0000885550-23-000023 | 10-K | XBRL Viewer

$ 7.7

$ 23.3

410.0

410.9

Loans receivable (including $1.4 from affiliates as of December 31, 2016)

^[1]

72.3

62.1

^[2],[3]

9,165.5

9,349.8

(2,867.8)

(3,013.5)

Property and equipment, net

6,297.7

6,336.3

51.4

57.3

Income taxes receivable

8.7

109.2

Other assets

56.9

51.8

Total Assets

6,904.7

7,050.9

Liabilities:

260.8

175.0

30.9

2.6

3,756.4

3,811.5

794.5

792.5

Deferred income taxes, net

^[4]

8.9

9.7

426.7

435.2

Income taxes payable

2.5

0.2

Total Liabilities

5,280.7

5,226.7

Shareholders' Equity:

Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued

0.0

Common stock, $0.01 par value, 80,000,000 shares authorized, 17,092,432 and 18,352,779 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively

0.1

Paid-in capital

245.7

197.2

Retained earnings

1,381.1

1,626.7

Accumulated other comprehensive loss

(2.9)

0.2

Total Shareholders' Equity

1,624.0

1,824.2

Total Liabilities and Shareholders' Equity

$ 6,904.7

$ 7,050.9

Preferred stock, par value

$ 0.01

Preferred stock, shares authorized

1,000,000

Preferred stock, shares issued

Common stock, par value

$ 0.01

Common stock, shares authorized

80,000,000

Common stock, shares issued

12,756,885

14,145,888

Common stock, shares outstanding

12,756,885

14,145,888

[1]	Measured at fair value on a recurring basis.
[2]	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.
[3]	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.
[4]	Measured at amortized cost with fair value disclosed.

Consolidated Statements Of Income - USD ($) $ in Millions	12 Months Ended
Consolidated Statements Of Income - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues [Abstract]
Finance Charges Revenue	$ 1,686.3	$ 1,742.6	$ 1,562.4
Premiums earned	62.7	60.3	57.3
Other Income	83.4	53.1	49.6
Total revenue	1,832.4	1,856.0	1,669.3
Costs and expenses [Abstract]
Salaries and wages	262.0	218.1	186.5
General and administrative	88.7	100.3	69.6
Sales and marketing	75.6	65.3	69.5
Provision for credit losses	481.4	8.4	556.9
Interest	166.6	164.2	192.0
Provision for claims	46.4	38.8	37.9
Loss on extinguishment of debt	0.0	0.0	7.4
Total costs and expenses	1,120.7	595.1	1,119.8
Income before provision for income taxes	711.7	1,260.9	549.5
Provision for income taxes	175.9	302.6	128.5
Net income	$ 535.8	$ 958.3	$ 421.0
Net income per share [Abstract]
Basic	$ 39.50	$ 59.57	$ 23.57
Diluted	$ 39.32	$ 59.52	$ 23.47
Weighted average Shares Outstanding [Abstract]
Basic	13,563,885	16,085,823	17,858,935
Diluted	13,625,081	16,100,552	17,935,779

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 535.8	$ 958.3	$ 421.0
Other comprehensive income (Loss), net of tax [Abstract]
Unrealized gain (loss) on securities, net of tax	(3.1)	(1.4)	0.8
Other comprehensive income (loss)	(3.1)	(1.4)	0.8
Comprehensive income	$ 532.7	$ 956.9	$ 421.8

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Summary Of Significant Accounting Policies

Consolidated Statements Of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance, shares at Dec. 31, 2019		18,352,779
Balance at Dec. 31, 2019	$ 2,355.3	$ 0.2	$ 157.7	$ 2,196.6	$ 0.8
Net income	421.0	0.0	0.0	421.0	0.0
Other comprehensive income (loss)	0.8	0.0	0.0	0.0	0.8
Stock-based compensation	$ 6.2	$ 0.0	6.2	0.0	0.0
Stock-based compensation		(152)
Repurchase of common stock, shares	(1,282,166)	(1,282,166)
Repurchase of common stock	$ (480.8)	$ 0.0	(2.0)	(478.8)	0.0
Restricted stock units converted to common stock, shares		21,971
Balance, shares at Dec. 31, 2020		17,092,432
Balance at Dec. 31, 2020	2,302.5	$ 0.2	161.9	2,138.8	1.6
Net income	958.3	0.0	0.0	958.3	0.0
Other comprehensive income (loss)	(1.4)	0.0	0.0	0.0	(1.4)
Stock-based compensation	$ 24.8	$ 0.0	24.8	0.0	0.0
Stock-based compensation		(109,085)
Repurchase of common stock, shares	(2,884,126)	(2,884,126)
Repurchase of common stock	$ (1,471.8)	$ (0.1)	(1.3)	(1,470.4)	0.0
Restricted stock units converted to common stock, shares		11,416
Balance, shares at Dec. 31, 2021	14,145,888	14,145,888
Balance at Dec. 31, 2021	$ 1,824.2	$ 0.1	197.2	1,626.7	0.2
Net income	535.8	0.0	0.0	535.8	0.0
Other comprehensive income (loss)	(3.1)	0.0	0.0	0.0	(3.1)
Stock-based compensation	$ 36.5	$ 0.0	36.5	0.0	0.0
Repurchase of common stock, shares	(1,491,481)	(1,491,481)
Repurchase of common stock	$ (784.5)	$ 0.0	(3.1)	(781.4)	0.0
Restricted stock units converted to common stock, shares		57,928
Exercised		44,550
Stock Issued During Period, Value, Stock Options Exercised	$ 15.1	$ 0.0	15.1	0.0	0.0
Balance, shares at Dec. 31, 2022	12,756,885	12,756,885
Balance at Dec. 31, 2022	$ 1,624.0	$ 0.1	$ 245.7	$ 1,381.1	$ (2.9)

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows From Operating Activities:
Net income	$ 535.8	$ 958.3	$ 421.0
Adjustments to reconcile cash provided by operating activities:
Provision for credit losses	481.4	8.4	556.9
Depreciation	9.0	9.7	8.8
Amortization	16.6	16.6	15.0
Increase (Decrease) in Deferred Income Taxes	(7.7)	44.7	68.3
Stock-based compensation	36.5	24.8	6.2
Loss on extinguishment of debt	0.0	0.0	7.4
Other Operating Activities, Cash Flow Statement	0.3	(0.4)	(0.7)
Change in operating assets and liabilities:
Increase in accounts payable and accrued liabilities	67.9	(10.7)	(18.4)
Increase in income taxes receivable	100.5	37.8	(80.8)
Increase (decrease) in income taxes payable	2.3	0.0	0.0
Increase in other assets	(3.9)	(19.8)	1.5
Net cash provided by operating activities	1,238.7	1,069.4	985.2
Cash Flows From Investing Activities:
Purchases of restricted securities available for sale	(50.1)	(38.8)	(43.2)
Proceeds from Sale of Debt Securities, Available-for-sale	11.1	22.2	24.8
Maturities of restricted securities available for sale	24.3	18.3	13.0
Principal collected on Loans receivable	3,413.3	3,808.5	3,170.1
Advances to Dealers	(2,530.0)	(2,059.0)	(2,207.8)
Purchases of Consumer Loans	(1,095.3)	(1,108.8)	(1,433.4)
Accelerated payments of Dealer Holdback	(44.2)	(44.1)	(45.9)
Payments of Dealer Holdback	(186.6)	(153.4)	(142.6)
Purchases of property and equipment	(3.1)	(7.6)	(8.5)
Net cash used in investing activities	(460.6)	437.3	(673.5)
Cash Flows From Financing Activities:
Borrowings under revolving secured line of credit	6,622.6	1,562.6	5,376.0
Repayments under revolving secured line of credit	(6,594.3)	(1,655.9)	(5,280.1)
Proceeds from secured financing	1,541.9	1,830.8	2,800.2
Repayments of secured financing	(1,599.2)	(1,729.0)	(2,427.2)
Repayments of senior notes	0.0	0.0	(401.8)
Payments of debt issuance costs and debt issuance costs	(12.5)	(16.4)	(18.7)
Repurchase of common stock	(784.5)	(1,471.8)	(480.8)
Proceeds from Issuance of Common Stock	15.1	11.8	0.0
Other financing activities	16.3	(0.8)	(0.8)
Net cash provided by financing activities	(794.6)	(1,468.7)	(433.2)
Net increase in cash and cash equivalents and restricted cash and cash equivalents	(16.5)	38.0	(121.5)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	434.2	396.2	517.7
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	417.7	434.2	396.2
Supplemental Cash Flow Information [Abstract]
Cash paid during the period for interest	147.3	149.4	191.6
Cash paid during the period for income taxes	$ 72.7	$ 213.2	$ 141.5

Description Of Business

12 Months Ended

Dec. 31, 2022

Description Of Business [Abstract]

Description Of Business

Principal Business. Since 1972, Credit Acceptance Corporation (referred to as the “Company”, “Credit Acceptance”, “we”, “our” or “us”) has offered financing programs that enable automobile dealers to sell vehicles to consumers, regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing.

Without our financing programs, consumers are often unable to purchase vehicles or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing.

We refer to automobile dealers who participate in our programs and who share our commitment to changing consumers’ lives as “Dealers”. Upon enrollment in our financing programs, the Dealer enters into a Dealer servicing agreement with us that defines the legal relationship between Credit Acceptance and the Dealer. The Dealer servicing agreement assigns the responsibilities for administering, servicing, and collecting the amounts due on retail installment contracts (referred to as “Consumer Loans”) from the Dealers to us. We are an indirect lender from a legal perspective, meaning the Consumer Loan is originated by the Dealer and assigned to us.

The vast majority of the Consumer Loans assigned to us are made to consumers with impaired or limited credit histories. The following table shows the percentage of Consumer Loans assigned to us with either FICO® scores below 650 or no FICO® scores:


	For the Years Ended December 31,
Consumer Loan Assignment Volume	2022		2021		2020
Percentage of total unit volume with either FICO® scores below 650 or no FICO® scores	84.8	%	91.0	%	94.9	%

In 2020, we began piloting an option that expanded our financing programs to consumers with higher credit ratings. In the fourth quarter of 2021, we made this option available to all Dealers. A portion of the reduction in the percentage of total unit volume with FICO® scores below 650 or no FICO® scores relates to Consumer Loans assigned under this option.

We have two programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, we advance money to Dealers (referred to as a “Dealer Loan”) in exchange for the right to service the underlying Consumer Loans. Under the Purchase Program, we buy the Consumer Loans from the Dealers (referred to as a “Purchased Loan”) and keep all amounts collected from the consumer. Dealer Loans and Purchased Loans are collectively referred to as “Loans”. The following table shows the percentage of Consumer Loans assigned to us as Dealer Loans and Purchased Loans for each of the last three years:


	Unit Volume				Dollar Volume (1)
For the Years Ended December 31,	Dealer Loans		Purchased Loans		Dealer Loans		Purchased Loans
2020	64.1	%	35.9	%	60.6	%	39.4	%
2021	67.9	%	32.1	%	65.0	%	35.0	%
2022	73.5	%	26.5	%	69.8	%	30.2	%

(1)Represents advances paid to Dealers on Consumer Loans assigned under our Portfolio Program and one-time payments made to Dealers to purchase Consumer Loans assigned under our Purchase Program. Payments of Dealer Holdback (as defined below) and accelerated Dealer Holdback are not included.

Portfolio Program

As payment for the vehicle, the Dealer generally receives the following:

•a down payment from the consumer;

•a non-recourse cash payment (“advance”) from us; and

•after the advance balance (cash advance and related Dealer Loan fees and costs) has been recovered by us, the cash from payments made on the Consumer Loan, net of certain collection costs and our servicing fee (“Dealer Holdback”).

We record the amount advanced to the Dealer as a Dealer Loan, which is classified within Loans receivable in our consolidated balance sheets. Cash advanced to the Dealer is automatically assigned to the Dealer’s open pool of advances. Dealers make an election as to how many Consumer Loans (either 50 or 100) will be assigned to an open pool before it is closed, and subsequent advances are assigned to a new pool. Unless we receive a request from the Dealer to keep a pool open, we automatically close each pool based on the Dealer’s election. All advances within a Dealer’s pool are secured by the future collections on the related Consumer Loans assigned to the pool. For Dealers with more than one pool, the pools are cross-collateralized so the performance of other pools is considered in determining eligibility for Dealer Holdback. We perfect our security interest with respect to the Dealer Loans by obtaining control or taking possession of the Consumer Loans, which list us as lien holder on the vehicle title.

The Dealer servicing agreement provides that collections received by us during a calendar month on Consumer Loans assigned by a Dealer are applied on a pool-by-pool basis as follows:

•first, to reimburse us for certain collection costs;

•second, to pay us our servicing fee, which generally equals 20% of collections;

•third, to reduce the aggregate advance balance and to pay any other amounts due from the Dealer to us; and

•fourth, to the Dealer as payment of Dealer Holdback.

If the collections on Consumer Loans from a Dealer’s pool are not sufficient to repay the advance balance and any other amounts due to us, the Dealer will not receive Dealer Holdback. Certain events may also result in Dealers forfeiting their rights to Dealer Holdback, including becoming inactive before assigning 100 Consumer Loans.

Dealers have an opportunity to receive an accelerated Dealer Holdback payment each time a pool of Consumer Loans is closed. The amount paid to the Dealer is calculated using a formula that considers the number of Consumer Loans assigned to the pool and the related forecasted collections and advance balance.

Since typically the combination of the advance and the consumer’s down payment provides the Dealer with a cash profit at the time of sale, the Dealer’s risk in the Consumer Loan is limited. We cannot demand repayment of the advance from the Dealer except in the event the Dealer is in default of the Dealer servicing agreement. Advances are made only after the consumer and Dealer have signed a Consumer Loan contract, we have received the executed Consumer Loan contract and supporting documentation in either physical or electronic form, and we have approved all of the related stipulations for funding.

For accounting purposes, the transactions described under the Portfolio Program are not considered to be loans to consumers. Instead, our accounting reflects that of a lender to the Dealer. The classification as a Dealer Loan for accounting purposes is primarily a result of (1) the Dealer’s financial interest in the Consumer Loan and (2) certain elements of our legal relationship with the Dealer.

Purchase Program

The Purchase Program differs from our Portfolio Program in that the Dealer receives a one-time payment from us at the time of assignment to purchase the Consumer Loan instead of a cash advance at the time of assignment and future Dealer Holdback payments. For accounting purposes, the transactions described under the Purchase Program are considered to be originated by the Dealer and then purchased by us.

Program Enrollment

Dealers are granted access to our Portfolio Program upon enrollment. Access to the Purchase Program is typically only granted to Dealers that meet one of the following:

•assigned at least 50 Consumer Loans under the Portfolio Program;

•franchise dealership; or

•independent dealership that meets certain criteria upon enrollment.

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The consolidated financial statements include our accounts and our wholly owned subsidiaries. All significant intercompany transactions have been eliminated. Our primary subsidiaries as of December 31, 2022 are: Buyer’s Vehicle Protection Plan, Inc. (“BVPP”), Vehicle Remarketing Services, Inc. (“VRS”), VSC Re Company (“VSC Re”), CAC Warehouse Funding LLC II, CAC Warehouse Funding LLC IV, CAC Warehouse Funding LLC V, CAC Warehouse Funding LLC VI, CAC Warehouse Funding LLC VIII, Credit Acceptance Funding LLC 2019-2, Credit Acceptance Funding LLC 2019-3, Credit Acceptance Funding LLC 2020-1, Credit Acceptance Funding LLC 2020-2, Credit Acceptance Funding LLC 2020-3, Credit Acceptance Funding LLC 2021-1, Credit Acceptance Funding LLC 2021-2, Credit Acceptance Funding LLC 2021-3, Credit Acceptance Funding LLC 2021-4, Credit Acceptance Funding LLC 2022-1, Credit Acceptance Funding LLC 2022-2, and Credit Acceptance Funding LLC 2022-3.

Business Segment Information

We currently operate in one reportable segment which represents our core business of offering financing programs that enable Dealers to sell vehicles to consumers regardless of their credit history. For information regarding our one reportable segment and related entity wide disclosures, see Note 15 to the consolidated financial statements.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The accounts which are subject to significant estimation include the allowance for credit losses, finance charge revenue, premiums earned, contingencies, and uncertain tax positions. Actual results could materially differ from those estimates.

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of readily marketable securities with original maturities at the date of acquisition of three months or less. As of December 31, 2022 and 2021, we had $7.1 million and $22.9 million, respectively, in cash and cash equivalents that were not insured by the Federal Deposit Insurance Corporation (“FDIC”).

Restricted cash and cash equivalents consist of cash pledged as collateral for secured financings and cash held in a trust for future vehicle service contract claims. As of December 31, 2022 and 2021, we had $406.5 million and $407.9 million, respectively, in restricted cash and cash equivalents that were not insured by the FDIC.

The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported in our consolidated balance sheets to the total shown in our consolidated statements of cash flows:


(In millions)	As of December 31,
	2022		2021		2020
Cash and cash equivalents	$	7.7	$	23.3	$	16.0
Restricted cash and cash equivalents	410.0		410.9		380.2
Total cash and cash equivalents and restricted cash and cash equivalents	$	417.7	$	434.2	$	396.2

Restricted Securities Available for Sale

Restricted securities available for sale consist of amounts held in a trust for future vehicle service contract claims. We determine the appropriate classification of our investments in debt securities at the time of purchase and reevaluate such determinations at each balance sheet date. Debt securities for which we do not have the intent or ability to hold to maturity are classified as available for sale, and stated at fair value with unrealized gains and losses, net of income taxes included in the determination of comprehensive income and reported as a component of shareholders’ equity.

Loans Receivable and Allowance for Credit Losses

Consumer Loan Assignment. For legal purposes, a Consumer Loan is considered to have been assigned to us after the following has occurred:

•the consumer and Dealer have signed a Consumer Loan contract; and

•we have received the executed Consumer Loan contract and supporting documentation in either physical or electronic form.

For accounting and financial reporting purposes, a Consumer Loan is considered to have been assigned to us after the following has occurred:

•the Consumer Loan has been legally assigned to us; and

•we have made a funding decision and generally have provided funding to the Dealer in the form of either an advance under the Portfolio Program or one-time purchase payment under the Purchase Program.

Portfolio Segments and Classes. Our Loan portfolio consists of two portfolio segments: Dealer Loans and Purchased Loans. Our determination is based on the following:

•We have two financing programs: the Portfolio Program and the Purchase Program. We are considered to be a lender to our Dealers for Consumer Loans assigned under the Portfolio Program and a purchaser of Consumer Loans assigned under the Purchase Program.

•The Portfolio Program and the Purchase Program have different levels of risk in relation to credit losses. Under the Portfolio Program, the impact of negative variances in Consumer Loan performance is mitigated by Dealer Holdback and the cross-collateralization of Consumer Loan assignments. Under the Purchase Program, we are impacted by the full amount of negative variances in Consumer Loan performance.

•Our business model is narrowly focused on Consumer Loan assignments from one industry with expected cash flows that are significantly lower than the contractual cash flows owed to us due to credit quality. We do not believe that it is meaningful to disaggregate our Loan portfolio beyond the Dealer Loans and Purchased Loans portfolio segments.

Each portfolio segment consists of one class of Consumer Loan assignments, which is Consumer Loans originated by Dealers to finance purchases of vehicles and related ancillary products by consumers with impaired or limited credit histories. Our determination is based on the following:

•All of the Consumer Loans assigned to us have similar risk characteristics in relation to the categorization of borrowers, type of financing receivable, industry sector, and type of collateral.

•We only accept Consumer Loan assignments from Dealers located within the United States.

Recognition and Measurement Policies. On January 1, 2020, we adopted Accounting Standards Update 2016-13, Measurement of Credit Losses on Financial Instruments, which is known as the current expected credit loss model, or CECL. Loans outstanding prior to the adoption date qualified for transition relief and are accounted for as purchased financial assets with credit deterioration (“PCD Method”).

Under the PCD Method, on January 1, 2020, we:

•calculated an effective interest rate based on expected future net cash flows; and

•increased the Loans receivable and the related allowance for credit losses balances by the present value of the difference between contractual future net cash flows and expected future net cash flows discounted at the effective interest rate. This “gross-up” did not impact the net carrying amount of Loans (Loans receivable less allowance for credit losses) or consolidated net income.

Under the PCD Method, for each reporting period subsequent to the adoption of CECL, we:

•recognize finance charge revenue using the effective interest rate that was calculated on the adoption date based on expected future net cash flows; and

•adjust the allowance for credit losses so that the net carrying amount of each Loan equals the present value of expected future net cash flows discounted at the effective interest rate. The adjustment to the allowance for credit losses is recognized as either provision for credit losses expense or a reversal of provision for credit losses expense.

Consumer Loans assigned to us on or subsequent to January 1, 2020 do not qualify for the PCD Method and are accounted for as originated financial assets (“Originated Method”). While the cash flows we expect to collect at the time of assignment are significantly lower than the contractual cash flows owed to us due to credit quality, our Loans do not qualify for the PCD Method because the assignment of the Consumer Loan to us occurs a moment after the Consumer Loan is originated by the Dealer, so “a more-than-insignificant deterioration in credit quality since origination” has not occurred at the time of assignment. In addition, Dealer Loans also do not qualify for the PCD Method because Consumer Loans assigned to us under the Portfolio Program are considered to be advances under Dealer Loans originated by us rather than Consumer Loans purchased by us.

Under the Originated Method, at the time of assignment, we:

•calculate the effective interest rate based on contractual future net cash flows;

•record a Loan receivable equal to the advance paid to the Dealer under the Portfolio Program or purchase price paid to the Dealer under the Purchase Program; and

•record an allowance for credit losses equal to the difference between the initial Loan receivable balance and the present value of expected future net cash flows discounted at the effective interest rate. The initial allowance for credit losses is recognized as provision for credit losses expense.

The effective interest rate and initial allowance for credit losses are significantly higher for Consumer Loans assigned under the Purchase Program than for Consumer Loans assigned under the Portfolio Program, as contractual net cash flows exceed expected net cash flows by a significantly greater margin under the Purchase Program. Under the Purchase Program, we retain all contractual collections that exceed our initial expectations. Under the Portfolio Program, contractual collections that exceed our initial expectations are substantially offset by additional Dealer Holdback payments.

Under the Originated Method, for each reporting period subsequent to assignment, we:

•recognize finance charge revenue using the effective interest rate that was calculated at the time of assignment based on contractual future net cash flows; and

Loans Receivable. Amounts advanced to Dealers for Consumer Loans assigned under the Portfolio Program are recorded as Dealer Loans and are aggregated by Dealer for purposes of recognizing revenue and measuring credit losses. Amounts paid to Dealers for Consumer Loans assigned under the Purchase Program are recorded as Purchased Loans and, for purposes of recognizing revenue and measuring credit losses, are:

•not aggregated, if assigned on or subsequent to January 1, 2020; or

•aggregated into pools based on the month of purchase, if assigned prior to January 1, 2020.

The outstanding balance of each Loan included in Loans receivable is comprised of the following:

•cash paid to the Dealer (or to third party ancillary product providers on the Dealer’s behalf) for the Consumer Loan assignment (advance under the Portfolio Program or one-time purchase payment under the Purchase Program);

•finance charges;

•Dealer Holdback payments;

•accelerated Dealer Holdback payments;

•recoveries;

•transfers in;

•less: collections (net of certain collection costs);

•less: write-offs; and

•less: transfers out.

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 the related allowance for credit losses balance to Purchased Loans in the period this forfeiture occurs. We aggregate these Purchased Loans by Dealer for purposes of recognizing revenue and measuring credit losses.

Allowance for Credit Losses. The outstanding balance of the allowance for credit losses of each Loan represents the amount required to reduce net carrying amount of Loans (Loans receivable less allowance for credit losses) to the present value of expected future net cash flows discounted at the effective interest rate. Expected future net cash flows for Dealer Loans are comprised of expected future collections on the assigned Consumer Loans, less any expected future Dealer Holdback payments. Expected future net cash flows for Purchased Loans are comprised of expected future collections on the assigned Consumer Loans.

Expected future collections are forecasted for each individual Consumer Loan based on the historical performance of Consumer Loans with similar characteristics, adjusted for recent trends in payment patterns and economic conditions. Our forecast of expected future collections includes estimates for prepayments and post-contractual-term cash flows. Unless the consumer is no longer contractually obligated to pay us, we forecast future collections on each Consumer Loan for a 120 month period after the origination date. Expected future Dealer Holdback payments are forecasted for each individual Dealer based on the expected future collections and current advance balance of each Dealer Loan.

We fully write off the outstanding balances of a Loan and the related allowance for credit losses once we are no longer forecasting any expected future net cash flows on the Loan. Under our partial write-off policy, we write off the amount of the outstanding balances of a Loan and the related allowance for credit losses, if any, that exceeds 200% of the present value of expected future net cash flows on the Loan, as we deem this amount to be uncollectable.

Credit Quality. The vast majority of the Consumer Loans assigned to us are made to individuals with impaired or limited credit histories. Consumer Loans made to these individuals generally entail a higher risk of delinquency, default, and repossession and higher losses than loans made to consumers with better credit. Since most of our revenue and cash flows are generated from these Consumer Loans, our ability to accurately forecast Consumer Loan performance is critical to our business and financial results. At the time a Consumer Loan is submitted to us for assignment, we forecast future expected cash flows from the Consumer Loan. Based on these forecasts, an advance or one-time purchase payment is made to the related Dealer at a price designed to maximize our economic profit, a non-GAAP financial measure that considers our return on capital, our cost of capital, and the amount of capital invested.

We monitor and evaluate the credit quality of Consumer Loans on a monthly basis by comparing our current forecasted collection rates to our initial expectations. We use a statistical model that considers a number of credit quality indicators to estimate the expected collection rate for each Consumer Loan at the time of assignment. The credit quality indicators considered in our model include attributes contained in the consumer’s credit bureau report, data contained in the consumer’s credit application, the structure of the proposed transaction, vehicle information, and other factors. We continue to evaluate the expected collection rate of each Consumer Loan subsequent to assignment primarily through the monitoring of consumer payment behavior. Our evaluation becomes more accurate as the Consumer Loans age, as we use actual performance data in our forecast. Since all known, significant credit quality indicators have already been factored into our forecasts and pricing, we are not able to use any specific credit quality indicators to predict or explain variances in actual performance from our initial expectations. Any variances in performance from our initial expectations are the result of Consumer Loans performing differently from historical Consumer Loans with similar characteristics. We periodically adjust our statistical pricing model for new trends that we identify through our evaluation of these forecasted collection rate variances.

When overall forecasted collection rates underperform our initial expectations, the decline in forecasted collections has a more adverse impact on the profitability of the Purchased Loans than on the profitability of the Dealer Loans. For Purchased Loans, the decline in forecasted collections is absorbed entirely by us. For Dealer Loans, the decline in the forecasted collections is substantially offset by a decline in forecasted payments of Dealer Holdback.

Methodology Changes. On January 1, 2020, we adopted CECL, which changed our accounting policies for Loans. During the first quarter of 2020, we reduced forecasted collection rates to reflect the estimated long-term impact of COVID-19 on Consumer Loan performance. During the first quarter of 2022, we removed the COVID-19 forecast adjustment (as defined in Note 5) from our estimate of future net cash flows and enhanced our methodology for forecasting the amount and timing of future net cash flows from our Loan portfolio through the utilization of more recent data and new forecast variables. For additional information, see Note 5. For the three year period ended December 31, 2022, we did not make any other methodology changes for Loans that had a material impact on our financial statements.

Property and Equipment

Purchases of property and equipment are recorded at cost. Depreciation is provided on a straight-line basis over the estimated useful life of the asset. Estimated useful lives are generally as follows: buildings – 40 years, building improvements – 10 years, data processing equipment – 3 years, software – 5 years, office furniture and equipment – 7 years, and leasehold improvements – the lesser of the lease term or 7 years. The cost of assets sold or retired and the related accumulated depreciation are removed from the balance sheet at the time of disposition and any resulting gain or loss is included in operations. Maintenance, repairs, and minor replacements are charged to operations as incurred; major replacements and improvements are capitalized. We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Costs incurred during the application development stage of software developed for internal use are capitalized and generally depreciated on a straight-line basis over five years. Costs incurred to maintain existing software are expensed as incurred. For additional information regarding our property and equipment, see Note 6 to the consolidated financial statements.

Deferred Debt Issuance Costs

Deferred debt issuance costs associated with secured financings and senior notes are included as a deduction from the carrying amount of the related debt liability, and deferred debt issuance costs associated with our revolving secured line of credit are included in other assets. Expenses associated with the issuance of debt instruments are capitalized and amortized as interest expense over the term of the debt instrument using the effective interest method for asset-backed secured financings (“Term ABS”) and senior notes and the straight-line method for lines of credit and revolving secured warehouse (“Warehouse”) facilities. For additional information regarding deferred debt issuance costs, see Note 9 to the consolidated financial statements.

Derivative Instruments

We rely on various sources of financing, some of which contain floating rates of interest and expose us to risks associated with increases in interest rates. We manage such risk primarily by entering into interest rate cap agreements (“derivative instruments”). These derivative instruments are not designated as hedges, and changes in their fair value increase or decrease interest expense.

We recognize derivative instruments as either other assets or accounts payable and accrued liabilities on our consolidated balance sheets. For additional information regarding our derivative instruments, see Note 10 to the consolidated financial statements.

Finance Charges

Sources of Revenue. Finance charges is comprised of: (1) interest income earned on Loans; (2) administrative fees earned from ancillary products; (3) program fees charged to Dealers under the Portfolio Program; (4) Consumer Loan assignment fees charged to Dealers; and (5) direct origination costs incurred on Dealer Loans.

We provide Dealers the ability to offer vehicle service contracts to consumers through our relationships with Third Party Providers (“TPPs”). A vehicle service contract provides the consumer protection by paying for the repair or replacement of certain components of the vehicle in the event of a mechanical failure. The retail price of the vehicle service contract is included in the principal balance of the Consumer Loan. The wholesale cost of the vehicle service contract is paid to the TPP, net of an administrative fee retained by us. The difference between the wholesale cost and the retail price to the consumer is paid to the Dealer as a commission. Under the Portfolio Program, the wholesale cost of the vehicle service contract and the commission paid to the Dealer are charged to the Dealer’s advance balance. TPPs process claims on vehicle service contracts that are underwritten by third party insurers. We bear the risk of loss for claims on certain vehicle service contracts that are reinsured by us. We market the vehicle service contracts directly to our Dealers.

We provide Dealers the ability to offer Guaranteed Asset Protection (“GAP”) to consumers through our relationships with TPPs. GAP provides the consumer protection by paying the difference between the loan balance and the amount covered by the consumer’s insurance policy in the event of a total loss of the vehicle due to severe damage or theft. The retail price of GAP is included in the principal balance of the Consumer Loan. The wholesale cost of GAP is paid to the TPP, net of an administrative fee retained by us. The difference between the wholesale cost and the retail price to the consumer is paid to the Dealer as a commission. Under the Portfolio Program, the wholesale cost of GAP and the commission paid to the Dealer are charged to the Dealer’s advance balance. TPPs process claims on GAP contracts that are underwritten by third party insurers.

Program fees represent monthly fees charged to Dealers for access to our Credit Approval Processing System (“CAPS”); administration, servicing, and collection services offered by us; documentation related to or affecting our program; and all tangible and intangible property owned by Credit Acceptance. We charge a monthly fee of $599 to Dealers participating in our Portfolio Program and we collect it from future Dealer Holdback payments.

Recognition Policy. We recognize finance charges under the interest method such that revenue is recognized on a level-yield basis over the life of the Loan. We calculate finance charges on a monthly basis by applying the effective interest rate of the Loan to the net carrying amount of the Loan (Loan receivable less the related allowance for credit losses). For Consumer Loans assigned on or subsequent to January 1, 2020, the effective interest rate is based on contractual future net cash flows. For Consumer Loans assigned prior to January 1, 2020, the effective interest rate was determined based on expected future net cash flows.

We report the change in the present value of credit losses attributable to the passage of time as a reduction to finance charges. Accordingly, we allocate finance charges recognized on each Loan between the Loan receivable and the related allowance for credit losses. The amount of finance charges allocated to the Loan receivable is equal to the effective interest rate applied to the Loans receivable balance. The reduction of finance charges allocated to the allowance for credit losses is equal to the effective interest rate applied to the allowance for credit losses balance.

Reinsurance

VSC Re, our wholly owned subsidiary, is engaged in the business of reinsuring coverage under vehicle service contracts sold to consumers by Dealers on vehicles financed by us. VSC Re currently reinsures vehicle service contracts that are offered through one of our TPPs. Vehicle service contract premiums, which represent the selling price of the vehicle service contract to the consumer, less fees and certain administrative costs, are contributed to a trust account controlled by VSC Re. These premiums are used to fund claims covered under the vehicle service contracts. VSC Re is a bankruptcy remote entity. As such, our exposure to fund claims is limited to the trust assets controlled by VSC Re and our net investment in VSC Re.

Premiums from the reinsurance of vehicle service contracts are recognized over the life of the policy in proportion to expected costs of servicing those contracts. Expected costs are determined based on our historical claims experience. Claims are expensed through a provision for claims in the period the claim was incurred. Capitalized acquisition costs are comprised of premium taxes and are amortized as general and administrative expense over the life of the contracts in proportion to premiums earned.

We have consolidated the trust within our financial statements based on our determination of the following:

•We have a variable interest in the trust. We have a residual interest in the assets of the trust, which is variable in nature, given that it increases or decreases based upon the actual loss experience of the related service contracts. In addition, VSC Re is required to absorb any losses in excess of the trust’s assets.

•The trust is a variable interest entity. The trust has insufficient equity at risk as no parties to the trust were required to contribute assets that provide them with any ownership interest.

•We are the primary beneficiary of the trust. We control the amount of premiums written and placed in the trust through Consumer Loan assignments under our Programs, which is the activity that most significantly impacts the economic performance of the trust. We have the right to receive benefits from the trust that could potentially be significant. In addition, VSC Re has the obligation to absorb losses of the trust that could potentially be significant.

Stock-Based Compensation Plans

We have stock-based compensation plans for team members and non-employee directors, which are described more fully in Note 14 to the consolidated financial statements. We apply a fair-value-based measurement method in accounting for stock-based compensation plans and recognize stock-based compensation expense over the requisite service period of the grant as salaries and wages expense.

Employee Benefit Plan

We sponsor a 401(k) plan that covers substantially all of our team members. We offer matching contributions to the 401(k) plan based on each enrolled team members’ eligible annual gross pay (subject to statutory limitations). Our matching contribution rate is equal to 100% of the first 4% participants contribute and an additional 50% of the next 2% participants contribute, for a maximum matching contribution of 5% of each participant’s eligible annual gross pay. For the years ended December 31, 2022, 2021 and 2020, we recognized compensation expense of $8.5 million, $7.5 million, and $7.2 million, respectively, for our matching contributions to the plan.

Income Taxes

Provisions for federal, state, and foreign income taxes are calculated on reported pre-tax earnings based on current tax law and also include, in the current period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized in different time periods for financial reporting purposes than for income tax purposes.

Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered.

We follow a two-step approach for recognizing uncertain tax positions. First, we evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more-likely-than-not that the position will be sustained upon examination, including resolution of related appeals or litigation processes, if any. Second, for positions that we determine are more-likely-than-not to be sustained, we recognize the tax benefit as the largest benefit that has a greater than 50% likelihood of being sustained. We establish a reserve for uncertain tax positions liability that is comprised of unrecognized tax benefits and related interest. We consider many factors when evaluating and estimating our tax positions and tax benefits, which may require periodic adjustments and which may not accurately anticipate actual outcomes. We recognize interest and penalties related to uncertain tax positions in provision for income taxes. For additional information regarding our income taxes, see Note 11 to the consolidated financial statements.

Advertising Costs

Advertising costs are expensed as incurred. Advertising expenses were $1.0 million for the year ended December 31, 2022, $0.3 million for the year ended December 31, 2021, and $0.1 million for the year ended December 31, 2020.

New Accounting Update Not Yet Adopted

Troubled Debt Restructurings and Vintage Disclosures. In March 2022, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2022-02, which intends to improve the usefulness of information provided to investors about certain loan refinancings, restructurings, and write-offs. ASU 2022-02 is effective for fiscal years, and interim periods, beginning after December 15, 2022. The adoption of ASU 2022-02 will expand our write-off disclosures.

Reclassification

Certain amounts from prior periods have been reclassified to conform to the current presentation.

Subsequent Events

We have evaluated events and transactions occurring subsequent to the consolidated balance sheet date of December 31, 2022 for items that could potentially be recognized or disclosed in these financial statements. We did not identify any items which would require disclosure in or adjustment to the consolidated financial statements.

Fair Value Of Financial Instruments

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate their value.

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents. The carrying amounts approximate their fair value due to the short maturity of these instruments.

Restricted Securities Available for Sale. The fair value of U.S. Government and agency securities and corporate bonds is based on quoted market values in active markets. For asset-backed securities, mortgage-backed securities, and commercial paper we use model-based valuation techniques for which all significant assumptions are observable in the market.

Loans Receivable, net. The fair value is determined by calculating the present value of expected future net cash flows estimated by us by utilizing the discount rate used to calculate the value of our Loans under our non-GAAP floating yield methodology.

Revolving Secured Line of Credit. The fair value is determined by calculating the present value of the debt instrument based on current rates for debt with a similar risk profile and maturity.

Secured Financing. The fair value of certain Term ABS financings is determined using quoted market prices in an active market. For our warehouse facilities and certain other Term ABS financings, the fair values are determined by calculating the present value of each debt instrument based on current rates for debt with similar risk profiles and maturities.

Senior Notes. The fair value is determined using quoted market prices in an active market.

Mortgage Note. The fair value is determined by calculating the present value of the debt instrument based on current rates

for debt with a similar risk profile and maturity.

A comparison of the carrying amount and estimated fair value of these financial instruments is as follows:


(In millions)	As of December 31,
	2022				2021
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	7.7	$	7.7	$	23.3	$	23.3
Restricted cash and cash equivalents	410.0		410.0		410.9		410.9
Restricted securities available for sale	72.3		72.3		62.1		62.1
Loans receivable, net	6,297.7		6,767.9		6,336.3		6,580.4
Liabilities
Revolving secured line of credit	$	30.9	$	30.9	$	2.6	$	2.6
Secured financing	3,756.4		3,581.9		3,811.5		3,832.1
Senior notes	794.5		759.0		792.5		825.8
Mortgage note	8.9		8.9		9.7		9.7

Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. We group assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are:

Level 1 Valuation is based upon quoted prices for identical instruments traded in active markets.

Level 2 Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3 Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates or assumptions that market participants would use in pricing the asset or liability.

The following table provides the level of measurement used to determine the fair value for each of our financial instruments measured or disclosed at fair value:


(In millions)	As of December 31, 2022
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents (1)	$	7.7	$	—	$	—	$	7.7
Restricted cash and cash equivalents (1)	410.0		—		—		410.0
Restricted securities available for sale (2)	58.7		13.6		—		72.3
Loans receivable, net (1)	—		—		6,767.9		6,767.9
Liabilities
Revolving secured line of credit (1)	$	—	$	30.9	$	—	$	30.9
Secured financing (1)	2,781.8		800.1		—		3,581.9
Senior notes (1)	759.0				—		759.0
Mortgage note (1)	—		8.9		—		8.9

(In millions)	As of December 31, 2021
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents (1)	$	23.3	$	—	$	—	$	23.3
Restricted cash and cash equivalents (1)	410.9		—		—		410.9
Restricted securities available for sale (2)	49.0		13.1		—		62.1
Loans receivable, net (1)	—		—		6,580.4		6,580.4
Liabilities
Revolving secured line of credit (1)	$	—	$	2.6	$	—	$	2.6
Secured financing (1)	3,231.9		600.2		—		3,832.1
Senior notes (1)	825.8		—		—		825.8
Mortgage note (1)	—		9.7		—		9.7

(1) Measured at amortized cost with fair value disclosed.

(2) Measured at fair value on a recurring basis.

Investments, Debt and Equity Securities [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Restricted Securities Available For Sale

12 Months Ended

Dec. 31, 2022

Restricted Securities Available For Sale

RESTRICTED SECURITIES AVAILABLE FOR SALE

Restricted securities available for sale consist of the following:


(In millions)	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	32.6	$	—	$	(1.7)	$	30.9
U.S. Government and agency securities	29.5		—		(1.7)		27.8
Asset-backed securities	13.8		—		(0.4)		13.4

Mortgage-backed securities	0.2		—		—		0.2
Total restricted securities available for sale	$	76.1	$	—	$	(3.8)	$	72.3
(In millions)	As of December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	27.3	$	0.3	$	(0.2)	$	27.4
U.S. Government and agency securities	21.5		0.2		(0.1)		21.6
Asset-backed securities	12.9		—		(0.1)		12.8
Mortgage-backed securities	0.3		—		—		0.3
Total restricted securities available for sale	$	62.0	$	0.5	$	(0.4)	$	62.1

The fair value and gross unrealized losses for restricted securities available for sale, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows:


(In millions)	Securities Available for Sale with Gross Unrealized Losses as of December 31, 2022
	Less than 12 Months				12 Months or More
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Total Estimated Fair Value		Total Gross Unrealized Losses
Corporate bonds	$	15.1	$	(0.6)	$	13.3	$	(1.1)	$	28.4	$	(1.7)
U.S. Government and agency securities	18.0		(0.8)		9.2		(0.9)		27.2		(1.7)
Asset-backed securities	6.6		(0.1)		4.4		(0.3)		11.0		(0.4)
Mortgage-backed securities	0.3		—		—		—		0.3		—
Total restricted securities available for sale	$	40.0	$	(1.5)	$	26.9	$	(2.3)	$	66.9	$	(3.8)


(In millions)	Securities Available for Sale with Gross Unrealized Losses as of December 31, 2021
	Less than 12 Months				12 Months or More
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Total Estimated Fair Value		Total Gross Unrealized Losses
Corporate bonds	$	15.0	$	(0.2)	$	1.3	$	—	$	16.3	$	(0.2)
U.S. Government and agency securities	10.1		(0.1)		—		—		10.1		(0.1)
Asset-backed securities	8.4		(0.1)		—		—		8.4		(0.1)
Mortgage-backed securities	—		—		—		—		—		—
Total restricted securities available for sale	$	33.5	$	(0.4)	$	1.3	$	—	$	34.8	$	(0.4)

The cost and estimated fair values of debt securities by contractual maturity were as follows (securities with multiple maturity dates are classified in the period of final maturity). Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


(In millions)	As of December 31,
	2022				2021
Contractual Maturity	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within one year	$	4.0	$	3.9	$	2.9	$	3.0
Over one year to five years	66.4		63.0		56.9		57.0
Over five years to ten years	5.6		5.3		2.1		2.0
Over ten years	0.1		0.1		0.1		0.1
Total restricted securities available for sale	$	76.1	$	72.3	$	62.0	$	62.1

Loans Receivable

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Loans Receivable

LOANS RECEIVABLE

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


(In millions)	As of December 31, 2022
	Dealer Loans		Purchased Loans		Total
Loans receivable	$	6,074.8	$	3,090.7	$	9,165.5
Allowance for credit losses	(2,000.0)		(867.8)		(2,867.8)
Loans receivable, net	$	4,074.8	$	2,222.9	$	6,297.7

(In millions)	As of December 31, 2021
	Dealer Loans		Purchased Loans		Total
Loans receivable	$	5,655.1	$	3,694.7	$	9,349.8
Allowance for credit losses	(1,767.8)		(1,245.7)		(3,013.5)
Loans receivable, net	$	3,887.3	$	2,449.0	$	6,336.3

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


(In millions)	For the Year Ended December 31, 2022
	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	$	5,655.1	$	3,694.7	$	9,349.8	$	(1,767.8)	$	(1,245.7)	$	(3,013.5)	$	3,887.3	$	2,449.0	$	6,336.3
Finance charges	1,391.0		997.8		2,388.8		(442.4)		(260.1)		(702.5)		948.6		737.7		1,686.3
Provision for credit losses	—		—		—		(240.4)		(241.0)		(481.4)		(240.4)		(241.0)		(481.4)
New Consumer Loan assignments (1)	2,530.0		1,095.3		3,625.3		—		—		—		2,530.0		1,095.3		3,625.3
Collections (2)	(3,237.5)		(1,871.9)		(5,109.4)		—		—		—		(3,237.5)		(1,871.9)		(5,109.4)
Accelerated Dealer Holdback payments	44.2		—		44.2		—		—		—		44.2		—		44.2
Dealer Holdback payments	186.6		—		186.6		—		—		—		186.6		—		186.6
Transfers (3)	(72.1)		72.1		—		18.3		(18.3)		—		(53.8)		53.8		—
Write-offs	(433.4)		(900.4)		(1,333.8)		433.4		900.4		1,333.8		—		—		—
Recoveries (4)	1.1		3.1		4.2		(1.1)		(3.1)		(4.2)		—		—		—
Deferral of Loan origination costs	9.8		—		9.8		—		—		—		9.8		—		9.8
Balance, end of period	$	6,074.8	$	3,090.7	$	9,165.5	$	(2,000.0)	$	(867.8)	$	(2,867.8)	$	4,074.8	$	2,222.9	$	6,297.7


(In millions)	For the Year Ended December 31, 2021
	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	1,385.1		1,117.9		2,503.0		(413.8)		(346.6)		(760.4)		971.3		771.3		1,742.6
Provision for credit losses	—		—		—		28.2		(36.6)		(8.4)		28.2		(36.6)		(8.4)
New Consumer Loan assignments (1)	2,059.0		1,108.8		3,167.8		—		—		—		2,059.0		1,108.8		3,167.8
Collections (2)	(3,464.6)		(2,095.1)		(5,559.7)		—		—		—		(3,464.6)		(2,095.1)		(5,559.7)
Accelerated Dealer Holdback payments	44.1		—		44.1		—		—		—		44.1		—		44.1
Dealer Holdback payments	153.4		—		153.4		—		—		—		153.4		—		153.4
Transfers (3)	(115.7)		115.7		—		35.5		(35.5)		—		(80.2)		80.2		—
Write-offs	(286.2)		(810.3)		(1,096.5)		286.2		810.3		1,096.5		—		—		—
Recoveries (4)	1.8		2.5		4.3		(1.8)		(2.5)		(4.3)		—		—		—
Deferral of Loan origination costs	8.6		—		8.6		—		—		—		8.6		—		8.6
Balance, end of period	$	5,655.1	$	3,694.7	$	9,349.8	$	(1,767.8)	$	(1,245.7)	$	(3,013.5)	$	3,887.3	$	2,449.0	$	6,336.3


(In millions)	For the Year Ended December 31, 2020
	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 (5)	940.2		1,523.4		2,463.6		(940.2)		(1,523.4)		(2,463.6)		—		—		—
Finance charges	1,313.9		991.0		2,304.9		(368.0)		(374.5)		(742.5)		945.9		616.5		1,562.4
Provision for credit losses	—		—		—		(239.7)		(317.2)		(556.9)		(239.7)		(317.2)		(556.9)
New Consumer Loan assignments (1)	2,207.8		1,433.4		3,641.2		—		—		—		2,207.8		1,433.4		3,641.2
Collections (2)	(3,059.1)		(1,682.3)		(4,741.4)		—		—		—		(3,059.1)		(1,682.3)		(4,741.4)
Accelerated Dealer Holdback payments	45.9		—		45.9		—		—		—		45.9		—		45.9
Dealer Holdback payments	142.6		—		142.6		—		—		—		142.6		—		142.6
Transfers (3)	(119.8)		119.8		—		39.7		(39.7)		—		(80.1)		80.1		—
Write-offs	(235.1)		(729.8)		(964.9)		235.1		729.8		964.9		—		—		—
Recoveries (4)	1.0		1.8		2.8		(1.0)		(1.8)		(2.8)		—		—		—
Deferral of Loan origination costs	8.9		—		8.9		—		—		—		8.9		—		8.9
Balance, end 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

(1)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.

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

(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 and related allowance for credit losses balance to Purchased Loans in the period this forfeiture occurs.

(4)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.

(5)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.

We recognize provision for credit losses on new Consumer Loan assignments for contractual net cash flows that were not expected to be realized at the time of assignment. We also recognize provision for credit losses on forecast changes in the amount and timing of expected future net cash flows subsequent to assignment. The following table summarizes the provision for credit losses for each of these components:


(In millions)	For the Year Ended December 31, 2022
Provision for Credit Losses	Dealer Loans		Purchased Loans		Total
New Consumer Loan assignments	$	154.8	$	188.9	$	343.7
Forecast changes	85.6		52.1		137.7
Total	$	240.4	$	241.0	$	481.4


(In millions)	For the Year Ended December 31, 2021
Provision for Credit Losses	Dealer Loans		Purchased Loans		Total
New Consumer Loan assignments	$	153.1	$	212.0	$	365.1
Forecast changes	(181.3)		(175.4)		(356.7)
Total	$	(28.2)	$	36.6	$	8.4


(In millions)	For the Year Ended December 31, 2020
Provision for Credit Losses	Dealer Loans		Purchased Loans		Total
New Consumer Loan assignments	$	209.7	$	308.9	$	518.6
Forecast changes	30.0		8.3		38.3
Total	$	239.7	$	317.2	$	556.9

The net Loan income (finance charge revenue less provision for credit losses expense) that we will recognize over the life of a Loan equals the cash we collect from the underlying Consumer Loan less the cash we pay to the Dealer. Under CECL, we are required to recognize a significant provision for credit losses expense at the time of assignment for contractual net cash flows we never expect to realize and to recognize in subsequent periods finance charge revenue that is significantly in excess of our expected yields. Additional information related to new Consumer Loan assignments is as follows:


(In millions)	For the Year Ended December 31, 2022
New Consumer Loan Assignments	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	3,874.4	$	2,185.9	$	6,060.3
Expected net cash flows at the time of assignment (2)	3,516.1		1,497.0		5,013.1
Loans receivable at the time of assignment (3)	2,530.0		1,095.3		3,625.3

Provision for credit losses expense at the time of assignment	$	(154.8)	$	(188.9)	$	(343.7)
Expected future finance charges at the time of assignment (4)	1,140.9		590.6		1,731.5
Expected net Loan income at the time of assignment (5)	$	986.1	$	401.7	$	1,387.8


(In millions)	For the Year Ended December 31, 2021
New Consumer Loan Assignments	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	3,202.5	$	2,324.1	$	5,526.6
Expected net cash flows at the time of assignment (2)	2,880.9		1,549.1		4,430.0
Loans receivable at the time of assignment (3)	2,059.0		1,108.8		3,167.8

Provision for credit losses expense at the time of assignment	$	(153.1)	$	(212.0)	$	(365.1)
Expected future finance charges at the time of assignment (4)	975.0		652.3		1,627.3
Expected net Loan income at the time of assignment (5)	$	821.9	$	440.3	$	1,262.2


(In millions)	For the Year Ended December 31, 2020
New Consumer Loan Assignments	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	3,506.9	$	3,151.2	$	6,658.1
Expected net cash flows at the time of assignment (2)	3,113.4		2,018.2		5,131.6
Loans receivable at the time of assignment (3)	2,207.8		1,433.4		3,641.2

Provision for credit losses expense at the time of assignment	$	(209.7)	$	(308.9)	$	(518.6)
Expected future finance charges at the time of assignment (4)	1,115.3		893.7		2,009.0
Expected net Loan income at the time of assignment (5)	$	905.6	$	584.8	$	1,490.4

(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).

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


(In millions)	For the Year Ended December 31, 2022
Expected Future Net Cash Flows	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	5,249.7	$	3,698.6	$	8,948.3
New Consumer Loan assignments (1)	3,516.1		1,497.0		5,013.1
Realized net cash flows (2)	(3,006.7)		(1,871.9)		(4,878.6)
Forecast changes	(41.6)		(18.1)		(59.7)
Transfers (3)	(79.6)		89.9		10.3
Balance, end of period	$	5,637.9	$	3,395.5	$	9,033.4


(In millions)	For the Year Ended December 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)	2,880.9		1,549.1		4,430.0
Realized net cash flows (2)	(3,267.1)		(2,095.1)		(5,362.2)
Forecast changes	87.7		238.4		326.1
Transfers (3)	(116.1)		126.1		10.0
Balance, end of period	$	5,249.7	$	3,698.6	$	8,948.3


(In millions)	For the Year Ended December 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)	3,113.4		2,018.2		5,131.6
Realized net cash flows (2)	(2,870.6)		(1,682.3)		(4,552.9)
Forecast changes	(41.1)		(5.2)		(46.3)
Transfers (3)	(114.4)		121.2		6.8
Balance, end of period	$	5,664.3	$	3,880.1	$	9,544.4

(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.

Credit Quality

We monitor and evaluate the credit quality of Consumer Loans assigned under our Portfolio and Purchase Programs on a monthly basis by comparing our current forecasted collection rates to our prior forecasted collection rates and our initial expectations. For additional information regarding credit quality, see Note 2 to the consolidated financial statements. The following table compares our forecast of Consumer Loan collection rates as of December 31, 2022, with the forecasts as of December 31, 2021, as of December 31, 2020, and at the time of assignment, segmented by year of assignment:


	Total Loans as of December 31, 2022
	Forecasted Collection Percentage as of (1)								Current Forecast Variance from
Consumer Loan Assignment Year	December 31, 2022		December 31, 2021		December 31, 2020		Initial Forecast		December 31, 2021		December 31, 2020		Initial Forecast
2013	73.5	%	73.4	%	73.4	%	72.0	%	0.1	%	0.1	%	1.5	%
2014	71.7	%	71.5	%	71.6	%	71.8	%	0.2	%	0.1	%	-0.1	%
2015	65.2	%	65.1	%	65.2	%	67.7	%	0.1	%	0.0	%	-2.5	%
2016	63.8	%	63.6	%	63.6	%	65.4	%	0.2	%	0.2	%	-1.6	%
2017	64.7	%	64.4	%	64.1	%	64.0	%	0.3	%	0.6	%	0.7	%
2018	65.2	%	65.1	%	64.0	%	63.6	%	0.1	%	1.2	%	1.6	%
2019	66.6	%	66.5	%	64.4	%	64.0	%	0.1	%	2.2	%	2.6	%
2020	67.8	%	67.9	%	64.8	%	63.4	%	-0.1	%	3.0	%	4.4	%
2021	66.2	%	66.5	%	—		66.3	%	-0.3	%	—		-0.1	%
2022	66.3	%	—		—		67.5	%	—		—		-1.2	%


	Dealer Loans as of December 31, 2022
	Forecasted Collection Percentage as of (1) (2)								Current Forecast Variance from
Consumer Loan Assignment Year	December 31, 2022		December 31, 2021		December 31, 2020		Initial Forecast		December 31, 2021		December 31, 2020		Initial Forecast
2013	73.4	%	73.3	%	73.4	%	72.1	%	0.1	%	0.0	%	1.3	%
2014	71.6	%	71.4	%	71.5	%	71.9	%	0.2	%	0.1	%	-0.3	%
2015	64.5	%	64.4	%	64.5	%	67.5	%	0.1	%	0.0	%	-3.0	%
2016	63.0	%	62.8	%	62.8	%	65.1	%	0.2	%	0.2	%	-2.1	%
2017	64.0	%	63.8	%	63.4	%	63.8	%	0.2	%	0.6	%	0.2	%
2018	64.6	%	64.6	%	63.5	%	63.6	%	0.0	%	1.1	%	1.0	%
2019	66.3	%	66.2	%	64.1	%	63.9	%	0.1	%	2.2	%	2.4	%
2020	67.7	%	67.6	%	64.5	%	63.3	%	0.1	%	3.2	%	4.4	%
2021	66.0	%	66.2	%	—		66.3	%	-0.2	%	—		-0.3	%
2022	65.8	%	—		—		67.3	%	—		—		-1.5	%


	Purchased Loans as of December 31, 2022
	Forecasted Collection Percentage as of (1) (2)								Current Forecast Variance from
Consumer Loan Assignment Year	December 31, 2022		December 31, 2021		December 31, 2020		Initial Forecast		December 31, 2021		December 31, 2020		Initial Forecast
2013	74.3	%	74.2	%	74.3	%	71.6	%	0.1	%	0.0	%	2.7	%
2014	72.5	%	72.4	%	72.4	%	70.9	%	0.1	%	0.1	%	1.6	%
2015	68.9	%	68.9	%	68.8	%	68.5	%	0.0	%	0.1	%	0.4	%
2016	66.0	%	65.8	%	65.8	%	66.5	%	0.2	%	0.2	%	-0.5	%
2017	66.3	%	66.0	%	65.6	%	64.6	%	0.3	%	0.7	%	1.7	%
2018	66.4	%	66.4	%	65.1	%	63.5	%	0.0	%	1.3	%	2.9	%
2019	67.2	%	67.2	%	65.1	%	64.2	%	0.0	%	2.1	%	3.0	%
2020	68.0	%	68.4	%	65.4	%	63.6	%	-0.4	%	2.6	%	4.4	%
2021	66.7	%	67.1	%	—		66.3	%	-0.4	%	—		0.4	%
2022	67.4	%	—		—		68.0	%	—		—		-0.6	%

(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.

We evaluate and adjust the expected collection rate of each Consumer Loan subsequent to assignment primarily through the monitoring of consumer payment behavior. The following table summarizes the past-due status of Consumer Loan assignments as of December 31, 2022 and December 31, 2021, segmented by year of assignment:


(In millions)	Total Loans as of December 31, 2022 (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
2017 and prior	$	16.1	$	9.6	$	42.2	$	167.7	$	235.6
2018	142.8		71.7		197.5		37.3		449.3
2019	446.5		214.0		411.9		6.5		1,078.9
2020	732.6		332.8		421.1		0.9		1,487.4
2021	1,209.1		480.4		398.8		—		2,088.3
2022	3,036.1		631.1		158.8		—		3,826.0
	$	5,583.2	$	1,739.6	$	1,630.3	$	212.4	$	9,165.5


(In millions)	Dealer Loans as of December 31, 2022 (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
2017 and prior	$	7.7	$	4.5	$	20.4	$	103.1	$	135.7
2018	71.5		34.3		97.3		21.3		224.4
2019	215.2		100.7		196.9		4.2		517.0
2020	461.6		204.6		259.4		0.7		926.3
2021	836.1		324.8		268.0		—		1,428.9
2022	2,258.6		467.1		116.8		—		2,842.5
	$	3,850.7	$	1,136.0	$	958.8	$	129.3	$	6,074.8


(In millions)	Purchased Loans as of December 31, 2022 (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
2017 and prior	$	8.4	$	5.1	$	21.8	$	64.6	$	99.9
2018	71.3		37.4		100.2		16.0		224.9
2019	231.3		113.3		215.0		2.3		561.9
2020	271.0		128.2		161.7		0.2		561.1
2021	373.0		155.6		130.8		—		659.4
2022	777.5		164.0		42.0		—		983.5
	$	1,732.5	$	603.6	$	671.5	$	83.1	$	3,090.7


(In millions)	Total Loans as of December 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	$	7.4	$	3.4	$	38.6	$	117.5	$	166.9
2017	93.4		35.0		155.7		34.5		318.6
2018	452.4		169.9		395.1		6.7		1,024.1
2019	1,085.4		410.7		580.8		1.1		2,078.0
2020	1,586.4		538.6		405.5		—		2,530.5
2021	2,555.5		554.5		121.7		—		3,231.7
	$	5,780.5	$	1,712.1	$	1,697.4	$	159.8	$	9,349.8


(In millions)	Dealer Loans as of December 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	$	2.5	$	1.1	$	12.8	$	82.2	$	98.6
2017	44.9		16.8		75.2		21.8		158.7
2018	228.7		84.0		195.9		4.2		512.8
2019	530.7		194.2		276.3		0.7		1,001.9
2020	1,025.5		337.9		254.0		—		1,617.4
2021	1,800.5		382.8		82.4		—		2,265.7
	$	3,632.8	$	1,016.8	$	896.6	$	108.9	$	5,655.1


(In millions)	Purchased Loans as of December 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	$	4.9	$	2.3	$	25.8	$	35.3	$	68.3
2017	48.5		18.2		80.5		12.7		159.9
2018	223.7		85.9		199.2		2.5		511.3
2019	554.7		216.5		304.5		0.4		1,076.1
2020	560.9		200.7		151.5		—		913.1
2021	755.0		171.7		39.3		—		966.0
	$	2,147.7	$	695.3	$	800.8	$	50.9	$	3,694.7

(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.

The COVID-19 pandemic created conditions that increased the level of uncertainty associated with our estimate of the amount and timing of future net cash flows from our Loan portfolio. During the first quarter of 2020, we applied a subjective adjustment to our forecasting model to reflect our best estimate of the future impact of the COVID-19 pandemic on future net cash flows (“COVID forecast adjustment”), which reduced our estimate of future net cash flows by $162.2 million. We continued to apply the COVID forecast adjustment through the end of 2021, as it continued to represent our best estimate. During the first quarter of 2022, we determined that we had sufficient Consumer Loan performance experience since the lapse of federal stimulus payments and enhanced unemployment benefits to refine our estimate of future net cash flows. Accordingly, during the first quarter of 2022, we removed the COVID forecast adjustment and enhanced our methodology for forecasting the amount and timing of future net cash flows from our Loan portfolio through the utilization of more recent data and new forecast variables. Under CECL, changes in the amount and timing of forecasted net cash flows are recorded as a provision for credit losses in the period of change.

The removal of the COVID forecast adjustment and the implementation of the enhanced forecasting methodology during the first quarter of 2022 impacted forecasted net cash flows and provision for credit losses as follows:


(In millions)	Increase / (Decrease) in
Forecasting Methodology Changes	Forecasted Net Cash Flows		Provision for Credit Losses
Removal of COVID forecast adjustment	$	149.5	$	(118.5)
Implementation of enhanced forecasting methodology	(53.8)		47.9
Total	95.7		(70.6)

Property And Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property And Equipment

PROPERTY AND EQUIPMENT

Property and equipment consists of the following:


(In millions)	As of December 31,
	2022		2021
Land and land improvements	$	2.9	$	2.9
Building and improvements	58.8		59.1
Data processing equipment and software	47.2		46.5
Office furniture and equipment	3.0		3.4
Leasehold improvements	—		0.7
Total property and equipment	111.9		112.6
Less: Accumulated depreciation on property and equipment	(60.5)		(55.3)
Total property and equipment, net	$	51.4	$	57.3

As the vast majority of our team members now work remotely, we have significant excess space in the two office buildings that we own. We are actively exploring options to reduce our office space, which could result in the sale or lease of one or both of our buildings. As there is currently a significant amount of unoccupied office space, we believe the market value of our buildings and improvements, land and land improvements, and office furniture and equipment is significantly less than their combined carrying value. If we were to reclassify one or both of these buildings as held for sale, we would be required to record an impairment charge to reduce their carrying value to their estimated market value less costs to sell.

Depreciation expense on property and equipment was $9.0 million, $9.7 million, and $8.8 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Reinsurance

12 Months Ended

Dec. 31, 2022

Reinsurance [Abstract]

Reinsurance

REINSURANCE

A summary of reinsurance activity is as follows:


(In millions)	For the Years Ended December 31,
	2022		2021		2020
Net assumed written premiums	$	72.5	$	56.4	$	61.7
Net premiums earned	62.7		60.3		57.3
Provision for claims	46.4		38.8		37.9
Amortization of capitalized acquisition costs	1.5		1.4		1.4

The trust assets and related reinsurance liabilities are as follows:


(In millions)		As of December 31,
	Balance Sheet location	2022		2021
Trust assets	Restricted cash and cash equivalents	$	0.4	$	0.3
Trust assets	Restricted securities available for sale	72.3		62.1
Unearned premium	Accounts payable and accrued liabilities	54.4		44.6
Claims reserve (1)	Accounts payable and accrued liabilities	3.1		2.4

(1) The claims reserve represents our liability for incurred-but-not-reported claims and is estimated based on historical claims experience.

The following tables present information about incurred and paid claims development for the five-year period ended December 31, 2022:


(Dollars in millions)
	Cumulative Incurred Claims										As of December 31, 2022
Incident Year	As of December 31,										Claims Reserve		Cumulative Number of Reported Claims
	2018		2019		2020		2021		2022
2018	$	25.8	$	25.7	$	25.8	$	25.8	$	25.8	$	—	22,310
2019			30.1		30.2		30.2		30.2		—		24,422
2020					37.7		37.6		37.7		—		28,208
2021							38.9		39.2		—		28,829
2022									46.0		3.1		29,205
Total									$	178.9	$	3.1	132,974


(In millions)	Cumulative Paid Claims
	As of December 31,
Incident Year	2018		2019		2020		2021		2022
2018	$	24.2	$	25.7	$	25.8	$	25.8	$	25.8
2019			28.3		30.2		30.2		30.2
2020					35.4		37.6		37.7
2021							36.5		39.2
2022									42.9
Total									$	175.8


Average Annual Percentage Payout of Incurred Claims by Age
Claim Age (Years)	1		2		3		4		5
Payout Percentage	93.5	%	6.3	%	0.2	%	—	%	—	%

Other Income

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Other Income and Other Expense Disclosure [Text Block]

OTHER INCOME

Other income consists of the following:


(In millions)	For the Years Ended December 31,
	2022		2021		2020
Ancillary product profit sharing	$	60.6	$	40.2	$	33.5
Remarketing fees	13.4		7.8		7.1
Interest	6.6		1.2		2.9
Dealer enrollment fees	1.7		1.9		3.0
Dealer support products and services	1.2		1.3		1.9
Other	(0.1)		0.7		1.2
Total	$	83.4	$	53.1	$	49.6

Ancillary product profit sharing consists of payments received from TPPs based upon the performance of vehicle service contracts and GAP contracts, and is recognized as income over the life of the vehicle service contracts and GAP contracts.

Remarketing fees consist of fees retained from the sale of repossessed vehicles by Vehicle Remarketing Services, Inc. (“VRS”), our wholly owned subsidiary that is responsible for remarketing vehicles for Credit Acceptance. VRS coordinates vehicle repossessions with a nationwide network of repossession contractors, the redemption of the vehicles by the consumers, and the sale of the vehicles through a nationwide network of vehicle auctions. VRS recognizes income from the retained fees at the time of the sale and does not retain a fee if a repossessed vehicle is redeemed by the consumer prior to the sale.

Interest consists of income earned on cash and cash equivalents, restricted cash and cash equivalents, and restricted securities available for sale. Interest income is generally recognized over time as it is earned. Interest income on restricted securities available for sale is recognized over the life of the underlying financial instruments using the interest method.

Dealer enrollment fees consist of fees from Dealers that enrolled in our Portfolio Program prior to August 5, 2019. Depending on the enrollment option selected by the Dealer, Dealers may have enrolled by paying us an upfront, one-time fee of $9,850, or by agreeing to allow us to retain 50% of their accelerated Dealer Holdback payment(s) on the first 100 Consumer Loan assignments. A portion of the $9,850 upfront, one-time fee was considered to be a Dealer enrollment fee, which was amortized on a straight-line basis over the estimated life of the Dealer relationship. In the case of Dealers that enrolled by agreeing to allow us to retain 50% of their accelerated Dealer Holdback payment(s) on the first 100 Consumer Loan assignments, the 50% portion we retain is considered to be a Dealer enrollment fee. We do not recognize any of this Dealer enrollment fee until the Dealer has met the eligibility requirements to receive the accelerated Dealer Holdback payment(s) and the amount(s) of the payment(s), if any, have been calculated. Once the accelerated Dealer Holdback payment(s) have been calculated, we defer the 50% portion that we keep and recognize it on a straight-line basis over the remaining estimated life of the Dealer relationship. Beginning August 5, 2019, Dealers enroll in our Portfolio Program without incurring an enrollment fee.

Dealer support products and services consist of income earned from products and services provided to Dealers to assist with their operations, including sales and marketing, purchasing supplies and materials, and acquiring vehicle inventory. Income is recognized in the period the product or service is provided.

The following table disaggregates our other income by major source of income and timing of the revenue recognition:


(In millions)	For the Year Ended December 31, 2022
	Ancillary product profit sharing		Remarketing fees		Interest		Dealer enrollment fees		Dealer support products and services		Other		Total Other Income
Source of income
Third Party Providers	$	60.6	$	—	$	6.6	$	—	$	—	$	(0.1)	$	67.1
Dealers	—		13.4		—		1.7		1.2		—		16.3
Total	$	60.6	$	13.4	$	6.6	$	1.7	$	1.2	$	(0.1)	$	83.4

Timing of revenue recognition
Over time	$	60.6	$	—	$	6.6	$	1.7	$	—	$	—	$	68.9
At a point in time	—		13.4		—		—		1.2		(0.1)		14.5
Total	$	60.6	$	13.4	$	6.6	$	1.7	$	1.2	$	(0.1)	$	83.4

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Debt consists of the following:


(In millions)	As of December 31, 2022
	Principal Outstanding		Unamortized Debt Issuance Costs		Unamortized Discount		Carrying Amount
Revolving secured line of credit (1)	$	30.9	$	—	$	—	$	30.9
Secured financing (2)	3,776.7		(16.9)		(3.4)		3,756.4
Senior notes	800.0		(5.5)		—		794.5
Mortgage note	8.9		—		—		8.9
Total debt	$	4,616.5	$	(22.4)	$	(3.4)	$	4,590.7

(In millions)	As of December 31, 2021
	Principal Outstanding		Unamortized Debt Issuance Costs		Unamortized Discount		Carrying Amount
Revolving secured line of credit (1)	$	2.6	$	—	$	—	$	2.6
Secured financing (2)	3,830.4		(18.9)		—		3,811.5
Senior notes	800.0		(7.5)		—		792.5
Mortgage note	9.7		—		—		9.7
Total debt	$	4,642.7	$	(26.4)	$	—	$	4,616.3

(1)Excludes deferred debt issuance costs of $3.9 million and $3.6 million as of December 31, 2022 and December 31, 2021, respectively, which are included in other assets.

(2)Warehouse facilities and Term ABS.

General information for each of our financing transactions in place as of December 31, 2022 is as follows:


(Dollars in millions)
Financings	Wholly Owned Subsidiary	Maturity Date		Financing Amount			Interest Rate Basis as of December 31, 2022
Revolving Secured Line of Credit	n/a	06/22/25		$	410.0	(1)	At our option, either the Bloomberg Short-Term Bank Yield Index rate (BSBY) plus 187.5 basis points or the prime rate plus 87.5 basis points
Warehouse Facility II (2)	CAC Warehouse Funding LLC II	04/30/24	(3)	$	400.0		LIBOR plus 175 basis points (4)
Warehouse Facility IV (2)	CAC Warehouse Funding LLC IV	05/20/25	(3)	$	300.0		The Secured Overnight Financing Rate (SOFR) plus 221.4 basis points (4)
Warehouse Facility V (2)	CAC Warehouse Funding LLC V	12/29/25	(5)	$	200.0		SOFR plus 245 basis points (4)
Warehouse Facility VI (2)	CAC Warehouse Funding LLC VI	09/30/24	(3)	$	75.0		BSBY plus 200 basis points
Warehouse Facility VIII (2)	CAC Warehouse Funding LLC VIII	09/01/24	(3)	$	200.0		SOFR plus 201.4 basis points (4)
Term ABS 2019-2 (2)	Credit Acceptance Funding LLC 2019-2	08/15/25	(6)	$	500.0		Fixed rate
Term ABS 2019-3 (2)	Credit Acceptance Funding LLC 2019-3	11/15/21	(3)	$	351.7		Fixed rate
Term ABS 2020-1 (2)	Credit Acceptance Funding LLC 2020-1	02/15/22	(3)	$	500.0		Fixed rate
Term ABS 2020-2 (2)	Credit Acceptance Funding LLC 2020-2	07/15/22	(3)	$	481.8		Fixed rate
Term ABS 2020-3 (2)	Credit Acceptance Funding LLC 2020-3	10/17/22	(3)	$	600.0		Fixed rate
Term ABS 2021-1 (2)	Credit Acceptance Funding LLC 2021-1	12/16/24	(6)	$	100.0		SOFR plus 220 basis points (4)
Term ABS 2021-2 (2)	Credit Acceptance Funding LLC 2021-2	02/15/23	(3)	$	500.0		Fixed rate
Term ABS 2021-3 (2)	Credit Acceptance Funding LLC 2021-3	05/15/23	(3)	$	450.0		Fixed rate
Term ABS 2021-4 (2)	Credit Acceptance Funding LLC 2021-4	10/16/23	(3)	$	250.1		Fixed rate
Term ABS 2022-1 (2)	Credit Acceptance Funding LLC 2022-1	06/17/24	(3)	$	350.0		Fixed rate
Term ABS 2022-2 (2)	Credit Acceptance Funding LLC 2022-2	12/15/25	(6)	$	200.0		SOFR plus 235 basis points (4)
Term ABS 2022-3 (2)	Credit Acceptance Funding LLC 2022-3	10/15/24	(3)	$	389.9		Fixed rate
2024 Senior Notes	n/a	12/31/24		$	400.0		Fixed rate
2026 Senior Notes	n/a	03/15/26		$	400.0		Fixed rate
Mortgage Note (2)	Chapter 4 Properties, LLC	08/06/28		$	9.0		BSBY plus 150 basis points

(1)The amount of the facility will decrease by $25.0 million on June 22, 2023.

(2)Financing made available only to a specified subsidiary of the Company.

(3)Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date based on the cash flows of the pledged assets.

(4)Interest rate cap agreements are in place to limit the exposure to increasing interest rates.

(5)Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date and any amounts remaining on December 27, 2027 will be due on that date.

(6)Represents the revolving maturity date. The Company has the option to redeem and retire the indebtedness after the revolving maturity date. If we do not elect this option, the outstanding balance will amortize based on the cash flows of the pledged assets.

Additional information related to the amounts outstanding on each facility is as follows:


(In millions)	For the Years Ended December 31,
	2022		2021
Revolving Secured Line of Credit
Maximum outstanding principal balance	$	379.7	$	229.0
Average outstanding principal balance	133.4		29.1
Warehouse Facility II
Maximum outstanding principal balance	$	201.0	$	201.0
Average outstanding principal balance	83.0		18.8
Warehouse Facility IV
Maximum outstanding principal balance	$	43.8	$	—
Average outstanding principal balance	4.3		—
Warehouse Facility V
Maximum outstanding principal balance	$	—	$	—
Average outstanding principal balance	—		—
Warehouse Facility VI
Maximum outstanding principal balance	$	50.0	$	—
Average outstanding principal balance	23.1		—
Warehouse Facility VIII
Maximum outstanding principal balance	$	48.2	$	—
Average outstanding principal balance	4.7		—


(Dollars in millions)	As of December 31,
	2022			2021
Revolving Secured Line of Credit
Principal balance outstanding	$	30.9		$	2.6
Amount available for borrowing (1)	379.1			432.4
Interest rate	6.25		%	1.98		%
Warehouse Facility II
Principal balance outstanding	$	—		$	—
Amount available for borrowing (1)	400.0			400.0
Loans pledged as collateral	—			—
Restricted cash and cash equivalents pledged as collateral	1.0			1.0
Interest rate	—		%	—		%
Warehouse Facility IV
Principal balance outstanding	$	—		$	—
Amount available for borrowing (1)	300.0			300.0
Loans pledged as collateral	—			—
Restricted cash and cash equivalents pledged as collateral	1.0			1.0
Interest rate	—		%	—		%
Warehouse Facility V
Principal balance outstanding	$	—		$	—
Amount available for borrowing (1)	200.0			125.0
Loans pledged as collateral	—			—
Restricted cash and cash equivalents pledged as collateral	1.0			1.0
Interest rate	—		%	—		%
Warehouse Facility VI
Principal balance outstanding	$	—		$	—
Amount available for borrowing (1)	75.0			75.0
Loans pledged as collateral	—			—
Restricted cash and cash equivalents pledged as collateral	—			—
Interest rate	—		%	—		%
Warehouse Facility VIII
Principal balance outstanding	$	—		$	—
Amount available for borrowing (1)	200.0			200.0
Loans pledged as collateral	—			—
Restricted cash and cash equivalents pledged as collateral	—			—
Interest rate	—		%	—		%
Term ABS 2019-1
Principal balance outstanding	$	—		$	124.6
Loans pledged as collateral	—			292.4
Restricted cash and cash equivalents pledged as collateral	—			31.8
Interest rate	—		%	3.86		%
Term ABS 2019-2
Principal balance outstanding	$	500.0		$	500.0
Loans pledged as collateral	627.5			582.1
Restricted cash and cash equivalents pledged as collateral	51.0			50.7
Interest rate	5.15		%	3.13		%
Term ABS 2019-3
Principal balance outstanding	$	64.4		$	323.9
Loans pledged as collateral	200.9			382.9
Restricted cash and cash equivalents pledged as collateral	24.5			36.5
Interest rate	3.00		%	2.58		%
(1) Availability may be limited by the amount of assets pledged as collateral.


(Dollars in millions)	As of December 31,
	2022			2021
Term ABS 2020-1
Principal balance outstanding	$	144.6		$	500.0
Loans pledged as collateral	362.5			591.6
Restricted cash and cash equivalents pledged as collateral	38.8			51.9
Interest rate	2.51		%	2.18		%
Term ABS 2020-2
Principal balance outstanding	$	307.0		$	481.8
Loans pledged as collateral	452.0			579.5
Restricted cash and cash equivalents pledged as collateral	43.9			50.1
Interest rate	1.81		%	1.65		%
Term ABS 2020-3
Principal balance outstanding	$	520.7		$	600.0
Loans pledged as collateral	655.1			688.1
Restricted cash and cash equivalents pledged as collateral	53.9			58.4
Interest rate	1.47		%	1.44		%
Term ABS 2021-1
Principal balance outstanding	$	100.0		$	100.0
Loans pledged as collateral	115.0			143.7
Restricted cash and cash equivalents pledged as collateral	8.5			10.2
Interest rate	6.52		%	2.10		%
Term ABS 2021-2
Principal balance outstanding	$	500.0		$	500.0
Loans pledged as collateral	572.9			618.7
Restricted cash and cash equivalents pledged as collateral	44.5			49.2
Interest rate	1.12		%	1.12		%
Term ABS 2021-3
Principal balance outstanding	$	450.0		$	450.0
Loans pledged as collateral	519.9			619.8
Restricted cash and cash equivalents pledged as collateral	38.8			46.5
Interest rate	1.14		%	1.14		%
Term ABS 2021-4
Principal balance outstanding	$	250.1		$	250.1
Loans pledged as collateral	278.5			281.2
Restricted cash and cash equivalents pledged as collateral	21.8			22.1
Interest rate	1.44		%	1.44		%
Term ABS 2022-1
Balance outstanding	$	350.0		$	—
Loans pledged as collateral	434.7			—
Restricted cash and cash equivalents pledged as collateral	27.7			—
Interest rate	5.03		%	—		%
Term ABS 2022-2
Balance outstanding	$	200.0		$	—
Loans pledged as collateral	229.3			—
Restricted cash and cash equivalents pledged as collateral	25.6			—
Interest rate	6.65		%	—		%
Term ABS 2022-3
Balance outstanding	$	389.9		$	—


(Dollars in millions)	As of December 31,
	2022			2021
Loans pledged as collateral	429.2			—
Restricted cash and cash equivalents pledged as collateral	27.6			—
Interest rate	7.68		%	—		%
2024 Senior Notes
Principal balance outstanding	$	400.0		$	400.0
Interest rate	5.125		%	5.125		%
2026 Senior Notes
Principal balance outstanding	$	400.0		$	400.0
Interest rate	6.625		%	6.625		%
Mortgage Note
Principal balance outstanding	$	8.9		$	9.7
Interest rate	5.46		%	1.60		%
(1) Availability may be limited by the amount of assets pledged as collateral.

Revolving Secured Line of Credit Facility

We have a $410.0 million revolving secured line of credit facility with a commercial bank syndicate. The amount of the facility will decrease by $25.0 million on June 23, 2023. Borrowings under the revolving secured line of credit facility, including any letters of credit issued under the facility, are subject to a borrowing-base limitation. This limitation equals 80% of the value of Loans, as defined in the agreement, less a hedging reserve (not exceeding $1.0 million), and the amount of other debt secured by the collateral which secures the revolving secured line of credit facility. Borrowings under the revolving secured line of credit facility agreement are secured by a lien on most of our assets.

Warehouse Facilities

We have five Warehouse facilities with total borrowing capacity of $1,175.0 million. Each of the facilities is with a different lender or group of lenders. Under each Warehouse facility, we can contribute Loans to our wholly owned subsidiaries in return for cash and an increase in the value of our equity in each subsidiary. In turn, each subsidiary pledges the Loans as collateral to lenders to secure financing that will fund the cash portion of the purchase price of the Loans. The financing provided to each subsidiary under the applicable facility is generally limited to the lesser of 80% of the value of the contributed Loans, as defined in the agreements, plus the restricted cash and cash equivalents pledged as collateral on such Loans or the facility limit.

The financings create indebtedness for which the subsidiaries are liable and which is secured by all the assets of each subsidiary. Such indebtedness is non-recourse to us, even though we are consolidated for financial reporting purposes with the subsidiaries. Because the subsidiaries are organized as legal entities separate from us, their assets (including the contributed Loans) are not available to our creditors.

The subsidiaries pay us a monthly servicing fee equal to either 4% or 6%, depending upon the facility, of the collections received with respect to the contributed Loans. The servicing fee is paid out of the collections. Except for the servicing fee and holdback payments due to Dealers, if a facility is amortizing, we do not have any rights in any portion of such collections until all outstanding principal, accrued and unpaid interest, fees, and other related costs have been paid in full. If a facility is not amortizing, the applicable subsidiary is entitled to any collections remaining after the payment of interest, certain other transaction expenses, and any amounts necessary to satisfy the borrowing base requirements of the facility.

Term ABS Financings

We have wholly owned subsidiaries (the “Funding LLCs”) that have completed secured financing transactions with qualified institutional investors or lenders. In connection with these transactions, we contributed Loans on an arms-length basis to each Funding LLC for cash and the sole membership interest in that Funding LLC. In turn, each Funding LLC, other than of the Funding LLCs for the Term ABS 2019-2, 2021-1, and 2022-2 financings, contributed the Loans to the respective trusts that issued notes to qualified institutional investors. The Funding LLCs for the Term ABS 2019-2, 2021-1, and 2022-2 financings pledged the Loans to their respective lenders. The Term ABS 2019-3, 2020-1, 2020-2, 2020-3, 2021-2, 2021-3, and 2021-4 financings each consist of three classes of notes, while the Term ABS 2022-1 and Term ABS 2022-3 financings consist of four classes of notes.

Each Term ABS financing at the time of issuance has a specified revolving period during which we are likely to contribute additional Loans to the applicable Funding LLC. Each Funding LLC (other than the Funding LLCs of the Term ABS 2019-2, 2021-1, and 2022-2 financings) will then contribute the Loans to its respective trust. At the end of the applicable revolving period, the debt outstanding under each financing will begin to amortize.

The Term ABS financings create indebtedness for which the applicable trust or Funding LLC is liable and which is secured by all the assets of the applicable trust or Funding LLC. Such indebtedness is non-recourse to us, even though we are consolidated for financial reporting purposes with the trusts and the Funding LLCs. Because the Funding LLCs are organized as legal entities separate from us, their assets (including the contributed Loans) are not available to our creditors. We receive a monthly servicing fee on each financing equal to either 4% or 6%, depending upon the financing, of the collections received with respect to the contributed Loans. The fee is paid out of the collections. Except for the servicing fee and Dealer Holdback payments due to Dealers, if a facility is amortizing, we do not have any rights in any portion of such collections until all outstanding principal, accrued and unpaid interest, fees, and other related costs have been paid in full. If a facility is not amortizing, the applicable subsidiary may be entitled to retain any collections remaining after payment of interest, certain other transaction expenses, and any amounts necessary to satisfy the borrowing base requirements of the facility. However, in our capacity as servicer of the Loans, we have a limited right to exercise a “clean-up call” option to purchase Loans from the Funding LLCs and/or the trusts under certain specified circumstances. For those Funding LLCs with a trust, when the trust’s underlying indebtedness is paid in full, either through collections or through a prepayment of the indebtedness, the trust is to pay any remaining collections over to its Funding LLC as the sole beneficiary of the trust. For all Funding LLCs, after the indebtedness is paid in full, any remaining collections will ultimately be available to be distributed to us as the sole member of the respective Funding LLC.

The table below sets forth certain additional details regarding the outstanding Term ABS financings:

(Dollars in millions)

Term ABS Financings

Close Date

Net Book Value of Loans
Contributed at Closing

Revolving Period

Term ABS 2019-2

August 28, 2019

625.1

Through August 15, 2025

Term ABS 2019-3

November 21, 2019

439.6

Through November 15, 2021

Term ABS 2020-1

February 20, 2020

625.1

Through February 15, 2022

Term ABS 2020-2

July 23, 2020

602.3

Through July 15, 2022

Term ABS 2020-3

October 22, 2020

750.1

Through October 17, 2022

Term ABS 2021-1

January 29, 2021

125.1

Through December 16, 2024

Term ABS 2021-2

February 18, 2021

625.1

Through February 15, 2023

Term ABS 2021-3

May 20, 2021

562.6

Through May 15, 2023

Term ABS 2021-4

October 28, 2021

312.6

Through October 16, 2023

Term ABS 2022-1

June 16, 2022

437.6

Through June 17, 2024

Term ABS 2022-2

December 15, 2022

250.1

Through December 15, 2025

Term ABS 2022-3

November 3, 2022

500.1

Through October 15, 2024

Senior Notes

On December 18, 2019, we issued $400.0 million aggregate principal amount of 5.125% senior notes due 2024 (the “2024 senior notes”). The 2024 senior notes were issued pursuant to an indenture, dated as of December 18, 2019, among the Company, as issuer, the Company’s subsidiaries Buyers Vehicle Protection Plan, Inc. and Vehicle Remarketing Services, Inc., as guarantors (collectively, the “Guarantors”), and U.S. Bank National Association, as trustee.

The 2024 senior notes mature on December 31, 2024 and bear interest at a rate of 5.125% per annum, computed on the basis of a 360-day year composed of twelve 30-day months and payable semi-annually on June 30 and December 31 of each year, beginning on June 30, 2020. We used a portion of the net proceeds from the 2024 senior notes to repurchase or redeem all of the $300.0 million outstanding principal amount of our 6.125% senior notes due 2021 (the “2021 senior notes”), of which $148.2 million was repurchased on December 18, 2019 and the remaining $151.8 million was redeemed on January 17, 2020. We used the remaining net proceeds from the 2024 senior notes, together with borrowings under our revolving credit facility and cash on hand to the extent available, to redeem in full the $250.0 million outstanding principal amount of our 7.375% senior notes due 2023 (the “2023 senior notes”) on March 15, 2020. During the fourth quarter of 2019, we recognized a pre-tax loss on extinguishment of debt of $1.8 million related to the repurchase of the 2021 senior notes in the fourth quarter of 2019 and the irrevocable notice given in December 2019 for the redemption of the remaining 2021 senior notes in the first quarter of 2020. During the first quarter of 2020, we recognized a pre-tax loss on extinguishment of debt of $7.4 million related to the redemption of the 2023 senior notes.

On March 7, 2019, we issued $400.0 million aggregate principal amount of 6.625% senior notes due 2026 (the “2026 senior notes”). The 2026 senior notes were issued pursuant to an indenture, dated as of March 7, 2019, among the Company, as issuer, the Guarantors, and U.S. Bank National Association, as trustee.

The 2026 senior notes mature on March 15, 2026 and bear interest at a rate of 6.625% per annum, computed on the basis of a 360-day year composed of twelve 30-day months and payable semi-annually on March 15 and September 15 of each year, beginning on September 15, 2019. We used the net proceeds from the offering of the 2026 senior notes for general corporate purposes, including repayment of outstanding borrowings under our revolving secured line of credit facility.

The 2024 senior notes and 2026 senior notes (the “senior notes”) are guaranteed on a senior basis by the Guarantors, which are also guarantors of obligations under our revolving secured line of credit facility. Other existing and future subsidiaries of ours may become guarantors of the senior notes in the future. The indentures for the senior notes provide for a guarantor of the senior notes to be released from its obligations under its guarantee of the senior notes under specified circumstances.

Mortgage Note

We have a $9.0 million mortgage note with a commercial bank that is secured by a first mortgage lien on a building acquired by us and an assignment of all leases, rents, revenues, and profits under all present and future leases of the building. The note matures on August 6, 2028, and bears interest at BSBY plus 150 basis points.

Principal Debt Maturities

The scheduled principal maturities of our debt as of December 31, 2022 are as follows:


(In millions)
Year	Revolving Secured Line of Credit Facility		Warehouse Facilities		Term ABS Financings (1)		Senior Notes		Mortgage Note		Total
2023	$	—	$	—	$	1,507.4	$	—	$	0.5	$	1,507.9
2024	—		—		878.2		400.0		0.6		1,278.8
2025	30.9		—		1,142.4		—		0.6		1,173.9
2026	—		—		248.7		400.0		0.7		649.4
2027	—		—		—		—		0.7		0.7
Thereafter	—		—		—		—		5.8		5.8
Total	$	30.9	$	—	$	3,776.7	$	800.0	$	8.9	$	4,616.5

(1)The principal maturities of the Term ABS transactions are estimated based on forecasted collections.

Debt Covenants

As of December 31, 2022, we were in compliance with our covenants under the revolving secured line of credit facility and our Warehouse facilities, including those that require the maintenance of certain financial ratios and other financial conditions. These covenants require a minimum ratio of (1) our net earnings, adjusted for specified items, before income taxes, depreciation, amortization, and fixed charges to (2) our fixed charges, as defined in the agreements. These covenants also limit the maximum ratio of our funded debt less unrestricted cash and cash equivalents to tangible net worth. Additionally, for one of our Warehouse facilities, we must maintain consolidated net income, as defined in the agreement, of not less than $1 for the two most recently ended fiscal quarters. Some of these covenants may indirectly limit the repurchase of common stock or payment of dividends on common stock. Our Warehouse facilities also contain covenants that measure the performance of the contributed assets.

Our Term ABS financings also contain covenants that measure the performance of the contributed assets. As of December 31, 2022, we were in compliance with all such covenants. As of the end of the year, we were also in compliance with our covenants under the senior notes indentures.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative And Hedging Instruments

12 Months Ended

Dec. 31, 2022

Derivative And Hedging Instruments

DERIVATIVE AND HEDGING INSTRUMENTS

Interest Rate Caps. We utilize interest rate cap agreements to manage the interest rate risk on certain secured financings. The following tables provide the terms of our interest rate cap agreements that were in effect as of December 31, 2022 and 2021:


(Dollars in millions)
As of December 31, 2022
Facility Amount		Facility Name	Purpose	Start	End	Notional		Cap Interest Rate (1)
$	400.0	Warehouse Facility II	Cap Floating Rate	07/2022	12/2023	$	205.0	6.50	%
300.0		Warehouse Facility IV	Cap Floating Rate	07/2019	07/2023	175.0		6.50	%
200.0		Warehouse Facility V	Cap Floating Rate	12/2020	01/2026	94.0		5.50	%

200.0		Warehouse Facility VIII	Cap Floating Rate	08/2019	08/2023	116.7		5.50	%
			Cap Floating Rate	09/2022	09/2025	83.3		5.50	%
						200.0

100.0		Term ABS 2021-1	Cap Floating Rate	02/2021	06/2024	100.0		5.50	%
200.0		Term ABS 2022-2	Cap Floating Rate	12/2022	06/2024	200.0		6.50	%


(Dollars in millions)
As of December 31, 2021
Facility Amount		Facility Name	Purpose	Start	End	Notional		Cap Interest Rate (1)
$	400.0	Warehouse Facility II	Cap Floating Rate	12/2020	07/2022	$	205.0	5.50	%
300.0		Warehouse Facility IV	Cap Floating Rate	07/2019	07/2023	300.0		6.50	%
125.0		Warehouse Facility V	Cap Floating Rate	12/2020	01/2026	94.0		5.50	%
200.0		Warehouse Facility VIII	Cap Floating Rate	08/2019	08/2023	200.0		5.50	%
100.0		Term ABS 2021-1	Cap Floating Rate	02/2021	06/2024	100.0		5.50	%

(1) Rate excludes the spread over the corresponding benchmark rate.

The interest rate caps have not been designated as hedging instruments. As of December 31, 2022 and 2021, the interest rate caps had a fair value of $2.0 million and $0.2 million, respectively. The increase in fair value from December 31, 2021 was the result of an increase in market rates.

Information related to the effect of derivative instruments not designated as hedging instruments on our consolidated statements of income for the years ended December 31, 2022, 2021, and 2020 is as follows:


(In millions)		Amount of (Income) Loss Recognized in Income on Derivatives
Derivatives Not Designated as Hedging Instruments		For the Years Ended December 31,
	Location	2022		2021		2020
Interest rate caps	Interest expense	$	(1.0)	$	(0.1)	$	—

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Income Tax Provision

The income tax provision consists of the following:


(In millions)	For the Years Ended December 31,
	2022		2021		2020
Income before provision for income taxes:	$	711.7	$	1,260.9	$	549.5
Current provision for income taxes:
Federal	152.7		217.9		53.8
State	28.5		38.6		6.6
	181.2		256.5		60.4
Deferred provision for income taxes:
Federal	(10.8)		36.7		57.3
State	3.1		7.9		11.0
	(7.7)		44.6		68.3
Interest and penalties expense:
Interest	2.4		1.5		(0.2)
Penalties	—		—		—
	2.4		1.5		(0.2)
Provision for income taxes	$	175.9	$	302.6	$	128.5

Deferred Taxes

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities consist of the following:


(In millions)	As of December 31,
	2022		2021
Deferred tax assets:
Allowance for credit losses	$	693.5	$	721.8
Stock-based compensation	18.3		16.3
Deferred state net operating loss	4.7		2.1

Other, net	12.2		10.9
Total deferred tax assets	728.7		751.1
Deferred tax liabilities:
Valuation of Loans receivable	1,140.4		1,169.6
Deferred Loan origination costs	1.6		1.6
Other, net	13.4		15.1
Total deferred tax liabilities	1,155.4		1,186.3
Net deferred tax liability	$	426.7	$	435.2

The deferred state net operating loss tax asset arising from the operating loss carryforward for state income tax purposes is expected to expire at various times beginning in 2034, if not utilized. We do not anticipate expiration of the net operating loss carryforwards prior to their utilization.

Effective Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate is as follows:


	For the Years Ended December 31,
	2022		2021		2020
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes	3.8	%	3.0	%	2.7	%
Excess tax benefits from stock-based compensation plans	-0.8	%	-0.3	%	-0.5	%
Other	0.7	%	0.3	%	0.2	%
Effective income tax rate	24.7	%	24.0	%	23.4	%

State and local income taxes

The increase in our state and local income tax rate from 2021 to 2022 was primarily due to changes in state and local tax laws that were enacted during the third quarter of 2022, which are expected to increase our long-term effective income tax rate by approximately 20 basis points. The enactment of these tax law changes increased our effective income tax rate by approximately 60 basis points basis points for the year ended December 31, 2022, of which 50 basis points related to the impact of tax law changes that are effective for future periods and 10 basis points related to the impact of tax law changes that were effective retroactively to the beginning of 2022.

The increase in our state and local income tax rate from 2020 to 2021 was primarily the result of the settlement of an uncertain tax position for state income taxes during 2020.

Excess tax benefits from stock-based compensation

We recognize an excess tax benefit or tax deficiency when the deduction for the stock-based compensation expense of a stock award for tax purposes differs from the cumulative stock-based compensation expense recognized in the financial statements. The excess tax benefit or tax deficiency is recognized in provision for income taxes in the period in which the amount of the deduction is determined, which is when restricted stock vests, restricted stock units are converted to common stock, or stock options are exercised. Excess tax benefits reduce our effective income tax rate, while tax deficiencies increase our effective income tax rate. The impact of excess tax benefits on our effective income tax rate for the year ended December 31, 2022 increased from the same period in 2021 primarily due to an increase in the number of restricted stock units that were converted to common stock during 2022 due to the timing of long-term stock award grants.

Other

Other items impacting our effective income tax rate primarily consist of non-deductible executive compensation expense. The impact of non-deductible executive compensation expense on our effective income tax rate for year ended December 31, 2022 increased in magnitude from the same period in 2021 primarily due to a decrease in pre-tax income.

Unrecognized Tax Benefits

The following table is a summary of changes in gross unrecognized tax benefits:


(In millions)	For the Years Ended December 31,
	2022		2021		2020
Unrecognized tax benefits at January 1,	$	49.4	$	41.8	$	41.7
Additions for tax positions of the current year	14.5		13.4		10.2
Additions for tax positions of prior years	—		0.9		0.1
Reductions for tax positions of prior years	—		—		—
Settlements	—		—		(4.6)
Reductions as a result of a lapse of the statute of limitations	(6.8)		(6.7)		(5.6)
Unrecognized tax benefits at December 31,	$	57.1	$	49.4	$	41.8

The total amount of gross unrecognized tax benefits that, if recognized, would favorably affect our effective income tax rate in future periods was $57.1 million as of December 31, 2022. As of December 31, 2022, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits in the next twelve months. Accrued interest related to uncertain tax positions was $13.2 million and $10.8 million as of December 31, 2022 and 2021, respectively.

We are subject to income tax in federal, state, and local jurisdictions. We are generally no longer subject to tax examinations on federal returns filed for years prior to 2019 and state and local returns filed for years prior to 2015.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Share-Based Payment Arrangement, Noncash Expense [Abstract]

Net Income Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Income Per Share

NET INCOME PER SHARE

Basic net income per share has been computed by dividing net income by the basic number of weighted average shares outstanding. Diluted net income per share has been computed by dividing net income by the diluted number of weighted average shares outstanding using the treasury stock method. The share effect is as follows:


	For the Years Ended December 31,
	2022	2021	2020
Weighted average shares outstanding:
Common shares	13,197,912	15,727,140	17,544,837
Vested restricted stock units	365,973	358,683	314,098
Basic number of weighted average shares outstanding	13,563,885	16,085,823	17,858,935
Dilutive effect of restricted stock, restricted stock units, and stock options	61,196	14,729	76,844
Dilutive number of weighted average shares outstanding	13,625,081	16,100,552	17,935,779

The following outstanding stock awards were excluded from the computation of diluted net income per share because their inclusion would have been anti-dilutive:


	For the Years Ended December 31,
	2022	2021	2020
Stock options	189,465	349,222	—
Restricted stock units	2,827	—	—
Total	192,292	349,222	—

Stock Repurchases

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stock Repurchases

STOCK REPURCHASES

The following table summarizes our stock repurchases for the years ended December 31, 2022, 2021, and 2020:


(Dollars in millions)	For the Years Ended December 31,
	2022			2021			2020
Stock Repurchases	Number of Shares Repurchased	Cost		Number of Shares Repurchased	Cost		Number of Shares Repurchased	Cost
Open Market (1)	1,467,481	$	773.0	2,877,060	$	1,469.1	1,267,103	$	474.3
Other (2)	24,000	11.5		7,066	2.7		15,063	6.5
Total	1,491,481	$	784.5	2,884,126	$	1,471.8	1,282,166	$	480.8

(1)Represents repurchases under authorizations by the board of directors for the repurchase of shares by us from time to time in the open market through privately negotiated transactions, through block trades, pursuant to trading plans adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, or otherwise. On September 28, 2021, the board of directors authorized the repurchase of up to two million shares of our common stock in addition to the board’s prior authorizations. As of December 31, 2022, we had authorization to repurchase 158,069 shares of our common stock.

(2)Represents shares of common stock released to us by team members as payment of tax withholdings upon the vesting of restricted stock and restricted stock units and the conversion of restricted stock units to common stock.

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2022

Stock-Based Compensation Plans

STOCK-BASED COMPENSATION PLANS

Pursuant to our Amended and Restated Incentive Compensation Plan (the “Incentive Plan”), at any time prior to April 12, 2031, we can grant stock-based awards in the form of restricted stock, restricted stock units, and stock options to team members, officers, directors, and contractors. On April 12, 2021, our board of directors approved an amendment to the Incentive Plan, subject to shareholder approval, increasing the number of shares authorized for issuance by 750,000 shares, to 2,750,000 shares. Shareholder approval was received at our annual meeting of shareholders on July 21, 2021. The shares available for future grants under the Incentive Plan totaled 215,271 as of December 31, 2022.

Stock option grants

We grant time-based stock options to team members and directors in accordance with the Incentive Plan. Based on the terms of individual stock option grant agreements, the stock options:

•vest and become exercisable in three or four equal annual installments beginning on the first anniversary of the date on which the options were granted, based on continuous employment or service, and

•expire either six or ten years from the date of the grant.

From December 2020 through June 2021, we granted 770,500 stock options, subject to shareholder approval of an amendment to the Incentive Plan (“Shareholder Approval”). Under GAAP, if a stock award is subject to shareholder approval, it is not considered granted for accounting purposes until that approval is received. Shareholder Approval was received at our annual meeting of shareholders on July 21, 2021. Accordingly, the accounting grant date of the 770,500 previously-awarded stock options is July 21, 2021, and no expense was recognized for those stock options prior to that date.

A summary of the stock option activity under the Incentive Plan for the year ended December 31, 2022, is presented below:


Stock Options	Number of Stock Options	Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value (1) (in millions)		Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2021	705,749	$	350.74
Granted	67,000	501.50
Exercised	(44,550)	340.35
Forfeited	(46,125)	363.75
Outstanding as of December 31, 2022	682,074	$	365.34	$	77.4	4.9
Exercisable as of December 31, 2022	244,454	$	344.89	$	31.8	4.5
Unvested as of December 31, 2022	437,620	$	376.77	$	45.6	5.1

(1)The intrinsic value of stock options is the amount by which the market price of the stock as of December 31, 2022 exceeded the exercise price of the options.

The grant-date weighted average fair value of stock options granted in 2022 was $501.50 per share. The total intrinsic value of stock options exercised during 2022 was $9.9 million. Net cash proceeds from the exercise of stock options in 2022 was $15.1 million.

We estimated the fair value of each stock option on the date of grant using a Black-Scholes valuation model with the following assumptions:


Valuation Assumptions	2022
Risk-free interest rate	1.5%	-	4.4%
Expected stock price volatility	38.0%	-	41.0%
Expected life of stock options (in years)	3.5	-	4.0

Restricted Stock Units

We grant performance-based and time-based restricted stock units to team members and directors in accordance with the Incentive Plan. The grant-date fair value per share is estimated to equal the market price of our common stock on the date of grant. Each restricted stock unit represents and has a value equal to one share of common stock. Based on the terms of individual restricted stock unit grant agreements, restricted stock units vest under one of the following methods:

•For our former Chief Executive Officer, over a period of ten years, based on continuous employment and the cumulative improvement in our annual adjusted economic profit.

•For certain team members, over a period of three or four years, based on continuous employment.

•For certain team members, over a period of one to four years, based on continuous employment and the compounded annual growth rate in our adjusted net income per diluted share, a non-GAAP financial measure.

•For certain directors, over a period of five years, based upon the compounded annual growth rate in our adjusted net income per diluted share, a non-GAAP financial measure.

A summary of the restricted stock unit (“RSU”) activity under the Incentive Plan for the year ended December 31, 2022, is presented below:


Restricted Stock Units	Number of Restricted Stock Units	Weighted Average Grant-Date Fair Value Per Share		Aggregate Intrinsic Value (2) (in millions)		Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2021	376,835	$	143.70
Granted	22,867	488.27
Converted	(57,928)	126.25
Forfeited	(546)	437.63
Outstanding as of December 31, 2022 (1)	341,228	$	169.28	$	161.9	1.6
Vested as of December 31, 2022	312,872	$	142.40	$	148.4	1.4

(1)No RSUs outstanding at December 31, 2022 were convertible to shares of common stock.

(2)The intrinsic value of RSUs is measured by applying the closing stock price as of December 31, 2022 to the applicable number of units.

The grant-date weighted average fair value of RSUs granted in 2022, 2021, and 2020 was $488.27, $366.07, and $436.89, respectively. The total intrinsic value of RSUs converted to common stock during 2022, 2021, and 2020 was $27.5 million, $7.9 million, and $7.6 million, respectively. During 2021, we recognized a $3.0 million reversal of stock-based compensation expense due to the forfeiture of 31,000 unvested RSUs upon the retirement of our former Chief Executive Officer in May 2021.

Restricted Stock

Prior to 2020, we granted performance-based and time-based shares of restricted stock to team members in accordance with the Incentive Plan. As of December 31, 2022, there were no unvested shares of restricted stock. During 2021, we recognized an $8.5 million reversal of stock-based compensation expense due to the forfeiture of 109,000 shares of unvested restricted stock upon the retirement of our former Chief Executive Officer in May 2021.

Stock-based compensation expense

Stock-based compensation expense consists of the following:


(In millions)	For the Years Ended December 31,
	2022		2021		2020
Stock options	$	33.8	$	33.7	$	—
Restricted stock units	2.7		(1.1)		4.2
Restricted stock	—		(7.8)		2.0
Total	$	36.5	$	24.8	$	6.2

Assuming performance targets are achieved in the periods currently estimated, we expect to recognize the remaining expense for stock-based awards outstanding as of December 31, 2022 over a weighted average period of 1.2 years, as follows:


(In millions)
For the Years Ended December 31,	Stock Options		Restricted Stock Units		Restricted Stock		Total Projected Expense
2023	$	34.4	$	3.5	$	—	$	37.9
2024	34.3		2.8		—		37.1
2025	5.2		2.2		—		7.4
2026	1.2		1.5		—		2.7
Total	$	75.1	$	10.0	$	—	$	85.1

Business Segment And Other Information	12 Months Ended
Business Segment And Other Information	Dec. 31, 2022
Segment Reporting [Abstract]
Business Segment And Other Information	BUSINESS SEGMENT AND OTHER INFORMATION Business Segment Overview We identify operating segments as components of our business for which separate financial information is regularly evaluated by the chief operating decision-maker (“CODM”) in making decisions regarding resource allocation and assessing performance. We periodically review and redefine our segment reporting as internal management reporting practices evolve and the components of our business change. Currently, the CODM reviews consolidated financial statements and metrics to allocate resources and assess performance. Thus, we have determined that we operate in one reportable operating segment. The consolidated financial statements reflect the financial results of our one reportable operating segment. Geographic Information For the three years ended December 31, 2022, 2021, and 2020, all of our revenues were derived from the United States. As of December 31, 2022 and 2021, all of our long-lived assets were located in the United States. Products and Services Information Our primary product consists of financing programs that enable Dealers to sell vehicles to consumers, regardless of their credit history. We also provide Dealers the ability to offer ancillary products on vehicles financed by us. Major Customer Information We did not have any Dealers that provided 10% or more of our revenue during 2022, 2021, or 2020. Additionally, no single Dealer’s Loans receivable balance accounted for more than 10% of total Loans receivable as of December 31, 2022 or 2021.
Number of Operating Segments	1

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Litigation and Other Legal Matters

In the normal course of business and as a result of the consumer-oriented nature of the industry in which we operate, we and other industry participants are frequently subject to various consumer claims, litigation, and regulatory investigations seeking damages, fines, and statutory penalties. The claims allege, among other theories of liability, violations of state, federal and foreign truth-in-lending, credit availability, credit reporting, consumer protection, warranty, debt collection, insurance, and other consumer-oriented laws and regulations, including claims seeking damages for alleged physical and mental harm relating to the repossession and sale of consumers’ vehicles and other debt collection activities. As the assignee of Consumer Loans originated by Dealers, we may also be named as a co-defendant in lawsuits filed by consumers principally against Dealers. We may also have disputes and litigation with Dealers. The claims may allege, among other theories of liability, that we breached our Dealer servicing agreement. We may also have disputes and litigation with vendors and other third parties. The claims may allege, among other theories of liability, that we breached a license agreement or contract. The damages, fines, and penalties that may be claimed by consumers, regulatory agencies, Dealers, vendors, or other third parties in these types of matters can be substantial. The relief requested by plaintiffs varies but may include requests for compensatory, statutory, and punitive damages and injunctive relief, and plaintiffs may seek treatment as purported class actions. Current actions to which we are a party include the following matters.

On December 1, 2021, we received a subpoena from the Office of the Attorney General for the State of California seeking documents and information regarding GAP products, GAP product administration, and refunds. We are cooperating with this inquiry and cannot predict the eventual scope, duration, or outcome at this time. As a result, we are unable to estimate the reasonably possible loss or range of reasonably possible loss arising from this investigation.

On May 7, 2019, we received a subpoena from the Consumer Frauds and Protection Bureau of the Office of the New York State Attorney General, relating to the Company’s origination and collection policies and procedures in the state of New York. On July 30, 2020, we received two additional subpoenas from the Office of the New York State Attorney General, both from the Consumer Frauds and Protection Bureau and the Investor Protection Bureau, relating to the Company’s origination and collection policies and procedures in the state of New York and its securitizations. On August 28, 2020, we were informed that one of the two additional subpoenas was being withdrawn. On November 16, 2020, we received an additional subpoena for documents from the Office of the New York State Attorney General. On November 19, 2020, the Company received a letter from the Office of the New York State Attorney General stating that the New York State Attorney General was considering bringing claims against the Company under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), New York Executive Law § 63(12), the New York Martin Act, and New York General Business Law § 349 in connection with the Company’s origination and securitization practices. On December 9, 2020, we responded to the New York State Attorney General’s letter disputing the assertions contained therein. On December 21, 2020, we received two additional subpoenas from the Office of the New York State Attorney General, one relating to data and the other seeking testimony. On February 24 and April 30, 2021, we received additional subpoenas from the Office of the New York State Attorney General seeking information relating to its investigation. On August 23, 2022, we received a letter from the Consumer Frauds and Protection Bureau of the Office of the New York State Attorney General stating that the Office of the New York State Attorney General intended to commence litigation against the Company asserting violations of New York Executive Law § 63(12) and New York General Business Law §§ 349 and 352 et seq. and applicable federal laws, including but not limited to claims that the Company engaged in unfair and deceptive trade practices in auto lending, debt collection and asset-backed securitizations in the State of New York in violation of the Dodd-Frank Act, New York Executive Law § 63(12), the New York Martin Act and New York General Business Law § 349, and seeking to obtain injunctive relief, restitution, civil penalties, damages, disgorgement, reformation, rescission, costs and such other relief as the court may deem just and proper. On January 4, 2023, the Office of the New York State Attorney General and the Bureau of Consumer Financial Protection (“Bureau”) jointly filed a complaint in the United States District Court for the Southern District of New York alleging that the Company engaged in deceptive practices, fraud, illegality, and securities fraud in violation of New York Executive Law § 63(12) and New York General Business Law §§ 349 and 352, and that the Company engaged in deceptive and abusive acts and provided substantial assistance to a covered person or service provider in violation of the Consumer Financial Protection Act of 2010 (the “CFPA”), 12 U.S.C. § 5531 and 12 U.S.C. § 5536(a)(1)(B). The complaint seeks injunctive relief, an accounting of all consumers for whom the Company provided financing, restitution, damages, disgorgement, civil penalties, and payment of costs. We cannot predict the eventual scope, duration, or outcome of this lawsuit at this time. As a result, we are unable to estimate the reasonably possible loss or range of reasonably possible loss arising from this litigation. The Company intends to vigorously defend itself in this matter.

On April 22, 2019, we received a civil investigative demand from the Bureau seeking, among other things, certain information relating to the Company’s origination and collection of Consumer Loans, TPPs, and credit reporting. On May 7, 2020, we received another civil investigative demand from the Bureau seeking additional information relating to its investigation. The Company raised various objections to the May 7, 2020 civil investigative demand, and on May 26, 2020, we were notified that it was withdrawn. On June 1, 2020, we received another civil investigative demand that was similar to the May 7, 2020 demand, and which raised many of the same objections. We formally petitioned the Bureau to modify the June 1, 2020 civil investigative demand. On September 3, 2020, the Director of the Bureau denied our petition to modify the June 1, 2020 civil investigative demand. On December 23, 2020, we received a civil investigative demand for investigational hearings in connection with the Bureau’s investigation. The Company objected to certain portions of the civil investigative demands for hearings and, on January 19, 2021, the Bureau notified the Company that it had withdrawn such portions from the December 23, 2020 civil investigative demands. On March 11, 2021, we received another civil investigative demand from the Bureau seeking additional information relating to its investigation and an investigational hearing. On June 3, 2021, we received another civil investigative demand from the Bureau seeking additional information relating to its investigation. On December 6, 2021, we received a Notice and Opportunity to Respond and Advise (“NORA”) letter from the Staff of the Office of Enforcement (“Staff”) of the Bureau, stating that the Staff was considering whether to recommend that the Bureau take legal action against the Company for alleged violations of the CFPA in connection with the Company’s consumer loan origination practices. The NORA letter stated that the Bureau may allege that the Company (i) committed abusive and unfair acts or practices in violation of 12 U.S.C. § 5531(c) and (d) and 12 U.S.C. § 5536(a)(1)(B) and (ii) substantially assisted the deceptive acts of others in violation of 12 U.S.C. § 5536 (a)(3). The NORA letter also stated that, in connection with any action, the Bureau may seek all remedies available under the CFPA, including civil money penalties, consumer redress, and injunctive relief. On January 18, 2022, the Company responded to the NORA letter disputing that it had committed any violations. On March 7, 2022, we received another civil investigative demand from the Bureau seeking additional information relating to its investigation. As noted above, on January 4, 2023, the Bureau and the Office of the New York State Attorney General jointly filed a complaint in the United States District Court for the Southern District of New York alleging that the Company engaged in deceptive practices, fraud, illegality, and securities fraud in violation of New York Executive Law § 63(12) and New York General Business Law §§ 349 and 352, and that the Company engaged in deceptive and abusive acts and provided substantial assistance to a covered person or service provider in violation of the CFPA, 12 U.S.C. § 5531 and 12 U.S.C. § 5536(a)(1)(B). The complaint seeks injunctive relief, an accounting of all consumers for whom the Company provided financing, restitution, damages, disgorgement, civil penalties, and payment of costs. We cannot predict the eventual scope, duration, or outcome of the lawsuit at this time. As a result, we are unable to estimate the reasonably possible loss or range of reasonably possible loss arising from this lawsuit. The Company intends to vigorously defend itself in this matter.

On March 18, 2016, we received a subpoena from the Attorney General of the State of Maryland, relating to the Company’s repossession and sale policies and procedures in the state of Maryland. On April 3, 2020, we received a subpoena from the Attorney General of the State of Maryland relating to the Company’s origination and collection policies and procedures in the state of Maryland. On August 11, 2020, we received a subpoena from the Attorney General of the State of Maryland restating most of the requests contained in the March 18, 2016 and April 3, 2020 subpoenas, making additional requests, and expanding the inquiry to include 41 other states (Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin) and the District of Columbia. Also on August 11, 2020, we received from the Attorney General of the State of New Jersey a subpoena that is essentially identical to the August 11, 2020 Maryland subpoena, both as to substance and as to the jurisdictions identified. We are cooperating with these investigations and cannot predict their eventual scope, duration or outcome at this time. As a result, we are unable to estimate the reasonably possible loss or range of reasonably possible loss arising from these investigations.

On December 9, 2014, we received a civil investigative subpoena from the U.S. Department of Justice pursuant to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 directing us to produce certain information relating to subprime automotive finance and related securitization activities. We have cooperated with the inquiry, but cannot predict the eventual scope, duration, or outcome at this time. As a result, we are unable to estimate the reasonably possible loss or range of reasonably possible loss arising from this investigation.

An adverse ultimate disposition in any action to which we are a party or otherwise subject could have a material adverse impact on our financial position, liquidity, and results of operations.

Litigation Resolved during 2022

On October 2, 2020, a shareholder filed a putative class action complaint against the Company, its Chief Executive Officer (now former Chief Executive Officer), and its Chief Financial Officer (now Chief Executive Officer) in the United States District Court for the Eastern District of Michigan, Southern Division, alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, promulgated thereunder, based on alleged false and/or misleading statements or omissions regarding the Company and its business, and seeking class certification, unspecified damages plus interest and attorney and expert witness fees, and other costs on behalf of a purported class consisting of all persons and entities (subject to specified exceptions) that purchased or otherwise acquired Credit Acceptance common stock from November 1, 2019 through August 28, 2020. On May 28, 2021, the court issued an opinion and order appointing lead plaintiffs and lead counsel. On July 22, 2021, the lead plaintiffs filed an amended complaint asserting similar violations, seeking similar relief, and expanding the putative class to include all persons and entities (subject to specified exceptions) that purchased or otherwise acquired Credit Acceptance common stock from May 4, 2018 through August 28, 2020. On June 14, 2022, the Company reached an agreement in principle to settle this putative class action. The agreement in principle contemplated an aggregate cash payment by the Company of $12.0 million, all of which was recognized during the second quarter of 2022, to settle claims brought on behalf of all persons and entities that purchased or otherwise acquired Credit Acceptance common stock from May 4, 2018 through August 28, 2020. On August 24, 2022, the parties executed and filed with the court a definitive stipulation and agreement of settlement, referred to herein as the settlement agreement, which was consistent with the agreement in principle and provides for a full release of all claims against all defendants, including the Company and its officers. The settlement agreement provides that the defendants expressly deny any liability, wrongdoing, or responsibility. On October 17, 2022, the Company wired the $12.0 million payment to a settlement administrator as provided for in the settlement agreement. On December 12, 2022, the court issued an opinion and order granting lead plaintiffs’ motion for final approval of the settlement and plan of allocation. On December 16, 2022, the court entered a final order and judgment consistent with the settlement agreement, including dismissal with prejudice of all claims asserted against the Company and its officers.

Regulatory Matter Resolved during 2021

On December 4, 2014, we received a civil investigative demand from the Office of the Attorney General of the Commonwealth of Massachusetts relating to the origination and collection of non-prime auto loans in Massachusetts. On November 20, 2017, we received a second civil investigative demand from the Office of the Attorney General seeking updated information on its original civil investigative demand, additional information related to the Company’s origination and collection of Consumer Loans, and information regarding securitization activities. In connection with this inquiry, we were informed by representatives of the Office of the Attorney General that it believed that the Company may have engaged in unfair and deceptive acts or practices related to the origination and collection of auto loans, which may have caused some of the Company’s representations and warranties contained in securitization documents to be inaccurate. On July 22, 2020, we received a third civil investigative demand from the Office of the Attorney General seeking updates on previously produced data and additional information related to the Company’s origination of Consumer Loans. On August 30, 2020, we were served with a complaint, filed by the Attorney General in Massachusetts Superior Court in Suffolk County, alleging that the Company engaged in unfair and deceptive trade practices in subprime auto lending, debt collection and asset-backed securitizations in the Commonwealth of Massachusetts, in violation of the Massachusetts Consumer Protection Law, M.G.L. c. 93A. The complaint sought injunctive relief, restitution, disgorgement, civil penalties and payment of the Commonwealth’s attorney’s fees and costs. On March 15, 2021, the court entered an order denying a motion by the Company to dismiss four of the Commonwealth’s seven claims and granting in part and denying in part a motion by the Commonwealth for partial summary judgment on three of its claims. On April 27, 2021, the Company and the Commonwealth reached an agreement in principle to settle this lawsuit, and, as a result, we estimated a probable loss of $27.2 million, all of which was recognized as a contingent loss during the first quarter of 2021. On September 1, 2021, we entered into a settlement agreement with the Office of the Attorney General, reflecting the parties’ agreement to settle and fully resolve the claims asserted against us. We made a payment in the total amount of $27.2 million to an independent trust for purposes of making payments to provide relief for eligible Massachusetts consumers, paying costs of implementation of the agreement and paying the Attorney General’s costs of investigation, and to pay up to $95,000 to cover costs and expenses incurred by an independent trustee for management of the independent trust.

Lease Commitments

We lease office equipment and, until December 31, 2022, we also leased office space. We expect that, in the normal course of business, leases will be renewed or replaced by other leases. Total rental expense on all operating leases was $1.3 million for 2022, $1.4 million for 2021, and $1.7 million for 2020. Contingent rentals under the operating leases were insignificant. Our total minimum future lease commitments under operating leases as of December 31, 2022 are as follows:


(In millions)
Year	Minimum Future Lease Commitments
2023	$	0.7
2024	0.6
2025	0.1
2026	—
2027	—
Total	$	1.4

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Principles Of Consolidation

Principles of Consolidation

Business Segment Information

Use of Estimates

Cash And Cash Equivalents And Restricted Cash And Cash Equivalents

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents


(In millions)	As of December 31,
	2022		2021		2020
Cash and cash equivalents	$	7.7	$	23.3	$	16.0
Restricted cash and cash equivalents	410.0		410.9		380.2
Total cash and cash equivalents and restricted cash and cash equivalents	$	417.7	$	434.2	$	396.2

Restricted Securities Available For Sale

Restricted Securities Available for Sale

Loans Receivable And Allowance For Credit Losses

Loans Receivable and Allowance for Credit Losses

Consumer Loan Assignment. For legal purposes, a Consumer Loan is considered to have been assigned to us after the following has occurred:

•the consumer and Dealer have signed a Consumer Loan contract; and

•we have received the executed Consumer Loan contract and supporting documentation in either physical or electronic form.

For accounting and financial reporting purposes, a Consumer Loan is considered to have been assigned to us after the following has occurred:

•the Consumer Loan has been legally assigned to us; and

Portfolio Segments and Classes. Our Loan portfolio consists of two portfolio segments: Dealer Loans and Purchased Loans. Our determination is based on the following:

•All of the Consumer Loans assigned to us have similar risk characteristics in relation to the categorization of borrowers, type of financing receivable, industry sector, and type of collateral.

•We only accept Consumer Loan assignments from Dealers located within the United States.

Under the PCD Method, on January 1, 2020, we:

•calculated an effective interest rate based on expected future net cash flows; and

Under the PCD Method, for each reporting period subsequent to the adoption of CECL, we:

•recognize finance charge revenue using the effective interest rate that was calculated on the adoption date based on expected future net cash flows; and

Under the Originated Method, at the time of assignment, we:

•calculate the effective interest rate based on contractual future net cash flows;

•record a Loan receivable equal to the advance paid to the Dealer under the Portfolio Program or purchase price paid to the Dealer under the Purchase Program; and

Under the Originated Method, for each reporting period subsequent to assignment, we:

•recognize finance charge revenue using the effective interest rate that was calculated at the time of assignment based on contractual future net cash flows; and

•not aggregated, if assigned on or subsequent to January 1, 2020; or

•aggregated into pools based on the month of purchase, if assigned prior to January 1, 2020.

The outstanding balance of each Loan included in Loans receivable is comprised of the following:

•finance charges;

•Dealer Holdback payments;

•accelerated Dealer Holdback payments;

•recoveries;

•transfers in;

•less: collections (net of certain collection costs);

•less: write-offs; and

•less: transfers out.

Property And Equipment

Property and Equipment

Deferred Debt Issuance Costs

Derivative Instruments

Finance Charges

Reinsurance

We have consolidated the trust within our financial statements based on our determination of the following:

•The trust is a variable interest entity. The trust has insufficient equity at risk as no parties to the trust were required to contribute assets that provide them with any ownership interest.

Stock-Based Compensation Plans

Employee Benefit Plan

Income Taxes

Advertising Costs

New Accounting Updates

New Accounting Update Not Yet Adopted

Reclassification, Comparability Adjustment [Policy Text Block]

ReclassificationCertain amounts from prior periods have been reclassified to conform to the current presentation.

Subsequent Events

Description Of Business (Tables)

12 Months Ended

Dec. 31, 2022

Description Of Business [Abstract]

Financing Receivable Credit Quality Indicators [Table Text Block]

The following table shows the percentage of Consumer Loans assigned to us with either FICO® scores below 650 or no FICO® scores:


	For the Years Ended December 31,
Consumer Loan Assignment Volume	2022		2021		2020
Percentage of total unit volume with either FICO® scores below 650 or no FICO® scores	84.8	%	91.0	%	94.9	%

Schedule Of Percentage Of Consumer Loans Assigned Based On Unit and Dollar Volumes

The following table shows the percentage of Consumer Loans assigned to us as Dealer Loans and Purchased Loans for each of the last three years:


	Unit Volume				Dollar Volume (1)
For the Years Ended December 31,	Dealer Loans		Purchased Loans		Dealer Loans		Purchased Loans
2020	64.1	%	35.9	%	60.6	%	39.4	%
2021	67.9	%	32.1	%	65.0	%	35.0	%
2022	73.5	%	26.5	%	69.8	%	30.2	%

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents [Table Text Block]


(In millions)	As of December 31,
	2022		2021		2020
Cash and cash equivalents	$	7.7	$	23.3	$	16.0
Restricted cash and cash equivalents	410.0		410.9		380.2
Total cash and cash equivalents and restricted cash and cash equivalents	$	417.7	$	434.2	$	396.2

Fair Value Of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule Of Comparison Of The Carrying Value And Estimated Fair Value Of These Financial Instruments

A comparison of the carrying amount and estimated fair value of these financial instruments is as follows:


(In millions)	As of December 31,
	2022				2021
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	7.7	$	7.7	$	23.3	$	23.3
Restricted cash and cash equivalents	410.0		410.0		410.9		410.9
Restricted securities available for sale	72.3		72.3		62.1		62.1
Loans receivable, net	6,297.7		6,767.9		6,336.3		6,580.4
Liabilities
Revolving secured line of credit	$	30.9	$	30.9	$	2.6	$	2.6
Secured financing	3,756.4		3,581.9		3,811.5		3,832.1
Senior notes	794.5		759.0		792.5		825.8
Mortgage note	8.9		8.9		9.7		9.7

Schedule Of Assets And Liabilities, Measured At Fair Value On A Recurring Basis

The following table provides the level of measurement used to determine the fair value for each of our financial instruments measured or disclosed at fair value:


(In millions)	As of December 31, 2022
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents (1)	$	7.7	$	—	$	—	$	7.7
Restricted cash and cash equivalents (1)	410.0		—		—		410.0
Restricted securities available for sale (2)	58.7		13.6		—		72.3
Loans receivable, net (1)	—		—		6,767.9		6,767.9
Liabilities
Revolving secured line of credit (1)	$	—	$	30.9	$	—	$	30.9
Secured financing (1)	2,781.8		800.1		—		3,581.9
Senior notes (1)	759.0				—		759.0
Mortgage note (1)	—		8.9		—		8.9

(In millions)	As of December 31, 2021
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents (1)	$	23.3	$	—	$	—	$	23.3
Restricted cash and cash equivalents (1)	410.9		—		—		410.9
Restricted securities available for sale (2)	49.0		13.1		—		62.1
Loans receivable, net (1)	—		—		6,580.4		6,580.4
Liabilities
Revolving secured line of credit (1)	$	—	$	2.6	$	—	$	2.6
Secured financing (1)	3,231.9		600.2		—		3,832.1
Senior notes (1)	825.8		—		—		825.8
Mortgage note (1)	—		9.7		—		9.7

(1) Measured at amortized cost with fair value disclosed.

(2) Measured at fair value on a recurring basis.

Restricted Securities Available For Sale (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule Of Restricted Securities Available For Sale

Restricted securities available for sale consist of the following:


(In millions)	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	32.6	$	—	$	(1.7)	$	30.9
U.S. Government and agency securities	29.5		—		(1.7)		27.8
Asset-backed securities	13.8		—		(0.4)		13.4

Mortgage-backed securities	0.2		—		—		0.2
Total restricted securities available for sale	$	76.1	$	—	$	(3.8)	$	72.3
(In millions)	As of December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	27.3	$	0.3	$	(0.2)	$	27.4
U.S. Government and agency securities	21.5		0.2		(0.1)		21.6
Asset-backed securities	12.9		—		(0.1)		12.8
Mortgage-backed securities	0.3		—		—		0.3
Total restricted securities available for sale	$	62.0	$	0.5	$	(0.4)	$	62.1

Schedule Of Restricted Securities Available For Sale By Aging Category


(In millions)	Securities Available for Sale with Gross Unrealized Losses as of December 31, 2022
	Less than 12 Months				12 Months or More
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Total Estimated Fair Value		Total Gross Unrealized Losses
Corporate bonds	$	15.1	$	(0.6)	$	13.3	$	(1.1)	$	28.4	$	(1.7)
U.S. Government and agency securities	18.0		(0.8)		9.2		(0.9)		27.2		(1.7)
Asset-backed securities	6.6		(0.1)		4.4		(0.3)		11.0		(0.4)
Mortgage-backed securities	0.3		—		—		—		0.3		—
Total restricted securities available for sale	$	40.0	$	(1.5)	$	26.9	$	(2.3)	$	66.9	$	(3.8)


(In millions)	Securities Available for Sale with Gross Unrealized Losses as of December 31, 2021
	Less than 12 Months				12 Months or More
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Total Estimated Fair Value		Total Gross Unrealized Losses
Corporate bonds	$	15.0	$	(0.2)	$	1.3	$	—	$	16.3	$	(0.2)
U.S. Government and agency securities	10.1		(0.1)		—		—		10.1		(0.1)
Asset-backed securities	8.4		(0.1)		—		—		8.4		(0.1)
Mortgage-backed securities	—		—		—		—		—		—
Total restricted securities available for sale	$	33.5	$	(0.4)	$	1.3	$	—	$	34.8	$	(0.4)

Schedule Of Cost And Estimated Fair Values Of Debt Securities By Contractual Maturity


(In millions)	As of December 31,
	2022				2021
Contractual Maturity	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within one year	$	4.0	$	3.9	$	2.9	$	3.0
Over one year to five years	66.4		63.0		56.9		57.0
Over five years to ten years	5.6		5.3		2.1		2.0
Over ten years	0.1		0.1		0.1		0.1
Total restricted securities available for sale	$	76.1	$	72.3	$	62.0	$	62.1

Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Schedule Of Loans Receivable

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


(In millions)	As of December 31, 2022
	Dealer Loans		Purchased Loans		Total
Loans receivable	$	6,074.8	$	3,090.7	$	9,165.5
Allowance for credit losses	(2,000.0)		(867.8)		(2,867.8)
Loans receivable, net	$	4,074.8	$	2,222.9	$	6,297.7

(In millions)	As of December 31, 2021
	Dealer Loans		Purchased Loans		Total
Loans receivable	$	5,655.1	$	3,694.7	$	9,349.8
Allowance for credit losses	(1,767.8)		(1,245.7)		(3,013.5)
Loans receivable, net	$	3,887.3	$	2,449.0	$	6,336.3

Summary Of Changes In Loans Receivable

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


(In millions)	For the Year Ended December 31, 2022
	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	$	5,655.1	$	3,694.7	$	9,349.8	$	(1,767.8)	$	(1,245.7)	$	(3,013.5)	$	3,887.3	$	2,449.0	$	6,336.3
Finance charges	1,391.0		997.8		2,388.8		(442.4)		(260.1)		(702.5)		948.6		737.7		1,686.3
Provision for credit losses	—		—		—		(240.4)		(241.0)		(481.4)		(240.4)		(241.0)		(481.4)
New Consumer Loan assignments (1)	2,530.0		1,095.3		3,625.3		—		—		—		2,530.0		1,095.3		3,625.3
Collections (2)	(3,237.5)		(1,871.9)		(5,109.4)		—		—		—		(3,237.5)		(1,871.9)		(5,109.4)
Accelerated Dealer Holdback payments	44.2		—		44.2		—		—		—		44.2		—		44.2
Dealer Holdback payments	186.6		—		186.6		—		—		—		186.6		—		186.6
Transfers (3)	(72.1)		72.1		—		18.3		(18.3)		—		(53.8)		53.8		—
Write-offs	(433.4)		(900.4)		(1,333.8)		433.4		900.4		1,333.8		—		—		—
Recoveries (4)	1.1		3.1		4.2		(1.1)		(3.1)		(4.2)		—		—		—
Deferral of Loan origination costs	9.8		—		9.8		—		—		—		9.8		—		9.8
Balance, end of period	$	6,074.8	$	3,090.7	$	9,165.5	$	(2,000.0)	$	(867.8)	$	(2,867.8)	$	4,074.8	$	2,222.9	$	6,297.7


(In millions)	For the Year Ended December 31, 2021
	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	1,385.1		1,117.9		2,503.0		(413.8)		(346.6)		(760.4)		971.3		771.3		1,742.6
Provision for credit losses	—		—		—		28.2		(36.6)		(8.4)		28.2		(36.6)		(8.4)
New Consumer Loan assignments (1)	2,059.0		1,108.8		3,167.8		—		—		—		2,059.0		1,108.8		3,167.8
Collections (2)	(3,464.6)		(2,095.1)		(5,559.7)		—		—		—		(3,464.6)		(2,095.1)		(5,559.7)
Accelerated Dealer Holdback payments	44.1		—		44.1		—		—		—		44.1		—		44.1
Dealer Holdback payments	153.4		—		153.4		—		—		—		153.4		—		153.4
Transfers (3)	(115.7)		115.7		—		35.5		(35.5)		—		(80.2)		80.2		—
Write-offs	(286.2)		(810.3)		(1,096.5)		286.2		810.3		1,096.5		—		—		—
Recoveries (4)	1.8		2.5		4.3		(1.8)		(2.5)		(4.3)		—		—		—
Deferral of Loan origination costs	8.6		—		8.6		—		—		—		8.6		—		8.6
Balance, end of period	$	5,655.1	$	3,694.7	$	9,349.8	$	(1,767.8)	$	(1,245.7)	$	(3,013.5)	$	3,887.3	$	2,449.0	$	6,336.3


(In millions)	For the Year Ended December 31, 2020
	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 (5)	940.2		1,523.4		2,463.6		(940.2)		(1,523.4)		(2,463.6)		—		—		—
Finance charges	1,313.9		991.0		2,304.9		(368.0)		(374.5)		(742.5)		945.9		616.5		1,562.4
Provision for credit losses	—		—		—		(239.7)		(317.2)		(556.9)		(239.7)		(317.2)		(556.9)
New Consumer Loan assignments (1)	2,207.8		1,433.4		3,641.2		—		—		—		2,207.8		1,433.4		3,641.2
Collections (2)	(3,059.1)		(1,682.3)		(4,741.4)		—		—		—		(3,059.1)		(1,682.3)		(4,741.4)
Accelerated Dealer Holdback payments	45.9		—		45.9		—		—		—		45.9		—		45.9
Dealer Holdback payments	142.6		—		142.6		—		—		—		142.6		—		142.6
Transfers (3)	(119.8)		119.8		—		39.7		(39.7)		—		(80.1)		80.1		—
Write-offs	(235.1)		(729.8)		(964.9)		235.1		729.8		964.9		—		—		—
Recoveries (4)	1.0		1.8		2.8		(1.0)		(1.8)		(2.8)		—		—		—
Deferral of Loan origination costs	8.9		—		8.9		—		—		—		8.9		—		8.9
Balance, end 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

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

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 Year Ended December 31, 2022
Provision for Credit Losses	Dealer Loans		Purchased Loans		Total
New Consumer Loan assignments	$	154.8	$	188.9	$	343.7
Forecast changes	85.6		52.1		137.7
Total	$	240.4	$	241.0	$	481.4


(In millions)	For the Year Ended December 31, 2021
Provision for Credit Losses	Dealer Loans		Purchased Loans		Total
New Consumer Loan assignments	$	153.1	$	212.0	$	365.1
Forecast changes	(181.3)		(175.4)		(356.7)
Total	$	(28.2)	$	36.6	$	8.4


(In millions)	For the Year Ended December 31, 2020
Provision for Credit Losses	Dealer Loans		Purchased Loans		Total
New Consumer Loan assignments	$	209.7	$	308.9	$	518.6
Forecast changes	30.0		8.3		38.3
Total	$	239.7	$	317.2	$	556.9

Summary Of Information Related To New Consumer Loan Assignments


(In millions)	For the Year Ended December 31, 2022
New Consumer Loan Assignments	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	3,874.4	$	2,185.9	$	6,060.3
Expected net cash flows at the time of assignment (2)	3,516.1		1,497.0		5,013.1
Loans receivable at the time of assignment (3)	2,530.0		1,095.3		3,625.3

Provision for credit losses expense at the time of assignment	$	(154.8)	$	(188.9)	$	(343.7)
Expected future finance charges at the time of assignment (4)	1,140.9		590.6		1,731.5
Expected net Loan income at the time of assignment (5)	$	986.1	$	401.7	$	1,387.8


(In millions)	For the Year Ended December 31, 2021
New Consumer Loan Assignments	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	3,202.5	$	2,324.1	$	5,526.6
Expected net cash flows at the time of assignment (2)	2,880.9		1,549.1		4,430.0
Loans receivable at the time of assignment (3)	2,059.0		1,108.8		3,167.8

Provision for credit losses expense at the time of assignment	$	(153.1)	$	(212.0)	$	(365.1)
Expected future finance charges at the time of assignment (4)	975.0		652.3		1,627.3
Expected net Loan income at the time of assignment (5)	$	821.9	$	440.3	$	1,262.2


(In millions)	For the Year Ended December 31, 2020
New Consumer Loan Assignments	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	3,506.9	$	3,151.2	$	6,658.1
Expected net cash flows at the time of assignment (2)	3,113.4		2,018.2		5,131.6
Loans receivable at the time of assignment (3)	2,207.8		1,433.4		3,641.2

Provision for credit losses expense at the time of assignment	$	(209.7)	$	(308.9)	$	(518.6)
Expected future finance charges at the time of assignment (4)	1,115.3		893.7		2,009.0
Expected net Loan income at the time of assignment (5)	$	905.6	$	584.8	$	1,490.4

(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 Net Cash Flows [Table Text Block]

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


(In millions)	For the Year Ended December 31, 2022
Expected Future Net Cash Flows	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	5,249.7	$	3,698.6	$	8,948.3
New Consumer Loan assignments (1)	3,516.1		1,497.0		5,013.1
Realized net cash flows (2)	(3,006.7)		(1,871.9)		(4,878.6)
Forecast changes	(41.6)		(18.1)		(59.7)
Transfers (3)	(79.6)		89.9		10.3
Balance, end of period	$	5,637.9	$	3,395.5	$	9,033.4


(In millions)	For the Year Ended December 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)	2,880.9		1,549.1		4,430.0
Realized net cash flows (2)	(3,267.1)		(2,095.1)		(5,362.2)
Forecast changes	87.7		238.4		326.1
Transfers (3)	(116.1)		126.1		10.0
Balance, end of period	$	5,249.7	$	3,698.6	$	8,948.3


(In millions)	For the Year Ended December 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)	3,113.4		2,018.2		5,131.6
Realized net cash flows (2)	(2,870.6)		(1,682.3)		(4,552.9)
Forecast changes	(41.1)		(5.2)		(46.3)
Transfers (3)	(114.4)		121.2		6.8
Balance, end of period	$	5,664.3	$	3,880.1	$	9,544.4

Schedule Of Consumer Loans Forecasted Collection Percentage

The following table compares our forecast of Consumer Loan collection rates as of December 31, 2022, with the forecasts as of December 31, 2021, as of December 31, 2020, and at the time of assignment, segmented by year of assignment:


	Total Loans as of December 31, 2022
	Forecasted Collection Percentage as of (1)								Current Forecast Variance from
Consumer Loan Assignment Year	December 31, 2022		December 31, 2021		December 31, 2020		Initial Forecast		December 31, 2021		December 31, 2020		Initial Forecast
2013	73.5	%	73.4	%	73.4	%	72.0	%	0.1	%	0.1	%	1.5	%
2014	71.7	%	71.5	%	71.6	%	71.8	%	0.2	%	0.1	%	-0.1	%
2015	65.2	%	65.1	%	65.2	%	67.7	%	0.1	%	0.0	%	-2.5	%
2016	63.8	%	63.6	%	63.6	%	65.4	%	0.2	%	0.2	%	-1.6	%
2017	64.7	%	64.4	%	64.1	%	64.0	%	0.3	%	0.6	%	0.7	%
2018	65.2	%	65.1	%	64.0	%	63.6	%	0.1	%	1.2	%	1.6	%
2019	66.6	%	66.5	%	64.4	%	64.0	%	0.1	%	2.2	%	2.6	%
2020	67.8	%	67.9	%	64.8	%	63.4	%	-0.1	%	3.0	%	4.4	%
2021	66.2	%	66.5	%	—		66.3	%	-0.3	%	—		-0.1	%
2022	66.3	%	—		—		67.5	%	—		—		-1.2	%


	Dealer Loans as of December 31, 2022
	Forecasted Collection Percentage as of (1) (2)								Current Forecast Variance from
Consumer Loan Assignment Year	December 31, 2022		December 31, 2021		December 31, 2020		Initial Forecast		December 31, 2021		December 31, 2020		Initial Forecast
2013	73.4	%	73.3	%	73.4	%	72.1	%	0.1	%	0.0	%	1.3	%
2014	71.6	%	71.4	%	71.5	%	71.9	%	0.2	%	0.1	%	-0.3	%
2015	64.5	%	64.4	%	64.5	%	67.5	%	0.1	%	0.0	%	-3.0	%
2016	63.0	%	62.8	%	62.8	%	65.1	%	0.2	%	0.2	%	-2.1	%
2017	64.0	%	63.8	%	63.4	%	63.8	%	0.2	%	0.6	%	0.2	%
2018	64.6	%	64.6	%	63.5	%	63.6	%	0.0	%	1.1	%	1.0	%
2019	66.3	%	66.2	%	64.1	%	63.9	%	0.1	%	2.2	%	2.4	%
2020	67.7	%	67.6	%	64.5	%	63.3	%	0.1	%	3.2	%	4.4	%
2021	66.0	%	66.2	%	—		66.3	%	-0.2	%	—		-0.3	%
2022	65.8	%	—		—		67.3	%	—		—		-1.5	%


	Purchased Loans as of December 31, 2022
	Forecasted Collection Percentage as of (1) (2)								Current Forecast Variance from
Consumer Loan Assignment Year	December 31, 2022		December 31, 2021		December 31, 2020		Initial Forecast		December 31, 2021		December 31, 2020		Initial Forecast
2013	74.3	%	74.2	%	74.3	%	71.6	%	0.1	%	0.0	%	2.7	%
2014	72.5	%	72.4	%	72.4	%	70.9	%	0.1	%	0.1	%	1.6	%
2015	68.9	%	68.9	%	68.8	%	68.5	%	0.0	%	0.1	%	0.4	%
2016	66.0	%	65.8	%	65.8	%	66.5	%	0.2	%	0.2	%	-0.5	%
2017	66.3	%	66.0	%	65.6	%	64.6	%	0.3	%	0.7	%	1.7	%
2018	66.4	%	66.4	%	65.1	%	63.5	%	0.0	%	1.3	%	2.9	%
2019	67.2	%	67.2	%	65.1	%	64.2	%	0.0	%	2.1	%	3.0	%
2020	68.0	%	68.4	%	65.4	%	63.6	%	-0.4	%	2.6	%	4.4	%
2021	66.7	%	67.1	%	—		66.3	%	-0.4	%	—		0.4	%
2022	67.4	%	—		—		68.0	%	—		—		-0.6	%

(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 December 31, 2022 and December 31, 2021, segmented by year of assignment:


(In millions)	Total Loans as of December 31, 2022 (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
2017 and prior	$	16.1	$	9.6	$	42.2	$	167.7	$	235.6
2018	142.8		71.7		197.5		37.3		449.3
2019	446.5		214.0		411.9		6.5		1,078.9
2020	732.6		332.8		421.1		0.9		1,487.4
2021	1,209.1		480.4		398.8		—		2,088.3
2022	3,036.1		631.1		158.8		—		3,826.0
	$	5,583.2	$	1,739.6	$	1,630.3	$	212.4	$	9,165.5


(In millions)	Dealer Loans as of December 31, 2022 (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
2017 and prior	$	7.7	$	4.5	$	20.4	$	103.1	$	135.7
2018	71.5		34.3		97.3		21.3		224.4
2019	215.2		100.7		196.9		4.2		517.0
2020	461.6		204.6		259.4		0.7		926.3
2021	836.1		324.8		268.0		—		1,428.9
2022	2,258.6		467.1		116.8		—		2,842.5
	$	3,850.7	$	1,136.0	$	958.8	$	129.3	$	6,074.8


(In millions)	Purchased Loans as of December 31, 2022 (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
2017 and prior	$	8.4	$	5.1	$	21.8	$	64.6	$	99.9
2018	71.3		37.4		100.2		16.0		224.9
2019	231.3		113.3		215.0		2.3		561.9
2020	271.0		128.2		161.7		0.2		561.1
2021	373.0		155.6		130.8		—		659.4
2022	777.5		164.0		42.0		—		983.5
	$	1,732.5	$	603.6	$	671.5	$	83.1	$	3,090.7


(In millions)	Total Loans as of December 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	$	7.4	$	3.4	$	38.6	$	117.5	$	166.9
2017	93.4		35.0		155.7		34.5		318.6
2018	452.4		169.9		395.1		6.7		1,024.1
2019	1,085.4		410.7		580.8		1.1		2,078.0
2020	1,586.4		538.6		405.5		—		2,530.5
2021	2,555.5		554.5		121.7		—		3,231.7
	$	5,780.5	$	1,712.1	$	1,697.4	$	159.8	$	9,349.8


(In millions)	Dealer Loans as of December 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	$	2.5	$	1.1	$	12.8	$	82.2	$	98.6
2017	44.9		16.8		75.2		21.8		158.7
2018	228.7		84.0		195.9		4.2		512.8
2019	530.7		194.2		276.3		0.7		1,001.9
2020	1,025.5		337.9		254.0		—		1,617.4
2021	1,800.5		382.8		82.4		—		2,265.7
	$	3,632.8	$	1,016.8	$	896.6	$	108.9	$	5,655.1


(In millions)	Purchased Loans as of December 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	$	4.9	$	2.3	$	25.8	$	35.3	$	68.3
2017	48.5		18.2		80.5		12.7		159.9
2018	223.7		85.9		199.2		2.5		511.3
2019	554.7		216.5		304.5		0.4		1,076.1
2020	560.9		200.7		151.5		—		913.1
2021	755.0		171.7		39.3		—		966.0
	$	2,147.7	$	695.3	$	800.8	$	50.9	$	3,694.7

(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.

Forecast Adjustment [Table Text Block]


(In millions)	Increase / (Decrease) in
Forecasting Methodology Changes	Forecasted Net Cash Flows		Provision for Credit Losses
Removal of COVID forecast adjustment	$	149.5	$	(118.5)
Implementation of enhanced forecasting methodology	(53.8)		47.9
Total	95.7		(70.6)

Property And Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule Of Property And Equipment

Property and equipment consists of the following:


(In millions)	As of December 31,
	2022		2021
Land and land improvements	$	2.9	$	2.9
Building and improvements	58.8		59.1
Data processing equipment and software	47.2		46.5
Office furniture and equipment	3.0		3.4
Leasehold improvements	—		0.7
Total property and equipment	111.9		112.6
Less: Accumulated depreciation on property and equipment	(60.5)		(55.3)
Total property and equipment, net	$	51.4	$	57.3

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2022

Reinsurance [Abstract]

Schedule Of Reinsurance Activity

A summary of reinsurance activity is as follows:


(In millions)	For the Years Ended December 31,
	2022		2021		2020
Net assumed written premiums	$	72.5	$	56.4	$	61.7
Net premiums earned	62.7		60.3		57.3
Provision for claims	46.4		38.8		37.9
Amortization of capitalized acquisition costs	1.5		1.4		1.4

Schedule Of Trust Assets And Reinsurance Liabilities

The trust assets and related reinsurance liabilities are as follows:


(In millions)		As of December 31,
	Balance Sheet location	2022		2021
Trust assets	Restricted cash and cash equivalents	$	0.4	$	0.3
Trust assets	Restricted securities available for sale	72.3		62.1
Unearned premium	Accounts payable and accrued liabilities	54.4		44.6
Claims reserve (1)	Accounts payable and accrued liabilities	3.1		2.4

(1) The claims reserve represents our liability for incurred-but-not-reported claims and is estimated based on historical claims experience.

Cumulative Incurred Claims

The following tables present information about incurred and paid claims development for the five-year period ended December 31, 2022:


(Dollars in millions)
	Cumulative Incurred Claims										As of December 31, 2022
Incident Year	As of December 31,										Claims Reserve		Cumulative Number of Reported Claims
	2018		2019		2020		2021		2022
2018	$	25.8	$	25.7	$	25.8	$	25.8	$	25.8	$	—	22,310
2019			30.1		30.2		30.2		30.2		—		24,422
2020					37.7		37.6		37.7		—		28,208
2021							38.9		39.2		—		28,829
2022									46.0		3.1		29,205
Total									$	178.9	$	3.1	132,974

Cumulative Paid Claims


(In millions)	Cumulative Paid Claims
	As of December 31,
Incident Year	2018		2019		2020		2021		2022
2018	$	24.2	$	25.7	$	25.8	$	25.8	$	25.8
2019			28.3		30.2		30.2		30.2
2020					35.4		37.6		37.7
2021							36.5		39.2
2022									42.9
Total									$	175.8

Percentage Payout Of Incurred Claims


Average Annual Percentage Payout of Incurred Claims by Age
Claim Age (Years)	1		2		3		4		5
Payout Percentage	93.5	%	6.3	%	0.2	%	—	%	—	%

Other Income (Tables)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Schedule Of Other Income [Table Text Block]

Other income consists of the following:


(In millions)	For the Years Ended December 31,
	2022		2021		2020
Ancillary product profit sharing	$	60.6	$	40.2	$	33.5
Remarketing fees	13.4		7.8		7.1
Interest	6.6		1.2		2.9
Dealer enrollment fees	1.7		1.9		3.0
Dealer support products and services	1.2		1.3		1.9
Other	(0.1)		0.7		1.2
Total	$	83.4	$	53.1	$	49.6

Disaggregation of Revenue [Table Text Block]

The following table disaggregates our other income by major source of income and timing of the revenue recognition:


(In millions)	For the Year Ended December 31, 2022
	Ancillary product profit sharing		Remarketing fees		Interest		Dealer enrollment fees		Dealer support products and services		Other		Total Other Income
Source of income
Third Party Providers	$	60.6	$	—	$	6.6	$	—	$	—	$	(0.1)	$	67.1
Dealers	—		13.4		—		1.7		1.2		—		16.3
Total	$	60.6	$	13.4	$	6.6	$	1.7	$	1.2	$	(0.1)	$	83.4

Timing of revenue recognition
Over time	$	60.6	$	—	$	6.6	$	1.7	$	—	$	—	$	68.9
At a point in time	—		13.4		—		—		1.2		(0.1)		14.5
Total	$	60.6	$	13.4	$	6.6	$	1.7	$	1.2	$	(0.1)	$	83.4

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Principal Debt Outstanding

Debt consists of the following:


(In millions)	As of December 31, 2022
	Principal Outstanding		Unamortized Debt Issuance Costs		Unamortized Discount		Carrying Amount
Revolving secured line of credit (1)	$	30.9	$	—	$	—	$	30.9
Secured financing (2)	3,776.7		(16.9)		(3.4)		3,756.4
Senior notes	800.0		(5.5)		—		794.5
Mortgage note	8.9		—		—		8.9
Total debt	$	4,616.5	$	(22.4)	$	(3.4)	$	4,590.7

(In millions)	As of December 31, 2021
	Principal Outstanding		Unamortized Debt Issuance Costs		Unamortized Discount		Carrying Amount
Revolving secured line of credit (1)	$	2.6	$	—	$	—	$	2.6
Secured financing (2)	3,830.4		(18.9)		—		3,811.5
Senior notes	800.0		(7.5)		—		792.5
Mortgage note	9.7		—		—		9.7
Total debt	$	4,642.7	$	(26.4)	$	—	$	4,616.3

(1)Excludes deferred debt issuance costs of $3.9 million and $3.6 million as of December 31, 2022 and December 31, 2021, respectively, which are included in other assets.

(2)Warehouse facilities and Term ABS.

Schedule Of General Information Of Financing Transaction

General information for each of our financing transactions in place as of December 31, 2022 is as follows:


(Dollars in millions)
Financings	Wholly Owned Subsidiary	Maturity Date		Financing Amount			Interest Rate Basis as of December 31, 2022
Revolving Secured Line of Credit	n/a	06/22/25		$	410.0	(1)	At our option, either the Bloomberg Short-Term Bank Yield Index rate (BSBY) plus 187.5 basis points or the prime rate plus 87.5 basis points
Warehouse Facility II (2)	CAC Warehouse Funding LLC II	04/30/24	(3)	$	400.0		LIBOR plus 175 basis points (4)
Warehouse Facility IV (2)	CAC Warehouse Funding LLC IV	05/20/25	(3)	$	300.0		The Secured Overnight Financing Rate (SOFR) plus 221.4 basis points (4)
Warehouse Facility V (2)	CAC Warehouse Funding LLC V	12/29/25	(5)	$	200.0		SOFR plus 245 basis points (4)
Warehouse Facility VI (2)	CAC Warehouse Funding LLC VI	09/30/24	(3)	$	75.0		BSBY plus 200 basis points
Warehouse Facility VIII (2)	CAC Warehouse Funding LLC VIII	09/01/24	(3)	$	200.0		SOFR plus 201.4 basis points (4)
Term ABS 2019-2 (2)	Credit Acceptance Funding LLC 2019-2	08/15/25	(6)	$	500.0		Fixed rate
Term ABS 2019-3 (2)	Credit Acceptance Funding LLC 2019-3	11/15/21	(3)	$	351.7		Fixed rate
Term ABS 2020-1 (2)	Credit Acceptance Funding LLC 2020-1	02/15/22	(3)	$	500.0		Fixed rate
Term ABS 2020-2 (2)	Credit Acceptance Funding LLC 2020-2	07/15/22	(3)	$	481.8		Fixed rate
Term ABS 2020-3 (2)	Credit Acceptance Funding LLC 2020-3	10/17/22	(3)	$	600.0		Fixed rate
Term ABS 2021-1 (2)	Credit Acceptance Funding LLC 2021-1	12/16/24	(6)	$	100.0		SOFR plus 220 basis points (4)
Term ABS 2021-2 (2)	Credit Acceptance Funding LLC 2021-2	02/15/23	(3)	$	500.0		Fixed rate
Term ABS 2021-3 (2)	Credit Acceptance Funding LLC 2021-3	05/15/23	(3)	$	450.0		Fixed rate
Term ABS 2021-4 (2)	Credit Acceptance Funding LLC 2021-4	10/16/23	(3)	$	250.1		Fixed rate
Term ABS 2022-1 (2)	Credit Acceptance Funding LLC 2022-1	06/17/24	(3)	$	350.0		Fixed rate
Term ABS 2022-2 (2)	Credit Acceptance Funding LLC 2022-2	12/15/25	(6)	$	200.0		SOFR plus 235 basis points (4)
Term ABS 2022-3 (2)	Credit Acceptance Funding LLC 2022-3	10/15/24	(3)	$	389.9		Fixed rate
2024 Senior Notes	n/a	12/31/24		$	400.0		Fixed rate
2026 Senior Notes	n/a	03/15/26		$	400.0		Fixed rate
Mortgage Note (2)	Chapter 4 Properties, LLC	08/06/28		$	9.0		BSBY plus 150 basis points

(1)The amount of the facility will decrease by $25.0 million on June 22, 2023.

(2)Financing made available only to a specified subsidiary of the Company.

(3)Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date based on the cash flows of the pledged assets.

(4)Interest rate cap agreements are in place to limit the exposure to increasing interest rates.

(5)Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date and any amounts remaining on December 27, 2027 will be due on that date.

Schedule Of Additional Information Related To Debt Instruments

Additional information related to the amounts outstanding on each facility is as follows:


(In millions)	For the Years Ended December 31,
	2022		2021
Revolving Secured Line of Credit
Maximum outstanding principal balance	$	379.7	$	229.0
Average outstanding principal balance	133.4		29.1
Warehouse Facility II
Maximum outstanding principal balance	$	201.0	$	201.0
Average outstanding principal balance	83.0		18.8
Warehouse Facility IV
Maximum outstanding principal balance	$	43.8	$	—
Average outstanding principal balance	4.3		—
Warehouse Facility V
Maximum outstanding principal balance	$	—	$	—
Average outstanding principal balance	—		—
Warehouse Facility VI
Maximum outstanding principal balance	$	50.0	$	—
Average outstanding principal balance	23.1		—
Warehouse Facility VIII
Maximum outstanding principal balance	$	48.2	$	—
Average outstanding principal balance	4.7		—

Summary Of Debt


(Dollars in millions)	As of December 31,
	2022			2021
Revolving Secured Line of Credit
Principal balance outstanding	$	30.9		$	2.6
Amount available for borrowing (1)	379.1			432.4
Interest rate	6.25		%	1.98		%
Warehouse Facility II
Principal balance outstanding	$	—		$	—
Amount available for borrowing (1)	400.0			400.0
Loans pledged as collateral	—			—
Restricted cash and cash equivalents pledged as collateral	1.0			1.0
Interest rate	—		%	—		%
Warehouse Facility IV
Principal balance outstanding	$	—		$	—
Amount available for borrowing (1)	300.0			300.0
Loans pledged as collateral	—			—
Restricted cash and cash equivalents pledged as collateral	1.0			1.0
Interest rate	—		%	—		%
Warehouse Facility V
Principal balance outstanding	$	—		$	—
Amount available for borrowing (1)	200.0			125.0
Loans pledged as collateral	—			—
Restricted cash and cash equivalents pledged as collateral	1.0			1.0
Interest rate	—		%	—		%
Warehouse Facility VI
Principal balance outstanding	$	—		$	—
Amount available for borrowing (1)	75.0			75.0
Loans pledged as collateral	—			—
Restricted cash and cash equivalents pledged as collateral	—			—
Interest rate	—		%	—		%
Warehouse Facility VIII
Principal balance outstanding	$	—		$	—
Amount available for borrowing (1)	200.0			200.0
Loans pledged as collateral	—			—
Restricted cash and cash equivalents pledged as collateral	—			—
Interest rate	—		%	—		%
Term ABS 2019-1
Principal balance outstanding	$	—		$	124.6
Loans pledged as collateral	—			292.4
Restricted cash and cash equivalents pledged as collateral	—			31.8
Interest rate	—		%	3.86		%
Term ABS 2019-2
Principal balance outstanding	$	500.0		$	500.0
Loans pledged as collateral	627.5			582.1
Restricted cash and cash equivalents pledged as collateral	51.0			50.7
Interest rate	5.15		%	3.13		%
Term ABS 2019-3
Principal balance outstanding	$	64.4		$	323.9
Loans pledged as collateral	200.9			382.9
Restricted cash and cash equivalents pledged as collateral	24.5			36.5
Interest rate	3.00		%	2.58		%
(1) Availability may be limited by the amount of assets pledged as collateral.


(Dollars in millions)	As of December 31,
	2022			2021
Term ABS 2020-1
Principal balance outstanding	$	144.6		$	500.0
Loans pledged as collateral	362.5			591.6
Restricted cash and cash equivalents pledged as collateral	38.8			51.9
Interest rate	2.51		%	2.18		%
Term ABS 2020-2
Principal balance outstanding	$	307.0		$	481.8
Loans pledged as collateral	452.0			579.5
Restricted cash and cash equivalents pledged as collateral	43.9			50.1
Interest rate	1.81		%	1.65		%
Term ABS 2020-3
Principal balance outstanding	$	520.7		$	600.0
Loans pledged as collateral	655.1			688.1
Restricted cash and cash equivalents pledged as collateral	53.9			58.4
Interest rate	1.47		%	1.44		%
Term ABS 2021-1
Principal balance outstanding	$	100.0		$	100.0
Loans pledged as collateral	115.0			143.7
Restricted cash and cash equivalents pledged as collateral	8.5			10.2
Interest rate	6.52		%	2.10		%
Term ABS 2021-2
Principal balance outstanding	$	500.0		$	500.0
Loans pledged as collateral	572.9			618.7
Restricted cash and cash equivalents pledged as collateral	44.5			49.2
Interest rate	1.12		%	1.12		%
Term ABS 2021-3
Principal balance outstanding	$	450.0		$	450.0
Loans pledged as collateral	519.9			619.8
Restricted cash and cash equivalents pledged as collateral	38.8			46.5
Interest rate	1.14		%	1.14		%
Term ABS 2021-4
Principal balance outstanding	$	250.1		$	250.1
Loans pledged as collateral	278.5			281.2
Restricted cash and cash equivalents pledged as collateral	21.8			22.1
Interest rate	1.44		%	1.44		%
Term ABS 2022-1
Balance outstanding	$	350.0		$	—
Loans pledged as collateral	434.7			—
Restricted cash and cash equivalents pledged as collateral	27.7			—
Interest rate	5.03		%	—		%
Term ABS 2022-2
Balance outstanding	$	200.0		$	—
Loans pledged as collateral	229.3			—
Restricted cash and cash equivalents pledged as collateral	25.6			—
Interest rate	6.65		%	—		%
Term ABS 2022-3
Balance outstanding	$	389.9		$	—


(Dollars in millions)	As of December 31,
	2022			2021
Loans pledged as collateral	429.2			—
Restricted cash and cash equivalents pledged as collateral	27.6			—
Interest rate	7.68		%	—		%
2024 Senior Notes
Principal balance outstanding	$	400.0		$	400.0
Interest rate	5.125		%	5.125		%
2026 Senior Notes
Principal balance outstanding	$	400.0		$	400.0
Interest rate	6.625		%	6.625		%
Mortgage Note
Principal balance outstanding	$	8.9		$	9.7
Interest rate	5.46		%	1.60		%
(1) Availability may be limited by the amount of assets pledged as collateral.

Summary of Term ABS Debt

The table below sets forth certain additional details regarding the outstanding Term ABS financings:

(Dollars in millions)

Term ABS Financings

Close Date

Net Book Value of Loans
Contributed at Closing

Revolving Period

Term ABS 2019-2

August 28, 2019

625.1

Through August 15, 2025

Term ABS 2019-3

November 21, 2019

439.6

Through November 15, 2021

Term ABS 2020-1

February 20, 2020

625.1

Through February 15, 2022

Term ABS 2020-2

July 23, 2020

602.3

Through July 15, 2022

Term ABS 2020-3

October 22, 2020

750.1

Through October 17, 2022

Term ABS 2021-1

January 29, 2021

125.1

Through December 16, 2024

Term ABS 2021-2

February 18, 2021

625.1

Through February 15, 2023

Term ABS 2021-3

May 20, 2021

562.6

Through May 15, 2023

Term ABS 2021-4

October 28, 2021

312.6

Through October 16, 2023

Term ABS 2022-1

June 16, 2022

437.6

Through June 17, 2024

Term ABS 2022-2

December 15, 2022

250.1

Through December 15, 2025

Term ABS 2022-3

November 3, 2022

500.1

Through October 15, 2024

Scheduled Principal Maturities Of Debt

The scheduled principal maturities of our debt as of December 31, 2022 are as follows:


(In millions)
Year	Revolving Secured Line of Credit Facility		Warehouse Facilities		Term ABS Financings (1)		Senior Notes		Mortgage Note		Total
2023	$	—	$	—	$	1,507.4	$	—	$	0.5	$	1,507.9
2024	—		—		878.2		400.0		0.6		1,278.8
2025	30.9		—		1,142.4		—		0.6		1,173.9
2026	—		—		248.7		400.0		0.7		649.4
2027	—		—		—		—		0.7		0.7
Thereafter	—		—		—		—		5.8		5.8
Total	$	30.9	$	—	$	3,776.7	$	800.0	$	8.9	$	4,616.5

(1)The principal maturities of the Term ABS transactions are estimated based on forecasted collections.

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative And Hedging Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Schedule Of Terms Of Interest Rate Cap Agreements

The following tables provide the terms of our interest rate cap agreements that were in effect as of December 31, 2022 and 2021:


(Dollars in millions)
As of December 31, 2022
Facility Amount		Facility Name	Purpose	Start	End	Notional		Cap Interest Rate (1)
$	400.0	Warehouse Facility II	Cap Floating Rate	07/2022	12/2023	$	205.0	6.50	%
300.0		Warehouse Facility IV	Cap Floating Rate	07/2019	07/2023	175.0		6.50	%
200.0		Warehouse Facility V	Cap Floating Rate	12/2020	01/2026	94.0		5.50	%

200.0		Warehouse Facility VIII	Cap Floating Rate	08/2019	08/2023	116.7		5.50	%
			Cap Floating Rate	09/2022	09/2025	83.3		5.50	%
						200.0

100.0		Term ABS 2021-1	Cap Floating Rate	02/2021	06/2024	100.0		5.50	%
200.0		Term ABS 2022-2	Cap Floating Rate	12/2022	06/2024	200.0		6.50	%


(Dollars in millions)
As of December 31, 2021
Facility Amount		Facility Name	Purpose	Start	End	Notional		Cap Interest Rate (1)
$	400.0	Warehouse Facility II	Cap Floating Rate	12/2020	07/2022	$	205.0	5.50	%
300.0		Warehouse Facility IV	Cap Floating Rate	07/2019	07/2023	300.0		6.50	%
125.0		Warehouse Facility V	Cap Floating Rate	12/2020	01/2026	94.0		5.50	%
200.0		Warehouse Facility VIII	Cap Floating Rate	08/2019	08/2023	200.0		5.50	%
100.0		Term ABS 2021-1	Cap Floating Rate	02/2021	06/2024	100.0		5.50	%

(1) Rate excludes the spread over the corresponding benchmark rate.

Schedule Of Effect Of Derivative Instruments Not Designated As Hedging Instruments In Consolidated Statements Of Income


(In millions)		Amount of (Income) Loss Recognized in Income on Derivatives
Derivatives Not Designated as Hedging Instruments		For the Years Ended December 31,
	Location	2022		2021		2020
Interest rate caps	Interest expense	$	(1.0)	$	(0.1)	$	—

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule Of Income Tax Provision

The income tax provision consists of the following:


(In millions)	For the Years Ended December 31,
	2022		2021		2020
Income before provision for income taxes:	$	711.7	$	1,260.9	$	549.5
Current provision for income taxes:
Federal	152.7		217.9		53.8
State	28.5		38.6		6.6
	181.2		256.5		60.4
Deferred provision for income taxes:
Federal	(10.8)		36.7		57.3
State	3.1		7.9		11.0
	(7.7)		44.6		68.3
Interest and penalties expense:
Interest	2.4		1.5		(0.2)
Penalties	—		—		—
	2.4		1.5		(0.2)
Provision for income taxes	$	175.9	$	302.6	$	128.5

Schedule Of Deferred Tax Assets And Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities consist of the following:


(In millions)	As of December 31,
	2022		2021
Deferred tax assets:
Allowance for credit losses	$	693.5	$	721.8
Stock-based compensation	18.3		16.3
Deferred state net operating loss	4.7		2.1

Other, net	12.2		10.9
Total deferred tax assets	728.7		751.1
Deferred tax liabilities:
Valuation of Loans receivable	1,140.4		1,169.6
Deferred Loan origination costs	1.6		1.6
Other, net	13.4		15.1
Total deferred tax liabilities	1,155.4		1,186.3
Net deferred tax liability	$	426.7	$	435.2

Schedule Of Reconciliation Of The U.S. Federal Statutory Rate To Effective Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate is as follows:


	For the Years Ended December 31,
	2022		2021		2020
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes	3.8	%	3.0	%	2.7	%
Excess tax benefits from stock-based compensation plans	-0.8	%	-0.3	%	-0.5	%
Other	0.7	%	0.3	%	0.2	%
Effective income tax rate	24.7	%	24.0	%	23.4	%

Schedule Of Unrecognized Tax Benefits

The following table is a summary of changes in gross unrecognized tax benefits:


(In millions)	For the Years Ended December 31,
	2022		2021		2020
Unrecognized tax benefits at January 1,	$	49.4	$	41.8	$	41.7
Additions for tax positions of the current year	14.5		13.4		10.2
Additions for tax positions of prior years	—		0.9		0.1
Reductions for tax positions of prior years	—		—		—
Settlements	—		—		(4.6)
Reductions as a result of a lapse of the statute of limitations	(6.8)		(6.7)		(5.6)
Unrecognized tax benefits at December 31,	$	57.1	$	49.4	$	41.8

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule Of Weighted Average Shares Outstanding Basic And Diluted

Diluted net income per share has been computed by dividing net income by the diluted number of weighted average shares outstanding using the treasury stock method. The share effect is as follows:


	For the Years Ended December 31,
	2022	2021	2020
Weighted average shares outstanding:
Common shares	13,197,912	15,727,140	17,544,837
Vested restricted stock units	365,973	358,683	314,098
Basic number of weighted average shares outstanding	13,563,885	16,085,823	17,858,935
Dilutive effect of restricted stock, restricted stock units, and stock options	61,196	14,729	76,844
Dilutive number of weighted average shares outstanding	13,625,081	16,100,552	17,935,779

Schedule of Anti-dilutive Shares

The following outstanding stock awards were excluded from the computation of diluted net income per share because their inclusion would have been anti-dilutive:


	For the Years Ended December 31,
	2022	2021	2020
Stock options	189,465	349,222	—
Restricted stock units	2,827	—	—
Total	192,292	349,222	—

Stock Repurchases (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule Of Stock Repurchases

The following table summarizes our stock repurchases for the years ended December 31, 2022, 2021, and 2020:


(Dollars in millions)	For the Years Ended December 31,
	2022			2021			2020
Stock Repurchases	Number of Shares Repurchased	Cost		Number of Shares Repurchased	Cost		Number of Shares Repurchased	Cost
Open Market (1)	1,467,481	$	773.0	2,877,060	$	1,469.1	1,267,103	$	474.3
Other (2)	24,000	11.5		7,066	2.7		15,063	6.5
Total	1,491,481	$	784.5	2,884,126	$	1,471.8	1,282,166	$	480.8

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Stock Options Roll Forward

A summary of the stock option activity under the Incentive Plan for the year ended December 31, 2022, is presented below:


Stock Options	Number of Stock Options	Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value (1) (in millions)		Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2021	705,749	$	350.74
Granted	67,000	501.50
Exercised	(44,550)	340.35
Forfeited	(46,125)	363.75
Outstanding as of December 31, 2022	682,074	$	365.34	$	77.4	4.9
Exercisable as of December 31, 2022	244,454	$	344.89	$	31.8	4.5
Unvested as of December 31, 2022	437,620	$	376.77	$	45.6	5.1

(1)The intrinsic value of stock options is the amount by which the market price of the stock as of December 31, 2022 exceeded the exercise price of the options.

Schedule of Stock Options Valuation Assumptions

We estimated the fair value of each stock option on the date of grant using a Black-Scholes valuation model with the following assumptions:


Valuation Assumptions	2022
Risk-free interest rate	1.5%	-	4.4%
Expected stock price volatility	38.0%	-	41.0%
Expected life of stock options (in years)	3.5	-	4.0

Summary Of Restricted Stock Units Activity

summary of the restricted stock unit (“RSU”) activity under the Incentive Plan for the year ended December 31, 2022, is presented below:


Restricted Stock Units	Number of Restricted Stock Units	Weighted Average Grant-Date Fair Value Per Share		Aggregate Intrinsic Value (2) (in millions)		Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2021	376,835	$	143.70
Granted	22,867	488.27
Converted	(57,928)	126.25
Forfeited	(546)	437.63
Outstanding as of December 31, 2022 (1)	341,228	$	169.28	$	161.9	1.6
Vested as of December 31, 2022	312,872	$	142.40	$	148.4	1.4

(1)No RSUs outstanding at December 31, 2022 were convertible to shares of common stock.

(2)The intrinsic value of RSUs is measured by applying the closing stock price as of December 31, 2022 to the applicable number of units.

^[1]

Schedule Of Stock Based Compensation Expense

Stock-based compensation expense consists of the following:


(In millions)	For the Years Ended December 31,
	2022		2021		2020
Stock options	$	33.8	$	33.7	$	—
Restricted stock units	2.7		(1.1)		4.2
Restricted stock	—		(7.8)		2.0
Total	$	36.5	$	24.8	$	6.2

Schedule Of Future Share-Based Compensation Cost


(In millions)
For the Years Ended December 31,	Stock Options		Restricted Stock Units		Restricted Stock		Total Projected Expense
2023	$	34.4	$	3.5	$	—	$	37.9
2024	34.3		2.8		—		37.1
2025	5.2		2.2		—		7.4
2026	1.2		1.5		—		2.7
Total	$	75.1	$	10.0	$	—	$	85.1

[1]	The intrinsic value of RSUs is measured by applying the closing stock price as of December 31, 2022 to the applicable number of units.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Operating Lease, Commitments

Our total minimum future lease commitments under operating leases as of December 31, 2022 are as follows:


(In millions)
Year	Minimum Future Lease Commitments
2023	$	0.7
2024	0.6
2025	0.1
2026	—
2027	—
Total	$	1.4

Description Of Business (Narrative) (Details)	12 Months Ended
Description Of Business (Narrative) (Details)	Dec. 31, 2022 portfolio_segment consumerLoans loan
Description Of Business [Abstract]
Number of Portfolio Segments \| portfolio_segment	2
Servicing fee percentage in collections	20.00%
Number Of Consumer Loans Assigned To Receive Dealer Holdback Payment \| consumerLoans	100
Number of Consumer Loans assigned to receive accelerated Dealer Holdback payment \| loan	50

Description of Business (Percentage of Consumer Loans Assigned with FICO Score of Less Than 650 or No FICO Score) (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Percentage Of Contracts With FICO Score Lower Than 650 Or No FICO Score [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Credit Quality, Additional Information	84.80%	91.00%	94.90%

Description Of Business (Percentage Of Consumer Loans Assigned Based On Unit and Dollar Volumes) (Details)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Portfolio Program [Member]

Description Of Business [Line Items]

Percentage of new consumer loans in unit volume

73.50%

67.90%

64.10%

Percentage of new consumer loans in dollar volume

^[1]

69.80%

65.00%

60.60%

Purchase Program [Member]

Description Of Business [Line Items]

Percentage of new consumer loans in unit volume

26.50%

32.10%

35.90%

Percentage of new consumer loans in dollar volume

^[1]

30.20%

35.00%

39.40%

[1]	Represents advances paid to Dealers on Consumer Loans assigned under our Portfolio Program and one-time payments made to Dealers to purchase Consumer Loans assigned under our Purchase Program. Payments of Dealer Holdback (as defined below) and accelerated Dealer Holdback are not included.

Summary Of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) portfolio_segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of Reportable Segments \| portfolio_segment	1
Monthly fee charged Dealer in Portfolio Program	$ 599
Employer matching contribution, match percentage	100.00%
Matching contribution	4.00%
Employer matching contribution, additional match percentage	50.00%
Additional matching contribution	2.00%
Maximum matching contribution	5.00%
Recognized compensation expense	$ 8,500,000	$ 7,500,000	$ 7,200,000
Threshold to determine likelihood of being sustained	50.00%
Advertising expense	$ 1,000,000	300,000	$ 100,000
Cash and Cash Equivalents [Member]
Summary Of Significant Accounting Policies [Line Items]
Uninsured cash and cash equivalents	7,100,000	22,900,000
Restricted Cash And Cash Equivalents [Member]
Summary Of Significant Accounting Policies [Line Items]
Uninsured cash and cash equivalents	$ 406,500,000	$ 407,900,000
Building [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives	40 years
Building Improvements [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives	10 years
Data Processing Equipment [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives	3 years
Software [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives	5 years
Office Furniture And Equipment [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives	7 years
Leasehold Improvements [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives	7 years
Software Development [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives	five years

Summary Of Significant Accounting Policies Summary of Significant Accounting Policies (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 7.7	$ 23.3	$ 16.0
Restricted cash and cash equivalents	410.0	410.9	380.2
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 417.7	$ 434.2	$ 396.2	$ 517.7

Fair Value Of Financial Instruments (Schedule Of Comparison Of The Carrying Value And Estimated Fair Value Of These Financial Instruments) (Details) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Carrying Amount [Member]

Assets, Fair Value Disclosure [Abstract]

$ 7.7

$ 23.3

410.0

410.9

72.3

62.1

Liabilities, Fair Value Disclosure [Abstract]

6,297.7

6,336.3

30.9

2.6

3,756.4

3,811.5

794.5

792.5

Estimated Fair Value [Member]

8.9

9.7

Assets, Fair Value Disclosure [Abstract]

7.7

23.3

410.0

410.9

72.3

62.1

Liabilities, Fair Value Disclosure [Abstract]

6,767.9

6,580.4

30.9

2.6

3,581.9

3,832.1

759.0

825.8

8.9

9.7

^[1]

7.7

23.3

^[1]

410.0

410.9

^[2]

72.3

62.1

^[1]

6,767.9

6,580.4

^[1]

30.9

2.6

^[1]

3,581.9

3,832.1

^[1]

759.0

825.8

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

$ 8.9

$ 9.7

[1]	Measured at amortized cost with fair value disclosed.
[2]	Measured at fair value on a recurring basis.

Fair Value Of Financial Instruments (Schedule Of Assets And Liabilities, Measured At Fair Value) (Details) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

^[1]

$ 7.7

$ 23.3

^[1]

410.0

410.9

^[2]

72.3

62.1

^[1]

6,767.9

6,580.4

^[1]

30.9

2.6

^[1]

3,581.9

3,832.1

^[1]

759.0

825.8

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

8.9

9.7

Level 1 [Member]

^[1]

7.7

23.3

^[1]

410.0

410.9

^[2]

58.7

49.0

^[1]

0.0

^[1]

0.0

^[1]

2,781.8

3,231.9

^[1]

759.0

825.8

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

0.0

Level 2 [Member]

^[1]

0.0

^[1]

0.0

^[2]

13.6

13.1

^[1]

0.0

^[1]

30.9

2.6

^[1]

800.1

600.2

^[1]

0.0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

^[1]

8.9

9.7

Level 3 [Member]

^[1]

0.0

^[1]

0.0

^[2]

0.0

^[1]

6,767.9

6,580.4

^[1]

0.0

^[1]

0.0

^[1]

0.0

Debt Securities, Available-for-sale [Line Items]

^[1]

$ 0.0

[1]	Measured at amortized cost with fair value disclosed.
[2]	Measured at fair value on a recurring basis.

Restricted Securities Available For Sale (Restricted Securities Available For Sale) (Details) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Debt Securities, Available-for-sale, Amortized Cost

$ 76.1

$ 62.0

Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax

0.0

0.5

Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax

3.8

0.4

Debt Securities, Available-for-sale [Line Items]

^[1]

72.3

62.1

Corporate bonds [Member]

Debt Securities, Available-for-sale, Amortized Cost

32.6

27.3

Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax

0.0

0.3

Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax

1.7

0.2

US Government and agency securities [Member]

30.9

27.4

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Available-for-sale, Amortized Cost

29.5

21.5

Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax

0.0

0.2

Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax

1.7

0.1

Asset-backed Securities [Member]

27.8

21.6

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Available-for-sale, Amortized Cost

13.8

12.9

Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax

0.0

Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax

0.4

0.1

Mortgage-backed securities [Member]

13.4

12.8

Debt Securities, Available-for-sale [Line Items]

Debt Securities, Available-for-sale, Amortized Cost

0.2

0.3

Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax

0.0

Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax

0.0

Investments, Debt and Equity Securities [Abstract]

$ 0.2

$ 0.3

[1]	Measured at fair value on a recurring basis.

Restricted Securities Available For Sale (Schedule Of Restricted Securities Available For Sale By Aging Category) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 40.0	$ 33.5
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	26.9	1.3
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	1.5	0.4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	2.3	0.0
Debt Securities, Available-for-sale, Unrealized Loss Position	66.9	34.8
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	3.8	0.4
Corporate bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	15.1	15.0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	13.3	1.3
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0.6	0.2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	1.1	0.0
Debt Securities, Available-for-sale, Unrealized Loss Position	28.4	16.3
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	1.7	0.2
US Government and agency securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	18.0	10.1
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	9.2	0.0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0.8	0.1
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0.9	0.0
Debt Securities, Available-for-sale, Unrealized Loss Position	27.2	10.1
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	1.7	0.1
Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	6.6	8.4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	4.4	0.0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0.1	0.1
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0.3	0.0
Debt Securities, Available-for-sale, Unrealized Loss Position	11.0	8.4
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	0.4	0.1
Mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	0.3	0.0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0.0	0.0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0.0	0.0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0.0	0.0
Debt Securities, Available-for-sale, Unrealized Loss Position	0.3	0.0
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 0.0	$ 0.0

Restricted Securities Available For Sale (Schedule Of Cost And Estimated Fair Values Of Debt Securities By Contractual Maturity) (Details) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Within one year, cost

$ 4.0

$ 2.9

Over one year to five years, cost

66.4

56.9

Over five years to ten years, cost

5.6

2.1

Over ten years, cost

0.1

Total restricted securities available for sale, cost

76.1

62.0

Within one year, estimated fair value

3.9

3.0

Over one year to five years, estimated fair value

63.0

57.0

Over five years to ten years, estimated fair value

5.3

2.0

Over ten years, fair value

0.1

Accounts, Notes, Loans and Financing Receivable [Line Items]

^[1]

$ 72.3

$ 62.1

[1]	Measured at fair value on a recurring basis.

Loans Receivable (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Forecast changes	$ (59.7)	$ 326.1	$ (46.3)

Loans Receivable (Schedule Of Loans Receivable) (Details) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Loans receivable

^[1],[2]

$ 9,165.5

$ 9,349.8

(2,867.8)

(3,013.5)

6,297.7

6,336.3

$ 6,787.9

$ 6,685.2

Accounts, Notes, Loans and Financing Receivable [Line Items]

Loans receivable

^[1]

6,074.8

5,655.1

(2,000.0)

(1,767.8)

4,074.8

3,887.3

4,167.5

4,195.3

Accounts, Notes, Loans and Financing Receivable [Line Items]

Loans receivable

^[2]

3,090.7

3,694.7

(867.8)

(1,245.7)

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 2,222.9

$ 2,449.0

$ 2,620.4

$ 2,489.9

[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.

Loans Receivable (Summary Of Changes In Loans Receivable and Allowance for Credit Losses) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 6,336.3

$ 6,787.9

$ 6,685.2

^[1]

0.0

(1,686.3)

(1,742.6)

(1,562.4)

481.4

8.4

556.9

^[2]

3,625.3

3,167.8

3,641.2

^[3]

(5,109.4)

(5,559.7)

(4,741.4)

(44.2)

(44.1)

(45.9)

186.6

153.4

142.6

^[4]

0.0

0.0

^[5]

0.0

9.8

8.6

8.9

Loans Receivable [Member]

6,297.7

6,336.3

6,787.9

Accounts, Notes, Loans and Financing Receivable [Line Items]

9,349.8

10,124.8

7,221.2

^[1]

(2,463.6)

(2,388.8)

(2,503.0)

(2,304.9)

0.0

^[2]

3,625.3

3,167.8

3,641.2

^[3]

(5,109.4)

(5,559.7)

(4,741.4)

(44.2)

(44.1)

(45.9)

186.6

153.4

142.6

^[4]

0.0

(1,333.8)

(1,096.5)

(964.9)

^[5]

(4.2)

(4.3)

(2.8)

9.8

8.6

8.9

Allowance for Credit Losses [Member]

9,165.5

9,349.8

10,124.8

Accounts, Notes, Loans and Financing Receivable [Line Items]

3,013.5

3,336.9

536.0

^[1]

2,463.6

(702.5)

(760.4)

(742.5)

481.4

8.4

556.9

^[2]

0.0

^[3]

0.0

0.0

0.0

^[4]

0.0

(1,333.8)

(1,096.5)

(964.9)

^[5]

(4.2)

(4.3)

(2.8)

0.0

2,867.8

3,013.5

3,336.9

Accounts, Notes, Loans and Financing Receivable [Line Items]

3,887.3

4,167.5

4,195.3

^[1]

0.0

(948.6)

(971.3)

(945.9)

240.4

(28.2)

239.7

^[2]

2,530.0

2,059.0

2,207.8

^[3]

(3,237.5)

(3,464.6)

(3,059.1)

(44.2)

(44.1)

(45.9)

186.6

153.4

142.6

^[4]

(53.8)

(80.2)

(80.1)

0.0

^[5]

0.0

9.8

8.6

8.9

Dealer Loans [Member] | Loans Receivable [Member]

4,074.8

3,887.3

4,167.5

Accounts, Notes, Loans and Financing Receivable [Line Items]

5,655.1

5,869.6

4,623.3

^[1]

(940.2)

(1,391.0)

(1,385.1)

(1,313.9)

0.0

^[2]

2,530.0

2,059.0

2,207.8

^[3]

(3,237.5)

(3,464.6)

(3,059.1)

(44.2)

(44.1)

(45.9)

186.6

153.4

142.6

^[4]

(72.1)

(115.7)

(119.8)

(433.4)

(286.2)

(235.1)

^[5]

(1.1)

(1.8)

(1.0)

9.8

8.6

8.9

Dealer Loans [Member] | Allowance for Credit Losses [Member]

6,074.8

5,655.1

5,869.6

Accounts, Notes, Loans and Financing Receivable [Line Items]

1,767.8

1,702.1

428.0

^[1]

940.2

(442.4)

(413.8)

(368.0)

240.4

(28.2)

239.7

^[2]

0.0

^[3]

0.0

0.0

0.0

^[4]

(18.3)

(35.5)

(39.7)

(433.4)

(286.2)

(235.1)

^[5]

(1.1)

(1.8)

(1.0)

0.0

2,000.0

1,767.8

1,702.1

Accounts, Notes, Loans and Financing Receivable [Line Items]

2,449.0

2,620.4

2,489.9

^[1]

0.0

(737.7)

(771.3)

(616.5)

241.0

36.6

317.2

^[2]

1,095.3

1,108.8

1,433.4

^[3]

(1,871.9)

(2,095.1)

(1,682.3)

0.0

0.0

^[4]

(53.8)

(80.2)

(80.1)

0.0

^[5]

0.0

0.0

Purchased Loans [Member] | Loans Receivable [Member]

2,222.9

2,449.0

2,620.4

Accounts, Notes, Loans and Financing Receivable [Line Items]

3,694.7

4,255.2

2,597.9

^[1]

(1,523.4)

(997.8)

(1,117.9)

(991.0)

0.0

^[2]

1,095.3

1,108.8

1,433.4

^[3]

(1,871.9)

(2,095.1)

(1,682.3)

0.0

0.0

^[4]

(72.1)

(115.7)

(119.8)

(900.4)

(810.3)

(729.8)

^[5]

(3.1)

(2.5)

(1.8)

0.0

Purchased Loans [Member] | Allowance for Credit Losses [Member]

3,090.7

3,694.7

4,255.2

Accounts, Notes, Loans and Financing Receivable [Line Items]

1,245.7

1,634.8

108.0

^[1]

1,523.4

(260.1)

(346.6)

(374.5)

241.0

36.6

317.2

^[2]

0.0

^[3]

0.0

0.0

0.0

^[4]

(18.3)

(35.5)

(39.7)

(900.4)

(810.3)

(729.8)

^[5]

(3.1)

(2.5)

(1.8)

0.0

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 867.8

$ 1,245.7

$ 1,634.8

[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

Loans Receivable (Summary of Provision for Credit Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	$ 481.4	$ 8.4	$ 556.9
Dealer Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	240.4	(28.2)	239.7
Purchased Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	241.0	36.6	317.2
New Consumer Loan assignments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	343.7	365.1	518.6
New Consumer Loan assignments \| Dealer Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	154.8	153.1	209.7
New Consumer Loan assignments \| Purchased Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	188.9	212.0	308.9
Forecast Changes [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	137.7	(356.7)	38.3
Forecast Changes [Member] \| Dealer Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	85.6	(181.3)	30.0
Forecast Changes [Member] \| Purchased Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	$ 52.1	$ (175.4)	$ 8.3

Loans Receivable (Summary Of Information Related To New Consumer Loan Assignments) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Contractual net cash flows at the time of assignment

^[1]

$ 6,060.3

$ 5,526.6

$ 6,658.1

Fair value at the time of assignment

^[2]

5,013.1

4,430.0

5,131.6

^[3]

3,625.3

3,167.8

3,641.2

Expected future finance charges at the time of assignment

(481.4)

(8.4)

(556.9)

^[4]

1,731.5

1,627.3

2,009.0

Expected net Loan income at the time of assignment

^[5]

1,387.8

1,262.2

1,490.4

Accounts, Notes, Loans and Financing Receivable [Line Items]

Contractual net cash flows at the time of assignment

^[1]

3,874.4

3,202.5

3,506.9

Fair value at the time of assignment

^[2]

3,516.1

2,880.9

3,113.4

^[3]

2,530.0

2,059.0

2,207.8

Expected future finance charges at the time of assignment

(240.4)

28.2

(239.7)

^[4]

1,140.9

975.0

1,115.3

Expected net Loan income at the time of assignment

^[5]

986.1

821.9

905.6

Accounts, Notes, Loans and Financing Receivable [Line Items]

Contractual net cash flows at the time of assignment

^[1]

2,185.9

2,324.1

3,151.2

Fair value at the time of assignment

^[2]

1,497.0

1,549.1

2,018.2

^[3]

1,095.3

1,108.8

1,433.4

Expected future finance charges at the time of assignment

(241.0)

(36.6)

(317.2)

^[4]

590.6

652.3

893.7

Expected net Loan income at the time of assignment

^[5]

$ 401.7

$ 440.3

$ 584.8

[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).

Loans Receivable (Summary of Changes in Expected Future Net Cash Flows) (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Accounts, Notes, Loans and Financing Receivable [Line Items]

$ 8,948.3

$ 9,544.4

$ 9,005.2

^[1]

5,013.1

4,430.0

5,131.6

Realized Net Cash Flows

^[2]

(4,878.6)

(5,362.2)

(4,552.9)

Forecast changes

(59.7)

326.1

(46.3)

^[3]

10.3

10.0

6.8

9,033.4

8,948.3

9,544.4

Accounts, Notes, Loans and Financing Receivable [Line Items]

5,249.7

5,664.3

5,577.0

^[1]

3,516.1

2,880.9

3,113.4

Realized Net Cash Flows

^[2]

(3,006.7)

(3,267.1)

(2,870.6)

Forecast changes

(41.6)

87.7

(41.1)

^[3]

(79.6)

(116.1)

(114.4)

5,637.9

5,249.7

5,664.3

Accounts, Notes, Loans and Financing Receivable [Line Items]

3,698.6

3,880.1

3,428.2

^[1]

1,497.0

1,549.1

2,018.2

Realized Net Cash Flows

^[2]

(1,871.9)

(2,095.1)

(1,682.3)

Forecast changes

(18.1)

238.4

(5.2)

^[3]

89.9

126.1

121.2

$ 3,395.5

$ 3,698.6

$ 3,880.1

[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.

Loans Receivable (Summary Of Changes In Accretable Yield) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Forecast changes	$ (59.7)	$ 326.1	$ (46.3)
Dealer Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Forecast changes	(41.6)	87.7	(41.1)
Purchased Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Forecast changes	$ (18.1)	$ 238.4	$ (5.2)

Loans Receivable (Forecast Adjustment) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Forecasted net cash flows	$ 95.7
Provision for Credit Losses	(70.6)
Removal of COVID forecast adjustment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Forecasted net cash flows	149.5
Provision for Credit Losses	(118.5)
Implementation of enhanced forecasting methodology [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Forecasted net cash flows	(53.8)
Provision for Credit Losses	$ 47.9

Property And Equipment (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation	$ 9.0	$ 9.7	$ 8.8

Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Land and land improvements	$ 2.9	$ 2.9
Building and improvements	58.8	59.1
Data processing equipment and software	47.2	46.5
Office furniture and equipment	3.0	3.4
Leasehold improvements	0.0	0.7
Total property and equipment	111.9	112.6
Less: Accumulated depreciation on property and equipment	(60.5)	(55.3)
Property, Plant and Equipment, Net, Total	$ 51.4	$ 57.3

Reinsurance (Schedule Of Reinsurance Activity) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reinsurance [Abstract]
Net assumed written premiums	$ 72.5	$ 56.4	$ 61.7
Net premiums earned	62.7	60.3	57.3
Provision for claims	46.4	38.8	37.9
Amortization of capitalized acquisition costs	$ 1.5	$ 1.4	$ 1.4

Reinsurance (Schedule Of Trust Assets And Reinsurance Liabilities) (Details) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 410.0

$ 410.9

$ 380.2

^[1]

72.3

62.1

260.8

175.0

Trust Assets [Member]

0.4

0.3

Unearned Premium [Member]

72.3

62.1

54.4

44.6

Claims Reserve [Member]

^[2]

$ 3.1

$ 2.4

[1]	Measured at fair value on a recurring basis.
[2]	The claims reserve represents our liability for incurred-but-not-reported claims and is estimated based on historical claims experience.

Reinsurance (Cumulative Incurred Claims) (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cumulative Incurred Claims [Line Items]
Cumulative Incurred Claims	$ 178,900,000
Claims Reserve	$ 3,100,000
Cumulative Number Of Reported Claims	132,974
Incident Year - Four Years Prior [Member]
Cumulative Incurred Claims [Line Items]
Cumulative Incurred Claims	$ 25,800,000	$ 25,800,000	$ 25,800,000	$ 25,700,000	$ 25,800,000
Claims Reserve	$ 0
Cumulative Number Of Reported Claims	22,310
Incident Year - Three Years Prior [Member]
Cumulative Incurred Claims [Line Items]
Cumulative Incurred Claims	$ 30,200,000	30,200,000	30,200,000	$ 30,100,000
Claims Reserve	$ 0
Cumulative Number Of Reported Claims	24,422
Incident Year - Two Years Prior [Member]
Cumulative Incurred Claims [Line Items]
Cumulative Incurred Claims	$ 37,700,000	37,600,000	$ 37,700,000
Claims Reserve	$ 0
Cumulative Number Of Reported Claims	28,208
Incident Year - Prior Year [Member]
Cumulative Incurred Claims [Line Items]
Cumulative Incurred Claims	$ 39,200,000	$ 38,900,000
Claims Reserve	$ 0
Cumulative Number Of Reported Claims	28,829
Incident Year - Current Year [Member]
Cumulative Incurred Claims [Line Items]
Cumulative Incurred Claims	$ 46,000,000.0
Claims Reserve	$ 3,100,000
Cumulative Number Of Reported Claims	29,205

Reinsurance (Cumulative Paid Claims) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cumulative Paid Claims [Line Items]
Cumulative Paid Claims	$ 175.8
Incident Year - Four Years Prior [Member]
Cumulative Paid Claims [Line Items]
Cumulative Paid Claims	25.8	$ 25.8	$ 25.8	$ 25.7	$ 24.2
Incident Year - Three Years Prior [Member]
Cumulative Paid Claims [Line Items]
Cumulative Paid Claims	30.2	30.2	30.2	$ 28.3
Incident Year - Two Years Prior [Member]
Cumulative Paid Claims [Line Items]
Cumulative Paid Claims	37.7	37.6	$ 35.4
Incident Year - Prior Year [Member]
Cumulative Paid Claims [Line Items]
Cumulative Paid Claims	39.2	$ 36.5
Incident Year - Current Year [Member]
Cumulative Paid Claims [Line Items]
Cumulative Paid Claims	$ 42.9

Reinsurance (Percentage Payout Of Incurred Claims) (Details)	12 Months Ended
	Dec. 31, 2022
Percentage of Claims Paid During Period One [Member]
Percentage Payment by Period [Line Items]
Payout of Incurred Claims	93.50%
Percentage of Claims Paid During Period Two [Member]
Percentage Payment by Period [Line Items]
Payout of Incurred Claims	6.30%
Percentage of Claims Paid During Period Three [Member]
Percentage Payment by Period [Line Items]
Payout of Incurred Claims	0.20%
Percentage of Claims Paid During Period Four [Member]
Percentage Payment by Period [Line Items]
Payout of Incurred Claims	0.00%
Percentage of Claims Paid During Period Five [Member]
Percentage Payment by Period [Line Items]
Payout of Incurred Claims	0.00%

Other Income (Narrative) (Details)	7 Months Ended	12 Months Ended
Other Income (Narrative) (Details)	Aug. 05, 2019 USD ($)	Dec. 31, 2022 loan
Other Income and Expenses [Abstract]
One-time enrollment fee in program \| $	$ 9,850
Original Number Of Consumer Loans Required To Group Advances \| loan		100
Percentage of first accelerated Dealer Holdback payment retained	50.00%

Other income (Schedule of Other Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Other Income	$ 83.4	$ 53.1	$ 49.6
Ancillary Product Profit Sharing [Member]
Disaggregation of Revenue [Line Items]
Other Income	60.6	40.2	33.5
Remarketing Fees [Member]
Disaggregation of Revenue [Line Items]
Other Income	13.4	7.8	7.1
Dealer Enrollment Fees [Member]
Disaggregation of Revenue [Line Items]
Other Income	1.7	1.9	3.0
Dealer Support Products And Services [Member]
Disaggregation of Revenue [Line Items]
Other Income	1.2	1.3	1.9
Interest Income [Member]
Disaggregation of Revenue [Line Items]
Other Income	6.6	1.2	2.9
Other [Member]
Disaggregation of Revenue [Line Items]
Other Income	$ (0.1)	$ 0.7	$ 1.2

Debt (Narrative) (Details)

3 Months Ended

12 Months Ended

Dec. 31, 2021

USD ($)

Mar. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2022

USD ($)

facility

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Maximum hedging reserve

$ 1,000,000

Repayments of senior notes

$ 792,500,000

794,500,000

$ 792,500,000

$ 401,800,000

Loss on extinguishment of debt

1,800,000

$ 7,400,000

7,400,000

Debt covenants

$ 1

Line of credit facility decrease in maximum borrowing capacity

Jun. 22, 2025

Line of credit facility

^[1]

$ 410,000,000.0

$ 25,000,000

Percentage of net book value of loans

80.00%

Warehouse Facilities [Member]

Percentage of net book value of loans

80.00%

Number of warehouse facilities | facility

Monthly servicing fee per financing

$ 1,175,000,000

6.00%

Monthly Servicing Fee Per Financing on Newer Deals

4.00%

^[2],[3]

Apr. 30, 2024

$ 400,000,000.0

^[2],[4]

$ 400,000,000.0

0.00%

^[2],[3]

May 20, 2025

$ 300,000,000.0

^[2],[4]

$ 300,000,000.0

0.00%

^[2],[5]

Dec. 29, 2025

$ 125,000,000.0

$ 200,000,000.0

^[2],[4]

$ 125,000,000.0

Warehouse Facility VI [Member]

0.00%

^[2],[3]

Sep. 30, 2024

^[2]

$ 75,000,000.0

2021 Senior Notes [Member]

0.00%

$ 300,000,000

Repayments of senior notes

6.125%

$ 151,800,000

$ 148,200,000

2023 Senior Notes [Member]

$ 250,000,000

2024 Senior Notes [Member]

7.375%

Dec. 31, 2024

$ 400,000,000.0

$ 400,000,000.0

2026 Senior Notes [Member]

5.125%

Mar. 15, 2026

$ 400,000,000.0

$ 400,000,000.0

6.625%

^[2]

Aug. 06, 2028

^[2]

$ 9,000,000.0

1.60%

5.46%

1.60%

^[2],[3]

Sep. 01, 2024

$ 200,000,000.0

^[2],[4]

$ 200,000,000.0

Term ABS Financing [Member]

0.00%

Monthly servicing fee per financing

6.00%

Monthly Servicing Fee Per Financing on Newer Deals

4.00%

Term ABS 2021-2 [Member]

^[2],[3]

Feb. 15, 2023

^[2]

$ 500,000,000.0

1.12%

Term ABS 2021-3 [Member]

^[2],[3]

May 15, 2023

^[2]

$ 450,000,000.0

1.14%

Term ABS 2021-4 [Member]

^[2],[3]

Oct. 16, 2023

^[2]

$ 250,100,000

LIBOR [Member] | Warehouse Facility II [Member]

1.44%

Prime Rate [Member] | Revolving Secured Line Of Credit [Member]

^[4]

175.00%

BSBY [Member] | Revolving Secured Line Of Credit [Member]

87.50%

BSBY [Member] | Warehouse Facility VI [Member]

187.50%

BSBY [Member] | Mortgage [Member]

^[4]

200.00%

150.00%

[1]	The amount of the facility will decrease by $25.0 million on June 22, 2023.
[2]	Financing made available only to a specified subsidiary of the Company.
[3]	Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date based on the cash flows of the pledged assets.
[4]	Interest rate cap agreements are in place to limit the exposure to increasing interest rates.
[5]	Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date and any amounts remaining on December 27, 2027 will be due on that date.

Debt Debt (Schedule of Principal Debt Outstanding) (Details) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

$ 4,616.5

$ 4,642.7

(22.4)

(26.4)

(3.4)

0.0

4,590.7

4,616.3

^[1]

30.9

2.6

^[1]

0.0

0.0

Secured financings [Member]

^[1]

30.9

2.6

^[2]

3,776.7

3,830.4

^[2]

(16.9)

(18.9)

(3.4)

0.0

^[2]

3,756.4

3,811.5

Senior Notes [Member]

800.0

(5.5)

(7.5)

0.0

794.5

792.5

8.9

9.7

0.0

0.0

8.9

9.7

Other Assets [Member]

^[2]

$ (3.9)

$ (3.6)

[1]	Excludes deferred debt issuance costs of $3.9 million and $3.6 million as of December 31, 2022 and December 31, 2021, respectively, which are included in other assets.
[2]	Warehouse facilities and Term ABS.

Debt (Schedule Of General Information Of Financing Transaction) (Details) - USD ($)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 3,756,400,000

$ 3,811,500,000

$ 410,000,000.0

410,900,000

$ 380,200,000

n/a

Revolving Secured Line Of Credit [Member] | BSBY [Member]

Jun. 22, 2025

Financing Amount

^[1]

$ 410,000,000.0

Revolving Secured Line Of Credit [Member] | Prime Rate [Member]

187.50%

87.50%

^[2]

CAC Warehouse Funding LLC II

^[2],[3]

Apr. 30, 2024

$ 400,000,000.0

^[2],[4]

400,000,000.0

$ 1,000,000.0

Warehouse Facility II [Member] | LIBOR [Member]

0.00%

^[4]

175.00%

^[2]

CAC Warehouse Funding LLC IV

^[2],[3]

May 20, 2025

$ 300,000,000.0

^[2],[4]

$ 300,000,000.0

$ 1,000,000.0

Warehouse Facility IV [Member] | SOFR [Member]

0.00%

^[4]

221.40%

^[2]

CAC Warehouse Funding LLC V

^[2],[5]

Dec. 29, 2025

$ 200,000,000.0

^[2],[4]

$ 125,000,000.0

$ 1,000,000.0

Warehouse Facility V [Member] | SOFR [Member]

0.00%

Warehouse Facility VI [Member]

^[4]

245.00%

^[2]

CAC Warehouse Funding LLC VI

^[2],[3]

Sep. 30, 2024

^[2]

$ 75,000,000.0

$ 0

$ 0

Warehouse Facility VI [Member] | BSBY [Member]

0.00%

^[4]

200.00%

^[2]

CAC Warehouse Funding LLC VIII

^[2],[3]

Sep. 01, 2024

$ 200,000,000.0

^[2],[4]

$ 200,000,000.0

$ 0

Warehouse Facility VIII [Member] | SOFR [Member]

0.00%

^[4]

201.40%

Term ABS 2019-1 [Member]

$ 0

$ 124,600,000

292,400,000

$ 0

$ 31,800,000

0.00%

3.86%

Term ABS 2019-2 [Member]

^[2]

Credit Acceptance Funding LLC 2019-2

^[2],[6]

Aug. 15, 2025

^[2]

$ 500,000,000.0

500,000,000.0

$ 500,000,000.0

627,500,000

582,100,000

$ 51,000,000.0

$ 50,700,000

5.15%

3.13%

Term ABS 2019-3 [Member]

^[2]

Credit Acceptance Funding LLC 2019-3

^[2],[3]

Nov. 15, 2021

^[2]

$ 351,700,000

64,400,000

$ 323,900,000

200,900,000

382,900,000

$ 24,500,000

$ 36,500,000

3.00%

2.58%

Term ABS 2020-1 [Member]

^[2]

Credit Acceptance Funding LLC 2020-1

^[2],[3]

Feb. 15, 2022

^[2]

$ 500,000,000.0

144,600,000

$ 500,000,000.0

362,500,000

591,600,000

$ 38,800,000

$ 51,900,000

2.51%

2.18%

Term ABS 2020-2 [Member]

^[2]

Credit Acceptance Funding LLC 2020-2

^[2],[3]

Jul. 15, 2022

^[2]

$ 481,800,000

307,000,000.0

$ 481,800,000

452,000,000.0

579,500,000

$ 43,900,000

$ 50,100,000

1.81%

1.65%

Term ABS 2020-3 [Member]

^[2]

Credit Acceptance Funding LLC 2020-3

^[2],[3]

Oct. 17, 2022

^[2]

$ 600,000,000.0

520,700,000

$ 600,000,000.0

655,100,000

688,100,000

$ 53,900,000

$ 58,400,000

1.47%

1.44%

Term ABS 2021-1 [Member]

^[2]

Credit Acceptance Funding LLC 2021-1

^[2],[3]

Dec. 16, 2024

$ 100,000,000.0

^[2],[4]

$ 100,000,000.0

100,000,000.0

115,000,000.0

143,700,000

$ 8,500,000

$ 10,200,000

Term ABS 2021-1 [Member] | SOFR [Member]

6.52%

2.10%

^[4]

220.00%

Term ABS 2021-2 [Member]

^[2]

Credit Acceptance Funding LLC 2021-2

^[2],[3]

Feb. 15, 2023

^[2]

$ 500,000,000.0

500,000,000.0

$ 500,000,000.0

572,900,000

618,700,000

$ 44,500,000

$ 49,200,000

1.12%

Term ABS 2021-3 [Member]

^[2]

Credit Acceptance Funding LLC 2021-3

^[2],[3]

May 15, 2023

^[2]

$ 450,000,000.0

450,000,000.0

$ 450,000,000.0

519,900,000

619,800,000

$ 38,800,000

$ 46,500,000

1.14%

Term ABS 2021-4 [Member]

^[2]

Credit Acceptance Funding LLC 2021-4

^[2],[3]

Oct. 16, 2023

^[2]

$ 250,100,000

250,100,000

$ 250,100,000

278,500,000

281,200,000

$ 21,800,000

$ 22,100,000

1.44%

Term ABS 2022-1 [Member]

Credit Acceptance Funding LLC 2022-1

Jun. 17, 2024

$ 350,000,000.0

350,000,000.0

434,700,000

$ 0

$ 27,700,000

5.03%

Term ABS 2022-2 [Member]

Credit Acceptance Funding LLC 2022-2

Dec. 15, 2025

$ 200,000,000.0

200,000,000.0

229,300,000

$ 25,600,000

Term ABS 2022-2 [Member] | SOFR [Member]

6.65%

235.00%

Term ABS 2022-3 [Member]

Credit Acceptance Funding LLC 2022-3

Oct. 15, 2024

$ 389,900,000

389,900,000

429,200,000

$ 0

$ 27,600,000

2024 Senior Notes [Member]

7.68%

n/a

Dec. 31, 2024

$ 400,000,000.0

2026 Senior Notes [Member]

5.125%

n/a

Mar. 15, 2026

$ 400,000,000.0

6.625%

^[2]

Chapter 4 Properties, LLC

^[2]

Aug. 06, 2028

^[2]

$ 9,000,000.0

Mortgage [Member] | BSBY [Member]

5.46%

1.60%

150.00%

[1]	The amount of the facility will decrease by $25.0 million on June 22, 2023.
[2]	Financing made available only to a specified subsidiary of the Company.
[3]	Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date based on the cash flows of the pledged assets.
[4]	Interest rate cap agreements are in place to limit the exposure to increasing interest rates.
[5]	Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date and any amounts remaining on December 27, 2027 will be due on that date.
[6]	Represents the revolving maturity date. The Company has the option to redeem and retire the indebtedness after the revolving maturity date. If we do not elect this option, the outstanding balance will amortize based on the cash flows of the pledged assets.

Debt (Summary Of Additional Information Of Credit facilities) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revolving Secured Line Of Credit [Member]
Debt Instrument [Line Items]
Maximum outstanding balance	$ 379.7	$ 229.0
Average outstanding balance	133.4	29.1
Warehouse Facility II [Member]
Debt Instrument [Line Items]
Maximum outstanding balance	201.0	201.0
Average outstanding balance	83.0	18.8
Warehouse Facility IV [Member]
Debt Instrument [Line Items]
Maximum outstanding balance	43.8	0.0
Average outstanding balance	4.3	0.0
Warehouse Facility V [Member]
Debt Instrument [Line Items]
Maximum outstanding balance	0.0	0.0
Average outstanding balance	0.0	0.0
Warehouse Facility VI [Member]
Debt Instrument [Line Items]
Maximum outstanding balance	50.0	0.0
Average outstanding balance	23.1	0.0
Warehouse Facility VIII [Member]
Debt Instrument [Line Items]
Maximum outstanding balance	48.2	0.0
Average outstanding balance	$ 4.7	$ 0.0

Debt (Schedule Of Outstanding Debt Amount) (Details) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Revolving secured line of credit principal balance outstanding

$ 30.9

$ 2.6

Senior notes principal balance outstanding

3,756.4

3,811.5

794.5

792.5

Mortgage note principal outstanding balance

^[1]

8.9

9.7

Restricted cash and cash equivalents pledged as collateral

410.0

410.9

$ 380.2

Revolving secured line of credit principal balance outstanding

30.9

2.6

^[2]

$ 379.1

$ 432.4

6.25%

1.98%

$ 0.0

Restricted cash and cash equivalents pledged as collateral

0.0

1.0

^[2]

$ 400.0

0.00%

$ 0.0

Restricted cash and cash equivalents pledged as collateral

$ 0.0

0.0

1.0

^[2]

$ 300.0

0.00%

$ 0.0

Restricted cash and cash equivalents pledged as collateral

0.0

$ 0.0

1.0

^[2]

$ 200.0

$ 125.0

Warehouse Facility VI [Member]

0.00%

$ 0.0

Restricted cash and cash equivalents pledged as collateral

0.0

0.0

^[2]

$ 75.0

0.00%

$ 0.0

Restricted cash and cash equivalents pledged as collateral

0.0

0.0

^[2]

$ 200.0

0.00%

Term ABS 2019-1 [Member]

$ 0.0

$ 124.6

Restricted cash and cash equivalents pledged as collateral

0.0

292.4

$ 0.0

$ 31.8

0.00%

3.86%

Term ABS 2019-2 [Member]

$ 500.0

Restricted cash and cash equivalents pledged as collateral

627.5

582.1

$ 51.0

$ 50.7

5.15%

3.13%

Term ABS 2019-3 [Member]

$ 64.4

$ 323.9

Restricted cash and cash equivalents pledged as collateral

200.9

382.9

$ 24.5

$ 36.5

3.00%

2.58%

Term ABS 2020-1 [Member]

$ 144.6

$ 500.0

Restricted cash and cash equivalents pledged as collateral

362.5

591.6

$ 38.8

$ 51.9

2.51%

2.18%

Term ABS 2020-2 [Member]

$ 307.0

$ 481.8

Restricted cash and cash equivalents pledged as collateral

452.0

579.5

$ 43.9

$ 50.1

1.81%

1.65%

Term ABS 2020-3 [Member]

$ 520.7

$ 600.0

Restricted cash and cash equivalents pledged as collateral

655.1

688.1

$ 53.9

$ 58.4

1.47%

1.44%

Term ABS 2021-1 [Member]

$ 100.0

Restricted cash and cash equivalents pledged as collateral

115.0

143.7

$ 8.5

$ 10.2

6.52%

2.10%

Term ABS 2021-2 [Member]

$ 500.0

Restricted cash and cash equivalents pledged as collateral

572.9

618.7

$ 44.5

$ 49.2

1.12%

Term ABS 2021-3 [Member]

$ 450.0

Restricted cash and cash equivalents pledged as collateral

519.9

619.8

$ 38.8

$ 46.5

1.14%

Term ABS 2021-4 [Member]

$ 250.1

Restricted cash and cash equivalents pledged as collateral

278.5

281.2

$ 21.8

$ 22.1

2024 Senior Notes [Member]

1.44%

Senior notes principal balance outstanding

$ 400.0

2026 Senior Notes [Member]

5.125%

Senior notes principal balance outstanding

$ 400.0

6.625%

Mortgage note principal outstanding balance

$ 8.9

$ 9.7

5.46%

1.60%

[1]	Measured at amortized cost with fair value disclosed.
[2]	(1) Availability may be limited by the amount of assets pledged as collateral.

Debt (Schedule Of Outstanding Term ABS Financings) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Term ABS 2019-2 [Member]
Debt Instrument [Line Items]
Debt financing close date	Aug. 28, 2019
Net Book Value Of Loans Pledged As Collateral	$ 625.1
Term ABS 2019-3 [Member]
Debt Instrument [Line Items]
Debt financing close date	Nov. 21, 2019
Net Book Value Of Loans Pledged As Collateral	$ 439.6
Term ABS 2020-1 [Member]
Debt Instrument [Line Items]
Debt financing close date	Feb. 20, 2020
Net Book Value Of Loans Pledged As Collateral	$ 625.1
Term ABS 2020-2 [Member]
Debt Instrument [Line Items]
Debt financing close date	Jul. 23, 2020
Net Book Value Of Loans Pledged As Collateral	$ 602.3
Term ABS 2020-3 [Member]
Debt Instrument [Line Items]
Debt financing close date	Oct. 22, 2020
Net Book Value Of Loans Pledged As Collateral	$ 750.1
Term ABS 2021-1 [Member]
Debt Instrument [Line Items]
Debt financing close date	Jan. 29, 2021
Net Book Value Of Loans Pledged As Collateral	$ 125.1
Term ABS 2021-2 [Member]
Debt Instrument [Line Items]
Debt financing close date	Feb. 18, 2021
Net Book Value Of Loans Pledged As Collateral	$ 625.1
Term ABS 2021-3 [Member]
Debt Instrument [Line Items]
Debt financing close date	May 20, 2021
Net Book Value Of Loans Pledged As Collateral	$ 562.6
Term ABS 2021-4 [Member]
Debt Instrument [Line Items]
Debt financing close date	Oct. 28, 2021
Net Book Value Of Loans Pledged As Collateral	$ 312.6
Term ABS 2022-1 [Member]
Debt Instrument [Line Items]
Debt financing close date	Jun. 16, 2022
Net Book Value Of Loans Pledged As Collateral	$ 437.6
Term ABS 2022-2 [Member]
Debt Instrument [Line Items]
Debt financing close date	Dec. 15, 2022
Net Book Value Of Loans Pledged As Collateral	$ 250.1
Term ABS 2022-3 [Member]
Debt Instrument [Line Items]
Debt financing close date	Nov. 03, 2022
Net Book Value Of Loans Pledged As Collateral	$ 500.1

Debt (Scheduled Principal Maturities Of Debt) (Details)
$ in Millions

Dec. 31, 2022

USD ($)

$ 1,507.9

1,278.8

1,173.9

649.4

0.7

5.8

4,616.5

Term ABS Financing [Member]

0.0

0.0

30.9

0.0

0.0

0.0

30.9

Secured Debt [Member]

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2022

1,507.4

^[1]

2023

878.2

^[1]

2024

1,142.4

^[1]

2025

248.7

^[1]

2026

0.0

^[1]

After 2026

0.0

^[1]

Total

3,776.7

^[1]

Senior Notes [Member]

0.0

400.0

0.0

400.0

0.0

0.0

800.0

0.5

0.6

0.6

0.7

0.7

5.8

$ 8.9

[1]	The principal maturities of the Term ABS transactions are estimated based on forecasted collections.

Derivative And Hedging Instruments (Schedule Of Terms Of Interest Rate Cap Agreements) (Details) - USD ($)
$ in Millions

Dec. 31, 2022

Dec. 31, 2021

Interest rate swap fair value

$ 2.0

$ 0.2

Warehouse Facility II [Member] | 5.50% Cap Interest Rate [Member]

400.0

^[1],[2]

400.0

$ 205.0

Warehouse Facility II [Member] | 6.50% Cap Interest Rate [Member]

^[3]

5.50%

^[3]

6.50%

Warehouse Facility IV [Member] | 5.50% Cap Interest Rate [Member]

$ 300.0

^[1],[2]

$ 300.0

$ 300.0

Warehouse Facility IV [Member] | 6.50% Cap Interest Rate [Member]

6.50%

$ 175.0

^[3]

6.50%

Warehouse Facility V [Member] | 5.50% Cap Interest Rate [Member]

$ 200.0

^[1],[2]

$ 125.0

$ 94.0

^[3]

5.50%

$ 200.0

^[1],[2]

$ 200.0

Warehouse Facility VIII [Member] | 5.50% Cap Interest Rate [Member]

200.0

$ 116.7

$ 200.0

Warehouse Facility VIII [Member] | Additional 5.50% Cap Interest Rate [Member]

^[3]

5.50%

$ 83.3

5.50%

Term ABS 2021-1 [Member]

Term ABS 2021-1 [Member] | 5.50% Cap Interest Rate [Member]

$ 100.0

^[1],[2]

$ 100.0

$ 100.0

^[3]

5.50%

Term ABS 2022-2 [Member]

Term ABS 2022-2 [Member] | 6.50% Cap Interest Rate [Member]

$ 200.0

$ 200.0