v3.25.4
Finance Receivables (Tables)
 9 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Summary of Finance Receivables
Finance receivables consisted of the following:
 December 31, 2025
 RetailDealerTotal
 (U.S. dollars in millions)
Finance receivables$50,264 $4,503 $54,767 
Allowance for credit losses(454)(9)(463)
Deferred dealer participation and other deferred costs680 — 680 
Unearned subsidy income(770)— (770)
Finance receivables, net$49,720 $4,494 $54,214 
 March 31, 2025
 RetailDealerTotal
 (U.S. dollars in millions)
Finance receivables$48,698 $4,344 $53,042 
Allowance for credit losses(387)(9)(396)
Deferred dealer participation and other deferred costs616 — 616 
Unearned subsidy income(746)— (746)
Finance receivables, net$48,181 $4,335 $52,516 
Summary of Activity in Allowance for Credit Losses of Finance Receivables
The following is a summary of the activity in the allowance for credit losses of finance receivables:
 Three and nine months ended December 31, 2025
 RetailDealerTotal
 (U.S. dollars in millions)
Beginning balance as of October 1, 2025$421 $9 $430 
Provision126 — 126 
Charge-offs(131)— (131)
Recoveries37 — 37 
Effect of translation adjustment1 — 1 
Ending balance as of December 31, 2025$454 $9 $463 
Beginning balance as of April 1, 2025$387 $9 $396 
Provision315 — 315 
Charge-offs(362)— (362)
Recoveries113 — 113 
Effect of translation adjustment1 — 1 
Ending balance as of December 31, 2025$454 $9 $463 
Three and nine months ended December 31, 2024
RetailDealerTotal
(U.S. dollars in millions)
Beginning balance as of October 1, 2024$404 $8 $412 
Provision69 1 70 
Charge-offs(111)— (111)
Recoveries32 — 32 
Effect of translation adjustment(1)— (1)
Ending balance as of December 31, 2024$393 $9 $402 
Beginning balance as of April 1, 2024$345 $8 $353 
Provision227 1 228 
Charge-offs(287)— (287)
Recoveries109 — 109 
Effect of translation adjustment(1)— (1)
Ending balance as of December 31, 2024$393 $9 $402 
Summary of Aging Analysis of Past Due Finance Receivables The following is an aging analysis of past due finance receivables:
30 – 59 days
past due		60 – 89 days
past due		90 days
or greater
past due		Total
past due		Current or
less than 30
days past due		Total
finance
receivables
 (U.S. dollars in millions)
December 31, 2025      
Retail loans:      
New automobile$450 $120 $29 $599 $39,429 $40,028 
Used and certified automobile194 53 13 260 8,263 8,523 
Motorcycle and other26 12 7 45 1,578 1,623 
Total retail loans670 185 49 904 49,270 50,174 
Dealer loans:
Wholesale flooring1 — — 1 2,948 2,949 
Commercial loans— — — — 1,554 1,554 
Total dealer loans1 — — 1 4,502 4,503 
Total finance receivables$671 $185 $49 $905 $53,772 $54,677 
March 31, 2025      
Retail loans:      
New automobile$331 $73 $20 $424 $38,105 $38,529 
Used and certified automobile155 38 10 203 8,291 8,494 
Motorcycle and other18 7 4 29 1,516 1,545 
Total retail loans504 118 34 656 47,912 48,568 
Dealer loans:
Wholesale flooring— — 1 1 3,005 3,006 
Commercial loans— — — — 1,338 1,338 
Total dealer loans— — 1 1 4,343 4,344 
Total finance receivables$504 $118 $35 $657 $52,255 $52,912 
Summary of Portfolio of Retail Loans and Dealer Loans Leases by Credit Quality Indicator
The following table summarizes the amortized cost of retail loans by internal credit grade:
Retail loans by vintage fiscal year
20262025202420232022PriorTotal
(U.S. dollars in millions)
December 31, 2025
Credit grade A$10,609 $10,641 $6,510 $2,325 $898 $395 $31,378 
Credit grade B2,899 2,972 2,123 934 371 173 9,472 
Credit grade C2,126 2,175 1,425 590 259 127 6,702 
Credit grade D628 655 354 127 61 43 1,868 
Others233 259 156 60 31 15 754 
Total retail loans$16,495 $16,702 $10,568 $4,036 $1,620 $753 $50,174 
Gross charge-offs for the nine months ended December 31, 2025$27 $157 $110 $43 $15 $10 $362 


Retail loans by vintage fiscal year
20252024202320222021PriorTotal
(U.S. dollars in millions)
March 31, 2025
Credit grade A$14,245 $9,403 $3,620 $1,838 $1,140 $136 $30,382 
Credit grade B3,800 2,919 1,365 639 371 73 9,167 
Credit grade C2,830 2,006 869 439 259 66 6,469 
Credit grade D879 516 190 103 73 38 1,799 
Others351 221 89 54 25 11 751 
Total retail loans$22,105 $15,065 $6,133 $3,073 $1,868 $324 $48,568 
Gross charge-offs for the fiscal year ended March 31, 2025$62 $188 $88 $38 $18 $12 $406 
The following table summarizes the amortized cost of dealer loans by risk rating groups:
Commercial loans by vintage fiscal year
20262025202420232022PriorRevolving loansWholesale FlooringTotal
(U.S. dollars in millions)
December 31, 2025
Group I$38 $134 $105 $50 $8 $129 $976 $1,748 $3,188 
Group II8 17 56 2 5 26 — 1,200 1,314 
Group III— — — — — — — 1 1 
Total dealer loans$46 $151 $161 $52 $13 $155 $976 $2,949 $4,503 
Gross charge-offs for the nine months ended December 31, 2025$— $— $— $— $— $— $— $— $— 

Commercial loans by vintage fiscal year
20252024202320222021PriorRevolving loansWholesale FlooringTotal
(U.S. dollars in millions)
March 31, 2025
Group I$149 $110 $52 $13 $86 $53 $762 $1,764 $2,989 
Group II23 56 3 — 6 25 — 1,241 1,354 
Group III— — — — — — — 1 1 
Total dealer loans$172 $166 $55 $13 $92 $78 $762 $3,006 $4,344 
Gross charge-offs for the fiscal year ended March 31, 2025$— $— $— $— $— $— $— $— $—