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v3.25.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt | (4) Debt The terms and amounts of our other debt outstanding at March 31, 2025, and December 31, 2024, are summarized below:
Schedule of debt outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Amount Outstanding at |
|  |  |  |  |  |  |  | March 31, |  |  | December 31, |
|  |  |  |  |  |  |  | 2025 |  |  | 2024 |
|  |  |  |  |  |  |  | (In thousands) |
Description |  | Interest Rate |  | Subordinate Lender Interest Rate |  | Maturity |  |  |  |  |  |
Warehouse lines of credit |  | 3.00% over CP yield rate (Minimum 3.75%) 7.38% and 7.52% at March 31, 2025 and December 31 2024, respectively |  | 6.40% over SOFR yield rate (Minimum 7.15%) 10.95% and 11.09% at March 31, 2025 and December 31, 2024, respectively |  | July 2026 |  | $ | 280,400 |  |  | $ | 269,602 |
Warehouse lines of credit |  | 4.50% over a commercial paper rate (Minimum 7.50%) 8.82% and 8.90% at March 31 2025, and December 31 2024, respectively |  |  |  | March 2026 |  |  | 88,988 |  |  |  | 145,597 |
Residual interest financing |  | 7.86% |  |  |  | June 2026 |  |  | 50,000 |  |  |  | 50,000 |
Residual interest financing |  | 11.50% |  |  |  | March 2029 |  |  | 50,000 |  |  |  | 50,000 |
Residual interest financing |  | 11.00% |  |  |  | June 2032 |  |  | 65,000 |  |  |  | – |
Subordinated renewable notes |  | Weighted average rate of 9.18% and 9.24% at March 31, 2025 and December 31, 2024, respectively |  |  |  | Weighted average maturity of April 2027 and December 2026 at March 31, 2025 and December 31, 2024, respectively |  |  | 27,547 |  |  |  | 26,489 |
|  |  |  |  |  |  |  | $ | 561,935 |  |  | $ | 541,688 |
On March 20, 2025, we completed a $65 million securitization of residual interests from previously issued securitizations. In the transaction, a qualified institutional buyer purchased $65.0 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 October 2023 through September 2024. The sold notes (“2025-1 Notes”), issued by CPS Auto Securitization Trust 2025-1, consist of a single class with a coupon of 11.00%. At March 31, 2025, there was $65.0 million outstanding under this facility. On December 19, 2024, we increased the capacity of our revolving credit agreement with Citibank, N.A., to $335 million. This follows the November 2024 closing of a revolving credit agreement with Oaktree Capital Management, which is subordinate to our credit agreement with Citibank, N.A. The facility provides effective advances up to 10.00% of eligible finance receivables, effectively increasing the advance rate up to 95% across the facility for eligible receivables. The revolving credit agreement with Citibank, N.A. was last renewed in July 2024, extending the maturity date to July 2026 followed by an amortization period through July 2027 for any receivables pledged at the end of the revolving period. There was $280.4 million outstanding under this facility at March 31, 2025. 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 $89.0 million outstanding under this facility at March 31, 2025. 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, 2025, there was $50.0 million outstanding under this facility. On June 30, 2021, we completed a $50 million securitization of residual interests from previously issued securitizations. In this residual interest financing transaction, qualified institutional buyers purchased $50.0 million of asset-backed notes secured by residual interests in eleven CPS securitizations consecutively issued from January 2018 and September 2020. The sold notes (“2021-1 Notes”), issued by CPS Auto Securitization Trust 2021-1, consist of a single class with a coupon of 7.86%. At March 31, 2025, there was $50.0 million outstanding under this facility Unamortized debt issuance costs of $1.6 million and $824,000 as of March 31, 2025, and December 31, 2024, respectively, have been excluded from the amount reported above for residual interest financing. Similarly, unamortized debt issuance costs of $3.7 million and $4.3 million as of March 31, 2025, and December 31, 2024, 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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