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Auto Loans Receivable (Tables) | 12 Months Ended
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Dec. 31, 2023
Receivables [Abstract] |
Auto Loans Receivable | The components of auto loans receivable, net of unearned discounts and allowances for expected credit losses, at December 31, are as follows:
|  | 2023 |  | 2022
Total auto loans receivable |  | $ | 451.2 |  |  | $ | 377.0 |
Accrued interest and fees |  | 4.8 |  |  | 4.4 |
Deferred loan origination costs |  | 1.6 |  |  | 0.5 |
Less: unearned discounts |  | (8.9) |  |  | (21.3) |
Less: allowances for expected credit losses |  | (46.3) |  |  | (57.5) |
Auto loans receivable, net |  | $ | 402.4 |  |  | $ | 303.1 |
Financing Receivable Credit Quality Indicators | The following table presents auto loans receivable as of December 31, 2023, and December 31, 2022, disaggregated by major credit program tier:
| Fiscal Year of Origination |  |  |
As of December 31, 2023 | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior to 2019 |  | Total |
Credit Program Tier(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Platinum | $ | 163.9 |  |  | $ | 14.8 |  |  | $ | 8.2 |  |  | $ | 3.3 |  |  | $ | 3.1 |  |  | $ | 0.5 |  |  | $ | 193.8 |  |
Gold | 64.3 |  |  | 35.9 |  |  | 18.5 |  |  | 6.8 |  |  | 4.5 |  |  | 0.8 |  |  | 130.8 |  |
Silver | 50.2 |  |  | 33.0 |  |  | 16.2 |  |  | 5.2 |  |  | 2.8 |  |  | 0.3 |  |  | 107.7 |  |
Bronze | 6.7 |  |  | 0.7 |  |  | 6.0 |  |  | 1.5 |  |  | 0.1 |  |  | — |  |  | 15.0 |  |
Copper | 0.3 |  |  | 0.2 |  |  | 2.8 |  |  | 0.5 |  |  | 0.1 |  |  | — |  |  | 3.9 |  |
Total auto loans receivable | $ | 285.4 |  |  | $ | 84.6 |  |  | $ | 51.7 |  |  | $ | 17.3 |  |  | $ | 10.6 |  |  | $ | 1.6 |  |  | $ | 451.2 |  |
Current-period gross write-offs | $ | 10.5 |  |  | $ | 33.6 |  |  | $ | 16.4 |  |  | $ | 4.6 |  |  | $ | 2.5 |  |  | $ | 0.7 |  |  | $ | 68.3 |  |
| 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 years ended December 31, 2023, and December 31, 2022:
| 2023 |  | 2022(1)
Balance as of beginning of year | $ | 57.5 |  |  | $ | — |
Provision for credit losses | 45.9 |  |  | 43.8 |
Initial allowance for purchased credit-deteriorated loans | — |  |  | 21.7 |
Write-offs | (68.3) |  |  | (13.9) |
Recoveries(2) | 27.3 |  |  | 5.9 |
Sold loans | (16.1) |  |  | — |
Balance as of end of year | $ | 46.3 |  |  | $ | 57.5 |
(1) Reflects activity that occurred after the acquisition of CIG Financial on October 1, 2022. Provision for credit losses includes initial credit loss expense of $34.2 million associated with the auto loan portfolio acquired as part of the acquisition.
(2) 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 December 31, 2023, and December 31, 2022:
| Age Analysis of Past-Due Financial Assets as of December 31,
| 2023 |  | 2022
31-60 Days | $ | 20.7 |  |  | $ | 13.0 |
61-90 Days | 5.4 |  |  | 4.1 |
Greater than 90 Days | 3.1 |  |  | 2.6 |
Total Past Due | $ | 29.2 |  |  | $ | 19.7 |
Current | 422.0 |  |  | 357.3 |
Total | $ | 451.2 |  |  | $ | 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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