v3.26.1
FINANCE RECEIVABLES
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
FINANCE RECEIVABLES FINANCE RECEIVABLES
Interest income on finance receivables is recognized based on the contractual terms of each receivable and is
accrued until repayment, reaching non-accrual status, charge-off, or repossession. Direct costs associated with
originations are capitalized and expensed as an offset to interest income when recognized on the receivables.
The balances of finance receivables are made up of loans and finance leases secured by the related vehicles. More
than 99% of the portfolio is aged less than 60 days past due with less than 1% on non-accrual status.
Finance Receivables, net
(In millions)
June 30, 2026
December 31, 2025
Asset-backed term funding
$3,231.3
$2,954.6
Warehouse facilities
1,786.3
1,514.8
Other managed receivables
389.9
403.4
Total finance receivables
5,407.5
4,872.8
Accrued interest and fees
27.5
26.0
Less: Allowance for credit losses
(153.4)
(143.7)
Finance receivables, net
$5,281.6
$4,755.1
Finance Receivables by FICO Score
As of June 30, 2026
Year of Origination
($ in millions)
2026
2025
2024
2023
2022
Prior to 2022
Total
<599
$20.4
$34.2
$26.8
$16.7
$8.4
$3.2
$109.7
600-699
414.5
529.2
294.4
191.0
125.2
30.6
1,584.9
700-774
510.9
652.7
302.3
195.8
122.4
14.0
1,798.1
775+
551.9
646.7
265.6
146.4
73.0
3.4
1,687.0
Total auto loan receivables
$1,497.7
$1,862.8
$889.1
$549.9
$329.0
$51.2
5,179.7
Other finance receivables 1
227.8
Total finance receivables
$5,407.5
As of December 31, 2025
Year of Origination
($ in millions)
2025
2024
2023
2022
2021
Prior to 2021
Total
<599
$42.0
$34.4
$22.7
$12.0
$4.7
$0.5
$116.3
600-699
629.9
369.1
250.9
173.0
45.2
3.3
1,471.4
700-774
784.1
382.1
254.7
168.4
20.4
1.3
1,611.0
775+
810.5
338.5
197.3
102.0
4.8
0.4
1,453.5
Total auto loan receivables
$2,266.5
$1,124.1
$725.6
$455.4
$75.1
$5.5
4,652.2
Other finance receivables 1
220.6
Total finance receivables
$4,872.8
1Includes legacy portfolio, loans that are originated with no FICO score available, lease receivables, and deferred origination
fees.
In accordance with FASB ASC Topic 326, the allowance for credit losses on finance receivables is estimated based
on our historical write-off experience, current conditions and forecasts, as well as the value of any underlying assets
securing these receivables. Consideration is given to recent delinquency trends and recovery rates. Account
balances are charged against the allowance upon reaching 120 days past due status.
Rollforward of Allowance for Credit Losses on Finance Receivables
Our allowance for credit losses on finance receivables represents the net credit losses expected over the remaining
contractual life of our managed receivables. The allowance for credit losses on finance receivables consisted of the
following changes during the period:
Six Months Ended June 30,
2026 vs. 2025
(In millions)
2026
2025
$ Change
% Change
Allowance for credit losses at beginning of period
$143.7
$123.4
$20.3
16.5%
Charge-offs
(74.4)
(79.2)
4.8
(6.1)
Recoveries
41.5
44.6
(3.1)
(7.0)
Net charge-offs
(32.9)
(34.6)
1.7
(4.9)%
Change in provision due to portfolio size
9.3
12.1
(2.8)
(23.1)
Change in provision due to net charge-offs
32.9
34.6
(1.7)
(4.9)
Currency translation
0.4
(0.4)
0.8
(200.0)
Allowance for credit losses at end of period
$153.4
$135.1
$18.3
13.5%
Charge-off Activity by Year of Origination
Six Months Ended June 30,
(In millions)
2026
2025
2026
$0.9
$—
2025
22.3
0.7
2024
21.2
24.1
2023
15.5
26.7
2022
10.3
19.1
2021 and prior
2.1
5.6
Other finance receivables 1
2.1
3.0
Total charge-offs
$74.4
$79.2
1Includes legacy portfolio, loans that are originated with no FICO score available, and finance lease receivables.