Cash America 2013 Annual Report Download - page 152
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CASH AMERICA INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
127
Year Ended December 31, 2011
Short-term
Loans
Line of
Credit
Accounts
Installment
Loans Total
Allowance for losses for Company-owned consumer loans:
Balance at beginning of period $ 32,942 $ 3,023 $ 2,988 $ 38,953
Consumer loan loss provision 180,791 7,825 36,848 225,464
Charge-offs (196,643) (7,877) (28,201) (232,721)
Recoveries 29,316 752 1,308 31,376
Balance at end of period $ 46,406 $ 3,723 $ 12,943 $ 63,072
Liability for third-party lender-owned consumer loans:
Balance at beginning of period $ 2,610 $ - $ 228 $ 2,838
Increase in liability 7 - 217 224
Balance at end of period $ 2,617 $ - $ 445 $ 3,062
In connection with its CSO programs, the Company guarantees consumer loan payment obligations to
unrelated third-party lenders for short-term loans and secured auto-equity loans and is required to purchase any
defaulted loans it has guaranteed. The guarantee represents an obligation to purchase specific loans that go into default.
As of December 31, 2013 and 2012, the amount of consumer loans guaranteed by the Company was $59.0 million and
$64.7 million, respectively, representing amounts due under consumer loans originated by third-party lenders under the
CSO programs. The estimated fair value of the liability for estimated losses on consumer loans guaranteed by the
Company of $3.1 million and $3.5 million as of December 31, 2013 and 2012, respectively, is included in “Accounts
payable and accrued expenses” in the consolidated balance sheets.
6. Merchandise Held for Disposition
Merchandise held for disposition and the related allowance as of December 31, 2013 and 2012, associated with
the Company’s domestic and foreign retail services operations was as follows (dollars in thousands):
As of December 31,
2013 2012
Total Allowance Net Total Allowance Net
Domestic $ 204,663 $ (840) $ 203,823 $ 162,495 $ (840) $ 161,655
Foreign 5,185 (109) 5,076 5,765 (11) 5,754
Total $ 209,848 $ (949) $ 208,899 $ 168,260 $ (851) $ 167,409