Auto Loan Receivables (Tables)

9 Months Ended

Nov. 30, 2022

Receivables [Abstract]

Auto Loan Receivables, Net

Auto Loans Receivable, Net

	As of November 30		As of February 28
(In millions)	2022		2022
Asset-backed term funding	$	12,342.0	$	11,653.8
Warehouse facilities	3,420.9		3,291.9
Overcollateralization (1)	688.1		489.1
Other managed receivables (2)	201.7		217.5
Total ending managed receivables	16,652.7		15,652.3
Accrued interest and fees	83.3		67.3
Other	(4.2)		3.1
Less: allowance for loan losses	(491.0)		(433.0)
Auto loans receivable, net	$	16,240.8	$	15,289.7

(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

Ending Managed Receivables by Major Credit Grade

	As of November 30, 2022
	Fiscal Year of Origination (1)
(In millions)	2023		2022		2021		2020		2019		Prior to 2019		Total		% (2)
Core managed receivables (3):
A	$	3,154.3	$	2,815.6	$	1,252.9	$	800.6	$	290.0	$	63.4	$	8,376.8	50.3
B	2,079.9		2,020.1		907.2		564.1		268.0		87.4		5,926.7		35.6
C and other	595.5		667.8		350.1		194.4		90.7		38.3		1,936.8		11.6
Total core managed receivables	5,829.7		5,503.5		2,510.2		1,559.1		648.7		189.1		16,240.3		97.5
Other managed receivables (4):
C and other	222.4		127.2		16.9		23.8		15.5		6.6		412.4		2.5
Total ending managed receivables	$	6,052.1	$	5,630.7	$	2,527.1	$	1,582.9	$	664.2	$	195.7	$	16,652.7	100.0

	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

(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

	Three Months Ended November 30, 2022
(In millions)	Core		Other		Total		% (1)
Balance as of beginning of period	$	396.1	$	81.4	$	477.5	2.92
Charge-offs	(96.3)		(16.3)		(112.6)
Recoveries	35.7		4.7		40.4
Provision for loan losses	60.9		24.8		85.7
Balance as of end of period	$	396.4	$	94.6	$	491.0	2.95

	Three Months Ended November 30, 2021
(In millions)	Core		Other		Total		% (1)
Balance as of beginning of period	$	360.0	$	38.1	$	398.1	2.66
Charge-offs	(61.6)		(6.6)		(68.2)
Recoveries	18.8		1.6		20.4
Provision for loan losses	68.5		7.7		76.2
Balance as of end of period	$	385.7	$	40.8	$	426.5	2.75

	Nine Months Ended November 30, 2022
(In millions)	Core		Other		Total		% (1)
Balance as of beginning of period	$	377.5	$	55.5	$	433.0	2.77
Charge-offs	(241.9)		(35.0)		(276.9)
Recoveries	104.7		11.2		115.9
Provision for loan losses	156.1		62.9		219.0
Balance as of end of period	$	396.4	$	94.6	$	491.0	2.95

	Nine Months Ended November 30, 2021
(In millions)	Core		Other		Total		% (1)
Balance as of beginning of period	$	379.4	$	31.7	$	411.1	2.97
Charge-offs	(140.6)		(13.1)		(153.7)
Recoveries	76.1		5.7		81.8
Provision for loan losses	70.8		16.5		87.3
Balance as of end of period	$	385.7	$	40.8	$	426.5	2.75

(1)     Percent of total ending managed receivables.

(2)     Net of costs incurred to recover vehicle.

Past Due Receivables

Past Due Receivables

	As of November 30, 2022
	Core Receivables								Other Receivables		Total
(In millions)	A		B		C & Other		Total		C & Other		$		% (1)
Current	$	8,340.4	$	5,570.5	$	1,605.2	$	15,516.1	$	304.8	$	15,820.9	95.01
Delinquent loans:
31-60 days past due	21.7		211.9		183.2		416.8		57.3		474.1		2.85
61-90 days past due	11.6		116.4		122.7		250.7		41.4		292.1		1.75
Greater than 90 days past due	3.1		27.9		25.7		56.7		8.9		65.6		0.39
Total past due	36.4		356.2		331.6		724.2		107.6		831.8		4.99
Total ending managed receivables	$	8,376.8	$	5,926.7	$	1,936.8	$	16,240.3	$	412.4	$	16,652.7	100.00

	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

(1)     Percent of total ending managed receivables.