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Auto Loans Held for Investment (Tables)

9 Months Ended

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.

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.

+ References

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