Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2014	Feb. 19, 2015	Jun. 30, 2014
Document And Entity Information
Entity Registrant Name	CONSUMER PORTFOLIO SERVICES INC
Entity Central Index Key	0000889609
Document Type	10-K
Document Period End Date	Dec. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
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 Public Float			$ 154,837,882
Entity Common Stock, Shares Outstanding		25,602,440
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2014

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 17,859	$ 22,112
Restricted cash and equivalents	175,382	132,284
Finance receivables	1,595,956	1,155,063
Less: Allowance for finance credit losses	(61,460)	(39,626)
Finance receivables, net	1,534,496	1,115,437
Finance receivables measured at fair value	1,664	14,476
Residual interest in securitizations	68	854
Furniture and equipment, net	1,161	766
Deferred financing costs	12,362	11,071
Deferred tax assets, net	42,847	59,215
Accrued interest receivable	23,372	18,670
Other assets	23,847	21,481
Total	1,833,058	1,396,366
Liabilities
Accounts payable and accrued expenses	21,660	24,839
Warehouse lines of credit	56,839	9,452
Residual interest financing	12,327	19,096
Debt secured by receivables measured at fair value	1,250	13,117
Securitization trust debt	1,598,496	1,177,559
Senior secured debt, related party	0	38,559
Subordinated renewable notes	15,233	19,142
Total	1,705,805	1,301,764
COMMITMENTS AND CONTINGENCIES
Shareholders' Equity
Common stock, no par value; authorized 75,000,000 shares; 25,540,640 and 24,015,585 shares issued and outstanding at December 31, 2014 and 2013, respectively	80,513	73,422
Retained earnings	51,791	22,275
Accumulated other comprehensive loss	(5,051)	(1,095)
Total	127,253	94,602
Total	1,833,058	1,396,366
Series A Preferred Stock [Member]
Shareholders' Equity
Preferred stock value	0	0
Series B Preferred Stock [Member]
Shareholders' Equity
Preferred stock value	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Shareholders' Equity
Preferred Stock, Par Value	$ 1	$ 1
Preferred Stock, Authorized	4,998,130	4,998,130
Preferred Stock, Issued	0	0
Preferred Stock, Outstanding	0	0
Common Stock, Par Value	$ 0	$ 0
Common Stock, Authorized	75,000,000	75,000,000
Common Stock, Issued	25,540,640	24,015,585
Common Stock, Outstanding	25,540,640	24,015,585
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

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Interest income	$ 286,734	$ 231,330	$ 175,314
Servicing fees	1,376	3,093	2,305
Other income	12,146	10,405	9,589
Gain on cancellation of debt	0	10,947	0
Total	300,256	255,775	187,208
Expenses:
Employee costs	50,129	42,960	35,573
General and administrative	19,254	16,345	15,429
Interest	50,395	58,179	79,422
Provision for credit losses	108,228	76,869	33,495
Provision for contingent liabilities	0	7,841	0
Marketing	16,116	13,363	10,665
Occupancy	3,464	2,608	2,894
Depreciation and amortization	428	437	543
Total expenses	248,014	218,602	178,021
Income before income tax expense	52,242	37,173	9,187
Income tax expense (benefit)	22,726	16,168	(60,221)
Net income	$ 29,516	$ 21,005	$ 69,408
Earnings per share:
Basic	$ 1.18	$ 0.98	$ 3.56
Diluted	$ 0.92	$ 0.67	$ 2.72
Number of shares used in computing earnings per share:
Basic	25,040,000	21,538,000	19,473,000
Diluted	32,032,000	31,574,000	25,478,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Consolidated Statements Of Comprehensive Income
Net income	$ 29,516	$ 21,005	$ 69,408
Other comprehensive income (loss); change in funded status of pension plan, net of ($2,654), $3,044 and ($150) in tax for 2014, 2013 and 2012, respectively	(3,956)	4,542	2,898
Comprehensive income	$ 25,560	$ 25,547	$ 72,306

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) In Thousands, except Share data	Common Stock	Retained Earnings / Accumulated Deficit	Other Comprehensive Income / Loss	Total
Beginning balance, value at Dec. 31, 2011	$ 62,466	$ (68,138)	$ (8,535)	$ (14,207)
Beginning balance, shares at Dec. 31, 2011	19,527,000
Common stock issued upon exercise of options and warrants, shares	632,000
Common stock issued upon exercise of options and warrants, value	1,206			1,206
Purchase of common stock, shares	(320,000)
Purchase of common stock, value	(435)			(435)
Pension benefit obligation			2,898	2,898
Stock-based compensation	1,134			1,134
Reclassification of warrants from debt	1,307			1,307
Net income		69,408		69,408
Ending balance, value at Dec. 31, 2012	65,678	1,270	(5,637)	61,311
Ending balance, shares at Dec. 31, 2012	19,839,000
Common stock issued upon exercise of options and warrants, shares	4,177,000
Common stock issued upon exercise of options and warrants, value	3,297			3,297
Pension benefit obligation			4,542	4,542
Stock-based compensation	3,864			3,864
Reclassification of warrants from debt	583			583
Net income		21,005		21,005
Ending balance, value at Dec. 31, 2013	73,422	22,275	(1,095)	94,602
Ending balance, shares at Dec. 31, 2013	24,016,000
Common stock issued upon exercise of options and warrants, shares	1,525,000
Common stock issued upon exercise of options and warrants, value	3,256			3,256
Pension benefit obligation			(3,956)	(3,956)
Stock-based compensation	3,835			3,835
Reclassification of warrants from debt				0
Net income		29,516		29,516
Ending balance, value at Dec. 31, 2014	$ 80,513	$ 51,791	$ (5,051)	$ 127,253
Ending balance, shares at Dec. 31, 2014	25,541,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income	$ 29,516	$ 21,005	$ 69,408
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of deferred acquisition fees	(16,213)	(20,565)	(15,957)
Accretion of purchase discount on receivables measured at fair value	(283)	(1,421)	(4,144)
Amortization of discount on securitization trust debt	130	600	1,913
Amortization of discount on senior secured debt, related party	623	1,992	2,296
Accretion of premium on debt secured by receivables measured at fair value	712	2,726	4,579
Mark to fair value on debt secured by receivables at fair value	(123)	(747)	7,113
Mark to fair value of receivables measured at fair value	(27)	595	(6,634)
Depreciation and amortization	428	437	543
Amortization of deferred financing costs	6,767	6,803	5,954
Provision for credit losses	108,228	76,869	33,495
Provision for contingent liabilities	0	7,841	0
Stock-based compensation expense	3,835	3,864	1,134
Interest income on residual assets	(372)	0	(410)
Gain on cancellation of debt	0	(10,947)	0
Change in fair value of warrants	0	0	695
Changes in assets and liabilities:
Accrued interest receivable	(4,702)	(8,259)	(3,979)
Other assets	(1,925)	(2,183)	5,625
Deferred tax assets, net	16,368	16,425	(60,640)
Accounts payable and accrued expenses	(7,135)	4,337	(6,002)
Net cash provided by operating activities	135,827	99,372	34,989
Cash flows from investing activities:
Purchases of finance receivables held for investment	(944,944)	(764,087)	(551,742)
Payments received on finance receivables held for investment	433,870	337,095	295,734
Payments on receivables portfolio at fair value	13,122	46,018	111,363
Proceeds received on residual interest in securitizations	1,158	3,970	0
Change in repossessions in inventory	(441)	(4,246)	(1,237)
Decreases (increases) in restricted cash and equivalents, net	(43,098)	(27,839)	54,783
Purchase of furniture and equipment	(823)	(477)	(394)
Net cash used in investing activities	(541,156)	(409,566)	(91,493)
Cash flows from financing activities:
Proceeds from issuance of securitization trust debt	923,000	778,000	558,500
Proceeds from issuance of subordinated renewable notes	579	1,276	4,957
Proceeds from issuance of senior secured debt, related party	0	5,284	0
Payments on subordinated renewable notes	(4,488)	(5,415)	(2,426)
Net proceeds from (repayments of) warehouse lines of credit	47,387	(12,279)	(3,662)
Net proceeds from (repayments of) residual interest financing debt	(6,769)	5,323	(8,111)
Repayment of securitization trust debt	(502,193)	(382,591)	(350,981)
Repayment of debt secured by receivables measured at fair value	(12,456)	(45,969)	(121,413)
Repayment of senior secured debt, related party	(39,182)	(18,852)	(11,200)
Payment of financing costs	(8,058)	(8,734)	(7,059)
Repurchase of common stock	0	0	(435)
Exercise of options and warrants	3,256	3,297	1,206
Net cash provided by financing activities	401,076	319,340	59,376
Increase (decrease) in cash and cash equivalents	(4,253)	9,146	2,872
Cash and cash equivalents at beginning of year	22,112	12,966	10,094
Cash and cash equivalents at end of year	17,859	22,112	12,966
Cash paid during the period for:
Interest	45,914	50,663	75,654
Income taxes	6,520	2,277	1,139
Non-cash financing activities:
Pension benefit obligation, net	3,956	(4,542)	(2,898)
Derivative warrants reclassified from liabilities to common stock upon amendment	$ 0	$ 583	$ 1,307

1. Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Description of Business

Consumer Portfolio Services, Inc. ("CPS") was incorporated in California on March 8, 1991. CPS and its subsidiaries (collectively, the "Company") specialize in purchasing and servicing retail automobile installment sale contracts ("contracts") originated by licensed motor vehicle dealers ("Dealers") located throughout the United States. Dealers located in Texas, California, Ohio, New Jersey, Florida and Pennsylvania represented 10.0%, 8.7%, 5.7%, 5.1% 5.0% and 4.8%, respectively, of contracts purchased during 2014 compared with 10.0%, 10.6%, 4.8%, 5.1%, 4.6% and 6.0% respectively in 2013. No other state had a concentration in excess of 4.8% in 2014. We specialize in contracts with borrowers who generally would not be expected to qualify for traditional financing provided by commercial banks or automobile manufacturers’ captive finance companies.

We are subject to various regulations and laws as they relate to the extension of credit in consumer credit transactions. Failure to comply with such laws and regulations could have a material adverse effect on the Company.

Principles of Consolidation

The Consolidated Financial Statements include the accounts of Consumer Portfolio Services, Inc. and its wholly-owned subsidiaries, certain of which are special purpose subsidiaries ("SPS"), formed to accommodate the structures under which we purchase and securitize our contracts. The Consolidated Financial Statements also include the accounts of CPS Leasing, Inc., an 80% owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

Cash and Cash Equivalents

For purposes of the statements of cash flows, we consider all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. Cash equivalents consist of cash on hand and due from banks and money market accounts. Substantially all of our cash is deposited at three financial institutions. We maintain cash due from banks in excess of the banks' insured deposit limits. We do not believe we are exposed to any significant credit risk on these deposits. As part of certain financial covenants related to debt facilities, we are required to maintain a minimum unrestricted cash balance. As of December 31, 2014, our unrestricted cash balance was $17.9 million, which exceeded the minimum amounts required by our financial covenants.

Finance Receivables

Finance receivables, which we have the intent and ability to hold for the foreseeable future or until maturity or payoff, are presented at cost. All finance receivable contracts are held for investment. Interest income is accrued on the unpaid principal balance. Origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the interest method without anticipating prepayments. Generally, payments received on finance receivables are restricted to certain securitized pools, and the related contracts cannot be resold. Finance receivables are charged off pursuant to the controlling documents of certain securitized pools, generally as described below under Charge Off Policy. Management may authorize an extension of payment terms if collection appears likely during the next calendar month.

Our portfolio of finance receivables consists of small-balance homogeneous contracts that are collectively evaluated for impairment on a portfolio basis. 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.

Allowance for Finance Credit Losses

In order to estimate an appropriate allowance for losses likely incurred on finance receivables, we use a loss allowance methodology commonly referred to as "static pooling," which stratifies the finance receivable portfolio into separately identified pools based on their period of origination, then uses historical performance of seasoned pools to estimate future losses on current pools. Historical loss experience is adjusted as necessary for current economic conditions. We consider our portfolio of finance receivables to be relatively homogenous and consequently we analyze credit performance primarily in the aggregate rather than stratification by any particular credit quality indicator. 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 finance receivable contracts. For each monthly pool of contracts that we purchase, we begin establishing the allowance in the month of acquisition and increase it over the subsequent 11 months, through a provision for credit losses charged to our Consolidated Statement of Operations. Net losses incurred on finance receivables are charged to the allowance. We evaluate the adequacy of the allowance by examining current delinquencies, the characteristics of the portfolio, the value of the underlying collateral and historical loss trends. As conditions change, our level of provisioning and/or allowance may change.

Finance Receivables and Related Debt Measured at Fair Value

In September 2011, we acquired $217.8 million of finance receivables from Fireside Bank for a purchase price of $201.3 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.

The receivables we acquired are pledged as collateral for debt that was structured specifically for the acquisition of this portfolio. Since the Fireside receivables were originated by another entity with its own underwriting guidelines and procedures, we 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. We use our own assumptions about the factors that we believe market participants would use in pricing similar receivables and debt, and are based on the best information available in the circumstances. The valuation method used to estimate fair value may produce a fair value measurement that may not be indicative of ultimate realizable value. Furthermore, while we believe our valuation methods are appropriate and consistent with those used by other market participants, the use of different methods or assumptions to estimate the fair value of certain financial instruments could result in different estimates of fair value. Those estimated values may differ significantly from the values that would have been used had a readily available market for such receivables or debt existed, or had such receivables or debt been liquidated, and those differences could be material to the financial statements. Interest income from the receivables and interest expense on the debt are included in interest income and interest expense, respectively. Changes to the fair value of the receivables and debt are also to be included in interest income and interest expense, respectively.

Charge Off Policy

Delinquent contracts for which the related financed vehicle has been repossessed are generally charged off at the earliest of (1) the month in which the proceeds from the sale of the financed vehicle are received, (2) the month in which 90 days have passed from the date of repossession or (3) the month in which the Contract becomes seven scheduled payments past due (see Repossessed and Other Assets below). The amount charged off is the remaining principal balance of the Contract, after the application of the net proceeds from the liquidation of the financed vehicle. With respect to delinquent contracts for which the related financed vehicle has not been repossessed, the remaining principal balance is generally charged off no later than the end of the month that the Contract becomes five scheduled payments past due.

Contract Acquisition Fees and Origination Costs

Upon purchase of a Contract from a Dealer, we generally either charge or advance the Dealer an acquisition fee. Dealer acquisition fees and deferred origination costs are applied to the carrying value of finance receivables and are accreted into earnings as an adjustment to the yield over the estimated life of the Contract using the interest method.

Repossessed and Other Assets

If a Contract obligor fails to make or keep promises for payments, or if the obligor is uncooperative or attempts to evade contact or hide the vehicle, a supervisor will review the collection activity relating to the account to determine if repossession of the vehicle is warranted. Generally, such a decision is made between the 60th and 90th day past the obligor’s payment due date, but could occur sooner or later, depending on the specific circumstances. At the time the vehicle is repossessed we stop accruing interest on the Contract, and reclassify the remaining Contract balance to the line item "Other Assets" on our Consolidated Balance Sheet at its estimated fair value less costs to sell. Included in other assets in the accompanying Consolidated Balance Sheets are repossessed vehicles pending sale of $10.4 million and $10.0 million at December 31, 2014 and 2013, respectively.

Treatment of Securitizations

Our term securitization structure has generally been as follows:

We sell contracts we acquire to a wholly-owned special purpose subsidiary ("SPS"), which has been established for the limited purpose of buying and reselling our contracts. The SPS then transfers the same contracts to another entity, typically a statutory trust ("Trust"). The Trust issues interest-bearing asset-backed securities ("Notes"), in a principal amount equal to or less than the aggregate principal balance of the contracts. We typically sell these contracts to the Trust at face value and without recourse, except representations and warranties that we make to the Trust that are similar to those provided to us by the Dealer. One or more investors purchase the Notes issued by the Trust (the "Noteholders"); the proceeds from the sale of the Notes are then used to purchase the contracts from us. We may retain or sell subordinated Notes issued by the Trust. In addition, we have provided "Credit Enhancement" for the benefit of the Noteholders in three forms: (1) an initial cash deposit to a bank account (a "Spread Account") held by the Trust, (2) overcollateralization of the Notes, where the principal balance of the Notes issued is less than the principal balance of the contracts, and (3) in the form of subordinated Notes. The agreements governing the securitization transactions (collectively referred to as the "Securitization Agreements") require that the initial level of Credit Enhancement be supplemented by a portion of collections from the contracts until the level of Credit Enhancement reaches specified levels, which are then maintained. The specified levels are generally computed as a percentage of the principal amount remaining unpaid under the related contracts. The specified levels at which the Credit Enhancement is to be maintained will vary depending on the performance of the portfolios of contracts held by the Trusts and on other conditions. Such levels have increased and decreased from time to time based on performance of the various portfolios, and have also varied from one Trust to another.

Our warehouse securitization structures are similar to the above, except that (i) the SPS that purchases the contracts pledges the contracts to secure promissory notes or loans that it issues, and (ii) no increase in the required amount of Credit Enhancement is contemplated. Upon each sale of contracts in a securitization structured as a secured financing, we retain as assets on our Consolidated Balance Sheet the securitized contracts and record as indebtedness the Notes issued in the transaction.

For all of the securitizations that we have completed since July 2003 (other than the September 2008 and September 2010 securitizations), we have the power to direct the most significant activities of the SPS. In addition, we have the obligation to absorb losses and the rights to receive benefits from the SPS, both of which could be potentially significant to the SPS. These types of securitization structures are treated as secured financings, in which the receivables remain on our Consolidated Balance Sheet, and the debt issued by the SPS is shown as a securitization trust debt on our Consolidated Balance Sheet.

Under the September 2008 and September 2010 securitizations and other term securitizations completed prior to July 2003 (which were structured as sales for financial accounting purposes), we removed from our Consolidated Balance Sheet the contracts sold and added to our Consolidated Balance Sheet (i) the cash received, if any, and (ii) the estimated fair value of the ownership interest that we retained in contracts sold in the securitization. That retained or residual interest (the "Residual") consists of (a) the cash held in the Spread Account, if any, (b) overcollateralization, if any, (c) Notes retained, if any, and (d) receivables from the Trust, which include the net interest receivables ("NIRs"). NIRs represent the estimated discounted cash flows to be received from the Trust in the future, net of principal and interest payable with respect to the Notes, any premiums paid to the senior Note insurer (a “Note Insurer”), if any, and certain other expenses.

We recognize gains or losses attributable to any changes in the estimated fair value of the Residuals. Gains in fair value are recognized as Other Income and losses are recorded as an impairment loss in the Consolidated Statement of Operations. We are not aware of an active market for the purchase or sale of interests such as the Residuals; accordingly, we determine the estimated fair value of the Residuals by discounting the amount of anticipated cash flows that we estimate will be released to us in the future (the cash out method), using a discount rate that we believe is appropriate for the risks involved. The anticipated cash flows may include collections from both current and charged off receivables. We have used an effective pre-tax discount rate of 20% per annum.

We receive periodic base servicing fees for the servicing and collection of the contracts. In addition, we are entitled to the cash flows from the Trusts that represent collections on the contracts in excess of the amounts required to pay principal and interest on the Notes, the base servicing fees, and the premium paid to the Note Insurer, if any, and certain other fees (such as trustee and custodial fees). Required principal payments on the Notes are generally defined as the payments sufficient to keep the principal balance of the Notes equal to the aggregate principal balance of the related contracts (excluding those contracts that have been charged off), or a pre-determined percentage of such balance. Where that percentage is less than 100%, the related Securitization Agreements require accelerated payment of principal until the principal balance of the Notes is reduced to the specified percentage. Such accelerated principal payment is said to create "overcollateralization" of the Notes.

If the amount of cash required for payment of fees, interest and principal on the senior Notes exceeds the amount collected during the collection period, the shortfall is generally withdrawn from the Spread Account, if any. If the cash collected during the period exceeds the amount necessary for the above allocations plus required principal payments on the subordinated Notes, if any, and there is no shortfall in the related Spread Account or other form of Credit Enhancement, the excess is released to us. If the total Credit Enhancement amount is not at the required level, then the excess cash collected is retained in the Trust until the specified level is achieved. Cash in the Spread Accounts is restricted from our use. Cash held in the various Spread Accounts is invested in high quality, liquid investment securities, as specified in the Securitization Agreements. In determining the value of the Residuals, we have estimated the future rates of prepayments, delinquencies, defaults, default loss severity, and recovery rates, as all of these factors affect the amount and timing of the estimated cash flows. Our estimates are based on historical performance of comparable contracts.

Following a securitization that is structured as a sale for financial accounting purposes, we recognize interest income on the balance of the Residuals. In addition, we will recognize additional revenue in other income if the actual performance of the contracts related to the Residuals is better than our estimate of the value of the Residual. If the actual performance of the contracts is worse than our estimate, then a reduction to the carrying value of the Residuals and a related impairment charge would be required. In a securitization structured as a secured financing for financial accounting purposes, interest income is recognized when accrued under the terms of the related contracts and, therefore, presents less potential for fluctuations in performance when compared to the approach used in a transaction structured as a sale for financial accounting purposes.

In all of our term securitizations, whether treated as secured financings or as sales, we have transferred the receivables (through a subsidiary) to the securitization Trust. The difference between the two structures is that in securitizations that are treated as secured financings we report the assets and liabilities of the securitization Trust on our Consolidated Balance Sheet. Under both structures the Noteholders’ and the related securitization Trusts’ recourse against us for failure of the contract obligors to make payments on a timely basis is limited, in general, to our Finance Receivables, Spread Accounts and Residuals.

Servicing

We consider the contractual servicing fee received on our managed portfolio held by non-consolidated subsidiaries to be equal to adequate compensation. Additionally, we consider that these fees would fairly compensate a substitute servicer, should one be required. As a result, no servicing asset or liability has been recognized. Servicing fees received on the managed portfolio held by non-consolidated subsidiaries are reported as income when earned. Servicing fees received on the managed portfolio held by consolidated subsidiaries are included in interest income when earned. Servicing costs are charged to expense as incurred. Servicing fees receivable, which are included in Other Assets in the accompanying Consolidated Balance Sheets, represent fees earned but not yet remitted to us by the trustee.

Furniture and Equipment

Furniture and equipment are stated at cost net of accumulated depreciation. We calculate depreciation using the straight-line method over the estimated useful lives of the assets, which range from three to five years. Assets held under capital leases and leasehold improvements are amortized over the lesser of the estimated useful lives of the assets or the related lease terms. Amortization expense on assets acquired under capital lease is included with depreciation expense on owned assets.

Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of

Long-lived assets and certain identifiable intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell.

Other Income

The following table presents the primary components of Other Income:

	Year Ended December 31,
	2014		2013		2012
	(In thousands)
Direct mail revenues	$	7,975	$	7,004	$	5,949
Convenience fees revenue		3,300		2,965		2,907
Recoveries on previously charged-off contracts		143		177		392
Sales tax refunds		500		197		227
Other		228		62		114
	$	12,146	$	10,405	$	9,589

Earnings Per Share

The following table illustrates the computation of basic and diluted earnings per share:

	Year Ended December 31,
	2014		2013		2012
	(In thousands, except per share data)
Numerator:
Numerator for basic and diluted earnings per share	$	29,516	$	21,005	$	69,408
Denominator:
Denominator for basic earnings per share - weighted average number of common shares outstanding during the year		25,040		21,538		19,473
Incremental common shares attributable to exercise of outstanding options and warrants		6,992		10,036		6,005
Denominator for diluted earnings per share		32,032		31,574		25,478
Basic earnings per share	$	1.18	$	0.98	$	3.56
Diluted earnings per share	$	0.92	$	0.67	$	2.72

Incremental shares of 4.5 million, 2.1 million and 979,000 related to stock options and warrants have been excluded from the diluted earnings per share calculation for the years ended December 31, 2014, 2013 and 2012, respectively, because the effect is anti-dilutive.

Deferral and Amortization of Debt Issuance Costs

Costs related to the issuance of debt are deferred and amortized using the interest method over the contractual or expected term of the related debt.

Income Taxes

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. We estimate a valuation allowance against that portion of the deferred tax asset whose utilization in future periods is not more than likely.

Purchases of Company Stock

We record purchases of our own common stock at cost and treat the shares as retired.

Stock Option Plan

We recognize compensation costs in the financial statements for all share-based payments granted subsequent to January 1, 2006 based on the grant date fair value estimated in accordance with the provisions of ASC 718 “Stock Compensation”. Compensation cost is recognized over the required service period, generally defined as the vesting period.

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, accreting net acquisition fees, amortizing deferred costs, 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.

Reclassification

Certain amounts for the prior year have been reclassified to conform to the current year’s presentation with no effect on previously reported earnings or shareholders’ equity.

Derivative Financial Instruments

We do not use derivative financial instruments to hedge exposures to cash flow or market risks. However, from 2008 to 2010, we issued warrants to purchase our common stock in conjunction with various debt financing transactions. At the time of issuance, five of these warrants issued contained "down round," or price reset, features that are subject to classification as liabilities for financial statement purposes. These liabilities were measured at fair value, with the changes in fair value at the end of each period reflected as current period income or loss. Accordingly, changes to the market price per share of our common stock underlying these warrants with "down round" features directly affected the fair value computations for these derivative financial instruments. The effect was that any increase in the market price per share of our common stock would also increase the related liability, which in turn would result in a current period loss. Conversely, any decrease in the market price per share of our common stock would also decrease the related liability, which in turn would result in a current period gain. We used a binomial pricing model to compute the fair value of the liabilities associated with the outstanding warrants. In computing the fair value of the warrant liabilities at the end of each period, we used significant judgments with respect to the risk free interest rate, the volatility of our stock price, and the estimated life of the warrants. The warrant liabilities were included in Accounts Payable and Accrued Expenses on our Consolidated Balance Sheets. On March 29, 2012 we agreed with the holders to amend three of the five warrants that contained the “down round” features, removing those specific price reset terms. On the date of the amendment, we valued each of the three warrants using a binomial pricing model as described above. The aggregate value of the three amended warrants of $1.1 million was then reclassified from Accounts Payable to Common Stock. On June 25, 2012 we agreed with the holder to amend one other warrant that contained the “down round” features, removing those specific price reset terms. The $250,000 aggregate value of this amended warrant was reclassified from Accounts Payable to Common Stock on the date of the amendment. The fifth warrant with the “down round” feature was exercised on February 22, 2013. The $583,000 intrinsic value of this warrant was reclassified from Accounts Payable to Common Stock on the date of the exercise. As of December 31, 2014 and 2013, all five of the warrants issued that previously contained price reset features have either been amended or exercised and are no longer subject to quarterly valuations.

Financial Covenants

Certain of our securitization transactions, our residual interest financing and our warehouse credit facilities contain various financial covenants requiring certain minimum financial ratios and results. Such covenants include maintaining minimum levels of liquidity and net worth and not exceeding maximum leverage levels. In addition, certain securitization and non-securitization related debt contain cross-default provisions that would allow certain creditors to declare a default if a default occurred under a different facility. As of December 31, 2014 we were in compliance with all such financial covenants.

Gain on Cancellation of Debt

In April 2013, we repurchased the outstanding Class D notes from our first 2008 securitization for a cash payment of $6.1 million and a new 5% note for $5.3 million due in June 2014. The Class D notes were held by the same related party that held our senior secured debt. On the date we repurchased the Class D notes, the Class D note holder owned 10.5% of our outstanding common stock and warrants to purchase an additional 1.9 million shares of common stock. We subsequently exercised our “clean-up call” option and repurchased the remaining collateral from the related securitization trust. The aggregate value of our consideration for the Class D notes was $10.9 million less than our carrying value of the Class D notes at the time of the repurchase. As a result of the repurchase of the Class D notes and the termination of the securitization trust, we realized a gain of $10.9 million for the year ended December 31, 2013.

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.

In 2013, we recognized $7.8 million in contingent liability expenses to either record or increase the amounts we believed represented our best estimate of probable incurred losses related to various matters. The amount was allocated in part to a long running case (“Pardee”) in which we were sued for indemnity, and also to more recent matters. In September 2014 we reached a settlement of the Pardee case, pursuant to which we paid $5.99 million and all claims against us were fully and finally discharged.

The more recent matters included two California class action suits where we are the defendant, and a governmental inquiry, in which the United States Federal Trade Commission (“FTC”) had informally proposed that we refrain from certain allegedly unfair trade practices, and make restitutionary payments into a consumer relief fund. In May 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, and paid a $2 million penalty to the federal government in June 2014, and implemented procedural changes, all pursuant to a consent decree which was entered by the court in June 2014.

We have recorded a liability as of December 31, 2014, 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.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

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2. Restricted Cash

12 Months Ended

Dec. 31, 2014

Cash and Cash Equivalents [Abstract]

Restricted Cash

Restricted cash consists of cash and cash equivalent accounts relating to our outstanding securitization trusts and credit facilities. The amount of restricted cash on our Consolidated Balance Sheets was $175.4 million and $132.3 million as of December 31, 2014 and 2013, respectively.

Our securitization transactions and one of our warehouse credit facilities require that we establish cash reserves, or spread accounts, as additional credit enhancement. These cash reserves, which are included in restricted cash, were $31.2 million and $23.3 million as of December 31, 2014 and 2013, respectively.

- Definition

The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.

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3. Finance Receivables

12 Months Ended

Dec. 31, 2014

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. 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:

	December 31,
	2014			2013
	(In thousands)
Finance receivables
Automobile finance receivables, net of unearned interest	$	1,612,246		$	1,182,950
Less: Unearned acquisition fees and discounts		(16,290	)		(27,887	)
Finance receivables	$	1,595,956		$	1,155,063

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 December 31, 2014 and 2013:

	December 31,
	2014		2013
	(In thousands)
Delinquency Status
Current	$	1,523,020	$	1,125,926
31 - 60 days		42,730		21,421
61 - 90 days		23,300		24,663
91 + days		23,196		10,940
	$	1,612,246	$	1,182,950

Finance receivables totaling $23.2 million and $10.9 million at December 31, 2014 and 2013, respectively, have been placed on non-accrual status as a result of their delinquency status.

The following table presents a summary of the activity for the allowance for finance credit losses, for the years ended December 31, 2014, 2013 and 2012:

	December 31,
	2014			2013			2012
	(In thousands)
Balance at beginning of year	$	39,626		$	19,594		$	10,351
Provision for credit losses		108,228			76,869			33,495
Charge-offs		(109,914	)		(69,455	)		(37,638	)
Recoveries		23,520			12,618			13,386
Balance at end of year	$	61,460		$	39,626		$	19,594

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 on repossessed inventory:

	December 31,
	2014			2013
	(In thousands)
Gross balance of repossessions in inventory	$	28,234		$	24,743
Allowance for losses on repossessed inventory		(17,829	)		(14,779	)
Net repossessed inventory included in other assets	$	10,405		$	9,964

- Definition

Disclosure of accounting policy for those finance, loan and lease receivables classified as held for investment. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the allowance for loan and lease losses is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of commitment and other fees and loan origination costs (including, if applicable, how the entity accounts for fees and costs associated with credit cards that are either purchased or originated) (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status (for impaired loans, the policy for recognizing interest income on such loans, including how cash receipts are recorded) and (7) the treatment of foreclosures or repossessions.

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4. Finance Receivables Measured at Fair Value

12 Months Ended

Dec. 31, 2014

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 Consolidated Balance Sheets at fair value.

The following table presents the components of finance receivables measured at fair value and includes $1,319 and $120,000 in repossessed inventory at December 31, 2014 and December 31, 2013, respectively:

	December 31,
	2014		2013
	(In thousands)
Finance receivables measured at fair value

Finance receivables and accrued interest, net of unearned interest	$	1,664	$	14,786
Less: Fair value adjustment		–		(310	)
Finance receivables measured at fair value	$	1,664	$	14,476

The following table summarizes the delinquency status of finance receivables measured at fair value as of December 31, 2014 and December 31, 2013:

	December 31,
	2014		2013
	(In thousands)
Delinquency Status
Current	$	1,266	$	13,421
31 - 60 days		262		878
61 - 90 days		74		253
91 + days		62		234
	$	1,664	$	14,786

5. Furniture and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Furniture and Equipment

The following table presents the components of furniture and equipment:

	December 31,
	2014			2013
	(In thousands)
Furniture and fixtures	$	1,396		$	1,141
Computer and telephone equipment		4,424			4,094
Leasehold improvements		871			633
		6,691			5,868
Less: accumulated depreciation and amortization		(5,530	)		(5,102	)
	$	1,161		$	766

Depreciation expense totaled $428,000, $437,000 and $543,000 for the years ended December 31, 2014, 2013 and 2012, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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6. Securitization Trust Debt

12 Months Ended

Dec. 31, 2014

Securitization Trust Debt Tables

Securitization Trust Debt

We have completed numerous term securitization transactions that are structured as secured borrowings for financial accounting purposes. The debt issued in these transactions is shown on our Consolidated Balance Sheets as “Securitization trust debt,” and the components of such debt are summarized in the following table:

	Final Scheduled Payment	Receivables Pledged at December 31,		Initial		Outstanding Principal at December 31,		Outstanding Principal at December 31,		Weighted Average Interest Rate at December 31,
Series	Date (1)	2014 (2)		Principal		2014		2013		2014
		(Dollars in thousands)
Page Five Funding	January 2018		–		46,058		–		9,358		–
CPS 2011-A	April 2018		12,613		100,364		8,457		24,526		2.84	%
CPS 2011-B	September 2018		23,569		109,936		22,985		44,433		4.54	%
CPS 2011-C	March 2019		30,662		119,400		30,601		56,271		4.95	%
CPS 2012-A	June 2019		36,757		155,000		35,923		65,051		3.41	%
CPS 2012-B	September 2019		51,168		141,500		50,125		86,254		3.11	%
CPS 2012-C	December 2019		56,717		147,000		55,619		93,006		2.45	%
CPS 2012-D	March 2020		68,703		160,000		67,833		108,815		2.12	%
CPS 2013-A	June 2020		98,601		185,000		97,775		142,842		1.97	%
CPS 2013-B	September 2020		119,537		205,000		118,692		172,499		2.46	%
CPS 2013-C	December 2020		135,980		205,000		133,628		191,504		2.75	%
CPS 2013-D	March 2021		134,498		183,000		132,150		183,000		2.44	%
CPS 2014-A	June 2021		146,784		180,000		143,456		–		2.05	%
CPS 2014-B	September 2021		180,717		202,500		177,601		–		1.87	%
CPS 2014-C	December 2021		259,899		273,000		256,151		–		2.10	%
CPS 2014-D (3)	March 2022		180,449		267,500		267,500		–		2.34	%
		$	1,536,654	$	2,680,258	$	1,598,496	$	1,177,559

_________________________

(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 $636.5 million in 2015, $468.3 million in 2016, $285.8 million in 2017, $143.2 million in 2018, $56.8 million in 2019, and $7.9 million in 2020.

(2)

Includes repossessed assets that are included in Other Assets on our Consolidated Balance Sheets.

(3)

An additional $85.3 million of receivables were pledged to CPS 2014-D in January 2015.

All of the securitization trust debt was issued in private placement transactions to qualified institutional investors. The debt was issued by our wholly-owned, bankruptcy remote subsidiaries and is secured by the assets of such subsidiaries, but not by any of our other assets.

The terms of the various securitization agreements related to the issuance of the securitization trust debt require that certain delinquency and credit loss criteria be met with respect to the collateral pool, and require that we maintain minimum levels of liquidity and net worth and not exceed maximum leverage levels. We were in compliance with all such covenants as of December 31, 2014.

We are responsible for the administration and collection of the contracts. The securitization agreements also require certain funds be held in restricted cash accounts to provide additional credit enhancement for the Notes or to be applied to make payments on the securitization trust debt. As of December 31, 2014, restricted cash under the various agreements totaled approximately $175.4 million. This amount includes $85.3 million in pre-funding proceeds related to CPS 2014-D. Interest expense on the securitization trust debt is composed of the stated rate of interest plus amortization of additional costs of borrowing. Additional costs of borrowing include facility fees, insurance premiums, amortization of transaction costs, and amortization of discounts required on the notes at the time of issuance. Deferred financing costs related to the securitization trust debt are amortized using the interest method. Accordingly, the effective cost of borrowing of the securitization trust debt is greater than the stated rate of interest.

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 warehouse line of credit. 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 any of our other creditors.

7. Debt

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt

The terms of our debt outstanding at December 31, 2014 and 2013 are summarized below:

			Amount Outstanding at
			December 31,		December 31,
			2014		2013
			(In thousands)
Description	Interest Rate	Maturity

Warehouse lines of credit	5.73% over one month Libor (Minimum 6.73%)	March 2017	$	23,581	$	9,452

	5.50% over one month Libor (Minimum 6.25%)	August 2017		33,258		–

Residual interest financing	11.75% over one month Libor	April 2018		12,327		19,096

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. Final residual payment was made in January 2015.		1,250		13,117

Senior secured debt, related party	13.00%	n/a		–		37,128

	5.00%	n/a		–		1,431

Subordinated renewable notes	Weighted average rate of 10.7% and 12.5% at December 31, 2014 and 2013, respectively	Weighted average maturity of October 2016 and July 2015 at December 31, 2014 and 2013, respectively		15,233		19,142

			$	85,649	$	99,366

In March 2013 we renewed our $100 million warehouse credit line with affiliates of Goldman, Sachs & Co. and 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. The facility 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 5.73% per annum, with a minimum rate of 6.73% per annum. There was $23.6 million outstanding under this facility at December 31, 2014. This facility has a revolving period through March 2015 and an amortization period through March 2017 for any receivables pledged to the facility at the end of the revolving period.

In August 2014, we renewed our $100 million warehouse credit line with Citibank, N.A. 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 Eight Funding, LLC. The facility provides for effective advances up to 88.0% of eligible finance receivables. The loans under the facility accrue interest at one-month LIBOR plus 5.50% per annum, with a minimum rate of 6.25% per annum. There was $33.3 million outstanding under this facility at December 31, 2014. This facility has a revolving period through August 2016 and an amortization period through August 2017 for any receivables pledged at the end of the revolving period.

The total outstanding debt on our warehouse lines of credit was $56.8 million as of December 31, 2014, compared to $9.5 million outstanding as of December 31, 2013.

The costs incurred in conjunction with the above debt are recorded as deferred financing costs on the accompanying Consolidated Balance Sheets and are more fully described in Note 1.

We must comply with certain affirmative and negative covenants related to debt facilities, which require, among other things, that we maintain certain financial ratios related to liquidity, net worth and capitalization. Further covenants include matters relating to investments, acquisitions, restricted payments and certain dividend restrictions. See the discussion of financial covenants in Note 1.

The following table summarizes the contractual and expected maturity amounts of long term debt as of December 31, 2014:

Contractual maturity date	Residual interest financing (1)		Subordinated renewable notes		Total
	(In thousands)
2015	$	2,188	$	8,171	$	10,359
2016		1,473		3,833		5,306
2017		3,159		1,142		4,301
2018		5,507		610		6,117
2019		–		49		49
Thereafter		–		1,428		1,428
Total	$	12,327	$	15,233	$	27,560

_________________________

(1)

The residual interest financing debt has a contractual maturity date in April 2018. This debt is expected to become due and payable prior to that date, based on the decreasing valuation of the underlying collateral.

(2)

Debt secured by receivables measured at fair value, in the amount of $1.3 million as of December 31, 2014, is omitted from this table because it becomes due as and when the related receivables balance is reduced by payments and charge-offs.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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8. Shareholders' Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Shareholders' Equity

Common Stock

Holders of common stock are entitled to such dividends as our Board of Directors, in its discretion, may declare out of funds available, subject to the terms of any outstanding shares of preferred stock and other restrictions. In the event of liquidation of the Company, holders of common stock are entitled to receive, pro rata, all of the assets of the Company available for distribution, after payment of any liquidation preference to the holders of outstanding shares of preferred stock. Holders of the shares of common stock have no conversion or preemptive or other subscription rights and there are no redemption or sinking fund provisions applicable to the common stock.

We are required to comply with various operating and financial covenants defined in the agreements governing the warehouse lines of credit, senior debt, residual interest financing and subordinated debt. The covenants for the senior debt, residual interest financing and subordinated debt restrict the payment of certain distributions, including dividends (See Note 7).

Stock Purchases

At five different times between 2000 and 2011, our Board of Directors has authorized the repurchase of up to $34.5 million of our securities. As of December 31, 2014, we had purchased $5.0 million principal amount of debt securities, and $28.4 million of our common stock, representing 9,800,720 shares. There is approximately $1.0 million remaining under such plans, which have no expiration date.

Options and Warrants

In 2006, the Company adopted and its shareholders approved the CPS 2006 Long-Term Equity Incentive Plan (the “2006 Plan”) pursuant to which our Board of Directors, or a duly-authorized committee thereof, may grant stock options, restricted stock, restricted stock units and stock appreciation rights to our employees or employees of our subsidiaries, to directors of the Company, and to individuals acting as consultants to the Company or its subsidiaries. In June 2008, May 2012 and again in April 2013, the shareholders of the Company approved an amendment to the 2006 Plan to increase the maximum number of shares that may be subject to awards under the 2006 Plan to 5,000,000, 7,200,000 and 12,200,000, respectively, in each case plus shares authorized under prior plans and not issued. Options that have been granted under the 2006 Plan and a previous plan approved in 1997 have been granted at an exercise price equal to (or greater than) the stock’s fair market value at the date of the grant, with terms generally of 7-10 years and vesting generally over 4-5 years.

The per share weighted-average fair value of stock options granted during the years ended December 31, 2014, 2013 and 2012 was $2.73, $4.79 and $1.15, respectively. That fair value was estimated using the Black-Scholes option pricing model using the weighted average assumptions noted in the following table. We use historical data to estimate the expected term of each option. The volatility estimate is based on the historical and implied volatility of our stock over the period that equals the expected life of the option. Volatility assumptions ranged from 52% to 55% for 2014, 50% to 85% for 2013 and 54% to 82% for 2012. The risk-free interest rate is based on the yield on a U.S. Treasury bond with a maturity comparable to the expected life of the option. The dividend yield is estimated to be zero based on our intention not to issue dividends for the foreseeable future.

	Year Ended December 31,
	2014			2013			2012
Expected life (years)		4.22			5.41			5.63
Risk-free interest rate		1.43	%		0.73	%		1.32	%
Volatility		55	%		80	%		79	%
Expected dividend yield		–			–			–

For the years ended December 31, 2014, 2013 and 2012, we recorded stock-based compensation costs in the amount of $3.8 million, $3.9 million and $1.1 million, respectively. As of December 31, 2014, the unrecognized stock-based compensation costs to be recognized over future periods was equal to $13.9 million. This amount will be recognized as expense over a weighted-average period of 3.0 years.

At December 31, 2014 and 2013, the options outstanding and exercisable had intrinsic values of $36.7 million and $61.6 million, respectively. The total intrinsic value of options exercised was $9.1 million and $8.1 million for the years ended December 31, 2014 and 2013, respectively. New shares were issued for all options exercised during the year ended December 2014 and cash of $2.5 million was received. A tax benefit of $1.0 million was recorded for the options exercised in 2014. At December 31, 2014, there were a total of 2.1 million additional shares available for grant under the 2006 Plan.

Stock option activity for the year ended December 31, 2014 for stock options under the 2006 and 1997 plans is as follows:

	Number of Shares (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Options outstanding at the beginning of period		10,128		$	3.30		N/A
Granted		2,030			6.59		N/A
Exercised		(1,227	)		2.02		N/A
Forfeited/Expired		(103	)		4.58		N/A
Options outstanding at the end of period		10,828		$	4.05		6.01 years

Options exercisable at the end of period		5,761		$	2.52		4.89 years

The per share weighted average exercise price of stock options granted whose exercise price was equal to the market price of the stock on the grant date during the years ended December 31, 2014, 2013 and 2012, was $6.59, $7.43 and $1.72, respectively. We did not issue any stock options with an exercise price above or below the market price of the stock on the grant date for the years ended December 31, 2014, 2013 and 2012.

On June 30, 2008, we entered into a series of agreements pursuant to which a lender purchased a $10 million five-year, fixed rate, senior secured note from us. In July 2008, in conjunction with the amendment of the residual interest financing as discussed above, the lender purchased an additional $15 million note with substantially the same terms as the $10 million note. Pursuant to the June 30, 2008 securities purchase agreement, we issued to the lender 1,225,000 shares of common stock. In addition, we issued the lender two warrants: (i) warrants that we refer to as the FMV Warrants, which were exercisable for 1,611,114 shares of our common stock, at an exercise price of $1.39818 per share, and (ii) warrants that we refer to as the N Warrants, which were exercisable for 285,781 shares of our common stock, at a nominal exercise price. Both the FMV Warrants and the N Warrants were exercised in November 2013.

In connection with the amendment to and partial repayment of our residual interest financing in July 2008, we issued warrants exercisable for 2,500,000 common shares for $4,071,429. The warrants represent the right to purchase 2,500,000 CPS common shares at a nominal exercise price, at any time prior to July 10, 2018. In March 2010 we repurchased warrants for 500,000 of these shares for $1.0 million. Warrants to purchase 2,000,000 shares remain outstanding as of December 31, 2014.

A warrant to purchase 1,162,270 shares of our common shares at an exercise price of $0.876 per share, which was issued in connection with our $50 million revolving credit facility established in September 2009, was exercised by the lender in April 2013.

Warrants to purchase 500,000 of our common shares at an exercise price of $1.41 per share were issued to certain note purchasers in our March 2010 $50 million term funding facility. Warrants to purchase 409,390 shares were exercised during 2014 and none remain outstanding as of December 31, 2014.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

9. Interest Income and Interest Expense

12 Months Ended

Dec. 31, 2014

Interest Income And Interest Expense

Interest Income and Interest Expense

The following table presents the components of interest income:

	Year Ended December 31,
	2014		2013		2012
	(In thousands)
Interest on finance receivables	$	286,361	$	231,320	$	174,019
Residual interest income		372		–		458
Other interest income		1		10		837
Interest income	$	286,734	$	231,330	$	175,314

The following table presents the components of interest expense:

	Year Ended December 31,
	2014		2013		2012
	(In thousands)
Securitization trust debt	$	38,558	$	34,744	$	38,289
Warehouse lines of credit		5,217		5,003		6,874
Senior secured debt, related party		1,651		8,064		12,314
Debt secured by receivables at fair value		772		3,877		15,877
Residual interest financing		1,989		3,330		2,629
Subordinated renewable notes		2,208		3,161		3,439
Interest expense	$	50,395	$	58,179	$	79,422

10. Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

Income taxes consist of the following:

	Year Ended December 31,
	2014		2013		2012
	(In thousands)
Current federal tax expense	$	1,348	$	977	$	369
Current state tax expense		1,316		365		49
Deferred federal tax expense		18,338		13,306		2,826
Deferred state tax expense (benefit)		1,724		1,520		(654	)
Change in valuation allowance		–		–		(62,811	)
Income tax expense (benefit)	$	22,726	$	16,168	$	(60,221	)

Income tax expense/(benefit) for the years ended December 31, 2014, 2013 and 2012 differs from the amount determined by applying the statutory federal rate of 35% to income before income taxes as follows:

	Year Ended December 31,
	2014			2013			2012
	(In thousands)
Expense at federal tax rate	$	18,285		$	13,011		$	3,215
State taxes, net of federal income tax effect		2,651			2,079			1,190
Other adjustments to tax reserve		(54	)		(419	)		(1,153	)
Effect of change in state tax rate		144			(239	)		(1,105	)
Change in valuation allowance		–			–			(62,811	)
Stock-based compensation		1,182			911			321
Non-deductible expenses		116			619			63
Other		402			206			59
	$	22,726		$	16,168		$	(60,221	)

The tax effected cumulative temporary differences that give rise to deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows:

	December 31,
	2014			2013
	(In thousands)
Deferred Tax Assets:
Finance receivables	$	19,046		$	17,258
Accrued liabilities		2,551			5,079
Furniture and equipment		16			196
NOL carryforwards		6,922			23,811
Built in losses		11,698			13,074
Pension accrual		1,090			–
AMT credit carryforward		2,899			1,993
Other		941			839
Total deferred tax assets		45,163			62,250

Deferred Tax Liabilities:
FAS 91 deferred costs		(2,316	)		(1,555	)
Pension accrual		–			(1,136	)
Investment residual		–			(344	)
Total deferred tax liabilities		(2,316	)		(3,035	)

Net deferred tax asset	$	42,847		$	59,215

We acquired certain net operating losses and built-in loss assets as part of our acquisitions of MFN Financial Corp. (“MFN”) in 2002 and TFC Enterprises, Inc. (“TFC”) in 2003. Moreover, both MFN and TFC have undergone an ownership change for purposes of Internal Revenue Code (“IRC”) Section 382. In general, IRC Section 382 imposes an annual limitation on the ability of a loss corporation (that is, a corporation with a net operating loss (“NOL”) carryforward, credit carryforward, or certain built-in losses (“BILs”)) to utilize its pre-change NOL carryforwards or BILs to offset taxable income arising after an ownership change.

In determining the possible future realization of deferred tax assets, we have considered future taxable income from the following sources: (a) reversal of taxable temporary differences; and (b) tax planning strategies that, if necessary, would be implemented to accelerate taxable income into years in which net operating losses might otherwise expire.

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 judgements, significant weight is given to evidence that can be objectively verified. As a result of the unprecedented adverse changes in the market for securitizations, the recession and the resulting high levels of unemployment that occurred in 2008 and 2009, we incurred substantial operating losses from 2009 through 2011 which led us to establish a valuation allowance against a substantial portion of our deferred tax assets. We determined at December 31, 2012 that, based on the weight of the available objective evidence, it was more likely than not that we would generate sufficient future taxable income to utilize our net deferred tax assets. Accordingly, we reversed the related valuation allowance of $62.8 million in the fourth quarter of 2012.

Although realization is not assured, we believe that the realization of the recognized net deferred tax asset of $42.8 million as of December 31, 2014 is more likely than not based on forecasted future net earnings. Our net deferred tax asset of $42.8 million consists of approximately $32.7 million of net U.S. federal deferred tax assets and $10.1 million of net state deferred tax assets. The major components of the deferred tax asset are $18.6 million in net operating loss carryforwards and built in losses and $24.2 million in net deductions which have not yet been taken on a tax return.

As of December 31, 2014, we had net operating loss carryforwards for federal and state income tax purposes of $3.5 million and $108.5 million, respectively. The federal net operating losses begin to expire in 2022. The state net operating losses begin to expire in 2015.

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits including interest and penalties for the year:

	2014		2013
	(In thousands)
Unrecognized tax benefit - opening balance	$	–	$	1,331
Gross increases - tax positions in prior period		–		–
Gross decreases - tax positions in current period		–		–
Gross increases - tax positions in current period		–		–
Settlements		–		(686	)
Lapse of statute of limitations		–		(645	)
Unrecognized tax benefit - ending balance	$	–	$	–

We recognize a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. We recognize potential interest and penalties related to unrecognized tax benefits as income tax expense. At December 31, 2014, we had no unrecognized tax benefits for uncertain tax positions.

We are subject to taxation in the US and various state jurisdictions. With few exceptions, we are no longer subject to U.S. federal, state, or local examinations by tax authorities for years before 2011.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

11. Related Party Transactions

12 Months Ended

Dec. 31, 2014

Related Party Transactions

In December 2007, one of our directors purchased a $4.0 million subordinated renewable note pursuant to our ongoing program of issuing such notes to the public. The note was purchased through the registered agent and under the same terms and conditions, including the interest rate, that were offered to other purchasers at the time the note was issued. As of December 31, 2014, $4.0 million remains outstanding on this note.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details

12. Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

The Company leases its facilities and certain computer equipment under non-cancelable operating leases, which expire through 2018. Future minimum lease payments at December 31, 2014, under these leases are due during the years ended December 31 as follows:

	Amount
	(In thousands)
2015	$	3,695
2016		3,185
2017		1,878
2018		1,536
2019		1,089
Thereafter		–
Total minimum lease payments	$	11,383

Rent expense for the years ended December 31, 2014, 2013 and 2012, was $3.5 million, $2.6 million and $2.9 million, respectively.

Our facility leases contain certain rental concessions and escalating rental payments, which are recognized as adjustments to rental expense and are amortized on a straight-line basis over the terms of the leases.

Litigation

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, one of which has been settled by agreement with the plaintiffs (such settlement remains subject to approval by the court). For the most part, we have legal and factual defenses to such claims, which we routinely contest or settle (for immaterial amounts) depending on the particular circumstances of each case. We have recorded a liability as of December 31, 2014 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 December 31, 2014, 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 December 31, 2014, and in excess of the liability we have recorded, is from $0 to $1.5 million.

Accordingly, we believe that the ultimate resolution of such legal proceedings and contingencies, after taking into account our current litigation reserves, should not have a material adverse effect on our consolidated financial condition. We note, however, that in light of the uncertainties inherent in contested proceedings, there can be no assurance that the ultimate resolution of these matters will not significantly exceed the reserves we have accrued; as a result, the outcome of a particular matter may be material to our operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of our income for that period. See Note 1 for a discussion of legal contingent liabilities.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

13. Employee Benefits

12 Months Ended

Dec. 31, 2014

Employee Benefits

Employee Benefits

We sponsor a pretax savings and profit sharing plan (the “401(k) Plan”) qualified under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, eligible employees are able to contribute up to 15% of their compensation (subject to stricter limitation in the case of highly compensated employees). We may, at our discretion, match 100% of employees’ contributions up to $1,500 per employee per calendar year. Our contributions to the 401(k) Plan were $642,000 and $471,000 for the year ended December 31, 2014 and 2013. We did not make any matching contributions in 2012.

We also sponsor a defined benefit plan, the MFN Financial Corporation Pension Plan (the “Plan”). The Plan benefits were frozen on June 30, 2001.

The following tables represents a reconciliation of the change in the plan’s benefit obligations, fair value of plan assets, and funded status at December 31, 2014 and 2013:

	December 31,
	2014			2013
	(In thousands)
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year	$	18,841		$	21,792
Service cost		–			–
Interest cost		888			823
Assumption changes		3,570			(2,420	)
Actuarial (gain) loss		211			(113	)
Settlements		–			–
Benefits paid		(951	)		(1,241	)
Projected benefit obligation, end of year	$	22,559		$	18,841

Change in Plan Assets
Fair value of plan assets, beginning of year	$	21,664		$	16,612
Return on assets		(1,009	)		6,009
Employer contribution		237			389
Expenses		(93	)		(105	)
Settlements		–			–
Benefits paid		(951	)		(1,241	)
Fair value of plan assets, end of year	$	19,848		$	21,664

Funded Status at end of year	$	(2,711	)	$	2,823

Additional Information

Weighted average assumptions used to determine benefit obligations and cost at December 31, 2014 and 2013 were as follows:

	December, 31
	2014			2013
Weighted average assumptions used to determine benefit obligations
Discount rate		3.80	%		4.75	%

Weighted average assumptions used to determine net periodic benefit cost
Discount rate		4.75	%		3.91	%
Expected return on plan assets		8.00	%		8.25	%

Our overall expected long-term rate of return on assets is 8.00% per annum as of December 31, 2014. The expected long-term rate of return is based on the weighted average of historical returns on individual asset categories, which are described in more detail below.

	December 31,
	2014			2013			2012
	(In thousands)
Amounts recognized on Consolidated Balance Sheet
Other assets	$	–		$	2,823		$	–
Other liabilities		(2,711	)		–			(5,180	)
Net amount recognized	$	(2,711	)	$	2,823		$	(5,180	)

Amounts recognized in accumulated other comprehensive loss consists of:
Net loss	$	7,977		$	1,367		$	8,953
Unrecognized transition asset		–			–			–
Net amount recognized	$	7,977		$	1,367		$	8,953

Components of net periodic benefit cost
Interest cost	$	888		$	823		$	875
Expected return on assets		(1,727	)		(1,335	)		(928	)
Amortization of transition asset		–			–			–
Amortization of net loss		–			484			680
Net periodic benefit cost		(839	)		(28	)		627
Settlement (gain)/loss		–			–			–
Total	$	(839	)	$	(28	)	$	627

Benefit Obligation Recognized in Other Comprehensive Loss (Income)
Net loss (gain)	$	6,610		$	(7,586	)	$	(2,748	)
Prior service cost (credit)		–			–			–
Amortization of prior service cost		–			–			–
Net amount recognized in other comprehensive loss (income)	$	6,610		$	(7,586	)	$	(2,748	)

The estimated net loss that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2015 is $350,000.

The weighted average asset allocation of our pension benefits at December 31, 2014 and 2013 were as follows:

	December 31,
	2014			2013
Weighted Average Asset Allocation at Year-End
Asset Category
Equity securities		84	%		87	%
Debt securities		15	%		13	%
Cash and cash equivalents		1	%		0	%
Total		100	%		100	%

Our investment policies and strategies for the pension benefits plan utilize a target allocation of 75% equity securities and 25% fixed income securities (excluding Company stock). Our investment goals are to maximize returns subject to specific risk management policies. We address risk management and diversification by the use of a professional investment advisor and several sub-advisors which invest in domestic and international equity securities and domestic fixed income securities. Each sub-advisor focuses its investments within a specific sector of the equity or fixed income market. For the sub-advisors focused on the equity markets, the sectors are differentiated by the market capitalization, the relative valuation and the location of the underlying issuer. For the sub-advisors focused on the fixed income markets, the sectors are differentiated by the credit quality and the maturity of the underlying fixed income investment. The investments made by the sub-advisors are readily marketable and can be sold to fund benefit payment obligations as they become payable.

Cash Flows

Estimated Future Benefit Payments (In thousands)
2015	$	771
2016		785
2017		822
2018		856
2019		902
Years 2020 - 2023		5,128

Anticipated Contributions in 2015	$	–

The fair value of plan assets at December 31, 2014 and 2013, by asset category, is as follows:

	December 31, 2014
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Investment Name:	(in thousands)
Company Common Stock	$	6,542	$	–	$	–	$	6,542
Large Cap Value		–		2,378		–		2,378
Mid Cap Index		–		682		–		682
Small Cap Growth		–		691		–		691
Small Cap Value		–		673		–		673
Focus Value		–		700				700
Growth		–		2,383		–		2,383
International Growth		–		2,649		–		2,649
Core Bond		–		1,969		–		1,969
High Yield		–		382		–		382
Inflation Protected Bond		–		518		–		518
Money Market		–		281		–		281
Total	$	6,542	$	13,306	$	–	$	19,848

	December 31, 2013
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Investment Name:	(in thousands)
Company Common Stock	$	8,319	$	–	$	–	$	8,319
Fundamental Value		–		2,384		–		2,384
Mid Cap Growth		–		709		–		709
Focus Value		–		692		–		692
Small Co. Value		–		693		–		693
Growth		–		3,237		–		3,237
International Growth		–		2,855		–		2,855
Core Bond		–		1,870		–		1,870
High Yield		–		387		–		387
Inflation Protected Bond		–		487		–		487
Money Market		–		31		–		31
Total	$	8,319	$	13,345	$	–	$	21,664

________________________

(1)

Company common stock is classified as level 1 and valued using quoted prices in active markets for identical assets.

(2)

All other plan assets in stock, bond and money market funds are classified as level 2 and valued using significant observable inputs.

(3)

There are no plan assets classified as level 3 in the fair value hierarchy as a result of having significant unobservable inputs.

14. Fair Value Measurements

12 Months Ended

Dec. 31, 2014

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 2008 we sold automobile contracts in a securitization that was structured as a sale for financial accounting purposes. In that sale, we retained both securities and a residual interest in the transaction that are measured at fair value. In September 2010 we took advantage of improvement in the market for asset-backed securities by re-securitizing the underlying receivables from our unrated September 2008 securitization. We also sold the securities retained from the September 2008 transaction. No gain or loss was recorded as a result of the re-securitization transaction described above. We describe below the valuation methodologies we use for the securities retained and the residual interest in the cash flows of the transaction, as well as the general classification of such instruments pursuant to the valuation hierarchy. The residual interest in such securitization is $68,000 as of December 31, 2014 and $854,000 as of December 31, 2013 and is classified as level 3 in the fair value hierarchy. We determine the value of that residual interest using a discounted cash flow model that includes estimates for prepayments and losses. We used a discount rate of 20% per annum and a cumulative net loss rate of 15% at December 31, 2014 and 2013. The assumptions we used are based on historical performance of automobile contracts we have originated and serviced in the past, adjusted for current market conditions.

In September 2011, we acquired $217.8 million of finance receivables from Fireside Bank for a purchase price of $199.6 million. The receivables were acquired by our wholly-owned special purpose subsidiary, CPS Fender Receivables, LLC, which issued a note for $197.3 million, with a fair value of $196.5 million. Since the Fireside receivables were originated by another entity with its own underwriting guidelines and procedures, we have elected to account for the Fireside receivables and the related debt secured by those receivables at their estimated fair values so that changes in fair value will be reflected in our results of operations as they occur. Interest income from the receivables and interest expense on the note are included in interest income and interest expense, respectively. Changes to the fair value of the receivables and debt are included in other income. Our level 3, unobservable inputs reflect our own assumptions about the factors that market participants use in pricing similar receivables and debt, and are based on the best information available in the circumstances. They include such inputs as estimated net charge-offs and timing of the amortization of the portfolio of finance receivables. Our estimate of the fair value of the Fireside receivables is performed on a pool basis, rather than separately on each individual receivable.

The table below presents a reconciliation of the acquired finance receivables and related debt measured at fair value on a recurring basis using significant unobservable inputs:

	December 31,
	2014			2013
	(in thousands)
Finance Receivables Measured at Fair Value:
Balance at beginning of year	$	14,476		$	59,668
Payments on finance receivables at fair value		(12,276	)		(43,122	)
Charge-offs on finance receivables at fair value		(846	)		(2,896	)
Discount accretion		283			1,421
Mark to fair value		27			(595	)
Balance at end of year	$	1,664		$	14,476

Debt Secured by Finance Receivables Measured at Fair Value:
Balance at beginning of year	$	13,117		$	57,107
Principal payments on debt at fair value		(12,456	)		(45,969	)
Premium accretion		712			2,726
Mark to fair value		(123	)		(747	)
Balance at end of year		1,250			13,117
Reduction for payments collected and payable		–			(1,654	)
Adjusted balance at end of year	$	1,250		$	11,463

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

	December 31, 2014				December 31, 2013
	Contractual		Fair		Contractual		Fair
	Balance		Value		Balance		Value
	(In thousands)

Fireside receivables portfolio	$	1,664	$	1,664	$	14,786	$	14,476

Debt secured by Fireside receivables portfolio		–		1,250		–		13,117

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.

Repossessed vehicle inventory, which is included in Other Assets on our Consolidated Balance Sheet, is measured at fair value using level 2 assumptions based on our actual loss experience on sale of repossessed vehicles. At December 31, 2014, the finance receivables related to the repossessed vehicles in inventory totaled $28.2 million. We have applied a valuation adjustment, or loss allowance, of $17.8 million, which is based on a recovery rate of approximately 37%, resulting in an estimated fair value and carrying amount of $10.4 million. The fair value and carrying amount of the repossessed inventory at December 31, 2013 was $10.0 million after applying a valuation adjustment of $14.8 million.

There were no transfers in or out of level 1 or level 2 assets and liabilities for 2014 and 2013. We have no level 3 assets that are measured at fair value on a non-recurring basis. The table below presents a reconciliation for level 3 assets measured at fair value on a recurring basis using significant unobservable inputs:

	December 31,
	2014			2013
	(in thousands)
Residual Interest in Securitizations:
Balance at beginning of year	$	854		$	4,824
Cash received during year		(1,158	)		(3,970	)
Included in earnings		372			–
Balance at end of year	$	68		$	854

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
	December 31,						December 31,
	2014		2013		Valuation Techniques	Unobservable Inputs	2014			2013
	(In thousands)
Assets:

						Discount rate		15.4	%		15.4	%
Finance receivables measured at fair value	$	1,664	$	14,476	Discounted cash flows	Cumulative net losses		5.0	%		5.0	%
						Monthly average prepayments		0.5	%		0.5	%

						Discount rate		20.0	%		20.0	%
Residual interest in securitizations		68		854	Discounted cash flows	Cumulative net losses		15.0	%		15.0	%
						Monthly average prepayments		0.5	%		0.5	%

Liabilities:

Debt secured by receivables measured at fair value		1,250		13,117	Discounted cash flows	Discount rate		12.2	%		12.2	%

The estimated fair values of financial assets and liabilities at December 31, 2014 and 2013, were as follows:

	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

	As of December 31, 2013
Financial Instrument	(In thousands)
	Carrying		Fair Value Measurements Using:
	Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	22,112	$	22,112	$	–	$	–	$	22,112
Restricted cash and equivalents		132,284		132,284		–		–		132,284
Finance receivables, net		1,115,437		–		–		1,100,153		1,100,153
Finance receivables measured at fair value		14,476		–		–		14,476		14,476
Residual interest in securitizations		854		–		–		854		854
Accrued interest receivable		18,670		–		–		18,670		18,670
Liabilities:
Warehouse lines of credit	$	9,452	$	–	$	–	$	9,452	$	9,452
Accrued interest payable		2,908		–		–		2,908		2,908
Residual interest financing		19,096		–		–		19,096		19,096
Debt secured by receivables measured at fair value		13,117		–		–		13,117		13,117
Securitization trust debt		1,177,559		–		–		1,189,086		1,189,086
Senior secured debt, related party		38,559		–		–		38,559		38,559
Subordinated renewable notes		19,142		–		–		19,142		19,142

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 December 31, 2014 and 2013, the amounts that will actually be realized or paid at settlement or maturity of the instruments could be significantly different.

Cash, Cash Equivalents and Restricted Cash and Equivalents

The carrying value equals fair value.

Finance Receivables, net

The fair value of finance receivables is estimated by discounting future cash flows expected to be collected using current rates at which similar receivables could be originated.

Finance Receivables Measured at Fair Value and Debt Secured by Receivables Measured at Fair Value

The carrying value equals fair value.

Residual Interest in Securitizations

The fair value is estimated by discounting future cash flows using credit and discount rates that we believe reflect the estimated credit, interest rate and prepayment risks associated with similar types of instruments.

Accrued Interest Receivable and Payable

The carrying value approximates fair value because the related interest rates are estimated to reflect current market conditions for similar types of instruments.

Warehouse Lines of Credit, Residual Interest Financing, Senior Secured Debt, Related Party 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.

15. Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

15. Quarterly Financial Data (unaudited)

	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
	(In thousands, except per share data)
2014
Revenues	$	68,146	$	71,594	$	77,050	$	83,467
Income before income tax expense		11,764		12,329		13,804		14,346
Net income		6,705		7,026		7,776		8,010
Earnings per share:
Basic	$	0.28	$	0.28	$	0.31	$	0.31
Diluted		0.21		0.22		0.24		0.25

2013
Revenues	$	54,594	$	70,482	$	64,066	$	66,634
Income before income tax expense		6,528		8,546		10,559		11,540
Net income		3,785		4,825		5,873		6,522
Earnings per share:
Basic	$	0.19	$	0.23	$	0.27	$	0.28
Diluted		0.12		0.15		0.19		0.21

2012
Revenues	$	44,518	$	44,151	$	47,920	$	50,620
Income before income tax expense		512		1,341		2,728		4,607
Net income		512		1,341		2,728		64,828
Earnings per share:
Basic	$	0.03	$	0.07	$	0.14	$	3.30
Diluted		0.02		0.05		0.11		2.20

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details

1. Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Description of Business

Principles of Consolidation

Cash and Cash Equivalents

Finance Receivables

Allowance for Finance Credit Losses

Finance Receivables and Related Debt Measured at Fair Value

Charge Off Policy

Contract Acquisition Fees and Origination Costs

Repossessed and Other Assets

Treatment of Securitizations

Treatment of Securitizations

Our term securitization structure has generally been as follows:

Servicing

Furniture and Equipment

Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of

Other Income

The following table presents the primary components of Other Income:

	Year Ended December 31,
	2014		2013		2012
	(In thousands)
Direct mail revenues	$	7,975	$	7,004	$	5,949
Convenience fees revenue		3,300		2,965		2,907
Recoveries on previously charged-off contracts		143		177		392
Sales tax refunds		500		197		227
Other		228		62		114
	$	12,146	$	10,405	$	9,589

Earnings Per Share

The following table illustrates the computation of basic and diluted earnings per share:

	Year Ended December 31,
	2014		2013		2012
	(In thousands, except per share data)
Numerator:
Numerator for basic and diluted earnings per share	$	29,516	$	21,005	$	69,408
Denominator:
Denominator for basic earnings per share - weighted average number of common shares outstanding during the year		25,040		21,538		19,473
Incremental common shares attributable to exercise of outstanding options and warrants		6,992		10,036		6,005
Denominator for diluted earnings per share		32,032		31,574		25,478
Basic earnings per share	$	1.18	$	0.98	$	3.56
Diluted earnings per share	$	0.92	$	0.67	$	2.72

Deferral and Amortization of Debt Issuance Costs

Costs related to the issuance of debt are deferred and amortized using the interest method over the contractual or expected term of the related debt.

Income Taxes

Purchases of Company Stock

We record purchases of our own common stock at cost and treat the shares as retired.

Stock Option Plan

Use of Estimates

Reclassifications

Reclassification

Certain amounts for the prior year have been reclassified to conform to the current year’s presentation with no effect on previously reported earnings or shareholders’ equity.

Derivative Financial Instruments

Financial Covenants

Financial Covenants

Gain on Cancellation of Debt

Gain on Cancellation of Debt

Provision for Contingent Liabilities

Provision for Contingent Liabilities

1. Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Other Income

	Year Ended December 31,
	2014		2013		2012
	(In thousands)
Direct mail revenues	$	7,975	$	7,004	$	5,949
Convenience fees revenue		3,300		2,965		2,907
Recoveries on previously charged-off contracts		143		177		392
Sales tax refunds		500		197		227
Other		228		62		114
	$	12,146	$	10,405	$	9,589

Earnings Per Share

	Year Ended December 31,
	2014		2013		2012
	(In thousands, except per share data)
Numerator:
Numerator for basic and diluted earnings per share	$	29,516	$	21,005	$	69,408
Denominator:
Denominator for basic earnings per share - weighted average number of common shares outstanding during the year		25,040		21,538		19,473
Incremental common shares attributable to exercise of outstanding options and warrants		6,992		10,036		6,005
Denominator for diluted earnings per share		32,032		31,574		25,478
Basic earnings per share	$	1.18	$	0.98	$	3.56
Diluted earnings per share	$	0.92	$	0.67	$	2.72

3. Finance Receivables (Tables)

12 Months Ended

Dec. 31, 2014

Finance Receivables

Financial Receivables

	December 31,
	2014			2013
	(In thousands)
Finance receivables
Automobile finance receivables, net of unearned interest	$	1,612,246		$	1,182,950
Less: Unearned acquisition fees and discounts		(16,290	)		(27,887	)
Finance receivables	$	1,595,956		$	1,155,063

Delinquency status of finance receivables

	December 31,
	2014		2013
	(In thousands)
Delinquency Status
Current	$	1,523,020	$	1,125,926
31 - 60 days		42,730		21,421
61 - 90 days		23,300		24,663
91 + days		23,196		10,940
	$	1,612,246	$	1,182,950

Allowance for credit losses

	December 31,
	2014			2013			2012
	(In thousands)
Balance at beginning of year	$	39,626		$	19,594		$	10,351
Provision for credit losses		108,228			76,869			33,495
Charge-offs		(109,914	)		(69,455	)		(37,638	)
Recoveries		23,520			12,618			13,386
Balance at end of year	$	61,460		$	39,626		$	19,594

Allowance for losses on repossessed inventory

	December 31,
	2014			2013
	(In thousands)
Gross balance of repossessions in inventory	$	28,234		$	24,743
Allowance for losses on repossessed inventory		(17,829	)		(14,779	)
Net repossessed inventory included in other assets	$	10,405		$	9,964

4. Finance Receivables Measured at Fair Value (Tables)

12 Months Ended

Dec. 31, 2014

Finance Receivables Measured At Fair Value

Finance Receivables measured at fair value

	December 31,
	2014		2013
	(In thousands)
Finance receivables measured at fair value

Finance receivables and accrued interest, net of unearned interest	$	1,664	$	14,786
Less: Fair value adjustment		–		(310	)
Finance receivables measured at fair value	$	1,664	$	14,476

Delinquency status of finance receivables measured at fair value

	December 31,
	2014		2013
	(In thousands)
Delinquency Status
Current	$	1,266	$	13,421
31 - 60 days		262		878
61 - 90 days		74		253
91 + days		62		234
	$	1,664	$	14,786

5. Furniture and Equipment (Tables)

12 Months Ended

Dec. 31, 2014

Furniture And Equipment Tables

Furniture and equipment

	December 31,
	2014			2013
	(In thousands)
Furniture and fixtures	$	1,396		$	1,141
Computer and telephone equipment		4,424			4,094
Leasehold improvements		871			633
		6,691			5,868
Less: accumulated depreciation and amortization		(5,530	)		(5,102	)
	$	1,161		$	766

6. Securitization Trust Debt (Tables)

12 Months Ended

Dec. 31, 2014

Securitization Trust Debt Tables

Securitization trust debt

	Final Scheduled Payment	Receivables Pledged at December 31,		Initial		Outstanding Principal at December 31,		Outstanding Principal at December 31,		Weighted Average Interest Rate at December 31,
Series	Date (1)	2014 (2)		Principal		2014		2013		2014
		(Dollars in thousands)
Page Five Funding	January 2018		–		46,058		–		9,358		–
CPS 2011-A	April 2018		12,613		100,364		8,457		24,526		2.84	%
CPS 2011-B	September 2018		23,569		109,936		22,985		44,433		4.54	%
CPS 2011-C	March 2019		30,662		119,400		30,601		56,271		4.95	%
CPS 2012-A	June 2019		36,757		155,000		35,923		65,051		3.41	%
CPS 2012-B	September 2019		51,168		141,500		50,125		86,254		3.11	%
CPS 2012-C	December 2019		56,717		147,000		55,619		93,006		2.45	%
CPS 2012-D	March 2020		68,703		160,000		67,833		108,815		2.12	%
CPS 2013-A	June 2020		98,601		185,000		97,775		142,842		1.97	%
CPS 2013-B	September 2020		119,537		205,000		118,692		172,499		2.46	%
CPS 2013-C	December 2020		135,980		205,000		133,628		191,504		2.75	%
CPS 2013-D	March 2021		134,498		183,000		132,150		183,000		2.44	%
CPS 2014-A	June 2021		146,784		180,000		143,456		–		2.05	%
CPS 2014-B	September 2021		180,717		202,500		177,601		–		1.87	%
CPS 2014-C	December 2021		259,899		273,000		256,151		–		2.10	%
CPS 2014-D (3)	March 2022		180,449		267,500		267,500		–		2.34	%
		$	1,536,654	$	2,680,258	$	1,598,496	$	1,177,559

7. Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt Outstanding

			Amount Outstanding at
			December 31,		December 31,
			2014		2013
			(In thousands)
Description	Interest Rate	Maturity

Warehouse lines of credit	5.73% over one month Libor (Minimum 6.73%)	March 2017	$	23,581	$	9,452

	5.50% over one month Libor (Minimum 6.25%)	August 2017		33,258		–

Residual interest financing	11.75% over one month Libor	April 2018		12,327		19,096

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. Final residual payment was made in January 2015.		1,250		13,117

Senior secured debt, related party	13.00%	n/a		–		37,128

	5.00%	n/a		–		1,431

Subordinated renewable notes	Weighted average rate of 10.7% and 12.5% at December 31, 2014 and 2013, respectively	Weighted average maturity of October 2016 and July 2015 at December 31, 2014 and 2013, respectively		15,233		19,142

			$	85,649	$	99,366

Contractual and expected maturity amounts of debt

Contractual maturity date	Residual interest financing (1)		Subordinated renewable notes		Total
	(In thousands)
2015	$	2,188	$	8,171	$	10,359
2016		1,473		3,833		5,306
2017		3,159		1,142		4,301
2018		5,507		610		6,117
2019		–		49		49
Thereafter		–		1,428		1,428
Total	$	12,327	$	15,233	$	27,560

9. Interest Income and Interest Expense (Tables)

12 Months Ended

Dec. 31, 2014

Interest Income And Interest Expense

Interest income

	Year Ended December 31,
	2014		2013		2012
	(In thousands)
Interest on finance receivables	$	286,361	$	231,320	$	174,019
Residual interest income		372		–		458
Other interest income		1		10		837
Interest income	$	286,734	$	231,330	$	175,314

Interest expense

	Year Ended December 31,
	2014		2013		2012
	(In thousands)
Securitization trust debt	$	38,558	$	34,744	$	38,289
Warehouse lines of credit		5,217		5,003		6,874
Senior secured debt, related party		1,651		8,064		12,314
Debt secured by receivables at fair value		772		3,877		15,877
Residual interest financing		1,989		3,330		2,629
Subordinated renewable notes		2,208		3,161		3,439
Interest expense	$	50,395	$	58,179	$	79,422

10. Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income taxes

	Year Ended December 31,
	2014		2013		2012
	(In thousands)
Current federal tax expense	$	1,348	$	977	$	369
Current state tax expense		1,316		365		49
Deferred federal tax expense		18,338		13,306		2,826
Deferred state tax expense (benefit)		1,724		1,520		(654	)
Change in valuation allowance		–		–		(62,811	)
Income tax expense (benefit)	$	22,726	$	16,168	$	(60,221	)

Income tax expense/(benefit)

	Year Ended December 31,
	2014			2013			2012
	(In thousands)
Expense at federal tax rate	$	18,285		$	13,011		$	3,215
State taxes, net of federal income tax effect		2,651			2,079			1,190
Other adjustments to tax reserve		(54	)		(419	)		(1,153	)
Effect of change in state tax rate		144			(239	)		(1,105	)
Change in valuation allowance		–			–			(62,811	)
Stock-based compensation		1,182			911			321
Non-deductible expenses		116			619			63
Other		402			206			59
	$	22,726		$	16,168		$	(60,221	)

Deferred tax assets and liabilities

	December 31,
	2014			2013
	(In thousands)
Deferred Tax Assets:
Finance receivables	$	19,046		$	17,258
Accrued liabilities		2,551			5,079
Furniture and equipment		16			196
NOL carryforwards		6,922			23,811
Built in losses		11,698			13,074
Pension accrual		1,090			–
AMT credit carryforward		2,899			1,993
Other		941			839
Total deferred tax assets		45,163			62,250

Deferred Tax Liabilities:
FAS 91 deferred costs		(2,316	)		(1,555	)
Pension accrual		–			(1,136	)
Investment residual		–			(344	)
Total deferred tax liabilities		(2,316	)		(3,035	)

Net deferred tax asset	$	42,847		$	59,215

Unrecognized tax benefits including interest and penalties

	2014		2013
	(In thousands)
Unrecognized tax benefit - opening balance	$	–	$	1,331
Gross increases - tax positions in prior period		–		–
Gross decreases - tax positions in current period		–		–
Gross increases - tax positions in current period		–		–
Settlements		–		(686	)
Lapse of statute of limitations		–		(645	)
Unrecognized tax benefit - ending balance	$	–	$	–

13. Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2014

Employee Benefits

Reconciliation of the change in the plan's benefit obligations

	December 31,
	2014			2013
	(In thousands)
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year	$	18,841		$	21,792
Service cost		–			–
Interest cost		888			823
Assumption changes		3,570			(2,420	)
Actuarial (gain) loss		211			(113	)
Settlements		–			–
Benefits paid		(951	)		(1,241	)
Projected benefit obligation, end of year	$	22,559		$	18,841

Change in Plan Assets
Fair value of plan assets, beginning of year	$	21,664		$	16,612
Return on assets		(1,009	)		6,009
Employer contribution		237			389
Expenses		(93	)		(105	)
Settlements		–			–
Benefits paid		(951	)		(1,241	)
Fair value of plan assets, end of year	$	19,848		$	21,664

Funded Status at end of year	$	(2,711	)	$	2,823

Weighted average assumptions used to determine pension benefit obligations

	December, 31
	2014			2013
Weighted average assumptions used to determine benefit obligations
Discount rate		3.80	%		4.75	%

Weighted average assumptions used to determine net periodic benefit cost
Discount rate		4.75	%		3.91	%
Expected return on plan assets		8.00	%		8.25	%

Schedule of accumulated pension benefit obligation

	December 31,
	2014			2013			2012
	(In thousands)
Amounts recognized on Consolidated Balance Sheet
Other assets	$	–		$	2,823		$	–
Other liabilities		(2,711	)		–			(5,180	)
Net amount recognized	$	(2,711	)	$	2,823		$	(5,180	)

Amounts recognized in accumulated other comprehensive loss consists of:
Net loss	$	7,977		$	1,367		$	8,953
Unrecognized transition asset		–			–			–
Net amount recognized	$	7,977		$	1,367		$	8,953

Components of net periodic benefit cost
Interest cost	$	888		$	823		$	875
Expected return on assets		(1,727	)		(1,335	)		(928	)
Amortization of transition asset		–			–			–
Amortization of net loss		–			484			680
Net periodic benefit cost		(839	)		(28	)		627
Settlement (gain)/loss		–			–			–
Total	$	(839	)	$	(28	)	$	627

Benefit Obligation Recognized in Other Comprehensive Loss (Income)
Net loss (gain)	$	6,610		$	(7,586	)	$	(2,748	)
Prior service cost (credit)		–			–			–
Amortization of prior service cost		–			–			–
Net amount recognized in other comprehensive loss (income)	$	6,610		$	(7,586	)	$	(2,748	)

Weighted average asset allocation of our pension benefits

	December 31,
	2014			2013
Weighted Average Asset Allocation at Year-End
Asset Category
Equity securities		84	%		87	%
Debt securities		15	%		13	%
Cash and cash equivalents		1	%		0	%
Total		100	%		100	%

Estimated Future Benefit Payments

Cash Flows

Estimated Future Benefit Payments (In thousands)
2015	$	771
2016		785
2017		822
2018		856
2019		902
Years 2020 - 2023		5,128

Anticipated Contributions in 2015	$	–

Fair value of plan assets

	December 31, 2014
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Investment Name:	(in thousands)
Company Common Stock	$	6,542	$	–	$	–	$	6,542
Large Cap Value		–		2,378		–		2,378
Mid Cap Index		–		682		–		682
Small Cap Growth		–		691		–		691
Small Cap Value		–		673		–		673
Focus Value		–		700				700
Growth		–		2,383		–		2,383
International Growth		–		2,649		–		2,649
Core Bond		–		1,969		–		1,969
High Yield		–		382		–		382
Inflation Protected Bond		–		518		–		518
Money Market		–		281		–		281
Total	$	6,542	$	13,306	$	–	$	19,848

	December 31, 2013
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Investment Name:	(in thousands)
Company Common Stock	$	8,319	$	–	$	–	$	8,319
Fundamental Value		–		2,384		–		2,384
Mid Cap Growth		–		709		–		709
Focus Value		–		692		–		692
Small Co. Value		–		693		–		693
Growth		–		3,237		–		3,237
International Growth		–		2,855		–		2,855
Core Bond		–		1,870		–		1,870
High Yield		–		387		–		387
Inflation Protected Bond		–		487		–		487
Money Market		–		31		–		31
Total	$	8,319	$	13,345	$	–	$	21,664

14. Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Reconciliation of the acquired finance receivables and related debt measured at fair value on a recurring basis

	December 31,
	2014			2013
	(in thousands)
Finance Receivables Measured at Fair Value:
Balance at beginning of year	$	14,476		$	59,668
Payments on finance receivables at fair value		(12,276	)		(43,122	)
Charge-offs on finance receivables at fair value		(846	)		(2,896	)
Discount accretion		283			1,421
Mark to fair value		27			(595	)
Balance at end of year	$	1,664		$	14,476

Debt Secured by Finance Receivables Measured at Fair Value:
Balance at beginning of year	$	13,117		$	57,107
Principal payments on debt at fair value		(12,456	)		(45,969	)
Premium accretion		712			2,726
Mark to fair value		(123	)		(747	)
Balance at end of year		1,250			13,117
Reduction for payments collected and payable		–			(1,654	)
Adjusted balance at end of year	$	1,250		$	11,463

Comparison of fair values of the Fireside receivables and the related secured debt

	December 31, 2014				December 31, 2013
	Contractual		Fair		Contractual		Fair
	Balance		Value		Balance		Value
	(In thousands)

Fireside receivables portfolio	$	1,664	$	1,664	$	14,786	$	14,476

Debt secured by Fireside receivables portfolio		–		1,250		–		13,117

Reconciliation for level 3 assets

	December 31,
	2014			2013
	(in thousands)
Residual Interest in Securitizations:
Balance at beginning of year	$	854		$	4,824
Cash received during year		(1,158	)		(3,970	)
Included in earnings		372			–
Balance at end of year	$	68		$	854

Qualitative information about level 3 fair value measurements


Financial Instrument	Fair Values as of						Inputs as of
	December 31,						December 31,
	2014		2013		Valuation Techniques	Unobservable Inputs	2014			2013
	(In thousands)
Assets:

						Discount rate		15.4	%		15.4	%
Finance receivables measured at fair value	$	1,664	$	14,476	Discounted cash flows	Cumulative net losses		5.0	%		5.0	%
						Monthly average prepayments		0.5	%		0.5	%

						Discount rate		20.0	%		20.0	%
Residual interest in securitizations		68		854	Discounted cash flows	Cumulative net losses		15.0	%		15.0	%
						Monthly average prepayments		0.5	%		0.5	%

Liabilities:

Debt secured by receivables measured at fair value		1,250		13,117	Discounted cash flows	Discount rate		12.2	%		12.2	%

Estimated fair values of financial assets and liabilities

	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

	As of December 31, 2013
Financial Instrument	(In thousands)
	Carrying		Fair Value Measurements Using:
	Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	22,112	$	22,112	$	–	$	–	$	22,112
Restricted cash and equivalents		132,284		132,284		–		–		132,284
Finance receivables, net		1,115,437		–		–		1,100,153		1,100,153
Finance receivables measured at fair value		14,476		–		–		14,476		14,476
Residual interest in securitizations		854		–		–		854		854
Accrued interest receivable		18,670		–		–		18,670		18,670
Liabilities:
Warehouse lines of credit	$	9,452	$	–	$	–	$	9,452	$	9,452
Accrued interest payable		2,908		–		–		2,908		2,908
Residual interest financing		19,096		–		–		19,096		19,096
Debt secured by receivables measured at fair value		13,117		–		–		13,117		13,117
Securitization trust debt		1,177,559		–		–		1,189,086		1,189,086
Senior secured debt, related party		38,559		–		–		38,559		38,559
Subordinated renewable notes		19,142		–		–		19,142		19,142

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details

- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) the reasons for electing a fair value option for each eligible item or group of similar eligible items and (b) if the fair value option is elected for some but not all eligible items within a group of similar eligible items: (i) a description of those similar items and the reasons for partial election and (ii) information of how the group of similar items relates to individual balance sheet line items; (c) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, information of how each line item in the statement of financial position relates to major categories of assets and liabilities presented in accordance with other fair value disclosures; (2) for items included in the income statement: (a) a description of how interest and dividends are measured and where they are reported in the income statement; (b) how the gains or losses attributable to changes in instrument-specific credit risk were determined; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk: (i) qualitative information about the reasons for the changes and (ii) how the gains and losses attributable to changes in instrument-specific credit risk were determined; and (3) certain other disclosures as required or determined to be provided.

+ References+ Details

15. Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data

	Quarter Ended
	March 31,		June 30,		September 30,		December 31,
	(In thousands, except per share data)
2014
Revenues	$	68,146	$	71,594	$	77,050	$	83,467
Income before income tax expense		11,764		12,329		13,804		14,346
Net income		6,705		7,026		7,776		8,010
Earnings per share:
Basic	$	0.28	$	0.28	$	0.31	$	0.31
Diluted		0.21		0.22		0.24		0.25

2013
Revenues	$	54,594	$	70,482	$	64,066	$	66,634
Income before income tax expense		6,528		8,546		10,559		11,540
Net income		3,785		4,825		5,873		6,522
Earnings per share:
Basic	$	0.19	$	0.23	$	0.27	$	0.28
Diluted		0.12		0.15		0.19		0.21

2012
Revenues	$	44,518	$	44,151	$	47,920	$	50,620
Income before income tax expense		512		1,341		2,728		4,607
Net income		512		1,341		2,728		64,828
Earnings per share:
Basic	$	0.03	$	0.07	$	0.14	$	3.30
Diluted		0.02		0.05		0.11		2.20

1. Summary of Significant Accounting Policies (Details - Earnings per share) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended												12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Earnings per share:
Numerator for basic and diluted earnings per share	$ 8,010	$ 7,776	$ 7,026	$ 6,705	$ 6,522	$ 5,873	$ 4,825	$ 3,785	$ 64,828	$ 2,728	$ 1,341	$ 512	$ 29,516	$ 21,005	$ 69,408
Denominator for basic earnings per share - weighted average number of common shares outstanding during the year													25,040,000	21,538,000	19,473,000
Incremental common shares attibutable to exercise of outstanding options and warrants													6,992,000	10,036,000	6,005,000
Denominator for diluted earnings per share													32,032,000	31,574,000	25,478,000
Basic earnings per share	$ 0.31	$ 0.31	$ 0.28	$ 0.28	$ 0.28	$ 0.27	$ 0.23	$ 0.19	$ 3.30	$ 0.14	$ 0.07	$ 0.03	$ 1.18	$ 0.98	$ 3.56
Diluted earnings per share	$ 0.25	$ 0.24	$ 0.22	$ 0.21	$ 0.21	$ 0.19	$ 0.15	$ 0.12	$ 2.20	$ 0.11	$ 0.05	$ 0.02	$ 0.92	$ 0.67	$ 2.72

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References+ Details

- Definition

Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of call options and warrants using the treasury stock method.

+ References+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References+ Details

1. Summary of Significant Accounting Policies (Details Narrative) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Unrestricted cash balance	$ 17,859	$ 22,112	$ 12,966	$ 10,094
Other assets	23,847	21,481
Incremental shares excluded from EPS calculation	4,500,000	2,100,000	979,000
Gain on cancellation of debt	0	10,947	0
Repossessed Vehicles
Other assets	$ 10,400	$ 10,000
CPS Leasing, Inc.
Ownership percentage in subsidiary	80.00%
Dealer concentration \| Geographic Concentration \| TEXAS
Concentration percentage	10.00%	10.00%
Dealer concentration \| Geographic Concentration \| CALIFORNIA
Concentration percentage	8.70%	10.60%
Dealer concentration \| Geographic Concentration \| OHIO
Concentration percentage	5.70%	4.80%
Dealer concentration \| Geographic Concentration \| NEW JERSEY
Concentration percentage	5.10%	5.10%
Dealer concentration \| Geographic Concentration \| FLORIDA
Concentration percentage	5.00%	4.60%
Dealer concentration \| Geographic Concentration \| PENNSLYVANIA
Concentration percentage	4.80%	6.00%

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References+ Details

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References+ Details

3. Finance Receivables (Details - Finance Receivables) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Finance Receivables
Automobile finance receivables, net of unearned interest	$ 1,612,246	$ 1,182,950
Less: Unearned acquisition fees and discounts	(16,290)	(27,887)
Finance Receivables	$ 1,595,956	$ 1,155,063

- Definition

Amount of allowance to cover probable credit losses on loans and leases. Includes carryover of or adjustments to the allowance for loan losses in connection with business combinations. Excludes allowance for loans and leases covered under loss sharing agreements.

+ References+ Details

3. Finance Receivables (Details - Delinquency Status) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Delinquency Status
Current	$ 1,523,020	$ 1,125,926
31 - 60 days	42,730	21,421
61 - 90 days	23,300	24,663
91 + days	23,196	10,940
Finance receivables	$ 1,612,246	$ 1,182,950

3. Finance Receivables (Details - Allowance for Credit Losses) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Finance Receivables
Balance at beginning of period	$ 39,626	$ 19,594	$ 10,351
Provision for credit losses	108,228	76,869	33,495
Charge-offs	(109,914)	(69,455)	(37,638)
Recoveries	23,520	12,618	13,386
Balance at end of period	$ 61,460	$ 39,626	$ 19,594

3. Finance Receivables (Details - Repossessed Inventory) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Finance Receivables
Gross balance of repossessions in inventory	$ 28,234	$ 24,743
Allowance for losses on repossessed inventory	(17,829)	(14,779)
Net repossessed inventory included in other assets	$ 10,405	$ 9,964

4. Finance Receivables Measured at Fair Value (Details - Components) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Finance Receivables Measured At Fair Value
Finance receivables and accrued interest, net of unearned interest	$ 1,664	$ 14,786
Less: Fair value adjustment	0	(310)
Finance receivables measured at fair value	$ 1,664	$ 14,476

5. Furniture and Equipment (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Furniture and equipment, gross	$ 6,691	$ 5,868
Less: accumulated depreciation and amortization	(5,530)	(5,102)
Furniture and equipment, net	1,161	766
Furniture and Fixtures [Member]
Furniture and equipment, gross	1,396	1,141
Computer and Telephone Equipment [Member]
Furniture and equipment, gross	4,424	4,094
Leasehold Improvements [Member]
Furniture and equipment, gross	$ 871	$ 633

6. Securitization Trust Debt (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
"Securitization trust debt," and components of debt
Receivables Pledged at end of period	$ 1,536,654
Initial Principal	2,680,258
Outstanding Principal	1,598,496	1,177,559
Page Five Funding [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	January 2018
Receivables Pledged at end of period	0
Initial Principal	46,058
Outstanding Principal	0	9,358
Weighted Average Contractual Interest Rate	0.00%
CPS 2011-A [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	April 2018
Receivables Pledged at end of period	12,613
Initial Principal	100,364
Outstanding Principal	8,457	24,526
Weighted Average Contractual Interest Rate	2.84%
CPS 2011-B [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	September 2018
Receivables Pledged at end of period	23,569
Initial Principal	109,936
Outstanding Principal	22,985	44,433
Weighted Average Contractual Interest Rate	4.54%
CPS 2011-C [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	March 2019
Receivables Pledged at end of period	30,662
Initial Principal	119,400
Outstanding Principal	30,601	56,271
Weighted Average Contractual Interest Rate	4.95%
CPS 2012-A [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	June 2019
Receivables Pledged at end of period	36,757
Initial Principal	155,000
Outstanding Principal	35,923	65,051
Weighted Average Contractual Interest Rate	3.41%
CPS 2012-B [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	September 2019
Receivables Pledged at end of period	51,168
Initial Principal	141,500
Outstanding Principal	50,125	86,254
Weighted Average Contractual Interest Rate	3.11%
CPS 2012-C [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	December 2019
Receivables Pledged at end of period	56,717
Initial Principal	147,000
Outstanding Principal	55,619	93,006
Weighted Average Contractual Interest Rate	2.45%
CPS 2012-D [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	March 2020
Receivables Pledged at end of period	68,703
Initial Principal	160,000
Outstanding Principal	67,833	108,815
Weighted Average Contractual Interest Rate	2.12%
CPS 2013-A [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	June 2020
Receivables Pledged at end of period	98,601
Initial Principal	185,000
Outstanding Principal	97,775	142,842
Weighted Average Contractual Interest Rate	1.97%
CPS 2013-B [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	September 2020
Receivables Pledged at end of period	119,537
Initial Principal	205,000
Outstanding Principal	118,692	172,499
Weighted Average Contractual Interest Rate	2.46%
CPS 2013-C [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	December 2020
Receivables Pledged at end of period	135,980
Initial Principal	205,000
Outstanding Principal	133,628	191,504
Weighted Average Contractual Interest Rate	2.75%
CPS 2013-D [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	March 2021
Receivables Pledged at end of period	134,498
Initial Principal	183,000
Outstanding Principal	132,150	183,000
Weighted Average Contractual Interest Rate	2.44%
CPS 2014-A [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	June 2021
Receivables Pledged at end of period	146,784
Initial Principal	180,000
Outstanding Principal	143,456	0
Weighted Average Contractual Interest Rate	2.05%
CPS 2014-B [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	September 2021
Receivables Pledged at end of period	180,717
Initial Principal	202,500
Outstanding Principal	177,601	0
Weighted Average Contractual Interest Rate	1.87%
CPS 2014-C [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	December 2021
Receivables Pledged at end of period	259,899
Initial Principal	273,000
Outstanding Principal	256,151	0
Weighted Average Contractual Interest Rate	2.10%
CPS 2014-D [Member]
"Securitization trust debt," and components of debt
Final Scheduled Payment Date	March 2022
Receivables Pledged at end of period	180,449
Initial Principal	267,500
Outstanding Principal	$ 267,500	$ 0
Weighted Average Contractual Interest Rate	2.34%

7. Debt (Details - Debt Outstanding) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Debt outstanding	$ 85,649	$ 99,366
Warehouse lines of credit 1
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Debt outstanding	23,581	9,452
Interest rate	5.73% over one month Libor (Minimum 6.73%)
Maturity date	March 2017
Warehouse lines of credit 2
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Debt outstanding	33,258	0
Interest rate	5.50% over one month Libor (Minimum 6.25%)
Maturity date	August 2017
Residual interest financing
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Debt outstanding	12,327	19,096
Interest rate	11.75% over one month Libor
Maturity date	April 2018
Debt secured by receivables measured at fair value
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Debt outstanding	1,250	13,117
Interest rate	n/a
Maturity date	Repayment is based on payments from underlying receivables. Final payment of the 8.00% loan was made in September 2013. Final residual payment was made in January 2015.
Senior Secured Debt Related Party 1
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Debt outstanding	0	37,128
Interest rate	13.00%
Maturity date	n/a
Senior Secured Debt Related Party 2
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Debt outstanding	0	1,431
Interest rate	5.00%
Maturity date	n/a
Subordinated renewable notes
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Debt outstanding	$ 15,233	$ 19,142
Interest rate	Weighted average rate of 10.7% and 12.5% at December 31, 2014 and 2013, respectively
Maturity date	Weighted average maturity of October 2016 and July 2015 at December 31, 2014 and 2013, respectively

7. Debt (Details - Maturity Schedule) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
2015	$ 10,359
2016	5,306
2017	4,301
2018	6,117
2019	49
Thereafter	1,428
Total	27,560
Subordinated renewable notes
2015	8,171
2016	3,833
2017	1,142
2018	610
2019	49
Thereafter	1,428
Total	15,233
Residual interest financing
2015	2,188
2016	1,473
2017	3,159
2018	5,507
2019	0
Thereafter	0
Total	$ 12,327

- Definition

Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References+ Details

7. Debt (Details Narrative) (USD $) In Thousands, unless otherwise specified			12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014 Warehouse lines of credit 1	Dec. 31, 2014 Warehouse lines of credit 2
Credit line maximum			$ 100,000	$ 100,000
Credit line balance	$ 56,800	$ 9,500	$ 23,600	$ 33,300
Credit line maturity date			Mar. 31, 2017	Aug. 31, 2017

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References+ Details

8. Shareholders' Equity (Details - Assumptions)	12 Months Ended
8. Shareholders' Equity (Details - Assumptions)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Equity [Abstract]
Expected life (years)	4 years 2 months 19 days	5 years 4 months 28 days	5 years 7 months 17 days
Risk-free interest rate	1.43%	0.73%	1.32%
Volatility	55.00%	80.00%	79.00%
Expected dividend yield	0.00%	0.00%	0.00%

8. Shareholders' Equity (Details - Option activity) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Number of Shares
Outstanding options, beginning balance	10,128,000
Granted	2,030,000
Exercised	(1,227,000)
Forfeited/Expired	(103,000)
Outstanding options, ending balance	10,828,000	10,128,000
Options exercisable	5,761,000
Outstanding options, beginning balance	$ 3.30
Granted	$ 6.59	$ 7.43	$ 1.72
Exercised	$ 2.02
Forfeited/Expired	$ 4.58
Outstanding options, ending balance	$ 4.05	$ 3.30
Options exercisable	$ 2.52
Weighted Average Remaining Contractual Term
Outstanding options, ending balance	6 years 4 days
Options exercisable	4 years 10 months 20 days

8. Shareholders' Equity (Details Narrative) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Equity [Abstract]
Weighted-average fair value of stock options per share	$ 2.73	$ 4.79	$ 1.15
Stock-based compensation	$ 3,835	$ 3,864	$ 1,134
Unrecognized stock-based compensation costs	13,900
Weighted-average period for unrecognized costs	3 years
Intrinsic value options outstanding	36,700	61,600
Intrinsic value of options exercised	9,100	8,100
Proceeds from options exercised	2,500
Tax benefit from options exercised	$ 1,000
Shares available for grant	2,100,000
Weighted average exercise price of stock options granted	$ 6.59	$ 7.43	$ 1.72
Warrants outstanding	2,000,000
Warrants exercised	409,390

9. Interest Income and Interest Expense (Details - Interest Income) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest Income And Interest Expense
Interest on Finance Receivables	$ 286,361	$ 231,320	$ 174,019
Residual interest income	372	0	458
Other interest income	1	10	837
Interest income	$ 286,734	$ 231,330	$ 175,314

9. Interest Income and Interest Expense (Details - Interest Expense) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest Expense [Abstract]
Securitization trust debt	$ 38,558	$ 34,744	$ 38,289
Warehouse lines of credit	5,217	5,003	6,874
Senior secured debt, related party	1,651	8,064	12,314
Debt secured by receivables at fair value	772	3,877	15,877
Residual interest financing	1,989	3,330	2,629
Subordinated renewable notes	2,208	3,161	3,439
Total interest expense	$ 50,395	$ 58,179	$ 79,422

10. Income Taxes (Details-Income Tax Expense) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Current federal tax expense	$ 1,348	$ 977	$ 369
Current state tax expense	1,316	365	49
Deferred federal tax expense	18,338	13,306	2,826
Deferred state tax expense (benefit)	1,724	1,520	(654)
Change in valuation allowance	0	0	(62,811)
Income tax expense (benefit)	$ 22,726	$ 16,168	$ (60,221)

- Definition

Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of deferred federal income tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of deferred state and local tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

10. Income Taxes (Details-Reconciliation) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Expense at federal tax rate	$ 18,285	$ 13,011	$ 3,215
State taxes, net of federal income tax effect	2,651	2,079	1,190
Other adjustments to tax reserve	(54)	(419)	(1,153)
Effect of change in state tax rate	144	(239)	(1,105)
Change in valuation allowance	0	0	(62,811)
Stock-based compensation	1,182	911	321
Non-deductible expenses	116	619	63
Other	402	206	59
Income tax expense/(benefit)	$ 22,726	$ 16,168	$ (60,221)

10. Income Taxes (Details-Deferred Taxes) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Deferred Tax Assets:
Finance receivables	$ 19,046	$ 17,258
Accrued liabilities	2,551	5,079
Furniture and equipment	16	196
NOL carryforwards	6,922	23,811
Built in losses	11,698	13,074
Pension accrual	1,090	0
AMT credit carryforward	2,899	1,993
Other	941	839
Total deferred tax assets	45,163	62,250
Deferred Tax Liabilities:
FAS 91 deferred costs	(2,316)	(1,555)
Pension accrual	0	(1,136)
Investment residual	0	(344)
Total deferred tax liabilities	(2,316)	(3,035)
Net deferred tax asset	$ 42,847	$ 59,215

10. Income Taxes (Details-Unrecognized Tax Benefits) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Unrecognized tax benefit - opening balance	$ 0	$ 1,331
Gross increases - tax positions in prior period	0	0
Gross decreases - tax positions in prior period	0	0
Gross increases - tax positions in current period	0	0
Settlements	0	(686)
Lapse of statute of limitations	0	(645)
Unrecognized tax benefit - ending balance	$ 0	$ 0

11. Related Party Transactions (Details Narrative) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Related Party Transactions [Abstract]
Related party amounts outstanding	$ 4,000

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References+ Details

12. Commitments and Contingencies (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
2015	$ 3,695
2016	3,185
2017	1,878
2018	1,536
2019	1,089
Thereafter	0
Total minimum lease payments	$ 11,383

13. Employee Benefits (Details - Funded Status) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year	$ 18,841	$ 21,792
Service cost	0	0
Interest cost	888	823	875
Assumption changes	3,570	(2,420)
Actuarial (gain) loss	211	(113)
Settlements	0	0
Benefits paids	(951)	(1,241)
Projected benefit obligation, end of year	22,559	18,841	21,792
Change in Plan Assets
Fair value of plan assets, beginning of year	21,664	16,612
Return on assets	(1,009)	6,009
Employer contribution	237	389
Expenses	(93)	(105)
Settlements	0	0
Benefits paid	(951)	(1,241)
Fair value of plan assets, end of year	19,848	21,664	16,612
Funded Status at end of year	$ (2,711)	$ 2,823

13. Employee Benefits (Details - Assumptions)	12 Months Ended
13. Employee Benefits (Details - Assumptions)	Dec. 31, 2014	Dec. 31, 2013
Weighted average assumptions used to determine benefit obligations
Discount rate	3.80%	4.75%
Weighted average assumptions used to determine net periodic benefit cost
Discount rate	4.75%	3.91%
Expected return on plan assets	8.00%	8.25%

13. Employee Benefits (Details - Accumulated Pension Benefit Obligation) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Amounts recognized on Consolidated Balance Sheet
Other assets	$ 0	$ 2,823	$ 0
Other liabilities	(2,711)	0	(5,180)
Net amount recognized	(2,711)	2,823	(5,180)
Amounts recognized in accumulated other comprehensive income consists of:
Net loss	7,977	1,367	8,953
Unrecognized transition asset	0	0	0
Net amount recognized	1,367	8,953
Components of net periodic benefit cost
Interest Cost	888	823	875
Expected return on assets	(1,727)	(1,335)	(928)
Amortization of transition asset	0	0	0
Amortization of net loss	0	484	680
Net periodic benefit cost	(839)	(28)	627
Settlement (gain)/loss	0	0	0
Total	(839)	(28)	627
Benefit Obligation Recognized in Other Comprehensive Income
Net gain	6,610	(7,586)	(2,748)
Prior service cost (credit)	0	0	0
Amortization of prior service cost	0	0	0
Net amount recognized in other comprehensive income	$ 6,610	$ (7,586)	$ (2,748)

13. Employee Benefits (Details - Estimated Future Benefit Payments) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Estimated Future Benefit Payments (In thousands)
2015	$ 771
2016	785
2017	822
2018	856
2019	902
Years 2020 - 2023	5,128
Anticipated Contributions in 2015	$ 0

13. Employee Benefits (Details - Fair Value of Plan Assets) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair value of plan assets	$ 19,848	$ 21,664	$ 16,612
Company Common Stock [Member]
Fair value of plan assets	6,542	8,319
Large Cap Value [Member]
Fair value of plan assets	2,378
Mid Cap Index [Member]
Fair value of plan assets	682
Small Cap Growth [Member]
Fair value of plan assets	691
Small Cap Value [Member]
Fair value of plan assets	673
Focus Value [Member]
Fair value of plan assets	700	692
Growth [Member]
Fair value of plan assets	2,383	3,237
International Growth [Member]
Fair value of plan assets	2,649	2,855
Core Bond [Member]
Fair value of plan assets	1,969	1,870
High Yield [Member]
Fair value of plan assets	382	387
Inflation Protected Bond [Member]
Fair value of plan assets	518	487
Money Market [Member]
Fair value of plan assets	281	31
Fundamental Value [Member]
Fair value of plan assets		2,384
Mid Cap Growth [Member]
Fair value of plan assets		709
Small Co. Value [Member]
Fair value of plan assets		693
Level 1 [Member]
Fair value of plan assets	6,542	8,319
Level 1 [Member] \| Company Common Stock [Member]
Fair value of plan assets	6,542	8,319
Level 1 [Member] \| Large Cap Value [Member]
Fair value of plan assets	0
Level 1 [Member] \| Mid Cap Index [Member]
Fair value of plan assets	0
Level 1 [Member] \| Small Cap Growth [Member]
Fair value of plan assets	0
Level 1 [Member] \| Small Cap Value [Member]
Fair value of plan assets	0
Level 1 [Member] \| Focus Value [Member]
Fair value of plan assets	0	0
Level 1 [Member] \| Growth [Member]
Fair value of plan assets	0	0
Level 1 [Member] \| International Growth [Member]
Fair value of plan assets	0	0
Level 1 [Member] \| Core Bond [Member]
Fair value of plan assets	0	0
Level 1 [Member] \| High Yield [Member]
Fair value of plan assets	0	0
Level 1 [Member] \| Inflation Protected Bond [Member]
Fair value of plan assets	0	0
Level 1 [Member] \| Money Market [Member]
Fair value of plan assets	0	0
Level 1 [Member] \| Fundamental Value [Member]
Fair value of plan assets		0
Level 1 [Member] \| Mid Cap Growth [Member]
Fair value of plan assets		0
Level 1 [Member] \| Small Co. Value [Member]
Fair value of plan assets		0
Level 2 [Member]
Fair value of plan assets	13,306	13,345
Level 2 [Member] \| Company Common Stock [Member]
Fair value of plan assets	0	0
Level 2 [Member] \| Large Cap Value [Member]
Fair value of plan assets	2,378
Level 2 [Member] \| Mid Cap Index [Member]
Fair value of plan assets	682
Level 2 [Member] \| Small Cap Growth [Member]
Fair value of plan assets	691
Level 2 [Member] \| Small Cap Value [Member]
Fair value of plan assets	673
Level 2 [Member] \| Focus Value [Member]
Fair value of plan assets	700	692
Level 2 [Member] \| Growth [Member]
Fair value of plan assets	2,383	3,237
Level 2 [Member] \| International Growth [Member]
Fair value of plan assets	2,649	2,855
Level 2 [Member] \| Core Bond [Member]
Fair value of plan assets	1,969	1,870
Level 2 [Member] \| High Yield [Member]
Fair value of plan assets	382	387
Level 2 [Member] \| Inflation Protected Bond [Member]
Fair value of plan assets	518	487
Level 2 [Member] \| Money Market [Member]
Fair value of plan assets	281	31
Level 2 [Member] \| Fundamental Value [Member]
Fair value of plan assets		2,384
Level 2 [Member] \| Mid Cap Growth [Member]
Fair value of plan assets		709
Level 2 [Member] \| Small Co. Value [Member]
Fair value of plan assets		693
Level 3 [Member]
Fair value of plan assets	0	0
Level 3 [Member] \| Company Common Stock [Member]
Fair value of plan assets	0	0
Level 3 [Member] \| Large Cap Value [Member]
Fair value of plan assets	0
Level 3 [Member] \| Mid Cap Index [Member]
Fair value of plan assets	0
Level 3 [Member] \| Small Cap Growth [Member]
Fair value of plan assets	0
Level 3 [Member] \| Small Cap Value [Member]
Fair value of plan assets	0
Level 3 [Member] \| Focus Value [Member]
Fair value of plan assets	0	0
Level 3 [Member] \| Growth [Member]
Fair value of plan assets	0	0
Level 3 [Member] \| International Growth [Member]
Fair value of plan assets	0	0
Level 3 [Member] \| Core Bond [Member]
Fair value of plan assets	0	0
Level 3 [Member] \| High Yield [Member]
Fair value of plan assets	0	0
Level 3 [Member] \| Inflation Protected Bond [Member]
Fair value of plan assets	0	0
Level 3 [Member] \| Money Market [Member]
Fair value of plan assets	0	0
Level 3 [Member] \| Fundamental Value [Member]
Fair value of plan assets		0
Level 3 [Member] \| Mid Cap Growth [Member]
Fair value of plan assets		0
Level 3 [Member] \| Small Co. Value [Member]
Fair value of plan assets		$ 0

14. Fair Value measurements (Details - Fair value) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Debt Secured by Finance Receivables Measured at Fair Value:
Balance at end of period	$ 1,250	$ 13,117
Fair Value, Measurements, Recurring [Member]
Finance Receivables Measured at Fair Value:
Balance at beginning of period	14,476	59,668
Payments on finance receivables at fair value	(12,276)	(43,122)
Charge-offs on finance receivables at fair value	(846)	(2,896)
Discount accretion	283	1,421
Mark to fair value	27	(595)
Balance at end of period	1,664	14,476
Debt Secured by Finance Receivables Measured at Fair Value:
Balance at beginning of period	13,117	57,107
Principal payments on debt at fair value	(12,456)	(45,969)
Premium accretion	712	2,726
Mark to fair value	(123)	(747)
Balance at end of period	1,250	13,117
Reduction for principal payments collected and payable	0	(1,654)
Adjusted balance at end of period	$ 1,250	$ 11,463

14. Fair Value measurements (Details - Reconciliation for level 3) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Residual Interest in Securitizations:
Balance at beginning of period	$ 854	$ 4,824
Cash paid (received) during period	(1,158)	(3,970)
Included in earnings	372	0
Balance at end of period	$ 68	$ 854

14. Fair Value Measurements (Details - Level 3 fair value measurements) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Debt secured by receivables measured at fair value	$ 1,250	$ 13,117
Finance receivables
Finance receivables measured at fair value	1,664	14,476
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%
Residual Interest in Securitizations:
Residual interest in securitizations	68	854
Valuation Techniques and Unobservable Inputs	Discounted cash flows; Discount rate 20.0%, Cumulative net losses 15.0%, Monthly average prepayments 0.5%	Discounted cash flows; Discount rate 15.00%, Cumulative net losses 15.0%, Monthly average prepayments 0.5%
Debt secured by receivables measured at fair value
Debt secured by receivables measured at fair value	$ 1,250	$ 13,117
Valuation Techniques and Unobservable Inputs	Discounted cash flows, Discount rate 12.2%	Discounted cash flows, Discount rate 12.2%

14. Fair Value measurements (Details - Fair Value Financial Assets) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Assets:
Cash and cash equivalents	$ 17,859	$ 22,112	$ 12,966	$ 10,094
Restricted cash and equivalents	175,382	132,284
Finance receivables, net	1,534,496	1,115,437
Finance receivables measured at fair value	1,664	14,476
Residual interest in securitizations	68	854	4,824
Accrued interest receivable	23,372	18,670
Liabilities:
Warehouse lines of credit	56,839	9,452
Accrued interest payable	2,613	2,908
Residual interest financing	12,327	19,096
Debt secured by receivables measured at fair value	1,250	13,117
Securitization trust debt	1,598,496	1,177,559
Senior secured debt, related party		38,559
Subordinated renewable notes	15,233	19,142
Level 1 [Member]
Assets:
Cash and cash equivalents	17,859	22,112
Restricted cash and equivalents	175,382	132,284
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	0
Securitization trust debt	0	0
Senior secured debt, related party		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	0
Securitization trust debt	0	0
Senior secured debt, related party		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	1,512,567	1,100,153
Finance receivables measured at fair value	1,664	14,476
Residual interest in securitizations	68	854
Accrued interest receivable	23,372	18,670
Liabilities:
Warehouse lines of credit	56,839	9,452
Accrued interest payable	2,613	2,908
Residual interest financing	12,327	19,096
Debt secured by receivables measured at fair value	1,250	13,117
Securitization trust debt	1,619,742	1,189,086
Senior secured debt, related party		38,559
Subordinated renewable notes	15,233	19,142
Carrying Value [Member]
Assets:
Cash and cash equivalents	17,859	22,112
Restricted cash and equivalents	175,382	132,284
Finance receivables, net	1,534,496	1,115,437
Finance receivables measured at fair value	1,664	14,476
Residual interest in securitizations	68	854
Accrued interest receivable	23,372	18,670
Liabilities:
Warehouse lines of credit	56,839	9,452
Accrued interest payable	2,613	2,908
Residual interest financing	12,327	19,096
Debt secured by receivables measured at fair value	1,250	13,117
Securitization trust debt	1,598,496	1,177,559
Senior secured debt, related party		38,559
Subordinated renewable notes	15,233	19,142
Total Amount [Member]
Assets:
Cash and cash equivalents	17,859	22,112
Restricted cash and equivalents	175,382	132,284
Finance receivables, net	1,512,567	1,100,153
Finance receivables measured at fair value	1,664	14,476
Residual interest in securitizations	68	854
Accrued interest receivable	23,372	18,670
Liabilities:
Warehouse lines of credit	56,839	9,452
Accrued interest payable	2,613	2,908
Residual interest financing	12,327	19,096
Debt secured by receivables measured at fair value	1,250	13,117
Securitization trust debt	1,619,742	1,189,086
Senior secured debt, related party		38,559
Subordinated renewable notes	$ 15,233	$ 19,142

15. Quarterly Financial Data (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended												12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 83,467	$ 77,050	$ 71,594	$ 68,146	$ 66,634	$ 64,066	$ 70,482	$ 54,594	$ 50,620	$ 47,920	$ 44,151	$ 44,518	$ 300,256	$ 255,775	$ 187,208
Income before income tax expense	14,346	13,804	12,329	11,764	11,540	10,559	8,546	6,528	4,607	2,728	1,341	512	52,242	37,173	9,187
Net income	$ 8,010	$ 7,776	$ 7,026	$ 6,705	$ 6,522	$ 5,873	$ 4,825	$ 3,785	$ 64,828	$ 2,728	$ 1,341	$ 512	$ 29,516	$ 21,005	$ 69,408
Earnings per share - basic	$ 0.31	$ 0.31	$ 0.28	$ 0.28	$ 0.28	$ 0.27	$ 0.23	$ 0.19	$ 3.30	$ 0.14	$ 0.07	$ 0.03	$ 1.18	$ 0.98	$ 3.56
Earnings per share - diluted	$ 0.25	$ 0.24	$ 0.22	$ 0.21	$ 0.21	$ 0.19	$ 0.15	$ 0.12	$ 2.20	$ 0.11	$ 0.05	$ 0.02	$ 0.92	$ 0.67	$ 2.72

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References+ Details

- Definition

+ References+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References+ Details

2. Restricted Cash (Details Narrative) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Restricted cash	$ 175,400	$ 132,300
Securitization transactions
Restricted cash	$ 31,200	$ 23,300

3. Finance Receivables (Details Narrative) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Finance Receivables Details Narrative
Finance receivables	$ 23,200	$ 10,900

6. Securitization Trust Debt (Details Narrative) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Restricted Cash for securitization trust debt	$ 175,400	$ 132,300
Prefunding Proceeds
Restricted Cash for securitization trust debt	$ 85,300

10. Income Taxes (Details Narrative) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
Federal
Net operating loss carryforwards	$ 3,500
Net operating losses expire	Dec. 31, 2022
State
Net operating loss carryforwards	$ 108,500
Net operating losses expire	Dec. 31, 2015

4. Finance Receivables Measured at Fair Value (Details - Delinquency Status) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Delinquency Status
Total finance receivables measured at fair value	$ 1,664	$ 14,786
Current
Delinquency Status
Total finance receivables measured at fair value	1,266	13,421
31-60 days
Delinquency Status
Total finance receivables measured at fair value	262	878
61-90 days
Delinquency Status
Total finance receivables measured at fair value	74	253
91 + days
Delinquency Status
Total finance receivables measured at fair value	$ 62	$ 234

13. Employee Benefits (Details - Asset Allocation)	12 Months Ended
13. Employee Benefits (Details - Asset Allocation)	Dec. 31, 2014	Dec. 31, 2013
Weighted Average Asset Allocation at Year-End	100.00%	100.00%
Cash And Cash Equivalents [Member]
Weighted Average Asset Allocation at Year-End	1.00%	0.00%
Equity Securities [Member]
Weighted Average Asset Allocation at Year-End	84.00%	87.00%
Debt Securities [Member]
Weighted Average Asset Allocation at Year-End	15.00%	13.00%

14. Fair Value measurements (Details - Fireside Fair Value) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Contractual Balance [Member]
Fair values of the Fireside receivables and the related secured debt to their contractual balances
Fireside receivables portfolio	$ 1,664	$ 14,786
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	1,664	14,476
Debt secured by Fireside receivables portfolio	$ 1,250	$ 13,117