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FINANCE RECEIVABLES | 9 Months Ended
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Sep. 30, 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) | September 30, 2025 |  | December 31, 2024
Asset-backed term funding | $2,757.3 |  | $2,604.9
Warehouse facilities | 1,514.8 |  | 1,052.0
Other managed receivables | 389.5 |  | 314.2
Total finance receivables | 4,661.6 |  | 3,971.1
Accrued interest and fees | 23.1 |  | 20.5
Less: Allowance for credit losses | (139.8) |  | (123.4)
Finance receivables, net | $4,544.9 |  | $3,868.2
Finance Receivables by FICO Score
| As of September 30, 2025
| Year of Origination
($ in millions) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior to 2021 |  | Total
<599 | $35.9 |  | $39.2 |  | $26.2 |  | $14.1 |  | $5.8 |  | $0.6 |  | $121.8
600-699 | 490.1 |  | 410.0 |  | 284.2 |  | 200.5 |  | 54.7 |  | 4.3 |  | 1,443.8
700-774 | 612.7 |  | 423.3 |  | 287.2 |  | 194.3 |  | 24.6 |  | 1.7 |  | 1,543.8
775+ | 614.8 |  | 379.4 |  | 224.8 |  | 118.4 |  | 5.7 |  | 0.5 |  | 1,343.6
Total auto loan receivables | $1,753.5 |  | $1,251.9 |  | $822.4 |  | $527.3 |  | $90.8 |  | $7.1 |  | 4,453.0
Other finance receivables 1 |  |  |  |  |  |  |  |  |  |  |  |  | 208.6
Total finance receivables |  |  |  |  |  |  |  |  |  |  |  |  | $4,661.6
|  |  | As of December 31, 2024
|  |  | Year of Origination
($ 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
1 Includes 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 credit losses on finance receivables 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 Credit Losses on Finance Receivables Our allowance for credit losses on finance receivables represents the net credit losses expected over the remaining contractual life of our managed receivables. The allowance for credit losses on finance receivables consisted of the following changes during the period:
| Nine Months Ended September 30,
(In millions) | 2025 |  | 2024
Allowance at beginning of period | $123.4 |  | $106.4
Charge-offs | (120.1) |  | (106.8)
Recoveries | 64.5 |  | 44.2
Sold loans | — |  | (0.3)
Provision expense | 72.5 |  | 77.0
Currency translation | (0.5) |  | —
Allowance at end of period | $139.8 |  | $120.5
Charge-off Activity by Year of Origination
| Nine Months Ended September 30,
(In millions) | 2025 |  | 2024
2025 | $6.0 |  | $—
2024 | 37.1 |  | 5.3
2023 | 38.3 |  | 45.4
2022 | 26.7 |  | 39.5
2021 | 7.6 |  | 13.6
2020 and prior | 0.4 |  | 1.2
Other finance receivables 1 | 4.0 |  | 1.8
Total charge-offs | $120.1 |  | $106.8
1 Includes legacy portfolio, loans that are originated with no FICO score available, and finance lease receivables.

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