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Auto Loans Receivable (Tables) | 6 Months Ended
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Jun. 30, 2024
Receivables [Abstract] |
Auto Loans Receivable | The components of auto loans receivable, net of unearned discounts and allowances for expected credit losses, at June 30, 2024, and December 31, 2023, are as follows:
| June 30, 2024 |  | December 31, 2023
Total auto loans receivable | $ | 755.5 |  |  | $ | 451.2 |
Accrued interest and fees | 6.2 |  |  | 4.8 |
Deferred loan origination costs | 2.7 |  |  | 1.6 |
Less: unearned discounts | (6.8) |  |  | (8.9) |
Less: allowances for expected credit losses | (48.2) |  |  | (46.3) |
Auto loans receivable, net | $ | 709.4 |  |  | $ | 402.4 |
Financing Receivable Credit Quality Indicators | The following tables present auto loans receivable as of June 30, 2024, and December 31, 2023, disaggregated by major credit program tier, in descending order of highest likelihood of repayment:
|  |  |  | Fiscal Year of Origination |  |
As of June 30, 2024 |  | Weighted Average FICO Score |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior to 2020 |  | Total
Credit Program Tier(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Palladium |  | 733 |  | $ | 63.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 63.3 |
Rhodium |  | 699 |  | 60.2 |  |  | 21.0 |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 81.3 |
Platinum |  | 647 |  | 246.4 |  |  | 108.5 |  |  | 11.6 |  |  | 6.4 |  |  | 2.3 |  |  | 1.7 |  |  | 376.9 |
Gold |  | 617 |  | 36.6 |  |  | 52.4 |  |  | 27.9 |  |  | 14.0 |  |  | 4.6 |  |  | 2.8 |  |  | 138.3 |
Silver |  | 583 |  | 0.2 |  |  | 40.6 |  |  | 25.0 |  |  | 11.5 |  |  | 3.3 |  |  | 1.4 |  |  | 82.0 |
Bronze |  | 554 |  | 0.1 |  |  | 5.4 |  |  | 0.5 |  |  | 4.3 |  |  | 1.0 |  |  | — |  |  | 11.3 |
Copper |  | 559 |  | — |  |  | 0.2 |  |  | 0.1 |  |  | 1.8 |  |  | 0.3 |  |  | — |  |  | 2.4 |
Total auto loans receivable |  | $ | 406.8 |  |  | $ | 228.1 |  |  | $ | 65.2 |  |  | $ | 38.0 |  |  | $ | 11.5 |  |  | $ | 5.9 |  |  | $ | 755.5 |
Current-period gross write-offs |  | $ | 0.7 |  |  | $ | 12.9 |  |  | $ | 7.9 |  |  | $ | 4.8 |  |  | $ | 1.4 |  |  | $ | 0.5 |  |  | $ | 28.2 |
|  |  |  | Fiscal Year of Origination |  |
As of December 31, 2023 |  | Weighted Average FICO Score |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior to 2019 |  | Total
Credit Program Tier(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rhodium |  | 701 |  | $ | 27.6 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 27.7 |
Platinum |  | 644 |  | 136.3 |  |  | 14.7 |  |  | 8.2 |  |  | 3.3 |  |  | 3.1 |  |  | 0.5 |  |  | 166.1 |
Gold |  | 612 |  | 64.3 |  |  | 35.9 |  |  | 18.5 |  |  | 6.8 |  |  | 4.5 |  |  | 0.8 |  |  | 130.8 |
Silver |  | 583 |  | 50.2 |  |  | 33.0 |  |  | 16.2 |  |  | 5.2 |  |  | 2.8 |  |  | 0.3 |  |  | 107.7 |
Bronze |  | 556 |  | 6.7 |  |  | 0.7 |  |  | 6.0 |  |  | 1.5 |  |  | 0.1 |  |  | — |  |  | 15.0 |
Copper |  | 558 |  | 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 |
(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 six months ended June 30, 2024 and 2023:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
Balance as of beginning of year |  | $ | 46.3 |  |  | $ | 57.5 |
Provision for credit losses |  | 17.9 |  |  | 22.7 |
Write-offs |  | (28.2) |  |  | (30.6) |
Recoveries(1) |  | 12.2 |  |  | 13.5 |
Balance as of end of period |  | $ | 48.2 |  |  | $ | 63.1 |
(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 June 30, 2024, and December 31, 2023:
| Age Analysis of Past-Due Auto Loans Receivable as of
| June 30, 2024 |  | December 31, 2023
31-60 Days | $ | 20.6 |  |  | $ | 20.7 |
61-90 Days | 5.3 |  |  | 5.4
Greater than 90 Days | 2.6 |  |  | 3.1
Total Past Due | $ | 28.5 |  |  | $ | 29.2 |
Current | 727.0 |  |  | 422.0
Total | $ | 755.5 |  |  | $ | 451.2 |

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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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