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Auto Loan Receivables (Tables)

9 Months Ended

Nov. 30, 2024

Auto Loans Receivable, Net


	As of November 30		As of February 29
(In millions)	2024		2024
Asset-backed term funding	$	12,649.0	$	12,638.2
Warehouse facilities	3,937.6		3,744.6
Overcollateralization (1)	825.4		790.9
Other managed receivables (2)	344.4		218.1
Total ending managed receivables	17,756.4		17,391.8
Accrued interest and fees	107.1		90.9
Other	28.3		11.9
Less: allowance for loan losses	(478.9)		(482.8)
Auto loans receivable, net	$	17,412.9	$	17,011.8

(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, 2024
	Fiscal Year of Origination (1)
(In millions)	2025		2024		2023		2022		2021		Prior to 2021		Total		% (2)
Core managed receivables (3):
A	$	3,339.0	$	2,902.1	$	1,903.4	$	1,061.0	$	324.1	$	86.1	$	9,615.7	54.2
B	1,670.2		1,819.6		1,293.7		854.0		300.0		107.9		6,045.4		34.0
C and other	343.6		302.1		363.1		277.5		119.6		49.5		1,455.4		8.2
Total core managed receivables	5,352.8		5,023.8		3,560.2		2,192.5		743.7		243.5		17,116.5		96.4
Other managed receivables (4):
C and other	248.5		194.7		129.7		52.0		6.3		8.7		639.9		3.6
Total ending managed receivables	$	5,601.3	$	5,218.5	$	3,689.9	$	2,244.5	$	750.0	$	252.2	$	17,756.4	100.0

Gross charge-offs	$	19.2	$	149.9	$	153.5	$	85.3	$	24.3	$	14.9	$	447.1


	As of February 29, 2024
	Fiscal Year of Origination (1)
(In millions)	2024		2023		2022		2021		2020		Prior to 2020		Total		% (2)
Core managed receivables (3):
A	$	3,922.7	$	2,660.6	$	1,635.1	$	614.0	$	268.7	$	40.0	$	9,141.1	52.6
B	2,370.8		1,738.8		1,225.9		493.3		233.4		61.3		6,123.5		35.2
C and other	344.1		498.6		400.3		192.2		86.6		26.9		1,548.7		8.9
Total core managed receivables	6,637.6		4,898.0		3,261.3		1,299.5		588.7		128.2		16,813.3		96.7
Other managed receivables (4):
C and other	299.0		176.3		72.6		9.3		12.1		9.2		578.5		3.3
Total ending managed receivables	$	6,936.6	$	5,074.3	$	3,333.9	$	1,308.8	$	600.8	$	137.4	$	17,391.8	100.0

Gross charge-offs	$	111.0	$	248.6	$	129.8	$	41.0	$	19.7	$	11.4	$	561.5

(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 November 30, 2024
(In millions)	Core		Other		Total		% (1)
Balance as of beginning of period	$	417.3	$	83.5	$	500.8	2.82
Charge-offs	(129.0)		(21.2)		(150.2)
Recoveries (2)	48.7		7.0		55.7
Provision for loan losses	61.7		10.9		72.6
Balance as of end of period	$	398.7	$	80.2	$	478.9	2.70


	Three Months Ended November 30, 2023
(In millions)	Core		Other		Total		% (1)
Balance as of beginning of period	$	433.0	$	105.0	$	538.0	3.08
Charge-offs	(125.1)		(23.6)		(148.7)
Recoveries (2)	47.2		7.1		54.3
Provision for loan losses	57.3		11.0		68.3
Balance as of end of period	$	412.4	$	99.5	$	511.9	2.92


	Nine Months Ended November 30, 2024
(In millions)	Core		Other		Total		% (1)
Balance as of beginning of period	$	389.7	$	93.1	$	482.8	2.78
Charge-offs	(373.1)		(74.0)		(447.1)
Recoveries (2)	154.7		22.1		176.8
Provision for loan losses	227.4		39.0		266.4
Balance as of end of period	$	398.7	$	80.2	$	478.9	2.70


	Nine Months Ended November 30, 2023
(In millions)	Core		Other		Total		% (1)
Balance as of beginning of period	$	401.5	$	105.7	$	507.2	3.02
Charge-offs	(336.9)		(64.8)		(401.7)
Recoveries (2)	146.2		21.2		167.4
Provision for loan losses	201.6		37.4		239.0
Balance as of end of period	$	412.4	$	99.5	$	511.9	2.92

(1) Percent of total ending managed receivables.

(2) Net of costs incurred to recover vehicle.


	As of November 30, 2024
	Core Receivables								Other Receivables		Total
(In millions)	A		B		C & Other		Total		C & Other		$		% (1)
Current	$	9,560.3	$	5,600.1	$	1,200.1	$	16,360.5	$	526.4	$	16,886.9	95.10
Delinquent loans:
31-60 days past due	35.6		284.4		155.4		475.4		69.5		544.9		3.07
61-90 days past due	14.9		129.6		82.3		226.8		36.3		263.1		1.48
Greater than 90 days past due	4.9		31.3		17.6		53.8		7.7		61.5		0.35
Total past due	55.4		445.3		255.3		756.0		113.5		869.5		4.90
Total ending managed receivables	$	9,615.7	$	6,045.4	$	1,455.4	$	17,116.5	$	639.9	$	17,756.4	100.00


	As of February 29, 2024
	Core Receivables								Other Receivables		Total
(In millions)	A		B		C & Other		Total		C & Other		$		% (1)
Current	$	9,088.1	$	5,666.3	$	1,243.7	$	15,998.1	$	447.1	$	16,445.2	94.56
Delinquent loans:
31-60 days past due	32.1		271.3		162.9		466.3		68.1		534.4		3.07
61-90 days past due	15.1		149.4		118.5		283.0		53.0		336.0		1.93
Greater than 90 days past due	5.8		36.5		23.6		65.9		10.3		76.2		0.44
Total past due	53.0		457.2		305.0		815.2		131.4		946.6		5.44
Total ending managed receivables	$	9,141.1	$	6,123.5	$	1,548.7	$	16,813.3	$	578.5	$	17,391.8	100.00

(1) Percent of total ending managed receivables.