Auto Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2023

The components of auto loans receivable, net of unearned discounts and allowances for expected credit losses, at December 31, are as follows:


	2023		2022




Total auto loans receivable	$	451.2	$	377.0
Accrued interest and fees	4.8		4.4
Deferred loan origination costs	1.6		0.5
Less: unearned discounts	(8.9)		(21.3)
Less: allowances for expected credit losses	(46.3)		(57.5)
Auto loans receivable, net	$	402.4	$	303.1

Financing Receivable Credit Quality Indicators

The following table presents auto loans receivable as of December 31, 2023, and December 31, 2022, disaggregated by major credit program tier:


	Fiscal Year of Origination
As of December 31, 2023	2023		2022		2021		2020		2019		Prior to 2019		Total
Credit Program Tier(1):
Platinum	$	163.9	$	14.8	$	8.2	$	3.3	$	3.1	$	0.5	$	193.8
Gold	64.3		35.9		18.5		6.8		4.5		0.8		130.8
Silver	50.2		33.0		16.2		5.2		2.8		0.3		107.7
Bronze	6.7		0.7		6.0		1.5		0.1		—		15.0
Copper	0.3		0.2		2.8		0.5		0.1		—		3.9
Total auto loans receivable	$	285.4	$	84.6	$	51.7	$	17.3	$	10.6	$	1.6	$	451.2

Current-period gross write-offs	$	10.5	$	33.6	$	16.4	$	4.6	$	2.5	$	0.7	$	68.3

	Fiscal Year of Origination
As of December 31, 2022	2022		2021		2020		2019		2018		Prior to 2018		Total
Credit Program Tier(1):
Platinum	$	21.9	$	12.9	$	6.4	$	7.4	$	2.2	$	0.2	$	51.0
Gold	53.7		30.0		12.9		10.6		3.2		0.4		110.8
Silver	61.9		29.8		10.4		8.0		1.9		0.1		112.1
Bronze	41.4		17.1		7.4		3.7		1.0		0.1		70.7
Copper	19.2		8.0		2.6		1.8		0.7		0.1		32.4
Total auto loans receivable	$	198.1	$	97.8	$	39.7	$	31.5	$	9.0	$	0.9	$	377.0

(1) Classified based on credit grade assigned when customer was initially approved for financing.

Financing Receivable, Allowance for Credit Loss

The following is a rollforward of our allowance for expected credit losses for auto loans receivable for the years ended December 31, 2023, and December 31, 2022:


	2023		2022(1)
Balance as of beginning of year	$	57.5	$	—
Provision for credit losses	45.9		43.8
Initial allowance for purchased credit-deteriorated loans	—		21.7
Write-offs	(68.3)		(13.9)
Recoveries(2)	27.3		5.9
Sold loans	(16.1)		—
Balance as of end of year	$	46.3	$	57.5

(1) Reflects activity that occurred after the acquisition of CIG Financial on October 1, 2022. Provision for credit losses includes initial credit loss expense of $34.2 million associated with the auto loan portfolio acquired as part of the acquisition.
(2) Includes proceeds from the recovery of vehicle collateral, net of costs incurred.

Financing Receivable, Past Due

The following table presents past due auto loans receivable, as of December 31, 2023, and December 31, 2022:


	Age Analysis of Past-Due Financial Assets as of December 31,
	2023		2022
31-60 Days	$	20.7	$	13.0
61-90 Days	5.4		4.1
Greater than 90 Days	3.1		2.6
Total Past Due	$	29.2	$	19.7

Current	422.0		357.3
Total	$	451.2	$	377.0