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Finance Receivables (Tables) | 12 Months Ended
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Dec. 31, 2024
Receivables [Abstract] |
Schedule of Finance Receivables | Finance receivables, net at December 31, were as follows (in thousands):
| 2024 |  | 2023
Retail finance receivables: |  |  |
United States | $ | 6,548,550 |  |  | $ | 6,657,998 |
Canada | 132,556 |  |  | 160,701 |
| 6,681,106 |  |  | 6,818,699 |
Wholesale finance receivables: |  |  |
United States | 952,301 |  |  | 1,016,815 |
Canada | 56,070 |  |  | 44,717 |
| 1,008,371 |  |  | 1,061,532 |
| 7,689,477 |  |  | 7,880,231 |
Allowance for credit losses | (401,183) |  |  | (381,966) |
| $ | 7,288,294 |  |  | $ | 7,498,265 |
Schedule of Contractual Maturities of Finance Receivables | As of December 31, 2024, contractual maturities of total finance receivables were as follows (in thousands):
| United States |  | Canada |  | Total
2025 | $ | 2,019,862 |  |  | $ | 83,878 |  |  | $ | 2,103,740 |
2026 | 1,235,417 |  |  | 29,648 |  |  | 1,265,065 |
2027 | 1,412,167 |  |  | 32,672 |  |  | 1,444,839 |
2028 | 1,552,946 |  |  | 36,006 |  |  | 1,588,952 |
2029 | 886,588 |  |  | 6,422 |  |  | 893,010 |
Thereafter | 393,871 |  |  | — |  |  | 393,871 |
| $ | 7,500,851 |  |  | $ | 188,626 |  |  | $ | 7,689,477 |
Schedule of Changes in the Allowance for Finance Credit Losses on Finance Receivables | The allowance for credit losses on finance receivables is comprised of individual components relating to wholesale and retail finance receivables. Changes in the allowance for credit losses on finance receivables by portfolio for the year ended December 31, were as follows (in thousands):
| 2024
Retail |  | Wholesale |  | Total
Balance, beginning of period | $ | 367,037 |  |  | $ | 14,929 |  |  | $ | 381,966 |
Provision for credit losses | 237,882 |  |  | 9,343 |  |  | 247,225 |
Charge-offs | (290,006) |  |  | (1,462) |  |  | (291,468) |
Recoveries | 63,460 |  |  | — |  |  | 63,460 |
Balance, end of period | $ | 378,373 |  |  | $ | 22,810 |  |  | $ | 401,183 |
| 2023
Retail |  | Wholesale |  | Total
Balance, beginning of period | $ | 345,275 |  |  | $ | 13,436 |  |  | $ | 358,711 |
Provision for credit losses | 225,665 |  |  | 1,493 |  |  | 227,158 |
Charge-offs | (263,915) |  |  | — |  |  | (263,915) |
Recoveries | 60,012 |  |  | — |  |  | 60,012 |
Balance, end of period | $ | 367,037 |  |  | $ | 14,929 |  |  | $ | 381,966 |
| 2022
Retail |  | Wholesale |  | Total
Balance, beginning of period | $ | 326,320 |  |  | $ | 13,059 |  |  | $ | 339,379 |
Provision for credit losses | 144,756 |  |  | 377 |  |  | 145,133 |
Charge-offs | (176,718) |  |  | — |  |  | (176,718) |
Recoveries | 50,917 |  |  | — |  |  | 50,917 |
Balance, end of period | $ | 345,275 |  |  | $ | 13,436 |  |  | $ | 358,711 |
Schedule of Financing Receivable Credit Quality Indicators | The amortized cost of the Company's U.S. and Canadian retail finance receivables by vintage and credit quality indicator was as follows (in thousands):
| December 31, 2024
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 & Prior |  | Total
U.S. Retail: |  |  |  |  |  |  |  |  |  |  |  |  |
Super prime | $ | 1,040,491 |  |  | $ | 694,941 |  |  | $ | 449,697 |  |  | $ | 206,974 |  |  | $ | 67,668 |  |  | $ | 28,606 |  |  | $ | 2,488,377 |
Prime | 1,042,910 |  |  | 821,719 |  |  | 659,000 |  |  | 363,507 |  |  | 141,495 |  |  | 82,771 |  |  | 3,111,402 |
Sub-prime | 318,689 |  |  | 224,656 |  |  | 180,048 |  |  | 119,457 |  |  | 58,297 |  |  | 47,624 |  |  | 948,771 |
| 2,402,090 |  |  | 1,741,316 |  |  | 1,288,745 |  |  | 689,938 |  |  | 267,460 |  |  | 159,001 |  |  | 6,548,550 |
Canadian Retail: |  |  |  |  |  |  |  |  |  |  |  |  |
Super prime | 36,011 |  |  | 29,098 |  |  | 17,468 |  |  | 8,330 |  |  | 3,179 |  |  | 1,096 |  |  | 95,182 |
Prime | 9,111 |  |  | 8,687 |  |  | 6,724 |  |  | 4,033 |  |  | 2,212 |  |  | 1,524 |  |  | 32,291 |
Sub-prime | 1,701 |  |  | 1,229 |  |  | 972 |  |  | 435 |  |  | 462 |  |  | 284 |  |  | 5,083 |
| 46,823 |  |  | 39,014 |  |  | 25,164 |  |  | 12,798 |  |  | 5,853 |  |  | 2,904 |  |  | 132,556 |
| $ | 2,448,913 |  |  | $ | 1,780,330 |  |  | $ | 1,313,909 |  |  | $ | 702,736 |  |  | $ | 273,313 |  |  | $ | 161,905 |  |  | $ | 6,681,106 |
Gross charge-offs for the year ended December 31, 2024: |  |  |  |  |  |
US Retail | $ | 18,322 |  |  | $ | 92,489 |  |  | $ | 90,023 |  |  | $ | 47,678 |  |  | $ | 19,628 |  |  | $ | 17,143 |  |  | $ | 285,283 |
Canadian Retail | 241 |  |  | 1,474 |  |  | 1,398 |  |  | 755 |  |  | 391 |  |  | 464 |  |  | 4,723 |
| $ | 18,563 |  |  | $ | 93,963 |  |  | $ | 91,421 |  |  | $ | 48,433 |  |  | $ | 20,019 |  |  | $ | 17,607 |  |  | $ | 290,006 |
| 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: |  |  |  |  |  |
US 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 |
The amortized cost of wholesale finance receivables, by vintage and credit quality indicator, was as follows (in thousands):
| December 31, 2024
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 & Prior |  | Total
Non-Performing | $ | 6,430 |  |  | $ | 4,702 |  |  | $ | 129 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 11,263 |
Doubtful | 25,827 |  |  | 3,869 |  |  | 139 |  |  | — |  |  | — |  |  | 8,196 |  |  | 38,031 |
Substandard | 14,470 |  |  | 2,928 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,398 |
Special Mention | 3,162 |  |  | 362 |  |  | 19 |  |  | — |  |  | — |  |  | — |  |  | 3,543 |
Medium Risk | 1,471 |  |  | 271 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,742 |
Low Risk | 808,771 |  |  | 83,611 |  |  | 38,815 |  |  | 1,702 |  |  | 3,358 |  |  | 137 |  |  | 936,394 |
| $ | 860,131 |  |  | $ | 95,743 |  |  | $ | 39,102 |  |  | $ | 1,702 |  |  | $ | 3,358 |  |  | $ | 8,335 |  |  | $ | 1,008,371 |
Gross charge-offs for the year ended December 31, 2024: |  |  |  |  |  |  |  |
Wholesale | $ | 709 |  |  | $ | 710 |  |  | $ | 42 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1,462 |
| 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 |
Schedule of Past Due Financing Receivables | The aging analysis of finance receivables at December 31, was as follows (in t housands):
| 2024
| Current |  | 31-60 Days Past Due |  | 61-90 Days Past Due |  | Greater than 90 Days Past Due |  | Total Past Due |  | Total Finance Receivables
Retail finance receivables | $ | 6,368,447 |  |  | $ | 178,752 |  |  | $ | 69,257 |  |  | $ | 64,650 |  |  | $ | 312,659 |  |  | $ | 6,681,106 |
Wholesale finance receivables | 1,002,584 |  |  | 3,463 |  |  | 718 |  |  | 1,606 |  |  | 5,787 |  |  | 1,008,371 |
| $ | 7,371,031 |  |  | $ | 182,215 |  |  | $ | 69,975 |  |  | $ | 66,256 |  |  | $ | 318,446 |  |  | $ | 7,689,477 |
| 2023
| Current |  | 31-60 Days Past Due |  | 61-90 Days Past Due |  | Greater than 90 Days Past Due |  | Total Past Due |  | Total Finance Receivables
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 |
Retail and wholesale finance receivables, excluding non-accrual status finance receivables, that were contractually past due 90 days or more at December 31, was as follows (in thousands):
| 2024 |  | 2023
United States | $ | 63,702 |  |  | $ | 66,119 |
Canada | 2,028 |  |  | 1,361 |
| $ | 65,730 |  |  | $ | 67,480 |
Schedule of Wholesale Finance Receivables on Non-accrual Status | 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 |  |  |  | December 31, 2024 |  | Recognized
Wholesale: |  |  |  |  |  |  |
No related allowance recorded | $ | — |  |  |  |  | $ | 7,510 |  |  | $ | 795 |
Related allowance recorded | — |  |  |  |  | 3,753 |  |  | 416 |
| $ | — |  |  |  |  | $ | 11,263 |  |  | $ | 1,211 |

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-29 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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