| Auto Loan Receivables, Net |
Auto Loans Receivable, Net | | | | | | | | | | | | | | As of February 29 or 28 | | (In millions) | 2024 | | 2023 | | Asset-backed term funding | $ | 12,638.2 | | | $ | 12,242.8 | | | Warehouse facilities | 3,744.6 | | | 3,649.9 | | Overcollateralization (1) | 790.9 | | | 739.9 | | Other managed receivables (2) | 218.1 | | | 135.3 | | | Total ending managed receivables | 17,391.8 | | | 16,767.9 | | | Accrued interest and fees | 90.9 | | | 78.0 | | | Other | 11.9 | | | 3.1 | | | Less: allowance for loan losses | (482.8) | | | (507.2) | | | Auto loans receivable, net | $ | 17,011.8 | | | $ | 16,341.8 | |
(1)Represents receivables restricted as excess collateral for the non-recourse funding vehicles. (2)Other managed receivables includes receivables not funded through the non-recourse funding vehicles.
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| Ending Managed Receivables By Major Credit Grade |
Ending Managed Receivables by Major Credit Grade | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of February 29, 2024 | | Fiscal Year of Origination (1) | | | | | | (In millions) | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | Prior to 2020 | | Total | | % (2) | Core managed receivables (3): | | | | | | | | | | | | | | | | | A | $ | 3,922.7 | | | $ | 2,660.6 | | | $ | 1,635.1 | | | $ | 614.0 | | | $ | 268.7 | | | $ | 40.0 | | | $ | 9,141.1 | | | 52.6 | | | B | 2,370.8 | | | 1,738.8 | | | 1,225.9 | | | 493.3 | | | 233.4 | | | 61.3 | | | 6,123.5 | | | 35.2 | | | C and other | 344.1 | | | 498.6 | | | 400.3 | | | 192.2 | | | 86.6 | | | 26.9 | | | 1,548.7 | | | 8.9 | | | Total core managed receivables | 6,637.6 | | | 4,898.0 | | | 3,261.3 | | | 1,299.5 | | | 588.7 | | | 128.2 | | | 16,813.3 | | | 96.7 | | Other managed receivables (4): | | | | | | | | | | | | | | | | | C and other | 299.0 | | | 176.3 | | | 72.6 | | | 9.3 | | | 12.1 | | | 9.2 | | | 578.5 | | | 3.3 | | | | | | | | | | | | | | | | | | | Total ending managed receivables | $ | 6,936.6 | | | $ | 5,074.3 | | | $ | 3,333.9 | | | $ | 1,308.8 | | | $ | 600.8 | | | $ | 137.4 | | | $ | 17,391.8 | | | 100.0 | | | | | | | | | | | | | | | | | | | Gross charge-offs | $ | 111.0 | | | $ | 248.6 | | | $ | 129.8 | | | $ | 41.0 | | | $ | 19.7 | | | $ | 11.4 | | | $ | 561.5 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of February 28, 2023 | | Fiscal Year of Origination (1) | | | | | | (In millions) | 2023 | | 2022 | | 2021 | | 2020 | | 2019 | | Prior to 2019 | | Total | | % (2) | Core managed receivables (3): | | | | | | | | | | | | | | | | | A | $ | 3,890.9 | | | $ | 2,555.3 | | | $ | 1,112.0 | | | $ | 677.1 | | | $ | 218.3 | | | $ | 36.3 | | | $ | 8,489.9 | | | 50.6 | | | B | 2,497.5 | | | 1,839.9 | | | 816.2 | | | 488.9 | | | 215.1 | | | 56.0 | | | 5,913.6 | | | 35.3 | | | C and other | 732.7 | | | 609.5 | | | 314.5 | | | 169.3 | | | 74.1 | | | 25.6 | | | 1,925.7 | | | 11.5 | | | Total core managed receivables | 7,121.1 | | | 5,004.7 | | | 2,242.7 | | | 1,335.3 | | | 507.5 | | | 117.9 | | | 16,329.2 | | | 97.4 | | Other managed receivables (4): | | | | | | | | | | | | | | | | | C and other | 272.0 | | | 112.5 | | | 15.0 | | | 21.1 | | | 13.2 | | | 4.9 | | | 438.7 | | | 2.6 | | | | | | | | | | | | | | | | | | | Total ending managed receivables | $ | 7,393.1 | | | $ | 5,117.2 | | | $ | 2,257.7 | | | $ | 1,356.4 | | | $ | 520.7 | | | $ | 122.8 | | | $ | 16,767.9 | | | 100.0 | |
(1)Classified based on credit grade assigned when customers were initially approved for financing. (2)Percent of total ending managed receivables. (3)Represents CAF’s Tier 1 originations. (4)Represents CAF’s Tier 2 and Tier 3 originations.
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| Allowance For Loan Losses |
Allowance for Loan Losses | | | | | | | | | | | | | | | | | | | | | | | | | | As of February 29, 2024 | | (In millions) | Core | | Other | | Total | | % (1) | | Balance as of beginning of year | $ | 401.5 | | | $ | 105.7 | | | $ | 507.2 | | | 3.02 | | | Charge-offs | (471.6) | | | (89.9) | | | (561.5) | | | | Recoveries (2) | 197.3 | | | 29.3 | | | 226.6 | | | | | Provision for loan losses | 262.5 | | | 48.0 | | | 310.5 | | | | | Balance as of end of year | $ | 389.7 | | | $ | 93.1 | | | $ | 482.8 | | | 2.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | As of February 28, 2023 | | (In millions) | Core | | Other | | Total | | % (1) | | Balance as of beginning of year | $ | 377.5 | | | $ | 55.5 | | | $ | 433.0 | | | 2.77 | | | Charge-offs | (348.1) | | | (54.4) | | | (402.5) | | | | Recoveries (2) | 142.5 | | | 17.2 | | | 159.7 | | | | | Provision for loan losses | 229.6 | | | 87.4 | | | 317.0 | | | | | Balance as of end of year | $ | 401.5 | | | $ | 105.7 | | | $ | 507.2 | | | 3.02 | |
(1)Percent of total ending managed receivables. (2)Net of costs incurred to recover vehicle.
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| Past Due Receivables |
Past Due Receivables | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of February 29, 2024 | | Core Receivables | | Other Receivables | | Total | | (In millions) | A | | B | | C & Other | | Total | | C & Other | | $ | | % (1) | | Current | $ | 9,088.1 | | | $ | 5,666.3 | | | $ | 1,243.7 | | | $ | 15,998.1 | | | $ | 447.1 | | | $ | 16,445.2 | | | 94.56 | | | Delinquent loans: | | | | | | | | | | | | | | | 31-60 days past due | 32.1 | | | 271.3 | | | 162.9 | | | 466.3 | | | 68.1 | | | 534.4 | | | 3.07 | | | 61-90 days past due | 15.1 | | | 149.4 | | | 118.5 | | | 283.0 | | | 53.0 | | | 336.0 | | | 1.93 | | | Greater than 90 days past due | 5.8 | | | 36.5 | | | 23.6 | | | 65.9 | | | 10.3 | | | 76.2 | | | 0.44 | | | Total past due | 53.0 | | | 457.2 | | | 305.0 | | | 815.2 | | | 131.4 | | | 946.6 | | | 5.44 | | | Total ending managed receivables | $ | 9,141.1 | | | $ | 6,123.5 | | | $ | 1,548.7 | | | $ | 16,813.3 | | | $ | 578.5 | | | $ | 17,391.8 | | | 100.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of February 28, 2023 | | Core Receivables | | Other Receivables | | Total | | (In millions) | A | | B | | C & Other | | Total | | C & Other | | $ | | % (1) | | Current | $ | 8,450.3 | | | $ | 5,540.2 | | | $ | 1,612.3 | | | $ | 15,602.8 | | | $ | 327.6 | | | $ | 15,930.4 | | | 95.00 | | | Delinquent loans: | | | | | | | | | | | | | | | 31-60 days past due | 25.1 | | | 225.7 | | | 175.4 | | | 426.2 | | | 60.6 | | | 486.8 | | | 2.90 | | | 61-90 days past due | 10.6 | | | 120.0 | | | 114.5 | | | 245.1 | | | 42.1 | | | 287.2 | | | 1.71 | | | Greater than 90 days past due | 3.9 | | | 27.7 | | | 23.5 | | | 55.1 | | | 8.4 | | | 63.5 | | | 0.39 | | | Total past due | 39.6 | | | 373.4 | | | 313.4 | | | 726.4 | | | 111.1 | | | 837.5 | | | 5.00 | | | Total ending managed receivables | $ | 8,489.9 | | | $ | 5,913.6 | | | $ | 1,925.7 | | | $ | 16,329.2 | | | $ | 438.7 | | | $ | 16,767.9 | | | 100.00 | |
(1)Percent of total ending managed receivables.
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