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Subsequent Events
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events

21. Subsequent Events


 

 

In July 2022, UACC completed a securitization transaction in which it sold approximately $242.3 million of rated asset-backed securities and $17.3 million of residual certificates in an auto loan securitization offering from a securitization trust, established and sponsored by UACC. The trust is collateralized by finance receivables with an aggregate principal balance of $285.0 million and had a carrying value of $246.9 million at the time of sale. UACC received proceeds of $265.6 million in connection with the transaction and recognized a gain on the sale upon transfer in an amount equal to the fair value of the net proceeds received less the carrying amount of the finance receivables sold. These finance receivables are serviced by UACC. UACC retained 5% of the notes and residual certificates sold.