Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Schedule of Lease Cost and Activity

The Company's lease costs and activity during the three and nine months ended September 30, 2021 and 2020 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in millions)
Lease costs:
Finance leases:
Amortization of finance lease assets	$	11	$	4	$	26	$	11
Interest obligations under finance leases	2		1		5		3
Total finance lease costs	$	13	$	5	$	31	$	14
Operating leases:
Fixed lease costs to non-related parties	$	14	$	8	$	35	$	21
Fixed lease costs to related parties	1		2		4		6
Variable short-term lease costs to related parties	1		1		1		1
Total operating lease costs	$	16	$	11	$	40	$	28
Cash payments related to lease liabilities included in operating cash flows:
Operating lease liabilities to non-related parties					$	23	$	12
Operating lease liabilities to related parties					$	4	$	6
Interest payments on finance lease liabilities					$	5	$	3
Cash payments related to lease liabilities included in financing cash flows:
Principal payments on finance lease liabilities					$	35	$	13

Schedule of Finance Lease, Maturity

The following table summarizes maturities of lease liabilities as of September 30, 2021:

			Operating Leases (1)
	Finance Leases		Related Party (2)		Non-Related Party		Total Operating		Total
	(in millions)
Remainder of 2021	$	13	$	1	$	12	$	13	$	26
2022	46		5		46		51		97
2023	43		5		42		47		90
2024	34		4		36		40		74
2025	25		3		35		38		63
Thereafter	13		6		218		224		237
Total minimum lease payments	174		24		389		413		587
Less: amount representing interest	(17)		(5)		(120)		(125)		(142)
Total lease liabilities	$	157	$	19	$	269	$	288	$	445

_________________________

(1) Leases that are on a month-to-month basis, short-term leases, and lease extensions that the Company does not expect to exercise are not included.

(2) Related party lease payments exclude rent payments due under the DriveTime Lease Agreement and the DriveTime Hub Lease Agreement for locations where the Company shares space with DriveTime, as those are variable lease payments contingent upon the Company's utilization of the leased assets.

Schedule of Operating Lease, Maturity

The following table summarizes maturities of lease liabilities as of September 30, 2021:

			Operating Leases (1)
	Finance Leases		Related Party (2)		Non-Related Party		Total Operating		Total
	(in millions)
Remainder of 2021	$	13	$	1	$	12	$	13	$	26
2022	46		5		46		51		97
2023	43		5		42		47		90
2024	34		4		36		40		74
2025	25		3		35		38		63
Thereafter	13		6		218		224		237
Total minimum lease payments	174		24		389		413		587
Less: amount representing interest	(17)		(5)		(120)		(125)		(142)
Total lease liabilities	$	157	$	19	$	269	$	288	$	445

_________________________

(1) Leases that are on a month-to-month basis, short-term leases, and lease extensions that the Company does not expect to exercise are not included.

(2) Related party lease payments exclude rent payments due under the DriveTime Lease Agreement and the DriveTime Hub Lease Agreement for locations where the Company shares space with DriveTime, as those are variable lease payments contingent upon the Company's utilization of the leased assets.

Schedule of Weighted-Average Remaining Lease Terms and Discount Rates

The weighted-average remaining lease terms and discount rates as of September 30, 2021 and 2020 were as follows, excluding short-term operating leases:

	As of September 30,
	2021		2020
Weighted-average remaining lease terms (years)
Operating leases	9.2		10.6
Finance leases	4.4		4.3
Weighted-average discount rate
Operating leases	7.5	%	8.3	%
Finance leases	5.4	%	5.3	%