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Debt | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Debt | (4) Debt The terms and amounts of our other debt outstanding at September 30, 2024 and December 31, 2023 are summarized below:
Schedule of debt outstanding |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Amount Outstanding at |
|  |  |  |  |  | September 30, |  |  | December 31, |
|  |  |  |  |  | 2024 |  |  | 2023 |
|  |  |  |  |  | (In thousands) |
Description |  | Interest Rate |  | Maturity |  |  |  |  |  |
Warehouse lines of credit |  | 3.00% over CP yield rate (Minimum 3.75%) 8.27% and 8.58% at September 30, 2024 and December 31 2023, respectively |  | July 2026 |  | $ | 109,059 |  |  | $ | 165,628 |
|  | 4.50% over a commercial paper rate (Minimum 7.50%) 9.60% and 9.63% at September 30 2024, and December 31 2023, respectively |  | March 2026 |  |  | – |  |  |  | 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 9.22% and 8.45% at September 30, 2024 and December 31, 2023, respectively |  | Weighted average maturity of October 2026 and February 2026 at September 30, 2024 and December 31, 2023, respectively |  |  | 24,288 |  |  |  | 17,188 |
|  |  |  |  |  | $ | 233,347 |  |  | $ | 301,813 |
On July 11, 2024, we renewed our two-year $200 million revolving credit agreement with Citibank, N.A. The revolving period for this facility was extended to July 2026 followed by an amortization period through July 2027 for any receivables pledged at the end of the revolving period. There was $109.1 million outstanding under this facility at September 30, 2024. 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 no amount outstanding under this facility at September 30, 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 September 30, 2024 there was $50.0 million outstanding under this facility. Unamortized debt issuance costs of $873,000 and $125,000 as of September 30, 2024 and December 31, 2023, respectively, have been excluded from the amount reported above for residual interest financing. Similarly, unamortized debt issuance costs of $3.3 million and $599,000 as of September 30, 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.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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