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FINANCE RECEIVABLES
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
FINANCE RECEIVABLES FINANCE RECEIVABLES
Interest income on finance receivables is recognized based on the contractual terms of each receivable and is
accrued until repayment, reaching non-accrual status, charge-off, or repossession. Direct costs associated with
originations are capitalized and expensed as an offset to interest income when recognized on the receivables.
The balances of finance receivables are made up of loans and finance leases secured by the related vehicles. More
than 99% of the portfolio is aged less than 60 days past due with less than 1% on non-accrual status.
Finance Receivables, net
(in millions)
March 31, 2025
December 31, 2024
Asset-backed term funding
$2,868.0
$2,604.9
Warehouse facilities
956.4
1,052.0
Other managed receivables
328.7
314.2
Total finance receivables
4,153.1
3,971.1
Accrued interest and fees
21.9
20.5
Less: Allowance for credit losses
(127.5)
(123.4)
Finance receivables, net
$4,047.5
$3,868.2
Finance Receivables by FICO Score
As of March 31, 2025
Year of Origination
($ in millions)
2025
2024
2023
2022
2021
Prior to 2021
Total
<599
$13.0
$48.8
$34.7
$19.2
$8.3
$1.0
$125.0
600-699
154.3
499.9
362.4
263.2
77.4
6.8
1,364.0
700-774
185.2
519.1
361.6
253.2
34.2
2.7
1,356.0
775+
201.5
474.9
288.2
156.3
7.9
1.0
1,129.8
Total auto loan receivables
$554.0
$1,542.7
$1,046.9
$691.9
$127.8
$11.5
3,974.8
Other finance receivables 1
178.3
Total finance receivables
$4,153.1
As of December 31, 2024
Year of Origination
($ in millions)
2024
2023
2022
2021
2020
Total
<599
$53.0
$39.7
$22.4
$9.9
$1.4
$126.4
600-699
534.1
406.2
298.8
90.2
8.3
1,337.6
700-774
560.2
402.5
284.9
39.5
3.2
1,290.3
775+
528.1
324.9
176.6
9.1
1.3
1,040.0
Total auto loan receivables
$1,675.4
$1,173.3
$782.7
$148.7
$14.2
3,794.3
Other finance receivables 1
176.8
Total finance receivables
$3,971.1
1Includes legacy portfolio, loans that are originated with no FICO score available, lease receivables, and deferred origination
fees.
In accordance with FASB ASC Topic 326, the allowance for finance receivable losses is estimated based on our
historical write-off experience, current conditions and forecasts, as well as the value of any underlying assets
securing these receivables. Consideration is given to recent delinquency trends and recovery rates. Account
balances are charged against the allowance upon reaching 120 days past due status.
Rollforward of Allowance for Finance Receivable Losses
Our allowance for finance receivable losses represents the net credit losses expected over the remaining
contractual life of our managed receivables. The allowances for credit losses related to finance receivables
consisted of the following changes during the period:
Three Months Ended March 31,
(in millions)
2025
2024
Allowance at beginning of period
$123.4
$106.4
Charge-offs
(43.1)
(34.1)
Recoveries
21.7
14.8
Sold loans
—
(0.3)
Provision expense
25.5
25.0
Allowance at end of period
$127.5
$111.8
Charge-off Activity by Year of Origination
Three Months Ended March 31,
(in millions)
2025
2024
2025
$—
$—
2024
11.5
—
2023
15.9
13.4
2022
10.7
15.1
2021
3.1
4.9
2020 and prior
0.1
—
Other finance receivables 1
1.8
0.7
Total charge-offs
$43.1
$34.1
1Includes legacy portfolio, loans that are originated with no FICO score available, and finance lease receivables.