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v3.24.3

Auto Loan Receivables (Tables) | 6 Months Ended
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Aug. 31, 2024
Receivables [Abstract] |
Auto Loan Receivables, Net | Auto Loans Receivable, Net
| As of August 31 |  | As of February 29
(In millions) | 2024 |  | 2024
Asset-backed term funding | $ | 12,801.5 |  |  | $ | 12,638.2 |
Warehouse facilities | 3,743.6 |  |  | 3,744.6 |
Overcollateralization (1) | 775.9 |  |  | 790.9 |
Other managed receivables (2) | 448.4 |  |  | 218.1 |
Total ending managed receivables | 17,769.4 |  |  | 17,391.8 |
Accrued interest and fees | 103.6 |  |  | 90.9 |
Other | 41.4 |  |  | 11.9 |
Less: allowance for loan losses | (500.8) |  |  | (482.8) |
Auto loans receivable, net | $ | 17,413.6 |  |  | $ | 17,011.8 |
(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 August 31, 2024
| Fiscal Year of Origination (1) |  |  |  |
(In millions) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior to 2021 |  | Total |  | % (2)
Core managed receivables (3): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A | $ | 2,432.5 |  |  | $ | 3,204.6 |  |  | $ | 2,137.6 |  |  | $ | 1,237.3 |  |  | $ | 410.1 |  |  | $ | 139.3 |  |  | $ | 9,561.4 |  |  | 53.8 |
B | 1,194.6 |  |  | 1,987.3 |  |  | 1,432.4 |  |  | 968.0 |  |  | 358.6 |  |  | 155.7 |  |  | 6,096.6 |  |  | 34.3 |
C and other | 252.0 |  |  | 330.0 |  |  | 404.1 |  |  | 314.3 |  |  | 141.6 |  |  | 66.8 |  |  | 1,508.8 |  |  | 8.5 |
Total core managed receivables | 3,879.1 |  |  | 5,521.9 |  |  | 3,974.1 |  |  | 2,519.6 |  |  | 910.3 |  |  | 361.8 |  |  | 17,166.8 |  |  | 96.6 |
Other managed receivables (4): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C and other | 167.8 |  |  | 214.0 |  |  | 144.2 |  |  | 58.3 |  |  | 7.1 |  |  | 11.2 |  |  | 602.6 |  |  | 3.4 |
Total ending managed receivables | $ | 4,046.9 |  |  | $ | 5,735.9 |  |  | $ | 4,118.3 |  |  | $ | 2,577.9 |  |  | $ | 917.4 |  |  | $ | 373.0 |  |  | $ | 17,769.4 |  |  | 100.0 |
Gross charge-offs | $ | 3.9 |  |  | $ | 97.7 |  |  | $ | 106.5 |  |  | $ | 59.6 |  |  | $ | 16.9 |  |  | $ | 12.3 |  |  | $ | 296.9 |  |  |
| As of February 29, 2024
| Fiscal Year of Origination (1) |  |  |  |
(In millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior to 2020 |  | Total |  | % (2)
Core managed receivables (3): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A | $ | 3,922.7 |  |  | $ | 2,660.6 |  |  | $ | 1,635.1 |  |  | $ | 614.0 |  |  | $ | 268.7 |  |  | $ | 40.0 |  |  | $ | 9,141.1 |  |  | 52.6 |
B | 2,370.8 |  |  | 1,738.8 |  |  | 1,225.9 |  |  | 493.3 |  |  | 233.4 |  |  | 61.3 |  |  | 6,123.5 |  |  | 35.2 |
C and other | 344.1 |  |  | 498.6 |  |  | 400.3 |  |  | 192.2 |  |  | 86.6 |  |  | 26.9 |  |  | 1,548.7 |  |  | 8.9 |
Total core managed receivables | 6,637.6 |  |  | 4,898.0 |  |  | 3,261.3 |  |  | 1,299.5 |  |  | 588.7 |  |  | 128.2 |  |  | 16,813.3 |  |  | 96.7 |
Other managed receivables (4): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C and other | 299.0 |  |  | 176.3 |  |  | 72.6 |  |  | 9.3 |  |  | 12.1 |  |  | 9.2 |  |  | 578.5 |  |  | 3.3 |
Total ending managed receivables | $ | 6,936.6 |  |  | $ | 5,074.3 |  |  | $ | 3,333.9 |  |  | $ | 1,308.8 |  |  | $ | 600.8 |  |  | $ | 137.4 |  |  | $ | 17,391.8 |  |  | 100.0 |
Gross charge-offs | $ | 111.0 |  |  | $ | 248.6 |  |  | $ | 129.8 |  |  | $ | 41.0 |  |  | $ | 19.7 |  |  | $ | 11.4 |  |  | $ | 561.5 |  |  |
(1) Classified based on credit grade assigned when customers were initially approved for financing. (2) Percent of total ending managed receivables. (3) Represents CAF’s Tier 1 originations. (4) Represents CAF’s Tier 2 and Tier 3 originations.
Allowance For Loan Losses | Allowance for Loan Losses
| Three Months Ended August 31, 2024
(In millions) | Core |  | Other |  | Total |  | % (1)
Balance as of beginning of period | $ | 396.6 |  |  | $ | 96.5 |  |  | $ | 493.1 |  |  | 2.79 |
Charge-offs | (131.1) |  |  | (32.7) |  |  | (163.8) |  |  |
Recoveries (2) | 52.1 |  |  | 6.8 |  |  | 58.9 |  |  |
Provision for loan losses | 99.7 |  |  | 12.9 |  |  | 112.6 |  |  |
Balance as of end of period | $ | 417.3 |  |  | $ | 83.5 |  |  | $ | 500.8 |  |  | 2.82 |
| Three Months Ended August 31, 2023
(In millions) | Core |  | Other |  | Total |  | % (1)
Balance as of beginning of period | $ | 427.5 |  |  | $ | 107.9 |  |  | $ | 535.4 |  |  | 3.11 |
Charge-offs | (118.7) |  |  | (24.5) |  |  | (143.2) |  |  |
Recoveries (2) | 48.5 |  |  | 7.5 |  |  | 56.0 |  |  |
Provision for loan losses | 75.7 |  |  | 14.1 |  |  | 89.8 |  |  |
Balance as of end of period | $ | 433.0 |  |  | $ | 105.0 |  |  | $ | 538.0 |  |  | 3.08 |
| Six Months Ended August 31, 2024
(In millions) | Core |  | Other |  | Total |  | % (1)
Balance as of beginning of period | $ | 389.7 |  |  | $ | 93.1 |  |  | $ | 482.8 |  |  | 2.78 |
Charge-offs | (244.1) |  |  | (52.8) |  |  | (296.9) |  |  |
Recoveries (2) | 106.0 |  |  | 15.1 |  |  | 121.1 |  |  |
Provision for loan losses | 165.7 |  |  | 28.1 |  |  | 193.8 |  |  |
Balance as of end of period | $ | 417.3 |  |  | $ | 83.5 |  |  | $ | 500.8 |  |  | 2.82 |
| Six Months Ended August 31, 2023
(In millions) | Core |  | Other |  | Total |  | % (1)
Balance as of beginning of period | $ | 401.5 |  |  | $ | 105.7 |  |  | $ | 507.2 |  |  | 3.02 |
Charge-offs | (211.8) |  |  | (41.2) |  |  | (253.0) |  |  |
Recoveries (2) | 99.0 |  |  | 14.1 |  |  | 113.1 |  |  |
Provision for loan losses | 144.3 |  |  | 26.4 |  |  | 170.7 |  |  |
Balance as of end of period | $ | 433.0 |  |  | $ | 105.0 |  |  | $ | 538.0 |  |  | 3.08 |
(1) Percent of total ending managed receivables. (2) Net of costs incurred to recover vehicle.
Past Due Receivables | Past Due Receivables
| As of August 31, 2024
| Core Receivables |  | Other Receivables |  | Total
(In millions) | A |  | B |  | C & Other |  | Total |  | C & Other |  | $ |  | % (1)
Current | $ | 9,506.6 |  |  | $ | 5,609.7 |  |  | $ | 1,204.3 |  |  | $ | 16,320.6 |  |  | $ | 465.1 |  |  | $ | 16,785.7 |  |  | 94.47 |
Delinquent loans: |  |  |  |  |  |  |  |  |  |  |  |  |
31-60 days past due | 33.1 |  |  | 279.3 |  |  | 160.2 |  |  | 472.6 |  |  | 68.6 |  |  | 541.2 |  |  | 3.04 |
61-90 days past due | 16.6 |  |  | 170.4 |  |  | 122.0 |  |  | 309.0 |  |  | 58.3 |  |  | 367.3 |  |  | 2.07 |
Greater than 90 days past due | 5.1 |  |  | 37.2 |  |  | 22.3 |  |  | 64.6 |  |  | 10.6 |  |  | 75.2 |  |  | 0.42 |
Total past due | 54.8 |  |  | 486.9 |  |  | 304.5 |  |  | 846.2 |  |  | 137.5 |  |  | 983.7 |  |  | 5.53 |
Total ending managed receivables | $ | 9,561.4 |  |  | $ | 6,096.6 |  |  | $ | 1,508.8 |  |  | $ | 17,166.8 |  |  | $ | 602.6 |  |  | $ | 17,769.4 |  |  | 100.00 |
| As of February 29, 2024
| Core Receivables |  | Other Receivables |  | Total
(In millions) | A |  | B |  | C & Other |  | Total |  | C & Other |  | $ |  | % (1)
Current | $ | 9,088.1 |  |  | $ | 5,666.3 |  |  | $ | 1,243.7 |  |  | $ | 15,998.1 |  |  | $ | 447.1 |  |  | $ | 16,445.2 |  |  | 94.56 |
Delinquent loans: |  |  |  |  |  |  |  |  |  |  |  |  |
31-60 days past due | 32.1 |  |  | 271.3 |  |  | 162.9 |  |  | 466.3 |  |  | 68.1 |  |  | 534.4 |  |  | 3.07 |
61-90 days past due | 15.1 |  |  | 149.4 |  |  | 118.5 |  |  | 283.0 |  |  | 53.0 |  |  | 336.0 |  |  | 1.93 |
Greater than 90 days past due | 5.8 |  |  | 36.5 |  |  | 23.6 |  |  | 65.9 |  |  | 10.3 |  |  | 76.2 |  |  | 0.44 |
Total past due | 53.0 |  |  | 457.2 |  |  | 305.0 |  |  | 815.2 |  |  | 131.4 |  |  | 946.6 |  |  | 5.44 |
Total ending managed receivables | $ | 9,141.1 |  |  | $ | 6,123.5 |  |  | $ | 1,548.7 |  |  | $ | 16,813.3 |  |  | $ | 578.5 |  |  | $ | 17,391.8 |  |  | 100.00 |
(1) Percent of total ending managed receivables.

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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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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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