Monthly average prepayments		0.50%		0.50%
	Liabilities:

	Debt secured by receivables measured at fair value		–			1,250		Discounted cash flows		Discount rate		n/a		12.20%
Estimated fair values of financial assets and liabilities
		As of March 31, 2015
	Financial Instrument	(In thousands)
		Carrying			Fair Value Measurements Using:
		Value			Level 1			Level 2			Level 3		Total
	Assets:
	Cash and cash equivalents	$	20,202		$	20,202		$	–		$	–	$	20,202
	Restricted cash and equivalents		173,451			173,451			–			–		173,451
	Finance receivables, net		1,615,762			–			–			1,589,952		1,589,952
	Finance receivables measured at fair value		743			–			–			743		743
	Residual interest in securitizations		32			–			–			32		32
	Accrued interest receivable		24,496			–			–			24,496		24,496
	Liabilities:
	Warehouse lines of credit	$	21,965		$	–		$	–		$	21,965	$	21,965
	Accrued interest payable		2,678			–			–			2,678		2,678
	Residual interest financing		12,074			–			–			12,074		12,074
	Securitization trust debt		1,697,649			–			–			1,720,705		1,720,705
	Subordinated renewable notes		15,082			–			–			15,082		15,082

		As of December 31, 2014
	Financial Instrument	(In thousands)
		Carrying			Fair Value Measurements Using:
			Value			Level 1			Level 2			Level 3		Total
	Assets:
	Cash and cash equivalents	$	17,859		$	17,859		$	–		$	–	$	17,859
	Restricted cash and equivalents		175,382			175,382			–			–		175,382
	Finance receivables, net		1,534,496			–			–			1,512,567		1,512,567
	Finance receivables measured at fair value		1,664			–			–			1,664		1,664
	Residual interest in securitizations		68			–			–			68		68
	Accrued interest receivable		23,372			–			–			23,372		23,372
	Liabilities:
	Warehouse lines of credit	$	56,839		$	–		$	–		$	56,839	$	56,839
	Accrued interest payable		2,613			–			–			2,613		2,613
	Residual interest financing		12,327			–			–			12,327		12,327
	Debt secured by receivables measured at fair value		1,250			–			–			1,250		1,250
	Securitization trust debt		1,598,496			–			–			1,619,742		1,619,742
	Subordinated renewable notes		15,233			–			–			15,233		15,233

1_Summary_of_Significant_Accou3

1. Summary of Significant Accounting Policies - Schedule of Other Income (Details-Other Income) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Primary components of Other Income
Other income for the period	$3,482	$2,637
Direct Mail Revenues
Primary components of Other Income
Other income for the period	2,137	1,852
Convenience Fee Revenue
Primary components of Other Income
Other income for the period	950	810
Recoveries on previously charged-off contracts
Primary components of Other Income
Other income for the period	192	35
Sales Tax Refunds
Primary components of Other Income
Other income for the period	150	102
Other Income
Primary components of Other Income
Other income for the period	$53	($162)

1_Summary_of_Significant_Accou4

1. Summary of Significant Accounting Policies (Details-Options outstanding) (USD $)	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014
Number of Shares
Outstanding options, beginning balance	10,828
Granted	0
Exercised	-209		-574
Forfeited	0
Outstanding options, ending balance	10,619
Options exercisable	5,932
Weighted Average Exercise Price
Outstanding options, beginning balance	$4.05
Granted
Exercised	$1.34
Forfeited
Outstanding options, ending balance	$4.11
Options exercisable	$2.83
Weighted Average Remaining Contractual Term
Outstanding options, ending balance	5 years 9 months 29 days	[1]
Options exercisable	4 years 10 months 17 days

[1]	6 years and 4days at the beginning of the period.

1_Summary_of_Significant_Accou5

1. Summary of Significant Accounting Policies (Details Narrative) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Accounting Policies [Abstract]
Stock based compensation costs	$1,096	$771
Unrecognized stock-based compensation costs	12,800
Unrecognized stock-based compensation costs amortization period	2 years 9 months 18 days
Aggregate intrinsic value outstanding	32,000
Aggregate intrinsic value exercisable	25,100
Options Exercised	209	574
Total intrinsic value of options exercised	$1,200	$4,400
Shares available for future grants	2,100
Repurchase of common stock, shares repurchased		64,430
Repurchase of common stock average share price		$7.97

2_Finance_Receivables_DetailsF

2. Finance Receivables (Details-Finance receivables) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Finance Receivables
Automobile finance receivables, net of unearned interest	$1,697,894	$1,612,246
Less: Unearned acquisition fees and originations costs	-13,990	-16,290
Finance Receivables	$1,683,904	$1,595,956

2_Finance_Receivables_DetailsD

2. Finance Receivables (Details-Delinquency status) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Finance Receivables
Current	$1,604,715	$1,523,020
31 - 60 days	38,093	42,730
61 - 90 days	23,192	23,300
91 + days	31,894	23,196
Finance receivables	$1,697,894	$1,612,246

2_Finance_Receivables_DetailsA

2. Finance Receivables (Details-Allowance for finance credit losses) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Finance Receivables
Balance at beginning of period	$61,460	$39,626
Provision for credit losses on finance receivables	33,439	23,880
Charge-offs	-31,829	-23,541
Recoveries	5,072	4,687
Balance at end of period	$68,142	$44,652

2_Finance_Receivables_DetailsR

2. Finance Receivables (Details-Repossessions) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Finance Receivables
Gross balance of repossessions in inventory	$25,625	$28,234
Allowance for losses on repossessed inventory	-16,102	-17,829
Net repossessed inventory included in other assets	$9,523	$10,405

2_Finance_Receivables_Details_

2. Finance Receivables (Details Narrative) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Finance Receivables
Finance receivables	$31,900	$23,200

3_Finance_Receivables_Measured2

3. Finance Receivables Measured at Fair Value (Details-Finance receivables) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Finance Receivables Measured At Fair Value
Finance receivables and accrued interest, net of unearned interest	$743	$1,664
Less: Fair value adjustment	0	0
Finance receivables measured at fair value	$743	$1,664

3_Finance_Receivables_Measured3

3. Finance Receivables Measured at Fair Value (Details-Delinquency status) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Total finance receivables measured at fair value	$743	$1,664
Current
Total finance receivables measured at fair value	385	1,266
31-60 days
Total finance receivables measured at fair value	210	262
61-90 days
Total finance receivables measured at fair value	106	74
91+ days
Total finance receivables measured at fair value	$42	$62

4_Securitization_Trust_Debt_De

4. Securitization Trust Debt (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
"Securitization trust debt," and components of debt
Receivables Pledged at end of period	$1,646,306
Initial Principal	2,879,200
Outstanding Principal	1,697,649	1,598,496
CPS 2011-A [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	Apr-18
Receivables Pledged at end of period	10,138
Initial Principal	100,364
Outstanding Principal	5,836	8,457
Weighted Average Contractual Interest Rate end of period	2.82%
CPS 2011-B [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	Sep-18
Receivables Pledged at end of period	19,613
Initial Principal	109,936
Outstanding Principal	19,299	22,985
Weighted Average Contractual Interest Rate end of period	4.46%
CPS 2011-C [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	Mar-19
Receivables Pledged at end of period	25,918
Initial Principal	119,400
Outstanding Principal	26,049	30,601
Weighted Average Contractual Interest Rate end of period	4.92%
CPS 2012-A [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	Jun-19
Receivables Pledged at end of period	31,274
Initial Principal	155,000
Outstanding Principal	30,393	35,923
Weighted Average Contractual Interest Rate end of period	3.35%
CPS 2012-B [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	Sep-19
Receivables Pledged at end of period	44,458
Initial Principal	141,500
Outstanding Principal	43,388	50,125
Weighted Average Contractual Interest Rate end of period	3.06%
CPS 2012-C [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	Dec-19
Receivables Pledged at end of period	49,655
Initial Principal	147,000
Outstanding Principal	48,610	55,619
Weighted Average Contractual Interest Rate end of period	2.40%
CPS 2012-D [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	Mar-20
Receivables Pledged at end of period	60,076
Initial Principal	160,000
Outstanding Principal	59,229	67,833
Weighted Average Contractual Interest Rate end of period	2.06%
CPS 2013-A [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	Jun-20
Receivables Pledged at end of period	87,361
Initial Principal	185,000
Outstanding Principal	87,059	97,775
Weighted Average Contractual Interest Rate end of period	1.95%
CPS 2013-B [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	Sep-20
Receivables Pledged at end of period	106,376
Initial Principal	205,000
Outstanding Principal	106,305	118,692
Weighted Average Contractual Interest Rate end of period	2.44%
CPS 2013-C [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	Dec-20
Receivables Pledged at end of period	122,248
Initial Principal	205,000
Outstanding Principal	120,830	133,628
Weighted Average Contractual Interest Rate end of period	2.87%
CPS 2013-D [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	Mar-21
Receivables Pledged at end of period	120,330
Initial Principal	183,000
Outstanding Principal	118,794	132,150
Weighted Average Contractual Interest Rate end of period	2.54%
CPS 2014-A [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	Jun-21
Receivables Pledged at end of period	132,426
Initial Principal	180,000
Outstanding Principal	130,422	143,456
Weighted Average Contractual Interest Rate end of period	2.13%
CPS 2014-B [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	Sep-21
Receivables Pledged at end of period	166,835
Initial Principal	202,500
Outstanding Principal	165,346	177,601
Weighted Average Contractual Interest Rate end of period	1.92%
CPS 2014-C [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	Dec-21
Receivables Pledged at end of period	244,750
Initial Principal	273,000
Outstanding Principal	241,176	256,151
Weighted Average Contractual Interest Rate end of period	2.15%
CPS 2014-D [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	Mar-22
Receivables Pledged at end of period	254,224
Initial Principal	267,500
Outstanding Principal	249,913	267,500
Weighted Average Contractual Interest Rate end of period	2.40%
CPS 2015-A [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	Jun-22
Receivables Pledged at end of period	170,624
Initial Principal	245,000
Outstanding Principal	$245,000
Weighted Average Contractual Interest Rate end of period	2.31%

4_Securitization_Trust_Debt_De1

4. Securitization Trust Debt (Details Narrative) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified	Mar. 31, 2015
Securitization Trust Debt
Expected debt payments 2015	$491,000
Expected debt payments 2016	538,900
Expected debt payments 2017	359,400
Expected debt payments 2018	200,100
Expected debt payments 2019	92,400
Expected debt payments 2020	15,900
Receivables pledged	$72,000

5_Debt_Details

5. Debt (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Other debt outstanding	$49,121	$85,649
Warehouse lines of credit
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Other debt outstanding	21,965	23,581
Interest rate	5.50% over one month Libor (Minimum 6.50%)
Maturity date	Apr-19
Warehouse lines of credit (2)
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Other debt outstanding	0	33,258
Interest rate	5.50% over one month Libor (Minimum 6.25%)
Maturity date	Aug-17
Residual interest financing
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Other debt outstanding	12,074	12,327
Interest rate	11.75% over one month Libor
Maturity date	Apr-18
Debt secured by receivables measured at fair value
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Other debt outstanding	0	1,250
Maturity date	Repayment is based on payments from underlying receivables.B B Final payment of the 8.00% loan was made in September 2013, while final residual payment was made in January 2015
Subordinated renewable notes
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Other debt outstanding	$15,082	$15,233
Interest rate	Weighted average rate of 9.83% and 10.7% at March 31, 2015 and December 31, 2014 , respectively
Maturity date	Weighted average maturity ofB B November 2016 and October 2016 at March 31, 2015 and December 31, 2014, respectively

5_Debt_Details_Narrative

5. Debt (Details Narrative) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified	Mar. 31, 2015
Outstanding loans under credit facility for consolidated subsidiary Page Six Funding	$22,000

6_Interest_Income_Details

6. Interest Income (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Components of interest income
Interest on Finance Receivables	$82,321	$64,882
Residual interest income	37	113
Other interest income	1	1
Interest income	$82,359	$64,996

6_Interest_Expense_Details

6. Interest Expense (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Interest Expense Details
Securitization trust debt	$10,876	$9,316
Warehouse lines of credit	1,473	877
Senior secured debt, related party	0	1,651
Debt secured by receivables at fair value	0	328
Residual interest financing	423	579
Subordinated renewable notes	401	630
Total interest expense	$13,173	$13,381

7_Earnings_Per_Share_Details

7. Earnings Per Share (Details)	3 Months Ended
7. Earnings Per Share (Details)	Mar. 31, 2015	Mar. 31, 2014
Earnings per share:
Weighted average common shares - basic	25,635	24,355
Incremental common shares attibutable to exercise of outstanding options and warrants	6,356	7,656
Weighted average common shares - diluted	31,991	32,011

7_Earnings_Per_Share_Details_N

7. Earnings Per Share (Details Narrative)	3 Months Ended
7. Earnings Per Share (Details Narrative)	Mar. 31, 2015	Mar. 31, 2014
Earnings per share:
Antidilutive common stock equivalents	4,700,000	2,500,000

8_Income_Taxes_Details_Narrati

8. Income Taxes (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Income tax expense	$6,400	$5,100
Effective income tax rate	44.00%	43.00%

10_Employee_Benefits_Details

10. Employee Benefits (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Components of net periodic cost (benefit)
Service cost	$0	$0
Interest cost	211	220
Expected return on assets	-377	-432
Amortization of transition (asset)/obligation	0	0
Amortization of net (gain)/loss	87	0
Net periodic cost (benefit)	($79)	($212)

10_Employee_Benefits_Details_N

10. Employee Benefits (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Employee Benefits
Plan contribution	$0	$112
Future plan contribution	$0

11_Fair_Value_measurements_Det

11. Fair Value measurements (Details-Finance receivables) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Finance Receivables Measured at Fair Value:
Balance at beginning of period	$1,664	$14,476
Payments on finance receivables at fair value	-921	-5,321
Charge-offs on finance receivables at fair value	0	-343
Discount accretion	0	239
Mark to fair value	0	7
Balance at end of period	743	9,058
Balance at beginning of period	1,250	13,117
Principal payments on debt at fair value	-1,250	-5,039
Premium accretion	0	304
Mark to fair value	0	194
Balance at end of period	0	8,576
Reduction for principal payments collected and payable	0	-1,399
Adjusted balance at end of period	$0	$7,177

11_Fair_Value_measurements_Det1

11. Fair Value measurements (Details-Fireside receivables) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Contractual Balance [Member]
Fair values of the Fireside receivables and the related secured debt to their contractual balances
Fireside receivables portfolio	$743	$1,664
Debt secured by Fireside receivables portfolio	0	0
Fair Value [Member]
Fair values of the Fireside receivables and the related secured debt to their contractual balances
Fireside receivables portfolio	743	1,664
Debt secured by Fireside receivables portfolio	$0	$1,250

Recovered_Sheet1

11. Fair Value Measurements (Details-Level 3 fair value measurements) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2013	Dec. 31, 2014	Mar. 31, 2014
Finance receivables measured at fair value	$743	14,476	$1,664	$9,058
Residual interest in securitizations	32		68
Debt secured by receivables measured at fair value			1,250
Finance receivables
Finance receivables measured at fair value	743		1,664
Valuation Techniques and Unobservable Inputs	Discounted cash flows; Discount rate 15.4%, Cumulative net losses 5.0%, Monthly average prepayments 0.5%	Discounted cash flows; Discount rate 15.4%, Cumulative net losses 5.0%, Monthly average prepayments 0.5%
DebtSecuredReceivablesMember
Debt secured by receivables measured at fair value	0
Debt secured by receivables measured at fair value
Debt secured by receivables measured at fair value			$1,250
Valuation Techniques and Unobservable Inputs		Discounted cash flows,B Discount rate 12.2%

11_Fair_Value_measurements_Det2

11. Fair Value measurements (Details-fair values) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Assets:
Cash and cash equivalents	$20,202	$17,859
Restricted cash and equivalents	173,451	175,382
Finance receivables, net	1,589,952	1,512,567
Finance receivables measured at fair value	743	1,664	9,058	14,476
Residual interest in securitizations	32	68
Accrued interest receivable	24,496	23,372
Liabilities:
Warehouse lines of credit	21,965	56,839
Accrued interest payable	2,678	2,613
Residual interest financing	12,074	12,327
Debt secured by receivables measured at fair value		1,250
Securitization trust debt	1,720,705	1,619,742
Subordinated renewable notes	15,082	15,233
Carrying Value [Member]
Assets:
Cash and cash equivalents	20,202	17,859
Restricted cash and equivalents	173,451	175,382
Finance receivables, net	1,615,762	1,534,496
Finance receivables measured at fair value	743	1,664
Residual interest in securitizations	32	68
Accrued interest receivable	24,496	23,372
Liabilities:
Warehouse lines of credit	21,965	56,839
Accrued interest payable	2,678	2,613
Residual interest financing	12,074	12,327
Debt secured by receivables measured at fair value		1,250
Securitization trust debt	1,697,649	1,598,496
Subordinated renewable notes	15,082	15,233
Fair Value Inputs Level 1 [Member]
Assets:
Cash and cash equivalents	20,202	17,859
Restricted cash and equivalents	173,451	175,382
Finance receivables, net	0	0
Finance receivables measured at fair value	0	0
Residual interest in securitizations	0	0
Accrued interest receivable	0	0
Liabilities:
Warehouse lines of credit	0	0
Accrued interest payable	0	0
Residual interest financing	0	0
Debt secured by receivables measured at fair value		0
Securitization trust debt	0	0
Subordinated renewable notes	0	0
Level 2 [Member]
Assets:
Cash and cash equivalents	0	0
Restricted cash and equivalents	0	0
Finance receivables, net	0	0
Finance receivables measured at fair value	0	0
Residual interest in securitizations	0	0
Accrued interest receivable	0	0
Liabilities:
Warehouse lines of credit	0	0
Accrued interest payable	0	0
Residual interest financing	0	0
Debt secured by receivables measured at fair value		0
Securitization trust debt	0	0
Subordinated renewable notes	0	0
Level 3 [Member]
Assets:
Cash and cash equivalents	0	0
Restricted cash and equivalents	0	0
Finance receivables, net	1,589,952	1,512,567
Finance receivables measured at fair value	743	1,664
Residual interest in securitizations	32	68
Accrued interest receivable	24,496	23,372
Liabilities:
Warehouse lines of credit	21,965	56,839
Accrued interest payable	2,678	2,613
Residual interest financing	12,074	12,327
Debt secured by receivables measured at fair value		1,250
Securitization trust debt	1,720,705	1,619,742
Subordinated renewable notes	$15,082	$15,233