Auto Loan Receivables (Tables)

Auto Loans Receivable, Net


	As of August 31		As of February 29
(In millions)	2020		2020
Asset-backed term funding	$	10,670.9	$	11,007.1
Warehouse facilities	2,253.7		2,181.7
Overcollateralization⁽¹⁾	312.0		289.0
Other managed receivables⁽²⁾	142.4		140.0
Total ending managed receivables	13,379.0		13,617.8
Accrued interest and fees	61.7		56.2
Other	4.9		35.5
Less: allowance for loan losses	(432.5)		(157.8)
Auto loans receivable, net	$	13,013.1	$	13,551.7

⁽¹⁾Represents receivables restricted as excess collateral for the non-recourse funding vehicles.

⁽²⁾ Other managed receivables includes receivables not funded through the non-recourse funding vehicles.

Ending Managed Receivables by Major Credit Grade


	As of August 31, 2020
	Fiscal Year of Origination⁽¹⁾
(In millions)	2021		2020		2019		2018		2017		Prior to 2017		Total		% ⁽²⁾
A	$	1,340.3	$	2,649.4	$	1,493.6	$	814.5	$	353.2	$	88.6	$	6,739.6	50.4
B	938.2		1,729.2		1,093.1		638.5		302.4		112.7		4,814.1		36.0
C and other	322.3		650.9		398.1		239.9		146.1		68.0		1,825.3		13.6
Total ending managed receivables	$	2,600.8	$	5,029.5	$	2,984.8	$	1,692.9	$	801.7	$	269.3	$	13,379.0	100.0


	As of February 29
(In millions)	2020⁽¹⁾		% ⁽²⁾
A	$	6,915.9	50.8
B	4,841.2		35.6
C and other	1,860.7		13.6
Total ending managed receivables	$	13,617.8	100.0

⁽¹⁾Classified based on credit grade assigned when customers were initially approved for financing.

⁽²⁾Percent of total ending managed receivables.

Allowance for Loan Losses


	Three Months Ended August 31											Six Months Ended August 31
(In millions)	2020		%⁽¹⁾	2019⁽²⁾		%⁽¹⁾	2020		%⁽¹⁾	2019⁽²⁾		%⁽¹⁾
Balance as of beginning of period	$	437.2	3.32	$	147.0	1.14	$	157.8	1.16	$	138.2	1.10
Adoption of CECL	—			—			202.0			—
Adjusted balance as of beginning of period	437.2		3.32	147.0		1.14	359.8		2.64	138.2		1.10
Charge-offs	(53.9)			(76.3)			(124.6)			(142.2)
Recoveries ⁽³⁾	23.2			34.2			49.3			70.7
Provision for loan losses	26.0			45.5			148.0			83.7
Balance as of end of period	$	432.5	3.23	$	150.4	1.15	$	432.5	3.23	$	150.4	1.15

⁽¹⁾Percent of total ending managed receivables.

⁽²⁾The comparative information has not been restated and continues to be reported under the accounting guidance in effect during fiscal 2020.

⁽³⁾Net of costs incurred to recover vehicle.

Past Due Receivables


	As of August 31, 2020
	Major Credit Grade
(In millions)	A		B		C & Other		Total		% ⁽¹⁾
Current	$	6,713.9	$	4,663.4	$	1,651.5	$	13,028.8	97.38
Delinquent loans:
31-60 days past due	15.7		94.2		103.9		213.8		1.60
61-90 days past due	7.2		43.5		55.6		106.3		0.79
Greater than 90 days past due	2.8		13.0		14.3		30.1		0.23
Total past due	25.7		150.7		173.8		350.2		2.62
Total ending managed receivables	$	6,739.6	$	4,814.1	$	1,825.3	$	13,379.0	100.00


	As of February 29
(In millions)	2020		%⁽¹⁾
Total ending managed receivables	$	13,617.8	100.00
Delinquent loans:
31-60 days past due	$	296.4	2.18
61-90 days past due	138.3		1.01
Greater than 90 days past due	34.2		0.25
Total past due	$	468.9	3.44