v3.26.1
Finance Receivables (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Finance Receivables
Finance receivables held for investment, net and Finance receivables held for sale, net were as follows (in thousands):
June 30,
2026		December 31,
2025		June 30,
2025
Retail finance receivables held for investment
$1,120,705 $754,421 $6,593,043 
Wholesale finance receivables held for investment
1,016,874 948,800 1,132,472 
2,137,579 1,703,221 7,725,515 
Allowance for credit losses(38,160)(2,235)(399,293)
Finance receivables held for investment, net
2,099,419 1,700,986 7,326,222 
Finance receivables held for sale, net
545,761 264,238 — 
Total finance receivables, net
$2,645,180 $1,965,224 $7,326,222 
Schedule of Changes in the Allowance for Finance Credit Losses on Finance Receivables Held for Investment
Changes in the Company's allowance for credit losses on its finance receivables held for investment by portfolio were as follows (in thousands):
Three months ended June 30, 2026Six months ended June 30, 2026
RetailWholesaleTotalRetailWholesaleTotal
Balance, beginning of period$(3,289)$24,885 $21,596 $(22,342)$24,577 $2,235 
Provision for credit losses20,018 (2,375)17,643 32,988 (2,192)30,796 
Charge-offs(6,458)(2,185)(8,643)(10,400)(2,185)(12,585)
Recoveries7,564 — 7,564 17,589 125 17,714 
Balance, end of period$17,835 $20,325 $38,160 $17,835 $20,325 $38,160 
Three months ended June 30, 2025Six months ended June 30, 2025
RetailWholesaleTotalRetailWholesaleTotal
Balance, beginning of period$368,476 $24,702 $393,178 $378,373 $22,810 $401,183 
Provision for credit losses49,975 (237)49,738 100,776 2,296 103,072 
Charge-offs(61,306)— (61,306)(138,840)(641)(139,481)
Recoveries17,683 — 17,683 34,519 — 34,519 
Balance, end of period$374,828 $24,465 $399,293 $374,828 $24,465 $399,293 
Schedule of Financing Receivable Credit Quality Indicators
The amortized cost of the Company's U.S. and Canadian retail finance receivables held for investment, along with total retail gross charge-offs by vintage and credit quality indicator were as follows (in thousands):
June 30, 2026
20262025202420232022
2021 & Prior
Total
U.S. Retail:
Super prime$180,521 $154,199 $82,543 $39,579 $13,433 $28,934 $499,209 
Prime172,989 153,788 76,532 42,059 21,233 27,974 494,575 
Sub-prime94,790 18,995 784 710 661 1,394 117,334 
448,300 326,982 159,859 82,348 35,327 58,302 1,111,118 
Canadian Retail:
Super prime5,840 862 4 1 1 7 6,715 
Prime2,270 342 4 3 8 9 2,636 
Sub-prime165 63 3 2 1 2 236 
8,275 1,267 11 6 10 18 9,587 
$456,575 $328,249 $159,870 $82,354 $35,337 $58,320 $1,120,705 
Gross charge-offs for the six months ended June 30, 2026:
U.S. Retail
$405 $5,720 $1,911 $962 $499 $376 $9,873 
Canadian Retail10 517 — — — — 527 
$415 $6,237 $1,911 $962 $499 $376 $10,400 
December 31, 2025
20252024202320222021
2020 & Prior
Total
U.S. Retail:
Super prime$185,774 $108,025 $54,501 $16,944 $9,675 $1,544 $376,463 
Prime166,971 96,360 54,902 26,268 11,525 2,413 358,439 
Sub-prime13,436 986 897 830 726 1,098 17,973 
366,181 205,371 110,300 44,042 21,926 5,055 752,875 
Canadian Retail:
Super prime1,012 5 5 5 3 1 1,031 
Prime377 4 3 8 5 8 405 
Sub-prime101 2 3 1 1 2 110 
1,490 11 11 14 9 11 1,546 
$367,671 $205,382 $110,311 $44,056 $21,935 $5,066 $754,421 
Gross charge-offs for the year ended December 31, 2025:
U.S. Retail
$3,280 $48,145 $53,272 $41,304 $21,354 $13,556 $180,911 
Canadian Retail126 996 991 821 383 427 3,744 
$3,406 $49,141 $54,263 $42,125 $21,737 $13,983 $184,655 
June 30, 2025
20252024202320222021
2020 & Prior
Total
U.S. Retail:
Super prime$549,485 $828,526 $545,156 $335,566 $142,404 $52,812 $2,453,949 
Prime571,939 870,644 671,113 521,027 271,193 141,509 3,047,425 
Sub-prime212,031 263,677 180,987 142,291 90,893 70,602 960,481 
1,333,455 1,962,847 1,397,256 998,884 504,490 264,923 6,461,855 
Canadian Retail:
Super prime19,449 29,869 23,599 13,497 5,522 2,131 94,067 
Prime5,956 7,736 7,359 5,444 3,261 2,305 32,061 
Sub-prime1,019 1,524 1,026 682 305 504 5,060 
26,424 39,129 31,984 19,623 9,088 4,940 131,188 
$1,359,879 $2,001,976 $1,429,240 $1,018,507 $513,578 $269,863 $6,593,043 
Gross charge-offs for the six months ended June 30, 2025:
U.S. Retail
$552 $35,544 $41,325 $32,086 $16,614 $10,125 $136,246 
Canadian Retail— 748 630 592 292 332 2,594 
$552 $36,292 $41,955 $32,678 $16,906 $10,457 $138,840 
The amortized cost of the Company's wholesale finance receivables, by vintage and credit quality indicator, was as follows (in thousands):
June 30, 2026
20262025202420232022
2021 & Prior
Total
Non-Performing$— $— $— $— $— $— $— 
Doubtful10,056 4,039 3,528 514 19 1 18,157 
Substandard7,549 2,460 245 21 — — 10,275 
Special Mention10,890 2,968 595 3 — — 14,456 
Medium Risk64 99 220 — — — 383 
Low Risk796,292 149,696 20,664 4,441 2,493 17 973,603 
$824,851 $159,262 $25,252 $4,979 $2,512 $18 $1,016,874 
Gross charge-offs for the six months ended June 30, 2026:
        Wholesale$98 $1,490 $568 $29 $— $— $2,185 
December 31, 2025
20252024202320222021
2010 & Prior
Total
Non-Performing$— $— $— $— $— $— $— 
Doubtful13,010 5,984 1,002 19 — 1 20,016 
Substandard3,192 2,613 21 — — — 5,826 
Special Mention45,320 5,331 289 — — — 50,940 
Medium Risk414 57 — — — — 471 
Low Risk762,221 71,071 8,370 29,081 803 1 871,547 
$824,157 $85,056 $9,682 $29,100 $803 $2 $948,800 
Gross charge-offs for the year ended December 31, 2025:
        Wholesale$2,775 $1,017 $191 $— $— $2,301 $6,284 
June 30, 2025
20252024202320222021
2010 & Prior
Total
Non-Performing$901 $1,017 $287 $— $— $— $2,205 
Doubtful23,393 20,292 2,552 50 — 8,537 54,824 
Substandard3,542 4,215 127 — — — 7,884 
Special Mention6,135 2,250 168 — 71 — 8,624 
Medium Risk4,320 1,006 156 — — — 5,482 
Low Risk791,701 198,540 24,938 35,801 1,321 1,152 1,053,453 
$829,992 $227,320 $28,228 $35,851 $1,392 $9,689 $1,132,472 
Gross charge-offs for the six months ended June 30, 2025:
Wholesale$1 $506 $134 $— $— $— $641 
Schedule of Transfer​ of​ Financial​ Assets, off Balance sheet VEI's Portfolio
Information about the asset performance of the total portfolio of retail loans serviced by the Company ("Managed Portfolio"), including receivables retained ("Owned Portfolio"), along with receivables sold to third parties or included in off-balance sheet VIEs ("Off-Balance Sheet Portfolio"), is provided in the tables below (in thousands). Recoveries exceeded charge-offs within the owned portfolio, leading to the negative credit loss values shown below.
Principal Balance
Credit Losses
Total
30+ Day Delinquent
Three months ended
Six months ended
June 30, 2026June 30, 2026June 30, 2026
Owned portfolio
$1,607,385 $25,052 $(1,146)$(7,257)
Off-balance sheet portfolio
4,520,348 211,312 38,547 98,967 
Managed portfolio
$6,127,733 $236,364 $37,401 $91,710 
Principal Balance
Credit Losses
Total
30+ Day Delinquent
Year ended
December 31, 2025December 31, 2025December 31, 2025
Owned portfolio
$982,007 $12,437 $126,033 
Off-balance sheet portfolio
5,137,160 291,988 92,007 
Managed portfolio
$6,119,167 $304,425 $218,040 
Schedule of Impaired Financing Receivables
Additional information related to the wholesale finance receivables on non-accrual status was as follows (in thousands):
Amortized Cost Amortized CostInterest Income
January 1, 2026
June 30, 2026Recognized
Wholesale:
No related specific allowance recorded
$3,715 $1,420 $33 
Related specific allowance recorded
— — 14 
$3,715 $1,420 $47 
Amortized CostAmortized CostInterest Income
January 1, 2025
June 30, 2025Recognized
Wholesale:
No related specific allowance recorded
$7,510 $— $— 
Related specific allowance recorded
3,753 2,205 53 
$11,263 $2,205 $53 
Schedule of Past Due Financing Receivables
The aging analysis of the Company's finance receivables held for investment was as follows (in thousands):
June 30, 2026
Current31-60 Days
Past Due 		61-90 Days
Past Due 		Greater than
90 Days
Past Due and Still Accruing		Greater Than 90 Days Past Due and Not AccruingTotal
Past Due		Total
Finance
Receivables
Retail$1,091,406 $16,041 $5,688 $7,570 $— $29,299 $1,120,705 
Wholesale1,005,736 4,064 2,839 3,592 643 11,138 1,016,874 
$2,097,142 $20,105 $8,527 $11,162 $643 $40,437 $2,137,579 
December 31, 2025
Current31-60 Days
Past Due 		61-90 Days
Past Due 		Greater than
90 Days
Past Due and Still Accruing		Greater Than 90 Days Past Due and Not AccruingTotal
Past Due		Total
Finance
Receivables
Retail$735,999 $9,715 $2,942 $5,765 $— $18,422 $754,421 
Wholesale941,116 1,830 948 4,288 618 7,684 948,800 
$1,677,115 $11,545 $3,890 $10,053 $618 $26,106 $1,703,221 
June 30, 2025
Current31-60 Days
Past Due		61-90 Days
Past Due		Greater than
90 Days
Past Due and Still Accruing		Greater Than 90 Days Past Due and Not AccruingTotal
Past Due		Total
Finance
Receivables
Retail$6,342,019 $150,788 $54,983 $45,253 $— $251,024 $6,593,043 
Wholesale1,128,499 1,157 653 1,712 451 3,973 1,132,472 
$7,470,518 $151,945 $55,636 $46,965 $451 $254,997 $7,725,515