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Debt
 9 Months Ended
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:

                
         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.