Long Term Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt Instruments

Debt instruments, excluding the 2022 Vehicle Floorplan Facility, which is discussed in Note 10 — Vehicle Floorplan Facility, and warehouse credit facilities of consolidated VIEs, which are discussed in Note 11 — Warehouse Credit Facilities of Consolidated VIEs, consisted of the following (in thousands):

	June 30,		December 31,
	2023		2022
Current portion of securitization debt of consolidated VIEs	$	219,391	$	47,239
Current portion of financing of beneficial interest in securitizations		12,080		—
Total current portion of long term debt	$	231,471	$	47,239
Convertible senior notes	$	327,408	$	359,254
Securitization debt of consolidated VIEs, net of current portion		197,584		32,590
Financing of beneficial interest in securitizations		9,629		—
Junior subordinated debentures		10,310		10,310
Long term debt, net of current portion	$	544,931	$	402,154
Total debt	$	776,402	$	449,393

Schedule of Securitization Debt of Consolidated VIEs

The securitization debt issued is included in “Current portion of securitization debt of consolidated VIEs at fair value” and "Long term debt, net of current portion" on the condensed consolidated balance sheet. The securitization debt of consolidated VIEs consisted of the following (in thousands):

As of June 30, 2023
Series	Final Scheduled Payment Date	Initial Principal		Contractual Interest Rate		Outstanding Principal		Fair Value
United Auto Credit 2021-1-D	June 10, 2026	$	29,380	1.14	%	$	21,686	$	21,393
United Auto Credit 2021-1-E	June 10, 2026		20,800	2.58	%		20,800		20,170
United Auto Credit 2021-1-F	September 10, 2027		13,910	4.30	%		13,910		13,539
United Auto Credit 2022-2-A	April 10, 2025		119,139	4.39	%		31,173		31,120
United Auto Credit 2022-2-B	December 10, 2025		30,324	5.41	%		30,324		30,003
United Auto Credit 2022-2-C	May 10, 2027		26,533	5.81	%		26,533		26,148
United Auto Credit 2022-2-D	January 10, 2028		32,889	6.84	%		32,889		32,297
United Auto Credit 2022-2-E	April 10, 2029		33,440	10.00	%		33,440		30,420
United Auto Credit 2023-1-A	July 10, 2025		118,598	5.57	%		68,433		68,296
United Auto Credit 2023-1-B	July 10, 2028		51,157	5.91	%		51,157		50,661
United Auto Credit 2023-1-C	July 10, 2028		33,326	6.28	%		33,326		32,996
United Auto Credit 2023-1-D	July 10, 2028		35,653	8.00	%		35,653		36,152
United Auto Credit 2023-1-E	September 10, 2029		23,256	10.98	%		23,256		23,465
Total rated notes		$	568,405			$	422,580	$	416,660
United Auto Credit 2022-2-R	n/a	n/a		n/a		n/a			315
Total rated notes and residual		$	568,405			$	422,580	$	416,975

As of December 31, 2022
Series	Final Scheduled Payment Date	Initial Principal		Contractual Interest Rate		Outstanding Principal		Fair Value
United Auto Credit 2021-1-C	June 10, 2026	$	29,640	0.84	%	$	18,466	$	18,322
United Auto Credit 2021-1-D	June 10, 2026		29,380	1.14	%		29,380		28,481
United Auto Credit 2021-1-E	June 10, 2026		20,800	2.58	%		20,800		19,685
United Auto Credit 2021-1-F	September 10, 2027		13,910	4.30	%		13,910		13,341
		$	93,730			$	82,556	$	79,829

Schedule of Aggregate Principal Balance and Fair Value of Finance Receivables Pledged to Securitization Debt

The aggregate principal balance and the fair value of finance receivables pledged to the securitization debt consists of the following (in thousands):

	As of June 30,				As of December 31,
	2023				2022
	Aggregate Principal Balance		Fair Value		Aggregate Principal Balance		Fair Value
United Auto Credit 2021-1	$	57,829	$	54,464	$	84,477	$	77,904
United Auto Credit 2022-2		170,368		143,263		—		—
United Auto Credit 2023-1		262,299		232,295		—		—
Total finance receivables of CFEs	$	490,496	$	430,022	$	84,477	$	77,904