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Securities Available for Sale (Tables)
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale Securities Reconciliation
The amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value of securities available for sale as of June 30, 2020 and December 31, 2019, were as follows:
June 30, 2020
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Allowance for Credit Losses
 
Fair
Value
Asset-backed senior securities (1)(2)
$
98,300

 
$
5

 
$
(3,689
)
 
$
—

 
$
94,616

CLUB Certificate asset-backed securities (1)
86,000

 
79

 
(2,858
)
 
(6,587
)
 
76,634

Asset-backed subordinated securities (1)
29,106

 
243

 
(1,409
)
 
(8,984
)
 
18,956

Corporate debt securities
8,502

 
30

 
—

 
—

 
8,532

Commercial paper
8,293

 
—

 
—

 
—

 
8,293

Other asset-backed securities
8,182

 
17

 
—

 
—

 
8,199

Certificates of deposit
6,700

 
—

 
—

 
—

 
6,700

Total securities available for sale
$
245,083

 
$
374

 
$
(7,956
)
 
$
(15,571
)
 
$
221,930


December 31, 2019
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
Asset-backed senior securities (1)(2)
$
108,780

 
$
597

 
$
(38
)
 
$
109,339

CLUB Certificate asset-backed securities (1)
90,728

 
41

 
(1,063
)
 
89,706

Asset-backed subordinated securities (1)
20,888

 
423

 
(221
)
 
21,090

Corporate debt securities
14,333

 
11

 
(1
)
 
14,343

Certificates of deposit
13,100

 
—

 
—

 
13,100

Other asset-backed securities
12,075

 
6

 
(1
)
 
12,080

Commercial paper
9,274

 
—

 
—

 
9,274

U.S. agency securities
1,995

 
—

 
—

 
1,995

Total securities available for sale
$
271,173

 
$
1,078

 
$
(1,324
)
 
$
270,927

(1) 
As of June 30, 2020 and December 31, 2019, $173.8 million and $219.0 million, respectively, of the asset-backed securities related to Structured Program transactions at fair value are subject to restrictions on transfer pursuant to the Company's obligations as a “sponsor” under the U.S. Risk Retention Rules (as more fully described in “Part I – Item 1A. Risk Factors – Risk retention rules may increase our compliance costs, impair our liquidity and otherwise adversely affect our operating results” in the Annual Report.).
(2) 
As of June 30, 2020, and December 31, 2019, includes $148.8 million and $174.8 million, respectively, of securities pledged as collateral at fair value.
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value
A summary of securities available for sale with unrealized losses for which an allowance for credit losses has not been recorded as of June 30, 2020 and December 31, 2019, aggregated by period of continuous unrealized loss, is as follows:
 
Less than
12 months
 
12 months
or longer
 
Total
June 30, 2020
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Asset-backed securities related to Structured Program transactions
$
116,173

 
$
(7,935
)
 
$
1,201

 
$
(21
)
 
$
117,374

 
$
(7,956
)
Corporate debt securities
1,451

 
—

 
—

 
—

 
1,451

 
—

Total securities with unrealized losses (1)
$
117,624

 
$
(7,935
)
 
$
1,201

 
$
(21
)
 
$
118,825

 
$
(7,956
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Less than
12 months
 
12 months
or longer
 
Total
December 31, 2019
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Asset-backed securities related to Structured Program transactions
$
91,350

 
$
(1,287
)
 
$
1,875

 
$
(35
)
 
$
93,225

 
$
(1,322
)
Corporate debt securities
4,613

 
(1
)
 
—

 
—

 
4,613

 
(1
)
Other asset-backed securities
3,062

 
(1
)
 
—

 
—

 
3,062

 
(1
)
Total securities with unrealized losses (1)
$
99,025

 
$
(1,289
)
 
$
1,875

 
$
(35
)
 
$
100,900

 
$
(1,324
)
(1) 
The number of investment positions with unrealized losses at June 30, 2020 and December 31, 2019 totaled 131 and 70, respectively.
Allowance for Credit Losses for Securities Available for Sale
The following table presents the activity in the allowance for credit losses for securities available for sale, by major security type, for the second quarter and first half of 2020:
Allowance for Credit Losses
CLUB Certificate asset-backed securities
 
Asset-backed subordinated securities
Total
Beginning balance as of March 31, 2020
$
(8,638
)
 
$
(10,197
)
$
(18,835
)
Provision for credit loss expense
2,051

 
1,460

3,511

Allowance arising from PCD financial assets
—

 
(247
)
(247
)
Ending balance as of June 30, 2020
$
(6,587
)
 
$
(8,984
)
$
(15,571
)
 
 
 
 
 
Allowance for Credit Losses
CLUB Certificate asset-backed securities
 
Asset-backed subordinated securities
Total
Beginning balance as of January 1, 2020
$
—

 
$
—

$
—

Provision for credit loss expense
(2,633
)
 
(4,836
)
(7,469
)
Allowance arising from PCD financial assets
(3,954
)
 
(4,148
)
(8,102
)
Ending balance as of June 30, 2020
$
(6,587
)
 
$
(8,984
)
$
(15,571
)
Available-for-sale Securities Purchased with Credit Deterioration
Securities available for sale purchased with credit deterioration during the second quarter and first half of 2020 were as follows:
 
Three Months Ended June 30, 2020
 
Six Months Ended June 30, 2020
Purchase price of PCD securities at acquisition
$
2,426

 
$
25,469

Allowance for credit losses on PCD securities at acquisition
247

 
8,102

Par value of acquired PCD securities at acquisition
$
2,673

 
$
33,571
Available-for-sale Securities by Contractual Maturity
The contractual maturities of securities available for sale at June 30, 2020, were as follows:
 
Amortized Cost
 
Fair Value
Within 1 year:
 
 
 
Corporate debt securities
$
8,502

 
$
8,532

Certificates of deposit
6,700

 
6,700

Other asset-backed securities
4,410

 
4,414

Commercial paper
8,293

 
8,293

Total
27,905

 
27,939

After 1 year through 5 years:
 
 
 
Other asset-backed securities
3,772

 
3,785

Total
3,772

 
3,785

Asset-backed securities related to Structured Program transactions
213,406

 
190,206

Total securities available for sale
$
245,083

 
$
221,930
Schedule of Proceeds and Realized Gain (Loss) Proceeds and gross realized gains and losses from other sales of securities available for sale were as follows:
 
Three Months Ended  
 June 30,
 
Six Months Ended  
 June 30,
 
2020
 
2019
 
2020
 
2019
Proceeds
$
—


$
3,300

 
$
2,396

 
$
6,400

Gross realized gains
$
—


$
—

 
$
3

 
$
—

Gross realized losses
$
(2
)

$
—

 
$
(4
)
 
$
—