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AN » Topics » 19. CHARGEBACK RESERVES

This excerpt taken from the AN 10-K filed Feb 17, 2010.

19. CHARGEBACK RESERVES

We may be charged back for commissions related to financing, insurance, or vehicle protection products in the event of early termination of the contracts by customers (“chargebacks”). These commissions are recorded at the time of the sale of the vehicles, net of an estimated liability for chargebacks. The following is a rollforward of our estimated chargeback liability for each of the three years presented in our Consolidated Financial Statements:

 

            2009                   2008                   2007        

Balance - January 1

     $ 61.0      $ 62.5      $ 70.1 

Add: Provisions

     28.1      49.8      45.7 

Deduct: Chargebacks

     (40.4)     (51.3)     (53.3)
                 

Balance - December 31

     $ 48.7      $ 61.0      $ 62.5 
                 

 

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Table of Contents

AUTONATION, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Continued)

 

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