Loans Receivable

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Schedule of Loans Receivable

Loans receivable and allowance for credit losses consist of the following:

(In millions)	As of March 31, 2021
	Dealer Loans		Purchased Loans		Total
Loans receivable	$	5,933.5	$	4,224.5	$	10,158.0
Allowance for credit losses	(1,727.6)		(1,555.1)		(3,282.7)
Loans receivable, net	$	4,205.9	$	2,669.4	$	6,875.3
(In millions)	As of December 31, 2020
	Dealer Loans		Purchased Loans		Total
Loans receivable	$	5,869.6	$	4,255.2	$	10,124.8
Allowance for credit losses	(1,702.1)		(1,634.8)		(3,336.9)
Loans receivable, net	$	4,167.5	$	2,620.4	$	6,787.9

Summary of Changes in Loans Receivable

A summary of changes in Loans receivable and allowance for credit losses is as follows:

	For the Three Months Ended March 31, 2021
(In millions)	Loans Receivable						Allowance for Credit Losses						Loans Receivable, Net
	Dealer Loans		Purchased Loans		Total		Dealer Loans		Purchased Loans		Total		Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	5,869.6	$	4,255.2	$	10,124.8	$	(1,702.1)	$	(1,634.8)	$	(3,336.9)	$	4,167.5	$	2,620.4	$	6,787.9
Finance charges	344.2		275.2		619.4		(101.7)		(92.8)		(194.5)		242.5		182.4		424.9
Provision for credit losses	—		—		—		0.1		(21.4)		(21.3)		0.1		(21.4)		(21.3)
New Consumer Loan assignments (2)	647.1		385.2		1,032.3		—		—		—		647.1		385.2		1,032.3
Collections (3)	(875.8)		(524.3)		(1,400.1)		—		—		—		(875.8)		(524.3)		(1,400.1)
Accelerated Dealer Holdback payments	10.4		—		10.4		—		—		—		10.4		—		10.4
Dealer Holdback payments	39.0		—		39.0		—		—		—		39.0		—		39.0
Transfers (4)	(40.6)		40.6		—		13.5		(13.5)		—		(27.1)		27.1		—
Write-offs	(62.8)		(208.0)		(270.8)		62.8		208.0		270.8		—		—		—
Recoveries (5)	0.2		0.6		0.8		(0.2)		(0.6)		(0.8)		—		—		—
Deferral of Loan origination costs	2.2		—		2.2		—		—		—		2.2		—		2.2
Balance, end of period	$	5,933.5	$	4,224.5	$	10,158.0	$	(1,727.6)	$	(1,555.1)	$	(3,282.7)	$	4,205.9	$	2,669.4	$	6,875.3

	For the Three Months Ended March 31, 2020
(In millions)	Loans Receivable						Allowance for Credit Losses						Loans Receivable, Net
	Dealer Loans		Purchased Loans		Total		Dealer Loans		Purchased Loans		Total		Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	4,623.3	$	2,597.9	$	7,221.2	$	(428.0)	$	(108.0)	$	(536.0)	$	4,195.3	$	2,489.9	$	6,685.2
Adoption of CECL (1)	940.2		1,523.4		2,463.6		(940.2)		(1,523.4)		(2,463.6)		—		—		—
Finance charges	311.8		222.0		533.8		(83.7)		(88.2)		(171.9)		228.1		133.8		361.9
Provision for credit losses	—		—		—		(168.1)		(186.6)		(354.7)		(168.1)		(186.6)		(354.7)
New Consumer Loan assignments (2)	638.1		417.2		1,055.3		—		—		—		638.1		417.2		1,055.3
Collections (3)	(776.6)		(402.8)		(1,179.4)		—		—		—		(776.6)		(402.8)		(1,179.4)
Accelerated Dealer Holdback payments	11.4		—		11.4		—		—		—		11.4		—		11.4
Dealer Holdback payments	36.6		—		36.6		—		—		—		36.6		—		36.6
Transfers (4)	(31.3)		31.3		—		9.7		(9.7)		—		(21.6)		21.6		—
Write-offs	(78.3)		(208.0)		(286.3)		78.3		208.0		286.3		—		—		—
Recoveries (5)	0.3		0.3		0.6		(0.3)		(0.3)		(0.6)		—		—		—
Deferral of Loan origination costs	2.2		—		2.2		—		—		—		2.2		—		2.2
Balance, end of period	$	5,677.7	$	4,181.3	$	9,859.0	$	(1,532.3)	$	(1,708.2)	$	(3,240.5)	$	4,145.4	$	2,473.1	$	6,618.5

(1)Represents the gross-up of Loans receivable and allowance for credit losses on January 1, 2020 upon the adoption of CECL for the present value of the difference between contractual future net cash flows and expected future net cash flows discounted at the effective interest rate.

(2)The Dealer Loans amount represents advances paid to Dealers on Consumer Loans assigned under our Portfolio Program. The Purchased Loans amount represents one-time payments made to Dealers to purchase Consumer Loans assigned under our Purchase Program.

(3)Represents repayments that we collected on Consumer Loans assigned under our programs.

(4)Under our Portfolio Program, certain events may result in Dealers forfeiting their rights to Dealer Holdback. We transfer the Dealer’s outstanding Dealer Loan balance and related allowance for credit losses balance to Purchased Loans in the period this forfeiture occurs.

(5)The Dealer Loans amount represents net cash flows received (collections less any related Dealer Holdback payments) on Dealer Loans that were previously written off in full. The Purchased Loans amount represents collections received on Purchased Loans that were previously written off in full.

Summary of Provision for Credit Losses [Table Text Block]

The following table summarizes the provision for credit losses for each of these components:

(In millions)	For the Three Months Ended March 31, 2021
Provision for Credit Losses	Dealer Loans		Purchased Loans		Total
New Consumer Loan assignments	$	54.7	$	77.1	$	131.8
Forecast changes	(54.8)		(55.7)		(110.5)
Total	$	(0.1)	$	21.4	$	21.3
(In millions)	For the Three Months Ended March 31, 2020
Provision for Credit Losses	Dealer Loans		Purchased Loans		Total
New Consumer Loan assignments	$	64.8	$	93.1	$	157.9
Forecast changes	103.3		93.5		196.8
Total	$	168.1	$	186.6	$	354.7

Summary of Information Related to New Consumer Loan Assignments

Additional information related to new Consumer Loan assignments is as follows:

(In millions)	For the Three Months Ended March 31, 2021
New Consumer Loan Assignments	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	1,017.5	$	832.1	$	1,849.6
Expected net cash flows at the time of assignment (2)	911.4		544.3		1,455.7
Loans receivable at the time of assignment (3)	647.1		385.2		1,032.3
Provision for credit losses expense at the time of assignment	$	(54.7)	$	(77.1)	$	(131.8)
Expected future finance charges at the time of assignment (4)	319.0		236.2		555.2
Expected net Loan income at the time of assignment (5)	$	264.3	$	159.1	$	423.4

(In millions)	For the Three Months Ended March 31, 2020
New Consumer Loan Assignments	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	1,013.5	$	911.6	$	1,925.1
Expected net cash flows at the time of assignment (2)	897.6		576.8		1,474.4
Loans receivable at the time of assignment (3)	638.1		417.2		1,055.3
Provision for credit losses expense at the time of assignment	$	(64.8)	$	(93.1)	$	(157.9)
Expected future finance charges at the time of assignment (4)	324.3		252.7		577.0
Expected net Loan income at the time of assignment (5)	$	259.5	$	159.6	$	419.1

(1)The Dealer Loans amount represents repayments that we were contractually owed at the time of assignment on Consumer Loans assigned under our Portfolio Program, less the related Dealer Holdback payments that we would be required to make if we collected all of the contractual repayments. The Purchased Loans amount represents repayments that we were contractually owed at the time of assignment on Consumer Loans assigned under our Purchase Program.

(2)The Dealer Loans amount represents repayments that we expected to collect at the time of assignment on Consumer Loans assigned under our Portfolio Program, less the related Dealer Holdback payments that we expected to make. The Purchased Loans amount represents repayments that we expected to collect at the time of assignment on Consumer Loans assigned under our Purchase Program.

(3)The Dealer Loans amount represents advances paid to Dealers on Consumer Loans assigned under our Portfolio Program. The Purchased Loans amount represents one-time payments made to Dealers to purchase Consumer Loans assigned under our Purchase Program.

(4)Represents revenue that is expected to be recognized on a level-yield basis over the lives of the Loans.

(5)Represents the amount that expected net cash flows at the time of assignment (2) exceed Loans receivable at the time of assignment (3).

Summary of Changes in Expected Future Net Cash Flows [Table Text Block]

A summary of changes in expected future net cash flows is as follows:

(In millions)	For the Three Months Ended March 31, 2021
Expected Future Net Cash Flows	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	5,664.3	$	3,880.1	$	9,544.4
New Consumer Loan assignments (1)	911.4		544.3		1,455.7
Realized net cash flows (2)	(826.4)		(524.3)		(1,350.7)
Forecast changes	26.7		80.7		107.4
Transfers (3)	(38.6)		41.3		2.7
Balance, end of period	$	5,737.4	$	4,022.1	$	9,759.5

(In millions)	For the Three Months Ended March 31, 2020
Expected Future Net Cash Flows	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	5,577.0	$	3,428.2	$	9,005.2
New Consumer Loan assignments (1)	897.6		576.8		1,474.4
Realized net cash flows (2)	(728.6)		(402.8)		(1,131.4)
Forecast changes	(75.9)		(130.6)		(206.5)
Transfers (3)	(31.3)		33.5		2.2
Balance, end of period	$	5,638.8	$	3,505.1	$	9,143.9

(1)The Dealer Loans amount represents repayments that we expected to collect at the time of assignment on Consumer Loans assigned under our Portfolio Program, less the related Dealer Holdback payments that we expected to make. The Purchased Loans amount represents repayments that we expected to collect at the time of assignment on Consumer Loans assigned under our Purchase Program.

(2)The Dealer Loans amount represents repayments that we collected on Consumer Loans assigned under our Portfolio Program, less the Dealer Holdback and Accelerated Dealer Holdback payments that we made. Purchased Loans amount represents repayments that we collected on Consumer Loans assigned under our Purchase Program.

(3)Under our Portfolio Program, certain events may result in Dealers forfeiting their rights to Dealer Holdback. We transfer the Dealer’s outstanding Dealer Loan balance, related allowance for credit losses balance and related expected future net cash flows to Purchased Loans in the period this forfeiture occurs.

Schedule of Consumer Loans Forecasted Collection Percentage

The following table compares our forecast of Consumer Loan collection rates as of March 31, 2021 with the forecasts as of December 31, 2020 and at the time of assignment, segmented by year of assignment:

	Total Loans as of March 31, 2021
	Forecasted Collection Percentage as of (1)						Current Forecast Variance from
Consumer Loan Assignment Year	March 31, 2021		December 31, 2020		Initial Forecast		December 31, 2020		Initial Forecast
2012	73.8	%	73.8	%	71.4	%	0.0	%	2.4	%
2013	73.4	%	73.4	%	72.0	%	0.0	%	1.4	%
2014	71.6	%	71.6	%	71.8	%	0.0	%	-0.2	%
2015	65.2	%	65.2	%	67.7	%	0.0	%	-2.5	%
2016	63.6	%	63.6	%	65.4	%	0.0	%	-1.8	%
2017	64.2	%	64.1	%	64.0	%	0.1	%	0.2	%
2018	64.3	%	64.0	%	63.6	%	0.3	%	0.7	%
2019	65.1	%	64.4	%	64.0	%	0.7	%	1.1	%
2020	66.1	%	64.8	%	63.4	%	1.3	%	2.7	%
2021	64.8	%	—		64.9	%	—		-0.1	%

	Dealer Loans as of March 31, 2021
	Forecasted Collection Percentage as of (1) (2)						Current Forecast Variance from
Consumer Loan Assignment Year	March 31, 2021		December 31, 2020		Initial Forecast		December 31, 2020		Initial Forecast
2012	73.6	%	73.6	%	71.3	%	0.0	%	2.3	%
2013	73.3	%	73.4	%	72.1	%	-0.1	%	1.2	%
2014	71.5	%	71.5	%	71.9	%	0.0	%	-0.4	%
2015	64.5	%	64.5	%	67.5	%	0.0	%	-3.0	%
2016	62.9	%	62.8	%	65.1	%	0.1	%	-2.2	%
2017	63.5	%	63.4	%	63.8	%	0.1	%	-0.3	%
2018	63.8	%	63.5	%	63.6	%	0.3	%	0.2	%
2019	64.7	%	64.1	%	63.9	%	0.6	%	0.8	%
2020	65.7	%	64.5	%	63.3	%	1.2	%	2.4	%
2021	64.7	%	—		64.8	%	—		-0.1	%

	Purchased Loans as of March 31, 2021
	Forecasted Collection Percentage as of (1) (2)						Current Forecast Variance from
Consumer Loan Assignment Year	March 31, 2021		December 31, 2020		Initial Forecast		December 31, 2020		Initial Forecast
2012	75.9	%	75.9	%	71.4	%	0.0	%	4.5	%
2013	74.3	%	74.3	%	71.6	%	0.0	%	2.7	%
2014	72.5	%	72.4	%	70.9	%	0.1	%	1.6	%
2015	68.9	%	68.8	%	68.5	%	0.1	%	0.4	%
2016	65.8	%	65.8	%	66.5	%	0.0	%	-0.7	%
2017	65.7	%	65.6	%	64.6	%	0.1	%	1.1	%
2018	65.4	%	65.1	%	63.5	%	0.3	%	1.9	%
2019	65.8	%	65.1	%	64.2	%	0.7	%	1.6	%
2020	66.8	%	65.4	%	63.6	%	1.4	%	3.2	%
2021	65.0	%	—		65.0	%	—		0.0	%

(1)Represents the total forecasted collections we expect to collect on the Consumer Loans as a percentage of the repayments that we were contractually owed on the Consumer Loans at the time of assignment. Contractual repayments include both principal and interest. Forecasted collection rates are negatively impacted by canceled Consumer Loans as the contractual amount owed is not removed from the denominator for purposes of computing forecasted collection rates in the table.

(2)The forecasted collection rates presented for Dealer Loans and Purchased Loans reflect the Consumer Loan classification at the time of assignment.

Financing Receivable, Past Due [Table Text Block]

The following table summarizes the past-due status of Consumer Loan assignments as of March 31, 2021and December 31, 2020, segmented by year of assignment:

(In millions)	Total Loans as of March 31, 2021 (1) (2)
	Pre-term Consumer Loans (3)						Post-term Consumer Loans (4)		Total
Consumer Loan Assignment Year	Current (5)		Past Due 11-90 Days		Past Due Over 90 Days
2016 and Prior	$	52.9	$	16.4	$	103.6	$	136.3	$	309.2
2017	261.9		75.1		243.7		11.4		592.1
2018	879.8		246.5		465.4		2.0		1,593.7
2019	1,898.1		498.4		586.2		0.1		2,982.8
2020	2,754.7		492.1		209.6		—		3,456.4
2021	1,187.2		36.6		—		—		1,223.8
	$	7,034.6	$	1,365.1	$	1,608.5	$	149.8	$	10,158.0

(In millions)	Dealer Loans as of March 31, 2021 (1)
	Pre-term Consumer Loans (3)						Post-term Consumer Loans (4)		Total
Consumer Loan Assignment Year	Current (5)		Past Due 11-90 Days		Past Due Over 90 Days
2016 and Prior	$	21.1	$	6.7	$	44.7	$	102.0	$	174.5
2017	133.8		37.9		123.6		8.0		303.3
2018	464.3		126.0		237.4		1.3		829.0
2019	966.6		249.4		289.9		0.1		1,506.0
2020	1,822.0		320.8		134.8		—		2,277.6
2021	817.6		25.5		—		—		843.1
	$	4,225.4	$	766.3	$	830.4	$	111.4	$	5,933.5

(In millions)	Purchased Loans as of March 31, 2021 (2)
	Pre-term Consumer Loans (3)						Post-term Consumer Loans (4)		Total
Consumer Loan Assignment Year	Current (5)		Past Due 11-90 Days		Past Due Over 90 Days
2016 and Prior	$	31.8	$	9.7	$	58.9	$	34.3	$	134.7
2017	128.1		37.2		120.1		3.4		288.8
2018	415.5		120.5		228.0		0.7		764.7
2019	931.5		249.0		296.3		—		1,476.8
2020	932.7		171.3		74.8		—		1,178.8
2021	369.6		11.1		—		—		380.7
	$	2,809.2	$	598.8	$	778.1	$	38.4	$	4,224.5

(In millions)	Total Loans as of December 31, 2020 (1) (2)
	Pre-term Consumer Loans (3)						Post-term Consumer Loans (4)		Total
Consumer Loan Assignment Year	Current (5)		Past Due 11-90 Days		Past Due Over 90 Days
2015 and Prior	$	4.8	$	2.2	$	16.1	$	99.0	$	122.1
2016	73.5		29.1		119.3		41.7		263.6
2017	320.9		121.0		277.5		7.2		726.6
2018	962.8		374.6		513.9		1.0		1,852.3
2019	1,985.2		745.6		610.8		—		3,341.6
2020	3,002.0		663.8		152.8		—		3,818.6
	$	6,349.2	$	1,936.3	$	1,690.4	$	148.9	$	10,124.8

(In millions)	Dealer Loans as of December 31, 2020 (1)
	Pre-term Consumer Loans (3)						Post-term Consumer Loans (4)		Total
Consumer Loan Assignment Year	Current (5)		Past Due 11-90 Days		Past Due Over 90 Days
2015 and Prior	$	2.1	$	1.0	$	7.9	$	76.1	$	87.1
2016	31.9		12.3		55.7		31.1		131.0
2017	170.5		62.7		143.3		5.1		381.6
2018	523.3		197.5		267.4		0.7		988.9
2019	1,046.9		383.5		310.2		—		1,740.6
2020	2,009.5		433.1		97.8		—		2,540.4
	$	3,784.2	$	1,090.1	$	882.3	$	113.0	$	5,869.6

(In millions)	Purchased Loans as of December 31, 2020 (2)
	Pre-term Consumer Loans (3)						Post-term Consumer Loans (4)		Total
Consumer Loan Assignment Year	Current (5)		Past Due 11-90 Days		Past Due Over 90 Days
2015 and Prior	$	2.7	$	1.2	$	8.2	$	22.9	$	35.0
2016	41.6		16.8		63.6		10.6		132.6
2017	150.4		58.3		134.2		2.1		345.0
2018	439.5		177.1		246.5		0.3		863.4
2019	938.3		362.1		300.6		—		1,601.0
2020	992.5		230.7		55.0		—		1,278.2
	$	2,565.0	$	846.2	$	808.1	$	35.9	$	4,255.2

(1)As Consumer Loans are aggregated by Dealer for purposes of recognizing revenue and measuring credit losses, the Dealer Loan amount was estimated by allocating the balance of each Dealer Loan to the underlying Consumer Loans based on the forecasted future collections of each Consumer Loan.

(2)As certain Consumer Loans are aggregated by Dealer or month of purchase for purposes of recognizing revenue and measuring credit losses, the Purchased Loan amount was estimated by allocating the balance of certain Purchased Loans to the underlying Consumer Loans based on the forecasted future collections of each Consumer Loan.

(3)Represents the Loan balance attributable to Consumer Loans outstanding within their initial loan terms.

(4)Represents the Loan balance attributable to Consumer Loans outstanding beyond their initial loan terms.

(5)We consider a Consumer Loan to be current for purposes of forecasting expected collection rates if contractual repayments are less than 11 days past due.