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v3.23.2

Long Term Debt (Tables) | 6 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Debt Instruments | Debt instruments, excluding the 2022 Vehicle Floorplan Facility, which is discussed in Note 10 — Vehicle Floorplan Facility, and warehouse credit facilities of consolidated VIEs, which are discussed in Note 11 — Warehouse Credit Facilities of Consolidated VIEs, consisted of the following (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Current portion of securitization debt of consolidated VIEs |  | $ | 219,391 |  |  | $ | 47,239 |
Current portion of financing of beneficial interest in securitizations |  |  | 12,080 |  |  |  | — |
Total current portion of long term debt |  | $ | 231,471 |  |  | $ | 47,239 |
Convertible senior notes |  | $ | 327,408 |  |  | $ | 359,254 |
Securitization debt of consolidated VIEs, net of current portion |  |  | 197,584 |  |  |  | 32,590 |
Financing of beneficial interest in securitizations |  |  | 9,629 |  |  |  | — |
Junior subordinated debentures |  |  | 10,310 |  |  |  | 10,310 |
Long term debt, net of current portion |  | $ | 544,931 |  |  | $ | 402,154 |
Total debt |  | $ | 776,402 |  |  | $ | 449,393 |
Schedule of Securitization Debt of Consolidated VIEs | The securitization debt issued is included in “Current portion of securitization debt of consolidated VIEs at fair value” and "Long term debt, net of current portion" on the condensed consolidated balance sheet. The securitization debt of consolidated VIEs consisted of the following (in thousands):
As of June 30, 2023 |
Series |  | Final Scheduled Payment Date |  | Initial Principal |  |  | Contractual Interest Rate |  | Outstanding Principal |  |  | Fair Value |
United Auto Credit 2021-1-D |  | June 10, 2026 |  | $ | 29,380 |  |  | 1.14 | % | $ | 21,686 |  |  | $ | 21,393 |
United Auto Credit 2021-1-E |  | June 10, 2026 |  |  | 20,800 |  |  | 2.58 | % |  | 20,800 |  |  |  | 20,170 |
United Auto Credit 2021-1-F |  | September 10, 2027 |  |  | 13,910 |  |  | 4.30 | % |  | 13,910 |  |  |  | 13,539 |
United Auto Credit 2022-2-A |  | April 10, 2025 |  |  | 119,139 |  |  | 4.39 | % |  | 31,173 |  |  |  | 31,120 |
United Auto Credit 2022-2-B |  | December 10, 2025 |  |  | 30,324 |  |  | 5.41 | % |  | 30,324 |  |  |  | 30,003 |
United Auto Credit 2022-2-C |  | May 10, 2027 |  |  | 26,533 |  |  | 5.81 | % |  | 26,533 |  |  |  | 26,148 |
United Auto Credit 2022-2-D |  | January 10, 2028 |  |  | 32,889 |  |  | 6.84 | % |  | 32,889 |  |  |  | 32,297 |
United Auto Credit 2022-2-E |  | April 10, 2029 |  |  | 33,440 |  |  | 10.00 | % |  | 33,440 |  |  |  | 30,420 |
United Auto Credit 2023-1-A |  | July 10, 2025 |  |  | 118,598 |  |  | 5.57 | % |  | 68,433 |  |  |  | 68,296 |
United Auto Credit 2023-1-B |  | July 10, 2028 |  |  | 51,157 |  |  | 5.91 | % |  | 51,157 |  |  |  | 50,661 |
United Auto Credit 2023-1-C |  | July 10, 2028 |  |  | 33,326 |  |  | 6.28 | % |  | 33,326 |  |  |  | 32,996 |
United Auto Credit 2023-1-D |  | July 10, 2028 |  |  | 35,653 |  |  | 8.00 | % |  | 35,653 |  |  |  | 36,152 |
United Auto Credit 2023-1-E |  | September 10, 2029 |  |  | 23,256 |  |  | 10.98 | % |  | 23,256 |  |  |  | 23,465 |
Total rated notes |  |  |  | $ | 568,405 |  |  |  |  | $ | 422,580 |  |  | $ | 416,660 |
United Auto Credit 2022-2-R |  | n/a |  | n/a |  |  | n/a |  | n/a |  |  |  | 315 |
Total rated notes and residual |  |  |  | $ | 568,405 |  |  |  |  | $ | 422,580 |  |  | $ | 416,975 |
As of December 31, 2022 |
Series |  | Final Scheduled Payment Date |  | Initial Principal |  |  | Contractual Interest Rate |  | Outstanding Principal |  |  | Fair Value |
United Auto Credit 2021-1-C |  | June 10, 2026 |  | $ | 29,640 |  |  | 0.84 | % | $ | 18,466 |  |  | $ | 18,322 |
United Auto Credit 2021-1-D |  | June 10, 2026 |  |  | 29,380 |  |  | 1.14 | % |  | 29,380 |  |  |  | 28,481 |
United Auto Credit 2021-1-E |  | June 10, 2026 |  |  | 20,800 |  |  | 2.58 | % |  | 20,800 |  |  |  | 19,685 |
United Auto Credit 2021-1-F |  | September 10, 2027 |  |  | 13,910 |  |  | 4.30 | % |  | 13,910 |  |  |  | 13,341 |
|  |  |  | $ | 93,730 |  |  |  |  | $ | 82,556 |  |  | $ | 79,829 |
Schedule of Aggregate Principal Balance and Fair Value of Finance Receivables Pledged to Securitization Debt | The aggregate principal balance and the fair value of finance receivables pledged to the securitization debt consists of the following (in thousands):
|  | As of June 30, |  |  | As of December 31, |
|  | 2023 |  |  | 2022 |
|  | Aggregate Principal Balance |  |  | Fair Value |  |  | Aggregate Principal Balance |  |  | Fair Value |
United Auto Credit 2021-1 |  | $ | 57,829 |  |  | $ | 54,464 |  |  | $ | 84,477 |  |  | $ | 77,904 |
United Auto Credit 2022-2 |  |  | 170,368 |  |  |  | 143,263 |  |  |  | — |  |  |  | — |
United Auto Credit 2023-1 |  |  | 262,299 |  |  |  | 232,295 |  |  |  | — |  |  |  | — |
Total finance receivables of CFEs |  | $ | 490,496 |  |  | $ | 430,022 |  |  | $ | 84,477 |  |  | $ | 77,904 |

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