| Auto Loan Receivables, Net |
Auto Loans Held for Investment, Net | | | | | | | | | | | | | | As of February 28 | | (In millions) | 2026 | | 2025 | | Auto loans held for investment | $ | 16,271.9 | | | $ | 17,594.6 | | | Accrued interest and fees | 92.9 | | | 96.1 | | | Other | 40.5 | | | 10.8 | | | Less: allowance for loan losses | (453.0) | | | (458.7) | | | Auto loans held for investment, net | $ | 15,952.3 | | | $ | 17,242.8 | |
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| Ending Managed Receivables By Major Credit Grade |
Auto Loans Held for Investment by Major Credit Grade | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of February 28, 2026 | | Fiscal Year of Origination (1) | | | | | | (In millions) | 2026 | | 2025 | | 2024 | | 2023 | | 2022 | | Prior to 2022 | | Total | | % (2) | | Tier 1: | | | | | | | | | | | | | | | | | A | $ | 3,871.5 | | | $ | 2,738.1 | | | $ | 1,578.8 | | | $ | 887.9 | | | $ | 352.4 | | | $ | 45.2 | | | $ | 9,473.9 | | | 58.2 | | | B | 1,643.7 | | | 1,233.9 | | | 1,075.2 | | | 687.0 | | | 352.0 | | | 65.0 | | | 5,056.8 | | | 31.1 | | | C and other | 426.9 | | | 244.2 | | | 178.3 | | | 188.0 | | | 115.4 | | | 38.0 | | | 1,190.8 | | | 7.3 | | | Total Tier 1 | 5,942.1 | | | 4,216.2 | | | 2,832.3 | | | 1,762.9 | | | 819.8 | | | 148.2 | | | 15,721.5 | | | 96.6 | | | Tier 2 and Tier 3: | | | | | | | | | | | | | | | | | C and other | 183.7 | | | 172.0 | | | 108.1 | | | 61.3 | | | 22.2 | | | 3.1 | | | 550.4 | | | 3.4 | | | Total auto loans held for investment | $ | 6,125.8 | | | $ | 4,388.2 | | | $ | 2,940.4 | | | $ | 1,824.2 | | | $ | 842.0 | | | $ | 151.3 | | | $ | 16,271.9 | | | 100.0 | | | | | | | | | | | | | | | | | | | Gross charge-offs | $ | 42.9 | | | $ | 153.7 | | | $ | 183.5 | | | $ | 152.5 | | | $ | 78.3 | | | $ | 25.2 | | | $ | 636.1 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of February 28, 2025 | | Fiscal Year of Origination (1) | | | | | | (In millions) | 2025 | | 2024 | | 2023 | | 2022 | | 2021 | | Prior to 2021 | | Total | | % (2) | | Tier 1: | | | | | | | | | | | | | | | | | A | $ | 4,132.0 | | | $ | 2,607.9 | | | $ | 1,673.9 | | | $ | 894.1 | | | $ | 243.9 | | | $ | 48.9 | | | $ | 9,600.7 | | | 54.5 | | | B | 2,041.1 | | | 1,664.0 | | | 1,163.0 | | | 746.4 | | | 244.9 | | | 69.7 | | | 5,929.1 | | | 33.7 | | | C and other | 422.1 | | | 277.0 | | | 324.5 | | | 242.5 | | | 99.4 | | | 35.0 | | | 1,400.5 | | | 8.0 | | | Total Tier 1 | 6,595.2 | | | 4,548.9 | | | 3,161.4 | | | 1,883.0 | | | 588.2 | | | 153.6 | | | 16,930.3 | | | 96.2 | | | Tier 2 and Tier 3: | | | | | | | | | | | | | | | | | C and other | 311.9 | | | 177.1 | | | 116.9 | | | 46.3 | | | 5.4 | | | 6.7 | | | 664.3 | | | 3.8 | | | Total auto loans held for investment | $ | 6,907.1 | | | $ | 4,726.0 | | | $ | 3,278.3 | | | $ | 1,929.3 | | | $ | 593.6 | | | $ | 160.3 | | | $ | 17,594.6 | | | 100.0 | | | | | | | | | | | | | | | | | | | Gross charge-offs | $ | 44.7 | | | $ | 193.2 | | | $ | 196.2 | | | $ | 107.2 | | | $ | 30.3 | | | $ | 17.6 | | | $ | 589.2 | | | |
(1)Classified based on credit grade assigned when customers were initially approved for financing. (2)Percent of total auto loans held for investment.
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| Allowance For Loan Losses |
Allowance for Loan Losses | | | | | | | | | | | | | | | | | | | | | | | | | | As of February 28, 2026 | | (In millions) | Tier 1 | | Tier 2 & Tier 3 | | Total | | % (1) | | Balance as of beginning of year | $ | 378.1 | | | $ | 80.6 | | | $ | 458.7 | | | 2.61 | | Transfer of auto loans to held for sale (2) (5) | (30.3) | | | (11.9) | | | (42.2) | | | | | Charge-offs | (540.8) | | | (95.3) | | | (636.1) | | | | Recoveries (3) | 208.2 | | | 31.0 | | | 239.2 | | | | Provision for loan losses (4) (5) | 362.5 | | | 70.9 | | | 433.4 | | | | | Balance as of end of year | $ | 377.7 | | | $ | 75.3 | | | $ | 453.0 | | | 2.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | As of February 28, 2025 | | (In millions) | Tier 1 | | Tier 2 & Tier 3 | | Total | | % (1) | | Balance as of beginning of year | $ | 389.7 | | | $ | 93.1 | | | $ | 482.8 | | | 2.78 | | | Charge-offs | (494.7) | | | (94.5) | | | (589.2) | | | | Recoveries (3) | 201.5 | | | 28.9 | | | 230.4 | | | | | Provision for loan losses | 281.6 | | | 53.1 | | | 334.7 | | | | | Balance as of end of year | $ | 378.1 | | | $ | 80.6 | | | $ | 458.7 | | | 2.61 | |
(1)Percent of total auto loans held for investment. (2) Represents release of allowance previously recognized on auto loans held for sale and subsequently sold during fiscal 2026. (3) Net of costs incurred to recover vehicle. (4) Represents the provision for loan losses on auto loans held for investment. (5) Combined total amount of $391.2 million represents the net provision for loan losses recognized as part of CAF income.
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| Past Due Receivables |
Past Due Loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of February 28, 2026 | | Tier 1 | | Tier 2 & Tier 3 | | Total | | (In millions) | A | | B | | C & Other | | Total | | C & Other | | $ | | % (1) | | Current | $ | 9,414.1 | | | $ | 4,614.4 | | | $ | 976.9 | | | $ | 15,005.4 | | | $ | 435.7 | | | $ | 15,441.1 | | | 94.89 | | | Delinquent loans: | | | | | | | | | | | | | | | 31-60 days past due | 38.3 | | | 264.8 | | | 116.2 | | | 419.3 | | | 62.5 | | | 481.8 | | | 2.96 | | | 61-90 days past due | 15.5 | | | 142.1 | | | 81.2 | | | 238.8 | | | 43.9 | | | 282.7 | | | 1.74 | | | Greater than 90 days past due | 6.0 | | | 35.5 | | | 16.5 | | | 58.0 | | | 8.3 | | | 66.3 | | | 0.41 | | | Total past due | 59.8 | | | 442.4 | | | 213.9 | | | 716.1 | | | 114.7 | | | 830.8 | | | 5.11 | | | Total auto loans held for investment | $ | 9,473.9 | | | $ | 5,056.8 | | | $ | 1,190.8 | | | $ | 15,721.5 | | | $ | 550.4 | | | $ | 16,271.9 | | | 100.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of February 28, 2025 | | Tier 1 | | Tier 2 & Tier 3 | | Total | | (In millions) | A | | B | | C & Other | | Total | | C & Other | | $ | | % (1) | | Current | $ | 9,543.3 | | | $ | 5,491.5 | | | $ | 1,164.7 | | | $ | 16,199.5 | | | $ | 541.2 | | | $ | 16,740.7 | | | 95.15 | | | Delinquent loans: | | | | | | | | | | | | | | | 31-60 days past due | 36.7 | | | 276.0 | | | 139.3 | | | 452.0 | | | 71.9 | | | 523.9 | | | 2.98 | | | 61-90 days past due | 14.8 | | | 127.3 | | | 79.6 | | | 221.7 | | | 41.2 | | | 262.9 | | | 1.49 | | | Greater than 90 days past due | 5.9 | | | 34.3 | | | 16.9 | | | 57.1 | | | 10.0 | | | 67.1 | | | 0.38 | | | Total past due | 57.4 | | | 437.6 | | | 235.8 | | | 730.8 | | | 123.1 | | | 853.9 | | | 4.85 | | | Total auto loans held for investment | $ | 9,600.7 | | | $ | 5,929.1 | | | $ | 1,400.5 | | | $ | 16,930.3 | | | $ | 664.3 | | | $ | 17,594.6 | | | 100.00 | |
(1)Percent of total auto loans held for investment.
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