XML 53 R32.htm IDEA: XBRL DOCUMENT v3.25.3
Finance Receivables (Tables)
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Schedule of Finance Receivables
Finance receivables held for investment, net were as follows (in thousands):
September 30,
2025		December 31,
2024		September 30,
2024
Retail finance receivables$704,294 $6,681,106 $6,961,975 
Wholesale finance receivables1,166,354 1,008,371 1,238,324 
1,870,648 7,689,477 8,200,299 
Recovery (allowance) for credit losses
12,901 (401,183)(399,912)
$1,883,549 $7,288,294 $7,800,387 
Schedule of Changes in the Allowance for Finance Credit Losses on Finance Receivables Held for Investment
Changes in the Company's (recovery) allowance for credit losses on its finance receivables held for investment by portfolio were as follows (in thousands):
 Three months ended September 30, 2025Nine months ended September 30, 2025
 RetailWholesaleTotalRetailWholesaleTotal
Balance, beginning of period$374,828 $24,465 $399,293 $378,373 $22,810 $401,183 
Provision for credit losses(307,162)5,663 (301,499)(206,386)7,959 (198,427)
Charge-offs(44,555)(4,701)(49,256)(183,395)(5,342)(188,737)
Recoveries14,108 — 14,108 48,627 — 48,627 
Sale of Residual Interest in Securitizations
(75,547)— (75,547)(75,547)— (75,547)
Balance, end of period$(38,328)$25,427 $(12,901)$(38,328)$25,427 $(12,901)
 Three months ended September 30, 2024Nine months ended September 30, 2024
 RetailWholesaleTotalRetailWholesaleTotal
Balance, beginning of period$377,826 $15,691 $393,517 $367,037 $14,929 $381,966 
Provision for credit losses55,831 2,146 57,977 172,109 2,908 175,017 
Charge-offs(65,029)— (65,029)(207,109)— (207,109)
Recoveries13,447 — 13,447 50,038 — 50,038 
Balance, end of period$382,075 $17,837 $399,912 $382,075 $17,837 $399,912 
Schedule of Financing Receivable Credit Quality Indicators
The amortized cost of the Company's U.S. and Canadian retail finance receivables held for investment, along with total retail gross charge-offs by vintage and credit quality indicator were as follows (in thousands):
September 30, 2025
20252024202320222021
2020 & Prior
Total
U.S. Retail:
Super prime$144,780 $120,456 $61,502 $19,838 $12,198 $2,011 $360,785 
Prime125,804 104,939 60,992 29,368 13,633 2,767 337,503 
Sub-prime1,601 886 830 808 710 1,171 6,006 
$272,185 $226,281 $123,324 $50,014 $26,541 $5,949 $704,294 
Gross charge-offs for the nine months ended September 30, 2025:
U.S. Retail
$2,771 $47,626 $53,155 $41,175 $21,364 $13,560 $179,651 
Canadian Retail126 996 991 821 383 427 3,744 
$2,897 $48,622 $54,146 $41,996 $21,747 $13,987 $183,395 
December 31, 2024
20242023202220212020
2019 & Prior
Total
U.S. Retail:
Super prime$1,040,491 $694,941 $449,697 $206,974 $67,668 $28,606 $2,488,377 
Prime1,042,910 821,719 659,000 363,507 141,495 82,771 3,111,402 
Sub-prime318,689 224,656 180,048 119,457 58,297 47,624 948,771 
2,402,090 1,741,316 1,288,745 689,938 267,460 159,001 6,548,550 
Canadian Retail:
Super prime36,011 29,098 17,468 8,330 3,179 1,096 95,182 
Prime9,111 8,687 6,724 4,033 2,212 1,524 32,291 
Sub-prime1,701 1,229 972 435 462 284 5,083 
46,823 39,014 25,164 12,798 5,853 2,904 132,556 
$2,448,913 $1,780,330 $1,313,909 $702,736 $273,313 $161,905 $6,681,106 
Gross charge-offs for the year ended December 31, 2024:
U.S. Retail
$18,322 $92,489 $90,023 $47,678 $19,628 $17,143 $285,283 
Canadian Retail241 1,474 1,398 755 391 464 4,723 
$18,563 $93,963 $91,421 $48,433 $20,019 $17,607 $290,006 
September 30, 2024
20242023202220212020
2019 & Prior
Total
U.S. Retail:
Super prime$931,374 $769,173 $507,694 $241,713 $84,111 $39,590 $2,573,655 
Prime927,821 901,954 730,870 410,721 166,169 106,766 3,244,301 
Sub-prime281,501 249,447 200,838 134,880 67,592 59,151 993,409 
2,140,696 1,920,574 1,439,402 787,314 317,872 205,507 6,811,365 
Canadian Retail:
Super prime35,280 34,382 21,186 10,573 4,410 1,702 107,533 
Prime9,200 10,340 8,054 4,812 2,782 2,124 37,312 
Sub-prime1,731 1,457 1,132 490 564 391 5,765 
46,211 46,179 30,372 15,875 7,756 4,217 150,610 
$2,186,907 $1,966,753 $1,469,774 $803,189 $325,628 $209,724 $6,961,975 
Gross charge-offs for the nine months ended September 30, 2024:
U.S. Retail
$4,680 $65,972 $67,945 $36,365 $15,270 $13,485 $203,717 
Canadian Retail87 1,033 976 616 329 351 3,392 
$4,767 $67,005 $68,921 $36,981 $15,599 $13,836 $207,109 
The amortized cost of the Company's wholesale finance receivables, by vintage and credit quality indicator, was as follows (in thousands):
September 30, 2025
20252024202320222021
2020 & Prior
Total
Non-Performing$933 $1,090 $282 $— $— $— $2,305 
Doubtful15,333 7,473 1,070 20 — — 23,896 
Substandard1,831 1,796 — — — — 3,627 
Special Mention16,109 4,171 175 — 59 — 20,514 
Medium Risk36,215 4,268 752 — — — 41,235 
Low Risk921,295 103,843 13,101 34,350 1,176 1,012 1,074,777 
$991,716 $122,641 $15,380 $34,370 $1,235 $1,012 $1,166,354 
Gross charge-offs for the nine months ended September 30, 2025:
        Wholesale$2,401 $506 $134 $— $— $2,301 $5,342 
December 31, 2024
20242023202220212020
2019 & Prior
Total
Non-Performing$6,430 $4,702 $129 $— $— $2 $11,263 
Doubtful25,827 3,869 139 — — 8,196 38,031 
Substandard14,470 2,928 — — — — 17,398 
Special Mention3,162 362 19 — — — 3,543 
Medium Risk1,471 271 — — — — 1,742 
Low Risk808,771 83,611 38,815 1,702 3,358 137 936,394 
$860,131 $95,743 $39,102 $1,702 $3,358 $8,335 $1,008,371 
Gross charge-offs for the year ended December 31, 2024:
        Wholesale$709 $710 $42 $— $— $1 $1,462 
September 30, 2024
20242023202220212020
2019 & Prior
Total
Non-Performing$1,986 $2,134 $122 $— $— $2 $4,244 
Doubtful9,939 4,043 129 — — 5 14,116 
Substandard14,669 3,391 34 — — — 18,094 
Special Mention4,527 1,240 58 — — — 5,825 
Medium Risk615 146 — — — — 761 
Low Risk1,008,975 134,065 38,019 2,567 3,500 8,158 1,195,284 
$1,040,711 $145,019 $38,362 $2,567 $3,500 $8,165 $1,238,324 
Gross charge-offs for the nine months ended September 30, 2024:
Wholesale$— $— $— $— $— $— $— 
Schedule of Transfer​ of​ Financial​ Assets, off Balance sheet VEI's Portfolio
Information about the asset performance of the total portfolio of retail loans serviced by the Company ("Managed Portfolio"), including receivables retained or consolidated as part of on-balance sheet VIEs (collectively, the "Owned Portfolio"), along with receivables included in off-balance sheet VIEs ("Off-Balance Sheet Portfolio"), is provided in the table below (in thousands):
Principal BalancesCredit Losses
30+ Day DelinquentThree months endedNine Months Ended
September 30, 2025September 30, 2025
Owned portfolio
$242,408 $30,341 $135,056 
Off-balance sheet portfolio
32,972 1,717 1,717 
Managed portfolio
$275,380 $32,058 $136,773 
Schedule of Impaired Financing Receivables
Additional information related to the wholesale finance receivables on non-accrual status was as follows (in thousands):
Amortized Cost Amortized CostInterest Income
January 1, 2025
September 30, 2025
Recognized
Wholesale:
No related allowance recorded$7,510 $184 $986 
Related allowance recorded3,753 2,121 56 
$11,263 $2,305 $1,042 
Amortized CostAmortized CostInterest Income
January 1, 2024
September 30, 2024
Recognized
Wholesale:
No related allowance recorded$— $2,423 $123 
Related allowance recorded— 1,821 123 
$— $4,244 $246 
Schedule of Past Due Financing Receivables
The aging analysis of the Company's finance receivables held for investment was as follows (in thousands):
September 30, 2025
Current31-60 Days
Past Due 		61-90 Days
Past Due 		Greater than
90 Days
Past Due and Still Accruing		Greater Than 90 Days Past Due and Not AccruingTotal
Past Due		Total
Finance
Receivables
Retail$693,233 $6,774 $1,292 $2,995 $— $11,061 $704,294 
Wholesale1,160,152 3,041 563 1,932 666 6,202 1,166,354 
$1,853,385 $9,815 $1,855 $4,927 $666 $17,263 $1,870,648 
December 31, 2024
Current31-60 Days
Past Due 		61-90 Days
Past Due 		Greater than
90 Days
Past Due and Still Accruing		Greater Than 90 Days Past Due and Not AccruingTotal
Past Due		Total
Finance
Receivables
Retail$6,368,447 $178,752 $69,257 $64,650 $— $312,659 $6,681,106 
Wholesale1,002,584 3,463 718 1,080 526 5,787 1,008,371 
$7,371,031 $182,215 $69,975 $65,730 $526 $318,446 $7,689,477 
September 30, 2024
Current31-60 Days
Past Due		61-90 Days
Past Due		Greater than
90 Days
Past Due and Still Accruing		Greater Than 90 Days Past Due and Not AccruingTotal
Past Due		Total
Finance
Receivables
Retail$6,679,994 $163,963 $61,542 $56,476 $— $281,981 $6,961,975 
Wholesale1,236,124 832 777 89 502 2,200 1,238,324 
$7,916,118 $164,795 $62,319 $56,565 $502 $284,181 $8,200,299