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Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt

(4) Debt

 

The terms and amounts of our other debt outstanding at March 31, 2024 and December 31, 2023 are summarized below:

                
         Amount Outstanding at 
         March 31,   December 31, 
         2024   2023 
         (In thousands) 
Description  Interest Rate  Maturity        
               
Warehouse lines of credit  3.00% over CP yield rate (Minimum 3.75%) 8.42% and 8.58% at March 31, 2024 and December 31 2023, respectively  July 2024  $184,079   $165,628 
                 
   4.50% over a commercial paper rate (Minimum 7.50%) 9.94% and 9.63% at March 31 2024, and December 31 2023, respectively  March 2026   67,721    68,997 
                 
Residual interest financing  7.86%  June 2026   50,000    50,000 
                 
Residual interest financing  11.50%  March 2029   50,000    – 
                 
Subordinated renewable notes  Weighted average rate of 9.01% and 8.45% at March 31, 2024 and December 31, 2023, respectively  Weighted average maturity of May 2026 and February 2026 at March 31, 2024 and December 31, 2023, respectively   22,140    17,188 
                 
         $373,940   $301,813 

 

On March 29, 2024, we renewed our two-year $200 million revolving credit agreement with Ares Agent Services, L.P. The revolving period for this facility was extended to March 2026 followed by an amortization period through March 2028 for any receivables pledged at the end of the revolving period. There was $67.7 million outstanding under this facility at March 31, 2024.

 

On March 22, 2024, we completed a $50 million securitization of residual interests from previously issued securitizations. In the transaction, a qualified institutional buyer purchased $50.0 million of asset-backed notes secured by an 80% interest in a CPS affiliate that owns the residual interests in five CPS securitizations issued from January 2022 through January 2023. The sold notes (“2024-1 Notes”), issued by CPS Auto Securitization Trust 2024-1, consist of a single class with a coupon of 11.50%. At March 31, 2024 there was $50.0 million outstanding under this facility.

 

On July 15, 2022, we renewed our two-year revolving credit agreement with Citibank, N.A., and doubled the capacity from $100 million to $200 million. The revolving period for this facility was extended to July 2024 followed by an amortization period through July 2025 for any receivables pledged at the end of the revolving period. There was $184.1 million outstanding under this facility at March 31, 2024.

 

Unamortized debt issuance costs of $1.0 million and $125,000 as of March 31, 2024 and December 31, 2023, respectively, have been excluded from the amount reported above for residual interest financing. Similarly, unamortized debt issuance costs of $2.3 million and $599,000 as of March 31, 2024 and December 31, 2023, respectively, have been excluded from the Warehouse lines of credit amounts in the table above. These debt issuance costs are presented as a direct deduction to the carrying amount of the debt on our Unaudited Condensed Consolidated Balance Sheets.