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Auto Loans Receivable (Tables) | 12 Months Ended
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Dec. 31, 2022
Receivables [Abstract] |
Auto Loans Receivable | The components of auto loans receivable, net of unearned discounts and allowances for expected credit losses, at December 31, 2022 are as follows:
|  | 2022
Total auto loans receivable |  | $ | 377.0 |
Accrued interest and fees |  | 4.4 |
Deferred loan origination costs |  | 0.5 |
Less: unearned discounts |  | (21.3) |
Less: allowances for expected credit losses |  | (57.5) |
Auto loans receivable, net |  | $ | 303.1 |
Financing Receivable Credit Quality Indicators | The following table presents auto loans receivable, as of December 31, 2022, disaggregated by major credit program tier:
| Fiscal Year of Origination (1) |  |
| 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior to 2018 |  | Total
Credit Program Tier: |  |  |  |  |  |  |  |  |  |  |  |  |
Platinum | $ | 21.9 |  |  | $ | 12.9 |  |  | $ | 6.4 |  |  | $ | 7.4 |  |  | $ | 2.2 |  |  | $ | 0.2 |  |  | $ | 51.0 |
Gold | 53.7 |  |  | 30.0 |  |  | 12.9 |  |  | 10.6 |  |  | 3.2 |  |  | 0.4 |  |  | 110.8 |
Silver | 61.9 |  |  | 29.8 |  |  | 10.4 |  |  | 8.0 |  |  | 1.9 |  |  | 0.1 |  |  | 112.1 |
Bronze | 41.4 |  |  | 17.1 |  |  | 7.4 |  |  | 3.7 |  |  | 1.0 |  |  | 0.1 |  |  | 70.7 |
Copper | 19.2 |  |  | 8.0 |  |  | 2.6 |  |  | 1.8 |  |  | 0.7 |  |  | 0.1 |  |  | 32.4 |
Total auto loans receivable | $ | 198.1 |  |  | $ | 97.8 |  |  | $ | 39.7 |  |  | $ | 31.5 |  |  | $ | 9.0 |  |  | $ | 0.9 |  |  | $ | 377.0 |
Current-period gross write-offs | $ | 5.3 |  |  | $ | 5.9 |  |  | $ | 1.4 |  |  | $ | 1.1 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | 13.9 |
(1) Classified based on credit grade assigned when customer was initially approved for financing.
Financing Receivable, Allowance for Credit Loss | The following is a rollforward of our allowance for expected credit losses for auto loans receivable for the year ended December 31, 2022:
|  | 2022 |
Balance as of beginning of year |  | $ | — |  |
Provision for credit losses(1) |  | 43.8 |  |
Initial allowance for purchased credit-deteriorated loans |  | 21.7 |  |
Write-offs |  | (13.9) |  |
Recoveries(2) |  | 5.9 |  |
Balance as of end of year |  | $ | 57.5 |  |
(1) Includes initial credit loss expense of $34.2 million associated with the auto loan portfolio acquired in the acquisition of CIG Financial on October 1, 2022. |
(2) Net of costs incurred to recover vehicle collateral. |
Purchased Financial Assets With Credit Deterioration | The following is a reconciliation of the difference between the purchase price of the financial assets and the par value of the assets on the acquisition date:
Purchase price of PCD loans at acquisition |  | $ | 103.2 |
Initial allowance for credit losses of PCD loans at acquisition |  | 21.7 |
Noncredit premium of PCD loans at acquisition |  | (3.0) |
Par value of acquired PCD loans at acquisition |  | $ | 121.9 |
Financing Receivable, Past Due | The following table presents past due auto loans receivable, as of December 31, 2022:
| Age Analysis of Past-Due Financial Assets as of December 31, 2022 |  |  |  |
| 31-60 Days |  | 61-90 Days |  | Greater than 90 Days |  | Total Past Due |  | Current |  | Total
Auto loans receivable | $ | 13.0 |  |  | $ | 4.1 |  |  | $ | 2.6 |  |  | $ | 19.7 |  |  | $ | 357.3 |  |  | $ | 377.0 |

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524 + Details
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