☑ | ||||||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | ||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Michigan | 38-1999511 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
25505 W. Twelve Mile Road | |||||||||||
Southfield, | Michigan | 48034-8339 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Not Applicable | ||||||||||
(Former name, former address and former fiscal year, if changed since last report) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | |||||||||||||||
Common Stock, $.01 par value | CACC | The Nasdaq Stock Market LLC |
Large accelerated filer | þ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
PART I. — FINANCIAL INFORMATION | |||||
ITEM 1. FINANCIAL STATEMENTS | |||||
Consolidated Balance Sheets - As of | |||||
Consolidated Statements of Income - Three | |||||
Consolidated Statements of Comprehensive Income - Three | |||||
Consolidated Statements of Shareholders’ Equity - Three months ended March 31, 2024 and 2023 | |||||
Consolidated Statements of Cash Flows - | |||||
PART II. — OTHER INFORMATION | |||||
ITEM 1. LEGAL PROCEEDINGS | |||||
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | |||||
ITEM 5. OTHER INFORMATION | |||||
ITEM 6. EXHIBITS | |||||
SIGNATURES |
(Dollars in millions, except per share data) | As of | ||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
ASSETS: | |||||||||||
Cash and cash equivalents | $ | 8.4 | $ | 13.2 | |||||||
Restricted cash and cash equivalents | 559.2 | 457.7 | |||||||||
Restricted securities available for sale | 99.9 | 93.2 | |||||||||
Loans receivable | 10,483.5 | 10,020.1 | |||||||||
Allowance for credit losses | (3,137.9) | (3,064.8) | |||||||||
Loans receivable, net | 7,345.6 | 6,955.3 | |||||||||
Property and equipment, net | 44.6 | 46.5 | |||||||||
Income taxes receivable | 11.1 | 4.3 | |||||||||
Other assets | 28.2 | 40.0 | |||||||||
Total assets | $ | 8,097.0 | $ | 7,610.2 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | |||||||||||
Liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | 342.7 | $ | 318.8 | |||||||
Revolving secured lines of credit | 169.5 | 79.2 | |||||||||
Secured financing | 4,444.1 | 3,990.9 | |||||||||
Senior notes | 989.6 | 989.0 | |||||||||
Mortgage note | 8.3 | 8.4 | |||||||||
Deferred income taxes, net | 421.1 | 389.2 | |||||||||
Income taxes payable | 69.5 | 81.0 | |||||||||
Total liabilities | 6,444.8 | 5,856.5 | |||||||||
Commitments and Contingencies - See Note 16 | |||||||||||
Shareholders’ Equity: | |||||||||||
Preferred stock, $.01 par value, 1,000,000 shares authorized, none issued | — | — | |||||||||
Common stock, $.01 par value, 80,000,000 shares authorized, 12,220,580 and 12,522,397 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 0.1 | 0.1 | |||||||||
Paid-in capital | 303.5 | 279.0 | |||||||||
Retained earnings | 1,349.8 | 1,475.6 | |||||||||
Accumulated other comprehensive loss | (1.2) | (1.0) | |||||||||
Total shareholders’ equity | 1,652.2 | 1,753.7 | |||||||||
Total liabilities and shareholders’ equity | $ | 8,097.0 | $ | 7,610.2 |
(Dollars in millions, except per share data) | As of | ||||||
September 30, 2017 | December 31, 2016 | ||||||
ASSETS: | |||||||
Cash and cash equivalents | $ | 4.9 | $ | 14.6 | |||
Restricted cash and cash equivalents | 273.6 | 224.7 | |||||
Restricted securities available for sale | 46.1 | 45.3 | |||||
Loans receivable (including $1.4 from affiliates as of December 31, 2016) | 4,827.6 | 4,207.0 | |||||
Allowance for credit losses | (376.2 | ) | (320.4 | ) | |||
Loans receivable, net | 4,451.4 | 3,886.6 | |||||
Property and equipment, net | 20.3 | 18.2 | |||||
Income taxes receivable | 5.5 | 2.3 | |||||
Other assets | 25.1 | 26.3 | |||||
Total Assets | $ | 4,826.9 | $ | 4,218.0 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY: | |||||||
Liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 140.5 | $ | 143.9 | |||
Revolving secured line of credit | 130.5 | — | |||||
Secured financing | 2,327.9 | 2,062.4 | |||||
Senior notes | 542.4 | 541.3 | |||||
Deferred income taxes, net | 333.6 | 273.1 | |||||
Income taxes payable | 0.2 | 23.6 | |||||
Total Liabilities | 3,475.1 | 3,044.3 | |||||
Commitments and Contingencies - See Note 15 | |||||||
Shareholders' Equity: | |||||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued | — | — | |||||
Common stock, $0.01 par value, 80,000,000 shares authorized, 19,310,226 and 19,877,381 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively | 0.2 | 0.2 | |||||
Paid-in capital | 138.4 | 131.7 | |||||
Retained earnings | 1,213.2 | 1,042.0 | |||||
Accumulated other comprehensive loss | — | (0.2 | ) | ||||
Total Shareholders' Equity | 1,351.8 | 1,173.7 | |||||
Total Liabilities and Shareholders' Equity | $ | 4,826.9 | $ | 4,218.0 |
(Dollars in millions, except per share data) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Finance charges | $ | 469.2 | $ | 421.1 | |||||||||||||||||||
Premiums earned | 21.9 | 17.4 | |||||||||||||||||||||
Other income | 16.9 | 15.3 | |||||||||||||||||||||
Total revenue | 508.0 | 453.8 | |||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Salaries and wages | 78.5 | 77.2 | |||||||||||||||||||||
General and administrative | 23.7 | 18.0 | |||||||||||||||||||||
Sales and marketing | 23.9 | 22.1 | |||||||||||||||||||||
Total operating expenses | 126.1 | 117.3 | |||||||||||||||||||||
Provision for credit losses on forecast changes | 87.2 | 44.3 | |||||||||||||||||||||
Provision for credit losses on new Consumer Loan assignments | 98.8 | 93.1 | |||||||||||||||||||||
Total provision for credit losses | 186.0 | 137.4 | |||||||||||||||||||||
Interest | 92.5 | 54.4 | |||||||||||||||||||||
Provision for claims | 17.0 | 17.9 | |||||||||||||||||||||
Total costs and expenses | 421.6 | 327.0 | |||||||||||||||||||||
Income before provision for income taxes | 86.4 | 126.8 | |||||||||||||||||||||
Provision for income taxes | 22.1 | 27.3 | |||||||||||||||||||||
Net income | $ | 64.3 | $ | 99.5 | |||||||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | 5.15 | $ | 7.62 | |||||||||||||||||||
Diluted | $ | 5.08 | $ | 7.61 | |||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 12,481,139 | 13,057,617 | |||||||||||||||||||||
Diluted | 12,646,529 | 13,073,316 |
(Dollars in millions, except per share data) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue: | |||||||||||||||
Finance charges | $ | 259.4 | $ | 223.9 | $ | 749.2 | $ | 641.9 | |||||||
Premiums earned | 10.3 | 10.7 | 30.9 | 32.4 | |||||||||||
Other income | 14.2 | 12.0 | 42.6 | 38.7 | |||||||||||
Total revenue | 283.9 | 246.6 | 822.7 | 713.0 | |||||||||||
Costs and expenses: | |||||||||||||||
Salaries and wages | 33.7 | 32.4 | 101.9 | 95.2 | |||||||||||
General and administrative | 14.2 | 11.0 | 42.1 | 35.7 | |||||||||||
Sales and marketing | 14.2 | 12.2 | 43.7 | 37.8 | |||||||||||
Provision for credit losses | 25.7 | 22.8 | 68.0 | 62.8 | |||||||||||
Interest | 30.5 | 25.1 | 88.0 | 71.5 | |||||||||||
Provision for claims | 5.5 | 6.6 | 17.6 | 20.4 | |||||||||||
Total costs and expenses | 123.8 | 110.1 | 361.3 | 323.4 | |||||||||||
Income before provision for income taxes | 160.1 | 136.5 | 461.4 | 389.6 | |||||||||||
Provision for income taxes | 59.4 | 50.6 | 168.3 | 144.4 | |||||||||||
Net income | $ | 100.7 | $ | 85.9 | $ | 293.1 | $ | 245.2 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 5.19 | $ | 4.22 | $ | 15.01 | $ | 12.02 | |||||||
Diluted | $ | 5.19 | $ | 4.21 | $ | 14.99 | $ | 12.01 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 19,407,344 | 20,379,557 | 19,528,175 | 20,398,037 | |||||||||||
Diluted | 19,415,545 | 20,384,624 | 19,547,674 | 20,415,981 |
(In millions) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Net income | $ | 64.3 | $ | 99.5 | |||||||||||||||||||
Other comprehensive gain (loss), net of tax: | |||||||||||||||||||||||
Unrealized gain (loss) on securities, net of tax | (0.2) | 0.8 | |||||||||||||||||||||
Other comprehensive gain (loss) | (0.2) | 0.8 | |||||||||||||||||||||
Comprehensive income | $ | 64.1 | $ | 100.3 |
(In millions) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 100.7 | $ | 85.9 | $ | 293.1 | $ | 245.2 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Unrealized gain (loss) on securities, net of tax | — | (0.1 | ) | 0.2 | 0.4 | ||||||||||
Other comprehensive income (loss) | — | (0.1 | ) | 0.2 | 0.4 | ||||||||||
Comprehensive income | $ | 100.7 | $ | 85.8 | $ | 293.3 | $ | 245.6 |
(Dollars in millions) | For the Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||
Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||
Number of Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, beginning of period | 12,522,397 | $ | 0.1 | $ | 279.0 | $ | 1,475.6 | $ | (1.0) | $ | 1,753.7 | ||||||||||||||||||||||||
Net income | — | — | — | 64.3 | — | 64.3 | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (0.2) | (0.2) | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | 10.9 | — | — | 10.9 | |||||||||||||||||||||||||||||
Repurchase of common stock | (351,368) | — | (1.0) | (190.1) | — | (191.1) | |||||||||||||||||||||||||||||
Restricted stock units settled in common stock | 7,125 | — | — | — | — | — | |||||||||||||||||||||||||||||
Stock options exercised | 42,426 | — | 14.6 | — | — | 14.6 | |||||||||||||||||||||||||||||
Balance, end of period | 12,220,580 | $ | 0.1 | $ | 303.5 | $ | 1,349.8 | $ | (1.2) | $ | 1,652.2 | ||||||||||||||||||||||||
(Dollars in millions) | For the Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||
Common Stock | Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||
Number of Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, beginning of period | 12,756,885 | $ | 0.1 | $ | 245.7 | $ | 1,381.1 | $ | (2.9) | $ | 1,624.0 | ||||||||||||||||||||||||
Net income | — | — | — | 99.5 | — | 99.5 | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 0.8 | 0.8 | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | 9.9 | — | — | 9.9 | |||||||||||||||||||||||||||||
Repurchase of common stock | (33,035) | — | (7.6) | (7.3) | — | (14.9) | |||||||||||||||||||||||||||||
Restricted stock units settled in common stock | 100,757 | — | — | — | — | — | |||||||||||||||||||||||||||||
Stock options exercised | 12,300 | — | 4.1 | — | — | 4.1 | |||||||||||||||||||||||||||||
Balance, end of period | 12,836,907 | $ | 0.1 | $ | 252.1 | $ | 1,473.3 | $ | (2.1) | $ | 1,723.4 |
(In millions) | For the Nine Months Ended September 30, | (In millions) | For the Three Months Ended March 31, | ||||||||||||||||||
2017 | 2016 | 2024 | 2023 | ||||||||||||||||||
Cash Flows From Operating Activities: | Cash Flows From Operating Activities: | ||||||||||||||||||||
Net income | $ | 293.1 | $ | 245.2 | |||||||||||||||||
Adjustments to reconcile cash provided by operating activities: | Adjustments to reconcile cash provided by operating activities: | ||||||||||||||||||||
Provision for credit losses | 68.0 | 62.8 | |||||||||||||||||||
Depreciation | 4.7 | 4.7 | |||||||||||||||||||
Amortization | 7.5 | 6.8 | |||||||||||||||||||
Loss on retirement of property and equipment | 0.1 | 0.1 | |||||||||||||||||||
Provision for deferred income taxes | 60.5 | 32.0 | |||||||||||||||||||
Stock-based compensation | 8.3 | 5.6 | |||||||||||||||||||
Other | |||||||||||||||||||||
Other | |||||||||||||||||||||
Other | |||||||||||||||||||||
Change in operating assets and liabilities: | Change in operating assets and liabilities: | ||||||||||||||||||||
Decrease in accounts payable and accrued liabilities | (2.8 | ) | (0.9 | ) | |||||||||||||||||
Decrease (increase) in income taxes receivable | (3.2 | ) | 4.6 | ||||||||||||||||||
Increase (decrease) in income taxes payable | (23.4 | ) | 2.0 | ||||||||||||||||||
Increase (decrease) in accounts payable and accrued liabilities | |||||||||||||||||||||
Increase in income taxes receivable | |||||||||||||||||||||
Decrease in income taxes payable | |||||||||||||||||||||
Decrease in other assets | 1.8 | 0.6 | |||||||||||||||||||
Net cash provided by operating activities | 414.6 | 363.5 | |||||||||||||||||||
Cash Flows From Investing Activities: | Cash Flows From Investing Activities: | ||||||||||||||||||||
Increase in restricted cash and cash equivalents | (48.9 | ) | (65.4 | ) | |||||||||||||||||
Purchases of restricted securities available for sale | (28.0 | ) | (28.3 | ) | |||||||||||||||||
Proceeds from sale of restricted securities available for sale | 23.0 | 25.5 | |||||||||||||||||||
Maturities of restricted securities available for sale | 4.3 | 4.5 | |||||||||||||||||||
Principal collected on Loans receivable | 1,657.4 | 1,493.2 | |||||||||||||||||||
Advances to Dealers | (1,467.2 | ) | (1,476.4 | ) | |||||||||||||||||
Purchases of Consumer Loans | (686.7 | ) | (589.4 | ) | |||||||||||||||||
Accelerated payments of Dealer Holdback | (35.5 | ) | (43.4 | ) | |||||||||||||||||
Payments of Dealer Holdback | (100.8 | ) | (109.7 | ) | |||||||||||||||||
Purchases of property and equipment | (6.9 | ) | (3.6 | ) | |||||||||||||||||
Net cash used in investing activities | (689.3 | ) | (793.0 | ) | |||||||||||||||||
Cash Flows From Financing Activities: | Cash Flows From Financing Activities: | ||||||||||||||||||||
Borrowings under revolving secured line of credit | 3,076.7 | 1,280.8 | |||||||||||||||||||
Repayments under revolving secured line of credit | (2,946.2 | ) | (1,253.3 | ) | |||||||||||||||||
Borrowings under revolving secured lines of credit | |||||||||||||||||||||
Repayments under revolving secured lines of credit | |||||||||||||||||||||
Proceeds from secured financing | 1,664.5 | 1,433.3 | |||||||||||||||||||
Repayments of secured financing | (1,396.8 | ) | (1,019.0 | ) | |||||||||||||||||
Payments of debt issuance costs | |||||||||||||||||||||
Payments of debt issuance costs | |||||||||||||||||||||
Payments of debt issuance costs | (9.1 | ) | (6.3 | ) | |||||||||||||||||
Repurchase of common stock | (123.5 | ) | (40.8 | ) | |||||||||||||||||
Excess tax benefits from stock-based compensation plans | — | 27.2 | |||||||||||||||||||
Other financing activities | (0.6 | ) | 7.0 | ||||||||||||||||||
Proceeds from stock options exercised | |||||||||||||||||||||
Other | |||||||||||||||||||||
Net cash provided by financing activities | 265.0 | 428.9 | |||||||||||||||||||
Net decrease in cash and cash equivalents | (9.7 | ) | (0.6 | ) | |||||||||||||||||
Cash and cash equivalents, beginning of period | 14.6 | 6.3 | |||||||||||||||||||
Cash and cash equivalents, end of period | $ | 4.9 | $ | 5.7 | |||||||||||||||||
Net increase in cash and cash equivalents and restricted cash and cash equivalents | |||||||||||||||||||||
Cash and cash equivalents and restricted cash and cash equivalents beginning of period | |||||||||||||||||||||
Cash and cash equivalents and restricted cash and cash equivalents end of period | |||||||||||||||||||||
Supplemental Disclosure of Cash Flow Information: | Supplemental Disclosure of Cash Flow Information: | ||||||||||||||||||||
Cash paid during the period for interest | $ | 88.9 | $ | 73.5 | |||||||||||||||||
Cash paid during the period for income taxes | $ | 132.1 | $ | 75.2 | |||||||||||||||||
Cash paid during the period for income taxes, net of refunds |
For the Three Months Ended March 31, | ||||||||||||||||||||||||||
Consumer Loan Assignment Volume | 2024 | 2023 | ||||||||||||||||||||||||
Percentage of total unit volume with either FICO® scores below 650 or no FICO® scores | 83.3 | % | 84.5 | % |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||
Consumer Loan Assignment Volume | 2017 | 2016 | 2017 | 2016 | ||||||||
Percentage of total unit volume with either FICO® scores below 650 or no FICO® scores | 95.2 | % | 95.4 | % | 95.7 | % | 95.9 | % |
Unit Volume | Dollar Volume (1) | |||||||||||||||||||||||||
Three Months Ended | Dealer Loans | Purchased Loans | Dealer Loans | Purchased Loans | ||||||||||||||||||||||
March 31, 2023 | 72.1 | % | 27.9 | % | 68.1 | % | 31.9 | % | ||||||||||||||||||
June 30, 2023 | 72.4 | % | 27.6 | % | 68.6 | % | 31.4 | % | ||||||||||||||||||
September 30, 2023 | 74.8 | % | 25.2 | % | 71.7 | % | 28.3 | % | ||||||||||||||||||
December 31, 2023 | 77.2 | % | 22.8 | % | 75.0 | % | 25.0 | % | ||||||||||||||||||
March 31, 2024 | 78.2 | % | 21.8 | % | 76.6 | % | 23.4 | % | ||||||||||||||||||
Unit Volume | Dollar Volume (1) | |||||||||||
Three Months Ended | Dealer Loans | Purchased Loans | Dealer Loans | Purchased Loans | ||||||||
March 31, 2016 | 82.4 | % | 17.6 | % | 75.6 | % | 24.4 | % | ||||
June 30, 2016 | 77.8 | % | 22.2 | % | 69.8 | % | 30.2 | % | ||||
September 30, 2016 | 76.2 | % | 23.8 | % | 68.5 | % | 31.5 | % | ||||
December 31, 2016 | 76.9 | % | 23.1 | % | 71.1 | % | 28.9 | % | ||||
March 31, 2017 | 73.3 | % | 26.7 | % | 67.8 | % | 32.2 | % | ||||
June 30, 2017 | 72.3 | % | 27.7 | % | 67.9 | % | 32.1 | % | ||||
September 30, 2017 | 71.9 | % | 28.1 | % | 68.6 | % | 31.4 | % |
(In millions) | As of | ||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||
Cash and cash equivalents | $ | 8.4 | $ | 13.2 | $ | 8.1 | $ | 7.7 | |||||||||||||||
Restricted cash and cash equivalents | 559.2 | 457.7 | 480.0 | 410.0 | |||||||||||||||||||
Total cash and cash equivalents and restricted cash and cash equivalents | $ | 567.6 | $ | 470.9 | $ | 488.1 | $ | 417.7 |
(In millions) | As of March 31, 2024 | As of December 31, 2023 | |||||||||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | 8.4 | $ | 8.4 | $ | 13.2 | $ | 13.2 | |||||||||||||||
Restricted cash and cash equivalents | 559.2 | 559.2 | 457.7 | 457.7 | |||||||||||||||||||
Restricted securities available for sale | 99.9 | 99.9 | 93.2 | 93.2 | |||||||||||||||||||
Loans receivable, net | 7,345.6 | 8,215.3 | 6,955.3 | 7,759.1 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Revolving secured lines of credit | $ | 169.5 | $ | 169.5 | $ | 79.2 | $ | 79.2 | |||||||||||||||
Secured financing | 4,444.1 | 4,304.6 | 3,990.9 | 4,025.9 | |||||||||||||||||||
Senior notes | 989.6 | 1,045.8 | 989.0 | 1,039.8 | |||||||||||||||||||
Mortgage note | 8.3 | 8.3 | 8.4 | 8.4 |
(In millions) | |||||||||||||||
As of September 30, 2017 | As of December 31, 2016 | ||||||||||||||
Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | ||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 4.9 | $ | 4.9 | $ | 14.6 | $ | 14.6 | |||||||
Restricted cash and cash equivalents | 273.6 | 273.6 | 224.7 | 224.7 | |||||||||||
Restricted securities available for sale | 46.1 | 46.1 | 45.3 | 45.3 | |||||||||||
Loans receivable, net | 4,451.4 | 4,536.9 | 3,886.6 | 3,955.9 | |||||||||||
Liabilities | |||||||||||||||
Revolving secured line of credit | $ | 130.5 | $ | 130.5 | $ | — | $ | — | |||||||
Secured financing | 2,327.9 | 2,348.5 | 2,062.4 | 2,072.0 | |||||||||||
Senior notes | 542.4 | 569.0 | 541.3 | 560.5 |
Level 1 | Valuation is based upon quoted prices for identical instruments traded in active markets. | ||||
Level 2 | Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||
Level 3 | Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates or assumptions that market participants would use in pricing the asset or liability. |
(In millions) | As of March 31, 2024 | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents (1) | $ | 8.4 | $ | — | $ | — | $ | 8.4 | |||||||||||||||
Restricted cash and cash equivalents (1) | 559.2 | — | — | 559.2 | |||||||||||||||||||
Restricted securities available for sale (2) | 79.1 | 20.8 | — | 99.9 | |||||||||||||||||||
Loans receivable, net (1) | — | — | 8,215.3 | 8,215.3 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Revolving secured lines of credit (1) | $ | — | $ | 169.5 | $ | — | $ | 169.5 | |||||||||||||||
Secured financing (1) | 3,444.5 | 860.1 | — | 4,304.6 | |||||||||||||||||||
Senior notes (1) | 1,045.8 | — | — | 1,045.8 | |||||||||||||||||||
Mortgage note (1) | — | 8.3 | — | 8.3 |
(In millions) | As of December 31, 2023 | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents (1) | $ | 13.2 | $ | — | $ | — | $ | 13.2 | |||||||||||||||
Restricted cash and cash equivalents (1) | 457.7 | — | — | 457.7 | |||||||||||||||||||
Restricted securities available for sale (2) | 75.1 | 18.1 | — | 93.2 | |||||||||||||||||||
Loans receivable, net (1) | — | — | 7,759.1 | 7,759.1 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Revolving secured lines of credit (1) | $ | — | $ | 79.2 | $ | — | $ | 79.2 | |||||||||||||||
Secured financing (1) | 3,225.8 | 800.1 | — | 4,025.9 | |||||||||||||||||||
Senior notes (1) | 1,039.8 | — | — | 1,039.8 | |||||||||||||||||||
Mortgage note (1) | — | 8.4 | — | 8.4 |
(In millions) | |||||||||||||||
As of September 30, 2017 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 4.9 | $ | — | $ | — | $ | 4.9 | |||||||
Restricted cash and cash equivalents | 273.6 | — | — | 273.6 | |||||||||||
Restricted securities available for sale (1) | 36.9 | 9.2 | — | 46.1 | |||||||||||
Loans receivable, net | — | — | 4,536.9 | 4,536.9 | |||||||||||
Liabilities | |||||||||||||||
Revolving secured line of credit | $ | 130.5 | $ | — | $ | — | $ | 130.5 | |||||||
Secured financing | — | 2,348.5 | — | 2,348.5 | |||||||||||
Senior notes | 569.0 | — | — | 569.0 |
(In millions) | |||||||||||||||
As of December 31, 2016 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 14.6 | $ | — | $ | — | $ | 14.6 | |||||||
Restricted cash and cash equivalents | 224.7 | — | — | 224.7 | |||||||||||
Restricted securities available for sale (1) | 37.1 | 8.2 | — | 45.3 | |||||||||||
Loans receivable, net | — | — | 3,955.9 | 3,955.9 | |||||||||||
Liabilities | |||||||||||||||
Revolving secured line of credit | $ | — | $ | — | $ | — | $ | — | |||||||
Secured financing | — | 2,072.0 | — | 2,072.0 | |||||||||||
Senior notes | 560.5 | — | — | 560.5 |
(In millions) | As of March 31, 2024 | ||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Corporate bonds | $ | 44.7 | $ | — | $ | (0.7) | $ | 44.0 | |||||||||||||||
U.S. Government and agency securities | 35.1 | — | (0.8) | 34.3 | |||||||||||||||||||
Asset-backed securities | 20.8 | 0.1 | (0.2) | 20.7 | |||||||||||||||||||
Municipal securities | 0.8 | — | — | 0.8 | |||||||||||||||||||
Mortgage-backed securities | 0.1 | — | — | 0.1 | |||||||||||||||||||
Total restricted securities available for sale | $ | 101.5 | $ | 0.1 | $ | (1.7) | $ | 99.9 | |||||||||||||||
(In millions) | As of December 31, 2023 | ||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Corporate bonds | $ | 40.5 | $ | 0.3 | $ | (0.9) | $ | 39.9 | |||||||||||||||
U.S. Government and agency securities | 35.2 | 0.2 | (0.9) | 34.5 | |||||||||||||||||||
Asset-backed securities | 18.0 | 0.1 | (0.2) | 17.9 | |||||||||||||||||||
Municipal securities | 0.7 | — | — | 0.7 | |||||||||||||||||||
Mortgage-backed securities | 0.2 | — | — | 0.2 | |||||||||||||||||||
Total restricted securities available for sale | $ | 94.6 | $ | 0.6 | $ | (2.0) | $ | 93.2 |
(In millions) | As of September 30, 2017 | ||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
U.S. Government and agency securities | $ | 18.7 | $ | — | $ | (0.1 | ) | $ | 18.6 | ||||||
Corporate bonds | 18.2 | 0.1 | — | 18.3 | |||||||||||
Asset-backed securities | 6.9 | — | — | 6.9 | |||||||||||
Mortgage-backed securities | 2.3 | — | — | 2.3 | |||||||||||
Total restricted securities available for sale | $ | 46.1 | $ | 0.1 | $ | (0.1 | ) | $ | 46.1 | ||||||
(In millions) | As of December 31, 2016 | ||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
U.S. Government and agency securities | $ | 20.4 | $ | — | $ | (0.1 | ) | $ | 20.3 | ||||||
Corporate bonds | 16.9 | 0.1 | (0.2 | ) | 16.8 | ||||||||||
Asset-backed securities | 5.0 | — | — | 5.0 | |||||||||||
Mortgage-backed securities | 3.2 | — | — | 3.2 | |||||||||||
Total restricted securities available for sale | $ | 45.5 | �� | $ | 0.1 | $ | (0.3 | ) | $ | 45.3 |
(In millions) | Securities Available for Sale with Gross Unrealized Losses as of March 31, 2024 | ||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | ||||||||||||||||||||||||||||||||||
Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Total Estimated Fair Value | Total Gross Unrealized Losses | ||||||||||||||||||||||||||||||
Corporate bonds | $ | 12.0 | $ | (0.1) | $ | 13.8 | $ | (0.6) | $ | 25.8 | $ | (0.7) | |||||||||||||||||||||||
U.S. Government and agency securities | 13.2 | (0.1) | 13.5 | (0.7) | 26.7 | (0.8) | |||||||||||||||||||||||||||||
Asset-backed securities | 8.1 | — | 6.7 | (0.2) | 14.8 | (0.2) | |||||||||||||||||||||||||||||
Mortgage-backed securities | — | — | 0.1 | — | 0.1 | — | |||||||||||||||||||||||||||||
Total restricted securities available for sale | $ | 33.3 | $ | (0.2) | $ | 34.1 | $ | (1.5) | $ | 67.4 | $ | (1.7) |
(In millions) | Securities Available for Sale with Gross Unrealized Losses as of December 31, 2023 | ||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | ||||||||||||||||||||||||||||||||||
Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Total Estimated Fair Value | Total Gross Unrealized Losses | ||||||||||||||||||||||||||||||
Corporate bonds | $ | 2.7 | $ | — | $ | 18.4 | $ | (0.9) | $ | 21.1 | $ | (0.9) | |||||||||||||||||||||||
U.S. Government and agency securities | 6.8 | (0.1) | 16.4 | (0.8) | 23.2 | (0.9) | |||||||||||||||||||||||||||||
Asset-backed securities | 1.6 | — | 7.3 | (0.2) | 8.9 | (0.2) | |||||||||||||||||||||||||||||
Mortgage-backed securities | — | — | 0.2 | — | 0.2 | — | |||||||||||||||||||||||||||||
Total restricted securities available for sale | $ | 11.1 | $ | (0.1) | $ | 42.3 | $ | (1.9) | $ | 53.4 | $ | (2.0) |
(In millions) | Securities Available for Sale with Gross Unrealized Losses as of September 30, 2017 | ||||||||||||||||||||||
Less than 12 Months | 12 Months or More | ||||||||||||||||||||||
Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Total Estimated Fair Value | Total Gross Unrealized Losses | ||||||||||||||||||
U.S. Government and agency securities | $ | 13.2 | $ | (0.1 | ) | $ | 1.1 | $ | — | $ | 14.3 | $ | (0.1 | ) | |||||||||
Corporate bonds | 4.0 | — | 1.4 | — | 5.4 | — | |||||||||||||||||
Asset-backed securities | 4.2 | — | — | — | 4.2 | — | |||||||||||||||||
Mortgage-backed securities | 2.3 | — | — | — | 2.3 | — | |||||||||||||||||
Total restricted securities available for sale | $ | 23.7 | $ | (0.1 | ) | $ | 2.5 | $ | — | $ | 26.2 | $ | (0.1 | ) |
(In millions) | Securities Available for Sale with Gross Unrealized Losses as of December 31, 2016 | ||||||||||||||||||||||
Less than 12 Months | 12 Months or More | ||||||||||||||||||||||
Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Total Estimated Fair Value | Total Gross Unrealized Losses | ||||||||||||||||||
U.S. Government and agency securities | $ | 16.4 | $ | (0.1 | ) | $ | — | $ | — | $ | 16.4 | $ | (0.1 | ) | |||||||||
Corporate bonds | 11.8 | (0.2 | ) | — | — | 11.8 | (0.2 | ) | |||||||||||||||
Asset-backed securities | 2.8 | — | — | — | 2.8 | — | |||||||||||||||||
Mortgage-backed securities | 2.4 | — | — | — | 2.4 | — | |||||||||||||||||
Total restricted securities available for sale | $ | 33.4 | $ | (0.3 | ) | $ | — | $ | — | $ | 33.4 | $ | (0.3 | ) |
(In millions) | As of | |||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Contractual Maturity | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||||||||||||
Within one year | $ | 4.8 | $ | 4.7 | $ | 6.9 | $ | 6.8 | ||||||||||||||||||
Over one year to five years | 87.6 | 86.1 | 80.5 | 79.1 | ||||||||||||||||||||||
Over five years to ten years | 9.0 | 9.0 | 7.1 | 7.2 | ||||||||||||||||||||||
Over ten years | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||
Total restricted securities available for sale | $ | 101.5 | $ | 99.9 | $ | 94.6 | $ | 93.2 |
(In millions) | As of March 31, 2024 | ||||||||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||||||||
Loans receivable | $ | 7,553.0 | $ | 2,930.5 | $ | 10,483.5 | |||||||||||
Allowance for credit losses | (2,471.2) | (666.7) | (3,137.9) | ||||||||||||||
Loans receivable, net | $ | 5,081.8 | $ | 2,263.8 | $ | 7,345.6 | |||||||||||
(In millions) | As of December 31, 2023 | ||||||||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||||||||
Loans receivable | $ | 7,065.5 | $ | 2,954.6 | $ | 10,020.1 | |||||||||||
Allowance for credit losses | (2,355.7) | (709.1) | (3,064.8) | ||||||||||||||
Loans receivable, net | $ | 4,709.8 | $ | 2,245.5 | $ | 6,955.3 |
(In millions) | As of | |||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||
Contractual Maturity | Cost | Estimated Fair Value | Cost | Estimated Fair Value | ||||||||||||
Within one year | $ | 0.7 | $ | 0.7 | $ | 1.6 | $ | 1.6 | ||||||||
Over one year to five years | 42.5 | 42.5 | 39.3 | 39.1 | ||||||||||||
Over five years to ten years | 0.6 | 0.6 | 2.2 | 2.2 | ||||||||||||
Over ten years | 2.3 | 2.3 | 2.4 | 2.4 | ||||||||||||
Total restricted securities available for sale | $ | 46.1 | $ | 46.1 | $ | 45.5 | $ | 45.3 |
(In millions) | As of September 30, 2017 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Loans receivable | $ | 3,474.3 | $ | 1,353.3 | $ | 4,827.6 | |||||
Allowance for credit losses | (354.6 | ) | (21.6 | ) | (376.2 | ) | |||||
Loans receivable, net | $ | 3,119.7 | $ | 1,331.7 | $ | 4,451.4 | |||||
(In millions) | As of December 31, 2016 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Loans receivable | $ | 3,209.0 | $ | 998.0 | $ | 4,207.0 | |||||
Allowance for credit losses | (309.3 | ) | (11.1 | ) | (320.4 | ) | |||||
Loans receivable, net | $ | 2,899.7 | $ | 986.9 | $ | 3,886.6 |
For the Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Loans Receivable | Allowance for Credit Losses | Loans Receivable, Net | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dealer Loans | Purchased Loans | Total | Dealer Loans | Purchased Loans | Total | Dealer Loans | Purchased Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 7,065.5 | $ | 2,954.6 | $ | 10,020.1 | $ | (2,355.7) | $ | (709.1) | $ | (3,064.8) | $ | 4,709.8 | $ | 2,245.5 | $ | 6,955.3 | |||||||||||||||||||||||||||||||||||
Finance charges | 438.5 | 228.0 | 666.5 | (148.2) | (49.1) | (197.3) | 290.3 | 178.9 | 469.2 | ||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | — | — | — | (121.7) | (64.3) | (186.0) | (121.7) | (64.3) | (186.0) | ||||||||||||||||||||||||||||||||||||||||||||
New Consumer Loan assignments (1) | 1,009.4 | 307.6 | 1,317.0 | — | — | — | 1,009.4 | 307.6 | 1,317.0 | ||||||||||||||||||||||||||||||||||||||||||||
Collections (2) | (864.9) | (428.8) | (1,293.7) | — | — | — | (864.9) | (428.8) | (1,293.7) | ||||||||||||||||||||||||||||||||||||||||||||
Accelerated Dealer Holdback payments | 15.1 | — | 15.1 | — | — | — | 15.1 | — | 15.1 | ||||||||||||||||||||||||||||||||||||||||||||
Dealer Holdback payments | 64.9 | — | 64.9 | — | — | — | 64.9 | — | 64.9 | ||||||||||||||||||||||||||||||||||||||||||||
Transfers (3) | (36.9) | 36.9 | — | 12.0 | (12.0) | — | (24.9) | 24.9 | — | ||||||||||||||||||||||||||||||||||||||||||||
Write-offs | (142.8) | (168.6) | (311.4) | 142.8 | 168.6 | 311.4 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Recoveries (4) | 0.4 | 0.8 | 1.2 | (0.4) | (0.8) | (1.2) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Deferral of Loan origination costs | 3.8 | — | 3.8 | — | — | — | 3.8 | — | 3.8 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 7,553.0 | $ | 2,930.5 | $ | 10,483.5 | $ | (2,471.2) | $ | (666.7) | $ | (3,137.9) | $ | 5,081.8 | $ | 2,263.8 | $ | 7,345.6 |
For the Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Loans Receivable | Allowance for Credit Losses | Loans Receivable, Net | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dealer Loans | Purchased Loans | Total | Dealer Loans | Purchased Loans | Total | Dealer Loans | Purchased Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 6,074.8 | $ | 3,090.7 | $ | 9,165.5 | $ | (2,000.0) | $ | (867.8) | $ | (2,867.8) | $ | 4,074.8 | $ | 2,222.9 | $ | 6,297.7 | |||||||||||||||||||||||||||||||||||
Finance charges | 368.3 | 231.1 | 599.4 | (122.6) | (55.7) | (178.3) | 245.7 | 175.4 | 421.1 | ||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | — | — | — | (74.7) | (62.7) | (137.4) | (74.7) | (62.7) | (137.4) | ||||||||||||||||||||||||||||||||||||||||||||
New Consumer Loan assignments (1) | 745.9 | 349.4 | 1,095.3 | — | — | — | 745.9 | 349.4 | 1,095.3 | ||||||||||||||||||||||||||||||||||||||||||||
Collections (2) | (808.6) | (438.4) | (1,247.0) | — | — | — | (808.6) | (438.4) | (1,247.0) | ||||||||||||||||||||||||||||||||||||||||||||
Accelerated Dealer Holdback payments | 10.8 | — | 10.8 | — | — | — | 10.8 | — | 10.8 | ||||||||||||||||||||||||||||||||||||||||||||
Dealer Holdback payments | 57.2 | — | 57.2 | — | — | — | 57.2 | — | 57.2 | ||||||||||||||||||||||||||||||||||||||||||||
Transfers (3) | (19.2) | 19.2 | — | 6.7 | (6.7) | — | (12.5) | 12.5 | — | ||||||||||||||||||||||||||||||||||||||||||||
Write-offs | (117.7) | (182.9) | (300.6) | 117.7 | 182.9 | 300.6 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Recoveries (4) | 0.3 | 0.8 | 1.1 | (0.3) | (0.8) | (1.1) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Deferral of Loan origination costs | 2.6 | — | 2.6 | — | — | — | 2.6 | — | 2.6 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 6,314.4 | $ | 3,069.9 | $ | 9,384.3 | $ | (2,073.2) | $ | (810.8) | $ | (2,884.0) | $ | 4,241.2 | $ | 2,259.1 | $ | 6,500.3 | |||||||||||||||||||||||||||||||||||
(In millions) | For the Three Months Ended September 30, 2017 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Balance, beginning of period | $ | 3,385.3 | $ | 1,252.4 | $ | 4,637.7 | |||||
New Consumer Loan assignments (1) | 474.0 | 216.6 | 690.6 | ||||||||
Principal collected on Loans receivable | (424.6 | ) | (116.5 | ) | (541.1 | ) | |||||
Accelerated Dealer Holdback payments | 11.9 | — | 11.9 | ||||||||
Dealer Holdback payments | 32.1 | — | 32.1 | ||||||||
Transfers (2) | (1.9 | ) | 1.9 | — | |||||||
Write-offs | (2.9 | ) | (1.2 | ) | (4.1 | ) | |||||
Recoveries (3) | 0.4 | 0.1 | 0.5 | ||||||||
Balance, end of period | $ | 3,474.3 | $ | 1,353.3 | $ | 4,827.6 | |||||
(In millions) | For the Three Months Ended September 30, 2016 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Balance, beginning of period | $ | 3,049.2 | $ | 762.8 | $ | 3,812.0 | |||||
New Consumer Loan assignments (1) | 475.7 | 218.6 | 694.3 | ||||||||
Principal collected on Loans receivable | (412.7 | ) | (77.1 | ) | (489.8 | ) | |||||
Accelerated Dealer Holdback payments | 13.7 | — | 13.7 | ||||||||
Dealer Holdback payments | 33.9 | — | 33.9 | ||||||||
Transfers (2) | (5.1 | ) | 5.1 | — | |||||||
Write-offs | (3.1 | ) | (0.2 | ) | (3.3 | ) | |||||
Recoveries (3) | 0.3 | 0.1 | 0.4 | ||||||||
Balance, end of period | $ | 3,151.9 | $ | 909.3 | $ | 4,061.2 |
(In millions) | For the Nine Months Ended September 30, 2017 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Balance, beginning of period | $ | 3,209.0 | $ | 998.0 | $ | 4,207.0 | |||||
New Consumer Loan assignments (1) | 1,467.2 | 686.7 | 2,153.9 | ||||||||
Principal collected on Loans receivable | (1,323.8 | ) | (333.6 | ) | (1,657.4 | ) | |||||
Accelerated Dealer Holdback payments | 35.5 | — | 35.5 | ||||||||
Dealer Holdback payments | 100.8 | — | 100.8 | ||||||||
Transfers (2) | (4.1 | ) | 4.1 | — | |||||||
Write-offs | (11.4 | ) | (2.1 | ) | (13.5 | ) | |||||
Recoveries (3) | 1.1 | 0.2 | 1.3 | ||||||||
Balance, end of period | $ | 3,474.3 | $ | 1,353.3 | $ | 4,827.6 | |||||
(In millions) | For the Nine Months Ended September 30, 2016 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Balance, beginning of period | $ | 2,823.4 | $ | 521.7 | $ | 3,345.1 | |||||
New Consumer Loan assignments (1) | 1,476.4 | 589.4 | 2,065.8 | ||||||||
Principal collected on Loans receivable | (1,284.0 | ) | (209.2 | ) | (1,493.2 | ) | |||||
Accelerated Dealer Holdback payments | 43.4 | — | 43.4 | ||||||||
Dealer Holdback payments | 109.7 | — | 109.7 | ||||||||
Transfers (2) | (7.6 | ) | 7.6 | — | |||||||
Write-offs | (10.4 | ) | (0.3 | ) | (10.7 | ) | |||||
Recoveries (3) | 1.0 | 0.1 | 1.1 | ||||||||
Balance, end of period | $ | 3,151.9 | $ | 909.3 | $ | 4,061.2 |
(In millions) | For the Three Months Ended March 31, 2024 | ||||||||||||||||
Provision for Credit Losses | Dealer Loans | Purchased Loans | Total | ||||||||||||||
New Consumer Loan assignments | $ | 57.4 | $ | 41.4 | $ | 98.8 | |||||||||||
Forecast changes | 64.3 | 22.9 | 87.2 | ||||||||||||||
Total | $ | 121.7 | $ | 64.3 | $ | 186.0 | |||||||||||
(In millions) | For the Three Months Ended March 31, 2023 | ||||||||||||||||
Provision for Credit Losses | Dealer Loans | Purchased Loans | Total | ||||||||||||||
New Consumer Loan assignments | $ | 37.7 | $ | 55.4 | $ | 93.1 | |||||||||||
Forecast changes | 37.0 | 7.3 | 44.3 | ||||||||||||||
Total | $ | 74.7 | $ | 62.7 | $ | 137.4 | |||||||||||
(In millions) | For the Three Months Ended September 30, 2017 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Balance, beginning of period | $ | 1,038.4 | $ | 456.4 | $ | 1,494.8 | |||||
New Consumer Loan assignments (1) | 192.6 | 92.7 | 285.3 | ||||||||
Accretion (2) | (194.7 | ) | (67.0 | ) | (261.7 | ) | |||||
Provision for credit losses | 20.2 | 5.5 | 25.7 | ||||||||
Forecast changes | (1.9 | ) | 7.4 | 5.5 | |||||||
Transfers (3) | (0.5 | ) | 1.3 | 0.8 | |||||||
Balance, end of period | $ | 1,054.1 | $ | 496.3 | $ | 1,550.4 | |||||
(In millions) | For the Three Months Ended September 30, 2016 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Balance, beginning of period | $ | 963.2 | $ | 283.3 | $ | 1,246.5 | |||||
New Consumer Loan assignments (1) | 196.1 | 80.6 | 276.7 | ||||||||
Accretion (2) | (183.1 | ) | (43.1 | ) | (226.2 | ) | |||||
Provision for credit losses | 21.6 | 1.2 | 22.8 | ||||||||
Forecast changes | (7.6 | ) | 1.6 | (6.0 | ) | ||||||
Transfers (3) | (0.8 | ) | 2.5 | 1.7 | |||||||
Balance, end of period | $ | 989.4 | $ | 326.1 | $ | 1,315.5 | |||||
(In millions) | For the Nine Months Ended September 30, 2017 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Balance, beginning of period | $ | 982.6 | $ | 348.1 | $ | 1,330.7 | |||||
New Consumer Loan assignments (1) | 599.1 | 284.6 | 883.7 | ||||||||
Accretion (2) | (575.5 | ) | (180.3 | ) | (755.8 | ) | |||||
Provision for credit losses | 55.6 | 12.4 | 68.0 | ||||||||
Forecast changes | (6.8 | ) | 29.2 | 22.4 | |||||||
Transfers (3) | (0.9 | ) | 2.3 | 1.4 | |||||||
Balance, end of period | $ | 1,054.1 | $ | 496.3 | $ | 1,550.4 | |||||
(In millions) | For the Nine Months Ended September 30, 2016 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Balance, beginning of period | $ | 874.2 | $ | 198.6 | $ | 1,072.8 | |||||
New Consumer Loan assignments (1) | 613.8 | 218.2 | 832.0 | ||||||||
Accretion (2) | (537.2 | ) | (111.5 | ) | (648.7 | ) | |||||
Provision for credit losses | 61.3 | 1.5 | 62.8 | ||||||||
Forecast changes | (21.1 | ) | 14.9 | (6.2 | ) | ||||||
Transfers (3) | (1.6 | ) | 4.4 | 2.8 | |||||||
Balance, end of period | $ | 989.4 | $ | 326.1 | $ | 1,315.5 |
(In millions) | For the Three Months Ended March 31, 2024 | ||||||||||||||||
New Consumer Loan Assignments | Dealer Loans | Purchased Loans | Total | ||||||||||||||
Contractual net cash flows at the time of assignment (1) | $ | 1,586.2 | $ | 636.5 | $ | 2,222.7 | |||||||||||
Expected net cash flows at the time of assignment (2) | 1,437.8 | 448.2 | 1,886.0 | ||||||||||||||
Loans receivable at the time of assignment (3) | 1,009.4 | 307.6 | 1,317.0 | ||||||||||||||
Provision for credit losses expense at the time of assignment | $ | (57.4) | $ | (41.4) | $ | (98.8) | |||||||||||
Expected future finance charges at the time of assignment (4) | 485.8 | 182.0 | 667.8 | ||||||||||||||
Expected net Loan income at the time of assignment (5) | $ | 428.4 | $ | 140.6 | $ | 569.0 |
(In millions) | For the Three Months Ended March 31, 2023 | ||||||||||||||||
New Consumer Loan Assignments | Dealer Loans | Purchased Loans | Total | ||||||||||||||
Contractual net cash flows at the time of assignment (1) | $ | 1,172.8 | $ | 713.6 | $ | 1,886.4 | |||||||||||
Expected net cash flows at the time of assignment (2) | 1,064.1 | 488.8 | 1,552.9 | ||||||||||||||
Loans receivable at the time of assignment (3) | 745.9 | 349.4 | 1,095.3 | ||||||||||||||
Provision for credit losses expense at the time of assignment | $ | (37.7) | $ | (55.4) | $ | (93.1) | |||||||||||
Expected future finance charges at the time of assignment (4) | 355.9 | 194.8 | 550.7 | ||||||||||||||
Expected net Loan income at the time of assignment (5) | $ | 318.2 | $ | 139.4 | $ | 457.6 |
(In millions) | For the Three Months Ended September 30, 2017 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Contractual net cash flows at the time of assignment (1) | $ | 754.6 | $ | 476.0 | $ | 1,230.6 | |||||
Expected net cash flows at the time of assignment (2) | 666.6 | 309.3 | 975.9 | ||||||||
Fair value at the time of assignment (3) | 474.0 | 216.6 | 690.6 | ||||||||
(In millions) | For the Three Months Ended September 30, 2016 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Contractual net cash flows at the time of assignment (1) | $ | 756.5 | $ | 448.2 | $ | 1,204.7 | |||||
Expected net cash flows at the time of assignment (2) | 671.8 | 299.2 | 971.0 | ||||||||
Fair value at the time of assignment (3) | 475.7 | 218.6 | 694.3 | ||||||||
(In millions) | For the Nine Months Ended September 30, 2017 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Contractual net cash flows at the time of assignment (1) | $ | 2,335.1 | $ | 1,492.0 | $ | 3,827.1 | |||||
Expected net cash flows at the time of assignment (2) | 2,066.3 | 971.3 | 3,037.6 | ||||||||
Fair value at the time of assignment (3) | 1,467.2 | 686.7 | 2,153.9 | ||||||||
(In millions) | For the Nine Months Ended September 30, 2016 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Contractual net cash flows at the time of assignment (1) | $ | 2,345.2 | $ | 1,197.7 | $ | 3,542.9 | |||||
Expected net cash flows at the time of assignment (2) | 2,090.2 | 807.6 | 2,897.8 | ||||||||
Fair value at the time of assignment (3) | 1,476.4 | 589.4 | 2,065.8 |
(In millions) | For the Three Months Ended March 31, 2024 | ||||||||||||||||
Expected Future Net Cash Flows | Dealer Loans | Purchased Loans | Total | ||||||||||||||
Balance, beginning of period | $ | 6,707.2 | $ | 3,472.0 | $ | 10,179.2 | |||||||||||
New Consumer Loan assignments (1) | 1,437.8 | 448.2 | 1,886.0 | ||||||||||||||
Realized net cash flows (2) | (784.9) | (428.8) | (1,213.7) | ||||||||||||||
Forecast changes | (27.0) | (3.8) | (30.8) | ||||||||||||||
Transfers (3) | (37.2) | 39.5 | 2.3 | ||||||||||||||
Balance, end of period | $ | 7,295.9 | $ | 3,527.1 | $ | 10,823.0 |
(In millions) | For the Three Months Ended March 31, 2023 | ||||||||||||||||
Expected Future Net Cash Flows | Dealer Loans | Purchased Loans | Total | ||||||||||||||
Balance, beginning of period | $ | 5,637.9 | $ | 3,395.5 | $ | 9,033.4 | |||||||||||
New Consumer Loan assignments (1) | 1,064.1 | 488.8 | 1,552.9 | ||||||||||||||
Realized net cash flows (2) | (740.6) | (438.4) | (1,179.0) | ||||||||||||||
Forecast changes | (7.2) | 16.6 | 9.4 | ||||||||||||||
Transfers (3) | (18.5) | 22.1 | 3.6 | ||||||||||||||
Balance, end of period | $ | 5,935.7 | $ | 3,484.6 | $ | 9,420.3 |
Total Loans | ||||||||||||||||||||||||||||||||||||||||||||
Forecasted Collection Percentage as of (1) | Current Forecast Variance from | |||||||||||||||||||||||||||||||||||||||||||
Consumer Loan Assignment Year | March 31, 2024 | December 31, 2023 | Initial Forecast | December 31, 2023 | Initial Forecast | |||||||||||||||||||||||||||||||||||||||
2015 | 65.3 | % | 65.2 | % | 67.7 | % | 0.1 | % | -2.4 | % | ||||||||||||||||||||||||||||||||||
2016 | 63.8 | % | 63.8 | % | 65.4 | % | 0.0 | % | -1.6 | % | ||||||||||||||||||||||||||||||||||
2017 | 64.7 | % | 64.7 | % | 64.0 | % | 0.0 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||
2018 | 65.5 | % | 65.5 | % | 63.6 | % | 0.0 | % | 1.9 | % | ||||||||||||||||||||||||||||||||||
2019 | 67.0 | % | 66.9 | % | 64.0 | % | 0.1 | % | 3.0 | % | ||||||||||||||||||||||||||||||||||
2020 | 67.7 | % | 67.6 | % | 63.4 | % | 0.1 | % | 4.3 | % | ||||||||||||||||||||||||||||||||||
2021 | 64.3 | % | 64.5 | % | 66.3 | % | -0.2 | % | -2.0 | % | ||||||||||||||||||||||||||||||||||
2022 | 62.1 | % | 62.7 | % | 67.5 | % | -0.6 | % | -5.4 | % | ||||||||||||||||||||||||||||||||||
2023 | 67.2 | % | 67.4 | % | 67.5 | % | -0.2 | % | -0.3 | % | ||||||||||||||||||||||||||||||||||
2024 | 66.9 | % | — | 66.9 | % | — | 0.0 | % |
Dealer Loans | ||||||||||||||||||||||||||||||||||||||||||||
Forecasted Collection Percentage as of (1) (2) | Current Forecast Variance from | |||||||||||||||||||||||||||||||||||||||||||
Consumer Loan Assignment Year | March 31, 2024 | December 31, 2023 | Initial Forecast | December 31, 2023 | Initial Forecast | |||||||||||||||||||||||||||||||||||||||
2015 | 64.6 | % | 64.6 | % | 67.5 | % | 0.0 | % | -2.9 | % | ||||||||||||||||||||||||||||||||||
2016 | 63.0 | % | 63.0 | % | 65.1 | % | 0.0 | % | -2.1 | % | ||||||||||||||||||||||||||||||||||
2017 | 64.0 | % | 64.0 | % | 63.8 | % | 0.0 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||
2018 | 64.9 | % | 64.9 | % | 63.6 | % | 0.0 | % | 1.3 | % | ||||||||||||||||||||||||||||||||||
2019 | 66.7 | % | 66.5 | % | 63.9 | % | 0.2 | % | 2.8 | % | ||||||||||||||||||||||||||||||||||
2020 | 67.5 | % | 67.4 | % | 63.3 | % | 0.1 | % | 4.2 | % | ||||||||||||||||||||||||||||||||||
2021 | 64.1 | % | 64.2 | % | 66.3 | % | -0.1 | % | -2.2 | % | ||||||||||||||||||||||||||||||||||
2022 | 61.4 | % | 62.0 | % | 67.3 | % | -0.6 | % | -5.9 | % | ||||||||||||||||||||||||||||||||||
2023 | 66.1 | % | 66.4 | % | 66.8 | % | -0.3 | % | -0.7 | % | ||||||||||||||||||||||||||||||||||
2024 | 66.0 | % | — | 66.0 | % | — | 0.0 | % |
Forecasted Collection Percentage as of (1) | Current Forecast Variance from | ||||||||||||||||||||
Consumer Loan Assignment Year | September 30, 2017 | June 30, 2017 | December 31, 2016 | Initial Forecast | June 30, 2017 | December 31, 2016 | Initial Forecast | ||||||||||||||
2008 | 70.5 | % | 70.5 | % | 70.4 | % | 69.7 | % | 0.0 | % | 0.1 | % | 0.8 | % | |||||||
2009 | 79.5 | % | 79.5 | % | 79.4 | % | 71.9 | % | 0.0 | % | 0.1 | % | 7.6 | % | |||||||
2010 | 77.6 | % | 77.6 | % | 77.6 | % | 73.6 | % | 0.0 | % | 0.0 | % | 4.0 | % | |||||||
2011 | 74.7 | % | 74.8 | % | 74.7 | % | 72.5 | % | -0.1 | % | 0.0 | % | 2.2 | % | |||||||
2012 | 73.8 | % | 73.8 | % | 73.7 | % | 71.4 | % | 0.0 | % | 0.1 | % | 2.4 | % | |||||||
2013 | 73.5 | % | 73.5 | % | 73.4 | % | 72.0 | % | 0.0 | % | 0.1 | % | 1.5 | % | |||||||
2014 | 71.7 | % | 71.7 | % | 71.8 | % | 71.8 | % | 0.0 | % | -0.1 | % | -0.1 | % | |||||||
2015 | 65.5 | % | 65.7 | % | 66.1 | % | 67.7 | % | -0.2 | % | -0.6 | % | -2.2 | % | |||||||
2016 | 64.9 | % | 65.1 | % | 65.1 | % | 65.4 | % | -0.2 | % | -0.2 | % | -0.5 | % | |||||||
2017 (2) | 65.5 | % | 65.5 | % | — | 64.1 | % | 0.0 | % | — | 1.4 | % |
Purchased Loans | ||||||||||||||||||||||||||||||||||||||||||||
Forecasted Collection Percentage as of (1) (2) | Current Forecast Variance from | |||||||||||||||||||||||||||||||||||||||||||
Consumer Loan Assignment Year | March 31, 2024 | December 31, 2023 | Initial Forecast | December 31, 2023 | Initial Forecast | |||||||||||||||||||||||||||||||||||||||
2015 | 68.9 | % | 68.9 | % | 68.5 | % | 0.0 | % | 0.4 | % | ||||||||||||||||||||||||||||||||||
2016 | 66.1 | % | 66.1 | % | 66.5 | % | 0.0 | % | -0.4 | % | ||||||||||||||||||||||||||||||||||
2017 | 66.3 | % | 66.3 | % | 64.6 | % | 0.0 | % | 1.7 | % | ||||||||||||||||||||||||||||||||||
2018 | 66.8 | % | 66.8 | % | 63.5 | % | 0.0 | % | 3.3 | % | ||||||||||||||||||||||||||||||||||
2019 | 67.7 | % | 67.5 | % | 64.2 | % | 0.2 | % | 3.5 | % | ||||||||||||||||||||||||||||||||||
2020 | 67.9 | % | 67.8 | % | 63.6 | % | 0.1 | % | 4.3 | % | ||||||||||||||||||||||||||||||||||
2021 | 64.8 | % | 65.0 | % | 66.3 | % | -0.2 | % | -1.5 | % | ||||||||||||||||||||||||||||||||||
2022 | 63.8 | % | 64.3 | % | 68.0 | % | -0.5 | % | -4.2 | % | ||||||||||||||||||||||||||||||||||
2023 | 70.0 | % | 70.1 | % | 69.4 | % | -0.1 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||
2024 | 70.0 | % | — | 69.9 | % | — | 0.1 | % |
(1)Represents the total forecasted collections we expect to collect on the Consumer Loans as a percentage of the repayments that we were contractually owed on the Consumer Loans at the time of assignment. Contractual repayments include both principal and interest. Forecasted collection rates are negatively impacted by canceled Consumer Loans as the contractual amount owed is not removed from the denominator for purposes of computing |
Forecasted Collection Percentage as of | Current Forecast Variance from | ||||||||||||||
2017 Consumer Loan Assignment Period | September 30, 2017 | June 30, 2017 | Initial Forecast | June 30, 2017 | Initial Forecast | ||||||||||
January 1, 2017 through June 30, 2017 | 65.6 | % | 65.5 | % | 64.2 | % | 0.1 | % | 1.4 | % | |||||
July 1, 2017 through September 30, 2017 | 65.3 | % | — | 63.9 | % | — | 1.4 | % |
(In millions) | Total Loans as of March 31, 2024 (1) (2) | ||||||||||||||||||||||||||||
Pre-term Consumer Loans (3) | Post-term Consumer Loans (4) | Total | |||||||||||||||||||||||||||
Consumer Loan Assignment Year | Current (5) | Past Due 11-90 Days | Past Due Over 90 Days | ||||||||||||||||||||||||||
2019 and prior | $ | 122.3 | $ | 67.7 | $ | 241.6 | $ | 244.2 | $ | 675.8 | |||||||||||||||||||
2020 | 271.0 | 124.6 | 271.9 | 8.7 | 676.2 | ||||||||||||||||||||||||
2021 | 511.4 | 204.7 | 327.7 | 1.1 | 1,044.9 | ||||||||||||||||||||||||
2022 | 1,325.5 | 397.7 | 399.4 | 0.1 | 2,122.7 | ||||||||||||||||||||||||
2023 | 3,351.6 | 650.5 | 219.6 | — | 4,221.7 | ||||||||||||||||||||||||
2024 | 1,682.3 | 59.9 | — | — | 1,742.2 | ||||||||||||||||||||||||
$ | 7,264.1 | $ | 1,505.1 | $ | 1,460.2 | $ | 254.1 | $ | 10,483.5 |
(In millions) | Dealer Loans as of March 31, 2024 (1) | ||||||||||||||||||||||||||||
Pre-term Consumer Loans (3) | Post-term Consumer Loans (4) | Total | |||||||||||||||||||||||||||
Consumer Loan Assignment Year | Current (5) | Past Due 11-90 Days | Past Due Over 90 Days | ||||||||||||||||||||||||||
2019 and prior | $ | 55.7 | $ | 30.4 | $ | 111.8 | $ | 137.6 | $ | 335.5 | |||||||||||||||||||
2020 | 164.0 | 74.0 | 163.9 | 6.6 | 408.5 | ||||||||||||||||||||||||
2021 | 346.5 | 134.7 | 217.2 | 0.9 | 699.3 | ||||||||||||||||||||||||
2022 | 960.8 | 284.1 | 284.7 | 0.1 | 1,529.7 | ||||||||||||||||||||||||
2023 | 2,514.4 | 496.3 | 163.6 | — | 3,174.3 | ||||||||||||||||||||||||
2024 | 1,356.2 | 49.5 | — | — | 1,405.7 | ||||||||||||||||||||||||
$ | 5,397.6 | $ | 1,069.0 | $ | 941.2 | $ | 145.2 | $ | 7,553.0 |
(In millions) | Purchased Loans as of March 31, 2024 (2) | ||||||||||||||||||||||||||||
Pre-term Consumer Loans (3) | Post-term Consumer Loans (4) | Total | |||||||||||||||||||||||||||
Consumer Loan Assignment Year | Current (5) | Past Due 11-90 Days | Past Due Over 90 Days | ||||||||||||||||||||||||||
2019 and prior | $ | 66.6 | $ | 37.3 | $ | 129.8 | $ | 106.6 | $ | 340.3 | |||||||||||||||||||
2020 | 107.0 | 50.6 | 108.0 | 2.1 | 267.7 | ||||||||||||||||||||||||
2021 | 164.9 | 70.0 | 110.5 | 0.2 | 345.6 | ||||||||||||||||||||||||
2022 | 364.7 | 113.6 | 114.7 | — | 593.0 | ||||||||||||||||||||||||
2023 | 837.2 | 154.2 | 56.0 | — | 1,047.4 | ||||||||||||||||||||||||
2024 | 326.1 | 10.4 | — | — | 336.5 | ||||||||||||||||||||||||
$ | 1,866.5 | $ | 436.1 | $ | 519.0 | $ | 108.9 | $ | 2,930.5 |
(In millions) | Total Loans as of December 31, 2023 (1) (2) | ||||||||||||||||||||||||||||
Pre-term Consumer Loans (3) | Post-term Consumer Loans (4) | Total | |||||||||||||||||||||||||||
Consumer Loan Assignment Year | Current (5) | Past Due 11-90 Days | Past Due Over 90 Days | ||||||||||||||||||||||||||
2018 and prior | $ | 24.2 | $ | 16.8 | $ | 73.5 | $ | 204.9 | $ | 319.4 | |||||||||||||||||||
2019 | 150.7 | 83.8 | 237.6 | 39.5 | 511.6 | ||||||||||||||||||||||||
2020 | 328.9 | 165.5 | 314.5 | 4.6 | 813.5 | ||||||||||||||||||||||||
2021 | 596.6 | 262.1 | 368.7 | 0.7 | 1,228.1 | ||||||||||||||||||||||||
2022 | 1,518.0 | 499.8 | 422.5 | — | 2,440.3 | ||||||||||||||||||||||||
2023 | 3,888.7 | 666.5 | 152.0 | — | 4,707.2 | ||||||||||||||||||||||||
$ | 6,507.1 | $ | 1,694.5 | $ | 1,568.8 | $ | 249.7 | $ | 10,020.1 |
(In millions) | As of September 30, 2017 | ||||||||||||||||||||||
Loan Pool Performance Meets or Exceeds Initial Estimates | Loan Pool Performance Less than Initial Estimates | ||||||||||||||||||||||
Dealer Loans | Purchased Loans | Total | Dealer Loans | Purchased Loans | Total | ||||||||||||||||||
Loans receivable | $ | 1,127.8 | $ | 845.8 | $ | 1,973.6 | $ | 2,346.5 | $ | 507.5 | $ | 2,854.0 | |||||||||||
Allowance for credit losses | — | — | — | (354.6 | ) | (21.6 | ) | (376.2 | ) | ||||||||||||||
Loans receivable, net | $ | 1,127.8 | $ | 845.8 | $ | 1,973.6 | $ | 1,991.9 | $ | 485.9 | $ | 2,477.8 | |||||||||||
(In millions) | As of December 31, 2016 | ||||||||||||||||||||||
Loan Pool Performance Meets or Exceeds Initial Estimates | Loan Pool Performance Less than Initial Estimates | ||||||||||||||||||||||
Dealer Loans | Purchased Loans | Total | Dealer Loans | Purchased Loans | Total | ||||||||||||||||||
Loans receivable | $ | 1,002.2 | $ | 705.8 | $ | 1,708.0 | $ | 2,206.8 | $ | 292.2 | $ | 2,499.0 | |||||||||||
Allowance for credit losses | — | — | — | (309.3 | ) | (11.1 | ) | (320.4 | ) | ||||||||||||||
Loans receivable, net | $ | 1,002.2 | $ | 705.8 | $ | 1,708.0 | $ | 1,897.5 | $ | 281.1 | $ | 2,178.6 |
(In millions) | Dealer Loans as of December 31, 2023 (1) | ||||||||||||||||||||||||||||
Pre-term Consumer Loans (3) | Post-term Consumer Loans (4) | Total | |||||||||||||||||||||||||||
Consumer Loan Assignment Year | Current (5) | Past Due 11-90 Days | Past Due Over 90 Days | ||||||||||||||||||||||||||
2018 and prior | $ | 11.7 | $ | 7.9 | $ | 35.0 | $ | 117.8 | $ | 172.4 | |||||||||||||||||||
2019 | 69.9 | 38.0 | 111.2 | 22.0 | 241.1 | ||||||||||||||||||||||||
2020 | 201.7 | 98.0 | 190.4 | 3.5 | 493.6 | ||||||||||||||||||||||||
2021 | 407.3 | 173.4 | 245.0 | 0.6 | 826.3 | ||||||||||||||||||||||||
2022 | 1,109.4 | 360.4 | 303.5 | — | 1,773.3 | ||||||||||||||||||||||||
2023 | 2,942.3 | 503.6 | 112.9 | — | 3,558.8 | ||||||||||||||||||||||||
$ | 4,742.3 | $ | 1,181.3 | $ | 998.0 | $ | 143.9 | $ | 7,065.5 |
(In millions) | Purchased Loans as of December 31, 2023 (2) | ||||||||||||||||||||||||||||
Pre-term Consumer Loans (3) | Post-term Consumer Loans (4) | Total | |||||||||||||||||||||||||||
Consumer Loan Assignment Year | Current (5) | Past Due 11-90 Days | Past Due Over 90 Days | ||||||||||||||||||||||||||
2018 and prior | $ | 12.5 | $ | 8.9 | $ | 38.5 | $ | 87.1 | $ | 147.0 | |||||||||||||||||||
2019 | 80.8 | 45.8 | 126.4 | 17.5 | 270.5 | ||||||||||||||||||||||||
2020 | 127.2 | 67.5 | 124.1 | 1.1 | 319.9 | ||||||||||||||||||||||||
2021 | 189.3 | 88.7 | 123.7 | 0.1 | 401.8 | ||||||||||||||||||||||||
2022 | 408.6 | 139.4 | 119.0 | — | 667.0 | ||||||||||||||||||||||||
2023 | 946.4 | 162.9 | 39.1 | — | 1,148.4 | ||||||||||||||||||||||||
$ | 1,764.8 | $ | 513.2 | $ | 570.8 | $ | 105.8 | $ | 2,954.6 |
(In millions) | For the Three Months Ended March 31, 2024 | |||||||||||||||||||
Write-offs by Consumer Loan Assignment Year | Dealer Loans | Purchased Loans | Total | |||||||||||||||||
2019 and prior | $ | 45.2 | $ | 41.5 | $ | 86.7 | ||||||||||||||
2020 | 25.3 | 21.8 | 47.1 | |||||||||||||||||
2021 | 28.9 | 27.9 | 56.8 | |||||||||||||||||
2022 | 33.2 | 40.1 | 73.3 | |||||||||||||||||
2023 | 9.0 | 35.9 | 44.9 | |||||||||||||||||
2024 | 1.2 | 1.4 | 2.6 | |||||||||||||||||
$ | 142.8 | $ | 168.6 | $ | 311.4 |
(In millions) | For the Three Months Ended September 30, 2017 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Balance, beginning of period | $ | 336.9 | $ | 17.2 | $ | 354.1 | |||||
Provision for credit losses | 20.2 | 5.5 | 25.7 | ||||||||
Write-offs | (2.9 | ) | (1.2 | ) | (4.1 | ) | |||||
Recoveries (1) | 0.4 | 0.1 | 0.5 | ||||||||
Balance, end of period | $ | 354.6 | $ | 21.6 | $ | 376.2 | |||||
(In millions) | For the Three Months Ended September 30, 2016 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Balance, beginning of period | $ | 268.2 | $ | 8.7 | $ | 276.9 | |||||
Provision for credit losses | 21.6 | 1.2 | 22.8 | ||||||||
Write-offs | (3.1 | ) | (0.2 | ) | (3.3 | ) | |||||
Recoveries (1) | 0.3 | 0.1 | 0.4 | ||||||||
Balance, end of period | $ | 287.0 | $ | 9.8 | $ | 296.8 | |||||
(In millions) | For the Nine Months Ended September 30, 2017 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Balance, beginning of period | $ | 309.3 | $ | 11.1 | $ | 320.4 | |||||
Provision for credit losses | 55.6 | 12.4 | 68.0 | ||||||||
Write-offs | (11.4 | ) | (2.1 | ) | (13.5 | ) | |||||
Recoveries (1) | 1.1 | 0.2 | 1.3 | ||||||||
Balance, end of period | $ | 354.6 | $ | 21.6 | $ | 376.2 | |||||
(In millions) | For the Nine Months Ended September 30, 2016 | ||||||||||
Dealer Loans | Purchased Loans | Total | |||||||||
Balance, beginning of period | $ | 235.1 | $ | 8.5 | $ | 243.6 | |||||
Provision for credit losses | 61.3 | 1.5 | 62.8 | ||||||||
Write-offs | (10.4 | ) | (0.3 | ) | (10.7 | ) | |||||
Recoveries (1) | 1.0 | 0.1 | 1.1 | ||||||||
Balance, end of period | $ | 287.0 | $ | 9.8 | $ | 296.8 |
(In millions) | For the Three Months Ended March 31, 2023 | |||||||||||||||||||
Write-offs by Consumer Loan Assignment Year | Dealer Loans | Purchased Loans | Total | |||||||||||||||||
2018 and prior | $ | 31.6 | $ | 31.5 | $ | 63.1 | ||||||||||||||
2019 | 23.7 | 48.3 | 72.0 | |||||||||||||||||
2020 | 23.7 | 28.8 | 52.5 | |||||||||||||||||
2021 | 18.8 | 32.9 | 51.7 | |||||||||||||||||
2022 | 19.0 | 40.3 | 59.3 | |||||||||||||||||
2023 | 0.9 | 1.1 | 2.0 | |||||||||||||||||
$ | 117.7 | $ | 182.9 | $ | 300.6 |
(In millions) | As of | ||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Land and land improvements | $ | 2.9 | $ | 2.9 | |||||||
Building and improvements | 58.8 | 58.8 | |||||||||
Data processing equipment and software | 49.2 | 50.0 | |||||||||
Office furniture and equipment | 2.6 | 2.6 | |||||||||
Total property and equipment | 113.5 | 114.3 | |||||||||
Less: Accumulated depreciation on property and equipment | (68.9) | (67.8) | |||||||||
Total property and equipment, net | $ | 44.6 | $ | 46.5 |
(In millions) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Net assumed written premiums | $ | 31.2 | $ | 25.4 | |||||||||||||||||||
Net premiums earned | 21.9 | 17.4 | |||||||||||||||||||||
Provision for claims | 17.0 | 17.9 | |||||||||||||||||||||
Amortization of capitalized acquisition costs | 0.6 | 0.5 |
(In millions) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net assumed written premiums | $ | 9.7 | $ | 11.0 | $ | 31.6 | $ | 31.9 | |||||||
Net premiums earned | 10.3 | 10.7 | 30.9 | 32.4 | |||||||||||
Provision for claims | 5.5 | 6.6 | 17.6 | 20.4 | |||||||||||
Amortization of capitalized acquisition costs | 0.3 | 0.3 | 0.8 | 0.8 |
(In millions) | As of | ||||||||||||||||
Balance Sheet Location | March 31, 2024 | December 31, 2023 | |||||||||||||||
Trust assets | Restricted cash and cash equivalents | $ | 3.0 | $ | 1.4 | ||||||||||||
Trust assets | Restricted securities available for sale | 99.9 | 93.2 | ||||||||||||||
Unearned premium | Accounts payable and accrued liabilities | 76.9 | 67.6 | ||||||||||||||
Claims reserve (1) | Accounts payable and accrued liabilities | 5.6 | 5.6 |
(In millions) | As of | ||||||||
Balance Sheet location | September 30, 2017 | December 31, 2016 | |||||||
Trust assets | Restricted cash and cash equivalents | $ | 0.7 | $ | 0.5 | ||||
Trust assets | Restricted securities available for sale | 46.1 | 45.3 | ||||||
Unearned premium | Accounts payable and accrued liabilities | 33.5 | 32.8 | ||||||
Claims reserve (1) | Accounts payable and accrued liabilities | 1.1 | 1.0 |
(In millions) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Ancillary product profit sharing | $ | 7.3 | $ | 7.5 | |||||||||||||||||||
Interest | 5.8 | 4.1 | |||||||||||||||||||||
Remarketing fees | 3.3 | 3.0 | |||||||||||||||||||||
Other | 0.5 | 0.7 | |||||||||||||||||||||
Total | $ | 16.9 | $ | 15.3 |
(In millions) | As of September 30, 2017 | |||||||||||||||
Principal Outstanding | Unamortized Debt Issuance Costs | Unamortized Discount | Carrying Amount | |||||||||||||
Revolving secured line of credit (1) | $ | 130.5 | $ | — | $ | — | $ | 130.5 | ||||||||
Secured financing (2) | 2,339.7 | (11.8 | ) | — | 2,327.9 | |||||||||||
Senior notes | 550.0 | (6.2 | ) | (1.4 | ) | 542.4 | ||||||||||
Total debt | $ | 3,020.2 | $ | (18.0 | ) | $ | (1.4 | ) | $ | 3,000.8 | ||||||
(In millions) | As of December 31, 2016 | |||||||||||||||
Principal Outstanding | Unamortized Debt Issuance Costs | Unamortized Discount | Carrying Amount | |||||||||||||
Revolving secured line of credit (1) | $ | — | $ | — | $ | — | $ | — | ||||||||
Secured financing (2) | 2,072.1 | (9.7 | ) | — | 2,062.4 | |||||||||||
Senior notes | 550.0 | (7.1 | ) | (1.6 | ) | 541.3 | ||||||||||
Total debt | $ | 2,622.1 | $ | (16.8 | ) | $ | (1.6 | ) | $ | 2,603.7 |
(In millions) | For the Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ancillary Product Profit Sharing | Interest | Remarketing Fees | Other | Total Other Income | |||||||||||||||||||||||||||||||||||||||||||||||||
Source of Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Third-Party Providers | $ | 7.3 | $ | 5.8 | $ | — | $ | 0.1 | $ | 13.2 | |||||||||||||||||||||||||||||||||||||||||||
Dealers | — | — | 3.3 | 0.4 | 3.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 7.3 | $ | 5.8 | $ | 3.3 | $ | 0.5 | $ | 16.9 | |||||||||||||||||||||||||||||||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Over time | $ | 7.3 | $ | 5.8 | $ | — | $ | 0.2 | $ | 13.3 | |||||||||||||||||||||||||||||||||||||||||||
At a point in time | — | — | 3.3 | 0.3 | 3.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 7.3 | $ | 5.8 | $ | 3.3 | $ | 0.5 | $ | 16.9 |
(In millions) | As of March 31, 2024 | |||||||||||||||||||||||||
Principal Outstanding | Unamortized Debt Issuance Costs | Unamortized Discount | Carrying Amount | |||||||||||||||||||||||
Revolving secured lines of credit (1) | $ | 169.5 | $ | — | $ | — | $ | 169.5 | ||||||||||||||||||
Secured financing (2) | 4,474.5 | (28.2) | (2.2) | 4,444.1 | ||||||||||||||||||||||
Senior notes | 1,000.0 | (10.4) | — | 989.6 | ||||||||||||||||||||||
Mortgage note | 8.3 | — | — | 8.3 | ||||||||||||||||||||||
Total debt | $ | 5,652.3 | $ | (38.6) | $ | (2.2) | $ | 5,611.5 | ||||||||||||||||||
(In millions) | As of December 31, 2023 | |||||||||||||||||||||||||
Principal Outstanding | Unamortized Debt Issuance Costs | Unamortized Discount | Carrying Amount | |||||||||||||||||||||||
Revolving secured lines of credit (1) | $ | 79.2 | $ | — | $ | — | $ | 79.2 | ||||||||||||||||||
Secured financing (2) | 4,019.0 | (25.6) | (2.5) | 3,990.9 | ||||||||||||||||||||||
Senior notes | 1,000.0 | (11.0) | — | 989.0 | ||||||||||||||||||||||
Mortgage note | 8.4 | — | — | 8.4 | ||||||||||||||||||||||
Total debt | $ | 5,106.6 | $ | (36.6) | $ | (2.5) | $ | 5,067.5 |
(Dollars in millions) | ||||||||||||
Financings | Wholly-owned Subsidiary | Maturity Date | Financing Amount | Interest Rate as of September 30, 2017 | ||||||||
Revolving Secured Line of Credit | n/a | 06/22/2020 | $ | 345.0 | (1) | At our option, either LIBOR plus 187.5 basis points or the prime rate plus 87.5 basis points | ||||||
Warehouse Facility II (2) | CAC Warehouse Funding Corp. II | 06/23/2019 | (4) | $ | 400.0 | LIBOR plus 225 basis points (3) | ||||||
Warehouse Facility IV (2) | CAC Warehouse Funding LLC IV | 04/30/2020 | (4) | $ | 100.0 | LIBOR plus 225 basis points (3) | ||||||
Warehouse Facility V (2) | CAC Warehouse Funding LLC V | 08/18/2019 | (5) | $ | 100.0 | LIBOR plus 225 basis points (3) | ||||||
Warehouse Facility VI (2) | CAC Warehouse Funding LLC VI | 09/30/2020 | (4) | $ | 75.0 | LIBOR plus 200 basis points | ||||||
Term ABS 2014-2 (2) | Credit Acceptance Funding LLC 2014-2 | 09/15/2016 | (4) | $ | 349.0 | Fixed rate | ||||||
Term ABS 2015-1 (2) | Credit Acceptance Funding LLC 2015-1 | 01/16/2017 | (4) | $ | 300.6 | Fixed rate | ||||||
Term ABS 2015-2 (2) | Credit Acceptance Funding LLC 2015-2 | 08/15/2017 | (4) | $ | 300.2 | Fixed rate | ||||||
Term ABS 2016-1 (2) | Credit Acceptance Funding LLC 2016-1 | 02/15/2018 | (4) | $ | 385.0 | LIBOR plus 195 basis points (3) | ||||||
Term ABS 2016-2 (2) | Credit Acceptance Funding LLC 2016-2 | 05/15/2018 | (4) | $ | 350.2 | Fixed rate | ||||||
Term ABS 2016-3 (2) | Credit Acceptance Funding LLC 2016-3 | 10/15/2018 | (4) | $ | 350.0 | Fixed rate | ||||||
Term ABS 2017-1 (2) | Credit Acceptance Funding LLC 2017-1 | 02/15/2019 | (4) | $ | 350.0 | Fixed rate | ||||||
Term ABS 2017-2 (2) | Credit Acceptance Funding LLC 2017-2 | 06/17/2019 | (4) | $ | 450.0 | Fixed rate | ||||||
2021 Senior Notes | n/a | 02/15/2021 | $ | 300.0 | Fixed rate | |||||||
2023 Senior Notes | n/a | 03/15/2023 | $ | 250.0 | Fixed rate |
(Dollars in millions) | ||||||||||||||||||||||||||||||||
Financings | Wholly Owned Subsidiary | Maturity Date | Financing Amount | Interest Rate Basis as of March 31, 2024 | ||||||||||||||||||||||||||||
Revolving Secured Line of Credit Facility | n/a | 06/22/2026 | $ | 390.0 | At our option, either the Bloomberg Short-Term Bank Yield Index rate (BSBY) plus 187.5 basis points or the prime rate plus 87.5 basis points | |||||||||||||||||||||||||||
RTP Facility | n/a | — | (1) | 20.0 | BSBY plus 187.5 basis points | |||||||||||||||||||||||||||
Warehouse Facility II (2) | CAC Warehouse Funding LLC II | 04/30/2026 | (3) | 400.0 | The Secured Overnight Financing Rate (SOFR) plus 230 basis points | |||||||||||||||||||||||||||
Warehouse Facility IV (2) | CAC Warehouse Funding LLC IV | 12/29/2026 | (3) | 300.0 | SOFR plus 221.4 basis points (4) | |||||||||||||||||||||||||||
Warehouse Facility V (2) | CAC Warehouse Funding LLC V | 12/29/2025 | (5) | 200.0 | SOFR plus 245 basis points (4) | |||||||||||||||||||||||||||
Warehouse Facility VI (2) | CAC Warehouse Funding LLC VI | 09/30/2026 | (3) | 75.0 | BSBY plus 200 basis points | |||||||||||||||||||||||||||
Warehouse Facility VIII (2) | CAC Warehouse Funding LLC VIII | 09/21/2026 | (3) | 200.0 | SOFR plus 225.0 basis points (4) | |||||||||||||||||||||||||||
Term ABS 2019-2 (2) | Credit Acceptance Funding LLC 2019-2 | 08/15/2025 | (6) | 500.0 | Fixed rate | |||||||||||||||||||||||||||
Term ABS 2021-1 (2) | Credit Acceptance Funding LLC 2021-1 | 02/17/2026 | (6) | 100.0 | SOFR plus 220 basis points (4) | |||||||||||||||||||||||||||
Term ABS 2021-2 (2) | Credit Acceptance Funding LLC 2021-2 | 02/15/2023 | (3) | 500.0 | Fixed rate | |||||||||||||||||||||||||||
Term ABS 2021-3 (2) | Credit Acceptance Funding LLC 2021-3 | 05/15/2023 | (3) | 450.0 | Fixed rate | |||||||||||||||||||||||||||
Term ABS 2021-4 (2) | Credit Acceptance Funding LLC 2021-4 | 10/16/2023 | (3) | 250.1 | Fixed rate | |||||||||||||||||||||||||||
Term ABS 2022-1 (2) | Credit Acceptance Funding LLC 2022-1 | 06/17/2024 | (3) | 350.0 | Fixed rate | |||||||||||||||||||||||||||
Term ABS 2022-2 (2) | Credit Acceptance Funding LLC 2022-2 | 12/15/2025 | (6) | 200.0 | SOFR plus 235 basis points (4) | |||||||||||||||||||||||||||
Term ABS 2022-3 (2) | Credit Acceptance Funding LLC 2022-3 | 10/15/2024 | (3) | 389.9 | Fixed rate | |||||||||||||||||||||||||||
Term ABS 2023-1 (2) | Credit Acceptance Funding LLC 2023-1 | 03/17/2025 | (3) | 400.0 | Fixed rate | |||||||||||||||||||||||||||
Term ABS 2023-2 (2) | Credit Acceptance Funding LLC 2023-2 | 5/15/2025 | (3) | 400.0 | Fixed rate | |||||||||||||||||||||||||||
Term ABS 2023-3 (2) | Credit Acceptance Funding LLC 2023-3 | 8/15/2025 | (3) | 400.0 | Fixed rate | |||||||||||||||||||||||||||
Term ABS 2023-A (2) | Credit Acceptance Funding LLC 2023-A | 12/15/2025 | (6) | 200.0 | Fixed rate | |||||||||||||||||||||||||||
Term ABS 2023-5 (2) | Credit Acceptance Funding LLC 2023-5 | 12/15/2025 | (3) | 294.0 | Fixed rate | |||||||||||||||||||||||||||
Term ABS 2024-A (2) | Credit Acceptance Funding LLC 2024-A | 02/15/2027 | (6) | 200.0 | Fixed rate | |||||||||||||||||||||||||||
Term ABS 2024-1 (2) | Credit Acceptance Funding LLC 2024-1 | 03/16/2026 | (3) | 500.0 | Fixed rate | |||||||||||||||||||||||||||
2026 Senior Notes | n/a | 03/15/2026 | 400.0 | Fixed rate | ||||||||||||||||||||||||||||
2028 Senior Notes | n/a | 12/15/2028 | 600.0 | Fixed rate | ||||||||||||||||||||||||||||
Mortgage Note (2) | Chapter 4 Properties, LLC | 08/06/2028 | 9.0 | BSBY plus 150 basis points |
(In millions) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Revolving Secured Lines of Credit | |||||||||||||||||||||||
Maximum outstanding principal balance | $ | 328.0 | $ | 306.8 | |||||||||||||||||||
Average outstanding principal balance | 166.8 | 123.0 | |||||||||||||||||||||
Warehouse Facility II | |||||||||||||||||||||||
Maximum outstanding principal balance | 201.0 | 201.0 | |||||||||||||||||||||
Average outstanding principal balance | 128.1 | 19.0 | |||||||||||||||||||||
Warehouse Facility IV | |||||||||||||||||||||||
Maximum outstanding principal balance | — | — | |||||||||||||||||||||
Average outstanding principal balance | — | — | |||||||||||||||||||||
Warehouse Facility V | |||||||||||||||||||||||
Maximum outstanding principal balance | — | — | |||||||||||||||||||||
Average outstanding principal balance | — | — | |||||||||||||||||||||
Warehouse Facility VI | |||||||||||||||||||||||
Maximum outstanding principal balance | 60.0 | — | |||||||||||||||||||||
Average outstanding principal balance | 29.7 | — | |||||||||||||||||||||
Warehouse Facility VIII | |||||||||||||||||||||||
Maximum outstanding principal balance | 100.0 | — | |||||||||||||||||||||
Average outstanding principal balance | 30.8 | — |
(In millions) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revolving Secured Line of Credit | |||||||||||||||
Maximum outstanding principal balance | $ | 130.5 | $ | 92.1 | $ | 276.7 | $ | 186.4 | |||||||
Average outstanding principal balance | 35.7 | 13.3 | 92.2 | 30.6 | |||||||||||
Warehouse Facility II | |||||||||||||||
Maximum outstanding principal balance | $ | — | $ | — | $ | 263.4 | $ | 200.1 | |||||||
Average outstanding principal balance | — | — | 3.4 | 3.7 | |||||||||||
Warehouse Facility IV | |||||||||||||||
Maximum outstanding principal balance | $ | — | $ | 12.0 | $ | 12.0 | $ | 12.0 | |||||||
Average outstanding principal balance | — | 12.0 | 7.8 | 12.0 | |||||||||||
Warehouse Facility V | |||||||||||||||
Maximum outstanding principal balance | $ | — | $ | — | $ | 100.0 | $ | 100.0 | |||||||
Average outstanding principal balance | — | — | 10.4 | 1.4 | |||||||||||
Warehouse Facility VI | |||||||||||||||
Maximum outstanding principal balance | $ | — | $ | — | $ | 75.0 | $ | 49.9 | |||||||
Average outstanding principal balance | — | — | 9.8 | 4.0 |
(Dollars in millions) | As of | ||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Revolving Secured Lines of Credit | |||||||||||
Principal balance outstanding | $ | 169.5 | $ | 79.2 | |||||||
Amount available for borrowing (1) | 240.5 | 330.8 | |||||||||
Interest rate | 7.22 | % | 7.33 | % | |||||||
Warehouse Facility II | |||||||||||
Principal balance outstanding | $ | — | $ | — | |||||||
Amount available for borrowing (1) | 400.0 | 400.0 | |||||||||
Loans pledged as collateral | — | — | |||||||||
Restricted cash and cash equivalents pledged as collateral | 2.0 | 1.0 | |||||||||
Interest rate | — | % | — | % | |||||||
Warehouse Facility IV | |||||||||||
Principal balance outstanding | $ | — | $ | — | |||||||
Amount available for borrowing (1) | 300.0 | 300.0 | |||||||||
Loans pledged as collateral | — | — | |||||||||
Restricted cash and cash equivalents pledged as collateral | 1.0 | 1.5 | |||||||||
Interest rate | — | % | — | % | |||||||
Warehouse Facility V | |||||||||||
Principal balance outstanding | $ | — | $ | — | |||||||
Amount available for borrowing (1) | 200.0 | 200.0 | |||||||||
Loans pledged as collateral | — | — | |||||||||
Restricted cash and cash equivalents pledged as collateral | 1.0 | 1.0 | |||||||||
Interest rate | — | % | — | % | |||||||
Warehouse Facility VI | |||||||||||
Principal balance outstanding | $ | 60.0 | $ | — | |||||||
Amount available for borrowing (1) | 15.0 | 75.0 | |||||||||
Loans pledged as collateral | 76.5 | — | |||||||||
Restricted cash and cash equivalents pledged as collateral | 2.2 | — | |||||||||
Interest rate | 7.37 | % | — | % | |||||||
Warehouse Facility VIII | |||||||||||
Principal balance outstanding | $ | — | $ | — | |||||||
Amount available for borrowing (1) | 200.0 | 200.0 | |||||||||
Loans pledged as collateral | — | — | |||||||||
Restricted cash and cash equivalents pledged as collateral | 1.0 | 0.8 | |||||||||
Interest rate | — | % | — | % | |||||||
Term ABS 2019-2 | |||||||||||
Principal balance outstanding | $ | 500.0 | $ | 500.0 | |||||||
Loans pledged as collateral | 547.4 | 597.3 | |||||||||
Restricted cash and cash equivalents pledged as collateral | 49.1 | 47.6 | |||||||||
Interest rate | 5.15 | % | 5.15 | % | |||||||
Term ABS 2020-3 | |||||||||||
Principal balance outstanding | $ | — | $ | 110.3 | |||||||
Loans pledged as collateral | — | 418.4 | |||||||||
Restricted cash and cash equivalents pledged as collateral | — | 42.3 | |||||||||
Interest rate | — | % | 2.06 | % | |||||||
(Dollars in millions) | As of | ||||||
September 30, 2017 | December 31, 2016 | ||||||
Revolving Secured Line of Credit | |||||||
Principal balance outstanding | $ | 130.5 | $ | — | |||
Amount available for borrowing (1) | 214.5 | 310.0 | |||||
Interest rate | 3.11 | % | — | % | |||
Warehouse Facility II | |||||||
Principal balance outstanding | $ | — | $ | — | |||
Amount available for borrowing (1) | 400.0 | 400.0 | |||||
Loans pledged as collateral | — | — | |||||
Restricted cash and cash equivalents pledged as collateral | 1.2 | 1.5 | |||||
Interest rate | — | % | — | % | |||
Warehouse Facility IV | |||||||
Principal balance outstanding | $ | — | $ | 12.0 | |||
Amount available for borrowing (1) | 100.0 | 63.0 | |||||
Loans pledged as collateral | — | 23.0 | |||||
Restricted cash and cash equivalents pledged as collateral | 1.1 | 0.9 | |||||
Interest rate | — | % | 2.77 | % | |||
Warehouse Facility V | |||||||
Principal balance outstanding | $ | — | $ | — | |||
Amount available for borrowing (1) | 100.0 | 100.0 | |||||
Loans pledged as collateral | — | — | |||||
Restricted cash and cash equivalents pledged as collateral | 1.1 | 1.0 | |||||
Interest rate | — | % | — | % | |||
Warehouse Facility VI | |||||||
Principal balance outstanding | $ | — | $ | — | |||
Amount available for borrowing (1) | 75.0 | 75.0 | |||||
Loans pledged as collateral | — | — | |||||
Restricted cash and cash equivalents pledged as collateral | 0.1 | 0.1 | |||||
Interest rate | — | % | — | % | |||
Term ABS 2014-1 | |||||||
Principal balance outstanding | $ | — | $ | 106.5 | |||
Loans pledged as collateral | — | 307.2 | |||||
Restricted cash and cash equivalents pledged as collateral | — | 28.3 | |||||
Interest rate | — | % | 2.02 | % | |||
Term ABS 2014-2 | |||||||
Principal balance outstanding | $ | 46.7 | $ | 267.6 | |||
Loans pledged as collateral | 290.7 | 413.9 | |||||
Restricted cash and cash equivalents pledged as collateral | 30.6 | 34.9 | |||||
Interest rate | 2.67 | % | 2.10 | % | |||
Term ABS 2015-1 | |||||||
Principal balance outstanding | $ | 129.5 | $ | 300.6 | |||
Loans pledged as collateral | 271.6 | 374.5 | |||||
Restricted cash and cash equivalents pledged as collateral | 26.7 | 29.6 | |||||
Interest rate | 2.60 | % | 2.26 | % | |||
(Dollars in millions) | As of | ||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Term ABS 2021-1 | |||||||||||
Principal balance outstanding | $ | 100.0 | $ | 100.0 | |||||||
Loans pledged as collateral | 114.1 | 112.8 | |||||||||
Restricted cash and cash equivalents pledged as collateral | 10.1 | 8.8 | |||||||||
Interest rate | 7.53 | % | 7.56 | % | |||||||
Term ABS 2021-2 | |||||||||||
Principal balance outstanding | $ | 109.3 | $ | 188.2 | |||||||
Loans pledged as collateral | 370.5 | 415.5 | |||||||||
Restricted cash and cash equivalents pledged as collateral | 39.2 | 37.3 | |||||||||
Interest rate | 1.58 | % | 1.38 | % | |||||||
Term ABS 2021-3 | |||||||||||
Principal balance outstanding | $ | 193.2 | $ | 265.0 | |||||||
Loans pledged as collateral | 351.6 | 396.3 | |||||||||
Restricted cash and cash equivalents pledged as collateral | 35.2 | 33.8 | |||||||||
Interest rate | 1.33 | % | 1.24 | % | |||||||
Term ABS 2021-4 | |||||||||||
Principal balance outstanding | $ | 178.1 | $ | 221.6 | |||||||
Loans pledged as collateral | 235.4 | 255.2 | |||||||||
Restricted cash and cash equivalents pledged as collateral | 21.9 | 21.0 | |||||||||
Interest rate | 1.51 | % | 1.46 | % | |||||||
Term ABS 2022-1 | |||||||||||
Principal balance outstanding | $ | 350.0 | $ | 350.0 | |||||||
Loans pledged as collateral | 376.7 | 378.2 | |||||||||
Restricted cash and cash equivalents pledged as collateral | 30.2 | 27.4 | |||||||||
Interest rate | 5.03 | % | 5.03 | % | |||||||
Term ABS 2022-2 | |||||||||||
Principal balance outstanding | $ | 200.0 | $ | 200.0 | |||||||
Loans pledged as collateral | 209.7 | 212.1 | |||||||||
Restricted cash and cash equivalents pledged as collateral | 16.5 | 14.7 | |||||||||
Interest rate | 7.66 | % | 7.66 | % | |||||||
Term ABS 2022-3 | |||||||||||
Principal balance outstanding | $ | 389.9 | $ | 389.9 | |||||||
Loans pledged as collateral | 421.0 | 418.9 | |||||||||
Restricted cash and cash equivalents pledged as collateral | 32.1 | 28.9 | |||||||||
Interest rate | 7.68 | % | 7.68 | % | |||||||
Term ABS 2023-1 | |||||||||||
Principal balance outstanding | $ | 400.0 | $ | 400.0 | |||||||
Loans pledged as collateral | 583.3 | 611.6 | |||||||||
Restricted cash and cash equivalents pledged as collateral | 40.9 | 38.5 | |||||||||
Interest rate | 6.92 | % | 6.92 | % | |||||||
Term ABS 2023-2 | |||||||||||
Principal balance outstanding | $ | 400.0 | $ | 400.0 | |||||||
Loans pledged as collateral | 684.4 | 701.7 | |||||||||
Restricted cash and cash equivalents pledged as collateral | 46.1 | 42.0 | |||||||||
Interest rate | 6.39 | % | 6.39 | % | |||||||
Term ABS 2015-2 | ||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | As of | ||||||||||||||||||||||||
March 31, 2024 | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||
Term ABS 2023-3 | ||||||||||||||||||||||||||
Principal balance outstanding | ||||||||||||||||||||||||||
Principal balance outstanding | ||||||||||||||||||||||||||
Principal balance outstanding | $ | 278.3 | $ | 300.2 | ||||||||||||||||||||||
Loans pledged as collateral | 351.2 | 372.6 | ||||||||||||||||||||||||
Restricted cash and cash equivalents pledged as collateral | 30.2 | 28.1 | ||||||||||||||||||||||||
Interest rate | 2.65 | % | 2.63 | % | Interest rate | 6.86 | % | 6.86 | % | |||||||||||||||||
Term ABS 2016-1 | ||||||||||||||||||||||||||
Term ABS 2023-A | ||||||||||||||||||||||||||
Principal balance outstanding | ||||||||||||||||||||||||||
Principal balance outstanding | ||||||||||||||||||||||||||
Principal balance outstanding | $ | 385.0 | $ | 385.0 | ||||||||||||||||||||||
Loans pledged as collateral | 465.0 | 474.0 | ||||||||||||||||||||||||
Restricted cash and cash equivalents pledged as collateral | 38.5 | 34.8 | ||||||||||||||||||||||||
Interest rate | 3.18 | % | 2.65 | % | Interest rate | 7.51 | % | 7.51 | % | |||||||||||||||||
Term ABS 2016-2 | ||||||||||||||||||||||||||
Term ABS 2023-5 | ||||||||||||||||||||||||||
Principal balance outstanding | ||||||||||||||||||||||||||
Principal balance outstanding | ||||||||||||||||||||||||||
Principal balance outstanding | $ | 350.2 | $ | 350.2 | ||||||||||||||||||||||
Loans pledged as collateral | 425.2 | 490.7 | ||||||||||||||||||||||||
Restricted cash and cash equivalents pledged as collateral | 34.6 | 34.4 | ||||||||||||||||||||||||
Interest rate | 2.83 | % | 2.83 | % | Interest rate | 6.54 | % | 6.54 | % | |||||||||||||||||
Term ABS 2016-3 | ||||||||||||||||||||||||||
Term ABS 2024-A | ||||||||||||||||||||||||||
Principal balance outstanding | ||||||||||||||||||||||||||
Principal balance outstanding | ||||||||||||||||||||||||||
Principal balance outstanding | $ | 350.0 | $ | 350.0 | ||||||||||||||||||||||
Loans pledged as collateral | 425.1 | 489.6 | ||||||||||||||||||||||||
Restricted cash and cash equivalents pledged as collateral | 33.4 | 30.6 | ||||||||||||||||||||||||
Interest rate | 2.53 | % | 2.53 | % | Interest rate | 7.45 | % | — | % | |||||||||||||||||
Term ABS 2017-1 | ||||||||||||||||||||||||||
Term ABS 2024-1 | ||||||||||||||||||||||||||
Principal balance outstanding | ||||||||||||||||||||||||||
Principal balance outstanding | ||||||||||||||||||||||||||
Principal balance outstanding | $ | 350.0 | $ | — | ||||||||||||||||||||||
Loans pledged as collateral | 426.2 | — | ||||||||||||||||||||||||
Restricted cash and cash equivalents pledged as collateral | 33.2 | — | ||||||||||||||||||||||||
Interest rate | 2.78 | % | — | % | Interest rate | 6.01 | % | — | % | |||||||||||||||||
Term ABS 2017-2 | ||||||||||||||||||||||||||
2026 Senior Notes | ||||||||||||||||||||||||||
Principal balance outstanding | $ | 450.0 | $ | — | ||||||||||||||||||||||
Loans pledged as collateral | 550.8 | — | ||||||||||||||||||||||||
Restricted cash and cash equivalents pledged as collateral | 42.2 | — | ||||||||||||||||||||||||
Interest rate | 2.72 | % | — | % | ||||||||||||||||||||||
2021 Senior Notes | ||||||||||||||||||||||||||
Principal balance outstanding | ||||||||||||||||||||||||||
Principal balance outstanding | $ | 300.0 | $ | 300.0 | ||||||||||||||||||||||
Interest rate | 6.125 | % | 6.125 | % | Interest rate | 6.625 | % | 6.625 | % | |||||||||||||||||
2023 Senior Notes | ||||||||||||||||||||||||||
2028 Senior Notes | ||||||||||||||||||||||||||
Principal balance outstanding | ||||||||||||||||||||||||||
Principal balance outstanding | ||||||||||||||||||||||||||
Principal balance outstanding | $ | 250.0 | $ | 250.0 | ||||||||||||||||||||||
Interest rate | 7.375 | % | 7.375 | % | Interest rate | 9.250 | % | 9.250 | % | |||||||||||||||||
Mortgage Note | ||||||||||||||||||||||||||
Principal balance outstanding | ||||||||||||||||||||||||||
Principal balance outstanding | ||||||||||||||||||||||||||
Principal balance outstanding | ||||||||||||||||||||||||||
Interest rate | Interest rate | 6.87 | % | 6.88 | % |
(Dollars in millions) | ||||||||||||||||||||
Term ABS Financings | Closing Date | Net Book Value of Loans Conveyed at Closing | Revolving Period | |||||||||||||||||
Term ABS 2019-2 | August 28, 2019 | $ | 625.1 | Through August 15, 2025 | ||||||||||||||||
Term ABS 2021-1 | January 29, 2021 | 125.1 | Through February 17, 2026 | |||||||||||||||||
Term ABS 2021-2 | February 18, 2021 | 625.1 | Through February 15, 2023 | |||||||||||||||||
Term ABS 2021-3 | May 20, 2021 | 562.6 | Through May 15, 2023 | |||||||||||||||||
Term ABS 2021-4 | October 28, 2021 | 312.6 | Through October 16, 2023 | |||||||||||||||||
Term ABS 2022-1 | June 16, 2022 | 437.6 | Through June 17, 2024 | |||||||||||||||||
Term ABS 2022-2 | December 15, 2022 | 250.1 | Through December 15, 2025 | |||||||||||||||||
Term ABS 2022-3 | November 3, 2022 | 500.1 | Through October 15, 2024 | |||||||||||||||||
Term ABS 2023-1 | March 16, 2023 | 500.2 | Through March 17, 2025 | |||||||||||||||||
Term ABS 2023-2 | May 25, 2023 | 500.1 | Through May 15, 2025 | |||||||||||||||||
Term ABS 2023-3 | August 24, 2023 | 500.1 | Through August 15, 2025 | |||||||||||||||||
Term ABS 2023-A | November 30, 2023 | 252.0 | Through December 15, 2025 | |||||||||||||||||
Term ABS 2023-5 | December 21, 2023 | 375.1 | Through December 15, 2025 | |||||||||||||||||
Term ABS 2024-A | February 27, 2024 | 250.1 | Through February 15, 2027 | |||||||||||||||||
Term ABS 2024-1 | March 28, 2024 | 625.2 | Through March 16, 2026 |
(Dollars in millions) | ||||||||
Term ABS Financings | Close Date | Net Book Value of Loans Contributed at Closing | 24 month Revolving Period | |||||
Term ABS 2014-2 | September 25, 2014 | $ | 437.6 | Through September 15, 2016 | ||||
Term ABS 2015-1 | January 29, 2015 | $ | 375.9 | Through January 16, 2017 | ||||
Term ABS 2015-2 | August 20, 2015 | $ | 375.5 | Through August 15, 2017 | ||||
Term ABS 2016-1 | February 26, 2016 | $ | 481.4 | Through February 15, 2018 | ||||
Term ABS 2016-2 | May 12, 2016 | $ | 437.8 | Through May 15, 2018 | ||||
Term ABS 2016-3 | October 27, 2016 | $ | 437.8 | Through October 15, 2018 | ||||
Term ABS 2017-1 | February 23, 2017 | $ | 437.8 | Through February 15, 2019 | ||||
Term ABS 2017-2 | June 29, 2017 | $ | 563.2 | Through June 17, 2019 |
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||
As of March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Facility Amount | Facility Name | Purpose | Start | End | Notional | Cap Interest Rate (1) | ||||||||||||||||||||||||||||||||
$ | 300.0 | Warehouse Facility IV | Cap Floating Rate | 05/2023 | 11/2024 | $ | 300.0 | 7.50 | % | |||||||||||||||||||||||||||||
200.0 | Warehouse Facility V | Cap Floating Rate | 04/2023 | 01/2026 | 83.0 | 5.44 | % | |||||||||||||||||||||||||||||||
200.0 | Warehouse Facility VIII | Cap Floating Rate | 09/2022 | 09/2025 | 200.0 | 5.42 | % | |||||||||||||||||||||||||||||||
100.0 | Term ABS 2021-1 | Cap Floating Rate | 04/2023 | 06/2024 | 18.8 | 5.46 | % | |||||||||||||||||||||||||||||||
200.0 | Term ABS 2022-2 | Cap Floating Rate | 12/2022 | 06/2024 | 200.0 | 6.50 | % |
(Dollars in millions) | |||||||||||||||||
As of September 30, 2017 | |||||||||||||||||
Facility Amount | Facility Name | Purpose | Start | End | Notional | Cap Interest Rate (1) | |||||||||||
$ | 400.0 | Warehouse Facility II | Cap Floating Rate | 06/2016 | 12/2017 | $ | 325.0 | 5.50 | % | ||||||||
100.0 | Warehouse Facility IV | Cap Floating Rate | 04/2016 | 04/2019 | 75.0 | 5.50 | % | ||||||||||
Cap Floating Rate | 05/2017 | 04/2021 | 25.0 | 6.50 | % | ||||||||||||
100.0 | |||||||||||||||||
100.0 | Warehouse Facility V | Cap Floating Rate | 06/2015 | 07/2018 | 75.0 | 5.50 | % | ||||||||||
385.0 | Term ABS 2016-1 | Cap Floating Rate | 04/2016 | 02/2019 | 385.0 | 5.00 | % |
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Facility Amount | Facility Name | Purpose | Start | End | Notional | Cap Interest Rate (1) | ||||||||||||||||||||||||||||||||
$ | 300.0 | Warehouse Facility IV | Cap Floating Rate | 05/2023 | 11/2024 | $ | 300.0 | 7.50 | % | |||||||||||||||||||||||||||||
200.0 | Warehouse Facility V | Cap Floating Rate | 04/2023 | 01/2026 | 94.0 | 5.44 | % | |||||||||||||||||||||||||||||||
200.0 | Warehouse Facility VIII | Cap Floating Rate | 09/2022 | 9/2025 | 200.0 | 5.42 | % | |||||||||||||||||||||||||||||||
100.0 | Term ABS 2021-1 | Cap Floating Rate | 04/2023 | 06/2024 | 37.5 | 5.46 | % | |||||||||||||||||||||||||||||||
200.0 | Term ABS 2022-2 | Cap Floating Rate | 12/2022 | 06/2024 | 200.0 | 6.50 | % |
(Dollars in millions) | |||||||||||||||||
As of December 31, 2016 | |||||||||||||||||
Facility Amount | Facility Name | Purpose | Start | End | Notional | Cap Interest Rate (1) | |||||||||||
$ | 400.0 | Warehouse Facility II | Cap Floating Rate | 06/2016 | 12/2017 | $ | 325.0 | 5.50 | % | ||||||||
75.0 | Warehouse Facility IV | Cap Floating Rate | 03/2014 | 03/2017 | 18.8 | 5.50 | % | ||||||||||
Cap Floating Rate | 04/2016 | 04/2019 | 56.2 | 5.50 | % | ||||||||||||
75.0 | |||||||||||||||||
100.0 | Warehouse Facility V | Cap Floating Rate | 06/2015 | 07/2018 | 75.0 | 5.50 | % | ||||||||||
385.0 | Term ABS 2016-1 | Cap Floating Rate | 04/2016 | 02/2019 | 385.0 | 5.00 | % |
(Dollars in millions) | For the Three Months Ended September 30, 2016 | For the Nine Months Ended September 30, 2016 | ||||||||||||
Affiliated Dealer activity | % of consolidated | Affiliated Dealer activity | % of consolidated | |||||||||||
Dealer Loan revenue (1) | $ | — | — | % | $ | 1.2 | 0.2 | % | ||||||
New Consumer Loan assignments (1) (2) | — | — | % | 8.9 | 0.4 | % | ||||||||
Accelerated Dealer Holdback payments (1) | — | — | % | 0.2 | 0.5 | % | ||||||||
Dealer Holdback payments (1) | 0.2 | 0.6 | % | 0.8 | 0.7 | % |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
U.S. federal statutory income tax rate | 21.0 | % | 21.0 | % | |||||||||||||||||||
State and local income taxes | 3.7 | % | 3.2 | % | |||||||||||||||||||
Non-deductible executive compensation expense | 1.3 | % | 1.4 | % | |||||||||||||||||||
Excess tax benefits from stock-based compensation | -0.6 | % | -4.2 | % | |||||||||||||||||||
Other | 0.2 | % | 0.1 | % | |||||||||||||||||||
Effective income tax rate | 25.6 | % | 21.5 | % |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
U.S. federal statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | 35.0 | % | |||
State income taxes | 1.9 | % | 1.7 | % | 1.8 | % | 1.8 | % | |||
Excess tax benefits from stock-based compensation plans | — | % | — | % | -0.5 | % | — | % | |||
Other | 0.2 | % | 0.4 | % | 0.2 | % | 0.3 | % | |||
Effective tax rate | 37.1 | % | 37.1 | % | 36.5 | % | 37.1 | % |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Common shares | 12,318,007 | 12,809,883 | |||||||||||||||||||||
Vested restricted stock units | 163,132 | 247,734 | |||||||||||||||||||||
Basic number of weighted average shares outstanding | 12,481,139 | 13,057,617 | |||||||||||||||||||||
Dilutive effect of restricted stock units and stock options | 165,390 | 15,699 | |||||||||||||||||||||
Dilutive number of weighted average shares outstanding | 12,646,529 | 13,073,316 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Weighted average shares outstanding: | |||||||||||
Common shares | 19,150,749 | 20,159,197 | 19,277,014 | 20,116,250 | |||||||
Vested restricted stock units | 256,595 | 220,360 | 251,161 | 281,787 | |||||||
Basic number of weighted average shares outstanding | 19,407,344 | 20,379,557 | 19,528,175 | 20,398,037 | |||||||
Dilutive effect of restricted stock and restricted stock units | 8,201 | 5,067 | 19,499 | 17,944 | |||||||
Dilutive number of weighted average shares outstanding | 19,415,545 | 20,384,624 | 19,547,674 | 20,415,981 |
For the Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Stock options | 51,750 | 345,585 | |||||||||||||||||||||
Restricted stock units | 3,017 | 11,409 | |||||||||||||||||||||
Total | 54,767 | 356,994 |
(Dollars in millions) | For the Three Months Ended March 31, | |||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
Stock Repurchases | Number of Shares Repurchased | Cost (1) | Number of Shares Repurchased | Cost (1) | ||||||||||||||||||||||
Open Market (2) | 349,256 | $ | 189.9 | — | $ | — | ||||||||||||||||||||
Other (3) | 2,112 | 1.2 | 33,035 | 14.9 | ||||||||||||||||||||||
Total | 351,368 | $ | 191.1 | 33,035 | $ | 14.9 | ||||||||||||||||||||
(Dollars in millions) | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | |||||||||||||
Stock Repurchases | Number of Shares Repurchased | Cost | Number of Shares Repurchased | Cost | ||||||||||
Open Market (1) | 588,580 | $ | 119.1 | 45,300 | $ | 7.6 | ||||||||
Other (2) | 21,680 | 4.4 | 170,668 | 33.2 | ||||||||||
Total | 610,260 | $ | 123.5 | 215,968 | $ | 40.8 |
(In millions) | For the Three Months Ended March 31, | |||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
Stock options | $ | 8.2 | $ | 8.5 | ||||||||||||||||||||||
Restricted stock units | 2.7 | 1.4 | ||||||||||||||||||||||||
Total | $ | 10.9 | $ | 9.9 |
(in millions) | ||||||||||||||||||||
Year | Total Projected Stock-Based Compensation Expense | |||||||||||||||||||
Remainder of 2024 | $ | 31.1 | ||||||||||||||||||
2025 | 11.4 | |||||||||||||||||||
2026 | 5.4 | |||||||||||||||||||
2027 | 0.2 | |||||||||||||||||||
2028 | — | |||||||||||||||||||
Total | $ | 48.1 |
(In millions) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Restricted stock | $ | 0.8 | $ | 0.7 | $ | 2.2 | $ | 2.1 | ||||||||
Restricted stock units | 2.1 | 1.1 | 6.1 | 3.5 | ||||||||||||
Total | $ | 2.9 | $ | 1.8 | $ | 8.3 | $ | 5.6 |
Forecasted Collection Percentage as of (1) | Current Forecast Variance from | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer Loan Assignment Year | March 31, 2024 | December 31, 2023 | Initial Forecast | December 31, 2023 | Initial Forecast | |||||||||||||||||||||||||||||||||||||||||||||
2015 | 65.3 | % | 65.2 | % | 67.7 | % | 0.1 | % | -2.4 | % | ||||||||||||||||||||||||||||||||||||||||
2016 | 63.8 | % | 63.8 | % | 65.4 | % | 0.0 | % | -1.6 | % | ||||||||||||||||||||||||||||||||||||||||
2017 | 64.7 | % | 64.7 | % | 64.0 | % | 0.0 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||
2018 | 65.5 | % | 65.5 | % | 63.6 | % | 0.0 | % | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||
2019 | 67.0 | % | 66.9 | % | 64.0 | % | 0.1 | % | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||
2020 | 67.7 | % | 67.6 | % | 63.4 | % | 0.1 | % | 4.3 | % | ||||||||||||||||||||||||||||||||||||||||
2021 | 64.3 | % | 64.5 | % | 66.3 | % | -0.2 | % | -2.0 | % | ||||||||||||||||||||||||||||||||||||||||
2022 | 62.1 | % | 62.7 | % | 67.5 | % | -0.6 | % | -5.4 | % | ||||||||||||||||||||||||||||||||||||||||
2023 | 67.2 | % | 67.4 | % | 67.5 | % | -0.2 | % | -0.3 | % | ||||||||||||||||||||||||||||||||||||||||
2024 | 66.9 | % | — | 66.9 | % | — | 0.0 | % |
Forecasted Collection Percentage as of (1) | Current Forecast Variance from | ||||||||||||||||||||
Consumer Loan Assignment Year | September 30, 2017 | June 30, 2017 | December 31, 2016 | Initial Forecast | June 30, 2017 | December 31, 2016 | Initial Forecast | ||||||||||||||
2008 | 70.5 | % | 70.5 | % | 70.4 | % | 69.7 | % | 0.0 | % | 0.1 | % | 0.8 | % | |||||||
2009 | 79.5 | % | 79.5 | % | 79.4 | % | 71.9 | % | 0.0 | % | 0.1 | % | 7.6 | % | |||||||
2010 | 77.6 | % | 77.6 | % | 77.6 | % | 73.6 | % | 0.0 | % | 0.0 | % | 4.0 | % | |||||||
2011 | 74.7 | % | 74.8 | % | 74.7 | % | 72.5 | % | -0.1 | % | 0.0 | % | 2.2 | % | |||||||
2012 | 73.8 | % | 73.8 | % | 73.7 | % | 71.4 | % | 0.0 | % | 0.1 | % | 2.4 | % | |||||||
2013 | 73.5 | % | 73.5 | % | 73.4 | % | 72.0 | % | 0.0 | % | 0.1 | % | 1.5 | % | |||||||
2014 | 71.7 | % | 71.7 | % | 71.8 | % | 71.8 | % | 0.0 | % | -0.1 | % | -0.1 | % | |||||||
2015 | 65.5 | % | 65.7 | % | 66.1 | % | 67.7 | % | -0.2 | % | -0.6 | % | -2.2 | % | |||||||
2016 | 64.9 | % | 65.1 | % | 65.1 | % | 65.4 | % | -0.2 | % | -0.2 | % | -0.5 | % | |||||||
2017 (2) | 65.5 | % | 65.5 | % | — | 64.1 | % | 0.0 | % | — | 1.4 | % |
Forecasted Collection Percentage as of | Current Forecast Variance from | ||||||||||||||
2017 Consumer Loan Assignment Period | September 30, 2017 | June 30, 2017 | Initial Forecast | June 30, 2017 | Initial Forecast | ||||||||||
January 1, 2017 through June 30, 2017 | 65.6 | % | 65.5 | % | 64.2 | % | 0.1 | % | 1.4 | % | |||||
July 1, 2017 through September 30, 2017 | 65.3 | % | — | 63.9 | % | — | 1.4 | % |
(Dollars in millions) | For the Three Months Ended March 31, | |||||||||||||
Increase (Decrease) in Forecasted Net Cash Flows | 2024 | 2023 | ||||||||||||
Dealer loans | $ | (27.0) | $ | (7.2) | ||||||||||
Purchased loans | (3.8) | 16.6 | ||||||||||||
Total | $ | (30.8) | $ | 9.4 | ||||||||||
% change from forecast at beginning of period | -0.3 | % | 0.1 | % |
(Dollars in millions) | Increase (Decrease) in Forecasted Net Cash Flows | |||||||||||||
Three Months Ended | Total Loans | % Change from Forecast at Beginning of Period | ||||||||||||
March 31, 2020 | $ | (206.5) | -2.3 | % | ||||||||||
June 30, 2020 | 24.4 | 0.3 | % | |||||||||||
September 30, 2020 | 138.5 | 1.5 | % | |||||||||||
December 31, 2020 | (2.7) | 0.0 | % | |||||||||||
March 31, 2021 | 107.4 | 1.1 | % | |||||||||||
June 30, 2021 | 104.5 | 1.1 | % | |||||||||||
September 30, 2021 | 82.3 | 0.9 | % | |||||||||||
December 31, 2021 | 31.9 | 0.3 | % | |||||||||||
March 31, 2022 | 110.2 | 1.2 | % | |||||||||||
June 30, 2022 | (43.4) | -0.5 | % | |||||||||||
September 30, 2022 | (85.4) | -0.9 | % | |||||||||||
December 31, 2022 | (41.1) | -0.5 | % | |||||||||||
March 31, 2023 | 9.4 | 0.1 | % | |||||||||||
June 30, 2023 | (89.3) | -0.9 | % | |||||||||||
September 30, 2023 | (69.4) | -0.7 | % | |||||||||||
December 31, 2023 | (57.0) | -0.6 | % | |||||||||||
March 31, 2024 | (30.8) | -0.3 | % | |||||||||||
Total | $ | (17.0) | -0.2 | % |
(In millions) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
Increase (decrease) in forecasted net cash flows | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Dealer Loans | $ | (1.9 | ) | $ | (7.6 | ) | $ | (6.8 | ) | $ | (21.1 | ) | ||||
Purchased Loans | 7.4 | 1.6 | 29.2 | 14.9 | ||||||||||||
Total Loans | $ | 5.5 | $ | (6.0 | ) | $ | 22.4 | $ | (6.2 | ) |
Average | Total Assignment Volume | |||||||||||||||||||||||||||||||
Consumer Loan Assignment Year | Consumer Loan (1) | Advance (2) | Initial Loan Term (in months) | Unit Volume | Dollar Volume (2) (in millions) | |||||||||||||||||||||||||||
2015 | $ | 16,354 | $ | 7,272 | 50 | 298,288 | $ | 2,167.0 | ||||||||||||||||||||||||
2016 | 18,218 | 7,976 | 53 | 330,710 | 2,635.5 | |||||||||||||||||||||||||||
2017 | 20,230 | 8,746 | 55 | 328,507 | 2,873.1 | |||||||||||||||||||||||||||
2018 | 22,158 | 9,635 | 57 | 373,329 | 3,595.8 | |||||||||||||||||||||||||||
2019 | 23,139 | 10,174 | 57 | 369,805 | 3,772.2 | |||||||||||||||||||||||||||
2020 | 24,262 | 10,656 | 59 | 341,967 | 3,641.2 | |||||||||||||||||||||||||||
2021 | 25,632 | 11,790 | 59 | 268,730 | 3,167.8 | |||||||||||||||||||||||||||
2022 | 27,242 | 12,924 | 60 | 280,467 | 3,625.3 | |||||||||||||||||||||||||||
2023 | 27,025 | 12,475 | 61 | 332,499 | 4,147.8 | |||||||||||||||||||||||||||
2024 (3) | 26,318 | 11,813 | 61 | 111,488 | 1,317.0 |
Average | ||||||||||
Consumer Loan Assignment Year | Consumer Loan (1) | Advance (2) | Initial Loan Term (in months) | |||||||
2008 | $ | 14,518 | $ | 6,479 | 42 | |||||
2009 | 12,689 | 5,565 | 38 | |||||||
2010 | 14,480 | 6,473 | 41 | |||||||
2011 | 15,686 | 7,137 | 46 | |||||||
2012 | 15,468 | 7,165 | 47 | |||||||
2013 | 15,445 | 7,344 | 47 | |||||||
2014 | 15,692 | 7,492 | 47 | |||||||
2015 | 16,354 | 7,272 | 50 | |||||||
2016 | 18,218 | 7,976 | 53 | |||||||
2017 (3) | 19,882 | 8,586 | 54 |
Average | ||||||||||
2017 Consumer Loan Assignment Period | Consumer Loan | Advance | Initial Loan Term (in months) | |||||||
January 1, 2017 through June 30, 2017 | $ | 19,672 | $ | 8,496 | 54 | |||||
July 1, 2017 through September 30, 2017 | 20,340 | 8,781 | 55 |
Forecasted Collection % as of | Spread % as of | |||||||||||||||||||||||||||||||||||||
Consumer Loan Assignment Year | March 31, 2024 | Initial Forecast | Advance % (1) | March 31, 2024 | Initial Forecast | % of Forecast Realized (2) | ||||||||||||||||||||||||||||||||
2015 | 65.3 | % | 67.7 | % | 44.5 | % | 20.8 | % | 23.2 | % | 99.5 | % | ||||||||||||||||||||||||||
2016 | 63.8 | % | 65.4 | % | 43.8 | % | 20.0 | % | 21.6 | % | 99.2 | % | ||||||||||||||||||||||||||
2017 | 64.7 | % | 64.0 | % | 43.2 | % | 21.5 | % | 20.8 | % | 98.8 | % | ||||||||||||||||||||||||||
2018 | 65.5 | % | 63.6 | % | 43.5 | % | 22.0 | % | 20.1 | % | 97.5 | % | ||||||||||||||||||||||||||
2019 | 67.0 | % | 64.0 | % | 44.0 | % | 23.0 | % | 20.0 | % | 93.9 | % | ||||||||||||||||||||||||||
2020 | 67.7 | % | 63.4 | % | 43.9 | % | 23.8 | % | 19.5 | % | 86.3 | % | ||||||||||||||||||||||||||
2021 | 64.3 | % | 66.3 | % | 46.0 | % | 18.3 | % | 20.3 | % | 73.4 | % | ||||||||||||||||||||||||||
2022 | 62.1 | % | 67.5 | % | 47.4 | % | 14.7 | % | 20.1 | % | 49.9 | % | ||||||||||||||||||||||||||
2023 | 67.2 | % | 67.5 | % | 46.2 | % | 21.0 | % | 21.3 | % | 21.8 | % | ||||||||||||||||||||||||||
2024 | 66.9 | % | 66.9 | % | 44.9 | % | 22.0 | % | 22.0 | % | 2.5 | % |
As of September 30, 2017 | ||||||||||||
Consumer Loan Assignment Year | Forecasted Collection % | Advance % (1) | Spread % | % of Forecast Realized (2) | ||||||||
2008 | 70.5 | % | 44.6 | % | 25.9 | % | 99.7 | % | ||||
2009 | 79.5 | % | 43.9 | % | 35.6 | % | 99.7 | % | ||||
2010 | 77.6 | % | 44.7 | % | 32.9 | % | 99.4 | % | ||||
2011 | 74.7 | % | 45.5 | % | 29.2 | % | 98.7 | % | ||||
2012 | 73.8 | % | 46.3 | % | 27.5 | % | 98.0 | % | ||||
2013 | 73.5 | % | 47.6 | % | 25.9 | % | 95.0 | % | ||||
2014 | 71.7 | % | 47.7 | % | 24.0 | % | 86.3 | % | ||||
2015 | 65.5 | % | 44.5 | % | 21.0 | % | 68.2 | % | ||||
2016 | 64.9 | % | 43.8 | % | 21.1 | % | 40.9 | % | ||||
2017 (3) | 65.5 | % | 43.2 | % | 22.3 | % | 11.5 | % |
As of September 30, 2017 | |||||||||
2017 Consumer Loan Assignment Period | Forecasted Collection % | Advance % | Spread % | ||||||
January 1, 2017 through June 30, 2017 | 65.6 | % | 43.2 | % | 22.4 | % | |||
July 1, 2017 through September 30, 2017 | 65.3 | % | 43.2 | % | 22.1 | % |
Dealer Loans | Purchased Loans | |||||||||||||||||||||||||||||||||||||
Forecasted Collection Percentage as of (1) | Forecasted Collection Percentage as of (1) | |||||||||||||||||||||||||||||||||||||
Consumer Loan Assignment Year | March 31, 2024 | Initial Forecast | Variance | March 31, 2024 | Initial Forecast | Variance | ||||||||||||||||||||||||||||||||
2015 | 64.6 | % | 67.5 | % | -2.9 | % | 68.9 | % | 68.5 | % | 0.4 | % | ||||||||||||||||||||||||||
2016 | 63.0 | % | 65.1 | % | -2.1 | % | 66.1 | % | 66.5 | % | -0.4 | % | ||||||||||||||||||||||||||
2017 | 64.0 | % | 63.8 | % | 0.2 | % | 66.3 | % | 64.6 | % | 1.7 | % | ||||||||||||||||||||||||||
2018 | 64.9 | % | 63.6 | % | 1.3 | % | 66.8 | % | 63.5 | % | 3.3 | % | ||||||||||||||||||||||||||
2019 | 66.7 | % | 63.9 | % | 2.8 | % | 67.7 | % | 64.2 | % | 3.5 | % | ||||||||||||||||||||||||||
2020 | 67.5 | % | 63.3 | % | 4.2 | % | 67.9 | % | 63.6 | % | 4.3 | % | ||||||||||||||||||||||||||
2021 | 64.1 | % | 66.3 | % | -2.2 | % | 64.8 | % | 66.3 | % | -1.5 | % | ||||||||||||||||||||||||||
2022 | 61.4 | % | 67.3 | % | -5.9 | % | 63.8 | % | 68.0 | % | -4.2 | % | ||||||||||||||||||||||||||
2023 | 66.1 | % | 66.8 | % | -0.7 | % | 70.0 | % | 69.4 | % | 0.6 | % | ||||||||||||||||||||||||||
2024 | 66.0 | % | 66.0 | % | 0.0 | % | 70.0 | % | 69.9 | % | 0.1 | % |
Dealer Loans | Purchased Loans | |||||||||||||||||
Forecasted Collection Percentage as of | Forecasted Collection Percentage as of | |||||||||||||||||
Consumer Loan Assignment Year | September 30, 2017 | Initial Forecast | Variance | September 30, 2017 | Initial Forecast | Variance | ||||||||||||
2008 | 70.9 | % | 70.2 | % | 0.7 | % | 69.8 | % | 68.8 | % | 1.0 | % | ||||||
2009 | 79.4 | % | 72.1 | % | 7.3 | % | 79.6 | % | 70.5 | % | 9.1 | % | ||||||
2010 | 77.7 | % | 73.6 | % | 4.1 | % | 77.5 | % | 73.1 | % | 4.4 | % | ||||||
2011 | 74.7 | % | 72.4 | % | 2.3 | % | 75.2 | % | 72.7 | % | 2.5 | % | ||||||
2012 | 73.8 | % | 71.3 | % | 2.5 | % | 74.0 | % | 71.4 | % | 2.6 | % | ||||||
2013 | 73.5 | % | 72.1 | % | 1.4 | % | 73.1 | % | 71.6 | % | 1.5 | % | ||||||
2014 | 71.6 | % | 71.9 | % | -0.3 | % | 72.5 | % | 70.9 | % | 1.6 | % | ||||||
2015 | 64.8 | % | 67.5 | % | -2.7 | % | 69.7 | % | 68.5 | % | 1.2 | % | ||||||
2016 | 64.0 | % | 65.1 | % | -1.1 | % | 67.6 | % | 66.5 | % | 1.1 | % | ||||||
2017 | 64.9 | % | 63.8 | % | 1.1 | % | 67.0 | % | 64.7 | % | 2.3 | % |
Dealer Loans | Purchased Loans | |||||||||||||||||||||||||||||||||||||
Consumer Loan Assignment Year | Forecasted Collection % (1) | Advance % (1)(2) | Spread % | Forecasted Collection % (1) | Advance % (1)(2) | Spread % | ||||||||||||||||||||||||||||||||
2015 | 64.6 | % | 43.4 | % | 21.2 | % | 68.9 | % | 50.2 | % | 18.7 | % | ||||||||||||||||||||||||||
2016 | 63.0 | % | 42.1 | % | 20.9 | % | 66.1 | % | 48.6 | % | 17.5 | % | ||||||||||||||||||||||||||
2017 | 64.0 | % | 42.1 | % | 21.9 | % | 66.3 | % | 45.8 | % | 20.5 | % | ||||||||||||||||||||||||||
2018 | 64.9 | % | 42.7 | % | 22.2 | % | 66.8 | % | 45.2 | % | 21.6 | % | ||||||||||||||||||||||||||
2019 | 66.7 | % | 43.1 | % | 23.6 | % | 67.7 | % | 45.6 | % | 22.1 | % | ||||||||||||||||||||||||||
2020 | 67.5 | % | 43.0 | % | 24.5 | % | 67.9 | % | 45.5 | % | 22.4 | % | ||||||||||||||||||||||||||
2021 | 64.1 | % | 45.1 | % | 19.0 | % | 64.8 | % | 47.7 | % | 17.1 | % | ||||||||||||||||||||||||||
2022 | 61.4 | % | 46.4 | % | 15.0 | % | 63.8 | % | 50.1 | % | 13.7 | % | ||||||||||||||||||||||||||
2023 | 66.1 | % | 44.8 | % | 21.3 | % | 70.0 | % | 49.8 | % | 20.2 | % | ||||||||||||||||||||||||||
2024 | 66.0 | % | 44.0 | % | 22.0 | % | 70.0 | % | 48.3 | % | 21.7 | % |
Dealer Loans | Purchased Loans | |||||||||||||||||
Consumer Loan Assignment Year | Forecasted Collection % (1) | Advance % (1)(2) | Spread % | Forecasted Collection % (1) | Advance % (1)(2) | Spread % | ||||||||||||
2008 | 70.9 | % | 43.3 | % | 27.6 | % | 69.8 | % | 46.7 | % | 23.1 | % | ||||||
2009 | 79.4 | % | 43.4 | % | 36.0 | % | 79.6 | % | 45.3 | % | 34.3 | % | ||||||
2010 | 77.7 | % | 44.4 | % | 33.3 | % | 77.5 | % | 46.2 | % | 31.3 | % | ||||||
2011 | 74.7 | % | 45.2 | % | 29.5 | % | 75.2 | % | 47.4 | % | 27.8 | % | ||||||
2012 | 73.8 | % | 46.1 | % | 27.7 | % | 74.0 | % | 47.6 | % | 26.4 | % | ||||||
2013 | 73.5 | % | 47.1 | % | 26.4 | % | 73.1 | % | 49.7 | % | 23.4 | % | ||||||
2014 | 71.6 | % | 47.2 | % | 24.4 | % | 72.5 | % | 51.2 | % | 21.3 | % | ||||||
2015 | 64.8 | % | 43.4 | % | 21.4 | % | 69.7 | % | 50.0 | % | 19.7 | % | ||||||
2016 | 64.0 | % | 42.1 | % | 21.9 | % | 67.6 | % | 48.5 | % | 19.1 | % | ||||||
2017 | 64.9 | % | 42.0 | % | 22.9 | % | 67.0 | % | 46.0 | % | 21.0 | % |
Year over Year Percent Change | ||||||||||||||
Three Months Ended | Unit Volume | Dollar Volume (1) | ||||||||||||
March 31, 2023 | 22.8 | % | 18.6 | % | ||||||||||
June 30, 2023 | 12.8 | % | 8.3 | % | ||||||||||
September 30, 2023 | 13.0 | % | 10.5 | % | ||||||||||
December 31, 2023 | 26.7 | % | 21.3 | % | ||||||||||
March 31, 2024 | 24.1 | % | 20.2 | % | ||||||||||
Year over Year Percent Change | ||||||
Three Months Ended | Unit Volume | Dollar Volume (1) | ||||
March 31, 2016 | 21.1 | % | 18.8 | % | ||
June 30, 2016 | 15.1 | % | 27.6 | % | ||
September 30, 2016 | 12.0 | % | 33.4 | % | ||
December 31, 2016 | -5.6 | % | 7.8 | % | ||
March 31, 2017 | -6.6 | % | 6.4 | % | ||
June 30, 2017 | 1.0 | % | 7.1 | % | ||
September 30, 2017 | -4.7 | % | -0.5 | % |
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||
Consumer Loan unit volume | 111,488 | 89,821 | 24.1 | % | |||||||||||||||||||||||||||||||
Active Dealers (1) | 10,805 | 9,775 | 10.5 | % | |||||||||||||||||||||||||||||||
Average volume per active Dealer | 10.3 | 9.2 | 12.0 | % | |||||||||||||||||||||||||||||||
Consumer Loan unit volume from Dealers active both periods | 86,596 | 75,422 | 14.8 | % | |||||||||||||||||||||||||||||||
Dealers active both periods | 6,744 | 6,744 | — | ||||||||||||||||||||||||||||||||
Average volume per Dealer active both periods | 12.8 | 11.2 | 14.8 | % | |||||||||||||||||||||||||||||||
Consumer Loan unit volume from Dealers not active both periods | 24,892 | 14,399 | 72.9 | % | |||||||||||||||||||||||||||||||
Dealers not active both periods | 4,061 | 3,031 | 34.0 | % | |||||||||||||||||||||||||||||||
Average volume per Dealer not active both periods | 6.1 | 4.8 | 27.1 | % |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||
Consumer Loan unit volume | 78,589 | 82,460 | -4.7 | % | 250,715 | 260,531 | -3.8 | % | |||||||||
Active Dealers (1) | 7,737 | 7,320 | 5.7 | % | 10,484 | 9,646 | 8.7 | % | |||||||||
Average volume per active Dealer | 10.2 | 11.3 | -9.7 | % | 23.9 | 27.0 | -11.5 | % | |||||||||
Consumer Loan unit volume from Dealers active both periods | 57,354 | 62,884 | -8.8 | % | 204,255 | 227,345 | -10.2 | % | |||||||||
Dealers active both periods | 4,551 | 4,551 | — | 6,721 | 6,721 | — | |||||||||||
Average volume per Dealers active both periods | 12.6 | 13.8 | -8.8 | % | 30.4 | 33.8 | -10.2 | % | |||||||||
Consumer Loan unit volume from Dealers not active both periods | 21,235 | 19,576 | 8.5 | % | 46,460 | 33,186 | 40.0 | % | |||||||||
Dealers not active both periods | 3,186 | 2,769 | 15.1 | % | 3,763 | 2,925 | 28.6 | % | |||||||||
Average volume per Dealers not active both periods | 6.7 | 7.1 | -5.6 | % | 12.3 | 11.3 | 8.8 | % |
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | % Change | |||||||||||||||||||||||||||||||||
Consumer Loan unit volume from new active Dealers | 5,193 | 5,268 | -1.4 | % | |||||||||||||||||||||||||||||||
New active Dealers (1) | 1,310 | 1,158 | 13.1 | % | |||||||||||||||||||||||||||||||
Average volume per new active Dealer | 4.0 | 4.5 | -11.1 | % | |||||||||||||||||||||||||||||||
Attrition (2) | -16.0 | % | -13.8 | % |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||
Consumer Loan unit volume from new Dealers | 4,063 | 3,506 | 15.9 | % | 29,409 | 30,330 | -3.0 | % | |||||||||
New active Dealers (1) | 946 | 794 | 19.1 | % | 2,821 | 2,636 | 7.0 | % | |||||||||
Average volume per new active Dealers | 4.3 | 4.4 | -2.3 | % | 10.4 | 11.5 | -9.6 | % | |||||||||
Attrition (2) | -23.7 | % | -18.4 | % | -12.7 | % | -10.0 | % |
Unit Volume | Dollar Volume (1) | |||||||||||
Three Months Ended | Dealer Loans | Purchased Loans | Dealer Loans | Purchased Loans | ||||||||
March 31, 2016 | 82.4 | % | 17.6 | % | 75.6 | % | 24.4 | % | ||||
June 30, 2016 | 77.8 | % | 22.2 | % | 69.8 | % | 30.2 | % | ||||
September 30, 2016 | 76.2 | % | 23.8 | % | 68.5 | % | 31.5 | % | ||||
December 31, 2016 | 76.9 | % | 23.1 | % | 71.1 | % | 28.9 | % | ||||
March 31, 2017 | 73.3 | % | 26.7 | % | 67.8 | % | 32.2 | % | ||||
June 30, 2017 | 72.3 | % | 27.7 | % | 67.9 | % | 32.1 | % | ||||
September 30, 2017 | 71.9 | % | 28.1 | % | 68.6 | % | 31.4 | % |
Unit Volume | Dollar Volume (1) | |||||||||||||||||||||||||
Three Months Ended | Dealer Loans | Purchased Loans | Dealer Loans | Purchased Loans | ||||||||||||||||||||||
March 31, 2023 | 72.1 | % | 27.9 | % | 68.1 | % | 31.9 | % | ||||||||||||||||||
June 30, 2023 | 72.4 | % | 27.6 | % | 68.6 | % | 31.4 | % | ||||||||||||||||||
September 30, 2023 | 74.8 | % | 25.2 | % | 71.7 | % | 28.3 | % | ||||||||||||||||||
December 31, 2023 | 77.2 | % | 22.8 | % | 75.0 | % | 25.0 | % | ||||||||||||||||||
March 31, 2024 | 78.2 | % | 21.8 | % | 76.6 | % | 23.4 | % | ||||||||||||||||||
(Dollars in millions, except per share data) | For the Three Months Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | $ Change | % Change | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Finance charges | $ | 469.2 | $ | 421.1 | $ | 48.1 | 11.4 | % | |||||||||||||||
Premiums earned | 21.9 | 17.4 | 4.5 | 25.9 | % | ||||||||||||||||||
Other income | 16.9 | 15.3 | 1.6 | 10.5 | % | ||||||||||||||||||
Total revenue | 508.0 | 453.8 | 54.2 | 11.9 | % | ||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Salaries and wages | 78.5 | 77.2 | 1.3 | 1.7 | % | ||||||||||||||||||
General and administrative | 23.7 | 18.0 | 5.7 | 31.7 | % | ||||||||||||||||||
Sales and marketing | 23.9 | 22.1 | 1.8 | 8.1 | % | ||||||||||||||||||
Total operating expenses | 126.1 | 117.3 | 8.8 | 7.5 | % | ||||||||||||||||||
Provision for credit losses on forecast changes | 87.2 | 44.3 | 42.9 | 96.8 | % | ||||||||||||||||||
Provision for credit losses on new Consumer Loan assignments | 98.8 | 93.1 | 5.7 | 6.1 | % | ||||||||||||||||||
Total provision for credit losses | 186.0 | 137.4 | 48.6 | 35.4 | % | ||||||||||||||||||
Interest | 92.5 | 54.4 | 38.1 | 70.0 | % | ||||||||||||||||||
Provision for claims | 17.0 | 17.9 | (0.9) | -5.0 | % | ||||||||||||||||||
Total costs and expenses | 421.6 | 327.0 | 94.6 | 28.9 | % | ||||||||||||||||||
Income before provision for income taxes | 86.4 | 126.8 | (40.4) | -31.9 | % | ||||||||||||||||||
Provision for income taxes | 22.1 | 27.3 | (5.2) | -19.0 | % | ||||||||||||||||||
Net income | $ | 64.3 | $ | 99.5 | $ | (35.2) | -35.4 | % | |||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | 5.15 | $ | 7.62 | $ | (2.47) | -32.4 | % | |||||||||||||||
Diluted | $ | 5.08 | $ | 7.61 | $ | (2.53) | -33.2 | % | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 12,481,139 | 13,057,617 | (576,478) | -4.4 | % | ||||||||||||||||||
Diluted | 12,646,529 | 13,073,316 | (426,787) | -3.3 | % | ||||||||||||||||||
(Dollars in millions, except per share data) | For the Three Months Ended September 30, | |||||||||||||
2017 | 2016 | Change | % Change | |||||||||||
Revenue: | ||||||||||||||
Finance charges | $ | 259.4 | $ | 223.9 | $ | 35.5 | 15.9 | % | ||||||
Premiums earned | 10.3 | 10.7 | (0.4 | ) | -3.7 | % | ||||||||
Other income | 14.2 | 12.0 | 2.2 | 18.3 | % | |||||||||
Total revenue | 283.9 | 246.6 | 37.3 | 15.1 | % | |||||||||
Costs and expenses: | ||||||||||||||
Salaries and wages (1) | 33.7 | 32.4 | 1.3 | 4.0 | % | |||||||||
General and administrative (1) | 14.2 | 11.0 | 3.2 | 29.1 | % | |||||||||
Sales and marketing (1) | 14.2 | 12.2 | 2.0 | 16.4 | % | |||||||||
Provision for credit losses | 25.7 | 22.8 | 2.9 | 12.7 | % | |||||||||
Interest | 30.5 | 25.1 | 5.4 | 21.5 | % | |||||||||
Provision for claims | 5.5 | 6.6 | (1.1 | ) | -16.7 | % | ||||||||
Total costs and expenses | 123.8 | 110.1 | 13.7 | 12.4 | % | |||||||||
Income before provision for income taxes | 160.1 | 136.5 | 23.6 | 17.3 | % | |||||||||
Provision for income taxes | 59.4 | 50.6 | 8.8 | 17.4 | % | |||||||||
Net income | $ | 100.7 | $ | 85.9 | $ | 14.8 | 17.2 | % | ||||||
Net income per share: | ||||||||||||||
Basic | $ | 5.19 | $ | 4.22 | $ | 0.97 | 23.0 | % | ||||||
Diluted | $ | 5.19 | $ | 4.21 | $ | 0.98 | 23.3 | % | ||||||
Weighted average shares outstanding: | ||||||||||||||
Basic | 19,407,344 | 20,379,557 | (972,213 | ) | -4.8 | % | ||||||||
Diluted | 19,415,545 | 20,384,624 | (969,079 | ) | -4.8 | % | ||||||||
(1) Operating expenses | $ | 62.1 | $ | 55.6 | $ | 6.5 | 11.7 | % |
(Dollars in millions) | For the Three Months Ended March 31, | ||||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Average net Loans receivable balance | $ | 7,101.3 | $ | 6,356.0 | $ | 745.3 | |||||||||||
Average yield on our Loan portfolio | 26.4 | % | 26.5 | % | -0.1 | % |
(Dollars in millions) | For the Three Months Ended September 30, | ||||||||||
2017 | 2016 | Change | |||||||||
Average net Loans receivable balance | $ | 4,365.8 | $ | 3,653.6 | $ | 712.2 | |||||
Average yield on our Loan portfolio | 23.8 | % | 24.5 | % | -0.7 | % |
(In millions) | Year over Year Change | ||||
Impact on finance charges: | For the Three Months Ended March 31, 2024 | ||||
Due to an increase in the average net Loans receivable balance | $ | 49.4 | |||
Due to a decrease in the average yield | (1.3) | ||||
Total increase in finance charges | $ | 48.1 |
(In millions) | Year over Year Change | ||
Impact on finance charges: | For the Three Months Ended September 30, 2017 | ||
Due to an increase in the average net Loans receivable balance | $ | 43.6 | |
Due to a decrease in the average yield | (8.1 | ) | |
Total increase in finance charges | $ | 35.5 |
(In millions) | For the Three Months Ended March 31, | ||||||||||||||||
Provision for Credit Losses | 2024 | 2023 | Change | ||||||||||||||
Forecast changes | $ | 87.2 | $ | 44.3 | $ | 42.9 | |||||||||||
New Consumer Loan assignments | 98.8 | 93.1 | 5.7 | ||||||||||||||
Total | $ | 186.0 | $ | 137.4 | $ | 48.6 |
(Dollars in millions) | For the Three Months Ended March 31, | ||||||||||||||||
2024 | 2023 | Change | |||||||||||||||
Interest expense | $ | 92.5 | $ | 54.4 | $ | 38.1 | |||||||||||
Average outstanding debt balance (1) | 5,306.8 | 4,594.7 | 712.1 | ||||||||||||||
Average cost of debt | 7.0 | % | 4.7 | % | 2.3 | % |
(Dollars in millions) | For the Three Months Ended September 30, | ||||||||||
2017 | 2016 | Change | |||||||||
Interest expense | $ | 30.5 | $ | 25.1 | $ | 5.4 | |||||
Average outstanding debt principal balance (1) | 2,997.8 | 2,513.0 | 484.8 | ||||||||
Average cost of debt | 4.1 | % | 4.0 | % | 0.1 | % |
(Dollars in millions, except per share data) | For the Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | Change | % Change | |||||||||||
Revenue: | ||||||||||||||
Finance charges | $ | 749.2 | $ | 641.9 | 107.3 | 16.7 | % | |||||||
Premiums earned | 30.9 | 32.4 | (1.5 | ) | -4.6 | % | ||||||||
Other income | 42.6 | 38.7 | 3.9 | 10.1 | % | |||||||||
Total revenue | 822.7 | 713.0 | 109.7 | 15.4 | % | |||||||||
Costs and expenses: | ||||||||||||||
Salaries and wages (1) | 101.9 | 95.2 | 6.7 | 7.0 | % | |||||||||
General and administrative (1) | 42.1 | 35.7 | 6.4 | 17.9 | % | |||||||||
Sales and marketing (1) | 43.7 | 37.8 | 5.9 | 15.6 | % | |||||||||
Provision for credit losses | 68.0 | 62.8 | 5.2 | 8.3 | % | |||||||||
Interest | 88.0 | 71.5 | 16.5 | 23.1 | % | |||||||||
Provision for claims | 17.6 | 20.4 | (2.8 | ) | -13.7 | % | ||||||||
Total costs and expenses | 361.3 | 323.4 | 37.9 | 11.7 | % | |||||||||
Income before provision for income taxes | 461.4 | 389.6 | 71.8 | 18.4 | % | |||||||||
Provision for income taxes | 168.3 | 144.4 | 23.9 | 16.6 | % | |||||||||
Net income | $ | 293.1 | $ | 245.2 | $ | 47.9 | 19.5 | % | ||||||
Net income per share: | ||||||||||||||
Basic | $ | 15.01 | $ | 12.02 | $ | 2.99 | 24.9 | % | ||||||
Diluted | $ | 14.99 | $ | 12.01 | $ | 2.98 | 24.8 | % | ||||||
Weighted average shares outstanding: | ||||||||||||||
Basic | 19,528,175 | 20,398,037 | (869,862 | ) | -4.3 | % | ||||||||
Diluted | 19,547,674 | 20,415,981 | (868,307 | ) | -4.3 | % | ||||||||
(1) Operating expenses | $ | 187.7 | $ | 168.7 | 19.0 | 11.3 | % |
(Dollars in millions) | For the Nine Months Ended September 30, | ||||||||||
2017 | 2016 | Change | |||||||||
Average net Loans receivable balance | $ | 4,184.3 | $ | 3,436.2 | $ | 748.1 | |||||
Average yield on our Loan portfolio | 23.9 | % | 24.9 | % | -1.0 | % |
(In millions) | Year over Year Change | ||
Impact on finance charges: | For the Nine Months Ended September 30, 2017 | ||
Due to an increase in the average net Loans receivable balance | $ | 139.7 | |
Due to a decrease in the average yield | (32.4 | ) | |
Total increase in finance charges | $ | 107.3 |
(Dollars in millions) | For the Nine Months Ended September 30, | ||||||||||
2017 | 2016 | Change | |||||||||
Interest expense | $ | 88.0 | $ | 71.5 | $ | 16.5 | |||||
Average outstanding debt principal balance (1) | 2,890.8 | 2,395.1 | 495.7 | ||||||||
Average cost of debt | 4.1 | % | 4.0 | % | 0.1 | % |
(In millions) | ||||||||
Year | Scheduled Principal Debt Maturities (1) | |||||||
Remainder of 2024 | $ | 627.8 | ||||||
2025 | 1,800.9 | |||||||
2026 | 2,094.4 | |||||||
2027 | 519.1 | |||||||
2028 | 610.1 | |||||||
Over five years | — | |||||||
Total | $ | 5,652.3 |
(In millions) | ||||
Year | Scheduled Principal Debt Maturities (1) | |||
Remainder of 2017 | $ | 174.7 | ||
2018 | 818.4 | |||
2019 | 1,023.5 | |||
2020 | 453.6 | |||
2021 | 300.0 | |||
Over five years | 250.0 | |||
Total | $ | 3,020.2 |
Period | Total Number of Shares Purchased | Average Price Paid per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2) | ||||||||||||||||||||||
January 1 to January 31, 2024 | 224,118 | (3) | $ | 533.54 | 223,808 | 1,582,199 | ||||||||||||||||||||
February 1 to February 29, 2024 | 50,063 | (4) | 549.11 | 48,296 | 1,533,903 | |||||||||||||||||||||
March 1 to March 31, 2024 | 77,187 | (5) | 548.88 | 77,152 | 1,456,751 | |||||||||||||||||||||
Total | 351,368 | $ | 539.13 | 349,256 | ||||||||||||||||||||||
Exhibit No. | Description | |||||
Sale and Servicing Agreement, dated as of February | ||||||
Backup Servicing Agreement dated as of February | ||||||
Amended and Restated Intercreditor Agreement dated February | ||||||
Indenture, dated as of | ||||||
Indenture, dated as of March 28, 2024, between Credit Acceptance Auto Loan Trust 2024-1 and Computershare Trust Company, N.A. (incorporated by reference to Exhibit 4.139 to the Company's Current Report on Form 8 K filed April 3, 2024). | ||||||
Amended and Restated Intercreditor Agreement, dated | ||||||
Sale and Servicing Agreement, dated as of | ||||||
Certification of | ||||||
Certification of | ||||||
Certification of | ||||||
Certification of | ||||||
Inline XBRL Taxonomy Extension Schema Document. | ||||||
101(CAL) | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||
101(DEF) | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||
101(LAB) | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||
101(PRE) | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||
104 | Cover Page Interactive Data File (included in the Exhibit 101 Inline XBRL Document Set). | |||||
* | Management contract or compensatory plan or arrangement. |
CREDIT ACCEPTANCE CORPORATION | |||||||||||
(Registrant) | |||||||||||
By: | /s/ | ||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial | |||||||||||
Date: |