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Auto Loans Receivable (Tables) | 9 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
Auto Loans Receivable | The components of auto loans receivable, net of unearned discounts and allowances for expected credit losses, at September 30, 2023, and December 31, 2022, are as follows:
| September 30, 2023 |  | December 31, 2022
Total auto loans receivable | $ | 373.6 |  |  | $ | 377.0 |
Accrued interest and fees | 4.1 |  |  | 4.4 |
Deferred loan origination costs | 0.7 |  |  | 0.5 |
Less: unearned discounts | (10.5) |  |  | (21.3) |
Less: allowances for expected credit losses | (47.9) |  |  | (57.5) |
Auto loans receivable, net | $ | 320.0 |  |  | $ | 303.1 |
Financing Receivable Credit Quality Indicators | The following tables present auto loans receivable as of September 30, 2023, and December 31, 2022, disaggregated by major credit program tier:
|  | Fiscal Year of Origination |  |
As of September 30, 2023 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior to 2019 |  | Total
Credit Program Tier(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Platinum |  | $ | 70.4 |  |  | $ | 16.5 |  |  | $ | 9.2 |  |  | $ | 4.0 |  |  | $ | 4.0 |  |  | $ | 0.7 |  |  | $ | 104.8 |
Gold |  | 52.8 |  |  | 39.8 |  |  | 21.0 |  |  | 8.2 |  |  | 5.8 |  |  | 1.2 |  |  | 128.8 |
Silver |  | 50.4 |  |  | 37.4 |  |  | 19.2 |  |  | 6.3 |  |  | 3.9 |  |  | 0.6 |  |  | 117.8 |
Bronze |  | 6.2 |  |  | 1.4 |  |  | 7.3 |  |  | 1.9 |  |  | 0.1 |  |  | 0.1 |  |  | 17.0 |
Copper |  | 0.4 |  |  | 0.4 |  |  | 3.5 |  |  | 0.7 |  |  | 0.1 |  |  | 0.1 |  |  | 5.2 |
Total auto loans receivable |  | $ | 180.2 |  |  | $ | 95.5 |  |  | $ | 60.2 |  |  | $ | 21.1 |  |  | $ | 13.9 |  |  | $ | 2.7 |  |  | $ | 373.6 |
Current-period gross write-offs |  | $ | 4.5 |  |  | $ | 27.3 |  |  | $ | 12.5 |  |  | $ | 3.7 |  |  | $ | 2.1 |  |  | $ | 0.6 |  |  | $ | 50.7 |
|  | Fiscal Year of Origination |  |
As of December 31, 2022 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior to 2018 |  | Total
Credit Program Tier(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
(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 nine months ended September 30, 2023:
|  | Nine Months Ended
|  | September 30, 2023
Balance as of beginning of year |  | $ | 57.5 |
Provision for credit losses |  | 36.0 |
Write-offs |  | (50.7) |
Recoveries(1) |  | 21.2 |
Sold loans |  | (16.1) |
Balance as of September 30, 2023 |  | $ | 47.9 |
(1) Includes proceeds from the recovery of vehicle collateral, net of costs incurred.
Financing Receivable, Past Due | The following table presents past due auto loans receivable, as of September 30, 2023, and December 31, 2022:
| Age Analysis of Past-Due Auto Loans Receivable as of
| September 30, 2023 |  | December 31, 2022
31-60 Days | $ | 18.6 |  |  | $ | 13.0 |
61-90 Days | 5.5 |  |  | 4.1
Greater than 90 Days | 3.7 |  |  | 2.6
Total Past Due | $ | 27.8 |  |  | $ | 19.7 |
Current | 345.8 |  |  | 357.3
Total | $ | 373.6 |  |  | $ | 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 -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-29 + Details
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