Auto Loans Receivable (Tables)

3 Months Ended

Mar. 31, 2024

The components of auto loans receivable, net of unearned discounts and allowances for expected credit losses, at March 31, 2024, and December 31, 2023, are as follows:


	March 31, 2024		December 31, 2023




Total auto loans receivable	$	566.5	$	451.2
Accrued interest and fees	5.2		4.8
Deferred loan origination costs	2.0		1.6
Less: unearned discounts	(7.7)		(8.9)
Less: allowances for expected credit losses	(48.1)		(46.3)
Auto loans receivable, net	$	517.9	$	402.4

Financing Receivable Credit Quality Indicators

The following tables present auto loans receivable as of March 31, 2024, and December 31, 2023, disaggregated by major credit program tier, in descending order of highest likelihood of repayment:



	Fiscal Year of Origination
As of March 31, 2024	2024		2023		2022		2021		2020		Prior to 2020		Total
Credit Program Tier(1):
Palladium	$	15.8	$	—	$	—	$	—	$	—	$	—	$	15.8
Rhodium	27.6		23.1		0.1		—		—		—		50.8
Platinum	112.7		118.5		13.2		7.2		2.8		2.6		257.0
Gold	17.9		57.6		31.8		16.1		5.6		4.0		133.0
Silver	0.2		45.0		28.7		13.7		4.2		2.1		93.9
Bronze	—		5.9		0.6		5.0		1.3		0.1		12.9
Copper	—		0.2		0.1		2.3		0.4		0.1		3.1
Total auto loans receivable	$	174.2	$	250.3	$	74.5	$	44.3	$	14.3	$	8.9	$	566.5

Current-period gross write-offs	$	0.1	$	5.9	$	4.3	$	2.7	$	0.8	$	0.2	$	14.0

	Fiscal Year of Origination
As of December 31, 2023	2023		2022		2021		2020		2019		Prior to 2019		Total
Credit Program Tier(1):
Rhodium	$	27.6	$	0.1	$	—	$	—	$	—	$	—	$	27.7
Platinum	136.3		14.7		8.2		3.3		3.1		0.5		166.1
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

(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 three months ended March 31, 2024 and 2023:


	Three Months Ended
	March 31,
	2024		2023
Balance as of beginning of year	$	46.3	$	57.5
Provision for credit losses	10.2		12.8

Write-offs	(14.0)		(16.0)
Recoveries(1)	5.6		7.0

Balance as of end of period	$	48.1	$	61.3

(1) 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 March 31, 2024, and December 31, 2023:


	Age Analysis of Past-Due Auto Loans Receivable as of
	March 31, 2024		December 31, 2023
31-60 Days	$	16.4	$	20.7
61-90 Days	4.7		5.4
Greater than 90 Days	2.9		3.1
Total Past Due	$	24.0	$	29.2

Current	542.5		422.0
Total	$	566.5	$	451.2