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Loans Receivable | 6 Months Ended
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Jun. 30, 2024
Receivables [Abstract] |
Loans Receivable | LOANS RECEIVABLE Loans receivable and allowance for credit losses consist of the following:
(In millions) | As of June 30, 2024
| Dealer Loans |  | Purchased Loans |  | Total
Loans receivable | $ | 7,980.6 |  |  | $ | 2,903.6 |  |  | $ | 10,884.2 |
Allowance for credit losses | (2,659.5) |  |  | (677.0) |  |  | (3,336.5) |
Loans receivable, net | $ | 5,321.1 |  |  | $ | 2,226.6 |  |  | $ | 7,547.7 |
(In millions) | As of December 31, 2023
| Dealer Loans |  | Purchased Loans |  | Total
Loans receivable | $ | 7,065.5 |  |  | $ | 2,954.6 |  |  | $ | 10,020.1 |
Allowance for credit losses | (2,355.7) |  |  | (709.1) |  |  | (3,064.8) |
Loans receivable, net | $ | 4,709.8 |  |  | $ | 2,245.5 |  |  | $ | 6,955.3 |
A summary of changes in Loans receivable and allowance for credit losses is as follows:
| For the Three Months Ended June 30, 2024
(In millions) | Loans Receivable |  | Allowance for Credit Losses |  | Loans Receivable, Net
| Dealer Loans |  | Purchased Loans |  | Total |  | Dealer Loans |  | Purchased Loans |  | Total |  | Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 7,553.0 |  |  | $ | 2,930.5 |  |  | $ | 10,483.5 |  |  | $ | (2,471.2) |  |  | $ | (666.7) |  |  | $ | (3,137.9) |  |  | $ | 5,081.8 |  |  | $ | 2,263.8 |  |  | $ | 7,345.6 |
Finance charges | 473.5 |  |  | 229.0 |  |  | 702.5 |  |  | (157.0) |  |  | (47.8) |  |  | (204.8) |  |  | 316.5 |  |  | 181.2 |  |  | 497.7 |
Provision for credit losses | — |  |  | — |  |  | — |  |  | (212.3) |  |  | (108.3) |  |  | (320.6) |  |  | (212.3) |  |  | (108.3) |  |  | (320.6) |
New Consumer Loan assignments (1) | 949.7 |  |  | 278.8 |  |  | 1,228.5 |  |  | — |  |  | — |  |  | — |  |  | 949.7 |  |  | 278.8 |  |  | 1,228.5 |
Collections (2) | (879.0) |  |  | (412.5) |  |  | (1,291.5) |  |  | — |  |  | — |  |  | — |  |  | (879.0) |  |  | (412.5) |  |  | (1,291.5) |
Accelerated Dealer Holdback payments | 18.3 |  |  | — |  |  | 18.3 |  |  | — |  |  | — |  |  | — |  |  | 18.3 |  |  | — |  |  | 18.3 |
Dealer Holdback payments | 65.6 |  |  | — |  |  | 65.6 |  |  | — |  |  | — |  |  | — |  |  | 65.6 |  |  | — |  |  | 65.6 |
Transfers (3) | (34.5) |  |  | 34.5 |  |  | — |  |  | 10.9 |  |  | (10.9) |  |  | — |  |  | (23.6) |  |  | 23.6 |  |  | — |
Write-offs | (171.2) |  |  | (157.8) |  |  | (329.0) |  |  | 171.2 |  |  | 157.8 |  |  | 329.0 |  |  | — |  |  | — |  |  | — |
Recoveries (4) | 1.1 |  |  | 1.1 |  |  | 2.2 |  |  | (1.1) |  |  | (1.1) |  |  | (2.2) |  |  | — |  |  | — |  |  | — |
Deferral of Loan origination costs | 4.1 |  |  | — |  |  | 4.1 |  |  | — |  |  | — |  |  | — |  |  | 4.1 |  |  | — |  |  | 4.1 |
Balance, end of period | $ | 7,980.6 |  |  | $ | 2,903.6 |  |  | $ | 10,884.2 |  |  | $ | (2,659.5) |  |  | $ | (677.0) |  |  | $ | (3,336.5) |  |  | $ | 5,321.1 |  |  | $ | 2,226.6 |  |  | $ | 7,547.7 |
| For the Three Months Ended June 30, 2023
(In millions) | Loans Receivable |  | Allowance for Credit Losses |  | Loans Receivable, Net
| Dealer Loans |  | Purchased Loans |  | Total |  | Dealer Loans |  | Purchased Loans |  | Total |  | Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 6,314.4 |  |  | $ | 3,069.9 |  |  | $ | 9,384.3 |  |  | $ | (2,073.2) |  |  | $ | (810.8) |  |  | $ | (2,884.0) |  |  | $ | 4,241.2 |  |  | $ | 2,259.1 |  |  | $ | 6,500.3 |
Finance charges | 387.5 |  |  | 235.9 |  |  | 623.4 |  |  | (128.1) |  |  | (54.3) |  |  | (182.4) |  |  | 259.4 |  |  | 181.6 |  |  | 441.0 |
Provision for credit losses | — |  |  | — |  |  | — |  |  | (144.6) |  |  | (105.9) |  |  | (250.5) |  |  | (144.6) |  |  | (105.9) |  |  | (250.5) |
New Consumer Loan assignments (1) | 724.5 |  |  | 331.5 |  |  | 1,056.0 |  |  | — |  |  | — |  |  | — |  |  | 724.5 |  |  | 331.5 |  |  | 1,056.0 |
Collections (2) | (792.9) |  |  | (421.8) |  |  | (1,214.7) |  |  | — |  |  | — |  |  | — |  |  | (792.9) |  |  | (421.8) |  |  | (1,214.7) |
Accelerated Dealer Holdback payments | 13.8 |  |  | — |  |  | 13.8 |  |  | — |  |  | — |  |  | — |  |  | 13.8 |  |  | — |  |  | 13.8 |
Dealer Holdback payments | 61.1 |  |  | — |  |  | 61.1 |  |  | — |  |  | — |  |  | — |  |  | 61.1 |  |  | — |  |  | 61.1 |
Transfers (3) | (32.4) |  |  | 32.4 |  |  | — |  |  | 12.3 |  |  | (12.3) |  |  | — |  |  | (20.1) |  |  | 20.1 |  |  | — |
Write-offs | (145.8) |  |  | (183.6) |  |  | (329.4) |  |  | 145.8 |  |  | 183.6 |  |  | 329.4 |  |  | — |  |  | — |  |  | — |
Recoveries (4) | 0.6 |  |  | 1.2 |  |  | 1.8 |  |  | (0.6) |  |  | (1.2) |  |  | (1.8) |  |  | — |  |  | — |  |  | — |
Deferral of Loan origination costs | 3.3 |  |  | — |  |  | 3.3 |  |  | — |  |  | — |  |  | — |  |  | 3.3 |  |  | — |  |  | 3.3 |
Balance, end of period | $ | 6,534.1 |  |  | $ | 3,065.5 |  |  | $ | 9,599.6 |  |  | $ | (2,188.4) |  |  | $ | (800.9) |  |  | $ | (2,989.3) |  |  | $ | 4,345.7 |  |  | $ | 2,264.6 |  |  | $ | 6,610.3 |
| For the Six Months Ended June 30, 2024
(In millions) | Loans Receivable |  | Allowance for Credit Losses |  | Loans Receivable, Net
| Dealer Loans |  | Purchased Loans |  | Total |  | Dealer Loans |  | Purchased Loans |  | Total |  | Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 7,065.5 |  |  | $ | 2,954.6 |  |  | $ | 10,020.1 |  |  | $ | (2,355.7) |  |  | $ | (709.1) |  |  | $ | (3,064.8) |  |  | $ | 4,709.8 |  |  | $ | 2,245.5 |  |  | $ | 6,955.3 |
Finance charges | 912.0 |  |  | 457.0 |  |  | 1,369.0 |  |  | (305.2) |  |  | (96.9) |  |  | (402.1) |  |  | 606.8 |  |  | 360.1 |  |  | 966.9 |
Provision for credit losses | — |  |  | — |  |  | — |  |  | (334.0) |  |  | (172.6) |  |  | (506.6) |  |  | (334.0) |  |  | (172.6) |  |  | (506.6) |
New Consumer Loan assignments (1) | 1,959.1 |  |  | 586.4 |  |  | 2,545.5 |  |  | — |  |  | — |  |  | — |  |  | 1,959.1 |  |  | 586.4 |  |  | 2,545.5 |
Collections (2) | (1,743.9) |  |  | (841.3) |  |  | (2,585.2) |  |  | — |  |  | — |  |  | — |  |  | (1,743.9) |  |  | (841.3) |  |  | (2,585.2) |
Accelerated Dealer Holdback payments | 33.4 |  |  | — |  |  | 33.4 |  |  | — |  |  | — |  |  | — |  |  | 33.4 |  |  | — |  |  | 33.4 |
Dealer Holdback payments | 130.5 |  |  | — |  |  | 130.5 |  |  | — |  |  | — |  |  | — |  |  | 130.5 |  |  | — |  |  | 130.5 |
Transfers (3) | (71.4) |  |  | 71.4 |  |  | — |  |  | 22.9 |  |  | (22.9) |  |  | — |  |  | (48.5) |  |  | 48.5 |  |  | — |
Write-offs | (314.0) |  |  | (326.4) |  |  | (640.4) |  |  | 314.0 |  |  | 326.4 |  |  | 640.4 |  |  | — |  |  | — |  |  | — |
Recoveries (4) | 1.5 |  |  | 1.9 |  |  | 3.4 |  |  | (1.5) |  |  | (1.9) |  |  | (3.4) |  |  | — |  |  | — |  |  | — |
Deferral of Loan origination costs | 7.9 |  |  | — |  |  | 7.9 |  |  | — |  |  | — |  |  | — |  |  | 7.9 |  |  | — |  |  | 7.9 |
Balance, end of period | $ | 7,980.6 |  |  | $ | 2,903.6 |  |  | $ | 10,884.2 |  |  | $ | (2,659.5) |  |  | $ | (677.0) |  |  | $ | (3,336.5) |  |  | $ | 5,321.1 |  |  | $ | 2,226.6 |  |  | $ | 7,547.7 |
| For the Six Months Ended June 30, 2023
(In millions) | Loans Receivable |  | Allowance for Credit Losses |  | Loans Receivable, Net
| Dealer Loans |  | Purchased Loans |  | Total |  | Dealer Loans |  | Purchased Loans |  | Total |  | Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 6,074.8 |  |  | $ | 3,090.7 |  |  | $ | 9,165.5 |  |  | $ | (2,000.0) |  |  | $ | (867.8) |  |  | $ | (2,867.8) |  |  | $ | 4,074.8 |  |  | $ | 2,222.9 |  |  | $ | 6,297.7 |
Finance charges | 755.8 |  |  | 467.0 |  |  | 1,222.8 |  |  | (250.7) |  |  | (110.0) |  |  | (360.7) |  |  | 505.1 |  |  | 357.0 |  |  | 862.1 |
Provision for credit losses | — |  |  | — |  |  | — |  |  | (219.3) |  |  | (168.6) |  |  | (387.9) |  |  | (219.3) |  |  | (168.6) |  |  | (387.9) |
New Consumer Loan assignments (1) | 1,470.4 |  |  | 680.9 |  |  | 2,151.3 |  |  | — |  |  | — |  |  | — |  |  | 1,470.4 |  |  | 680.9 |  |  | 2,151.3 |
Collections (2) | (1,601.5) |  |  | (860.2) |  |  | (2,461.7) |  |  | — |  |  | — |  |  | — |  |  | (1,601.5) |  |  | (860.2) |  |  | (2,461.7) |
Accelerated Dealer Holdback payments | 24.6 |  |  | — |  |  | 24.6 |  |  | — |  |  | — |  |  | — |  |  | 24.6 |  |  | — |  |  | 24.6 |
Dealer Holdback payments | 118.3 |  |  | — |  |  | 118.3 |  |  | — |  |  | — |  |  | — |  |  | 118.3 |  |  | — |  |  | 118.3 |
Transfers (3) | (51.6) |  |  | 51.6 |  |  | — |  |  | 19.0 |  |  | (19.0) |  |  | — |  |  | (32.6) |  |  | 32.6 |  |  | — |
Write-offs | (263.5) |  |  | (366.5) |  |  | (630.0) |  |  | 263.5 |  |  | 366.5 |  |  | 630.0 |  |  | — |  |  | — |  |  | — |
Recoveries (4) | 0.9 |  |  | 2.0 |  |  | 2.9 |  |  | (0.9) |  |  | (2.0) |  |  | (2.9) |  |  | — |  |  | — |  |  | — |
Deferral of Loan origination costs | 5.9 |  |  | — |  |  | 5.9 |  |  | — |  |  | — |  |  | — |  |  | 5.9 |  |  | — |  |  | 5.9 |
Balance, end of period | $ | 6,534.1 |  |  | $ | 3,065.5 |  |  | $ | 9,599.6 |  |  | $ | (2,188.4) |  |  | $ | (800.9) |  |  | $ | (2,989.3) |  |  | $ | 4,345.7 |  |  | $ | 2,264.6 |  |  | $ | 6,610.3 |
(1)The Dealer Loans amount represents advances paid to Dealers on Consumer Loans assigned under our Portfolio Program. The Purchased Loans amount represents one-time payments made to Dealers to purchase Consumer Loans assigned under our Purchase Program. (2)Represents repayments that we collected on Consumer Loans assigned under our programs. (3)Under our Portfolio Program, certain events may result in Dealers forfeiting their rights to Dealer Holdback. We transfer the Dealer’s outstanding Dealer Loan balance and related allowance for credit losses balance to Purchased Loans in the period this forfeiture occurs. (4)The Dealer Loans amount represents net cash flows received (collections less any related Dealer Holdback payments) on Dealer Loans that were previously written off in full. The Purchased Loans amount represents collections received on Purchased Loans that were previously written off in full. We recognize provision for credit losses on new Consumer Loan assignments for contractual net cash flows that were not expected to be realized at the time of assignment. We also recognize provision for credit losses on forecast changes in the amount and timing of expected future net cash flows subsequent to assignment. The following table summarizes the provision for credit losses for each of these components:
(In millions) | For the Three Months Ended June 30, 2024
Provision for Credit Losses | Dealer Loans |  | Purchased Loans |  | Total
New Consumer Loan assignments | $ | 48.6 |  |  | $ | 34.2 |  |  | $ | 82.8 |
Forecast changes | 163.7 |  |  | 74.1 |  |  | 237.8 |
Total | $ | 212.3 |  |  | $ | 108.3 |  |  | $ | 320.6 |
(In millions) | For the Three Months Ended June 30, 2023
Provision for Credit Losses | Dealer Loans |  | Purchased Loans |  | Total
New Consumer Loan assignments | $ | 33.8 |  |  | $ | 47.9 |  |  | $ | 81.7 |
Forecast changes | 110.8 |  |  | 58.0 |  |  | 168.8 |
Total | $ | 144.6 |  |  | $ | 105.9 |  |  | $ | 250.5 |
(In millions) | For the Six Months Ended June 30, 2024
Provision for Credit Losses | Dealer Loans |  | Purchased Loans |  | Total
New Consumer Loan assignments | $ | 106.0 |  |  | $ | 75.6 |  |  | $ | 181.6 |
Forecast changes | 228.0 |  |  | 97.0 |  |  | 325.0 |
Total | $ | 334.0 |  |  | $ | 172.6 |  |  | $ | 506.6 |
(In millions) | For the Six Months Ended June 30, 2023
Provision for Credit Losses | Dealer Loans |  | Purchased Loans |  | Total
New Consumer Loan assignments | $ | 71.5 |  |  | $ | 103.3 |  |  | $ | 174.8 |
Forecast changes | 147.8 |  |  | 65.3 |  |  | 213.1 |
Total | $ | 219.3 |  |  | $ | 168.6 |  |  | $ | 387.9 |
The net Loan income (finance charge revenue less provision for credit losses expense) that we recognize over the life of a Loan equals the cash we collect from the underlying Consumer Loan less the cash we pay to the Dealer. Under CECL, we are required to recognize: •a significant provision for credit losses expense at the time of the Loan's assignment to us for contractual net cash flows we do not expect to realize; and •finance charge revenue in subsequent periods that is significantly in excess of our expected yield. Additional information related to new Consumer Loan assignments is as follows:
(In millions) | For the Three Months Ended June 30, 2024
New Consumer Loan Assignments | Dealer Loans |  | Purchased Loans |  | Total
Contractual net cash flows at the time of assignment (1) | $ | 1,474.4 |  |  | $ | 565.4 |  |  | $ | 2,039.8 |
Expected net cash flows at the time of assignment (2) | 1,341.6 |  |  | 404.8 |  |  | 1,746.4 |
Loans receivable at the time of assignment (3) | 949.7 |  |  | 278.8 |  |  | 1,228.5 |
Provision for credit losses expense at the time of assignment | $ | (48.6) |  |  | $ | (34.2) |  |  | $ | (82.8) |
Expected future finance charges at the time of assignment (4) | 440.5 |  |  | 160.2 |  |  | 600.7 |
Expected net Loan income at the time of assignment (5) | $ | 391.9 |  |  | $ | 126.0 |  |  | $ | 517.9 |
(In millions) | For the Three Months Ended June 30, 2023
New Consumer Loan Assignments | Dealer Loans |  | Purchased Loans |  | Total
Contractual net cash flows at the time of assignment (1) | $ | 1,121.5 |  |  | $ | 657.6 |  |  | $ | 1,779.1 |
Expected net cash flows at the time of assignment (2) | 1,018.9 |  |  | 461.3 |  |  | 1,480.2 |
Loans receivable at the time of assignment (3) | 724.5 |  |  | 331.5 |  |  | 1,056.0 |
Provision for credit losses expense at the time of assignment | $ | (33.8) |  |  | $ | (47.9) |  |  | $ | (81.7) |
Expected future finance charges at the time of assignment (4) | 328.2 |  |  | 177.7 |  |  | 505.9 |
Expected net Loan income at the time of assignment (5) | $ | 294.4 |  |  | $ | 129.8 |  |  | $ | 424.2 |
(In millions) | For the Six Months Ended June 30, 2024
New Consumer Loan Assignments | Dealer Loans |  | Purchased Loans |  | Total
Contractual net cash flows at the time of assignment (1) | $ | 3,060.6 |  |  | $ | 1,201.9 |  |  | $ | 4,262.5 |
Expected net cash flows at the time of assignment (2) | 2,779.4 |  |  | 853.0 |  |  | 3,632.4 |
Loans receivable at the time of assignment (3) | 1,959.1 |  |  | 586.4 |  |  | 2,545.5 |
Provision for credit losses expense at the time of assignment | $ | (106.0) |  |  | $ | (75.6) |  |  | $ | (181.6) |
Expected future finance charges at the time of assignment (4) | 926.3 |  |  | 342.2 |  |  | 1,268.5 |
Expected net Loan income at the time of assignment (5) | $ | 820.3 |  |  | $ | 266.6 |  |  | $ | 1,086.9 |
(In millions) | For the Six Months Ended June 30, 2023
New Consumer Loan Assignments | Dealer Loans |  | Purchased Loans |  | Total
Contractual net cash flows at the time of assignment (1) | $ | 2,294.3 |  |  | $ | 1,371.2 |  |  | $ | 3,665.5 |
Expected net cash flows at the time of assignment (2) | 2,083.0 |  |  | 950.1 |  |  | 3,033.1 |
Loans receivable at the time of assignment (3) | 1,470.4 |  |  | 680.9 |  |  | 2,151.3 |
Provision for credit losses expense at the time of assignment | $ | (71.5) |  |  | $ | (103.3) |  |  | $ | (174.8) |
Expected future finance charges at the time of assignment (4) | 684.1 |  |  | 372.5 |  |  | 1,056.6 |
Expected net Loan income at the time of assignment (5) | $ | 612.6 |  |  | $ | 269.2 |  |  | $ | 881.8 |
(1)The Dealer Loans amount represents repayments that we were contractually owed at the time of assignment on Consumer Loans assigned under our Portfolio Program, less the related Dealer Holdback payments that we would be required to make if we collected all of the contractual repayments. The Purchased Loans amount represents repayments that we were contractually owed at the time of assignment on Consumer Loans assigned under our Purchase Program. (2)The Dealer Loans amount represents repayments that we expected to collect at the time of assignment on Consumer Loans assigned under our Portfolio Program, less the related Dealer Holdback payments that we expected to make. The Purchased Loans amount represents repayments that we expected to collect at the time of assignment on Consumer Loans assigned under our Purchase Program. The Loan amounts also represent the fair value at the time of assignment. (3)The Dealer Loans amount represents advances paid to Dealers on Consumer Loans assigned under our Portfolio Program. The Purchased Loans amount represents one-time payments made to Dealers to purchase Consumer Loans assigned under our Purchase Program. (4)Represents revenue that is expected to be recognized on a level-yield basis over the lives of the Loans. (5)Represents the amount that expected net cash flows at the time of assignment exceed Loans receivable at the time of assignment. A summary of changes in expected future net cash flows is as follows:
(In millions) | For the Three Months Ended June 30, 2024
Expected Future Net Cash Flows | Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 7,295.9 |  |  | $ | 3,527.1 |  |  | $ | 10,823.0 |
New Consumer Loan assignments (1) | 1,341.6 |  |  | 404.8 |  |  | 1,746.4 |
Realized net cash flows (2) | (795.1) |  |  | (412.5) |  |  | (1,207.6) |
Forecast changes | (102.4) |  |  | (86.9) |  |  | (189.3) |
Transfers (3) | (35.4) |  |  | 37.3 |  |  | 1.9 |
Balance, end of period | $ | 7,704.6 |  |  | $ | 3,469.8 |  |  | $ | 11,174.4 |
(In millions) | For the Three Months Ended June 30, 2023
Expected Future Net Cash Flows | Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 5,935.7 |  |  | $ | 3,484.6 |  |  | $ | 9,420.3 |
New Consumer Loan assignments (1) | 1,018.9 |  |  | 461.3 |  |  | 1,480.2 |
Realized net cash flows (2) | (718.0) |  |  | (421.8) |  |  | (1,139.8) |
Forecast changes | (41.8) |  |  | (47.5) |  |  | (89.3) |
Transfers (3) | (28.4) |  |  | 33.3 |  |  | 4.9 |
Balance, end of period | $ | 6,166.4 |  |  | $ | 3,509.9 |  |  | $ | 9,676.3 |
(In millions) | For the Six Months Ended June 30, 2024
Expected Future Net Cash Flows | Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 6,707.2 |  |  | $ | 3,472.0 |  |  | $ | 10,179.2 |
New Consumer Loan assignments (1) | 2,779.4 |  |  | 853.0 |  |  | 3,632.4 |
Realized net cash flows (2) | (1,580.0) |  |  | (841.3) |  |  | (2,421.3) |
Forecast changes | (129.4) |  |  | (90.7) |  |  | (220.1) |
Transfers (3) | (72.6) |  |  | 76.8 |  |  | 4.2 |
Balance, end of period | $ | 7,704.6 |  |  | $ | 3,469.8 |  |  | $ | 11,174.4 |
(In millions) | For the Six Months Ended June 30, 2023
Expected Future Net Cash Flows | Dealer Loans |  | Purchased Loans |  | Total
Balance, beginning of period | $ | 5,637.9 |  |  | $ | 3,395.5 |  |  | $ | 9,033.4 |
New Consumer Loan assignments (1) | 2,083.0 |  |  | 950.1 |  |  | 3,033.1 |
Realized net cash flows (2) | (1,458.6) |  |  | (860.2) |  |  | (2,318.8) |
Forecast changes | (49.0) |  |  | (30.9) |  |  | (79.9) |
Transfers (3) | (46.9) |  |  | 55.4 |  |  | 8.5 |
Balance, end of period | $ | 6,166.4 |  |  | $ | 3,509.9 |  |  | $ | 9,676.3 |
(1)The Dealer Loans amount represents repayments that we expected to collect at the time of assignment on Consumer Loans assigned under our Portfolio Program, less the related Dealer Holdback payments that we expected to make. The Purchased Loans amount represents repayments that we expected to collect at the time of assignment on Consumer Loans assigned under our Purchase Program. (2)The Dealer Loans amount represents repayments that we collected on Consumer Loans assigned under our Portfolio Program, less the Dealer Holdback and Accelerated Dealer Holdback payments that we made. Purchased Loans amount represents repayments that we collected on Consumer Loans assigned under our Purchase Program. (3)Under our Portfolio Program, certain events may result in Dealers forfeiting their rights to Dealer Holdback. We transfer the Dealer’s outstanding Dealer Loan balance, related allowance for credit losses balance, and related expected future net cash flows to Purchased Loans in the period this forfeiture occurs. Credit Quality We monitor and evaluate the credit quality of Consumer Loans assigned under our Portfolio and Purchase Programs on a monthly basis by comparing our current forecasted collection rates to our prior forecasted collection rates and our initial expectations. For additional information regarding credit quality, see Note 3. The following table compares our aggregated forecast of Consumer Loan collection rates as of June 30, 2024 with the aggregated forecasts as of March 31, 2024, December 31, 2023, and at the time of assignment, segmented by year of assignment:
|  | Total Loans
|  | Forecasted Collection Percentage as of (1) |  | Current Forecast Variance from
Consumer Loan Assignment Year |  | June 30, 2024 |  | March 31, 2024 |  | December 31, 2023 |  | Initial Forecast |  | March 31, 2024 |  | December 31, 2023 |  | Initial Forecast
2015 |  | 65.3 | % |  | 65.3 | % |  | 65.2 | % |  | 67.7 | % |  | 0.0 | % |  | 0.1 | % |  | -2.4 | %
2016 |  | 63.9 | % |  | 63.8 | % |  | 63.8 | % |  | 65.4 | % |  | 0.1 | % |  | 0.1 | % |  | -1.5 | %
2017 |  | 64.7 | % |  | 64.7 | % |  | 64.7 | % |  | 64.0 | % |  | 0.0 | % |  | 0.0 | % |  | 0.7 | %
2018 |  | 65.5 | % |  | 65.5 | % |  | 65.5 | % |  | 63.6 | % |  | 0.0 | % |  | 0.0 | % |  | 1.9 | %
2019 |  | 67.1 | % |  | 67.0 | % |  | 66.9 | % |  | 64.0 | % |  | 0.1 | % |  | 0.2 | % |  | 3.1 | %
2020 |  | 67.7 | % |  | 67.7 | % |  | 67.6 | % |  | 63.4 | % |  | 0.0 | % |  | 0.1 | % |  | 4.3 | %
2021 |  | 64.1 | % |  | 64.3 | % |  | 64.5 | % |  | 66.3 | % |  | -0.2 | % |  | -0.4 | % |  | -2.2 | %
2022 |  | 61.1 | % |  | 62.1 | % |  | 62.7 | % |  | 67.5 | % |  | -1.0 | % |  | -1.6 | % |  | -6.4 | %
2023 |  | 64.5 | % |  | 67.2 | % |  | 67.4 | % |  | 67.5 | % |  | -2.7 | % |  | -2.9 | % |  | -3.0 | %
2024 |  | 66.6 | % |  | 66.9 | % |  | — |  |  | 67.2 | % |  | -0.3 | % |  | — |  |  | -0.6 | %
|  | Dealer Loans
|  | Forecasted Collection Percentage as of (1) (2) |  | Current Forecast Variance from
Consumer Loan Assignment Year |  | June 30, 2024 |  | March 31, 2024 |  | December 31, 2023 |  | Initial Forecast |  | March 31, 2024 |  | December 31, 2023 |  | Initial Forecast
2015 |  | 64.6 | % |  | 64.6 | % |  | 64.6 | % |  | 67.5 | % |  | 0.0 | % |  | 0.0 | % |  | -2.9 | %
2016 |  | 63.1 | % |  | 63.0 | % |  | 63.0 | % |  | 65.1 | % |  | 0.1 | % |  | 0.1 | % |  | -2.0 | %
2017 |  | 64.1 | % |  | 64.0 | % |  | 64.0 | % |  | 63.8 | % |  | 0.1 | % |  | 0.1 | % |  | 0.3 | %
2018 |  | 65.0 | % |  | 64.9 | % |  | 64.9 | % |  | 63.6 | % |  | 0.1 | % |  | 0.1 | % |  | 1.4 | %
2019 |  | 66.8 | % |  | 66.7 | % |  | 66.5 | % |  | 63.9 | % |  | 0.1 | % |  | 0.3 | % |  | 2.9 | %
2020 |  | 67.5 | % |  | 67.5 | % |  | 67.4 | % |  | 63.3 | % |  | 0.0 | % |  | 0.1 | % |  | 4.2 | %
2021 |  | 63.8 | % |  | 64.1 | % |  | 64.2 | % |  | 66.3 | % |  | -0.3 | % |  | -0.4 | % |  | -2.5 | %
2022 |  | 60.4 | % |  | 61.4 | % |  | 62.0 | % |  | 67.3 | % |  | -1.0 | % |  | -1.6 | % |  | -6.9 | %
2023 |  | 63.3 | % |  | 66.1 | % |  | 66.4 | % |  | 66.8 | % |  | -2.8 | % |  | -3.1 | % |  | -3.5 | %
2024 |  | 65.6 | % |  | 66.0 | % |  | — |  |  | 66.3 | % |  | -0.4 | % |  | — |  |  | -0.7 | %
|  | Purchased Loans
|  | Forecasted Collection Percentage as of (1) (2) |  | Current Forecast Variance from
Consumer Loan Assignment Year |  | June 30, 2024 |  | March 31, 2024 |  | December 31, 2023 |  | Initial Forecast |  | March 31, 2024 |  | December 31, 2023 |  | Initial Forecast
2015 |  | 69.0 | % |  | 68.9 | % |  | 68.9 | % |  | 68.5 | % |  | 0.1 | % |  | 0.1 | % |  | 0.5 | %
2016 |  | 66.1 | % |  | 66.1 | % |  | 66.1 | % |  | 66.5 | % |  | 0.0 | % |  | 0.0 | % |  | -0.4 | %
2017 |  | 66.3 | % |  | 66.3 | % |  | 66.3 | % |  | 64.6 | % |  | 0.0 | % |  | 0.0 | % |  | 1.7 | %
2018 |  | 66.8 | % |  | 66.8 | % |  | 66.8 | % |  | 63.5 | % |  | 0.0 | % |  | 0.0 | % |  | 3.3 | %
2019 |  | 67.8 | % |  | 67.7 | % |  | 67.5 | % |  | 64.2 | % |  | 0.1 | % |  | 0.3 | % |  | 3.6 | %
2020 |  | 67.9 | % |  | 67.9 | % |  | 67.8 | % |  | 63.6 | % |  | 0.0 | % |  | 0.1 | % |  | 4.3 | %
2021 |  | 64.7 | % |  | 64.8 | % |  | 65.0 | % |  | 66.3 | % |  | -0.1 | % |  | -0.3 | % |  | -1.6 | %
2022 |  | 62.9 | % |  | 63.8 | % |  | 64.3 | % |  | 68.0 | % |  | -0.9 | % |  | -1.4 | % |  | -5.1 | %
2023 |  | 67.7 | % |  | 70.0 | % |  | 70.1 | % |  | 69.4 | % |  | -2.3 | % |  | -2.4 | % |  | -1.7 | %
2024 |  | 70.1 | % |  | 70.0 | % |  | — |  |  | 70.5 | % |  | 0.1 | % |  | — |  |  | -0.4 | %
(1)Represents the total forecasted collections we expect to collect on the Consumer Loans as a percentage of the repayments that we were contractually owed on the Consumer Loans at the time of assignment. Contractual repayments include both principal and interest. Forecasted collection rates are negatively impacted by canceled Consumer Loans as the contractual amount owed is not removed from the denominator for purposes of computing forecasted collection rates in the table. (2)The forecasted collection rates presented for Dealer Loans and Purchased Loans reflect the Consumer Loan classification at the time of assignment.
We evaluate and adjust the expected collection rate for each Consumer Loan subsequent to assignment primarily through the monitoring of consumer payment behavior. The following table summarizes the past-due status of Consumer Loan assignments as of June 30, 2024 and December 31, 2023, segmented by year of assignment:
(In millions) | Total Loans as of June 30, 2024 (1) (2)
| Pre-term Consumer Loans (3) |  | Post-term Consumer Loans (4) |  | Total
Consumer Loan Assignment Year | Current (5) |  | Past Due 11-90 Days |  | Past Due Over 90 Days |  |
2019 and prior | $ | 79.4 |  |  | $ | 47.8 |  |  | $ | 183.9 |  |  | $ | 249.7 |  |  | $ | 560.8 |
2020 | 210.4 |  |  | 105.0 |  |  | 239.6 |  |  | 14.9 |  |  | 569.9 |
2021 | 426.6 |  |  | 178.0 |  |  | 307.5 |  |  | 1.8 |  |  | 913.9 |
2022 | 1,128.4 |  |  | 355.5 |  |  | 393.3 |  |  | 0.2 |  |  | 1,877.4 |
2023 | 2,777.4 |  |  | 647.1 |  |  | 288.0 |  |  | — |  |  | 3,712.5 |
2024 | 2,916.9 |  |  | 321.8 |  |  | 11.0 |  |  | — |  |  | 3,249.7 |
| $ | 7,539.1 |  |  | $ | 1,655.2 |  |  | $ | 1,423.3 |  |  | $ | 266.6 |  |  | $ | 10,884.2 |
(In millions) | Dealer Loans as of June 30, 2024 (1)
| Pre-term Consumer Loans (3) |  | Post-term Consumer Loans (4) |  | Total
Consumer Loan Assignment Year | Current (5) |  | Past Due 11-90 Days |  | Past Due Over 90 Days |  |
2019 and prior | $ | 36.1 |  |  | $ | 21.3 |  |  | $ | 86.0 |  |  | $ | 141.8 |  |  | $ | 285.2 |
2020 | 127.0 |  |  | 62.0 |  |  | 144.0 |  |  | 10.8 |  |  | 343.8 |
2021 | 288.2 |  |  | 117.1 |  |  | 203.2 |  |  | 1.5 |  |  | 610.0 |
2022 | 813.8 |  |  | 251.8 |  |  | 279.4 |  |  | 0.2 |  |  | 1,345.2 |
2023 | 2,063.5 |  |  | 489.1 |  |  | 214.0 |  |  | — |  |  | 2,766.6 |
2024 | 2,353.1 |  |  | 267.3 |  |  | 9.4 |  |  | — |  |  | 2,629.8 |
| $ | 5,681.7 |  |  | $ | 1,208.6 |  |  | $ | 936.0 |  |  | $ | 154.3 |  |  | $ | 7,980.6 |
(In millions) | Purchased Loans as of June 30, 2024 (2)
| Pre-term Consumer Loans (3) |  | Post-term Consumer Loans (4) |  | Total
Consumer Loan Assignment Year | Current (5) |  | Past Due 11-90 Days |  | Past Due Over 90 Days |  |
2019 and prior | $ | 43.3 |  |  | $ | 26.5 |  |  | $ | 97.9 |  |  | $ | 107.9 |  |  | $ | 275.6 |
2020 | 83.4 |  |  | 43.0 |  |  | 95.6 |  |  | 4.1 |  |  | 226.1 |
2021 | 138.4 |  |  | 60.9 |  |  | 104.3 |  |  | 0.3 |  |  | 303.9 |
2022 | 314.6 |  |  | 103.7 |  |  | 113.9 |  |  | — |  |  | 532.2 |
2023 | 713.9 |  |  | 158.0 |  |  | 74.0 |  |  | — |  |  | 945.9 |
2024 | 563.8 |  |  | 54.5 |  |  | 1.6 |  |  | — |  |  | 619.9 |
| $ | 1,857.4 |  |  | $ | 446.6 |  |  | $ | 487.3 |  |  | $ | 112.3 |  |  | $ | 2,903.6 |
(In millions) | Total Loans as of December 31, 2023 (1) (2)
| Pre-term Consumer Loans (3) |  | Post-term Consumer Loans (4) |  | Total
Consumer Loan Assignment Year | Current (5) |  | Past Due 11-90 Days |  | Past Due Over 90 Days |  |
2018 and prior | $ | 24.2 |  |  | $ | 16.8 |  |  | $ | 73.5 |  |  | $ | 204.9 |  |  | $ | 319.4 |
2019 | 150.7 |  |  | 83.8 |  |  | 237.6 |  |  | 39.5 |  |  | 511.6 |
2020 | 328.9 |  |  | 165.5 |  |  | 314.5 |  |  | 4.6 |  |  | 813.5 |
2021 | 596.6 |  |  | 262.1 |  |  | 368.7 |  |  | 0.7 |  |  | 1,228.1 |
2022 | 1,518.0 |  |  | 499.8 |  |  | 422.5 |  |  | — |  |  | 2,440.3 |
2023 | 3,888.7 |  |  | 666.5 |  |  | 152.0 |  |  | — |  |  | 4,707.2 |
| $ | 6,507.1 |  |  | $ | 1,694.5 |  |  | $ | 1,568.8 |  |  | $ | 249.7 |  |  | $ | 10,020.1 |
(In millions) | Dealer Loans as of December 31, 2023 (1)
| Pre-term Consumer Loans (3) |  | Post-term Consumer Loans (4) |  | Total
Consumer Loan Assignment Year | Current (5) |  | Past Due 11-90 Days |  | Past Due Over 90 Days |  |
2018 and prior | $ | 11.7 |  |  | $ | 7.9 |  |  | $ | 35.0 |  |  | $ | 117.8 |  |  | $ | 172.4 |
2019 | 69.9 |  |  | 38.0 |  |  | 111.2 |  |  | 22.0 |  |  | 241.1 |
2020 | 201.7 |  |  | 98.0 |  |  | 190.4 |  |  | 3.5 |  |  | 493.6 |
2021 | 407.3 |  |  | 173.4 |  |  | 245.0 |  |  | 0.6 |  |  | 826.3 |
2022 | 1,109.4 |  |  | 360.4 |  |  | 303.5 |  |  | — |  |  | 1,773.3 |
2023 | 2,942.3 |  |  | 503.6 |  |  | 112.9 |  |  | — |  |  | 3,558.8 |
| $ | 4,742.3 |  |  | $ | 1,181.3 |  |  | $ | 998.0 |  |  | $ | 143.9 |  |  | $ | 7,065.5 |
(In millions) | Purchased Loans as of December 31, 2023 (2)
| Pre-term Consumer Loans (3) |  | Post-term Consumer Loans (4) |  | Total
Consumer Loan Assignment Year | Current (5) |  | Past Due 11-90 Days |  | Past Due Over 90 Days |  |
2018 and prior | $ | 12.5 |  |  | $ | 8.9 |  |  | $ | 38.5 |  |  | $ | 87.1 |  |  | $ | 147.0 |
2019 | 80.8 |  |  | 45.8 |  |  | 126.4 |  |  | 17.5 |  |  | 270.5 |
2020 | 127.2 |  |  | 67.5 |  |  | 124.1 |  |  | 1.1 |  |  | 319.9 |
2021 | 189.3 |  |  | 88.7 |  |  | 123.7 |  |  | 0.1 |  |  | 401.8 |
2022 | 408.6 |  |  | 139.4 |  |  | 119.0 |  |  | — |  |  | 667.0 |
2023 | 946.4 |  |  | 162.9 |  |  | 39.1 |  |  | — |  |  | 1,148.4 |
| $ | 1,764.8 |  |  | $ | 513.2 |  |  | $ | 570.8 |  |  | $ | 105.8 |  |  | $ | 2,954.6 |
(1)As Consumer Loans are aggregated by Dealer for purposes of recognizing revenue and measuring credit losses, the Dealer Loan amount was estimated by allocating the balance of each Dealer Loan to the underlying Consumer Loans based on the forecasted future collections of each Consumer Loan. (2)As certain Consumer Loans are aggregated by Dealer or month of purchase for purposes of recognizing revenue and measuring credit losses, the Purchased Loan amount was estimated by allocating the balance of certain Purchased Loans to the underlying Consumer Loans based on the forecasted future collections of each Consumer Loan. (3)Represents the Loan balance attributable to Consumer Loans outstanding within their initial loan terms. (4)Represents the Loan balance attributable to Consumer Loans outstanding beyond their initial loan terms. (5)We consider a Consumer Loan to be current for purposes of forecasting expected collection rates if contractual repayments are less than 11 days past due. The following table summarizes the write-offs for Consumer Loan assignments for the three and six months ended June 30, 2024 and 2023, segmented by year of assignment:
(In millions) |  | For the Three Months Ended June 30, 2024
Write-offs by Consumer Loan Assignment Year |  | Dealer Loans |  | Purchased Loans |  | Total
2019 and prior |  | $ | 46.4 |  |  | $ | 35.8 |  |  | $ | 82.2 |
2020 |  | 28.8 |  |  | 19.2 |  |  | 48.0 |
2021 |  | 35.0 |  |  | 22.9 |  |  | 57.9 |
2022 |  | 45.9 |  |  | 36.1 |  |  | 82.0 |
2023 |  | 13.2 |  |  | 37.6 |  |  | 50.8 |
2024 |  | 1.9 |  |  | 6.2 |  |  | 8.1 |
|  | $ | 171.2 |  |  | $ | 157.8 |  |  | $ | 329.0 |
(In millions) |  | For the Three Months Ended June 30, 2023
Write-offs by Consumer Loan Assignment Year |  | Dealer Loans |  | Purchased Loans |  | Total
2018 and prior |  | $ | 33.9 |  |  | $ | 28.0 |  |  | $ | 61.9 |
2019 |  | 27.1 |  |  | 50.8 |  |  | 77.9 |
2020 |  | 27.6 |  |  | 26.1 |  |  | 53.7 |
2021 |  | 26.6 |  |  | 29.2 |  |  | 55.8 |
2022 |  | 27.3 |  |  | 40.1 |  |  | 67.4 |
2023 |  | 3.3 |  |  | 9.4 |  |  | 12.7 |
|  | $ | 145.8 |  |  | $ | 183.6 |  |  | $ | 329.4 |
(In millions) |  | For the Six Months Ended June 30, 2024
Write-offs by Consumer Loan Assignment Year |  | Dealer Loans |  | Purchased Loans |  | Total
2019 and prior |  | $ | 91.6 |  |  | $ | 77.3 |  |  | $ | 168.9 |
2020 |  | 54.1 |  |  | 41.0 |  |  | 95.1 |
2021 |  | 63.9 |  |  | 50.8 |  |  | 114.7 |
2022 |  | 79.1 |  |  | 76.2 |  |  | 155.3 |
2023 |  | 22.2 |  |  | 73.5 |  |  | 95.7 |
2024 |  | 3.1 |  |  | 7.6 |  |  | 10.7 |
|  | $ | 314.0 |  |  | $ | 326.4 |  |  | $ | 640.4 |
(In millions) |  | For the Six Months Ended June 30, 2023
Write-offs by Consumer Loan Assignment Year |  | Dealer Loans |  | Purchased Loans |  | Total
2018 and prior |  | $ | 65.5 |  |  | $ | 59.5 |  |  | $ | 125.0 |
2019 |  | 50.8 |  | 99.1 |  | 149.9
2020 |  | 51.3 |  | 54.9 |  | 106.2
2021 |  | 45.4 |  | 62.2 |  | 107.6
2022 |  | 46.3 |  | 80.4 |  | 126.7
2023 |  | 4.2 |  | 10.4 |  | 14.6
|  | $ | 263.5 |  |  | $ | 366.5 |  |  | $ | 630.0 |
During the second quarter of 2024, we applied an adjustment to our methodology for forecasting the amount of future net cash flows from our Loan portfolio, which reduced the forecasted collection rates for Consumer Loans assigned in 2022 through 2024. Consumer Loans assigned in 2022 have continued to underperform our expectations for the past several quarters. More recently, Consumer Loans assigned in 2023 have also begun exhibiting similar trends of underperformance, although not as severe as Consumer Loans assigned in 2022. During the second quarter of 2024, we determined that we had sufficient Consumer Loan performance experience to estimate the magnitude by which we expect Consumer Loans assigned in 2022 through 2024 will likely underperform our historical collection rates on Consumer Loans with similar characteristics. Accordingly, we applied an adjustment to Consumer Loans assigned in 2022 through 2024 to reduce forecasted collection rates to what we believe the ultimate collection rates will be based on these trends. Changes in the amount and timing of forecasted net cash flows are recognized in the period of change as a provision for credit losses. The implementation of this forecast adjustment during the second quarter of 2024 reduced forecasted net cash flows by $147.2 million, or 1.4%, and increased provision for credit losses by $127.5 million. During the second quarter of 2023, we adjusted our methodology for forecasting the amount and timing of future net cash flows from our Loan portfolio through the utilization of more recent Consumer Loan performance and Consumer Loan prepayment data. We had experienced a decrease in Consumer Loan prepayments to below-average levels and as a result, slowed our forecasted net cash flow timing. Historically, Consumer Loan prepayments have been lower in periods with less availability of consumer credit. Changes in the amount and timing of forecasted net cash flows are recognized in the period of change as a provision for credit losses. The implementation of the adjustment to our forecasting methodology during the second quarter of 2023 reduced forecasted net cash flows by $44.5 million, or 0.5%, and increased provision for credit losses by $71.3 million.

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