XML 44 R29.htm IDEA: XBRL DOCUMENT v3.25.2
Auto Loans Held for Investment (Tables)
 6 Months Ended
Aug. 31, 2025
Receivables [Abstract]  
Auto Loans Held for Investment, Net
Auto Loans Held for Investment, Net
 As of August 31As of February 28
(In millions)20252025
Auto loans held for investment$16,779.7 $17,594.6 
Accrued interest and fees101.5 96.1 
Other12.3 10.8 
Less: allowance for loan losses(507.3)(458.7)
Auto loans held for investment, net$16,386.2 $17,242.8 
Auto Loans Receivable By Major Credit Grade
Auto Loans Held for Investment by Major Credit Grade
As of August 31, 2025
Fiscal Year of Origination (1)
(In millions)20262025202420232022Prior to 2022Total
% (2)
Tier 1:
A$2,333.0 $3,349.7 $2,047.4 $1,244.6 $590.6 $126.8 $9,692.1 57.7 
B885.4 1,481.2 1,340.8 906.8 522.2 143.5 5,279.9 31.5 
C and other243.3 291.3 224.6 251.7 172.2 74.1 1,257.2 7.5 
Total Tier 13,461.7 5,122.2 3,612.8 2,403.1 1,285.0 344.4 16,229.2 96.7 
Tier 2 and Tier 3:
C and other89.1 210.0 136.8 82.6 25.7 6.3 550.5 3.3 
Total auto loans held for investment$3,550.8 $5,332.2 $3,749.6 $2,485.7 $1,310.7 $350.7 $16,779.7 100.0 
Gross charge-offs$2.9 $75.0 $94.8 $80.9 $42.0 $14.8 $310.4 

As of February 28, 2025
Fiscal Year of Origination (1)
(In millions)20252024202320222021Prior to 2021Total
% (2)
Tier 1:
A$4,132.0 $2,607.9 $1,673.9 $894.1 $243.9 $48.9 $9,600.7 54.5 
B2,041.1 1,664.0 1,163.0 746.4 244.9 69.7 5,929.1 33.7 
C and other422.1 277.0 324.5 242.5 99.4 35.0 1,400.5 8.0 
Total Tier 16,595.2 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 other311.9 177.1 116.9 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
Allowance for Loan Losses

Three Months Ended August 31, 2025
(In millions)Tier 1Tier 2 & Tier 3Total
% (1)
Balance as of beginning of period$395.8 $78.4 $474.2 2.76 
Transfer of auto loans to held for sale (2) (5)
(11.2)(4.5)(15.7)
Charge-offs(141.3)(27.4)(168.7)
Recoveries (3)
51.4 8.2 59.6 
Provision for loan losses (4) (5)
128.5 29.4 157.9 
Balance as of end of period$423.2 $84.1 $507.3 3.02 

Three Months Ended August 31, 2024
(In millions)Tier 1Tier 2 & Tier 3Total
% (1)
Balance as of beginning of period$396.6 $96.5 $493.1 2.79 
Charge-offs(131.1)(32.7)(163.8)
Recoveries (3)
52.1 6.8 58.9 
Provision for loan losses99.7 12.9 112.6 
Balance as of end of period$417.3 $83.5 $500.8 2.82 

Six Months Ended August 31, 2025
(In millions)Tier 1Tier 2 & Tier 3Total
% (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)
(30.3)(11.9)(42.2)
Charge-offs(261.5)(48.9)(310.4)
Recoveries (3)
100.2 14.9 115.1 
Provision for loan losses (4) (5)
236.7 49.4 286.1 
Balance as of end of period$423.2 $84.1 $507.3 3.02 
Six Months Ended August 31, 2024
(In millions)Tier 1Tier 2 & Tier 3Total
% (1)
Balance as of beginning of period$389.7 $93.1 $482.8 2.78 
Charge-offs(244.1)(52.8)(296.9)
Recoveries (3)
106.0 15.1 121.1 
Provision for loan losses165.7 28.1 193.8 
Balance as of end of period$417.3 $83.5 $500.8 2.82 

(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 amounts of $142.2 million and $243.9 million represent the net provision for loan losses recognized as part of CAF income for the three and six months ended August 31, 2025.
Past Due
Past Due Loans
As of August 31, 2025
Tier 1Tier 2 & Tier 3Total
(In millions)ABC & OtherTotalC & Other$
% (1)
Current$9,633.3 $4,789.4 $997.5 $15,420.2 $415.4 $15,835.6 94.37 
Delinquent loans:
31-60 days past due36.7 286.9 137.3 460.9 69.3 530.2 3.16 
61-90 days past due16.7 164.3 103.0 284.0 54.6 338.6 2.02 
Greater than 90 days past due5.4 39.3 19.4 64.1 11.2 75.3 0.45 
Total past due58.8 490.5 259.7 809.0 135.1 944.1 5.63 
Total auto loans held for investment$9,692.1 $5,279.9 $1,257.2 $16,229.2 $550.5 $16,779.7 100.00 
As of February 28, 2025
Tier 1Tier 2 & Tier 3Total
(In millions)ABC & OtherTotalC & Other$
% (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 due36.7 276.0 139.3 452.0 71.9 523.9 2.98 
61-90 days past due14.8 127.3 79.6 221.7 41.2 262.9 1.49 
Greater than 90 days past due5.9 34.3 16.9 57.1 10.0 67.1 0.38 
Total past due57.4 437.6 235.8 730.8 123.1 853.9 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.