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Auto Loan Receivables (Tables)

12 Months Ended

Feb. 28, 2021

Loans and Leases Receivable, Net Amount [Abstract]

Auto Loan Receivables, Net

Auto Loans Receivable, Net

			As of February 28 or 29
(In millions)			2021						2020
Asset-backed term funding			$	11,008.3					$	11,007.1
Warehouse facilities			2,314.1						2,181.7
Overcollateralization (1)			345.2						289.0
Other managed receivables (2)			179.6						140.0
Total ending managed receivables			13,847.2						13,617.8
Accrued interest and fees			57.4						56.2
Other			(3.7)						35.5
Less: allowance for loan losses			(411.1)						(157.8)
Auto loans receivable, net			$	13,489.8					$	13,551.7

(1)Represents receivables restricted as excess collateral for the non-recourse funding vehicles. 

(2)Other managed receivables includes receivables not funded through the non-recourse funding vehicles.

Ending Managed Receivables By Major Credit Grade

Ending Managed Receivables by Major Credit Grade

			As of February 28, 2021
			Fiscal Year of Origination (1)
(In millions)			2021						2020						2019						2018						2017						Prior to 2017						Total						% (2)
A			$	2,782.0					$	2,146.5					$	1,146.7					$	568.9					$	199.6					$	30.4					$	6,874.1					49.6
B			1,993.6						1,424.5						870.1						476.0						195.5						49.2						5,008.9						36.2
C and other			786.1						541.6						320.4						182.0						99.8						34.3						1,964.2						14.2
Total ending managed receivables			$	5,561.7					$	4,112.6					$	2,337.2					$	1,226.9					$	494.9					$	113.9					$	13,847.2					100.0

			As of February 29
(In millions)			2020 (1)						%  (2)
A			$	6,915.9					50.8
B			4,841.2						35.6
C and other			1,860.7						13.6
Total ending managed receivables			$	13,617.8					100.0

(1)Classified based on credit grade assigned when customers were initially approved for financing.

(2)Percent of total ending managed receivables.

Allowance For Loan Losses

Allowance for Loan Losses

			As of February 28 or 29
(In millions)			2021						%  (1)						2020 (2)						%  (1)
Balance as of beginning of year			$	157.8					1.16						$	138.2					1.10
Adoption of ASU 2016-13			202.0												—
Adjusted balance as of beginning of period			359.8						2.64						138.2						1.10
Charge-offs			(230.4)												(309.0)
Recoveries (3)			121.0												142.9
Provision for loan losses			160.7												185.7
Balance as of end of year (4)			$	411.1					2.97						$	157.8					1.16

(1)Percent of total ending managed receivables

(2)The comparative information has not been restated and continues to be reported under the accounting guidance in effect during fiscal 2020.

(3)Net of costs incurred to recover vehicle.

(4)The allowance for loan losses primarily relates to estimated losses on CAF’s core receivables, noting that $31.8 million and $17.3 million of the total allowance related to the outstanding CAF Tier 3 loan balances as of February 28, 2021 and February 29, 2020, respectively.

Past Due Receivables

Past Due Receivables

			As of February 28, 2021
			Major Credit Grade
(In millions)			A						B						C & Other						Total						%  (1)
Current			$	6,847.2					$	4,840.3					$	1,767.2					$	13,454.7					97.17
Delinquent loans:
31-60 days past due			$	17.3					$	108.9					$	120.0					$	246.2					1.78
61-90 days past due			$	7.0					$	48.4					$	64.5					$	119.9					0.86
Greater than 90 days past due			$	2.6					$	11.3					$	12.5					$	26.4					0.19
Total past due			$	26.9					$	168.6					$	197.0					$	392.5					2.83
Total ending managed receivables			$	6,874.1					$	5,008.9					$	1,964.2					$	13,847.2					100.00

			As of February 29
(In millions)			2020						%  (1)
Total ending managed receivables			$	13,617.8					100.00
Delinquent loans:
31-60 days past due			$	296.4					2.18
61-90 days past due			138.3						1.01
Greater than 90 days past due			34.2						0.25
Total past due			$	468.9					3.44

(1)Percent of total ending managed receivables.

X

- 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.

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