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Warehouse Credit Facilities of Consolidated VIEs | 6 Months Ended
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Jun. 30, 2023
Line of Credit Facility [Abstract] |
Warehouse Credit Facilities of Consolidated VIEs | 11. Warehouse Credit Facilities of Consolidated VIEs UACC has four senior secured warehouse facility agreements (the “Warehouse Credit Facilities”) with banking institutions as of June 30, 2023. The Warehouse Credit Facilities are collateralized by eligible finance receivables and available borrowings are computed based on a percentage of eligible finance receivables. As of June 30, 2023 and December 31, 2022, the Company had excess borrowing capacity of $93.0 million and $105.8 million on UACC's Warehouse Credit Facilities, respectively. The terms of the Warehouse Credit Facilities include the following:
|  | Facility One |  |  | Facility Two |  |  | Facility Three |  |  | Facility Four |
Execution date |  | May 30, 2012 |  |  | November 19, 2013 |  |  | July 11, 2019 |  |  | November 18, 2022 |
Maturity date |  | July 20, 2024 |  |  | June 2, 2025 |  |  | May 24, 2024 |  |  | December 12, 2024 |
Aggregate borrowings limit (in thousands) |  | $ | 200,000 |  |  | $ | 200,000 |  |  | $ | 200,000 |  |  | $ | 250,000 |
As of June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Aggregate principal balance of finance receivables pledged as collateral (in thousands) |  | $ | 137,062 |  |  | $ | 24,516 |  |  | $ | 95,058 |  |  | $ | — |
Outstanding balance (in thousands) |  | $ | 87,100 |  |  | $ | 18,735 |  |  | $ | 74,000 |  |  | $ | — |
Restricted cash (in thousands) |  | $ | 4,805 |  |  | $ | 1,291 |  |  | $ | 4,047 |  |  | $ | — |
As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Aggregate principal balance of finance receivables pledged as collateral (in thousands) |  | $ | 143,919 |  |  | $ | 142,503 |  |  | $ | 126,636 |  |  | $ | — |
Outstanding balance (in thousands) |  | $ | 110,602 |  |  | $ | 19,615 |  |  | $ | 101,435 |  |  | $ | — |
Restricted cash (in thousands) |  | $ | 8,110 |  |  | $ | 2,007 |  |  | $ | 5,537 |  |  | $ | — |
As of June 30, 2023 and December 31, 2022, the Company's weighted average interest rate on the Warehouse Credit Facilities borrowings was approximately 7.00% and 6.19%, respectively. The Company's ability to utilize its Warehouse Credit Facilities is primarily conditioned on the satisfaction of certain legal, operating, administrative and financial covenants contained within the agreements. These include covenants that require UACC to maintain a minimum tangible net worth, minimum liquidity levels, specified leverage ratios and certain indebtedness levels. Failure to satisfy these and or any other requirements contained within the agreements would restrict access to the Warehouse Credit Facilities. Certain breaches of covenants may also result in acceleration of the repayment of borrowings prior to the scheduled maturity. As of June 30, 2023 and December 31, 2022, the Company was in compliance with all covenants related to the Warehouse Credit Facilities.

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