Finance Receivables (Tables)

3 Months Ended

Mar. 31, 2024

Finance receivables, net were as follows (in thousands):


	March 31, 2024		December 31, 2023		March 31, 2023
Retail finance receivables	$	6,799,510	$	6,818,699	$	6,708,103
Wholesale finance receivables	1,486,873		1,061,532		1,224,051
	8,286,383		7,880,231		7,932,154
Allowance for credit losses	(380,361)		(381,966)		(358,431)
	$	7,906,022	$	7,498,265	$	7,573,723

Schedule of Changes in the Allowance for Finance Credit Losses on Finance Receivables

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


	Three months ended March 31, 2024
	Retail		Wholesale		Total
Balance, beginning of period	$	367,037	$	14,929	$	381,966
Provision for credit losses	60,989		21		61,010
Charge-offs	(81,368)		—		(81,368)
Recoveries	18,753		—		18,753
Balance, end of period	$	365,411	$	14,950	$	380,361
	Three months ended March 31, 2023
	Retail		Wholesale		Total
Balance, beginning of period	$	345,275	$	13,436	$	358,711
Provision for credit losses	50,969		1,395		52,364
Charge-offs	(68,008)		—		(68,008)
Recoveries	15,364		—		15,364
Balance, end of period	$	343,600	$	14,831	$	358,431

Schedule of Financing Receivable Credit Quality Indicators

The amortized cost along with period gross charge-offs of the Company's U.S. and Canadian retail finance receivables by vintage and credit quality indicator was as follows (in thousands):


	March 31, 2024
	2024		2023		2022		2021		2020		2019 & Prior		Total
U.S. Retail:
Super prime	$	311,848	$	963,226	$	651,375	$	328,904	$	126,727	$	73,138	$	2,455,218
Prime	294,135		1,087,821		900,078		522,250		226,247		173,807		3,204,338
Sub-prime	87,446		305,352		246,904		168,542		88,980		88,826		986,050
	693,429		2,356,399		1,798,357		1,019,696		441,954		335,771		6,645,606
Canadian Retail:
Super prime	11,736		43,504		27,785		15,068		7,456		4,063		109,612
Prime	2,566		12,375		10,180		6,336		3,779		3,526		38,762
Sub-prime	456		1,760		1,355		601		744		614		5,530
	14,758		57,639		39,320		22,005		11,979		8,203		153,904
	$	708,187	$	2,414,038	$	1,837,677	$	1,041,701	$	453,933	$	343,974	$	6,799,510
Gross charge-offs for the three months ended March 31, 2024:
US Retail	$	—	$	21,760	$	28,748	$	16,286	$	7,111	$	6,363	$	80,268
Canadian Retail	—		245		335		212		145		163		1,100
	$	—	$	22,005	$	29,083	$	16,498	$	7,256	$	6,526	$	81,368


	December 31, 2023
	2023		2022		2021		2020		2019		2018 & Prior		Total
U.S. Retail:
Super prime	$	1,066,321	$	729,339	$	376,474	$	151,004	$	70,627	$	27,013	$	2,420,778
Prime	1,173,463		993,417		584,305		259,995		139,011		78,880		3,229,071
Sub-prime	333,099		275,964		189,688		101,437		63,393		44,568		1,008,149
	2,572,883		1,998,720		1,150,467		512,436		273,031		150,461		6,657,998
Canadian Retail:
Super prime	48,705		31,733		17,744		9,241		4,521		1,524		113,468
Prime	13,764		11,434		7,336		4,390		2,728		1,838		41,490
Sub-prime	1,846		1,546		739		817		525		270		5,743
	64,315		44,713		25,819		14,448		7,774		3,632		160,701
	$	2,637,198	$	2,043,433	$	1,176,286	$	526,884	$	280,805	$	154,093	$	6,818,699
Gross charge-offs for the year ended December 31, 2023:
US Retail	$	20,047	$	102,387	$	74,212	$	30,896	$	18,088	$	14,655	$	260,285
Canadian Retail	527		1,004		866		472		278		483		3,630
	$	20,574	$	103,391	$	75,078	$	31,368	$	18,366	$	15,138	$	263,915


	March 31, 2023
	2023		2022		2021		2020		2019		2018 & Prior		Total
U.S. Retail:
Super prime	$	284,656	$	1,007,543	$	547,008	$	240,495	$	133,205	$	72,247	$	2,285,154
Prime	314,959		1,317,733		799,814		378,539		224,682		170,944		3,206,671
Sub-prime	86,541		379,206		264,358		145,132		94,898		85,829		1,055,964
	686,156		2,704,482		1,611,180		764,166		452,785		329,020		6,547,789
Canadian Retail:
Super prime	10,428		44,213		26,550		15,250		9,921		4,668		111,030
Prime	3,650		14,850		9,711		6,482		4,439		3,917		43,049
Sub-prime	579		2,013		1,237		1,033		754		619		6,235
	14,657		61,076		37,498		22,765		15,114		9,204		160,314
	$	700,813	$	2,765,558	$	1,648,678	$	786,931	$	467,899	$	338,224	$	6,708,103
Gross charge-offs for the three months ended March 31, 2023:
US Retail	$	—	$	23,440	$	22,535	$	10,215	$	5,818	$	5,100	$	67,108
Canadian Retail	—		300		245		150		33		172		900
	$	—	$	23,740	$	22,780	$	10,365	$	5,851	$	5,272	$	68,008

The amortized cost of the Company's wholesale finance receivables, by vintage and credit quality indicator, was as follows (in thousands):


	March 31, 2024
	2024		2023		2022		2021		2020		2019 & Prior		Total
Non-Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Doubtful	1,612		1,783		216		—		—		10		3,621
Substandard	10,570		10,989		436		—		—		8		22,003
Special Mention	2,332		1,954		183		—		—		317		4,786
Medium Risk	1,051		938		—		—		—		—		1,989
Low Risk	861,075		521,155		54,703		4,110		4,646		8,785		1,454,474
	$	876,640	$	536,819	$	55,538	$	4,110	$	4,646	$	9,120	$	1,486,873


	December 31, 2023
	2023		2022		2021		2020		2019		2018 & Prior		Total
Non-Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Doubtful	—		—		—		—		—		—		—
Substandard	10,934		258		—		—		5		—		11,197
Special Mention	641		30		—		—		—		—		671
Medium Risk	2,905		—		—		—		—		—		2,905
Low Risk	961,519		66,757		5,107		4,962		7,786		628		1,046,759
	$	975,999	$	67,045	$	5,107	$	4,962	$	7,791	$	628	$	1,061,532


	March 31, 2023
	2023		2022		2021		2020		2019		2018 & Prior		Total
Non-Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Doubtful	—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—
Medium Risk	—		—		—		—		—		—		—
Low Risk	857,152		335,247		9,123		6,191		11,130		5,208		1,224,051
	$	857,152	$	335,247	$	9,123	$	6,191	$	11,130	$	5,208	$	1,224,051

Schedule of Past Due Financing Receivables

The aging analysis of the Company's finance receivables was as follows (in thousands):


	March 31, 2024
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total
Retail finance receivables	$	6,569,714	$	131,720	$	47,672	$	50,404	$	229,796	$	6,799,510
Wholesale finance receivables	1,486,224		240		219		190		649		1,486,873
	$	8,055,938	$	131,960	$	47,891	$	50,594	$	230,445	$	8,286,383

	December 31, 2023
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total
Retail finance receivables	$	6,516,342	$	168,027	$	67,033	$	67,297	$	302,357	$	6,818,699
Wholesale finance receivables	1,060,561		763		25		183		971		1,061,532
	$	7,576,903	$	168,790	$	67,058	$	67,480	$	303,328	$	7,880,231

	March 31, 2023
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total
Retail finance receivables	$	6,488,892	$	125,327	$	44,748	$	49,136	$	219,211	$	6,708,103
Wholesale finance receivables	1,223,752		298		—		1		299		1,224,051
	$	7,712,644	$	125,625	$	44,748	$	49,137	$	219,510	$	7,932,154