v3.26.3
Finance Receivables (Tables)
 9 Months Ended
Sep. 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):
September 30,
2026		December 31,
2025		September 30,
2025
Retail finance receivables held for investment
$1,300,633 $754,421 $704,294 
Wholesale finance receivables held for investment
953,341 948,800 1,166,354 
2,253,974 1,703,221 1,870,648 
Allowance for credit losses(53,888)(2,235)12,901 
Finance receivables held for investment, net
2,200,086 1,700,986 1,883,549 
Finance receivables held for sale, net
417,696 264,238 4,080,885 
Total finance receivables, net
$2,617,782 $1,965,224 $5,964,434 
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 September 30, 2026Nine months ended September 30, 2026
RetailWholesaleTotalRetailWholesaleTotal
Balance, beginning of period$17,835 $20,325 $38,160 $(22,342)$24,577 $2,235 
Provision for credit losses20,609 (285)20,324 53,597 (2,477)51,120 
Charge-offs(10,095)149 (9,946)(20,495)(2,036)(22,531)
Recoveries5,350 — 5,350 22,939 125 23,064 
Balance, end of period$33,699 $20,189 $53,888 $33,699 $20,189 $53,888 
Three months ended September 30, 2025Nine months ended September 30, 2025
RetailWholesaleTotalRetailWholesaleTotal
Balance, beginning of period$374,828 $24,465 $399,293 $378,373 $22,810 $401,183 
Provision for credit losses(307,162)5,663 (301,499)(206,386)7,959 (198,427)
Charge-offs(44,555)(4,701)(49,256)(183,395)(5,342)(188,737)
Recoveries14,108 — 14,108 48,627 — 48,627 
Sale of Residual Interest in Securitizations
(75,547)— (75,547)(75,547)— (75,547)
Balance, end of period$(38,328)$25,427 $(12,901)$(38,328)$25,427 $(12,901)
Schedule of Financing Receivable Credit Quality Indicators
The amortized cost of the Company's U.S. and Canadian retail finance receivables held for investment by vintage and credit quality indicator, along with total gross retail charge-offs by vintage, were as follows (in thousands):
September 30, 2026
20262025202420232022
2021 & Prior
Total
U.S. Retail:
Super prime$280,291 $135,038 $71,349 $33,423 $10,672 $21,365 $552,138 
Prime290,192 137,655 67,801 36,599 18,191 22,124 572,562 
Sub-prime143,284 16,978 824 716 639 1,272 163,713 
713,767 289,671 139,974 70,738 29,502 44,761 1,288,413 
Canadian Retail:
Super prime7,853 738 3 3 2 6 8,605 
Prime2,838 314 5 5 4 7 3,173 
Sub-prime371 62 5 2 1 1 442 
11,062 1,114 13 10 7 14 12,220 
$724,829 $290,785 $139,987 $70,748 $29,509 $44,775 $1,300,633 
Gross charge-offs for the nine months ended September 30, 2026:
U.S. Retail
$4,804 $9,055 $2,802 $1,375 $741 $715 $19,492 
Canadian Retail480 523 — — — — 1,003 
$5,284 $9,578 $2,802 $1,375 $741 $715 $20,495 
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 
September 30, 2025
20252024202320222021
2020 & Prior
Total
U.S. Retail:
Super prime$144,780 $120,456 $61,502 $19,838 $12,198 $2,011 $360,785 
Prime125,804 104,939 60,992 29,368 13,633 2,767 337,503 
Sub-prime1,601 886 830 808 710 1,171 6,006 
$272,185 $226,281 $123,324 $50,014 $26,541 $5,949 $704,294 
Gross charge-offs for the nine months ended September 30, 2025:
U.S. Retail
$2,771 $47,626 $53,155 $41,175 $21,364 $13,560 $179,651 
Canadian Retail126 996 991 821 383 427 3,744 
$2,897 $48,622 $54,146 $41,996 $21,747 $13,987 $183,395 
The amortized cost of the Company's wholesale finance receivables, by vintage and credit quality indicator, along with total gross wholesale charge-offs by vintage, were as follows (in thousands):
September 30, 2026
20262025202420232022
2021 & Prior
Total
Non-Performing$— $— $— $— $— $— $— 
Doubtful7,675 2,400 3,176 476 19 — 13,746 
Substandard6,380 238 122 21 — — 6,761 
Special Mention17,688 2,728 485 32 — — 20,933 
Medium Risk— — — — — — — 
Low Risk803,735 85,924 15,703 4,197 2,342 — 911,901 
$835,478 $91,290 $19,486 $4,726 $2,361 $— $953,341 
Gross charge-offs for the nine months ended September 30, 2026:
        Wholesale$98 $1,490 $419 $29 $— $— $2,036 
December 31, 2025
202520242023202220212020 & PriorTotal
Non-Performing$— $— $— $— $— $— $— 
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 
September 30, 2025
202520242023202220212020 & PriorTotal
Non-Performing$933 $1,090 $282 $— $— $— $2,305 
Doubtful15,333 7,473 1,070 20 — — 23,896 
Substandard1,831 1,796 — — — — 3,627 
Special Mention16,109 4,171 175 — 59 — 20,514 
Medium Risk36,215 4,268 752 — — — 41,235 
Low Risk921,295 103,843 13,101 34,350 1,176 1,012 1,074,777 
$991,716 $122,641 $15,380 $34,370 $1,235 $1,012 $1,166,354 
Gross charge-offs for the nine months ended September 30, 2025:
Wholesale$2,401 $506 $134 $— $— $2,301 $5,342 
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 for the nine months ended September 30, 2026, leading to the negative credit loss value shown below.
Principal Balance
Credit Losses
Total
30+ Day Delinquent
Three months ended
Nine months ended
September 30, 2026September 30, 2026September 30, 2026
Owned portfolio
$1,661,339 $41,754 $4,766 $(2,491)
Off-balance sheet portfolio
4,446,177 224,182 44,024 142,991 
Managed portfolio
$6,107,516 $265,936 $48,790 $140,500 
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 
Principal Balance
Credit Losses
Total
30+ Day Delinquent
Three months ended
Nine months ended
September 30, 2025September 30, 2025September 30, 2025
Owned portfolio
$4,629,196 $242,408 $30,341 $135,056 
Off-balance sheet portfolio
1,742,841 32,972 1,717 1,717 
Managed portfolio
$6,372,037 $275,380 $32,058 $136,773 
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
September 30, 2026Recognized
Wholesale:
No related specific allowance recorded
$3,715 $1,035 $33 
Related specific allowance recorded
— — 14 
$3,715 $1,035 $47 
Amortized CostAmortized CostInterest Income
January 1, 2025
September 30, 2025Recognized
Wholesale:
No related specific allowance recorded
$7,510 $184 $986 
Related specific allowance recorded
3,753 2,121 56 
$11,263 $2,305 $1,042 
Schedule of Past Due Financing Receivables
The aging analysis of the Company's finance receivables held for investment was as follows (in thousands):
September 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$1,253,757 $22,936 $11,757 $12,183 $— $46,876 $1,300,633 
Wholesale945,399 1,146 2,810 3,376 610 7,942 953,341 
$2,199,156 $24,082 $14,567 $15,559 $610 $54,818 $2,253,974 
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 
September 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$693,233 $6,774 $1,292 $2,995 $— $11,061 $704,294 
Wholesale1,160,152 3,041 563 1,932 666 6,202 1,166,354 
$1,853,385 $9,815 $1,855 $4,927 $666 $17,263 $1,870,648