| Loans Receivable |
LOANS RECEIVABLE Loans receivable and allowance for credit losses consist of the following: | | | | | | | | | | | | | | | | | | | (In millions) | As of June 30, 2025 | | | Dealer Loans | | Purchased Loans | | Total | | Loans receivable | $ | 8,791.0 | | | $ | 2,772.0 | | | $ | 11,563.0 | | | Allowance for credit losses | (3,005.9) | | | (555.2) | | | (3,561.1) | | | Loans receivable, net | $ | 5,785.1 | | | $ | 2,216.8 | | | $ | 8,001.9 | | | | | | | | | (In millions) | As of December 31, 2024 | | | Dealer Loans | | Purchased Loans | | Total | | Loans receivable | $ | 8,521.0 | | | $ | 2,768.1 | | | $ | 11,289.1 | | | Allowance for credit losses | (2,844.5) | | | (594.3) | | | (3,438.8) | | | Loans receivable, net | $ | 5,676.5 | | | $ | 2,173.8 | | | $ | 7,850.3 | |
A summary of changes in Loans receivable and allowance for credit losses is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, 2025 | (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 | $ | 8,734.1 | | | $ | 2,742.6 | | | $ | 11,476.7 | | | $ | (2,934.4) | | | $ | (564.1) | | | $ | (3,498.5) | | | $ | 5,799.7 | | | $ | 2,178.5 | | | $ | 7,978.2 | | Finance charges | 548.1 | | | 224.2 | | | 772.3 | | | (188.8) | | | (42.8) | | | (231.6) | | | 359.3 | | | 181.4 | | | 540.7 | | Provision for credit losses | — | | | — | | | — | | | (102.0) | | | (70.6) | | | (172.6) | | | (102.0) | | | (70.6) | | | (172.6) | | New Consumer Loan assignments (1) | 682.0 | | | 316.0 | | | 998.0 | | | — | | | — | | | — | | | 682.0 | | | 316.0 | | | 998.0 | | Collections (2) | (993.4) | | | (416.0) | | | (1,409.4) | | | — | | | — | | | — | | | (993.4) | | | (416.0) | | | (1,409.4) | | Accelerated Dealer Holdback payments | 14.6 | | | — | | | 14.6 | | | — | | | — | | | — | | | 14.6 | | | — | | | 14.6 | | Dealer Holdback payments | 48.7 | | | — | | | 48.7 | | | — | | | — | | | — | | | 48.7 | | | — | | | 48.7 | | Transfers (3) | (39.6) | | | 39.6 | | | — | | | 12.1 | | | (12.1) | | | — | | | (27.5) | | | 27.5 | | | — | | Write-offs | (207.6) | | | (135.9) | | | (343.5) | | | 207.6 | | | 135.9 | | | 343.5 | | | — | | | — | | | — | | Recoveries (4) | 0.4 | | | 1.5 | | | 1.9 | | | (0.4) | | | (1.5) | | | (1.9) | | | — | | | — | | | — | | Deferral of Loan origination costs | 3.7 | | | — | | | 3.7 | | | — | | | — | | | — | | | 3.7 | | | — | | | 3.7 | | Balance, end of period | $ | 8,791.0 | | | $ | 2,772.0 | | | $ | 11,563.0 | | | $ | (3,005.9) | | | $ | (555.2) | | | $ | (3,561.1) | | | $ | 5,785.1 | | | $ | 2,216.8 | | | $ | 8,001.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended June 30, 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 | $ | 7,553.0 | | | $ | 2,930.5 | | | $ | 10,483.5 | | | $ | (2,471.2) | | | $ | (666.7) | | | $ | (3,137.9) | | | $ | 5,081.8 | | | $ | 2,263.8 | | | $ | 7,345.6 | | Finance charges | 473.5 | | | 229.0 | | | 702.5 | | | (157.0) | | | (47.8) | | | (204.8) | | | 316.5 | | | 181.2 | | | 497.7 | | Provision for credit losses | — | | | — | | | — | | | (212.3) | | | (108.3) | | | (320.6) | | | (212.3) | | | (108.3) | | | (320.6) | | New Consumer Loan assignments (1) | 949.7 | | | 278.8 | | | 1,228.5 | | | — | | | — | | | — | | | 949.7 | | | 278.8 | | | 1,228.5 | | Collections (2) | (879.0) | | | (412.5) | | | (1,291.5) | | | — | | | — | | | — | | | (879.0) | | | (412.5) | | | (1,291.5) | | Accelerated Dealer Holdback payments | 18.3 | | | — | | | 18.3 | | | — | | | — | | | — | | | 18.3 | | | — | | | 18.3 | | Dealer Holdback payments | 65.6 | | | — | | | 65.6 | | | — | | | — | | | — | | | 65.6 | | | — | | | 65.6 | | Transfers (3) | (34.5) | | | 34.5 | | | — | | | 10.9 | | | (10.9) | | | — | | | (23.6) | | | 23.6 | | | — | | Write-offs | (171.2) | | | (157.8) | | | (329.0) | | | 171.2 | | | 157.8 | | | 329.0 | | | — | | | — | | | — | | Recoveries (4) | 1.1 | | | 1.1 | | | 2.2 | | | (1.1) | | | (1.1) | | | (2.2) | | | — | | | — | | | — | | Deferral of Loan origination costs | 4.1 | | | — | | | 4.1 | | | — | | | — | | | — | | | 4.1 | | | — | | | 4.1 | | Balance, end of period | $ | 7,980.6 | | | $ | 2,903.6 | | | $ | 10,884.2 | | | $ | (2,659.5) | | | $ | (677.0) | | | $ | (3,336.5) | | | $ | 5,321.1 | | | $ | 2,226.6 | | | $ | 7,547.7 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Six Months Ended June 30, 2025 | | (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 | $ | 8,521.0 | | | $ | 2,768.1 | | | $ | 11,289.1 | | | $ | (2,844.5) | | | $ | (594.3) | | | $ | (3,438.8) | | | $ | 5,676.5 | | | $ | 2,173.8 | | | $ | 7,850.3 | | | Finance charges | 1,079.3 | | | 445.4 | | | 1,524.7 | | | (370.7) | | | (86.6) | | | (457.3) | | | 708.6 | | | 358.8 | | | 1,067.4 | | | Provision for credit losses | — | | | — | | | — | | | (206.7) | | | (127.8) | | | (334.5) | | | (206.7) | | | (127.8) | | | (334.5) | | | New Consumer Loan assignments (1) | 1,517.8 | | | 592.9 | | | 2,110.7 | | | — | | | — | | | — | | | 1,517.8 | | | 592.9 | | | 2,110.7 | | | Collections (2) | (1,995.1) | | | (835.4) | | | (2,830.5) | | | — | | | — | | | — | | | (1,995.1) | | | (835.4) | | | (2,830.5) | | | Accelerated Dealer Holdback payments | 27.8 | | | — | | | 27.8 | | | — | | | — | | | — | | | 27.8 | | | — | | | 27.8 | | | Dealer Holdback payments | 103.5 | | | — | | | 103.5 | | | — | | | — | | | — | | | 103.5 | | | — | | | 103.5 | | | Transfers (3) | (80.0) | | | 80.0 | | | — | | | 25.5 | | | (25.5) | | | — | | | (54.5) | | | 54.5 | | | — | | | Write-offs | (391.2) | | | (281.7) | | | (672.9) | | | 391.2 | | | 281.7 | | | 672.9 | | | — | | | — | | | — | | | Recoveries (4) | 0.7 | | | 2.7 | | | 3.4 | | | (0.7) | | | (2.7) | | | (3.4) | | | — | | | — | | | — | | | Deferral of Loan origination costs | 7.2 | | | — | | | 7.2 | | | — | | | — | | | — | | | 7.2 | | | — | | | 7.2 | | | Balance, end of period | $ | 8,791.0 | | | $ | 2,772.0 | | | $ | 11,563.0 | | | $ | (3,005.9) | | | $ | (555.2) | | | $ | (3,561.1) | | | $ | 5,785.1 | | | $ | 2,216.8 | | | $ | 8,001.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Six Months Ended June 30, 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 | 912.0 | | | 457.0 | | | 1,369.0 | | | (305.2) | | | (96.9) | | | (402.1) | | | 606.8 | | | 360.1 | | | 966.9 | | | Provision for credit losses | — | | | — | | | — | | | (334.0) | | | (172.6) | | | (506.6) | | | (334.0) | | | (172.6) | | | (506.6) | | | New Consumer Loan assignments (1) | 1,959.1 | | | 586.4 | | | 2,545.5 | | | — | | | — | | | — | | | 1,959.1 | | | 586.4 | | | 2,545.5 | | | Collections (2) | (1,743.9) | | | (841.3) | | | (2,585.2) | | | — | | | — | | | — | | | (1,743.9) | | | (841.3) | | | (2,585.2) | | | Accelerated Dealer Holdback payments | 33.4 | | | — | | | 33.4 | | | — | | | — | | | — | | | 33.4 | | | — | | | 33.4 | | | Dealer Holdback payments | 130.5 | | | — | | | 130.5 | | | — | | | — | | | — | | | 130.5 | | | — | | | 130.5 | | | Transfers (3) | (71.4) | | | 71.4 | | | — | | | 22.9 | | | (22.9) | | | — | | | (48.5) | | | 48.5 | | | — | | | Write-offs | (314.0) | | | (326.4) | | | (640.4) | | | 314.0 | | | 326.4 | | | 640.4 | | | — | | | — | | | — | | | Recoveries (4) | 1.5 | | | 1.9 | | | 3.4 | | | (1.5) | | | (1.9) | | | (3.4) | | | — | | | — | | | — | | | Deferral of Loan origination costs | 7.9 | | | — | | | 7.9 | | | — | | | — | | | — | | | 7.9 | | | — | | | 7.9 | | | Balance, end of period | $ | 7,980.6 | | | $ | 2,903.6 | | | $ | 10,884.2 | | | $ | (2,659.5) | | | $ | (677.0) | | | $ | (3,336.5) | | | $ | 5,321.1 | | | $ | 2,226.6 | | | $ | 7,547.7 | |
(1)The Dealer Loans amount represents advances paid to Dealers on Consumer Loans assigned under the Portfolio Program. The Purchased Loans amount represents one-time payments made to Dealers to purchase Consumer Loans assigned under the Purchase Program. (2)Represents repayments that we collected on Consumer Loans assigned under our programs. (3)Under the Portfolio Program, certain events may result in Dealers forfeiting their rights to Dealer Holdback. We transfer the Dealer’s outstanding Dealer Loan balance and related allowance for credit losses balance to Purchased Loans in the period this forfeiture occurs. (4)The Dealer Loans amount represents net cash flows received (collections less any related Dealer Holdback payments) on Dealer Loans that were previously written off in full. The Purchased Loans amount represents collections received on Purchased Loans that were previously written off in full. We recognize provision for credit losses on new Consumer Loan assignments for contractual net cash flows that were not expected to be realized at the time of assignment. We also recognize provision for credit losses on forecast changes in the amount and timing of expected future net cash flows subsequent to assignment. The following table summarizes the provision for credit losses for each of these components: | | | | | | | | | | | | | | | | | | (In millions) | For the Three Months Ended June 30, 2025 | Provision for Credit Losses | Dealer Loans | | Purchased Loans | | Total | New Consumer Loan assignments | $ | 36.8 | | | $ | 34.5 | | | $ | 71.3 | | Forecast changes | 65.2 | | | 36.1 | | | 101.3 | | Total | $ | 102.0 | | | $ | 70.6 | | | $ | 172.6 | | | | | | | | | (In millions) | For the Three Months Ended June 30, 2024 | | Provision for Credit Losses | Dealer Loans | | Purchased Loans | | Total | | New Consumer Loan assignments | $ | 48.6 | | | $ | 34.2 | | | $ | 82.8 | | | Forecast changes | 163.7 | | | 74.1 | | | 237.8 | | | Total | $ | 212.3 | | | $ | 108.3 | | | $ | 320.6 | | | | | | | | (In millions) | For the Six Months Ended June 30, 2025 | Provision for Credit Losses | Dealer Loans | | Purchased Loans | | Total | New Consumer Loan assignments | $ | 88.9 | | | $ | 68.0 | | | $ | 156.9 | | Forecast changes | 117.8 | | | 59.8 | | | 177.6 | | Total | $ | 206.7 | | | $ | 127.8 | | | $ | 334.5 | | | | | | | | | (In millions) | For the Six Months Ended June 30, 2024 | | Provision for Credit Losses | Dealer Loans | | Purchased Loans | | Total | | New Consumer Loan assignments | $ | 106.0 | | | $ | 75.6 | | | $ | 181.6 | | | Forecast changes | 228.0 | | | 97.0 | | | 325.0 | | | Total | $ | 334.0 | | | $ | 172.6 | | | $ | 506.6 | |
The net Loan income (finance charge revenue less provision for credit losses expense) that we recognize over the life of a Loan equals the cash we collect from the underlying Consumer Loan less the cash we pay to the Dealer. Under CECL, we are required to recognize: •a significant provision for credit losses expense at the time of the Loan's assignment to us for contractual net cash flows we do not expect to realize; and •finance charge revenue in subsequent periods that is significantly in excess of our expected yield.
Additional information related to new Consumer Loan assignments is as follows: | | | | | | | | | | | | | | | | | | (In millions) | For the Three Months Ended June 30, 2025 | New Consumer Loan Assignments | Dealer Loans | | Purchased Loans | | Total | Contractual net cash flows at the time of assignment (1) | $ | 1,087.2 | | | $ | 614.1 | | | $ | 1,701.3 | | Expected net cash flows at the time of assignment (2) | 984.1 | | | 447.9 | | | 1,432.0 | | Loans receivable at the time of assignment (3) | 682.0 | | | 316.0 | | | 998.0 | | | | | | |
| Provision for credit losses expense at the time of assignment | $ | (36.8) | | | $ | (34.5) | | | $ | (71.3) | | Expected future finance charges at the time of assignment (4) | 338.9 | | | 166.4 | | | 505.3 | | Expected net Loan income at the time of assignment (5) | $ | 302.1 | | | $ | 131.9 | | | $ | 434.0 | |
| | | | | | | | | | | | | | | | | | (In millions) | For the Three Months Ended June 30, 2024 | New Consumer Loan Assignments | Dealer Loans | | Purchased Loans | | Total | Contractual net cash flows at the time of assignment (1) | $ | 1,474.4 | | | $ | 565.4 | | | $ | 2,039.8 | | Expected net cash flows at the time of assignment (2) | 1,341.6 | | | 404.8 | | | 1,746.4 | | Loans receivable at the time of assignment (3) | 949.7 | | | 278.8 | | | 1,228.5 | | | | | | | | Provision for credit losses expense at the time of assignment | $ | (48.6) | | | $ | (34.2) | | | $ | (82.8) | | Expected future finance charges at the time of assignment (4) | 440.5 | | | 160.2 | | | 600.7 | | Expected net Loan income at the time of assignment (5) | $ | 391.9 | | | $ | 126.0 | | | $ | 517.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | (In millions) | For the Six Months Ended June 30, 2025 | | New Consumer Loan Assignments | Dealer Loans | | Purchased Loans | | Total | | Contractual net cash flows at the time of assignment (1) | $ | 2,426.9 | | | $ | 1,177.7 | | | $ | 3,604.6 | | | Expected net cash flows at the time of assignment (2) | 2,190.8 | | | 849.2 | | | 3,040.0 | | | Loans receivable at the time of assignment (3) | 1,517.8 | | | 592.9 | | | 2,110.7 | | | | | | | | | Provision for credit losses expense at the time of assignment | $ | (88.9) | | | $ | (68.0) | | | $ | (156.9) | | | Expected future finance charges at the time of assignment (4) | 761.9 | | | 324.3 | | | 1,086.2 | | | Expected net Loan income at the time of assignment (5) | $ | 673.0 | | | $ | 256.3 | | | $ | 929.3 | | | | | | | | | (In millions) | For the Six Months Ended June 30, 2024 | | New Consumer Loan Assignments | Dealer Loans | | Purchased Loans | | Total | | Contractual net cash flows at the time of assignment (1) | $ | 3,060.6 | | | $ | 1,201.9 | | | $ | 4,262.5 | | | Expected net cash flows at the time of assignment (2) | 2,779.4 | | | 853.0 | | | 3,632.4 | | | Loans receivable at the time of assignment (3) | 1,959.1 | | | 586.4 | | | 2,545.5 | | | | | | | | | Provision for credit losses expense at the time of assignment | $ | (106.0) | | | $ | (75.6) | | | $ | (181.6) | | | Expected future finance charges at the time of assignment (4) | 926.3 | | | 342.2 | | | 1,268.5 | | | Expected net Loan income at the time of assignment (5) | $ | 820.3 | | | $ | 266.6 | | | $ | 1,086.9 | | | | | | | |
(1)The Dealer Loans amount represents repayments that we were contractually owed at the time of assignment on Consumer Loans assigned under the Portfolio Program, less the related Dealer Holdback payments that we would be required to make if we collected all of the contractual repayments. The Purchased Loans amount represents repayments that we were contractually owed at the time of assignment on Consumer Loans assigned under the Purchase Program. (2)The Dealer Loans amount represents repayments that we expected to collect at the time of assignment on Consumer Loans assigned under the Portfolio Program, less the related Dealer Holdback payments that we expected to make. The Purchased Loans amount represents repayments that we expected to collect at the time of assignment on Consumer Loans assigned under the Purchase Program. The Loan amounts also represent the fair value at the time of assignment. (3)The Dealer Loans amount represents advances paid to Dealers on Consumer Loans assigned under the Portfolio Program. The Purchased Loans amount represents one-time payments made to Dealers to purchase Consumer Loans assigned under the Purchase Program. (4)Represents revenue that is expected to be recognized on a level-yield basis over the lives of the Loans. (5)Represents the amount that expected net cash flows at the time of assignment exceed Loans receivable at the time of assignment. A summary of changes in expected future net cash flows is as follows: | | | | | | | | | | | | | | | | | | (In millions) | For the Three Months Ended June 30, 2025 | Expected Future Net Cash Flows | Dealer Loans | | Purchased Loans | | Total | Balance, beginning of period | $ | 8,383.2 | | | $ | 3,412.8 | | | $ | 11,796.0 | | New Consumer Loan assignments (1) | 984.1 | | | 447.9 | | | 1,432.0 | | Realized net cash flows (2) | (930.1) | | | (416.0) | | | (1,346.1) | | Forecast changes | (39.6) | | | (16.2) | | | (55.8) | | Transfers (3) | (42.1) | | | 43.7 | | | 1.6 | | Balance, end of period | $ | 8,355.5 | | | $ | 3,472.2 | | | $ | 11,827.7 | |
| | | | | | | | | | | | | | | | | | (In millions) | For the Three Months Ended June 30, 2024 | Expected Future Net Cash Flows | Dealer Loans | | Purchased Loans | | Total | Balance, beginning of period | $ | 7,295.9 | | | $ | 3,527.1 | | | $ | 10,823.0 | | New Consumer Loan assignments (1) | 1,341.6 | | | 404.8 | | | 1,746.4 | | Realized net cash flows (2) | (795.1) | | | (412.5) | | | (1,207.6) | | Forecast changes | (102.4) | | | (86.9) | | | (189.3) | | Transfers (3) | (35.4) | | | 37.3 | | | 1.9 | | Balance, end of period | $ | 7,704.6 | | | $ | 3,469.8 | | | $ | 11,174.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | (In millions) | For the Six Months Ended June 30, 2025 | | Expected Future Net Cash Flows | Dealer Loans | | Purchased Loans | | Total | | Balance, beginning of period | $ | 8,176.3 | | | $ | 3,383.9 | | | $ | 11,560.2 | | | New Consumer Loan assignments (1) | 2,190.8 | | | 849.2 | | | 3,040.0 | | | Realized net cash flows (2) | (1,863.8) | | | (835.4) | | | (2,699.2) | | | Forecast changes | (64.2) | | | (12.5) | | | (76.7) | | | Transfers (3) | (83.6) | | | 87.0 | | | 3.4 | | | Balance, end of period | $ | 8,355.5 | | | $ | 3,472.2 | | | $ | 11,827.7 | | | | | | | | | (In millions) | For the Six Months Ended June 30, 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) | 2,779.4 | | | 853.0 | | | 3,632.4 | | | Realized net cash flows (2) | (1,580.0) | | | (841.3) | | | (2,421.3) | | | Forecast changes | (129.4) | | | (90.7) | | | (220.1) | | | Transfers (3) | (72.6) | | | 76.8 | | | 4.2 | | | Balance, end of period | $ | 7,704.6 | | | $ | 3,469.8 | | | $ | 11,174.4 | |
(1)The Dealer Loans amount represents repayments that we expected to collect at the time of assignment on Consumer Loans assigned under the Portfolio Program, less the related Dealer Holdback payments that we expected to make. The Purchased Loans amount represents repayments that we expected to collect at the time of assignment on Consumer Loans assigned under the Purchase Program. (2)The Dealer Loans amount represents repayments that we collected on Consumer Loans assigned under the Portfolio Program, less the Dealer Holdback and Accelerated Dealer Holdback payments that we made. Purchased Loans amount represents repayments that we collected on Consumer Loans assigned under the Purchase Program. (3)Under the Portfolio Program, certain events may result in Dealers forfeiting their rights to Dealer Holdback. We transfer the Dealer’s outstanding Dealer Loan balance, related allowance for credit losses balance, and related expected future net cash flows to Purchased Loans in the period this forfeiture occurs.
Credit Quality
We monitor and evaluate the credit quality of Consumer Loans assigned under our Portfolio and Purchase Programs on a monthly basis by comparing our current forecasted collection rates to our prior forecasted collection rates and our initial expectations. For additional information regarding credit quality, see Note 3. The following table compares our aggregated forecast of Consumer Loan collection rates as of June 30, 2025 with the aggregated forecasts as of March 31, 2025, December 31, 2024, and at the time of assignment, segmented by year of assignment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Loans | | | | Forecasted Collection Percentage as of (1) | | Current Forecast Variance from | Consumer Loan
Assignment Year | | June 30, 2025 | | March 31, 2025 | | December 31, 2024 | | Initial
Forecast | | March 31, 2025 | | December 31, 2024 | | Initial
Forecast | | 2016 | | 63.9 | % | | 63.9 | % | | 63.9 | % | | 65.4 | % | | 0.0 | % | | 0.0 | % | | -1.5 | % | | 2017 | | 64.8 | % | | 64.8 | % | | 64.7 | % | | 64.0 | % | | 0.0 | % | | 0.1 | % | | 0.8 | % | | 2018 | | 65.6 | % | | 65.5 | % | | 65.5 | % | | 63.6 | % | | 0.1 | % | | 0.1 | % | | 2.0 | % | | 2019 | | 67.3 | % | | 67.2 | % | | 67.2 | % | | 64.0 | % | | 0.1 | % | | 0.1 | % | | 3.3 | % | | 2020 | | 68.0 | % | | 67.9 | % | | 67.7 | % | | 63.4 | % | | 0.1 | % | | 0.3 | % | | 4.6 | % | | 2021 | | 63.8 | % | | 63.9 | % | | 63.8 | % | | 66.3 | % | | -0.1 | % | | 0.0 | % | | -2.5 | % | | 2022 | | 59.7 | % | | 60.0 | % | | 60.2 | % | | 67.5 | % | | -0.3 | % | | -0.5 | % | | -7.8 | % | | 2023 | | 64.1 | % | | 64.3 | % | | 64.3 | % | | 67.5 | % | | -0.2 | % | | -0.2 | % | | -3.4 | % | | 2024 | | 65.7 | % | | 66.3 | % | | 66.5 | % | | 67.2 | % | | -0.6 | % | | -0.8 | % | | -1.5 | % | | 2025 | | 66.9 | % | | 66.0 | % | | — | | | 66.9 | % | | 0.9 | % | | — | | | 0.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Dealer Loans | | | | Forecasted Collection Percentage as of (1) (2) | | Current Forecast Variance from | Consumer Loan
Assignment Year | | June 30, 2025 | | March 31, 2025 | | December 31, 2024 | | Initial
Forecast | | March 31, 2025 | | December 31, 2024 | | Initial
Forecast | | 2016 | | 63.1 | % | | 63.1 | % | | 63.1 | % | | 65.1 | % | | 0.0 | % | | 0.0 | % | | -2.0 | % | | 2017 | | 64.1 | % | | 64.1 | % | | 64.1 | % | | 63.8 | % | | 0.0 | % | | 0.0 | % | | 0.3 | % | | 2018 | | 65.0 | % | | 64.9 | % | | 64.9 | % | | 63.6 | % | | 0.1 | % | | 0.1 | % | | 1.4 | % | | 2019 | | 66.9 | % | | 66.9 | % | | 66.8 | % | | 63.9 | % | | 0.0 | % | | 0.1 | % | | 3.0 | % | | 2020 | | 67.8 | % | | 67.7 | % | | 67.5 | % | | 63.3 | % | | 0.1 | % | | 0.3 | % | | 4.5 | % | | 2021 | | 63.6 | % | | 63.6 | % | | 63.5 | % | | 66.3 | % | | 0.0 | % | | 0.1 | % | | -2.7 | % | | 2022 | | 58.9 | % | | 59.2 | % | | 59.5 | % | | 67.3 | % | | -0.3 | % | | -0.6 | % | | -8.4 | % | | 2023 | | 62.9 | % | | 63.0 | % | | 63.1 | % | | 66.8 | % | | -0.1 | % | | -0.2 | % | | -3.9 | % | | 2024 | | 64.5 | % | | 65.2 | % | | 65.4 | % | | 66.3 | % | | -0.7 | % | | -0.9 | % | | -1.8 | % | | 2025 | | 65.4 | % | | 64.7 | % | | — | | | 65.4 | % | | 0.7 | % | | — | | | 0.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Purchased Loans | | | | Forecasted Collection Percentage as of (1) (2) | | Current Forecast Variance from | Consumer Loan
Assignment Year | | June 30, 2025 | | March 31, 2025 | | December 31, 2024 | | Initial
Forecast | | March 31, 2025 | | December 31, 2024 | | Initial
Forecast | | 2016 | | 66.1 | % | | 66.1 | % | | 66.1 | % | | 66.5 | % | | 0.0 | % | | 0.0 | % | | -0.4 | % | | 2017 | | 66.4 | % | | 66.4 | % | | 66.3 | % | | 64.6 | % | | 0.0 | % | | 0.1 | % | | 1.8 | % | | 2018 | | 66.8 | % | | 66.8 | % | | 66.8 | % | | 63.5 | % | | 0.0 | % | | 0.0 | % | | 3.3 | % | | 2019 | | 67.9 | % | | 67.9 | % | | 67.9 | % | | 64.2 | % | | 0.0 | % | | 0.0 | % | | 3.7 | % | | 2020 | | 68.3 | % | | 68.1 | % | | 67.9 | % | | 63.6 | % | | 0.2 | % | | 0.4 | % | | 4.7 | % | | 2021 | | 64.3 | % | | 64.4 | % | | 64.3 | % | | 66.3 | % | | -0.1 | % | | 0.0 | % | | -2.0 | % | | 2022 | | 61.7 | % | | 61.9 | % | | 62.1 | % | | 68.0 | % | | -0.2 | % | | -0.4 | % | | -6.3 | % | | 2023 | | 67.6 | % | | 67.7 | % | | 67.7 | % | | 69.4 | % | | -0.1 | % | | -0.1 | % | | -1.8 | % | | 2024 | | 70.0 | % | | 70.6 | % | | 70.7 | % | | 70.7 | % | | -0.6 | % | | -0.7 | % | | -0.7 | % | | 2025 | | 71.5 | % | | 70.5 | % | | — | | | 71.5 | % | | 1.0 | % | | — | | | 0.0 | % |
(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 rates in the table. (2)The forecasted collection rates presented for Dealer Loans and Purchased Loans reflect the Consumer Loan classification at the time of assignment. We evaluate and adjust the expected collection rate for each Consumer Loan subsequent to assignment primarily through the monitoring of consumer payment behavior. The following table summarizes the past-due status of Consumer Loan assignments as of June 30, 2025 and December 31, 2024, segmented by year of assignment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In millions) | Total Loans as of June 30, 2025 (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 | | | | 2020 and prior | $ | 61.8 | | | $ | 37.2 | | | $ | 147.6 | | | $ | 259.9 | | | $ | 506.5 | | | 2021 | 167.0 | | | 74.1 | | | 199.4 | | | 11.6 | | | 452.1 | | | 2022 | 566.9 | | | 182.3 | | | 313.2 | | | 3.0 | | | 1,065.4 | | | 2023 | 1,557.3 | | | 425.1 | | | 419.5 | | | 0.1 | | | 2,402.0 | | | 2024 | 3,250.7 | | | 790.8 | | | 352.2 | | | — | | | 4,393.7 | | | 2025 | 2,472.9 | | | 261.2 | | | 9.2 | | | — | | | 2,743.3 | | | $ | 8,076.6 | | | $ | 1,770.7 | | | $ | 1,441.1 | | | $ | 274.6 | | | $ | 11,563.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In millions) | Dealer Loans as of June 30, 2025 (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 | | | | 2020 and prior | $ | 35.6 | | | $ | 20.9 | | | $ | 83.8 | | | $ | 147.1 | | | $ | 287.4 | | | 2021 | 111.9 | | | 48.6 | | | 132.3 | | | 9.1 | | | 301.9 | | | 2022 | 405.6 | | | 128.5 | | | 220.9 | | | 2.4 | | | 757.4 | | | 2023 | 1,128.3 | | | 314.9 | | | 309.5 | | | 0.1 | | | 1,752.8 | | | 2024 | 2,600.4 | | | 658.1 | | | 294.4 | | | — | | | 3,552.9 | | | 2025 | 1,912.8 | | | 217.9 | | | 7.9 | | | — | | | 2,138.6 | | | $ | 6,194.6 | | | $ | 1,388.9 | | | $ | 1,048.8 | | | $ | 158.7 | | | $ | 8,791.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In millions) | Purchased Loans as of June 30, 2025 (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 | | | | 2020 and prior | $ | 26.2 | | | $ | 16.3 | | | $ | 63.8 | | | $ | 112.8 | | | $ | 219.1 | | | 2021 | 55.1 | | | 25.5 | | | 67.1 | | | 2.5 | | | 150.2 | | | 2022 | 161.3 | | | 53.8 | | | 92.3 | | | 0.6 | | | 308.0 | | | 2023 | 429.0 | | | 110.2 | | | 110.0 | | | — | | | 649.2 | | | 2024 | 650.3 | | | 132.7 | | | 57.8 | | | — | | | 840.8 | | | 2025 | 560.1 | | | 43.3 | | | 1.3 | | | — | | | 604.7 | | | $ | 1,882.0 | | | $ | 381.8 | | | $ | 392.3 | | | $ | 115.9 | | | $ | 2,772.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In millions) | Total Loans as of December 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 | $ | 25.5 | | | $ | 18.8 | | | $ | 87.3 | | | $ | 239.7 | | | $ | 371.3 | | | 2020 | 113.3 | | | 64.2 | | | 179.1 | | | 25.7 | | | 382.3 | | | 2021 | 267.8 | | | 125.2 | | | 259.0 | | | 3.8 | | | 655.8 | | | 2022 | 795.2 | | | 269.8 | | | 371.7 | | | 1.0 | | | 1,437.7 | | | 2023 | 2,033.7 | | | 576.5 | | | 420.6 | | | — | | | 3,030.8 | | | 2024 | 4,412.3 | | | 819.1 | | | 179.8 | | | — | | | 5,411.2 | | | $ | 7,647.8 | | | $ | 1,873.6 | | | $ | 1,497.5 | | | $ | 270.2 | | | $ | 11,289.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In millions) | Dealer Loans as of December 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 | $ | 11.3 | | | $ | 8.2 | | | $ | 39.7 | | | $ | 132.4 | | | $ | 191.6 | | | 2020 | 67.9 | | | 37.7 | | | 106.4 | | | 18.5 | | | 230.5 | | | 2021 | 180.2 | | | 82.6 | | | 171.0 | | | 3.0 | | | 436.8 | | | 2022 | 569.7 | | | 191.5 | | | 262.1 | | | 0.8 | | | 1,024.1 | | | 2023 | 1,487.0 | | | 429.4 | | | 312.8 | | | — | | | 2,229.2 | | | 2024 | 3,571.3 | | | 686.8 | | | 150.7 | | | — | | | 4,408.8 | | | $ | 5,887.4 | | | $ | 1,436.2 | | | $ | 1,042.7 | | | $ | 154.7 | | | $ | 8,521.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In millions) | Purchased Loans as of December 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 | $ | 14.2 | | | $ | 10.6 | | | $ | 47.6 | | | $ | 107.3 | | | $ | 179.7 | | | 2020 | 45.4 | | | 26.5 | | | 72.7 | | | 7.2 | | | 151.8 | | | 2021 | 87.6 | | | 42.6 | | | 88.0 | | | 0.8 | | | 219.0 | | | 2022 | 225.5 | | | 78.3 | | | 109.6 | | | 0.2 | | | 413.6 | | | 2023 | 546.7 | | | 147.1 | | | 107.8 | | | — | | | 801.6 | | | 2024 | 841.0 | | | 132.3 | | | 29.1 | | | — | | | 1,002.4 | | | $ | 1,760.4 | | | $ | 437.4 | | | $ | 454.8 | | | $ | 115.5 | | | $ | 2,768.1 | |
(1)As Consumer Loans are aggregated by Dealer for purposes of recognizing revenue and measuring credit losses, the Dealer Loan amount was estimated by allocating the balance of each Dealer Loan to the underlying Consumer Loans based on the forecasted future collections of each Consumer Loan. (2)As certain Consumer Loans are aggregated by Dealer or month of purchase for purposes of recognizing revenue and measuring credit losses, the Purchased Loan amount was estimated by allocating the balance of certain Purchased Loans to the underlying Consumer Loans based on the forecasted future collections of each Consumer Loan. (3)Represents the Loan balance attributable to Consumer Loans outstanding within their initial loan terms. (4)Represents the Loan balance attributable to Consumer Loans outstanding beyond their initial loan terms. (5)We consider a Consumer Loan to be current for purposes of forecasting expected collection rates if contractual repayments are less than 11 days past due.
The following table summarizes the write-offs for Consumer Loan assignments for the three and six months ended June 30, 2025 and 2024, segmented by year of assignment:
| | | | | | | | | | | | | | | | | | | | | | (In millions) | | For the Three Months Ended June 30, 2025 | | Write-offs by Consumer Loan Assignment Year | | Dealer Loans | | Purchased Loans | | Total | | 2020 and prior | | $ | 73.8 | | | $ | 25.5 | | | $ | 99.3 | | | 2021 | | 38.2 | | | 14.6 | | | 52.8 | | | 2022 | | 58.5 | | | 23.9 | | | 82.4 | | | 2023 | | 20.7 | | | 33.1 | | | 53.8 | | | 2024 | | 12.3 | | | 29.5 | | | 41.8 | | | 2025 | | 4.1 | | | 9.3 | | | 13.4 | | | | $ | 207.6 | | | $ | 135.9 | | | $ | 343.5 | |
| | | | | | | | | | | | | | | | | | | | | | (In millions) | | For the Three Months Ended June 30, 2024 | | Write-offs by Consumer Loan Assignment Year | | Dealer Loans | | Purchased Loans | | Total | | 2019 and prior | | $ | 46.4 | | | $ | 35.8 | | | $ | 82.2 | | | 2020 | | 28.8 | | | 19.2 | | | 48.0 | | | 2021 | | 35.0 | | | 22.9 | | | 57.9 | | | 2022 | | 45.9 | | | 36.1 | | | 82.0 | | | 2023 | | 13.2 | | | 37.6 | | | 50.8 | | | 2024 | | 1.9 | | | 6.2 | | | 8.1 | | | | $ | 171.2 | | | $ | 157.8 | | | $ | 329.0 | |
| | | | | | | | | | | | | | | | | | | | | | (In millions) | | For the Six Months Ended June 30, 2025 | | Write-offs by Consumer Loan Assignment Year | | Dealer Loans | | Purchased Loans | | Total | | 2020 and prior | | $ | 143.1 | | | $ | 56.9 | | | $ | 200.0 | | | 2021 | | 72.4 | | | 31.7 | | | 104.1 | | | 2022 | | 110.8 | | | 53.3 | | | 164.1 | | | 2023 | | 35.4 | | | 70.6 | | | 106.0 | | | 2024 | | 24.9 | | | 58.4 | | | 83.3 | | | 2025 | | 4.6 | | | 10.8 | | | 15.4 | | | | $ | 391.2 | | | $ | 281.7 | | | $ | 672.9 | |
| | | | | | | | | | | | | | | | | | | | | | (In millions) | | For the Six Months Ended June 30, 2024 | | Write-offs by Consumer Loan Assignment Year | | Dealer Loans | | Purchased Loans | | Total | | 2019 and prior | | $ | 91.6 | | | $ | 77.3 | | | $ | 168.9 | | | 2020 | | 54.1 | | 41 | | 95.1 | | 2021 | | 63.9 | | 50.8 | | 114.7 | | 2022 | | 79.1 | | 76.2 | | 155.3 | | 2023 | | 22.2 | | 73.5 | | 95.7 | | 2024 | | 3.1 | | 7.6 | | 10.7 | | | $ | 314.0 | | | $ | 326.4 | | | $ | 640.4 | |
During the second quarter of 2025, we applied an adjustment to our methodology for forecasting the amount of future net cash flows from our Loan portfolio, which reduced the forecasted collection rates for Consumer Loans assigned in 2024. Consumer Loans assigned in 2024 prior to the implementation of our scorecard adjustment during the third quarter of 2024 had underperformed relative to the forecast adjustment we implemented during the second quarter of 2024. Accordingly, in the second quarter of 2025, we applied an adjustment to that segment of the Consumer Loans assigned in 2024 to reduce forecasted collection rates to what we believed the ultimate collection rates would be based on these trends. Changes in the amount and timing of forecasted net cash flows are recognized in the period of change as a provision for credit losses. The implementation of this forecast adjustment during the second quarter of 2025 reduced forecasted net cash flows by $18.6 million, or 0.2%, and increased provision for credit losses by $16.5 million.
During the second quarter of 2024, we applied an adjustment to our methodology for forecasting the amount of future net cash flows from our Loan portfolio, which reduced the forecasted collection rates for Consumer Loans assigned in 2022 through 2024. Consumer Loans assigned in 2022 had continued to underperform our expectations for several quarters. Consumer Loans assigned in 2023 had also begun exhibiting similar trends of underperformance, although not as severe as Consumer Loans assigned in 2022. During the second quarter of 2024, we determined that we had sufficient Consumer Loan performance experience to estimate the magnitude by which we expected Consumer Loans assigned in 2022 through 2024 would likely underperform our historical collection rates on Consumer Loans with similar characteristics. Accordingly, we applied an adjustment to Consumer Loans assigned in 2022 through 2024 to reduce forecasted collection rates to what we believed the ultimate collection rates would be based on these trends. Changes in the amount and timing of forecasted net cash flows are recognized in the period of change as a provision for credit losses. The implementation of this forecast adjustment during the second quarter of 2024 reduced forecasted net cash flows by $147.2 million, or 1.4%, and increased provision for credit losses by $127.5 million.
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