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v3.25.4

Auto Loans Held for Investment (Tables) | 9 Months Ended
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Nov. 30, 2025
Receivables [Abstract] |
Auto Loans Held for Investment, Net | Auto Loans Held for Investment, Net
| As of November 30 |  | As of February 28
(In millions) | 2025 |  | 2025
Auto loans held for investment | $ | 16,533.8 |  |  | $ | 17,594.6 |
Accrued interest and fees | 100.5 |  |  | 96.1 |
Other | (8.3) |  |  | 10.8 |
Less: allowance for loan losses | (474.8) |  |  | (458.7) |
Auto loans held for investment, net | $ | 16,151.2 |  |  | $ | 17,242.8 |
Auto Loans Receivable By Major Credit Grade | Auto Loans Held for Investment by Major Credit Grade
| As of November 30, 2025
| Fiscal Year of Origination (1) |  |  |  |
(In millions) | 2026 |  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | Prior to 2022 |  | Total |  | % (2)
Tier 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A | $ | 3,138.1 |  |  | $ | 3,035.6 |  |  | $ | 1,805.9 |  |  | $ | 1,059.6 |  |  | $ | 465.3 |  |  | $ | 78.0 |  |  | $ | 9,582.5 |  |  | 58.0 |
B | 1,269.8 |  |  | 1,350.8 |  |  | 1,201.7 |  |  | 792.8 |  |  | 433.8 |  |  | 98.9 |  |  | 5,147.8 |  |  | 31.1 |
C and other | 352.9 |  |  | 266.9 |  |  | 201.3 |  |  | 218.0 |  |  | 142.7 |  |  | 53.8 |  |  | 1,235.6 |  |  | 7.5 |
Total Tier 1 | 4,760.8 |  |  | 4,653.3 |  |  | 3,208.9 |  |  | 2,070.4 |  |  | 1,041.8 |  |  | 230.7 |  |  | 15,965.9 |  |  | 96.6 |
Tier 2 and Tier 3: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C and other | 153.5 |  |  | 190.2 |  |  | 121.6 |  |  | 71.4 |  |  | 26.7 |  |  | 4.5 |  |  | 567.9 |  |  | 3.4 |
Total auto loans held for investment | $ | 4,914.3 |  |  | $ | 4,843.5 |  |  | $ | 3,330.5 |  |  | $ | 2,141.8 |  |  | $ | 1,068.5 |  |  | $ | 235.2 |  |  | $ | 16,533.8 |  |  | 100.0 |
Gross charge-offs | $ | 19.0 |  |  | $ | 116.8 |  |  | $ | 141.9 |  |  | $ | 120.3 |  |  | $ | 61.3 |  |  | $ | 20.9 |  |  | $ | 480.2 |  |  |
| As of February 28, 2025
| Fiscal Year of Origination (1) |  |  |  |
(In millions) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior to 2021 |  | Total |  | % (2)
Tier 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A | $ | 4,132.0 |  |  | $ | 2,607.9 |  |  | $ | 1,673.9 |  |  | $ | 894.1 |  |  | $ | 243.9 |  |  | $ | 48.9 |  |  | $ | 9,600.7 |  |  | 54.5 |
B | 2,041.1 |  |  | 1,664.0 |  |  | 1,163.0 |  |  | 746.4 |  |  | 244.9 |  |  | 69.7 |  |  | 5,929.1 |  |  | 33.7 |
C and other | 422.1 |  |  | 277.0 |  |  | 324.5 |  |  | 242.5 |  |  | 99.4 |  |  | 35.0 |  |  | 1,400.5 |  |  | 8.0 |
Total Tier 1 | 6,595.2 |  |  | 4,548.9 |  |  | 3,161.4 |  |  | 1,883.0 |  |  | 588.2 |  |  | 153.6 |  |  | 16,930.3 |  |  | 96.2 |
Tier 2 and Tier 3: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
C and other | 311.9 |  |  | 177.1 |  |  | 116.9 |  |  | 46.3 |  |  | 5.4 |  |  | 6.7 |  |  | 664.3 |  |  | 3.8 |
Total auto loans held for investment | $ | 6,907.1 |  |  | $ | 4,726.0 |  |  | $ | 3,278.3 |  |  | $ | 1,929.3 |  |  | $ | 593.6 |  |  | $ | 160.3 |  |  | $ | 17,594.6 |  |  | 100.0 |
Gross charge-offs | $ | 44.7 |  |  | $ | 193.2 |  |  | $ | 196.2 |  |  | $ | 107.2 |  |  | $ | 30.3 |  |  | $ | 17.6 |  |  | $ | 589.2 |  |  |
(1) Classified based on credit grade assigned when customers were initially approved for financing. (2) Percent of total auto loans held for investment.
Allowance For Loan Losses | Allowance for Loan Losses
| Three Months Ended November 30, 2025
(In millions) | Tier 1 |  | Tier 2 & Tier 3 |  | Total |  | % (1)
Balance as of beginning of period | $ | 423.2 |  |  | $ | 84.1 |  |  | $ | 507.3 |  |  | 3.02 |
Charge-offs | (145.5) |  |  | (24.3) |  |  | (169.8) |  |  |
Recoveries (3) | 55.2 |  |  | 8.7 |  |  | 63.9 |  |  |
Provision for loan losses (4) | 62.0 |  |  | 11.4 |  |  | 73.4 |  |  |
Balance as of end of period | $ | 394.9 |  |  | $ | 79.9 |  |  | $ | 474.8 |  |  | 2.87 |
| Three Months Ended November 30, 2024
(In millions) | Tier 1 |  | Tier 2 & Tier 3 |  | Total |  | % (1)
Balance as of beginning of period | $ | 417.3 |  |  | $ | 83.5 |  |  | $ | 500.8 |  |  | 2.82 |
Charge-offs | (129.0) |  |  | (21.2) |  |  | (150.2) |  |  |
Recoveries (3) | 48.7 |  |  | 7.0 |  |  | 55.7 |  |  |
Provision for loan losses | 61.7 |  |  | 10.9 |  |  | 72.6 |  |  |
Balance as of end of period | $ | 398.7 |  |  | $ | 80.2 |  |  | $ | 478.9 |  |  | 2.70 |
| Nine Months Ended November 30, 2025
(In millions) | Tier 1 |  | Tier 2 & Tier 3 |  | Total |  | % (1)
Balance as of beginning of period | $ | 378.1 |  |  | $ | 80.6 |  |  | $ | 458.7 |  |  | 2.61 |
Transfer of auto loans to held for sale (2) (5) | (30.3) |  |  | (11.9) |  |  | (42.2) |  |  |
Charge-offs | (407.0) |  |  | (73.2) |  |  | (480.2) |  |  |
Recoveries (3) | 155.4 |  |  | 23.6 |  |  | 179.0 |  |  |
Provision for loan losses (4) (5) | 298.7 |  |  | 60.8 |  |  | 359.5 |  |  |
Balance as of end of period | $ | 394.9 |  |  | $ | 79.9 |  |  | $ | 474.8 |  |  | 2.87 |
| Nine Months Ended November 30, 2024
(In millions) | Tier 1 |  | Tier 2 & Tier 3 |  | Total |  | % (1)
Balance as of beginning of period | $ | 389.7 |  |  | $ | 93.1 |  |  | $ | 482.8 |  |  | 2.78 |
Charge-offs | (373.1) |  |  | (74.0) |  |  | (447.1) |  |  |
Recoveries (3) | 154.7 |  |  | 22.1 |  |  | 176.8 |  |  |
Provision for loan losses | 227.4 |  |  | 39.0 |  |  | 266.4 |  |  |
Balance as of end of period | $ | 398.7 |  |  | $ | 80.2 |  |  | $ | 478.9 |  |  | 2.70 |
(1) Percent of total auto loans held for investment. (2) Represents release of allowance previously recognized on auto loans held for sale. (3) Net of costs incurred to recover vehicle. (4) Represents the provision for loan losses on auto loans held for investment. (5) Combined total amount of $317.3 million represents the net provision for loan losses recognized as part of CAF income for the nine months ended November 30, 2025.
Past Due | Past Due Loans
| As of November 30, 2025
| Tier 1 |  | Tier 2 & Tier 3 |  | Total
(In millions) | A |  | B |  | C & Other |  | Total |  | C & Other |  | $ |  | % (1)
Current | $ | 9,522.5 |  |  | $ | 4,679.7 |  |  | $ | 989.8 |  |  | $ | 15,192.0 |  |  | $ | 443.5 |  |  | $ | 15,635.5 |  |  | 94.57 |
Delinquent loans: |  |  |  |  |  |  |  |  |  |  |  |  |
31-60 days past due | 36.7 |  |  | 271.6 |  |  | 128.9 |  |  | 437.2 |  |  | 63.2 |  |  | 500.4 |  |  | 3.03 |
61-90 days past due | 17.8 |  |  | 160.8 |  |  | 98.3 |  |  | 276.9 |  |  | 51.5 |  |  | 328.4 |  |  | 1.99 |
Greater than 90 days past due | 5.5 |  |  | 35.7 |  |  | 18.6 |  |  | 59.8 |  |  | 9.7 |  |  | 69.5 |  |  | 0.41 |
Total past due | 60.0 |  |  | 468.1 |  |  | 245.8 |  |  | 773.9 |  |  | 124.4 |  |  | 898.3 |  |  | 5.43 |
Total auto loans held for investment | $ | 9,582.5 |  |  | $ | 5,147.8 |  |  | $ | 1,235.6 |  |  | $ | 15,965.9 |  |  | $ | 567.9 |  |  | $ | 16,533.8 |  |  | 100.00 |
| As of February 28, 2025
| Tier 1 |  | Tier 2 & Tier 3 |  | Total
(In millions) | A |  | B |  | C & Other |  | Total |  | C & Other |  | $ |  | % (1)
Current | $ | 9,543.3 |  |  | $ | 5,491.5 |  |  | $ | 1,164.7 |  |  | $ | 16,199.5 |  |  | $ | 541.2 |  |  | $ | 16,740.7 |  |  | 95.15 |
Delinquent loans: |  |  |  |  |  |  |  |  |  |  |  |  |
31-60 days past due | 36.7 |  |  | 276.0 |  |  | 139.3 |  |  | 452.0 |  |  | 71.9 |  |  | 523.9 |  |  | 2.98 |
61-90 days past due | 14.8 |  |  | 127.3 |  |  | 79.6 |  |  | 221.7 |  |  | 41.2 |  |  | 262.9 |  |  | 1.49 |
Greater than 90 days past due | 5.9 |  |  | 34.3 |  |  | 16.9 |  |  | 57.1 |  |  | 10.0 |  |  | 67.1 |  |  | 0.38 |
Total past due | 57.4 |  |  | 437.6 |  |  | 235.8 |  |  | 730.8 |  |  | 123.1 |  |  | 853.9 |  |  | 4.85 |
Total auto loans held for investment | $ | 9,600.7 |  |  | $ | 5,929.1 |  |  | $ | 1,400.5 |  |  | $ | 16,930.3 |  |  | $ | 664.3 |  |  | $ | 17,594.6 |  |  | 100.00 |
(1) Percent of total auto loans held for investment.

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