CONSUMER PORTFOLIO SERVICES, INC.
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(Exact Name of Registrant as Specified in Charter)
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CALIFORNIA
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1-11416
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33-0459135
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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19500 Jamboree Road, Irvine, CA 92612
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(Address of Principal Executive Offices) (Zip Code)
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Not Applicable
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(Former name or former address, if changed since last report)
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On April 18, 2012, the registrant announced its results of operations for the quarter ended March 31, 2012. A copy of the announcement is attached as an exhibit to this report.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 News Release dated April 18, 2012.
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CONSUMER PORTFOLIO SERVICES, INC.
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Dated: April 18, 2012
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By: /s/ JEFFREY P. FRITZ
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Jeffrey P. Fritz
Senior Vice President and Chief Financial Officer
Signing on behalf of the registrant
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NEWS RELEASE
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March 31, 2012
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March 31, 2011
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Owned by Consolidated Subsidiaries*
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$721.6
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$546.3
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Owned by Non-Consolidated Subsidiaries
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34.4
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71.6
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As Third Party Servicer
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25.8
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61.8
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Total
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$781.8
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$679.7
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* Before $50.9 million and $39.3 million of allowance for credit losses, deferred acquisition fees, repossessed vehicles and the fair value adjustment on the Fireside portfolio for 2012 and 2011, respectively.
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Originating Entity
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March 31, 2012
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March 31, 2011
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CPS
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$621.7
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$611.6
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Fireside Bank
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133.2
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0.0
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TFC
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1.1
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6.3
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As Third Party Servicer
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25.8
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61.8
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Total
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$781.8
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$679.7
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Consumer Portfolio Services, Inc. and Subsidiaries
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Condensed Consolidated Statements of Operations | ||||||
(In thousands, except per share data) | ||||||
(Unaudited) | ||||||
Three months ended
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March 31,
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2012
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2011
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Revenues:
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Interest income
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$ |
40,611
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$ |
28,584
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Servicing fees
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801
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1,415
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Other income
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3,106
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2,396
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44,518
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32,395
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Expenses:
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Employee costs
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8,871
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7,623
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General and administrative
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4,497
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3,639
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Interest
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22,309
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19,126
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Provision for credit losses
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4,836
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3,692
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Other expenses
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3,493
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2,521
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44,006
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36,601
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Income (loss) before income taxes
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512
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(4,206)
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Income taxes
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-
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-
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Net income (loss)
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$ |
512
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$ |
(4,206)
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Earnings (loss) per share:
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Basic
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$ |
0.03
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$ |
(0.23)
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Diluted
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$ |
0.02
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(0.23)
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Number of shares used in computing earnings (loss)
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per share:
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Basic
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19,416
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18,122
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Diluted
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22,601
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18,122
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Condensed Consolidated Balance Sheets
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(In thousands)
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(Unaudited)
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March 31,
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December 31,
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2012
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2011
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Cash
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$ |
10,614
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$ |
10,094
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Restricted cash
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131,543
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159,228
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Total Cash
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142,157
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169,322
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Finance receivables
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554,999
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516,630
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Allowance for finance credit losses
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(11,251)
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(10,351)
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Finance receivables, net
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543,748
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506,279
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Finance receivables measured at fair value
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126,923
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160,253
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Residual interest in securitizations
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4,612
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4,414
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Deferred tax assets, net
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15,000
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15,000
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Other assets
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34,887
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34,782
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$ |
867,327
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$ |
890,050
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Accounts payable and other liabilities
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$ |
25,955
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$ |
27,993
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Warehouse line of credit
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28,929
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25,393
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Residual interest financing
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18,015
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21,884
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Debt secured by receivables measured at fair value
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133,017
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166,828
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Securitization trust debt
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599,678
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583,065
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Senior secured debt, related party
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53,570
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58,344
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Subordinated debt
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20,741
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20,750
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879,905
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904,257
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Shareholders' equity
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(12,578)
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(14,207)
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$ |
867,327
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$ |
890,050
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Operating and Performance Data ($ in thousands)
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At and for the | |||||
Three months ended | ||||||
March 31,
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2012 |
2011
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Contract purchases
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119,903
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50,036
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Total managed portfolio
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781,803
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679,763
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Average managed portfolio
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783,205
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704,149
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Net interest margin (1)
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18,302
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9,458
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Risk adjusted margin (2)
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13,466
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5,766
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Core operating expenses (3)
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16,861
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13,783
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Annualized % of average managed portfolio
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8.61%
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7.83%
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Allowance for finance credit losses as % of fin. receivables
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2.03%
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2.24%
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Aggregate allowance as % of fin. receivables (4)
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2.74%
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3.77%
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Delinquencies
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31+ Days
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2.13%
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3.08%
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Repossession Inventory
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1.38%
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2.74%
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Total Delinquencies and Repossession Inventory | 3.51% | 5.82% | ||||
Annualized net charge-offs as % of average owned portfolio
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3.90%
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9.32%
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(1) Interest income less interest expense.
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(2) Net interest margin less provision for credit losses.
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(3) Total expenses less interest and provision for credit losses.
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(4) Includes allowance for finance credit losses and allowance for repossession inventory.
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