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Finance Receivables (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Schedule of Finance Receivables

Finance receivables, net were as follows (in thousands):

			September 30, 2024						December 31, 2023						September 30, 2023
Retail finance receivables			$	6,961,975					$	6,818,699					$	6,998,397
Wholesale finance receivables			1,238,324						1,061,532						1,049,541
			8,200,299						7,880,231						8,047,938
Allowance for credit losses			(399,912)						(381,966)						(392,714)
			$	7,800,387					$	7,498,265					$	7,655,224

Schedule of Changes in the Allowance for Finance Credit Losses on Finance Receivables

Changes in the Company's allowance for credit losses on its finance receivables by portfolio were as follows (in thousands):

			Three months ended September 30, 2024																		Nine months ended September 30, 2024
			Retail						Wholesale						Total						Retail						Wholesale						Total
Balance, beginning of period			$	377,826					$	15,691					$	393,517					$	367,037					$	14,929					$	381,966
Provision for credit losses			55,831						2,146						57,977						172,109						2,908						175,017
Charge-offs			(65,029)						—						(65,029)						(207,109)						—						(207,109)
Recoveries			13,447						—						13,447						50,038						—						50,038
Balance, end of period			$	382,075					$	17,837					$	399,912					$	382,075					$	17,837					$	399,912
			Three months ended September 30, 2023																		Nine months ended September 30, 2023
			Retail						Wholesale						Total						Retail						Wholesale						Total
Balance, beginning of period			$	366,919					$	14,861					$	381,780					$	345,275					$	13,436					$	358,711
Provision for credit losses			60,832						22						60,854						169,049						1,447						170,496
Charge-offs			(63,738)						—						(63,738)						(182,183)						—						(182,183)
Recoveries			13,818						—						13,818						45,690						—						45,690
Balance, end of period			$	377,831					$	14,883					$	392,714					$	377,831					$	14,883					$	392,714

Schedule of Financing Receivable Credit Quality Indicators

The amortized cost along with period gross charge-offs of the Company's U.S. and Canadian retail finance receivables by vintage and credit quality indicator was as follows (in thousands):

			September 30, 2024
			2024						2023						2022						2021						2020						2019 & Prior						Total
U.S. Retail:
Super prime			$	931,374					$	769,173					$	507,694					$	241,713					$	84,111					$	39,590					$	2,573,655
Prime			927,821						901,954						730,870						410,721						166,169						106,766						3,244,301
Sub-prime			281,501						249,447						200,838						134,880						67,592						59,151						993,409
			2,140,696						1,920,574						1,439,402						787,314						317,872						205,507						6,811,365
Canadian Retail:
Super prime			35,280						34,382						21,186						10,573						4,410						1,702						107,533
Prime			9,200						10,340						8,054						4,812						2,782						2,124						37,312
Sub-prime			1,731						1,457						1,132						490						564						391						5,765
			46,211						46,179						30,372						15,875						7,756						4,217						150,610
			$	2,186,907					$	1,966,753					$	1,469,774					$	803,189					$	325,628					$	209,724					$	6,961,975
Gross charge-offs for the nine months ended September 30, 2024:
U.S. Retail			$	4,680					$	65,972					$	67,945					$	36,365					$	15,270					$	13,485					$	203,717
Canadian Retail			87						1,033						976						616						329						351						3,392
			$	4,767					$	67,005					$	68,921					$	36,981					$	15,599					$	13,836					$	207,109

			December 31, 2023
			2023						2022						2021						2020						2019						2018 & Prior						Total
U.S. Retail:
Super prime			$	1,066,321					$	729,339					$	376,474					$	151,004					$	70,627					$	27,013					$	2,420,778
Prime			1,173,463						993,417						584,305						259,995						139,011						78,880						3,229,071
Sub-prime			333,099						275,964						189,688						101,437						63,393						44,568						1,008,149
			2,572,883						1,998,720						1,150,467						512,436						273,031						150,461						6,657,998
Canadian Retail:
Super prime			48,705						31,733						17,744						9,241						4,521						1,524						113,468
Prime			13,764						11,434						7,336						4,390						2,728						1,838						41,490
Sub-prime			1,846						1,546						739						817						525						270						5,743
			64,315						44,713						25,819						14,448						7,774						3,632						160,701
			$	2,637,198					$	2,043,433					$	1,176,286					$	526,884					$	280,805					$	154,093					$	6,818,699
Gross charge-offs for the year ended December 31, 2023:
U.S. Retail			$	20,047					$	102,387					$	74,212					$	30,896					$	18,088					$	14,655					$	260,285
Canadian Retail			527						1,004						866						472						278						483						3,630
			$	20,574					$	103,391					$	75,078					$	31,368					$	18,366					$	15,138					$	263,915

			September 30, 2023
			2023						2022						2021						2020						2019						2018 & Prior						Total
U.S. Retail:
Super prime			$	916,306					$	806,658					$	424,425					$	175,218					$	87,737					$	37,875					$	2,448,219
Prime			1,033,222						1,086,081						645,931						293,977						163,603						102,427						3,325,241
Sub-prime			296,583						307,280						211,626						114,298						72,587						55,700						1,058,074
			2,246,111						2,200,019						1,281,982						583,493						323,927						196,002						6,831,534
Canadian Retail:
Super prime			43,643						34,700						19,796						10,707						5,929						2,245						117,020
Prime			13,007						12,307						7,968						4,890						3,135						2,362						43,669
Sub-prime			1,839						1,671						852						871						575						366						6,174
			58,489						48,678						28,616						16,468						9,639						4,973						166,863
			$	2,304,600					$	2,248,697					$	1,310,598					$	599,961					$	333,566					$	200,975					$	6,998,397
Gross charge-offs for the nine months ended September 30, 2023:
U.S. Retail			$	5,141					$	71,540					$	54,843					$	23,023					$	13,622					$	11,663					$	179,832
Canadian Retail			75						703						634						337						220						382						2,351
			$	5,216					$	72,243					$	55,477					$	23,360					$	13,842					$	12,045					$	182,183

The amortized cost of the Company's wholesale finance receivables, by vintage and credit quality indicator, was as follows (in thousands):

			September 30, 2024
			2024						2023						2022						2021						2020						2019 & Prior						Total
Non-Performing			$	1,986					$	2,134					$	122					$	—					$	—					$	2					$	4,244
Doubtful			9,939						4,043						129						—						—						5						14,116
Substandard			14,669						3,391						34						—						—						—						18,094
Special Mention			4,527						1,240						58						—						—						—						5,825
Medium Risk			615						146						—						—						—						—						761
Low Risk			1,008,975						134,065						38,019						2,567						3,500						8,158						1,195,284
			$	1,040,711					$	145,019					$	38,362					$	2,567					$	3,500					$	8,165					$	1,238,324

			December 31, 2023
			2023						2022						2021						2020						2019						2018 & Prior						Total
Non-Performing			$	—					$	—					$	—					$	—					$	—					$	—					$	—
Doubtful			—						—						—						—						—						—						—
Substandard			10,934						258						—						—						5						—						11,197
Special Mention			641						30						—						—						—						—						671
Medium Risk			2,905						—						—						—						—						—						2,905
Low Risk			961,519						66,757						5,107						4,962						7,786						628						1,046,759
			$	975,999					$	67,045					$	5,107					$	4,962					$	7,791					$	628					$	1,061,532

			September 30, 2023
			2023						2022						2021						2020						2019						2018 & Prior						Total
Non-Performing			$	—					$	—					$	—					$	—					$	—					$	—					$	—
Doubtful			—						—						—						—						—						—						—
Substandard			—						—						—						—						—						—						—
Special Mention			603						30						—						—						—						—						633
Medium Risk			2,754						16						—						25						—						—						2,795
Low Risk			934,104						95,436						5,928						5,354						4,601						690						1,046,113
			$	937,461					$	95,482					$	5,928					$	5,379					$	4,601					$	690					$	1,049,541

Schedule of Impaired Financing Receivables

Additional information related to the wholesale finance receivables on non-accrual status was as follows (in thousands):

			Amortized Cost												Amortized Cost						Interest Income
			January 1, 2024												September 30, 2024						Recognized
Wholesale:
No related allowance recorded			$	—											$	2,423					$	123
Related allowance recorded			—												1,821						123
			$	—											$	4,244					$	246

Schedule of Past Due Financing Receivables

The aging analysis of the Company's finance receivables was as follows (in thousands):

			September 30, 2024
			Current						31-60 Days Past Due						61-90 Days Past Due						Greater than 90 Days Past Due						Total Past Due						Total
Retail finance receivables			$	6,679,994					$	163,963					$	61,542					$	56,476					$	281,981					$	6,961,975
Wholesale finance receivables			1,236,124						832						777						591						2,200						1,238,324
			$	7,916,118					$	164,795					$	62,319					$	57,067					$	284,181					$	8,200,299
			December 31, 2023
			Current						31-60 Days Past Due						61-90 Days Past Due						Greater than 90 Days Past Due						Total Past Due						Total
Retail finance receivables			$	6,516,342					$	168,027					$	67,033					$	67,297					$	302,357					$	6,818,699
Wholesale finance receivables			1,060,561						763						25						183						971						1,061,532
			$	7,576,903					$	168,790					$	67,058					$	67,480					$	303,328					$	7,880,231
			September 30, 2023
			Current						31-60 Days Past Due						61-90 Days Past Due						Greater than 90 Days Past Due						Total Past Due						Total
Retail finance receivables			$	6,738,510					$	151,192					$	55,454					$	53,241					$	259,887					$	6,998,397
Wholesale finance receivables			1,049,338						19						22						162						203						1,049,541
			$	7,787,848					$	151,211					$	55,476					$	53,403					$	260,090					$	8,047,938

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Tabular disclosure of allowance for credit loss on financing receivable.

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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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