Auto Loan Receivables (Tables)

Auto Loans Receivable, Net


	As of November 30		As of February 28
(In millions)	2021		2021
Asset-backed term funding	$	11,725.4	$	11,008.3
Warehouse facilities	3,155.9		2,314.1
Overcollateralization (1)	479.2		345.2
Other managed receivables (2)	163.5		179.6
Total ending managed receivables	15,524.0		13,847.2
Accrued interest and fees	73.7		57.4
Other	(4.0)		(3.7)
Less: allowance for loan losses	(426.5)		(411.1)
Auto loans receivable, net	$	15,167.2	$	13,489.8

(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 November 30, 2021
	Fiscal Year of Origination (1)
(In millions)	2022		2021		2020		2019		2018		Prior to 2018		Total		% (2)
A	$	3,172.3	$	1,999.2	$	1,454.6	$	693.7	$	275.2	$	57.6	$	7,652.6	49.3
B	2,306.4		1,446.1		977.3		556.2		260.0		80.4		5,626.4		36.2
C and other	922.4		583.2		374.8		210.4		103.9		50.3		2,245.0		14.5
Total ending managed receivables	$	6,401.1	$	4,028.5	$	2,806.7	$	1,460.3	$	639.1	$	188.3	$	15,524.0	100.0


	As of February 28, 2021
	Fiscal Year of Origination (1)
(In millions)	2021		2020		2019		2018		2017		Prior to 2017		Total		% (2)
A	$	2,782.0	$	2,146.5	$	1,146.7	$	568.9	$	199.6	$	30.4	$	6,874.1	49.6
B	1,993.6		1,424.5		870.1		476.0		195.5		49.2		5,008.9		36.2
C and other	786.1		541.6		320.4		182.0		99.8		34.3		1,964.2		14.2
Total ending managed receivables	$	5,561.7	$	4,112.6	$	2,337.2	$	1,226.9	$	494.9	$	113.9	$	13,847.2	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 November 30						Nine Months Ended November 30
(In millions)	2021		% (1)	2020		% (1)	2021		% (1)	2020		% (1)
Balance as of beginning of period	$	398.1	2.66	$	432.5	3.23	$	411.1	2.97	$	157.8	1.16
Adoption of CECL	—			—			—			202.0
Adjusted balance as of beginning of period	398.1		2.66	432.5		3.23	411.1		2.97	359.8		2.64
Charge-offs	(68.2)			(49.9)			(153.7)			(174.5)
Recoveries (2)	20.4			40.8			81.8			90.2
Provision for loan losses	76.2			8.2			87.3			156.1
Balance as of end of period (3)	$	426.5	2.75	$	431.6	3.17	$	426.5	2.75	$	431.6	3.17

(1) Percent of total ending managed receivables.

(2) Net of costs incurred to recover vehicle.

(3) The allowance for loan losses primarily relates to estimated losses on CAF’s core receivables; $40.8 million and $31.8 million of the total allowance relates to the outstanding CAF Tier 3 loan balances as of November 30, 2021 and February 28, 2021, respectively.

Past Due Receivables


	As of November 30, 2021
	Major Credit Grade
(In millions)	A		B		C & Other		Total		% (1)
Current	$	7,617.6	$	5,373.2	$	1,938.8	$	14,929.6	96.17
Delinquent loans:
31-60 days past due	23.0		160.4		179.7		363.1		2.34
61-90 days past due	9.2		74.5		102.3		186.0		1.20
Greater than 90 days past due	2.8		18.3		24.2		45.3		0.29
Total past due	35.0		253.2		306.2		594.4		3.83
Total ending managed receivables	$	7,652.6	$	5,626.4	$	2,245.0	$	15,524.0	100.00


	As of February 28, 2021
	Major Credit Grade
(In millions)	A		B		C & Other		Total		% (1)
Current	$	6,847.2	$	4,840.3	$	1,767.2	$	13,454.7	97.17
Delinquent loans:
31-60 days past due	17.3		108.9		120.0		246.2		1.78
61-90 days past due	7.0		48.4		64.5		119.9		0.86
Greater than 90 days past due	2.6		11.3		12.5		26.4		0.19
Total past due	26.9		168.6		197.0		392.5		2.83
Total ending managed receivables	$	6,874.1	$	5,008.9	$	1,964.2	$	13,847.2	100.00