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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Hierarchy of Assets and Liabilities Measured on a Recurring Basis
The following tables present, by level within the fair value hierarchy, the Company’s assets and liabilities measured at fair value on a recurring basis:
December 31, 2023
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans held for sale at fair value$— $— $407,773 $407,773 
Loans held for investment at fair value— — 262,190 262,190 
Retail and certificate loans held for investment at fair value— — 10,488 10,488 
Securities available for sale:
Senior asset-backed securities related to Structured Program transactions
— — 1,176,403 1,176,403 
U.S. agency residential mortgage-backed securities— 224,596 — 224,596 
U.S. agency securities— 80,104 — 80,104 
Other asset-backed securities related to Structured Program transactions
— — 73,393 73,393 
Mortgage-backed securities
— 37,076 — 37,076 
Other asset-backed securities— 26,101 — 26,101 
Municipal securities— 2,589 — 2,589 
Total securities available for sale— 370,466 1,249,796 1,620,262 
Servicing assets— — 77,680 77,680 
Other assets— 3,525 — 3,525 
Total assets$— $373,991 $2,007,927 $2,381,918 
Liabilities:
Borrowings
$— $— $2,468 $2,468 
Retail notes and certificates
— — 10,488 10,488 
Other liabilities— 12,072 7,655 19,727 
Total liabilities$— $12,072 $20,611 $32,683 
December 31, 2022
Level 1
Level 2
Level 3
Balance at Fair Value
Assets:
Loans held for sale at fair value$— $— $110,400 $110,400 
Loans held for investment at fair value— — 925,938 925,938 
Retail and certificate loans held for investment at fair value— — 55,425 55,425 
Securities available for sale:
U.S. agency residential mortgage-backed securities— 214,427 — 214,427 
U.S. agency securities— 74,394 — 74,394 
Mortgage-backed securities
— 22,518 — 22,518 
Other asset-backed securities— 14,203 — 14,203 
Asset-backed securities related to Structured Program transactions
— 5,248 12,469 17,717 
Municipal securities— 2,443 — 2,443 
Total securities available for sale— 333,233 12,469 345,702 
Servicing assets— — 84,308 84,308 
Other assets— — 5,099 5,099 
Total assets$— $333,233 $1,193,639 $1,526,872 
Liabilities:
Borrowings
$— $— $8,085 $8,085 
Retail notes and certificates
— — 55,425 55,425 
Other liabilities— — 8,583 8,583 
Total liabilities$— $— $72,093 $72,093 
Quantitative Information about Significant Unobservable Inputs Used for Fair Value Measurements
The following significant unobservable inputs were used in the fair value measurement of loans HFS:
December 31, 2023December 31, 2022
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-Average
Discount rate
8.1 %10.3 %9.0 %5.0 %12.6 %9.1 %
Annualized net charge-off rate (1)
2.7 %12.9 %6.5 %1.9 %23.2 %11.6 %
Annualized prepayment rate (1)
15.7 %22.5 %19.9 %18.5 %27.7 %22.9 %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.
The following significant unobservable inputs were used in the fair value measurement of loans HFI held at fair value:
December 31, 2023December 31, 2022
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-Average
Discount rate
8.4 %16.2 %12.8 %8.8 %17.1 %12.7 %
Annualized net charge-off rate (1)
1.9 %5.9 %3.7 %1.6 %5.3 %3.2 %
Annualized prepayment rate (1)
18.6 %27.7 %22.6 %19.5 %31.0 %24.0 %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.
The following significant unobservable inputs were used in the fair value measurement of other asset-backed securities related to Structured Program transactions:
December 31, 2023
MinimumMaximumWeighted-
Average
Discount rate
8.1 %10.3 %9.0 %
Annualized net charge-off rate (1)
4.9 %5.9 %5.5 %
Annualized prepayment rate (1)
19.2 %21.0 %20.1 %
(1)    The weighted-average rate is calculated using the original principal balance of each security.
The following significant unobservable inputs were used in the fair value measurement for servicing assets related to loans sold to investors:
December 31, 2023December 31, 2022
MinimumMaximumWeighted-
Average		MinimumMaximumWeighted-Average
Discount rate
8.7 %17.3 %11.3 %7.5 %16.4 %10.1 %
Annualized net charge-off rate (1)
1.9 %24.0 %8.7 %1.3 %23.7 %9.3 %
Annualized prepayment rate (1)
15.6 %25.7 %20.3 %16.3 %30.9 %24.4 %
Market servicing rate (2)
0.62 %0.62 %0.62 %0.62 %0.62 %0.62 %
(1)    The weighted-average rate is calculated using the original principal balance of each loan pool.
(2)     The fees a willing market participant would require for the servicing of loans with similar characteristics as those in the Company’s serviced portfolio.
Schedule Of Fair Value Sensitivity Of Loans
The sensitivity of loans HFS at fair value to adverse changes in key assumptions was as follows:
December 31, 2023December 31, 2022
Loans held for sale at fair value
$407,773 $110,400 
Expected remaining weighted-average life (in years)
1.51.4
Discount rate:
100 basis point increase$(5,093)$(1,334)
200 basis point increase$(10,051)$(2,643)
Annualized net charge-off rate:
10% increase$(5,102)$(2,289)
20% increase$(10,184)$(4,505)
Annualized prepayment rate:
10% increase$(851)$(529)
20% increase$(1,628)$(1,008)
The sensitivity of loans HFI at fair value to adverse changes in key assumptions was as follows:
December 31, 2023December 31, 2022
Loans held for investment at fair value$262,190 $925,938 
Expected remaining weighted-average life (in years)
0.90.9
Discount rate:
100 basis point increase$(1,957)$(7,471)
200 basis point increase$(3,888)$(14,830)
Annualized net charge-off rate:
10% increase$(1,753)$(5,574)
20% increase$(3,595)$(11,307)
Annualized prepayment rate:
10% increase$(857)$(4,311)
20% increase$(1,675)$(7,480)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents loans HFS at fair value activity:
Balance at December 31, 2021
$142,370 
Originations and purchases9,045,701 
Sales(9,039,892)
Principal payments(31,253)
Transfers
(11,907)
Fair value adjustments recorded in earnings5,381 
Balance at December 31, 2022
$110,400 
Originations and purchases4,942,457 
Sales(4,634,155)
Principal payments(70,350)
Transfers
195,106 
Fair value adjustments recorded in earnings(135,685)
Balance at December 31, 2023
$407,773 
The following table presents loans HFI at fair value activity:
Balance at December 31, 2021
$21,240 
Purchases954,086 
Principal payments(74,393)
Transfers
22,294 
Interest income accretion and fair value adjustments recorded in earnings
2,711 
Balance at December 31, 2022
$925,938 
Purchases4,243 
Principal payments(485,043)
Transfers
(195,106)
Interest income accretion and fair value adjustments recorded in earnings
12,158 
Balance at December 31, 2023
$262,190 
The following table presents senior asset-backed securities related to Structured Program transactions activity:
December 31, 2023
Fair value at beginning of period$— 
Additions1,225,796 
Cash received(60,283)
Change in unrealized gain
10,890 
Fair value at end of period$1,176,403 
The following table presents additional information about Level 3 other asset-backed securities related to Structured Program transactions measured at fair value:
December 31, 2023
Fair value at beginning of period$12,469 
Additions73,516 
Cash received(12,634)
Change in unrealized gain
42 
Fair value at end of period$73,393 
The following table presents servicing assets measured at fair value activity:
Fair value at December 31, 2021
$67,726 
Issuances (1)
93,352 
Change in fair value, included in Marketplace Revenue(73,229)
Other net changes
(3,541)
Fair value at December 31, 2022
$84,308 
Issuances (1)
56,032 
Change in fair value, included in Marketplace Revenue(62,581)
Other net changes
(79)
Fair value at December 31, 2023
$77,680 
(1)    Represents the servicing assets recorded when loans are sold. Included in “Gain on sales of loans” within “Marketplace revenue” on the Income Statement.
Schedule of Sensitivity Analysis of Debt Securities Available-for-Sale
The sensitivity in the fair value of other asset-backed securities related to Structured Program transactions to changes in key assumptions was as follows:
December 31, 2023
Fair value of interests held$73,393 
Expected remaining weighted-average life (in years)
1.5
Discount rate
100 basis point increase$(927)
200 basis point increase$(1,836)
Annualized net charge-off rate
10% increase$(882)
20% increase$(1,771)
Annualized prepayment rate
10% increase$(203)
20% increase$(430)
Schedule of Fair Value Sensitivity of Servicing Assets
The sensitivity of the fair value of servicing assets to adverse changes in key assumptions was as follows:
December 31, 2023December 31, 2022
Fair value of servicing assets
$77,680 $84,308 
Expected remaining weighted-average life (in years)
1.21.2
Discount rate:
100 basis point increase$(675)$(726)
200 basis point increase$(1,349)$(1,451)
Annualized net charge-off rate:
10% increase$(878)$(1,037)
20% increase$(1,756)$(2,074)
Annualized prepayment rate:
10% increase$(1,550)$(1,994)
20% increase$(3,100)$(3,989)
Fair Value, by Balance Sheet Grouping
The following tables present the carrying amount and estimated fair values, by level within the fair value hierarchy, of the Company’s assets and liabilities that are not recorded at fair value on a recurring basis:
December 31, 2023Carrying Amount
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans and leases held for investment, net$4,539,915 $— $— $4,675,354 $4,675,354 
Other assets37,605 — 36,884 1,017 37,901 
Total assets$4,577,520 $— $36,884 $4,676,371 $4,713,255 
Liabilities:
Deposits (1)
$1,714,889 $— $— $1,714,203 $1,714,203 
Borrowings
6,398 — — 6,398 6,398 
Other liabilities59,015 — 36,823 22,192 59,015 
Total liabilities$1,780,302 $— $36,823 $1,742,793 $1,779,616 
December 31, 2022Carrying Amount
Level 1
Level 2
Level 3
Balance at
Fair Value
Assets:
Loans and leases held for investment, net$4,705,302 $— $— $4,941,825 $4,941,825 
Other assets36,646 — 35,300 1,397 36,697 
Total assets$4,741,948 $— $35,300 $4,943,222 $4,978,522 
Liabilities:
Deposits (1)
$860,808 $— $— $860,808 $860,808 
Borrowings
66,773 — 2,619 64,154 66,773 
Other liabilities62,247 — 30,311 31,936 62,247 
Total liabilities$989,828 $— $32,930 $956,898 $989,828 
(1)    Excludes deposit liabilities with no defined or contractual maturities.
Schedule of Fair Value Disclosure and Measurement The table below shows the impact on the estimated fair value of servicing assets, calculated using different market servicing rate assumptions:
December 31, 2023December 31, 2022
Weighted-average market servicing rate assumptions0.62 %0.62 %
Change in fair value from:
Market servicing rate increase by 0.10%
$(8,719)$(10,505)
Market servicing rate decrease by 0.10%
$8,719 $10,505 
Loans and Notes and Certificates The following table presents the components of each portfolio segment by class of financing receivable:
December 31, 2023December 31, 2022
Unsecured personal$3,726,830 $3,866,373 
Residential mortgages183,050 199,601 
Secured consumer250,039 194,634 
Total consumer loans held for investment4,159,919 4,260,608 
Equipment finance (1)
110,992 160,319 
Commercial real estate380,322 373,501 
Commercial and industrial (2)
199,069 238,726 
Total commercial loans and leases held for investment690,383 772,546 
Total loans and leases held for investment4,850,302 5,033,154 
Allowance for loan and lease losses (3)
(310,387)(327,852)
Loans and leases held for investment, net (4)
$4,539,915 $4,705,302 
(1)    Comprised of sales-type leases for equipment. See “Note 19. Leases” for additional information.
(2)    Includes $6.4 million and $67.0 million of pledged loans under the Paycheck Protection Program (PPP), as of December 31, 2023 and 2022, respectively.
(3)    Comprised of $355.8 million and $340.4 million in allowance for future estimated net charge-offs on existing portfolio balances, net of a negative allowance of $45.4 million and $12.5 million for expected recoveries of amounts previously charged-off as of December 31, 2023 and 2022, respectively.
(4)    As of December 31, 2023 and 2022, the Company had $3.5 billion and $283.6 million in loans pledged as collateral under the FRB Discount Window, respectively. In addition, as of December 31, 2023 and 2022, the Company had $479.0 million and $156.2 million in loans pledged to the FHLB of Des Moines, respectively.

December 31, 2023GrossALLLNet
Allowance Ratios (1)
Total consumer loans held for investment$4,159,919 $298,061 $3,861,858 7.2 %
Total commercial loans and leases held for investment
690,383 12,326 678,057 1.8 %
Total loans and leases held for investment
$4,850,302 $310,387 $4,539,915 6.4 %
December 31, 2022GrossALLLNet
Allowance Ratios (1)
Total consumer loans held for investment$4,260,608 $312,489 $3,948,119 7.3 %
Total commercial loans and leases held for investment
772,546 15,363 757,183 2.0 %
Total loans and leases held for investment
5,033,154 $327,852 $4,705,302 6.5 %
(1)    Calculated as the ratio of ALLL to loans and leases HFI at amortized cost.
The following table summarizes the aggregate fair value of the Company’s HFS loans, as well as the amount that was 90 days or more past due:
December 31, 2023December 31, 2022
Total
90 or more
 days past due
Total
90 or more
 days past due
Aggregate unpaid principal balance
$431,955 $1,395 $114,920 $188 
Cumulative fair value adjustments
(24,182)(1,102)(4,520)(153)
Fair value of loans held for sale
$407,773 $293 $110,400 $35 
The following table summarizes the aggregate fair value of the Company’s HFI loans held at fair value, as well as the amount that was 90 days or more past due:
December 31, 2023December 31, 2022
Total
90 or more
 days past due
Total
90 or more
 days past due
Aggregate unpaid principal balance
$281,031 $3,774 $1,002,465 $6,345 
Cumulative fair value adjustments
(18,841)(3,037)(76,527)(5,158)
Fair value of loans held for investment
$262,190 $737 $925,938 $1,187