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Auto Loans Held for Investment (Tables)

3 Months Ended

May 31, 2025


	As of May 31		As of February 28
(In millions)	2025		2025




Auto loans held for investment	$	17,154.5	$	17,594.6
Accrued interest and fees	104.7		96.1
Other	17.7		10.8
Less: allowance for loan losses	(474.2)		(458.7)
Auto loans held for investment, net	$	16,802.7	$	17,242.8

Auto Loans Held for Investment by Major Credit Grade


	As of May 31, 2025
	Fiscal Year of Origination (1)
(In millions)	2026		2025		2024		2023		2022		Prior to 2022		Total		% (2)
Tier 1:
A	$	1,291.7	$	3,716.6	$	2,320.3	$	1,453.4	$	736.0	$	199.6	$	9,717.6	56.6
B	511.5		1,657.2		1,500.2		1,033.8		638.7		234.1		5,575.5		32.5
C and other	125.5		312.5		250.4		288.4		207.2		102.4		1,286.4		7.5
Total Tier 1	1,928.7		5,686.3		4,070.9		2,775.6		1,581.9		536.1		16,579.5		96.6
Tier 2 and Tier 3:
C and other	57.7		226.8		153.5		95.1		33.6		8.3		575.0		3.4
Total auto loans held for investment	$	1,986.4	$	5,913.1	$	4,224.4	$	2,870.7	$	1,615.5	$	544.4	$	17,154.5	100.0

Gross charge-offs	$	0.1	$	31.6	$	43.5	$	38.2	$	20.5	$	7.8	$	141.7


	As of February 28, 2025
	Fiscal Year of Origination (1)
(In millions)	2025		2024		2023		2022		2021		Prior to 2021		Total		% (2)
Tier 1:
A	$	4,132.0	$	2,607.9	$	1,673.9	$	894.1	$	243.9	$	48.9	$	9,600.7	54.5
B	2,041.1		1,664.0		1,163.0		746.4		244.9		69.7		5,929.1		33.7
C and other	422.1		277.0		324.5		242.5		99.4		35.0		1,400.5		8.0
Total Tier 1	6,595.2		4,548.9		3,161.4		1,883.0		588.2		153.6		16,930.3		96.2
Tier 2 and Tier 3:
C and other	311.9		177.1		116.9		46.3		5.4		6.7		664.3		3.8
Total auto loans held for investment	$	6,907.1	$	4,726.0	$	3,278.3	$	1,929.3	$	593.6	$	160.3	$	17,594.6	100.0

Gross charge-offs	$	44.7	$	193.2	$	196.2	$	107.2	$	30.3	$	17.6	$	589.2

(1) Classified based on credit grade assigned when customers were initially approved for financing.

(2) Percent of total auto loans held for investment.

Allowance for Loan Losses


	Three Months Ended May 31, 2025
(In millions)	Tier 1		Tier 2 & Tier 3		Total		% (1)
Balance as of beginning of period	$	378.1	$	80.6	$	458.7	2.61
Transfer of auto loans to held for sale (2) (5)	(19.1)		(7.4)		(26.5)
Charge-offs	(120.2)		(21.5)		(141.7)
Recoveries (3)	48.8		6.7		55.5
Provision for loan losses (4) (5)	108.2		20.0		128.2
Balance as of end of period	$	395.8	$	78.4	$	474.2	2.76


	Three Months Ended May 31, 2024
(In millions)	Tier 1		Tier 2 & Tier 3		Total		% (1)
Balance as of beginning of period	$	389.7	$	93.1	$	482.8	2.78
Charge-offs	(113.0)		(20.1)		(133.1)
Recoveries (3)	53.9		8.3		62.2
Provision for loan losses	66.0		15.2		81.2
Balance as of end of period	$	396.6	$	96.5	$	493.1	2.79

(1) Percent of total auto loans held for investment.

(2) Represents release of allowance previously recognized on auto loans held for sale.

(3) Net of costs incurred to recover vehicle.

(4) Represents the provision for loan losses on auto loans held for investment.

(5) Combined total amount of $101.7 million represents the net provision for loan losses recognized as part of CAF income.

Past Due Loans


	As of May 31, 2025
	Tier 1								Tier 2 & Tier 3		Total
(In millions)	A		B		C & Other		Total		C & Other		$		% (1)
Current	$	9,655.3	$	5,091.4	$	1,026.9	$	15,773.6	$	441.2	$	16,214.8	94.52
Delinquent loans:
31-60 days past due	41.0		297.4		146.1		484.5		71.3		555.8		3.24
61-90 days past due	15.6		148.1		93.8		257.5		51.4		308.9		1.80
Greater than 90 days past due	5.7		38.6		19.6		63.9		11.1		75.0		0.44
Total past due	62.3		484.1		259.5		805.9		133.8		939.7		5.48
Total auto loans held for investment	$	9,717.6	$	5,575.5	$	1,286.4	$	16,579.5	$	575.0	$	17,154.5	100.00


	As of February 28, 2025
	Tier 1								Tier 2 & Tier 3		Total
(In millions)	A		B		C & Other		Total		C & Other		$		% (1)
Current	$	9,543.3	$	5,491.5	$	1,164.7	$	16,199.5	$	541.2	$	16,740.7	95.15
Delinquent loans:
31-60 days past due	36.7		276.0		139.3		452.0		71.9		523.9		2.98
61-90 days past due	14.8		127.3		79.6		221.7		41.2		262.9		1.49
Greater than 90 days past due	5.9		34.3		16.9		57.1		10.0		67.1		0.38
Total past due	57.4		437.6		235.8		730.8		123.1		853.9		4.85
Total auto loans held for investment	$	9,600.7	$	5,929.1	$	1,400.5	$	16,930.3	$	664.3	$	17,594.6	100.00

(1) Percent of total auto loans held for investment.