Auto Loan Receivables (Tables)

12 Months Ended

Feb. 28, 2022

Loans and Leases Receivable, Net Amount [Abstract]

Auto Loan Receivables, Net

Auto Loans Receivable, Net

	As of February 28
(In millions)	2022		2021
Asset-backed term funding	$	11,653.8	$	11,008.3
Warehouse facilities	3,291.9		2,314.1
Overcollateralization (1)	489.1		345.2
Other managed receivables (2)	217.5		179.6
Total ending managed receivables	15,652.3		13,847.2
Accrued interest and fees	67.3		57.4
Other	3.1		(3.7)
Less: allowance for loan losses	(433.0)		(411.1)
Auto loans receivable, net	$	15,289.7	$	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

Ending Managed Receivables by Major Credit Grade

	As of February 28, 2022
	Fiscal Year of Origination (1)
(In millions)	2022		2021		2020		2019		2018		Prior to 2018		Total		% (2)
Core managed receivables (3):
A	$	3,885.5	$	1,788.3	$	1,266.1	$	574.1	$	203.4	$	32.3	$	7,749.7	49.5
B	2,795.2		1,288.5		857.7		473.1		205.2		50.4		5,670.1		36.2
C and other	919.1		496.2		294.8		156.7		73.8		29.6		1,970.2		12.6
Total core managed receivables	7,599.8		3,573.0		2,418.6		1,203.9		482.4		112.3		15,390.0		98.3
Other managed receivables (4):
C and other	165.2		23.9		34.7		23.8		10.0		4.7		262.3		1.7
Total ending managed receivables	$	7,765.0	$	3,596.9	$	2,453.3	$	1,227.7	$	492.4	$	117.0	$	15,652.3	100.0

	As of February 28, 2021
	Fiscal Year of Origination (1)
(In millions)	2021		2020		2019		2018		2017		Prior to 2017		Total		%  (2)
Core managed receivables (3):
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	750.5		486.2		280.9		163.4		90.4		28.3		1,799.7		13.0
Total core managed receivables	5,526.1		4,057.2		2,297.7		1,208.3		485.5		107.9		13,682.7		98.8
Other managed receivables (4):
C and other	35.6		55.4		39.5		18.6		9.4		6.0		164.5		1.2
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.

(3)Represents CAF’s Tier 1 originations.

(4)Represents CAF’s Tier 2 and Tier 3 originations.

Allowance For Loan Losses

Allowance for Loan Losses

	As of February 28, 2022
(In millions)	Core		Other		Total		%  (1)
Balance as of beginning of year	$	379.4	$	31.7	$	411.1	2.97
Charge-offs	(206.5)		(20.7)		(227.2)
Recoveries (2)	99.4		8.0		107.4
Provision for loan losses	105.2		36.5		141.7
Balance as of end of year	$	377.5	$	55.5	$	433.0	2.77

	As of February 28, 2021
(In millions)	Core		Other		Total		%  (1)
Balance as of beginning of year	$	140.5	$	17.3	$	157.8	1.16
Adoption of CECL	179.2		22.8		202.0
Adjusted balance as of beginning of period	319.7		40.1		359.8		2.64
Charge-offs	(210.0)		(20.4)		(230.4)
Recoveries (2)	112.3		8.7		121.0
Provision for loan losses	157.4		3.3		160.7
Balance as of end of year	$	379.4	$	31.7	$	411.1	2.97

(1)Percent of total ending managed receivables

(2)Net of costs incurred to recover vehicle.

Past Due Receivables

Past Due Receivables

	As of February 28, 2022
	Core Receivables								Other Receivables		Total
(In millions)	A		B		C & Other		Total		C & Other		$		%  (1)
Current	$	7,711.9	$	5,401.3	$	1,702.7	$	14,815.9	$	206.4	$	15,022.3	95.98
Delinquent loans:
31-60 days past due	25.4		173.3		160.4		359.1		33.0		392.1		2.50
61-90 days past due	9.2		75.6		85.2		170.0		19.1		189.1		1.21
Greater than 90 days past due	3.2		19.9		21.9		45.0		3.8		48.8		0.31
Total past due	37.8		268.8		267.5		574.1		55.9		630.0		4.02
Total ending managed receivables	$	7,749.7	$	5,670.1	$	1,970.2	$	15,390.0	$	262.3	$	15,652.3	100.00

	As of February 28, 2021
	Core Receivables								Other Receivables		Total
(In millions)	A		B		C & Other		Total		C & Other		$		%  (1)
Current	$	6,847.2	$	4,840.3	$	1,641.1	$	13,328.6	$	126.1	$	13,454.7	97.17
Delinquent loans:
31-60 days past due	17.3		108.9		98.0		224.2		22.0		246.2		1.78
61-90 days past due	7.0		48.4		50.5		105.9		14.0		119.9		0.86
Greater than 90 days past due	2.6		11.3		10.1		24.0		2.4		26.4		0.19
Total past due	26.9		168.6		158.6		354.1		38.4		392.5		2.83
Total ending managed receivables	$	6,874.1	$	5,008.9	$	1,799.7	$	13,682.7	$	164.5	$	13,847.2	100.00

(1)Percent of total ending managed receivables.