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Auto Loan Receivables (Tables)

6 Months Ended

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.

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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