for the year ended december 31 , 2020 , we recorded provision for credit losses of $ 518.6 million , related to new consumer loan assignments . over the life of the loan , we expect to record an amount equivalent to this provision for credit losses as finance charge revenue , which will be recognized using the same effective interest rate used to record the loan . the remaining provision for credit losses of $ 38.3 million for the year ended december 31 , 2020 , reflected changes in our estimates of the amount and timing of future net cash flows from our loan portfolio discussed below . under cecl , the net present value of the change in our net cash flow forecast is recorded as a provision for credit losses or reversal of provision for credit losses . critical success factors critical success factors include our ability to accurately forecast consumer loan performance , access capital on acceptable terms , and maintain or grow consumer loan volume at the level and on the terms that we anticipate , with an objective to maximize economic profit . economic profit is a non-gaap financial measure we use to evaluate our financial results and determine incentive compensation . economic profit measures how efficiently we utilize our total capital , both debt and equity , and is a function of the return on capital in excess of the cost of capital and the amount of capital invested in the business . 26 consumer loan metrics at the time a consumer loan is submitted to us for assignment , we forecast future expected cash flows from the consumer loan . based on the amount and timing of these forecasts and expected expense levels , an advance or one-time purchase payment is made to the related dealer at a price designed to maximize economic profit . we use a statistical model to estimate the expected collection rate for each consumer loan at the time of assignment . we continue to evaluate the expected collection rate of each consumer loan subsequent to assignment . our evaluation becomes more accurate as the consumer loans age , as we use actual performance data in our forecast . by comparing our current expected collection rate for each consumer loan with the rate we projected at the time of assignment , we are able to assess the accuracy of our initial forecast . the following table compares our forecast of consumer loan collection rates as of december 31 , 2020 , with the forecasts as of december 31 , 2019 , as of december 31 , 2018 , and at the time of assignment , segmented by year of assignment : replace_table_token_9_th ( 1 ) represents the total forecasted collections we expect to collect on the consumer loans as a percentage of the repayments that we were contractually owed on the consumer loans at the time of assignment . contractual repayments include both principal and interest . forecasted collection rates are negatively impacted by canceled consumer loans as the contractual amount owed is not removed from the denominator for purposes of computing forecasted collection rates in the table . consumer loans assigned in 2011 through 2013 and 2020 have yielded forecasted collection results materially better than our initial estimates , while consumer loans assigned in 2015 and 2016 have yielded forecasted collection results materially worse than our initial estimates . for all other assignment years presented , actual results have been close to our initial estimates . for the year ended december 31 , 2020 , forecasted collection rates improved for consumer loans assigned in 2020 , declined for consumer loans assigned in 2015 through 2019 and were generally consistent with expectations at the start of the period for all other assignment years presented . for the year ended december 31 , 2019 , forecasted collection rates improved for consumer loans assigned in 2019 , declined for consumer loans assigned in 2017 and were generally consistent with expectations at the start of the period for all other assignment years presented . the changes in forecasted collection rates impacted forecasted net cash flows ( forecasted collections less forecasted dealer holdback payments ) as follows : replace_table_token_10_th 27 during the first quarter of 2020 , we reduced our estimate of future net cash flows from our loan portfolio by $ 206.5 million , or 2.3 % of the forecasted net cash flows at the start of the period , primarily due to the impact of the covid-19 pandemic . the reduction was comprised of : ( 1 ) $ 44.3 million calculated by our forecasting model , which reflected lower realized collections during the first quarter of 2020 and ( 2 ) an additional $ 162.2 million , which represented our best estimate of the future impact of the covid-19 pandemic on future net cash flows . under cecl , changes in the amount and timing of forecasted net cash flows are recorded as a provision for credit losses in the current period . while the adjustment to our forecast , which we continued to apply through the end of 2020 , represents our best estimate at this time , the covid-19 pandemic has created conditions that increase the level of uncertainty associated with our estimate of the amount and timing of future net cash flows from our loan portfolio . the following table summarizes changes in realized collections in each of the last four quarters as compared to the same period in the previous year : replace_table_token_11_th ( 1 ) represents collections realized on consumer loans that are either current or in the early stages of delinquency . starting in mid-march , we experienced a reduction in realized collections at the same time government authorities began to implement restrictions that limited economic activity . story_separator_special_tag the preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period . on an ongoing basis , we review our accounting policies , assumptions , estimates and judgments to ensure that our financial statements are presented fairly and in accordance with gaap . our significant accounting policies are discussed in note 2 to the consolidated financial statements contained in item 8 of this form 10-k , which is incorporated herein by reference . we believe that the following accounting estimates are the most critical to aid in fully understanding and evaluating our reported financial results , and involve a high degree of subjective or complex judgment , and the use of different estimates or assumptions could produce materially different financial results . 35 finance charge revenue & allowance for credit losses nature of estimates required . we estimate the amount and timing of future collections and dealer holdback payments . these estimates impact loans receivable and allowance for credit losses on our balance sheet and finance charges and provision for credit losses on our income statement . assumptions and approaches used . on january 1 , 2020 , we adopted accounting standards update 2016-13 , measurement of credit losses on financial instruments , which is known as the current expected credit loss model , or cecl . prior to the adoption of cecl on january 1 , 2020 , we accounted for our loans as loans acquired with significant credit deterioration . for additional information regarding the adoption impact of cecl , see note 2 and note 5 to the consolidated financial statements contained in item 8 of this form 10-k , which is incorporated herein by reference . we recognize finance charges under the interest method such that revenue is recognized on a level-yield basis over the life of the loan . we calculate finance charges on a monthly basis by applying the effective interest rate of the loan to the net carrying amount of the loan ( loan receivable less the related allowance for credit losses ) . for consumer loans assigned subsequent to december 31 , 2019 , the effective interest rate is based on contractual future net cash flows . for consumer loans assigned prior to january 1 , 2020 , the effective interest rate was determined based on expected future net cash flows . the outstanding balance of the allowance for credit losses of each loan represents the amount required to reduce the net carrying amount of loans ( loans receivable less allowance for credit losses ) to the present value of expected future net cash flows discounted at the effective interest rate . expected future net cash flows for dealer loans are comprised of expected future collections on the assigned consumer loans , less any expected future dealer holdback payments . expected future net cash flows for purchased loans are comprised of expected future collections on the assigned consumer loans . expected future collections are forecasted for each individual consumer loan based on the historical performance of consumer loans with similar characteristics , adjusted for recent trends in payment patterns and economic conditions . our forecast of expected future collections includes estimates for prepayments and post-contractual-term cash flows . unless the consumer is no longer contractually obligated to pay us , we forecast future collections on each consumer loan for a 120 month period after the origination date . expected future dealer holdback payments are forecasted for each individual dealer based on the expected future collections and current advance balance of each dealer loan . we monitor and evaluate consumer loan performance on a monthly basis by comparing our current forecasted collection rates to our initial expectations . we use a statistical model that considers a number of credit quality indicators to estimate the expected collection rate for each consumer loan at the time of assignment . the credit quality indicators considered in our model include attributes contained in the consumer 's credit bureau report , data contained in the consumer 's credit application , the structure of the proposed transaction , vehicle information and other factors . we continue to evaluate the expected collection rate of each consumer loan subsequent to assignment primarily through the monitoring of consumer payment behavior . our evaluation becomes more accurate as the consumer loans age , as we use actual performance data in our forecast . since all known , significant credit quality indicators have already been factored into our forecasts and pricing , we are not able to use any specific credit quality indicators to predict or explain variances in actual performance from our initial expectations . any variances in performance from our initial expectations are the result of consumer loans performing differently from historical consumer loans with similar characteristics . we periodically adjust our statistical pricing model for new trends that we identify through our evaluation of these forecasted collection rate variances . covid-19 continues to be widespread in the united states . in an effort to contain the virus , authorities have implemented various measures , including travel bans , stay-at-home orders and shutdowns of non-essential businesses . these measures have caused a significant decline in economic activity and a dramatic increase in unemployment . while the prevalence , severity and impact of such restrictions have lessened and unemployment rates have improved , uncertainty remains as to when economic conditions will return to normalcy and whether further restrictions may be required . starting in mid-march , we experienced a significant decline in cash flows from our loan portfolio that lasted through mid-april , after which collections and new loan volumes improved significantly . starting in late july and continuing through the end of the year , we experienced another substantial reduction in demand for our product .

liquidity and capital resources we need capital to maintain and grow our business . our primary sources of capital are cash flows from operating activities , collections of consumer loans and borrowings under : ( 1 ) a revolving secured line of credit ; ( 2 ) warehouse facilities ; ( 3 ) term abs financings ; and ( 4 ) senior notes . there are various restrictive covenants to which we are subject under each financing arrangement and we were in compliance with those covenants as of december 31 , 2020. for information regarding these financings and the covenants included in the related documents , see note 9 to the consolidated financial statements contained in item 8 of this form 10-k , which is incorporated herein by reference . on january 17 , 2020 , we used a portion of the net proceeds from the 2024 senior notes to redeem the remaining $ 151.8 million outstanding principal amount of the 2021 senior notes . on february 20 , 2020 , we completed a $ 500.0 million term abs financing , which was used to repay outstanding indebtedness . the financing has an expected annualized cost of approximately 2.5 % ( including the initial purchasers ' fees and other costs ) , and it will revolve for 24 months , after which it will amortize based upon the cash flows on the contributed loans . on march 15 , 2020 , we redeemed the $ 250.0 million outstanding principal amount of the 2023 senior notes in accordance with the terms of the indenture governing the 2023 notes at a redemption price equal to 101.844 % of the principal amount thereof . on june 25 , 2020 , june 26 , 2020 , and june 30 , 2020 , we amended our agreements for warehouse facility ii , warehouse facility vii , and our revolving secured line of credit facility , respectively .


 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 we need capital to maintain and grow our business . our primary sources of capital are cash flows from operating activities , collections of consumer loans and borrowings under : ( 1 ) a revolving secured line of credit ; ( 2 ) warehouse facilities ; ( 3 ) term abs financings ; and ( 4 ) senior notes . there are various restrictive covenants to which we are subject under each financing arrangement and we were in compliance with those covenants as of december 31 , 2020. for information regarding these financings and the covenants included in the related documents , see note 9 to the consolidated financial statements contained in item 8 of this form 10-k , which is incorporated herein by reference . on january 17 , 2020 , we used a portion of the net proceeds from the 2024 senior notes to redeem the remaining $ 151.8 million outstanding principal amount of the 2021 senior notes . on february 20 , 2020 , we completed a $ 500.0 million term abs financing , which was used to repay outstanding indebtedness . the financing has an expected annualized cost of approximately 2.5 % ( including the initial purchasers ' fees and other costs ) , and it will revolve for 24 months , after which it will amortize based upon the cash flows on the contributed loans . on march 15 , 2020 , we redeemed the $ 250.0 million outstanding principal amount of the 2023 senior notes in accordance with the terms of the indenture governing the 2023 notes at a redemption price equal to 101.844 % of the principal amount thereof . on june 25 , 2020 , june 26 , 2020 , and june 30 , 2020 , we amended our agreements for warehouse facility ii , warehouse facility vii , and our revolving secured line of credit facility , respectively .
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 Suspicious Activity Report : for the year ended december 31 , 2020 , we recorded provision for credit losses of $ 518.6 million , related to new consumer loan assignments . over the life of the loan , we expect to record an amount equivalent to this provision for credit losses as finance charge revenue , which will be recognized using the same effective interest rate used to record the loan . the remaining provision for credit losses of $ 38.3 million for the year ended december 31 , 2020 , reflected changes in our estimates of the amount and timing of future net cash flows from our loan portfolio discussed below . under cecl , the net present value of the change in our net cash flow forecast is recorded as a provision for credit losses or reversal of provision for credit losses . critical success factors critical success factors include our ability to accurately forecast consumer loan performance , access capital on acceptable terms , and maintain or grow consumer loan volume at the level and on the terms that we anticipate , with an objective to maximize economic profit . economic profit is a non-gaap financial measure we use to evaluate our financial results and determine incentive compensation . economic profit measures how efficiently we utilize our total capital , both debt and equity , and is a function of the return on capital in excess of the cost of capital and the amount of capital invested in the business . 26 consumer loan metrics at the time a consumer loan is submitted to us for assignment , we forecast future expected cash flows from the consumer loan . based on the amount and timing of these forecasts and expected expense levels , an advance or one-time purchase payment is made to the related dealer at a price designed to maximize economic profit . we use a statistical model to estimate the expected collection rate for each consumer loan at the time of assignment . we continue to evaluate the expected collection rate of each consumer loan subsequent to assignment . our evaluation becomes more accurate as the consumer loans age , as we use actual performance data in our forecast . by comparing our current expected collection rate for each consumer loan with the rate we projected at the time of assignment , we are able to assess the accuracy of our initial forecast . the following table compares our forecast of consumer loan collection rates as of december 31 , 2020 , with the forecasts as of december 31 , 2019 , as of december 31 , 2018 , and at the time of assignment , segmented by year of assignment : replace_table_token_9_th ( 1 ) represents the total forecasted collections we expect to collect on the consumer loans as a percentage of the repayments that we were contractually owed on the consumer loans at the time of assignment . contractual repayments include both principal and interest . forecasted collection rates are negatively impacted by canceled consumer loans as the contractual amount owed is not removed from the denominator for purposes of computing forecasted collection rates in the table . consumer loans assigned in 2011 through 2013 and 2020 have yielded forecasted collection results materially better than our initial estimates , while consumer loans assigned in 2015 and 2016 have yielded forecasted collection results materially worse than our initial estimates . for all other assignment years presented , actual results have been close to our initial estimates . for the year ended december 31 , 2020 , forecasted collection rates improved for consumer loans assigned in 2020 , declined for consumer loans assigned in 2015 through 2019 and were generally consistent with expectations at the start of the period for all other assignment years presented . for the year ended december 31 , 2019 , forecasted collection rates improved for consumer loans assigned in 2019 , declined for consumer loans assigned in 2017 and were generally consistent with expectations at the start of the period for all other assignment years presented . the changes in forecasted collection rates impacted forecasted net cash flows ( forecasted collections less forecasted dealer holdback payments ) as follows : replace_table_token_10_th 27 during the first quarter of 2020 , we reduced our estimate of future net cash flows from our loan portfolio by $ 206.5 million , or 2.3 % of the forecasted net cash flows at the start of the period , primarily due to the impact of the covid-19 pandemic . the reduction was comprised of : ( 1 ) $ 44.3 million calculated by our forecasting model , which reflected lower realized collections during the first quarter of 2020 and ( 2 ) an additional $ 162.2 million , which represented our best estimate of the future impact of the covid-19 pandemic on future net cash flows . under cecl , changes in the amount and timing of forecasted net cash flows are recorded as a provision for credit losses in the current period . while the adjustment to our forecast , which we continued to apply through the end of 2020 , represents our best estimate at this time , the covid-19 pandemic has created conditions that increase the level of uncertainty associated with our estimate of the amount and timing of future net cash flows from our loan portfolio . the following table summarizes changes in realized collections in each of the last four quarters as compared to the same period in the previous year : replace_table_token_11_th ( 1 ) represents collections realized on consumer loans that are either current or in the early stages of delinquency . starting in mid-march , we experienced a reduction in realized collections at the same time government authorities began to implement restrictions that limited economic activity . story_separator_special_tag the preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period . on an ongoing basis , we review our accounting policies , assumptions , estimates and judgments to ensure that our financial statements are presented fairly and in accordance with gaap . our significant accounting policies are discussed in note 2 to the consolidated financial statements contained in item 8 of this form 10-k , which is incorporated herein by reference . we believe that the following accounting estimates are the most critical to aid in fully understanding and evaluating our reported financial results , and involve a high degree of subjective or complex judgment , and the use of different estimates or assumptions could produce materially different financial results . 35 finance charge revenue & allowance for credit losses nature of estimates required . we estimate the amount and timing of future collections and dealer holdback payments . these estimates impact loans receivable and allowance for credit losses on our balance sheet and finance charges and provision for credit losses on our income statement . assumptions and approaches used . on january 1 , 2020 , we adopted accounting standards update 2016-13 , measurement of credit losses on financial instruments , which is known as the current expected credit loss model , or cecl . prior to the adoption of cecl on january 1 , 2020 , we accounted for our loans as loans acquired with significant credit deterioration . for additional information regarding the adoption impact of cecl , see note 2 and note 5 to the consolidated financial statements contained in item 8 of this form 10-k , which is incorporated herein by reference . we recognize finance charges under the interest method such that revenue is recognized on a level-yield basis over the life of the loan . we calculate finance charges on a monthly basis by applying the effective interest rate of the loan to the net carrying amount of the loan ( loan receivable less the related allowance for credit losses ) . for consumer loans assigned subsequent to december 31 , 2019 , the effective interest rate is based on contractual future net cash flows . for consumer loans assigned prior to january 1 , 2020 , the effective interest rate was determined based on expected future net cash flows . the outstanding balance of the allowance for credit losses of each loan represents the amount required to reduce the net carrying amount of loans ( loans receivable less allowance for credit losses ) to the present value of expected future net cash flows discounted at the effective interest rate . expected future net cash flows for dealer loans are comprised of expected future collections on the assigned consumer loans , less any expected future dealer holdback payments . expected future net cash flows for purchased loans are comprised of expected future collections on the assigned consumer loans . expected future collections are forecasted for each individual consumer loan based on the historical performance of consumer loans with similar characteristics , adjusted for recent trends in payment patterns and economic conditions . our forecast of expected future collections includes estimates for prepayments and post-contractual-term cash flows . unless the consumer is no longer contractually obligated to pay us , we forecast future collections on each consumer loan for a 120 month period after the origination date . expected future dealer holdback payments are forecasted for each individual dealer based on the expected future collections and current advance balance of each dealer loan . we monitor and evaluate consumer loan performance on a monthly basis by comparing our current forecasted collection rates to our initial expectations . we use a statistical model that considers a number of credit quality indicators to estimate the expected collection rate for each consumer loan at the time of assignment . the credit quality indicators considered in our model include attributes contained in the consumer 's credit bureau report , data contained in the consumer 's credit application , the structure of the proposed transaction , vehicle information and other factors . we continue to evaluate the expected collection rate of each consumer loan subsequent to assignment primarily through the monitoring of consumer payment behavior . our evaluation becomes more accurate as the consumer loans age , as we use actual performance data in our forecast . since all known , significant credit quality indicators have already been factored into our forecasts and pricing , we are not able to use any specific credit quality indicators to predict or explain variances in actual performance from our initial expectations . any variances in performance from our initial expectations are the result of consumer loans performing differently from historical consumer loans with similar characteristics . we periodically adjust our statistical pricing model for new trends that we identify through our evaluation of these forecasted collection rate variances . covid-19 continues to be widespread in the united states . in an effort to contain the virus , authorities have implemented various measures , including travel bans , stay-at-home orders and shutdowns of non-essential businesses . these measures have caused a significant decline in economic activity and a dramatic increase in unemployment . while the prevalence , severity and impact of such restrictions have lessened and unemployment rates have improved , uncertainty remains as to when economic conditions will return to normalcy and whether further restrictions may be required . starting in mid-march , we experienced a significant decline in cash flows from our loan portfolio that lasted through mid-april , after which collections and new loan volumes improved significantly . starting in late july and continuing through the end of the year , we experienced another substantial reduction in demand for our product .

