in an effort to combat the increased competition the company will continue to focus on the benefits of excellent customer service and the “ local ” face to face offering to the market in an effort to help customers succeed . the company has also focused additional attention on selling lower priced vehicles to increase affordability for customers , to address sales volume challenges and to improve credit performance in the future by improving the equity position of customers who may be tempted to default on their contracts especially when competition on the lending side is elevated as has been the case recently . the purchase price the company pays for its vehicles can also have a significant effect on revenues , liquidity and capital resources . because the company bases its selling price on the purchase cost of the vehicle , increases in purchase costs result in increased selling prices . as the selling price increases , it becomes more difficult to keep the gross margin percentage and contract term in line with historical results because the company 's customers have limited incomes and their car payments must remain affordable within their individual budgets . as we have seen in recent years , decreases in the overall volume of new car sales , particularly domestic brands , lead to decreased supply and generally increased prices in the used car market . also , expansions or constrictions in consumer credit , as well as general economic conditions , can have an overall effect on the demand and the resulting purchase cost of the types of vehicles the company purchases for resale . 21 the company 's primary focus is on collections . each dealership is responsible for its own collections with supervisory involvement of the corporate office . over the last five fiscal years , the company 's credit losses as a percentage of sales have ranged between approximately 20.2 % in fiscal 2010 and 27.4 % in fiscal 2014 ( 25.7 % excluding the effect of the increase in the allowance for credit losses made in in the third quarter ) ( average of 22.5 % ) . operational improvements during fiscal 2009 and fiscal 2010 led to improved credit losses in fiscal 2010 as the provision for credit losses was 20.2 % of sales for the year ended april 30 , 2010. the company experienced credit losses of 20.8 % of sales for fiscal 2011 and 21.1 % of sales for fiscal 2012. in fiscal 2011 the higher credit losses primarily related to credit losses during the second fiscal quarter as the company experienced some modest operational difficulties . in fiscal 2012 the company experienced slightly higher credit losses ; however , the losses were within the range of credit losses that the company targets annually . with the acceptable and consistent credit results over the previous years and the overall quality of the portfolio at april 30 , 2012 , management reduced the allowance for credit losses as a percentage of finance receivable at april 30 , 2012 to 21.5 % from 22.0 % . the allowance for credit losses had been 22 % of finance receivables since october 2006. credit losses as a percentage of sales in fiscal 2013 increased to 23.1 % primarily due to increased contract term lengths and lower down payments resulting from increased competitive pressures as well as higher charge-offs which resulted , to an extent , from negative macro-economic factors affecting the company 's customer base . these competitive pressures have intensified and , along with a continued negative macro-economic environment for our customers , further impacted the company 's credit losses in fiscal 2014. as a result of the increased credit losses and with the expectation that charge-offs will remain elevated , management increased the allowance for credit losses to 23.5 % at january 31 , 2014. credit losses as a percentage of sales for fiscal 2014 were 27.4 % ( 25.7 % excluding the effect of the increase in the allowance for credit losses ) compared to 23.1 % of sales for the prior year period , resulting from lower finance receivable collections and higher charge-offs along with the effect of lower wholesale sales . historically , credit losses , on a percentage basis , tend to be higher at new and developing dealerships than at mature dealerships . generally , this is the case because the management at new and developing dealerships tends to be less experienced in making credit decisions and collecting customer accounts and the customer base is less seasoned . normally the older , more mature dealerships have more repeat customers and on average , repeat customers are a better credit risk than non-repeat customers . negative macro-economic issues do not always lead to higher credit loss results for the company because the company provides basic affordable transportation which in many cases is not a discretionary expenditure for customers . however , the company does believe that general inflation , particularly within staple items such as groceries and gasoline , as well as overall unemployment levels and potentially lower or stagnant personal income levels affecting customers can have , and have had in recent quarters , a negative impact on collections . additionally , increased competition for used vehicle financing can have , and management believes it is currently having , a negative effect on collections and charge-offs . in an effort to offset the elevated credit losses and lower collection levels and to operate more efficiently , the company continues to look for improvements to its business practices , including better underwriting and better collection procedures . the company has a proprietary credit scoring system which enables the company to monitor the quality of contracts . corporate office personnel monitor proprietary credit scores and work with dealerships when the distribution of scores falls outside of prescribed thresholds . story_separator_special_tag in fiscal 2014 the company had a $ 2.5 million net decrease in total debt used to contribute to the funding of finance receivables growth of $ 16 million , net capital expenditures of $ 7.1 million and common stock repurchases of $ 12.8 million . 27 story_separator_special_tag as well as increased competitive pressures . management continues to focus on improved execution at the dealership level , specifically as related to working individually with its customers concerning collection issues . 29 the company has generally leased the majority of the properties where its dealerships are located . as of april 30 , 2014 , the company leased approximately 87 % of its dealership properties . the company expects to continue to lease the majority of the properties where its dealerships are located . the company 's revolving credit facilities generally limit distributions by the company to its shareholders in order to repurchase the company 's common stock . the distribution limitations under the agreement allow the company to repurchase the company 's stock so long as : either ( a ) the aggregate amount of such repurchases does not exceed $ 40 million and the sum of borrowing bases combined minus the principal balances of all revolver loans after giving effect to such repurchases is equal to or greater than 25 % of the sum of the borrowing bases , or ( b ) the aggregate amount of such repurchases does not exceed 75 % of the consolidated net income of the company measured on a trailing twelve month basis ; provided that immediately before and after giving effect to the stock repurchases , at least 12.5 % of the aggregate funds committed under the credit facilities remain available . thus , the company is limited in the amount of dividends or other distributions it can make to its shareholders without the consent of the company 's lenders . at april 30 , 2014 , the company had $ 289,000 of cash on hand and approximately $ 46 million of availability under its revolving credit facilities ( see note f to the consolidated financial statements in item 8 ) . on a short-term basis , the company 's principal sources of liquidity include income from operations and borrowings under its revolving credit facilities . on a longer-term basis , the company expects its principal sources of liquidity to consist of income from operations and borrowings under revolving credit facilities and or fixed interest term loans . the company 's revolving credit facilities mature in june 2016 and the company expects that it will be able to renew or refinance its revolving credit facilities on or before the date they mature . furthermore , while the company has no specific plans to issue debt or equity securities , the company believes , if necessary , it could raise additional capital through the issuance of such securities . the company expects to use cash from operations and or borrowings to ( i ) grow its finance receivables portfolio , ( ii ) purchase property and equipment of approximately $ 4.5 million in the next 12 months in connection with refurbishing existing dealerships and adding new dealerships , ( iii ) repurchase shares of common stock when favorable conditions exist and ( iv ) reduce debt to the extent excess cash is available . the company believes it will have adequate liquidity to continue to grow its revenues and to satisfy its capital needs for the foreseeable future . 30 contractual payment obligations the following is a summary of the company 's contractual payment obligations as of april 30 , 2014 , including renewal periods under operating leases that are reasonably assured ( in thousands ) : replace_table_token_10_th the above excludes estimated interest payments on the company 's revolving line of credit . the $ 39.2 million of operating lease commitments includes $ 7.2 million of non-cancelable lease commitments under the primary lease terms , and $ 32.0 million of lease commitments for renewal periods at the company 's option that are reasonably assured . off-balance sheet arrangements the company has entered into operating leases for approximately 87 % of its dealership and office facilities . generally these leases are for periods of three to five years and usually contain multiple renewal options . the company uses leasing arrangements to maintain flexibility in its dealership locations and to preserve capital . the company expects to continue to lease the majority of its dealership and office facilities under arrangements substantially consistent with the past . for the years ended april 30 , 2014 , 2013 and 2012 , rent expense for all operating leases amounted to approximately $ 5.2 million , $ 4.7 million and $ 4.2 million , respectively . other than its operating leases , the company is not a party to any off-balance sheet arrangement that management believes is reasonably likely to have a current or future effect on the company 's financial condition , revenues or expenses , results of operations , liquidity , capital expenditures or capital resources that are material to investors . related finance company contingency car-mart of arkansas and colonial do not meet the affiliation standard for filing consolidated income tax returns , and as such they file separate federal and state income tax returns . car-mart of arkansas routinely sells its finance receivables to colonial at what the company believes to be fair market value and is able to take a tax deduction at the time of sale for the difference between the tax basis of the receivables sold and the sales price . these types of transactions , based upon facts and circumstances , have been permissible under the provisions of the internal revenue code as described in the treasury regulations . for financial accounting purposes , these transactions are eliminated in consolidation and a deferred income tax liability has been recorded for this timing difference . the sale of finance receivables from car-mart

liquidity and capital resources the following table sets forth certain historical information with respect to the company 's statements of cash flows ( in thousands ) : replace_table_token_9_th the primary drivers of operating profits and cash flows include ( i ) top line sales ( ii ) interest rates on finance receivables , ( iii ) gross margin percentages on vehicle sales , and ( iv ) credit losses , a significant portion of which relates to the collection of principal on finance receivables . the company generates cash flow from income from operations . historically , most or all of this cash is used to fund finance receivables growth , capital expenditures and common stock repurchases . to the extent finance receivables growth , capital expenditures and common stock repurchases exceed income from operations generally the company increases its borrowings under its revolving credit facilities . the majority of the company 's growth has been self-funded . cash flows from operations in fiscal 2014 compared to fiscal 2013 were negatively impacted by ( i ) lower net income , ( ii ) an increase in finance receivables , and ( iii ) a decrease in deferred income taxes , partially offset by ( iv ) higher non-cash charges including credit losses , depreciation , and losses on claims for payment protection plan , ( v ) an increase in income tax payable , net and ( vi ) higher values for inventory acquired in repossession and payment protection plan claims . finance receivables , net , increased by $ 5.3 million during fiscal 2014 . 28 cash flows from operations in fiscal 2013 compared to fiscal 2012 were negatively impacted by ( i ) lower collections as a percentage of finance receivables , ( ii ) increased inventory levels , and ( iii ) an increase in income taxes payable , net and in deferred income taxes , partially offset by ( iv ) higher non-cash charges including credit losses , depreciation , and losses on claims for payment protection plan and ( v ) higher values for inventory acquired in repossession and payment protection plan claims .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources the following table sets forth certain historical information with respect to the company 's statements of cash flows ( in thousands ) : replace_table_token_9_th the primary drivers of operating profits and cash flows include ( i ) top line sales ( ii ) interest rates on finance receivables , ( iii ) gross margin percentages on vehicle sales , and ( iv ) credit losses , a significant portion of which relates to the collection of principal on finance receivables . the company generates cash flow from income from operations . historically , most or all of this cash is used to fund finance receivables growth , capital expenditures and common stock repurchases . to the extent finance receivables growth , capital expenditures and common stock repurchases exceed income from operations generally the company increases its borrowings under its revolving credit facilities . the majority of the company 's growth has been self-funded . cash flows from operations in fiscal 2014 compared to fiscal 2013 were negatively impacted by ( i ) lower net income , ( ii ) an increase in finance receivables , and ( iii ) a decrease in deferred income taxes , partially offset by ( iv ) higher non-cash charges including credit losses , depreciation , and losses on claims for payment protection plan , ( v ) an increase in income tax payable , net and ( vi ) higher values for inventory acquired in repossession and payment protection plan claims . finance receivables , net , increased by $ 5.3 million during fiscal 2014 . 28 cash flows from operations in fiscal 2013 compared to fiscal 2012 were negatively impacted by ( i ) lower collections as a percentage of finance receivables , ( ii ) increased inventory levels , and ( iii ) an increase in income taxes payable , net and in deferred income taxes , partially offset by ( iv ) higher non-cash charges including credit losses , depreciation , and losses on claims for payment protection plan and ( v ) higher values for inventory acquired in repossession and payment protection plan claims .
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 Suspicious Activity Report : in an effort to combat the increased competition the company will continue to focus on the benefits of excellent customer service and the “ local ” face to face offering to the market in an effort to help customers succeed . the company has also focused additional attention on selling lower priced vehicles to increase affordability for customers , to address sales volume challenges and to improve credit performance in the future by improving the equity position of customers who may be tempted to default on their contracts especially when competition on the lending side is elevated as has been the case recently . the purchase price the company pays for its vehicles can also have a significant effect on revenues , liquidity and capital resources . because the company bases its selling price on the purchase cost of the vehicle , increases in purchase costs result in increased selling prices . as the selling price increases , it becomes more difficult to keep the gross margin percentage and contract term in line with historical results because the company 's customers have limited incomes and their car payments must remain affordable within their individual budgets . as we have seen in recent years , decreases in the overall volume of new car sales , particularly domestic brands , lead to decreased supply and generally increased prices in the used car market . also , expansions or constrictions in consumer credit , as well as general economic conditions , can have an overall effect on the demand and the resulting purchase cost of the types of vehicles the company purchases for resale . 21 the company 's primary focus is on collections . each dealership is responsible for its own collections with supervisory involvement of the corporate office . over the last five fiscal years , the company 's credit losses as a percentage of sales have ranged between approximately 20.2 % in fiscal 2010 and 27.4 % in fiscal 2014 ( 25.7 % excluding the effect of the increase in the allowance for credit losses made in in the third quarter ) ( average of 22.5 % ) . operational improvements during fiscal 2009 and fiscal 2010 led to improved credit losses in fiscal 2010 as the provision for credit losses was 20.2 % of sales for the year ended april 30 , 2010. the company experienced credit losses of 20.8 % of sales for fiscal 2011 and 21.1 % of sales for fiscal 2012. in fiscal 2011 the higher credit losses primarily related to credit losses during the second fiscal quarter as the company experienced some modest operational difficulties . in fiscal 2012 the company experienced slightly higher credit losses ; however , the losses were within the range of credit losses that the company targets annually . with the acceptable and consistent credit results over the previous years and the overall quality of the portfolio at april 30 , 2012 , management reduced the allowance for credit losses as a percentage of finance receivable at april 30 , 2012 to 21.5 % from 22.0 % . the allowance for credit losses had been 22 % of finance receivables since october 2006. credit losses as a percentage of sales in fiscal 2013 increased to 23.1 % primarily due to increased contract term lengths and lower down payments resulting from increased competitive pressures as well as higher charge-offs which resulted , to an extent , from negative macro-economic factors affecting the company 's customer base . these competitive pressures have intensified and , along with a continued negative macro-economic environment for our customers , further impacted the company 's credit losses in fiscal 2014. as a result of the increased credit losses and with the expectation that charge-offs will remain elevated , management increased the allowance for credit losses to 23.5 % at january 31 , 2014. credit losses as a percentage of sales for fiscal 2014 were 27.4 % ( 25.7 % excluding the effect of the increase in the allowance for credit losses ) compared to 23.1 % of sales for the prior year period , resulting from lower finance receivable collections and higher charge-offs along with the effect of lower wholesale sales . historically , credit losses , on a percentage basis , tend to be higher at new and developing dealerships than at mature dealerships . generally , this is the case because the management at new and developing dealerships tends to be less experienced in making credit decisions and collecting customer accounts and the customer base is less seasoned . normally the older , more mature dealerships have more repeat customers and on average , repeat customers are a better credit risk than non-repeat customers . negative macro-economic issues do not always lead to higher credit loss results for the company because the company provides basic affordable transportation which in many cases is not a discretionary expenditure for customers . however , the company does believe that general inflation , particularly within staple items such as groceries and gasoline , as well as overall unemployment levels and potentially lower or stagnant personal income levels affecting customers can have , and have had in recent quarters , a negative impact on collections . additionally , increased competition for used vehicle financing can have , and management believes it is currently having , a negative effect on collections and charge-offs . in an effort to offset the elevated credit losses and lower collection levels and to operate more efficiently , the company continues to look for improvements to its business practices , including better underwriting and better collection procedures . the company has a proprietary credit scoring system which enables the company to monitor the quality of contracts . corporate office personnel monitor proprietary credit scores and work with dealerships when the distribution of scores falls outside of prescribed thresholds . story_separator_special_tag in fiscal 2014 the company had a $ 2.5 million net decrease in total debt used to contribute to the funding of finance receivables growth of $ 16 million , net capital expenditures of $ 7.1 million and common stock repurchases of $ 12.8 million . 27 story_separator_special_tag as well as increased competitive pressures . management continues to focus on improved execution at the dealership level , specifically as related to working individually with its customers concerning collection issues . 29 the company has generally leased the majority of the properties where its dealerships are located . as of april 30 , 2014 , the company leased approximately 87 % of its dealership properties . the company expects to continue to lease the majority of the properties where its dealerships are located . the company 's revolving credit facilities generally limit distributions by the company to its shareholders in order to repurchase the company 's common stock . the distribution limitations under the agreement allow the company to repurchase the company 's stock so long as : either ( a ) the aggregate amount of such repurchases does not exceed $ 40 million and the sum of borrowing bases combined minus the principal balances of all revolver loans after giving effect to such repurchases is equal to or greater than 25 % of the sum of the borrowing bases , or ( b ) the aggregate amount of such repurchases does not exceed 75 % of the consolidated net income of the company measured on a trailing twelve month basis ; provided that immediately before and after giving effect to the stock repurchases , at least 12.5 % of the aggregate funds committed under the credit facilities remain available . thus , the company is limited in the amount of dividends or other distributions it can make to its shareholders without the consent of the company 's lenders . at april 30 , 2014 , the company had $ 289,000 of cash on hand and approximately $ 46 million of availability under its revolving credit facilities ( see note f to the consolidated financial statements in item 8 ) . on a short-term basis , the company 's principal sources of liquidity include income from operations and borrowings under its revolving credit facilities . on a longer-term basis , the company expects its principal sources of liquidity to consist of income from operations and borrowings under revolving credit facilities and or fixed interest term loans . the company 's revolving credit facilities mature in june 2016 and the company expects that it will be able to renew or refinance its revolving credit facilities on or before the date they mature . furthermore , while the company has no specific plans to issue debt or equity securities , the company believes , if necessary , it could raise additional capital through the issuance of such securities . the company expects to use cash from operations and or borrowings to ( i ) grow its finance receivables portfolio , ( ii ) purchase property and equipment of approximately $ 4.5 million in the next 12 months in connection with refurbishing existing dealerships and adding new dealerships , ( iii ) repurchase shares of common stock when favorable conditions exist and ( iv ) reduce debt to the extent excess cash is available . the company believes it will have adequate liquidity to continue to grow its revenues and to satisfy its capital needs for the foreseeable future . 30 contractual payment obligations the following is a summary of the company 's contractual payment obligations as of april 30 , 2014 , including renewal periods under operating leases that are reasonably assured ( in thousands ) : replace_table_token_10_th the above excludes estimated interest payments on the company 's revolving line of credit . the $ 39.2 million of operating lease commitments includes $ 7.2 million of non-cancelable lease commitments under the primary lease terms , and $ 32.0 million of lease commitments for renewal periods at the company 's option that are reasonably assured . off-balance sheet arrangements the company has entered into operating leases for approximately 87 % of its dealership and office facilities . generally these leases are for periods of three to five years and usually contain multiple renewal options . the company uses leasing arrangements to maintain flexibility in its dealership locations and to preserve capital . the company expects to continue to lease the majority of its dealership and office facilities under arrangements substantially consistent with the past . for the years ended april 30 , 2014 , 2013 and 2012 , rent expense for all operating leases amounted to approximately $ 5.2 million , $ 4.7 million and $ 4.2 million , respectively . other than its operating leases , the company is not a party to any off-balance sheet arrangement that management believes is reasonably likely to have a current or future effect on the company 's financial condition , revenues or expenses , results of operations , liquidity , capital expenditures or capital resources that are material to investors . related finance company contingency car-mart of arkansas and colonial do not meet the affiliation standard for filing consolidated income tax returns , and as such they file separate federal and state income tax returns . car-mart of arkansas routinely sells its finance receivables to colonial at what the company believes to be fair market value and is able to take a tax deduction at the time of sale for the difference between the tax basis of the receivables sold and the sales price . these types of transactions , based upon facts and circumstances , have been permissible under the provisions of the internal revenue code as described in the treasury regulations . for financial accounting purposes , these transactions are eliminated in consolidation and a deferred income tax liability has been recorded for this timing difference . the sale of finance receivables from car-mart

