Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

(4) Debt

The terms and amounts of our other debt outstanding at June 30, 2024 and December 31, 2023 are summarized below:

			Amount Outstanding at
			June 30,		December 31,
			2024		2023
			(In thousands)
Description	Interest Rate	Maturity
Warehouse lines of credit	3.00% over CP yield rate (Minimum 3.75%) 8.44% and 8.58% at June 30, 2024 and December 31 2023, respectively	July 2026	$	70,715	$	165,628
	4.50% over a commercial paper rate (Minimum 7.50%) 9.83% and 9.63% at June 30 2024, and December 31 2023, respectively	March 2026		13,250		68,997
Residual interest financing	7.86%	June 2026		50,000		50,000
Residual interest financing	11.50%	March 2029		50,000		–
Subordinated renewable notes	Weighted average rate of 9.20% and 8.45% at June 30, 2024 and December 31, 2023, respectively	Weighted average maturity of  July 2026 and February 2026 at June 30, 2024 and December 31, 2023, respectively		22,356		17,188
			$	206,321	$	301,813

On March 29, 2024, we renewed our two-year $200 million revolving credit agreement with Ares Agent Services, L.P. The revolving period for this facility was extended to March 2026 followed by an amortization period through March 2028 for any receivables pledged at the end of the revolving period. There was $13.3 million outstanding under this facility at June 30, 2024.

On March 22, 2024, we completed a $50 million securitization of residual interests from previously issued securitizations. In the transaction, a qualified institutional buyer purchased $50.0 million of asset-backed notes secured by an 80% interest in a CPS affiliate that owns the residual interests in five CPS securitizations issued from January 2022 through January 2023. The sold notes (“2024-1 Notes”), issued by CPS Auto Securitization Trust 2024-1, consist of a single class with a coupon of 11.50%. At June 30, 2024 there was $50.0 million outstanding under this facility.

On July 11, 2024, we renewed our two-year $200 million revolving credit agreement with Citibank, N.A. The revolving period for this facility was extended to July 2026 followed by an amortization period through July 2027 for any receivables pledged at the end of the revolving period. There was $70.7 million outstanding under this facility at June 30, 2024.

Unamortized debt issuance costs of $921,000 and $125,000 as of June 30, 2024 and December 31, 2023, respectively, have been excluded from the amount reported above for residual interest financing. Similarly, unamortized debt issuance costs of $1.8 million and $599,000 as of June 30, 2024 and December 31, 2023, respectively, have been excluded from the Warehouse lines of credit amounts in the table above. These debt issuance costs are presented as a direct deduction to the carrying amount of the debt on our Unaudited Condensed Consolidated Balance Sheets.