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Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Assets and liabilities measured at fair value
The following table presents assets and liabilities measured at fair value and categorized as Level 3 in the fair value hierarchy:
December 31,September 30,
20212022
Assets
Loans$252,477 $700,455 
Notes receivable and residual certificates8,288 3,459 
Loan servicing assets18,388 37,037 
Total assets$279,153 $740,951 
Liabilities
Loan servicing liabilities$8,780 $4,810 
Trailing fee liabilities4,315 5,201 
Total liabilities$13,095 $10,011 
Significant unobservable inputs The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for loans held-for-investment and held-for-sale:
December 31, 2021September 30, 2022
MinimumMaximum
Weighted-Average (2)
MinimumMaximum
Weighted-Average (2)
Discount rate3.42 %16.49 %7.29 %5.90 %20.88 %10.80 %
Credit risk rate (1)
0.08 %55.79 %17.98 %0.01 %93.09 %17.40 %
Prepayment rate (1)
8.70 %88.12 %40.35 %0.14 %93.43 %39.47 %
(1)Expressed as a percentage of the original principal balance of the loans
(2)Unobservable inputs were weighted by relative fair value
The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements of assets related to securitization transactions:
December 31, 2021September 30, 2022
MinimumMaximum
Weighted-Average (2)
MinimumMaximum
Weighted-Average (2)
Notes receivable and residual certificates
Discount rate4.96 %15.72 %6.78 %5.79 %20.35 %11.21 %
Credit risk rate (1)
0.04 %50.69 %18.47 %0.81 %50.69 %18.73 %
Prepayment rate (1)
15.60 %36.08 %27.82 %15.60 %35.03 %28.03 %
_________
(1)Expressed as a percentage of the original principal balance of the loans underlying the financial instruments
(2)Unobservable inputs were weighted by relative fair value
Sensitivity analysis of fair value
The following table presents the sensitivity of the loans held-for-sale and held-for-investment to adverse changes in key assumptions used in the valuation model as of December 31, 2021 and September 30, 2022, respectively.

December 31,September 30,
20212022
Fair value of loans$252,477 $700,455 
Discount rates
100 basis point increase(3,392)(8,482)
200 basis point increase(6,709)(16,793)
Expected credit loss rates on underlying loans
10% adverse change(3,959)(8,691)
20% adverse change(7,927)(17,386)
Expected prepayment rates
10% adverse change(239)(1,638)
20% adverse change(512)(3,277)
Rollforward of level 3 assets
The following tables include a rollforward of the loans classified within Level 3 of the fair value hierarchy:
Loans Held-for-
Sale		Loans Held-for-InvestmentTotal
Fair value at June 30, 2021$26,741 $55,570 $82,311 
Purchases of loans41,994 50,190 92,184 
Sale of loans(34,429)— (34,429)
Purchase of loans for immediate resale2,458,757 — 2,458,757 
Immediate resale(2,458,757)— (2,458,757)
Repayments received(1,831)(6,125)(7,956)
Changes in fair value recorded in earnings(1,313)(1,576)(2,889)
Other changes46 358 404 
Fair value at September 30, 2021$31,208 $98,417 $129,625 
Loans Held-for-
Sale		Loans Held-for-InvestmentTotal
Fair value at December 31, 2020$60,232 $18,228 $78,460 
Reclassification of loans(26)26 — 
Purchases of loans80,305 92,738 173,043 
Sale of loans(101,330)— (101,330)
Purchase of loans for immediate resale5,872,988 — 5,872,988 
Immediate resale(5,872,988)— (5,872,988)
Repayments received(6,867)(12,253)(19,120)
Changes in fair value recorded in earnings(961)(960)(1,921)
Other changes(145)638 493 
Fair value at September 30, 2021$31,208 $98,417 $129,625 
Loans Held-for-
Sale		Loans Held-for-InvestmentTotal
Fair value at June 30, 2022$605,319 $18,444 $623,763 
Purchases of loans333,779 41,402 375,181 
Sale of loans(232,302)— (232,302)
Purchase of loans for immediate resale722,080 — 722,080 
Immediate resale(722,080)— (722,080)
Repayments received(43,748)(2,699)(46,447)
Changes in fair value recorded in earnings(16,499)(4,560)(21,059)
Other changes629 690 1,319 
Fair value at September 30, 2022$647,178 $53,277 $700,455 
Loans Held-for-
Sale		Loans Held-for-InvestmentTotal
Fair value at December 31, 2021$142,685 $109,792 $252,477 
Reclassification of loans from HFS to HFI103,679 (103,679)— 
Purchases of loans1,459,544 55,278 1,514,822 
Sale of loans(866,984)— (866,984)
Purchase of loans for immediate resale5,519,116 — 5,519,116 
Immediate resale(5,519,116)— (5,519,116)
Repayments received(128,023)(3,737)(131,760)
Changes in fair value recorded in earnings(68,329)(5,047)(73,376)
Other changes4,606 670 5,276 
Fair value at September 30, 2022$647,178 $53,277 $700,455 
The following tables include a rollforward of the notes receivable and residual certificates related to securitization transactions classified by the Company within Level 3 of the fair value hierarchy:

Notes Receivable and Residual Certificates
Fair value at June 30, 2021$12,995 
Repayments and settlements(2,766)
Changes in fair value recorded in earnings260 
Fair value at September 30, 2021$10,489 

Notes Receivable and Residual Certificates
Fair value at December 31, 2020$19,074 
Repayments and settlements(9,115)
Changes in fair value recorded in earnings530 
Fair value at September 30, 2021$10,489 
Notes Receivable and Residual Certificates
Fair value at June 30, 2022$4,698 
Repayments and settlements(1,596)
Changes in fair value recorded in earnings357 
Fair value at September 30, 2022$3,459 
Notes Receivable and Residual Certificates
Fair value at December 31, 2021$8,288 
Repayments and settlements(5,508)
Changes in fair value recorded in earnings 679 
Fair value at September 30, 2022$3,459 
Aggregate fair value and principal outstanding of all loans and loans 90 days or more past due
The following table presents the aggregate fair value and aggregate principal outstanding of all loans and loans that were 90 days or more past due included in the condensed consolidated balance sheets:
LoansLoans > 90 Days Past Due
December 31,September 30,December 31,September 30,
2021202220212022
Outstanding principal balance$277,228 $785,856 $1,979 $8,801 
Net fair value and accrued interest adjustments(24,751)(85,401)(1,692)(7,056)
Fair value(1)
$252,477 $700,455 $287 $1,745 
_________
(1)     Includes $50.1 million and $394.1 million of auto loans as of December 31, 2021 and September 30, 2022, respectively, of which an immaterial amount is 90 days or more past due for each period presented.
Level 3 fair value assumptions for loan servicing assets and liabilities
The following table presents quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for loan servicing assets and liabilities:
December 31, 2021September 30, 2022
MinimumMaximum
Weighted-Average (2)
MinimumMaximum
Weighted-Average (2)
Discount rate13.00 %20.00 %17.69 %13.00 %20.00 %17.32 %
Credit risk rate (1)
0.03 %52.78 %18.36 %0.03 %91.58 %16.76 %
Market-servicing rate (3)(4)(5)
0.62 %3.73 %0.62 %0.62 %3.73 %0.62 %
Prepayment rate (1)
5.99 %91.43 %36.39 %0.28 %91.99 %40.73 %
_________
(1)Expressed as a percentage of the original principal balance of the loans underlying the servicing arrangement
(2)Unobservable inputs were weighted by relative fair value
(3)Excludes ancillary fees that would be passed on to a third-party servicer
(4)Expressed as a percentage of the outstanding principal balance of the loan
(5)Includes personal loans and auto loans
Fair value sensitivity of loan servicing assets and liabilities to adverse changes in key assumptions The following table presents the fair value sensitivity of loan servicing assets and liabilities to adverse changes in key assumptions. The fair value of loan servicing assets and liabilities is not sensitive to adverse changes in discount rates and prepayment rates as such changes would not result in a significant impact on the fair value as of December 31, 2021 and September 30, 2022, respectively.
December 31,September 30,
20212022
Fair value of loan servicing assets$18,388 $37,037 
Expected market-servicing rates
10% market-servicing rates increase(5,539)(10,505)
20% market-servicing rates increase(11,002)(20,976)
December 31,September 30,
20212022
Fair value of loan servicing liabilities$8,780 $4,810 
Expected market-servicing rates
10% market-servicing rates increase5,357 2,836 
20% market-servicing rates increase10,788 5,712 
Servicing liabilities at fair value rollforward
The following tables present a rollforward of the loan servicing assets and liabilities classified by the Company within Level 3 of the fair value hierarchy:
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at June 30, 2021$15,450 $11,883 
Sale of loans4,904 2,783 
Changes in fair value recorded in earnings(7,974)(7,478)
Fair value at September 30, 2021$12,380 $7,188 
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at December 31, 2020$6,831 $8,254 
Sale of loans14,833 10,610 
Changes in fair value recorded in earnings(9,284)(11,676)
Fair value at September 30, 2021$12,380 $7,188 
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at June 30, 2022$35,171 $6,366 
Sale of loans6,048 9 
Changes in fair value recorded in earnings(4,182)(1,565)
Fair value at September 30, 2022$37,037 $4,810 
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at December 31, 2021$18,388 $8,780 
Sale of loans26,066 2,296 
Changes in fair value recorded in earnings(7,417)(6,266)
Fair value at September 30, 2022$37,037 $4,810 
Servicing assets at fair value rollforward
The following tables present a rollforward of the loan servicing assets and liabilities classified by the Company within Level 3 of the fair value hierarchy:
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at June 30, 2021$15,450 $11,883 
Sale of loans4,904 2,783 
Changes in fair value recorded in earnings(7,974)(7,478)
Fair value at September 30, 2021$12,380 $7,188 
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at December 31, 2020$6,831 $8,254 
Sale of loans14,833 10,610 
Changes in fair value recorded in earnings(9,284)(11,676)
Fair value at September 30, 2021$12,380 $7,188 
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at June 30, 2022$35,171 $6,366 
Sale of loans6,048 9 
Changes in fair value recorded in earnings(4,182)(1,565)
Fair value at September 30, 2022$37,037 $4,810 
Loan Servicing AssetsLoan Servicing Liabilities
Fair value at December 31, 2021$18,388 $8,780 
Sale of loans26,066 2,296 
Changes in fair value recorded in earnings(7,417)(6,266)
Fair value at September 30, 2022$37,037 $4,810 
Rollforward of level 3 liabilities
The following tables include a rollforward of trailing fee liabilities classified by the Company within Level 3 of the fair value hierarchy:

Trailing Fee Liabilities
Fair value at June 30, 2021$2,513 
Issuances1,148 
Repayments and settlements(350)
Changes in fair value recorded in earnings23 
Fair value at September 30, 2021$3,334 
Trailing Fee Liabilities
Fair value at December 31, 2020$1,276 
Issuances2,753 
Repayments and settlements(766)
Changes in fair value recorded in earnings71 
Fair value at September 30, 2021$3,334 
Trailing Fee Liabilities
Fair value at June 30, 2022$5,446 
Issuances618 
Repayments and settlements(816)
Changes in fair value recorded in earnings    (47)
Fair value at September 30, 2022$5,201 
Trailing Fee Liabilities
Fair value at December 31, 2021$4,315 
Issuances3,404 
Repayments and settlements(2,211)
Changes in fair value recorded in earnings    (307)
Fair value at September 30, 2022$5,201