v3.25.4
Finance Receivables (Tables)
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Schedule of Finance Receivables
Finance receivables held for investment, net and finance receivables held for sale, net at December 31, were as follows (in thousands): 
20252024
Retail finance receivables held for investment:
United States$752,875 $6,548,550 
Canada1,546 132,556 
754,421 6,681,106 
Wholesale finance receivables held for investment:
United States897,772 952,301 
Canada51,028 56,070 
948,800 1,008,371 
1,703,221 7,689,477 
Allowance for credit losses(2,235)(401,183)
Finance receivables held for investment, net
1,700,986 7,288,294 
Finance receivables held for sale, net
264,238 — 
Total finance receivables, net
$1,965,224 $7,288,294 
Schedule of Contractual Maturities of Finance Receivables As of December 31, 2025, contractual maturities of total finance receivables held for investment were as follows (in thousands):
United StatesCanadaTotal
2026$925,094 $51,241 $976,335 
2027148,363 230 148,593 
2028171,187 255 171,442 
2029219,920 283 220,203 
2030155,421 313 155,734 
Thereafter30,662 252 30,914 
$1,650,647 $52,574 $1,703,221 
Schedule of Changes in the Allowance for Finance Credit Losses on Finance Receivables
The allowance for credit losses on finance receivables is comprised of individual components relating to wholesale and retail finance receivables. Changes in the Company's (recovery) allowance for credit losses on finance receivables held for investment by portfolio for the year ended December 31, were as follows (in thousands): 
 2025
RetailWholesaleTotal
Balance, beginning of period$378,373 $22,810 $401,183 
Provision for credit losses(199,443)8,051 (191,392)
Charge-offs(184,655)(6,284)(190,939)
Recoveries58,930 — 58,930 
Sale of Residual Interest in Securitizations
(75,547)— (75,547)
Balance, end of period$(22,342)$24,577 $2,235 
 2024
RetailWholesaleTotal
Balance, beginning of period$367,037 $14,929 $381,966 
Provision for credit losses237,882 9,343 247,225 
Charge-offs(290,006)(1,462)(291,468)
Recoveries63,460 — 63,460 
Balance, end of period$378,373 $22,810 $401,183 
 2023
RetailWholesaleTotal
Balance, beginning of period$345,275 $13,436 $358,711 
Provision for credit losses225,665 1,493 227,158 
Charge-offs(263,915)— (263,915)
Recoveries60,012 — 60,012 
Balance, end of period$367,037 $14,929 $381,966 
Schedule of Financing Receivable Credit Quality Indicators
The amortized cost of the Company's U.S. and Canadian retail finance receivables held for investment by vintage and credit quality indicator, along with total retail gross charge-offs, was as follows (in thousands):
December 31, 2025
20252024202320222021
2020 & Prior
Total
U.S. Retail:
Super prime$185,774 $108,025 $54,501 $16,944 $9,675 $1,544 $376,463 
Prime166,971 96,360 54,902 26,268 11,525 2,413 358,439 
Sub-prime13,436 986 897 830 726 1,098 17,973 
366,181 205,371 110,300 44,042 21,926 5,055 752,875 
Canadian Retail:
Super prime1,012 5 5 5 3 1 1,031 
Prime377 4 3 8 5 8 405 
Sub-prime101 2 3 1 1 2 110 
1,490 11 11 14 9 11 1,546 
$367,671 $205,382 $110,311 $44,056 $21,935 $5,066 $754,421 
Gross charge-offs for the year ended December 31, 2025:
US Retail$3,280 $48,145 $53,272 $41,304 $21,354 $13,556 $180,911 
Canadian Retail126 996 991 821 383 427 3,744 
$3,406 $49,141 $54,263 $42,125 $21,737 $13,983 $184,655 
December 31, 2024
20242023202220212020
2019 & Prior
Total
U.S. Retail:
Super prime$1,040,491 $694,941 $449,697 $206,974 $67,668 $28,606 $2,488,377 
Prime1,042,910 821,719 659,000 363,507 141,495 82,771 3,111,402 
Sub-prime318,689 224,656 180,048 119,457 58,297 47,624 948,771 
2,402,090 1,741,316 1,288,745 689,938 267,460 159,001 6,548,550 
Canadian Retail:
Super prime36,011 29,098 17,468 8,330 3,179 1,096 95,182 
Prime9,111 8,687 6,724 4,033 2,212 1,524 32,291 
Sub-prime1,701 1,229 972 435 462 284 5,083 
46,823 39,014 25,164 12,798 5,853 2,904 132,556 
$2,448,913 $1,780,330 $1,313,909 $702,736 $273,313 $161,905 $6,681,106 
Gross charge-offs for the year ended December 31, 2024:
US Retail$18,322 $92,489 $90,023 $47,678 $19,628 $17,143 $285,283 
Canadian Retail241 1,474 1,398 755 391 464 4,723 
$18,563 $93,963 $91,421 $48,433 $20,019 $17,607 $290,006 
The amortized cost of wholesale finance receivables, by vintage and credit quality indicator, was as follows (in thousands):
December 31, 2025
20252024202320222019
2020 & Prior
Total
Non-Performing$— $— $— $— $— $— $— 
Doubtful13,010 5,984 1,002 19 — 1 20,016 
Substandard3,192 2,613 21 — — — 5,826 
Special Mention45,320 5,331 289 — — — 50,940 
Medium Risk414 57 — — — — 471 
Low Risk762,221 71,071 8,370 29,081 803 1 871,547 
$824,157 $85,056 $9,682 $29,100 $803 $2 $948,800 
Gross charge-offs for the year ended December 31, 2025:
Wholesale$2,775 $1,017 $191 $— $— $2,301 $6,284 
December 31, 2024
20242023202220212020
2019 & Prior
Total
Non-Performing$6,430 $4,702 $129 $— $— $2 $11,263 
Doubtful25,827 3,869 139 — — 8,196 38,031 
Substandard14,470 2,928 — — — — 17,398 
Special Mention3,162 362 19 — — — 3,543 
Medium Risk1,471 271 — — — — 1,742 
Low Risk808,771 83,611 38,815 1,702 3,358 137 936,394 
$860,131 $95,743 $39,102 $1,702 $3,358 $8,335 $1,008,371 
Gross charge-offs for the year ended December 31, 2024:
Wholesale$709 $710 $42 $— $— $1 $1,462 
Schedule Of Transfer​ Of​ Financial​ Assets, Off Balance Sheet VEI's Portfolio
Information about the asset performance of the total portfolio of retail loans serviced by the Company (Managed Portfolio), including receivables retained or consolidated as part of on-balance sheet VIEs (collectively, the Owned Portfolio), along with receivables included in off-balance sheet VIEs (Off-Balance Sheet Portfolio), is provided in the table below (in thousands):
Principal Balance
Credit Losses
Total
30+ Day Delinquent
Year Ended December 31, 2025
December 31, 2025December 31, 2025
Owned portfolio
$982,007 $12,437 $126,033 
Off-balance sheet portfolio
5,137,160 291,988 92,007 
Managed portfolio
$6,119,167 $304,425 $218,040 
Schedule of Wholesale Finance Receivables on Non-accrual Status
Additional information related to the wholesale finance receivables on non-accrual status was as follows (in thousands):
Amortized Cost Amortized CostInterest Income
January 1, 2025
December 31, 2025
Recognized
Wholesale:
No related allowance recorded$7,510 $3,715 $1,136 
Related allowance recorded3,753 — 56 
$11,263 $3,715 $1,192 
Amortized Cost Amortized CostInterest Income
January 1, 2024
December 31, 2024
Recognized
Wholesale:
No related allowance recorded$— $7,510 $795 
Related allowance recorded— 3,753 416 
$— $11,263 $1,211 
Schedule of Past Due Financing Receivables
The aging analysis of finance receivables held for investment at December 31, was as follows (in thousands): 
 2025
 Current31-60 Days
Past Due		61-90 Days
Past Due
Greater than
90 Days
Past Due and Still Accruing
Greater than
90 Days
Past Due and Not Accruing
Total
Past Due		Total
Finance
Receivables
Retail finance receivables$735,999 $9,715 $2,942 $5,765 $— $18,422 $754,421 
Wholesale finance receivables941,116 1,830 948 4,288 618 7,684 948,800 
$1,677,115 $11,545 $3,890 $10,053 $618 $26,106 $1,703,221 
 2024
 Current31-60 Days
Past Due		61-90 Days
Past Due
Greater than
90 Days
Past Due and Still Accruing
Greater than
90 Days
Past Due and Not Accruing
Total
Past Due		Total
Finance
Receivables
Retail finance receivables$6,368,447 $178,752 $69,257 $64,650 $— $312,659 $6,681,106 
Wholesale finance receivables1,002,584 3,463 718 1,080 526 5,787 1,008,371 
$7,371,031 $182,215 $69,975 $65,730 $526 $318,446 $7,689,477 
Retail and wholesale finance receivables held for investment, excluding non-accrual status finance receivables, that were contractually past due 90 days or more at December 31, were as follows (in thousands): 
20252024
United States$10,020 $63,702 
Canada33 2,028 
$10,053 $65,730