Auto Loans Receivable (Tables)

9 Months Ended

Sep. 30, 2025

The components of auto loans receivable, net of third -party unearned discounts and allowances for expected credit losses, at September 30, 2025, and December 31, 2024, are as follows:


	September 30, 2025		December 31, 2024




Total auto loans receivable	$	2,020.0	$	1,103.8
Accrued interest and fees	12.8		8.2
Deferred loan origination costs	10.4		4.2
Less: unearned discounts	(0.3)		(4.3)
Less: allowances for expected credit losses	(89.0)		(54.8)
Auto loans receivable, net	$	1,953.9	$	1,057.1

Financing Receivable Credit Quality Indicators

The following tables present auto loans receivable as of September 30, 2025, and December 31, 2024, disaggregated by major credit program tier, in descending order of highest likelihood of repayment:



		Fiscal Year of Origination
As of September 30, 2025	Weighted Average FICO Score	2025		2024		2023		2022		2021		Prior to 2021		Total
Credit Program Tier(1):
Palladium	732	$	490.6	$	140.8	$	—	$	—	$	—	$	—	$	631.4
Rhodium	698	236.6		109.4		12.2		0.1		—		—		358.3
Platinum	652	454.9		399.2		59.1		1.1		2.2		0.5		917.0
Gold	624	21.2		49.1		17.2		0.7		4.0		0.7		92.9
Silver	574	1.9		0.2		9.1		0.6		2.4		0.4		14.6
Bronze	547	0.8		0.1		2.7		0.2		1.2		0.2		5.2
Copper	558	0.2		—		0.1		—		0.3		—		0.6
Total auto loans receivable		$	1,206.2	$	698.8	$	100.4	$	2.7	$	10.1	$	1.8	$	2,020.0

Current-period gross write-offs		$	8.3	$	30.0	$	12.2	$	1.1	$	2.7	$	0.5	$	54.8

		Fiscal Year of Origination
As of December 31, 2024	Weighted Average FICO Score	2024		2023		2022		2021		2020		Prior to 2020		Total
Credit Program Tier(1):
Palladium	734	$	194.0	$	—	$	—	$	—	$	—	$	—	$	194.0
Rhodium	702	147.6		16.9		0.1		—		—		—		164.6
Platinum	651	525.1		82.3		1.7		4.0		1.0		0.1		614.2
Gold	623	64.9		25.0		1.3		7.3		1.6		0.1		100.2
Silver	574	0.3		13.4		1.2		5.4		1.2		0.1		21.6
Bronze	551	0.1		4.0		0.2		2.8		0.6		—		7.7
Copper	562	—		0.2		—		1.1		0.2		—		1.5
Total auto loans receivable		$	932.0	$	141.8	$	4.5	$	20.6	$	4.6	$	0.3	$	1,103.8

(1) Classified based on credit grade assigned when customer was initially approved for financing.

Financing Receivable, Allowance for Credit Loss

The following is a rollforward of our allowance for expected credit losses for auto loans receivable for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30,
	2025		2024
Balance as of beginning of year	$	54.8	$	46.3
Provision for credit losses	61.8		34.0

Write-offs	(54.8)		(44.6)
Recoveries(1)	27.2		19.3

Balance as of end of period	$	89.0	$	55.0

(1) Includes proceeds from the recovery of vehicle collateral, net of costs incurred.

Financing Receivable, Past Due

The following table presents past due auto loans receivable, as of September 30, 2025, and December 31, 2024:


	Age Analysis of Past-Due Auto Loans Receivable as of
	September 30, 2025		December 31, 2024
31-60 Days	$	35.1	$	20.6
61-90 Days	9.8		5.5
Greater than 90 Days	3.6		2.7
Total Past Due	$	48.5	$	28.8

Current	1,971.5		1,075.0
Total	$	2,020.0	$	1,103.8