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Auto Loan Receivables (Tables)

6 Months Ended

Aug. 31, 2023

Auto Loans Receivable, Net


	As of August 31		As of February 28
(In millions)	2023		2023
Asset-backed term funding	$	12,080.6	$	12,242.8
Warehouse facilities	4,419.6		3,649.9
Overcollateralization (1)	783.2		739.9
Other managed receivables (2)	159.4		135.3
Total ending managed receivables	17,442.8		16,767.9
Accrued interest and fees	97.3		78.0
Other	(2.3)		3.1
Less: allowance for loan losses	(538.0)		(507.2)
Auto loans receivable, net	$	16,999.8	$	16,341.8

(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 August 31, 2023
	Fiscal Year of Origination (1)
(In millions)	2024		2023		2022		2021		2020		Prior to 2020		Total		% (2)
Core managed receivables (3):
A	$	2,349.6	$	3,202.6	$	2,058.3	$	841.9	$	450.0	$	112.2	$	9,014.6	51.7
B	1,473.2		2,074.3		1,502.1		639.8		348.7		137.8		6,175.9		35.4
C and other	224.3		609.8		496.2		248.0		124.0		53.9		1,756.2		10.1
Total core managed receivables	4,047.1		5,886.7		4,056.6		1,729.7		922.7		303.9		16,946.7		97.2
Other managed receivables (4):
C and other	139.4		221.9		89.8		12.0		16.1		16.9		496.1		2.8
Total ending managed receivables	$	4,186.5	$	6,108.6	$	4,146.4	$	1,741.7	$	938.8	$	320.8	$	17,442.8	100.0

Gross charge-offs	$	4.9	$	120.2	$	82.2	$	24.7	$	12.8	$	8.2	$	253.0


	As of February 28, 2023
	Fiscal Year of Origination (1)
(In millions)	2023		2022		2021		2020		2019		Prior to 2019		Total		% (2)
Core managed receivables (3):
A	$	3,890.9	$	2,555.3	$	1,112.0	$	677.1	$	218.3	$	36.3	$	8,489.9	50.6
B	2,497.5		1,839.9		816.2		488.9		215.1		56.0		5,913.6		35.3
C and other	732.7		609.5		314.5		169.3		74.1		25.6		1,925.7		11.5
Total core managed receivables	7,121.1		5,004.7		2,242.7		1,335.3		507.5		117.9		16,329.2		97.4
Other managed receivables (4):
C and other	272.0		112.5		15.0		21.1		13.2		4.9		438.7		2.6
Total ending managed receivables	$	7,393.1	$	5,117.2	$	2,257.7	$	1,356.4	$	520.7	$	122.8	$	16,767.9	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


	Three Months Ended August 31, 2023
(In millions)	Core		Other		Total		% (1)
Balance as of beginning of period	$	427.5	$	107.9	$	535.4	3.11
Charge-offs	(118.7)		(24.5)		(143.2)
Recoveries (2)	48.5		7.5		56.0
Provision for loan losses	75.7		14.1		89.8
Balance as of end of period	$	433.0	$	105.0	$	538.0	3.08


	Three Months Ended August 31, 2022
(In millions)	Core		Other		Total		% (1)
Balance as of beginning of period	$	390.4	$	67.8	$	458.2	2.85
Charge-offs	(84.2)		(11.9)		(96.1)
Recoveries (2)	35.9		4.0		39.9
Provision for loan losses	54.0		21.5		75.5
Balance as of end of period	$	396.1	$	81.4	$	477.5	2.92


	Six Months Ended August 31, 2023
(In millions)	Core		Other		Total		% (1)
Balance as of beginning of period	$	401.5	$	105.7	$	507.2	3.02
Charge-offs	(211.8)		(41.2)		(253.0)
Recoveries (2)	99.0		14.1		113.1
Provision for loan losses	144.3		26.4		170.7
Balance as of end of period	$	433.0	$	105.0	$	538.0	3.08


	Six Months Ended August 31, 2022
(In millions)	Core		Other		Total		% (1)
Balance as of beginning of period	$	377.5	$	55.5	$	433.0	2.77
Charge-offs	(145.6)		(18.7)		(164.3)
Recoveries (2)	69.0		6.5		75.5
Provision for loan losses	95.2		38.1		133.3
Balance as of end of period	$	396.1	$	81.4	$	477.5	2.92

(1) Percent of total ending managed receivables.

(2) Net of costs incurred to recover vehicle.


	As of August 31, 2023
	Core Receivables								Other Receivables		Total
(In millions)	A		B		C & Other		Total		C & Other		$		% (1)
Current	$	8,967.5	$	5,751.2	$	1,410.2	$	16,128.9	$	364.0	$	16,492.9	94.55
Delinquent loans:
31-60 days past due	29.1		243.1		177.2		449.4		62.9		512.3		2.94
61-90 days past due	14.1		148.0		140.2		302.3		56.4		358.7		2.06
Greater than 90 days past due	3.9		33.6		28.6		66.1		12.8		78.9		0.45
Total past due	47.1		424.7		346.0		817.8		132.1		949.9		5.45
Total ending managed receivables	$	9,014.6	$	6,175.9	$	1,756.2	$	16,946.7	$	496.1	$	17,442.8	100.00


	As of February 28, 2023
	Core Receivables								Other Receivables		Total
(In millions)	A		B		C & Other		Total		C & Other		$		% (1)
Current	$	8,450.3	$	5,540.2	$	1,612.3	$	15,602.8	$	327.6	$	15,930.4	95.00
Delinquent loans:
31-60 days past due	25.1		225.7		175.4		426.2		60.6		486.8		2.90
61-90 days past due	10.6		120.0		114.5		245.1		42.1		287.2		1.71
Greater than 90 days past due	3.9		27.7		23.5		55.1		8.4		63.5		0.39
Total past due	39.6		373.4		313.4		726.4		111.1		837.5		5.00
Total ending managed receivables	$	8,489.9	$	5,913.6	$	1,925.7	$	16,329.2	$	438.7	$	16,767.9	100.00

(1) Percent of total ending managed receivables.