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Auto Loans Receivable (Tables) | 3 Months Ended
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Mar. 31, 2025
Receivables [Abstract] |
Auto Loans Receivable | The components of auto loans receivable, net of third -party unearned discounts and allowances for expected credit losses, at March 31, 2025, and December 31, 2024, are as follows:
| March 31, 2025 |  | December 31, 2024
Total auto loans receivable | $ | 1,451.3 |  |  | $ | 1,103.8 |
Accrued interest and fees | 9.6 |  |  | 8.2 |
Deferred loan origination costs | 4.3 |  |  | 4.2 |
Less: unearned discounts | (0.6) |  |  | (4.3) |
Less: allowances for expected credit losses | (66.9) |  |  | (54.8) |
Auto loans receivable, net | $ | 1,397.7 |  |  | $ | 1,057.1 |
Financing Receivable Credit Quality Indicators | The following tables present auto loans receivable as of March 31, 2025, and December 31, 2024, disaggregated by major credit program tier, in descending order of highest likelihood of repayment:
|  |  |  | Fiscal Year of Origination |  |
As of March 31, 2025 |  | Weighted Average FICO Score |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior to 2021 |  | Total
Credit Program Tier(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Palladium |  | 734 |  | $ | 164.9 |  |  | $ | 174.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 339.5 |
Rhodium |  | 701 |  | 85.7 |  |  | 134.8 |  |  | 15.2 |  |  | 0.1 |  |  | — |  |  | — |  |  | 235.8 |
Platinum |  | 652 |  | 183.7 |  |  | 485.4 |  |  | 74.6 |  |  | 1.5 |  |  | 3.4 |  |  | 0.9 |  |  | 749.5 |
Gold |  | 624 |  | 9.3 |  |  | 60.3 |  |  | 22.3 |  |  | 0.9 |  |  | 6.1 |  |  | 1.3 |  |  | 100.2 |
Silver |  | 574 |  | 0.2 |  |  | 0.2 |  |  | 12.0 |  |  | 1.0 |  |  | 4.3 |  |  | 0.9 |  |  | 18.6 |
Bronze |  | 549 |  | 0.1 |  |  | 0.1 |  |  | 3.7 |  |  | 0.2 |  |  | 2.2 |  |  | 0.4 |  |  | 6.7 |
Copper |  | 562 |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.8 |  |  | 0.1 |  |  | 1.0 |
Total auto loans receivable |  | $ | 443.9 |  |  | $ | 855.4 |  |  | $ | 127.9 |  |  | $ | 3.7 |  |  | $ | 16.8 |  |  | $ | 3.6 |  |  | $ | 1,451.3 |
Current-period gross write-offs |  | $ | 0.1 |  |  | $ | 8.5 |  |  | $ | 4.5 |  |  | $ | 0.4 |  |  | $ | 1.0 |  |  | $ | 0.2 |  |  | $ | 14.7 |
|  |  |  | Fiscal Year of Origination |  |
As of December 31, 2024 |  | Weighted Average FICO Score |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior to 2020 |  | Total
Credit Program Tier(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Palladium |  | 734 |  | $ | 194.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 194.0 |
Rhodium |  | 702 |  | 147.6 |  |  | 16.9 |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 164.6 |
Platinum |  | 651 |  | 525.1 |  |  | 82.3 |  |  | 1.7 |  |  | 4.0 |  |  | 1.0 |  |  | 0.1 |  |  | 614.2 |
Gold |  | 623 |  | 64.9 |  |  | 25.0 |  |  | 1.3 |  |  | 7.3 |  |  | 1.6 |  |  | 0.1 |  |  | 100.2 |
Silver |  | 574 |  | 0.3 |  |  | 13.4 |  |  | 1.2 |  |  | 5.4 |  |  | 1.2 |  |  | 0.1 |  |  | 21.6 |
Bronze |  | 551 |  | 0.1 |  |  | 4.0 |  |  | 0.2 |  |  | 2.8 |  |  | 0.6 |  |  | — |  |  | 7.7 |
Copper |  | 562 |  | — |  |  | 0.2 |  |  | — |  |  | 1.1 |  |  | 0.2 |  |  | — |  |  | 1.5 |
Total auto loans receivable |  | $ | 932.0 |  |  | $ | 141.8 |  |  | $ | 4.5 |  |  | $ | 20.6 |  |  | $ | 4.6 |  |  | $ | 0.3 |  |  | $ | 1,103.8 |
(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 three months ended March 31, 2025:
|  | Three Months Ended March 31,
|  | 2025 |  | 2024
Balance as of beginning of year |  | $ | 54.8 |  |  | $ | 46.3 |
Provision for credit losses |  | 19.2 |  |  | 10.2 |
Write-offs |  | (14.7) |  |  | (14.0) |
Recoveries(1) |  | 7.6 |  |  | 5.6 |
Balance as of end of period |  | $ | 66.9 |  |  | $ | 48.1 |
(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 March 31, 2025, and December 31, 2024:
| Age Analysis of Past-Due Auto Loans Receivable as of
| March 31, 2025 |  | December 31, 2024
31-60 Days | $ | 21.3 |  |  | $ | 20.6 |
61-90 Days | 5.1 |  |  | 5.5
Greater than 90 Days | 2.5 |  |  | 2.7
Total Past Due | $ | 28.9 |  |  | $ | 28.8 |
Current | 1,422.4 |  |  | 1,075.0 |
Total | $ | 1,451.3 |  |  | $ | 1,103.8 |

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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://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-29 Reference 2: 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 + Details
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