Finance Receivables (Tables)

3 Months Ended

Mar. 31, 2019

Receivables [Abstract]

Finance Receivables

Finance receivables, net, consisted of the following (in thousands):

	March 31, 2019			December 31, 2018			April 1, 2018
Retail	$	6,290,036		$	6,328,201		$	6,064,192
Wholesale	1,339,428			1,083,615			1,252,600
Total finance receivables	7,629,464			7,411,816			7,316,792
Allowance for credit losses	(190,872		)	(189,885		)	(190,350		)
Finance receivables, net	$	7,438,592		$	7,221,931		$	7,126,442

Allowance for Credit Losses on Finance Receivables

The allowance for credit losses and finance receivables by portfolio, segregated by those amounts that are individually evaluated for impairment and those that are collectively evaluated for impairment, was as follows (in thousands):

	March 31, 2019
	Retail		Wholesale		Total
Allowance for credit losses, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	181,426		9,446		190,872
Total allowance for credit losses	$	181,426	$	9,446	$	190,872
Finance receivables, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	6,290,036		1,339,428		7,629,464
Total finance receivables	$	6,290,036	$	1,339,428	$	7,629,464
	December 31, 2018
	Retail		Wholesale		Total
Allowance for credit losses, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	182,098		7,787		189,885
Total allowance for credit losses	$	182,098	$	7,787	$	189,885
Finance receivables, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	6,328,201		1,083,615		7,411,816
Total finance receivables	$	6,328,201	$	1,083,615	$	7,411,816
	April 1, 2018
	Retail		Wholesale		Total
Allowance for credit losses, ending balance:
Individually evaluated for impairment	$	—	$	184	$	184
Collectively evaluated for impairment	182,150		8,016		190,166
Total allowance for credit losses	$	182,150	$	8,200	$	190,350
Finance receivables, ending balance:
Individually evaluated for impairment	$	—	$	220	$	220
Collectively evaluated for impairment	6,064,192		1,252,380		7,316,572
Total finance receivables	$	6,064,192	$	1,252,600	$	7,316,792

Changes in the allowance for credit losses on finance receivables by portfolio were as follows (in thousands):

	Three months ended March 31, 2019
	Retail			Wholesale		Total
Balance, beginning of period	$	182,098		$	7,787	$	189,885
Provision for credit losses	32,832			1,659		34,491
Charge-offs	(44,721		)	—		(44,721		)
Recoveries	11,217			—		11,217
Balance, end of period	$	181,426		$	9,446	$	190,872
	Three months ended April 1, 2018
	Retail			Wholesale		Total
Balance, beginning of period	$	186,254		$	6,217	$	192,471
Provision for credit losses	28,069			1,983		30,052
Charge-offs	(45,081		)	—		(45,081		)
Recoveries	12,908			—		12,908
Balance, end of period	$	182,150		$	8,200	$	190,350

Impaired Financing Receivables

Additional information related to the wholesale finance receivables that are individually deemed to be impaired at April 1, 2018 includes (in thousands):

	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
Wholesale:
No related allowance recorded	$	—	$	—	$	—	$	—	$	—
Related allowance recorded	251		220		184		251		—
Total impaired wholesale finance receivables	$	251	$	220	$	184	$	251	$	—

Aging of Past Due Finance Receivables Including Non-Accrual Status Finance Receivables

An analysis of the aging of past due finance receivables was as follows (in thousands):

	March 31, 2019
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total Finance Receivables
Retail	$	6,088,894	$	119,150	$	43,028	$	38,964	$	201,142	$	6,290,036
Wholesale	1,337,429		862		355		782		1,999		1,339,428
Total	$	7,426,323	$	120,012	$	43,383	$	39,746	$	203,141	$	7,629,464
	December 31, 2018
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total Finance Receivables
Retail	$	6,100,186	$	136,945	$	49,825	$	41,245	$	228,015	$	6,328,201
Wholesale	1,081,729		522		273		1,091		1,886		1,083,615
Total	$	7,181,915	$	137,467	$	50,098	$	42,336	$	229,901	$	7,411,816
	April 1, 2018
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total Finance Receivables
Retail	$	5,897,632	$	105,366	$	33,275	$	27,919	$	166,560	$	6,064,192
Wholesale	1,247,175		549		4,705		171		5,425		1,252,600
Total	$	7,144,807	$	105,915	$	37,980	$	28,090	$	171,985	$	7,316,792

Recorded Investment of Finance Receivables by Credit Quality Indicator

The recorded investment in retail finance receivables, by credit quality indicator, was as follows (in thousands):

	March 31, 2019		December 31, 2018		April 1, 2018
Prime	$	5,160,942	$	5,183,754	$	4,923,237
Sub-prime	1,129,094		1,144,447		1,140,955
Total	$	6,290,036	$	6,328,201	$	6,064,192

The recorded investment in wholesale finance receivables, by internal credit quality indicator, was as follows (in thousands):

	March 31, 2019		December 31, 2018		April 1, 2018
Doubtful	$	8,679	$	2,210	$	1,582
Substandard	7,866		9,660		3,368
Special Mention	11,484		10,299		33,085
Medium Risk	917		25,802		10,512
Low Risk	1,310,482		1,035,644		1,204,053
Total	$	1,339,428	$	1,083,615	$	1,252,600