0000885550-26-000047 | 10-K | XBRL Viewer

Current, Pre-term [Member]

^[1],[2]

$ 11,511.5

$ 11,289.1

Past Due 11-90 Days, Pre-term [Member]

^{[1],[2],[3],[4]}

7,807.2

7,647.8

Past Due Over 90 Days, Pre-term [Member]

^[1],[2],[3]

1,904.7

1,873.6

^[1],[2],[3]

1,534.6

1,497.5

Post-term [Member]

^[1],[2],[5]

265.0

270.2

Dealer Loans [Member] | Current, Pre-term [Member]

^[1]

8,790.8

8,521.0

Dealer Loans [Member] | Past Due 11-90 Days, Pre-term [Member]

^[1],[3],[4]

5,967.2

5,887.4

Dealer Loans [Member] | Past Due Over 90 Days, Pre-term [Member]

^[1],[3]

1,506.8

1,436.2

Dealer Loans [Member] | Post-term [Member]

^[1],[3]

1,160.5

1,042.7

^[1],[5]

156.3

154.7

Purchased Loans [Member] | Current, Pre-term [Member]

^[2]

2,720.7

2,768.1

Purchased Loans [Member] | Past Due 11-90 Days, Pre-term [Member]

^[2],[3],[4]

1,840.0

1,760.4

Purchased Loans [Member] | Past Due Over 90 Days, Pre-term [Member]

^[2],[3]

397.9

437.4

Purchased Loans [Member] | Post-term [Member]

^[2],[3]

374.1

454.8

Loans Originating in 2018 [Member]

^[2],[5]

108.7

115.5

Loans Originating in 2018 [Member] | Current, Pre-term [Member]

^[1],[2]

371.3

Loans Originating in 2018 [Member] | Past Due 11-90 Days, Pre-term [Member]

^{[1],[2],[3],[4]}

25.5

Loans Originating in 2018 [Member] | Past Due Over 90 Days, Pre-term [Member]

^[1],[2],[3]

18.8

Loans Originating in 2018 [Member] | Post-term [Member]

^[1],[2],[3]

87.3

Loans Originating in 2018 [Member] | Dealer Loans [Member]

^[1],[2],[5]

239.7

Loans Originating in 2018 [Member] | Dealer Loans [Member] | Current, Pre-term [Member]

^[1]

191.6

Loans Originating in 2018 [Member] | Dealer Loans [Member] | Past Due 11-90 Days, Pre-term [Member]

^[1],[3],[4]

11.3

Loans Originating in 2018 [Member] | Dealer Loans [Member] | Past Due Over 90 Days, Pre-term [Member]

^[1],[3]

8.2

Loans Originating in 2018 [Member] | Dealer Loans [Member] | Post-term [Member]

^[1],[3]

39.7

Loans Originating in 2018 [Member] | Purchased Loans [Member]

^[1],[5]

132.4

Loans Originating in 2018 [Member] | Purchased Loans [Member] | Current, Pre-term [Member]

^[2]

179.7

Loans Originating in 2018 [Member] | Purchased Loans [Member] | Past Due 11-90 Days, Pre-term [Member]

^[2],[3],[4]

14.2

Loans Originating in 2018 [Member] | Purchased Loans [Member] | Past Due Over 90 Days, Pre-term [Member]

^[2],[3]

10.6

Loans Originating in 2018 [Member] | Purchased Loans [Member] | Post-term [Member]

^[2],[3]

47.6

Loans Originating in 2019 [Member]

^[2],[5]

107.3

Loans Originating in 2019 [Member] | Current, Pre-term [Member]

^[1],[2]

337.7

382.3

Loans Originating in 2019 [Member] | Past Due 11-90 Days, Pre-term [Member]

^{[1],[2],[3],[4]}

20.0

113.3

Loans Originating in 2019 [Member] | Past Due Over 90 Days, Pre-term [Member]

^[1],[2],[3]

14.8

64.2

Loans Originating in 2019 [Member] | Post-term [Member]

^[1],[2],[3]

66.0

179.1

Loans Originating in 2019 [Member] | Dealer Loans [Member]

^[1],[2],[5]

236.9

25.7

Loans Originating in 2019 [Member] | Dealer Loans [Member] | Current, Pre-term [Member]

^[1]

193.6

230.5

Loans Originating in 2019 [Member] | Dealer Loans [Member] | Past Due 11-90 Days, Pre-term [Member]

^[1],[3],[4]

11.8

67.9

Loans Originating in 2019 [Member] | Dealer Loans [Member] | Past Due Over 90 Days, Pre-term [Member]

^[1],[3]

8.4

37.7

Loans Originating in 2019 [Member] | Dealer Loans [Member] | Post-term [Member]

^[1],[3]

38.9

106.4

Loans Originating in 2019 [Member] | Purchased Loans [Member]

^[1],[5]

134.5

18.5

Loans Originating in 2019 [Member] | Purchased Loans [Member] | Current, Pre-term [Member]

^[2]

144.1

151.8

Loans Originating in 2019 [Member] | Purchased Loans [Member] | Past Due 11-90 Days, Pre-term [Member]

^[2],[3],[4]

8.2

45.4

Loans Originating in 2019 [Member] | Purchased Loans [Member] | Past Due Over 90 Days, Pre-term [Member]

^[2],[3]

6.4

26.5

Loans Originating in 2019 [Member] | Purchased Loans [Member] | Post-term [Member]

^[2],[3]

27.1

72.7

Loans Originating in 2020 [Member]

^[2],[5]

102.4

7.2

Loans Originating in 2020 [Member] | Current, Pre-term [Member]

^[1],[2]

304.2

655.8

Loans Originating in 2020 [Member] | Past Due 11-90 Days, Pre-term [Member]

^{[1],[2],[3],[4]}

87.2

267.8

Loans Originating in 2020 [Member] | Past Due Over 90 Days, Pre-term [Member]

^[1],[2],[3]

46.1

125.2

Loans Originating in 2020 [Member] | Post-term [Member]

^[1],[2],[3]

149.5

259.0

Loans Originating in 2020 [Member] | Dealer Loans [Member]

^[1],[2],[5]

21.4

3.8

Loans Originating in 2020 [Member] | Dealer Loans [Member] | Current, Pre-term [Member]

^[1]

204.1

436.8

Loans Originating in 2020 [Member] | Dealer Loans [Member] | Past Due 11-90 Days, Pre-term [Member]

^[1],[3],[4]

58.5

180.2

Loans Originating in 2020 [Member] | Dealer Loans [Member] | Past Due Over 90 Days, Pre-term [Member]

^[1],[3]

29.8

82.6

Loans Originating in 2020 [Member] | Dealer Loans [Member] | Post-term [Member]

^[1],[3]

99.3

171.0

Loans Originating in 2020 [Member] | Purchased Loans [Member]

^[1],[5]

16.5

3.0

Loans Originating in 2020 [Member] | Purchased Loans [Member] | Current, Pre-term [Member]

^[2]

100.1

219.0

Loans Originating in 2020 [Member] | Purchased Loans [Member] | Past Due 11-90 Days, Pre-term [Member]

^[2],[3],[4]

28.7

87.6

Loans Originating in 2020 [Member] | Purchased Loans [Member] | Past Due Over 90 Days, Pre-term [Member]

^[2],[3]

16.3

42.6

Loans Originating in 2020 [Member] | Purchased Loans [Member] | Post-term [Member]

^[2],[3]

50.2

88.0

Loans Originating in 2021 [Member]

^[2],[5]

4.9

0.8

Loans Originating in 2021 [Member] | Current, Pre-term [Member]

^[1],[2]

775.4

1,437.7

Loans Originating in 2021 [Member] | Past Due 11-90 Days, Pre-term [Member]

^{[1],[2],[3],[4]}

370.8

795.2

Loans Originating in 2021 [Member] | Past Due Over 90 Days, Pre-term [Member]

^[1],[2],[3]

130.6

269.8

Loans Originating in 2021 [Member] | Post-term [Member]

^[1],[2],[3]

268.0

371.7

Loans Originating in 2021 [Member] | Dealer Loans [Member]

^[1],[2],[5]

6.0

1.0

Loans Originating in 2021 [Member] | Dealer Loans [Member] | Current, Pre-term [Member]

^[1]

552.1

1,024.1

Loans Originating in 2021 [Member] | Dealer Loans [Member] | Past Due 11-90 Days, Pre-term [Member]

^[1],[3],[4]

265.2

569.7

Loans Originating in 2021 [Member] | Dealer Loans [Member] | Past Due Over 90 Days, Pre-term [Member]

^[1],[3]

92.1

191.5

Loans Originating in 2021 [Member] | Dealer Loans [Member] | Post-term [Member]

^[1],[3]

190.1

262.1

Loans Originating in 2021 [Member] | Purchased Loans [Member]

^[1],[5]

4.7

0.8

Loans Originating in 2021 [Member] | Purchased Loans [Member] | Current, Pre-term [Member]

^[2]

223.3

413.6

Loans Originating in 2021 [Member] | Purchased Loans [Member] | Past Due 11-90 Days, Pre-term [Member]

^[2],[3],[4]

105.6

225.5

Loans Originating in 2021 [Member] | Purchased Loans [Member] | Past Due Over 90 Days, Pre-term [Member]

^[2],[3]

38.5

78.3

Loans Originating in 2021 [Member] | Purchased Loans [Member] | Post-term [Member]

^[2],[3]

77.9

109.6

Loans Originating in 2022 [Member]

^[2],[5]

1.3

0.2

Loans Originating in 2022 [Member] | Current, Pre-term [Member]

^[1],[2]

1,858.4

3,030.8

Loans Originating in 2022 [Member] | Past Due 11-90 Days, Pre-term [Member]

^{[1],[2],[3],[4]}

1,112.5

2,033.7

Loans Originating in 2022 [Member] | Past Due Over 90 Days, Pre-term [Member]

^[1],[2],[3]

337.9

576.5

Loans Originating in 2022 [Member] | Post-term [Member]

^[1],[2],[3]

407.3

420.6

Loans Originating in 2022 [Member] | Dealer Loans [Member]

^[1],[2],[5]

0.7

0.0

Loans Originating in 2022 [Member] | Dealer Loans [Member] | Current, Pre-term [Member]

^[1]

1,349.8

2,229.2

Loans Originating in 2022 [Member] | Dealer Loans [Member] | Past Due 11-90 Days, Pre-term [Member]

^[1],[3],[4]

801.8

1,487.0

Loans Originating in 2022 [Member] | Dealer Loans [Member] | Past Due Over 90 Days, Pre-term [Member]

^[1],[3]

247.5

429.4

Loans Originating in 2022 [Member] | Dealer Loans [Member] | Post-term [Member]

^[1],[3]

299.9

312.8

Loans Originating in 2022 [Member] | Purchased Loans [Member]

^[1],[5]

0.6

0.0

Loans Originating in 2022 [Member] | Purchased Loans [Member] | Current, Pre-term [Member]

^[2]

508.6

801.6

Loans Originating in 2022 [Member] | Purchased Loans [Member] | Past Due 11-90 Days, Pre-term [Member]

^[2],[3],[4]

310.7

546.7

Loans Originating in 2022 [Member] | Purchased Loans [Member] | Past Due Over 90 Days, Pre-term [Member]

^[2],[3]

90.4

147.1

Loans Originating in 2022 [Member] | Purchased Loans [Member] | Post-term [Member]

^[2],[3]

107.4

107.8

Loans Originating in 2023 [Member]

^[2],[5]

0.1

0.0

Loans Originating in 2023 [Member] | Current, Pre-term [Member]

^[1],[2]

3,607.3

5,411.2

Loans Originating in 2023 [Member] | Past Due 11-90 Days, Pre-term [Member]

^{[1],[2],[3],[4]}

2,394.0

4,412.3

Loans Originating in 2023 [Member] | Past Due Over 90 Days, Pre-term [Member]

^[1],[2],[3]

711.8

819.1

Loans Originating in 2023 [Member] | Post-term [Member]

^[1],[2],[3]

501.5

179.8

Loans Originating in 2023 [Member] | Dealer Loans [Member]

^[1],[2],[5]

0.0

Loans Originating in 2023 [Member] | Dealer Loans [Member] | Current, Pre-term [Member]

^[1]

2,876.4

4,408.8

Loans Originating in 2023 [Member] | Dealer Loans [Member] | Past Due 11-90 Days, Pre-term [Member]

^[1],[3],[4]

1,882.7

3,571.3

Loans Originating in 2023 [Member] | Dealer Loans [Member] | Past Due Over 90 Days, Pre-term [Member]

^[1],[3]

581.3

686.8

Loans Originating in 2023 [Member] | Dealer Loans [Member] | Post-term [Member]

^[1],[3]

412.4

150.7

Loans Originating in 2023 [Member] | Purchased Loans [Member]

^[1],[5]

0.0

Loans Originating in 2023 [Member] | Purchased Loans [Member] | Current, Pre-term [Member]

^[2]

730.9

1,002.4

Loans Originating in 2023 [Member] | Purchased Loans [Member] | Past Due 11-90 Days, Pre-term [Member]

^[2],[3],[4]

511.3

841.0

Loans Originating in 2023 [Member] | Purchased Loans [Member] | Past Due Over 90 Days, Pre-term [Member]

^[2],[3]

130.5

132.3

Loans Originating in 2023 [Member] | Purchased Loans [Member] | Post-term [Member]

^[2],[3]

89.1

29.1

Loans Originating in 2024 [Member]

^[2],[5]

0.0

$ 0.0

Loans Originating in 2024 [Member] | Current, Pre-term [Member]

^[1],[2]

4,628.5

Loans Originating in 2024 [Member] | Past Due 11-90 Days, Pre-term [Member]

^{[1],[2],[3],[4]}

3,822.7

Loans Originating in 2024 [Member] | Past Due Over 90 Days, Pre-term [Member]

^[1],[2],[3]

663.5

Loans Originating in 2024 [Member] | Post-term [Member]

^[1],[2],[3]

142.3

Loans Originating in 2024 [Member] | Dealer Loans [Member]

^[1],[2],[5]

0.0

Loans Originating in 2024 [Member] | Dealer Loans [Member] | Current, Pre-term [Member]

^[1]

3,614.8

Loans Originating in 2024 [Member] | Dealer Loans [Member] | Past Due 11-90 Days, Pre-term [Member]

^[1],[3],[4]

2,947.2

Loans Originating in 2024 [Member] | Dealer Loans [Member] | Past Due Over 90 Days, Pre-term [Member]

^[1],[3]

547.7

Loans Originating in 2024 [Member] | Dealer Loans [Member] | Post-term [Member]

^[1],[3]

119.9

Loans Originating in 2024 [Member] | Purchased Loans [Member]

^[1],[5]

0.0

Loans Originating in 2024 [Member] | Purchased Loans [Member] | Current, Pre-term [Member]

^[2]

1,013.7

Loans Originating in 2024 [Member] | Purchased Loans [Member] | Past Due 11-90 Days, Pre-term [Member]

^[2],[3],[4]

875.5

Loans Originating in 2024 [Member] | Purchased Loans [Member] | Past Due Over 90 Days, Pre-term [Member]

^[2],[3]

115.8

Loans Originating in 2024 [Member] | Purchased Loans [Member] | Post-term [Member]

^[2],[3]

22.4

Commitments and Contingencies Disclosure [Abstract]

^[2],[5]

$ 0.0

[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]	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
[5]	Represents the Loan balance attributable to Consumer Loans outstanding beyond their initial loan terms.

Stock-Based Compensation Plans (Narrative) (Details) - USD ($)		12 Months Ended
	Apr. 10, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total authorized shares for plan issuance		3,250,000
Shares available for issuance		21,270
Intrinsic value of restricted stock units exercised		$ 33,700,000	$ 32,200,000	$ 84,800,000
Weighted average recognition period		4 years 2 months 12 days
Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized for issuance	250,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Grant-Date Fair Value Per Share, Nonvested, Granted		$ 453.50	$ 484.58	$ 454.04
Restricted Stock Units (RSUs) [Member] \| Three Year Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Restricted Stock Units (RSUs) [Member] \| Four Year Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Restricted Stock Units (RSUs) [Member] \| Ten Year Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		10 years
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value		$ 12,000,000
Proceeds from Stock Options Exercised		$ 23,500,000
Equity Option [Member] \| Three Year Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Equity Option [Member] \| Four Year Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Equity Option [Member] \| Six Year Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		6 years
Equity Option [Member] \| Ten Year Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		10 years

Reinsurance (Cumulative Paid Claims) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cumulative Paid Claims [Line Items]
Cumulative Paid Claims	$ 295.2
Incident Year - Four Years Prior [Member]
Cumulative Paid Claims [Line Items]
Cumulative Paid Claims	39.3	$ 39.3	$ 39.3	$ 39.2	$ 36.5
Incident Year - Three Years Prior [Member]
Cumulative Paid Claims [Line Items]
Cumulative Paid Claims	47.8	47.8	47.7	$ 42.9
Incident Year - Two Years Prior [Member]
Cumulative Paid Claims [Line Items]
Cumulative Paid Claims	69.2	69.2	$ 63.3
Incident Year - Prior Year [Member]
Cumulative Paid Claims [Line Items]
Cumulative Paid Claims	72.9	$ 67.1
Incident Year - Current Year [Member]
Cumulative Paid Claims [Line Items]
Cumulative Paid Claims	$ 66.0

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Operating Lease, Commitments

Our total minimum future lease commitments under operating leases as of December 31, 2025 are as follows:


(In millions)
Year	Minimum Future Lease Commitments
2026	$	1.3
2027	0.7
2028	0.4
2029	0.1
2030	—
Total	$	2.5

Other income (Schedule of Other Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Other Income	$ 79.8	$ 73.6	$ 66.9
Ancillary Product Profit Sharing [Member]
Disaggregation of Revenue [Line Items]
Other Income	37.8	33.4	34.1
Interest Income [Member]
Disaggregation of Revenue [Line Items]
Other Income	27.5	26.2	19.7
Remarketing Fees [Member]
Disaggregation of Revenue [Line Items]
Other Income	12.7	12.1	10.7
Other [Member]
Disaggregation of Revenue [Line Items]
Other Income	$ 1.8	$ 1.9	$ 2.4

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Property, Plant and Equipment [Abstract]

Property And Equipment

12 Months Ended

Dec. 31, 2025

Property And Equipment

Property and equipment consists of the following:


(In millions)	As of December 31,
	2025		2024
Land and land improvements	$	2.7	$	2.7
Building and improvements	17.8		17.6
Data processing equipment and software	43.8		44.1
Office furniture and equipment	2.1		2.2
Total property and equipment	66.4		66.6
Less: Accumulated depreciation on property and equipment	(53.8)		(51.9)
Total property and equipment, net	$	12.6	$	14.7

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

Dec. 31, 2025

Feb. 28, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 19, 2023

Mar. 07, 2019

Revolving secured line of credit, principal balance outstanding

$ 107,300,000

$ 100,000

5,158,800,000

5,361,500,000

Restricted cash and cash equivalents pledged as collateral

1,087,800,000

991,300,000

477,900,000

501,300,000

$ 457,700,000

Revolving secured line of credit, principal balance outstanding

107,300,000

100,000

Revolving secured line of credit, amount available for borrowing

$ 302,700,000

$ 409,900,000

Revolving secured line of credit, interest rate

5.69%

6.37%

Warehouse Facility II [Member]

$ 0

^[1]

500,000,000.0

Restricted cash and cash equivalents pledged as collateral

$ 0

$ 2,500,000

Warehouse Facility IV [Member]

0.00%

$ 0

^[1]

$ 300,000,000.0

300,000,000.0

Restricted cash and cash equivalents pledged as collateral

$ 0

Warehouse Facility V [Member]

0.00%

$ 0

^[1]

250,000,000.0

$ 250,000,000.0

Restricted cash and cash equivalents pledged as collateral

$ 1,000,000.0

Warehouse Facility VI [Member]

0.00%

$ 0

^[1]

75,000,000.0

Restricted cash and cash equivalents pledged as collateral

$ 100,000

$ 0

Warehouse Facility VIII [Member]

0.00%

$ 0

^[1]

200,000,000.0

Restricted cash and cash equivalents pledged as collateral

$ 0

0.00%

Term ABS 2019-2 [Member]

$ 500,000,000.0

Restricted cash and cash equivalents pledged as collateral

523,800,000

529,000,000.0

$ 42,100,000

$ 41,700,000

5.43%

Term ABS 2021-1 [Member]

$ 100,000,000.0

Restricted cash and cash equivalents pledged as collateral

108,800,000

112,000,000.0

$ 8,800,000

$ 8,700,000

5.95%

6.60%

Term ABS 2021-4 [Member]

$ 0

$ 63,600,000

Restricted cash and cash equivalents pledged as collateral

167,000,000.0

$ 0

$ 16,400,000

0.00%

1.89%

Term ABS 2022-1 [Member]

$ 44,800,000

$ 236,600,000

Restricted cash and cash equivalents pledged as collateral

186,300,000

310,000,000.0

$ 19,700,000

$ 24,900,000

6.13%

5.24%

Term ABS 2022-2 [Member]

$ 300,000,000.0

Restricted cash and cash equivalents pledged as collateral

325,000,000.0

406,000,000.0

$ 23,600,000

$ 25,200,000

6.12%

7.29%

Term ABS 2022-3 [Member]

$ 127,000,000.0

$ 347,600,000

Restricted cash and cash equivalents pledged as collateral

238,800,000

395,200,000

$ 23,000,000.0

$ 29,100,000

8.84%

7.82%

Term ABS 2023-1 [Member]

$ 209,200,000

$ 400,000,000.0

Restricted cash and cash equivalents pledged as collateral

293,500,000

453,000,000.0

$ 26,900,000

$ 33,100,000

7.32%

6.92%

Term ABS 2023-2 [Member]

$ 242,700,000

$ 400,000,000.0

Restricted cash and cash equivalents pledged as collateral

338,400,000

533,300,000

$ 28,600,000

$ 36,800,000

6.69%

6.39%

Term ABS 2023-3 [Member]

$ 312,900,000

$ 400,000,000.0

Restricted cash and cash equivalents pledged as collateral

371,300,000

524,900,000

$ 30,000,000.0

$ 36,500,000

6.99%

6.86%

Term ABS 2023-A [Member]

$ 0

$ 200,000,000.0

Restricted cash and cash equivalents pledged as collateral

252,000,000.0

$ 0

$ 17,700,000

0.00%

7.51%

Term ABS 2023-5 [Member]

$ 294,000,000.0

Restricted cash and cash equivalents pledged as collateral

327,700,000

398,700,000

$ 28,900,000

$ 32,900,000

6.54%

Term ABS 2024-A [Member]

$ 200,000,000.0

Restricted cash and cash equivalents pledged as collateral

211,100,000

248,400,000

$ 16,600,000

$ 18,100,000

7.45%

Term ABS 2024-1 [Member]

$ 500,000,000.0

Restricted cash and cash equivalents pledged as collateral

580,200,000

553,300,000

$ 44,000,000.0

$ 45,000,000.0

6.01%

Term ABS 2024-2 [Member]

$ 550,000,000.0

Restricted cash and cash equivalents pledged as collateral

608,600,000

646,800,000

$ 42,900,000

$ 42,000,000.0

6.21%

Term ABS 2024-3 [Member]

$ 600,000,000.0

Restricted cash and cash equivalents pledged as collateral

668,700,000

700,900,000

$ 47,400,000

$ 51,500,000

4.91%

Term ABS 2024-B [Member]

$ 300,000,000.0

Restricted cash and cash equivalents pledged as collateral

339,900,000

425,800,000

$ 22,500,000

$ 37,900,000

6.13%

Term ABS 2025-1 [Member]

$ 400,000,000.0

Restricted cash and cash equivalents pledged as collateral

463,500,000

$ 0

$ 32,100,000

5.26%

Term ABS 2025-2 [Member]

$ 500,000,000.0

Restricted cash and cash equivalents pledged as collateral

689,800,000

$ 39,000,000.0

2026 Senior Notes [Member]

4.77%

$ 0

$ 400,000,000.0

2028 Senior Notes [Member]

0.00%

6.625%

$ 600,000,000.0

$ 600,000,000

2030 Senior Notes [Member]

9.25%

$ 500,000,000.0

$ 500,000,000

$ 0

Debt Disclosure [Text Block]

6.625%

0.00%

[1]	Availability may be limited by the amount of assets pledged as collateral.

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

Debt consists of the following:


(In millions)	As of December 31, 2025
	Principal Outstanding		Unamortized Debt Issuance Costs		Unamortized Discount		Carrying Amount
Revolving secured lines of credit (1)	$	107.3	$	—	$	—	$	107.3
Secured financing (2)	5,180.6		(21.7)		(0.1)		5,158.8
Senior notes	1,100.0		(12.2)		—		1,087.8
Total debt	$	6,387.9	$	(33.9)	$	(0.1)	$	6,353.9

(In millions)	As of December 31, 2024
	Principal Outstanding		Unamortized Debt Issuance Costs		Unamortized Discount		Carrying Amount
Revolving secured lines of credit (1)	$	0.1	$	—	$	—	$	0.1
Secured financing (2)	5,391.8		(29.0)		(1.3)		5,361.5
Senior notes	1,000.0		(8.7)		—		991.3
Total debt	$	6,391.9	$	(37.7)	$	(1.3)	$	6,352.9

(1)Excludes deferred debt issuance costs of $4.5 million and $4.4 million as of December 31, 2025 and December 31, 2024, respectively, which are included in other assets.

(2)Warehouse facilities and Term ABS financings.

General information for each of our financing transactions in place as of December 31, 2025 is as follows:


(Dollars in millions)
Financings	Wholly Owned Subsidiary	Maturity Date		Financing Amount		Interest Rate Basis as of December 31, 2025
Revolving Secured Line of Credit Facility	n/a	06/22/28		$	390.0	At our option, either the Secured Overnight Financing Rate (SOFR) plus 197.5 basis points or the prime rate plus 87.5 basis points
RTP Facility	n/a	—	(1)	$	20.0	SOFR plus 197.5 basis points
Warehouse Facility II (2)	CAC Warehouse Funding LLC II	09/20/27	(3)	$	500.0	SOFR plus 185.0 basis points
Warehouse Facility IV (2)	CAC Warehouse Funding LLC IV	07/30/28	(3)	$	300.0	SOFR plus 205.0 basis points
Warehouse Facility V (2)	CAC Warehouse Funding LLC V	12/29/27	(4)	$	250.0	SOFR plus 185.0 basis points
Warehouse Facility VI (2)	CAC Warehouse Funding LLC VI	09/30/28	(3)	$	75.0	SOFR plus 185.0 basis points
Warehouse Facility VIII (2)	CAC Warehouse Funding LLC VIII	09/19/28	(3)	$	200.0	SOFR plus 185.0 basis points
Term ABS 2019-2 (2)	Credit Acceptance Funding LLC 2019-2	09/15/26	(5)	$	500.0	Fixed rate
Term ABS 2021-1 (2)	Credit Acceptance Funding LLC 2021-1	02/17/26	(5)	$	100.0	SOFR plus 220.0 basis points
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	06/15/27	(5)	$	300.0	SOFR plus 246.4 basis points
Term ABS 2022-3 (2)	Credit Acceptance Funding LLC 2022-3	10/15/24	(3)	$	389.9	Fixed rate
Term ABS 2023-1 (2)	Credit Acceptance Funding LLC 2023-1	03/17/25	(3)	$	400.0	Fixed rate
Term ABS 2023-2 (2)	Credit Acceptance Funding LLC 2023-2	05/15/25	(3)	$	400.0	Fixed rate
Term ABS 2023-3 (2)	Credit Acceptance Funding LLC 2023-3	08/15/25	(3)	$	400.0	Fixed rate
Term ABS 2023-5 (2)	Credit Acceptance Funding LLC 2023-5	12/15/25	(3)	$	294.0	Fixed rate
Term ABS 2024-A (2)	Credit Acceptance Funding LLC 2024-A	02/15/27	(5)	$	200.0	Fixed rate
Term ABS 2024-1 (2)	Credit Acceptance Funding LLC 2024-1	03/16/26	(3)	$	500.0	Fixed rate
Term ABS 2024-2 (2)	Credit Acceptance Funding LLC 2024-2	06/15/26	(3)	$	550.0	Fixed rate
Term ABS 2024-3 (2)	Credit Acceptance Funding LLC 2024-3	09/15/26	(3)	$	600.0	Fixed rate
Term ABS 2024-B (2)	Credit Acceptance Funding LLC 2024-B	12/15/27	(5)	$	300.0	Fixed rate
Term ABS 2025-1 (2)	Credit Acceptance Funding LLC 2025-1	03/15/27	(3)	$	400.0	Fixed rate
Term ABS 2025-2 (2)	Credit Acceptance Funding LLC 2025-2	11/15/27	(3)	$	500.0	Fixed rate
2028 Senior Notes	n/a	12/15/28		$	600.0	Fixed rate
2030 Senior Notes	n/a	03/15/30		$	500.0	Fixed rate

(1)Borrowings are subject to repayment on demand.

(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)Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date and any amounts remaining on December 27, 2029 will be due on that date.

(5)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,
	2025		2024
Revolving Secured Lines of Credit
Maximum outstanding principal balance	$	307.6	$	342.0
Average outstanding principal balance	39.0		127.0
Warehouse Facility II
Maximum outstanding principal balance	$	251.0	$	251.0
Average outstanding principal balance	5.5		94.4
Warehouse Facility IV
Maximum outstanding principal balance	$	—	$	—
Average outstanding principal balance	—		—
Warehouse Facility V
Maximum outstanding principal balance	$	—	$	100.0
Average outstanding principal balance	—		5.7
Warehouse Facility VI
Maximum outstanding principal balance	$	—	$	75.0
Average outstanding principal balance	—		36.5
Warehouse Facility VIII
Maximum outstanding principal balance	$	—	$	100.0
Average outstanding principal balance	—		19.4


(Dollars in millions)	As of December 31,
	2025			2024
Revolving Secured Lines of Credit
Principal balance outstanding	$	107.3		$	0.1
Amount available for borrowing (1)	302.7			409.9
Interest rate	5.69		%	6.37		%
Warehouse Facility II
Principal balance outstanding	$	—		$	—
Amount available for borrowing (1)	500.0			500.0
Loans pledged as collateral	—			—
Restricted cash and cash equivalents pledged as collateral	—			2.5
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	—			—
Interest rate	—		%	—		%
Warehouse Facility V
Principal balance outstanding	$	—		$	—
Amount available for borrowing (1)	250.0			250.0
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	0.1			—
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 2019-2
Principal balance outstanding	$	500.0		$	500.0
Loans pledged as collateral	523.8			529.0
Restricted cash and cash equivalents pledged as collateral	42.1			41.7
Interest rate	5.43		%	5.43		%
Term ABS 2021-1
Principal balance outstanding	$	100.0		$	100.0
Loans pledged as collateral	108.8			112.0
Restricted cash and cash equivalents pledged as collateral	8.8			8.7
Interest rate	5.95		%	6.60		%
Term ABS 2021-4
Principal balance outstanding	$	—		$	63.6
Loans pledged as collateral	—			167.0
Restricted cash and cash equivalents pledged as collateral	—			16.4
Interest rate	—		%	1.89		%


(Dollars in millions)	As of December 31,
	2025			2024
Term ABS 2022-1
Principal balance outstanding	$	44.8		$	236.6
Loans pledged as collateral	186.3			310.0
Restricted cash and cash equivalents pledged as collateral	19.7			24.9
Interest rate	6.13		%	5.24		%
Term ABS 2022-2
Principal balance outstanding	$	300.0		$	300.0
Loans pledged as collateral	325.0			406.0
Restricted cash and cash equivalents pledged as collateral	23.6			25.2
Interest rate	6.12		%	7.29		%
Term ABS 2022-3
Principal balance outstanding	$	127.0		$	347.6
Loans pledged as collateral	238.8			395.2
Restricted cash and cash equivalents pledged as collateral	23.0			29.1
Interest rate	8.84		%	7.82		%
Term ABS 2023-1
Principal balance outstanding	$	209.2		$	400.0
Loans pledged as collateral	293.5			453.0
Restricted cash and cash equivalents pledged as collateral	26.9			33.1
Interest rate	7.32		%	6.92		%
Term ABS 2023-2
Principal balance outstanding	$	242.7		$	400.0
Loans pledged as collateral	338.4			533.3
Restricted cash and cash equivalents pledged as collateral	28.6			36.8
Interest rate	6.69		%	6.39		%
Term ABS 2023-3
Principal balance outstanding	$	312.9		$	400.0
Loans pledged as collateral	371.3			524.9
Restricted cash and cash equivalents pledged as collateral	30.0			36.5
Interest rate	6.99		%	6.86		%
Term ABS 2023-A
Principal balance outstanding	$	—		$	200.0
Loans pledged as collateral	—			252.0
Restricted cash and cash equivalents pledged as collateral	—			17.7
Interest rate	—		%	7.51		%
Term ABS 2023-5
Principal balance outstanding	$	294.0		$	294.0
Loans pledged as collateral	327.7			398.7
Restricted cash and cash equivalents pledged as collateral	28.9			32.9
Interest rate	6.54		%	6.54		%
Term ABS 2024-A
Principal balance outstanding	$	200.0		$	200.0
Loans pledged as collateral	211.1			248.4
Restricted cash and cash equivalents pledged as collateral	16.6			18.1
Interest rate	7.45		%	7.45		%


(Dollars in millions)	As of December 31,
	2025			2024
Term ABS 2024-1
Principal balance outstanding	$	500.0		$	500.0
Loans pledged as collateral	580.2			553.3
Restricted cash and cash equivalents pledged as collateral	44.0			45.0
Interest rate	6.01		%	6.01		%
Term ABS 2024-2
Principal balance outstanding	$	550.0		$	550.0
Loans pledged as collateral	608.6			646.8
Restricted cash and cash equivalents pledged as collateral	42.9			42.0
Interest rate	6.21		%	6.21		%
Term ABS 2024-3
Principal balance outstanding	$	600.0		$	600.0
Loans pledged as collateral	668.7			700.9
Restricted cash and cash equivalents pledged as collateral	47.4			51.5
Interest rate	4.91		%	4.91		%
Term ABS 2024-B
Principal balance outstanding	$	300.0		$	300.0
Loans pledged as collateral	339.9			425.8
Restricted cash and cash equivalents pledged as collateral	22.5			37.9
Interest rate	6.13		%	6.13		%
Term ABS 2025-1
Principal balance outstanding	$	400.0		$	—
Loans pledged as collateral	463.5			—
Restricted cash and cash equivalents pledged as collateral	32.1			—
Interest rate	5.26		%	—		%
Term ABS 2025-2
Principal balance outstanding	$	500.0		$	—
Loans pledged as collateral	689.8			—
Restricted cash and cash equivalents pledged as collateral	39.0			—
Interest rate	4.77		%	—		%
2026 Senior Notes
Principal balance outstanding	$	—		$	400.0
Interest rate	—		%	6.625		%
2028 Senior Notes
Principal balance outstanding	$	600.0		$	600.0
Interest rate	9.250		%	9.250		%
2030 Senior Notes
Principal balance outstanding	$	500.0		$	—
Interest rate	6.625		%	—		%

(1) Availability may be limited by the amount of assets pledged as collateral.

Revolving Secured Lines of Credit

We have two revolving secured lines of credit: (1) a $390.0 million revolving secured line of credit facility, to which we refer as our revolving secured line of credit facility, with a commercial bank syndicate and (2) an uncommitted $20.0 million revolving secured line of credit facility, to which we refer as the RTP facility, with a lender for use solely in facilitating payments by the Company through the lender’s real-time payments service.

Borrowings under our 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 Dealer Loans Receivable constituting revolving credit facility collateral and 80% of Purchased Contract Balances constituting revolving credit facility collateral (each as defined in the agreement governing our revolving secured line of credit facility), less a hedging reserve (not exceeding $1.0 million), and less the amount of other outstanding debt secured by the collateral that secures our revolving secured line of credit facility. Borrowings under our revolving secured line of credit facility are secured by a lien on most of our assets that do not secure obligations under our Warehouse facilities or Term ABS financings.

Borrowings under the RTP facility are secured by a lien on the same collateral that secures obligations under our revolving secured line of credit facility. The RTP facility terminates automatically if the lender ceases to be part of the commercial bank syndicate under our revolving secured line of credit facility or if its lending commitments under our revolving secured line of credit facility are terminated.

Warehouse Facilities

We have five Warehouse facilities with total borrowing capacity of $1,325.0 million. Each of the facilities is with a different lender or group of lenders. Under each Warehouse facility, we can convey Loans to the applicable wholly owned subsidiary in return for cash and/or an increase in the value of our equity in such subsidiary. In turn, each such subsidiary pledges the Loans as collateral to secure financing that will fund the cash portion of the purchase price of the Loans. The financing provided to each such subsidiary under the applicable facility is generally limited to the lesser of 80% of the outstanding balance of the conveyed Loans, as determined in accordance with the applicable agreement, plus certain restricted cash and cash equivalents pledged as collateral, 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 (other than customary, limited recourse to us in the form of repurchase obligations or indemnification obligations for any violations by us of our representations or obligations as seller, servicer, or custodian), even though we are consolidated for financial reporting purposes with the subsidiaries. Because the subsidiaries are organized as bankruptcy-remote legal entities separate from us, their assets (including the conveyed Loans) are not available to any creditors other than the creditors of the applicable subsidiary.

The subsidiaries pay us a monthly servicing fee equal to 4% of the collections received with respect to the conveyed 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 in its revolving period, the applicable subsidiary is entitled to the portion of such collections available after the payment of interest and transaction expenses under the facility, provided that the borrowing base requirements of the facility are satisfied.

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 each of these transactions, we conveyed Loans on an arms-length basis to a Funding LLC for cash and the sole membership interest in that Funding LLC. In turn, each Funding LLC, other than the Funding LLCs for the Term ABS 2019-2, 2021-1, 2022-2, and 2024-B financings, conveyed the Loans to the respective trusts that issued notes to qualified institutional investors. The Funding LLCs for the Term ABS 2019-2, 2021-1, 2022-2, and 2024-B financings pledged the Loans for the benefit of their respective lenders. The Term ABS 2023-1, 2023-2, 2023-3, 2023-5, 2024-A, 2024-1, 2024-2, 2024-3, 2025-1, and 2025-2 financings each consist of three classes of notes (or, in the case of the Term ABS 2024-B, three classes of loans), 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 convey additional Loans to the applicable Funding LLC. Each Funding LLC (other than the Funding LLCs of the Term ABS 2019-2, 2021-1, 2022-2, and 2024-B financings) will then convey 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 (other than customary, limited recourse to us in the form of repurchase obligations or indemnification obligations for any violations by us of our representations or obligations as seller, servicer, or custodian), even though we are consolidated for financial reporting purposes with the trusts and the Funding LLCs. Because the trusts and the Funding LLCs are organized as bankruptcy-remote legal entities separate from us, their assets (including the conveyed Loans) are not available to any creditors other than the creditors of the applicable subsidiary. We receive a monthly servicing fee on each financing equal to 4% of the collections received with respect to the conveyed Loans. The fee is paid out of the collections. Except for the servicing fee and Dealer Holdback payments due to Dealers, if a Term ABS financing 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 Term ABS financing is in its revolving period, the applicable trust or Funding LLC is entitled to the portion of such collections available after application of any amounts necessary to acquire additional Loans from us and to pay accrued interest on the debt and any other transaction expenses, provided that any necessary principal payments are made to compensate for certain reductions in the balance of eligible loans or, in the case of the Term ABS 2019-2 financing and Term ABS financings occurring after the Term ABS 2021-3 financing, certain reductions in forecasted collections. In addition, 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 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.

Senior Notes

On February 28, 2025, we issued $500.0 million aggregate principal amount of 6.625% senior notes due 2030 (the “2030 senior notes”). The 2030 senior notes were issued pursuant to an indenture, dated as of February 28, 2025, 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 the trustee under the indenture.

The 2030 senior notes mature on March 15, 2030 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, 2025. We used a portion of the net proceeds from the 2030 senior notes to redeem all of the $400.0 million outstanding principal amount of our 6.625% senior notes due 2026 (the “2026 senior notes”). We used the remaining net proceeds from the 2030 senior notes for general corporate purposes. During the first quarter of 2025, we recognized a pre-tax loss on extinguishment of debt of $1.2 million related to the redemption of the 2026 senior notes.

On December 19, 2023, we issued $600.0 million aggregate principal amount of 9.250% senior notes due 2028 (the “2028 senior notes”). The 2028 senior notes were issued pursuant to an indenture, dated as of December 19, 2023, 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 the trustee under the indenture.

The 2028 senior notes mature on December 15, 2028 and bear interest at a rate of 9.250% per annum, computed on the basis of a 360-day year composed of twelve 30-day months and payable semi-annually on June 15 and December 15 of each year, beginning on June 15, 2024. We used a portion of the net proceeds from the 2028 senior notes to repurchase or redeem all of the $400.0 million outstanding principal amount of our 5.125% senior notes due 2024 (the “2024 senior notes”), of which $322.3 million was repurchased on December 19, 2023 and the remaining $77.7 million was redeemed on December 31, 2023. We used the remaining net proceeds from the 2028 senior notes for general corporate purposes. During the fourth quarter of 2023, we recognized a pre-tax loss on extinguishment of debt of $1.8 million related to the repurchase and redemption of the 2024 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 the trustee under the indenture.

The 2030 senior notes and 2028 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.

Principal Debt Maturities

The scheduled principal maturities of our debt as of December 31, 2025 are as follows:


(In millions)
Year	Revolving Secured Lines of Credit Facility		Warehouse Facilities		Term ABS Financings (1)		Senior Notes		Total
2026	$	—	$	—	$	2,181.4	$	—	$	2,181.4
2027	—		—		2,227.0		—		2,227.0
2028	107.3		—		633.3		600.0		1,340.6
2029	—		—		138.9		—		138.9
2030	—		—		—		500.0		500.0
Thereafter	—		—		—		—		—
Total	$	107.3	$	—	$	5,180.6	$	1,100.0	$	6,387.9

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

Debt Covenants

As of December 31, 2025, we were in compliance with the covenants under our revolving secured line of credit facility, our Warehouse facilities, our Term ABS financings, the senior notes indentures, and the RTP Facility.

Our revolving secured line of credit facility and our Warehouse facilities include covenants 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. Some of these covenants may indirectly limit the repurchase of common stock or payment of dividends on common stock, and the senior notes indentures include covenants limiting such repurchases and dividend payments. Our Warehouse facilities and Term ABS financings contain covenants that measure the performance of the conveyed assets.

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.

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Fair Value Of Financial Instruments

Fair Value Of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

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, corporate bonds, and municipal 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 Lines 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.

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


(In millions)	As of December 31,
	2025				2024
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	22.8	$	22.8	$	343.7	$	343.7
Restricted cash and cash equivalents	477.9		477.9		501.3		501.3
Restricted securities available for sale	106.2		106.2		106.4		106.4
Loans receivable, net	7,909.2		8,974.1		7,850.3		8,922.7
Liabilities
Revolving secured lines of credit	$	107.3	$	107.3	$	0.1	$	0.1
Secured financing	5,158.8		5,225.3		5,361.5		5,431.9
Senior notes	1,087.8		1,131.4		991.3		1,035.3

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, 2025
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents (1)	$	22.8	$	—	$	—	$	22.8
Restricted cash and cash equivalents (1)	477.9		—		—		477.9
Restricted securities available for sale (2)	84.7		21.5		—		106.2
Loans receivable, net (1)	—		—		8,974.1		8,974.1
Liabilities
Revolving secured lines of credit (1)	$	—	$	107.3	$	—	$	107.3
Secured financing (1)	3,825.1		1,400.2		—		5,225.3
Senior notes (1)	1,131.4		—		—		1,131.4

(In millions)	As of December 31, 2024
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents (1)	$	343.7	$	—	$	—	$	343.7
Restricted cash and cash equivalents (1)	501.3		—		—		501.3
Restricted securities available for sale (2)	84.5		21.9		—		106.4
Loans receivable, net (1)	—		—		8,922.7		8,922.7
Liabilities
Revolving secured lines of credit (1)	$	—	$	0.1	$	—	$	0.1
Secured financing (1)	3,831.7		1,600.2		—		5,431.9
Senior notes (1)	1,035.3		—		—		1,035.3

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

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

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.

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Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS On January 15, 2026, we extended the date on which our $100.0 million Term ABS 2021-1 financing will cease to revolve from February 17, 2026 to January 18, 2028. The interest rate on borrowings under the financing was decreased from SOFR plus 220 basis points to SOFR plus 140 basis points.

Stock Based Compensation Plans (Summary of Stock Options Activity) (Details) - Equity Option [Member] - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Outstanding, as of December 31

536,047

605,466

Exercised

(69,419)

Options Outstanding, as of December 31, Weighted Average Exercise Price

$ 371.79

$ 367.88

Options Exercised, Weighted Average Exercise Price

$ 337.65

Options Outstanding, Intrinsic Value

^[1]

$ 42.9

Options Outstanding, Weighted Average Remaining Contractual Term

2 years 2 months 12 days

Options Exercisable, Number

521,047

Options Exercisable, Weighted Average Exercise Price

$ 367.94

Options Exercisable, Intrinsic Value

^[1]

$ 42.8

Options Exercisable, Weighted Average Remaining Contractual Term

2 years 2 months 12 days

Options, Nonvested, Number

15,000

Options Nonvested, Weighted Average Exercise Price

$ 505.55

Options, Nonvested, Aggregate Intrinsic Value

^[1]

$ 0.1

Options Nonvested, Weighted Average Remaining Contractual Term

2 years 4 months 24 days

[1]	The intrinsic value of stock options is the amount by which the market price of the stock as of December 31, 2025 exceeded the exercise price of the options

Loans Receivable (Summary of Provision for Credit Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	$ 616.1	$ 814.7	$ 736.2
Dealer Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	369.8	537.3	427.7
Purchased Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	246.3	277.4	308.5
New Consumer Loan Assignments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	277.8	320.9	322.5
New Consumer Loan Assignments [Member] \| Dealer Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	155.8	191.4	146.2
New Consumer Loan Assignments [Member] \| Purchased Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	122.0	129.5	176.3
Forecast Changes [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	338.3	493.8	413.7
Forecast Changes [Member] \| Dealer Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	214.0	345.9	281.5
Forecast Changes [Member] \| Purchased Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	$ 124.3	$ 147.9	$ 132.2

Stock Repurchases (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule Of Stock Repurchases

The following table summarizes our stock repurchases for the years ended December 31, 2025, 2024, and 2023:


(Dollars in millions)	For the Years Ended December 31,
	2025			2024			2023
Stock Repurchases	Number of Shares Repurchased	Cost (1)		Number of Shares Repurchased	Cost (1)		Number of Shares Repurchased	Cost (1)
Open Market (2)	1,484,325	$	711.9	560,916	$	300.4	352,062	$	175.1
Other (3)	29,513	13.5		27,109	12.9		57,255	27.5
Total	1,513,838	$	725.4	588,025	$	313.3	409,317	$	202.6

(1)Total cost of repurchases includes excise tax.

(2)Represents repurchases under authorizations by our 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 29, 2025, our 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, 2025, we had authorization to repurchase 1,760,766 shares of our common stock.

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

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

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

$ 477.9

$ 501.3

$ 457.7

^[1]

106.2

106.4

400.2

315.8

Trust Assets [Member]

0.7

0.3

Unearned Premium [Member]

106.2

106.4

74.0

75.9

Claims Reserve [Member]

^[2]

$ 5.9

$ 6.0

[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.

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 423.9	$ 247.9	$ 286.1
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on securities, net of tax	1.3	0.7	1.9
Other comprehensive income (loss)	1.3	0.7	1.9
Comprehensive income	$ 425.2	$ 248.6	$ 288.0

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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

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Schedule Of Loans Receivable

Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

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


(In millions)	As of December 31, 2025
	Dealer Loans		Purchased Loans		Total
Loans receivable	$	8,790.8	$	2,720.7	$	11,511.5
Allowance for credit losses	(3,089.1)		(513.2)		(3,602.3)
Loans receivable, net	$	5,701.7	$	2,207.5	$	7,909.2

(In millions)	As of December 31, 2024
	Dealer Loans		Purchased Loans		Total
Loans receivable	$	8,521.0	$	2,768.1	$	11,289.1
Allowance for credit losses	(2,844.5)		(594.3)		(3,438.8)
Loans receivable, net	$	5,676.5	$	2,173.8	$	7,850.3

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, 2025
	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	$	8,521.0	$	2,768.1	$	11,289.1	$	(2,844.5)	$	(594.3)	$	(3,438.8)	$	5,676.5	$	2,173.8	$	7,850.3
Finance charges	2,183.7		888.6		3,072.3		(760.9)		(169.6)		(930.5)		1,422.8		719.0		2,141.8
Provision for credit losses	—		—		—		(369.8)		(246.3)		(616.1)		(369.8)		(246.3)		(616.1)
New Consumer Loan assignments (1)	2,764.8		1,091.3		3,856.1		—		—		—		2,764.8		1,091.3		3,856.1
Collections (2)	(3,924.7)		(1,642.8)		(5,567.5)		—		—		—		(3,924.7)		(1,642.8)		(5,567.5)
Accelerated Dealer Holdback payments	50.7		—		50.7		—		—		—		50.7		—		50.7
Dealer Holdback payments	180.1		—		180.1		—		—		—		180.1		—		180.1
Transfers (3)	(164.2)		164.2		—		51.7		(51.7)		—		(112.5)		112.5		—
Write-offs	(836.4)		(554.4)		(1,390.8)		836.4		554.4		1,390.8		—		—		—
Recoveries (4)	2.0		5.7		7.7		(2.0)		(5.7)		(7.7)		—		—		—
Deferral of Loan origination costs	13.8		—		13.8		—		—		—		13.8		—		13.8
Balance, end of period	$	8,790.8	$	2,720.7	$	11,511.5	$	(3,089.1)	$	(513.2)	$	(3,602.3)	$	5,701.7	$	2,207.5	$	7,909.2


(In millions)	For the Year Ended December 31, 2024
	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	$	7,065.5	$	2,954.6	$	10,020.1	$	(2,355.7)	$	(709.1)	$	(3,064.8)	$	4,709.8	$	2,245.5	$	6,955.3
Finance charges	1,931.4		905.9		2,837.3		(651.7)		(192.9)		(844.6)		1,279.7		713.0		1,992.7
Provision for credit losses	—		—		—		(537.3)		(277.4)		(814.7)		(537.3)		(277.4)		(814.7)
New Consumer Loan assignments (1)	3,578.3		1,040.1		4,618.4		—		—		—		3,578.3		1,040.1		4,618.4
Collections (2)	(3,575.5)		(1,641.0)		(5,216.5)		—		—		—		(3,575.5)		(1,641.0)		(5,216.5)
Accelerated Dealer Holdback payments	59.0		—		59.0		—		—		—		59.0		—		59.0
Dealer Holdback payments	241.2		—		241.2		—		—		—		241.2		—		241.2
Transfers (3)	(138.9)		138.9		—		45.3		(45.3)		—		(93.6)		93.6		—
Write-offs	(658.3)		(634.7)		(1,293.0)		658.3		634.7		1,293.0		—		—		—
Recoveries (4)	3.4		4.3		7.7		(3.4)		(4.3)		(7.7)		—		—		—
Deferral of Loan origination costs	14.9		—		14.9		—		—		—		14.9		—		14.9
Balance, end of period	$	8,521.0	$	2,768.1	$	11,289.1	$	(2,844.5)	$	(594.3)	$	(3,438.8)	$	5,676.5	$	2,173.8	$	7,850.3


(In millions)	For the Year Ended December 31, 2023
	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	$	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
Finance charges	1,575.5		925.5		2,501.0		(528.8)		(216.8)		(745.6)		1,046.7		708.7		1,755.4
Provision for credit losses	—		—		—		(427.7)		(308.5)		(736.2)		(427.7)		(308.5)		(736.2)
New Consumer Loan assignments (1)	2,933.7		1,214.1		4,147.8		—		—		—		2,933.7		1,214.1		4,147.8
Collections (2)	(3,147.7)		(1,656.8)		(4,804.5)		—		—		—		(3,147.7)		(1,656.8)		(4,804.5)
Accelerated Dealer Holdback payments	46.9		—		46.9		—		—		—		46.9		—		46.9
Dealer Holdback payments	235.9		—		235.9		—		—		—		235.9		—		235.9
Transfers (3)	(100.9)		100.9		—		35.8		(35.8)		—		(65.1)		65.1		—
Write-offs	(566.6)		(723.8)		(1,290.4)		566.6		723.8		1,290.4		—		—		—
Recoveries (4)	1.6		4.0		5.6		(1.6)		(4.0)		(5.6)		—		—		—
Deferral of Loan origination costs	12.3		—		12.3		—		—		—		12.3		—		12.3
Balance, end of period	$	7,065.5	$	2,954.6	$	10,020.1	$	(2,355.7)	$	(709.1)	$	(3,064.8)	$	4,709.8	$	2,245.5	$	6,955.3

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

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

(3)Under the 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.

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, 2025
Provision for Credit Losses	Dealer Loans		Purchased Loans		Total
New Consumer Loan assignments	$	155.8	$	122.0	$	277.8
Forecast changes	214.0		124.3		338.3
Total	$	369.8	$	246.3	$	616.1


(In millions)	For the Year Ended December 31, 2024
Provision for Credit Losses	Dealer Loans		Purchased Loans		Total
New Consumer Loan assignments	$	191.4	$	129.5	$	320.9
Forecast changes	345.9		147.9		493.8
Total	$	537.3	$	277.4	$	814.7


(In millions)	For the Year Ended December 31, 2023
Provision for Credit Losses	Dealer Loans		Purchased Loans		Total
New Consumer Loan assignments	$	146.2	$	176.3	$	322.5
Forecast changes	281.5		132.2		413.7
Total	$	427.7	$	308.5	$	736.2

Additional Information Related To New Consumer Loan Assignments [Table Text Block]

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


(In millions)	For the Year Ended December 31, 2025
New Consumer Loan Assignments	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	4,415.6	$	2,166.6	$	6,582.2
Expected net cash flows at the time of assignment (2)	3,986.9		1,562.0		5,548.9
Loans receivable at the time of assignment (3)	2,764.8		1,091.3		3,856.1

Provision for credit losses expense at the time of assignment	$	(155.8)	$	(122.0)	$	(277.8)
Expected future finance charges at the time of assignment (4)	1,377.9		592.7		1,970.6
Expected net Loan income at the time of assignment (5)	$	1,222.1	$	470.7	$	1,692.8


(In millions)	For the Year Ended December 31, 2024
New Consumer Loan Assignments	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	5,613.6	$	2,126.0	$	7,739.6
Expected net cash flows at the time of assignment (2)	5,090.0		1,514.5		6,604.5
Loans receivable at the time of assignment (3)	3,578.3		1,040.1		4,618.4

Provision for credit losses expense at the time of assignment	$	(191.4)	$	(129.5)	$	(320.9)
Expected future finance charges at the time of assignment (4)	1,703.1		603.9		2,307.0
Expected net Loan income at the time of assignment (5)	$	1,511.7	$	474.4	$	1,986.1


(In millions)	For the Year Ended December 31, 2023
New Consumer Loan Assignments	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	4,579.3	$	2,438.1	$	7,017.4
Expected net cash flows at the time of assignment (2)	4,154.8		1,704.4		5,859.2
Loans receivable at the time of assignment (3)	2,933.7		1,214.1		4,147.8

Provision for credit losses expense at the time of assignment	$	(146.2)	$	(176.3)	$	(322.5)
Expected future finance charges at the time of assignment (4)	1,367.3		666.6		2,033.9
Expected net Loan income at the time of assignment (5)	$	1,221.1	$	490.3	$	1,711.4

(1)The Dealer Loans amount represents repayments that we were contractually owed at the time of assignment on Consumer Loans assigned under the 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 the Purchase Program.

(2)The Dealer Loans amount represents repayments that we expected to collect at the time of assignment on Consumer Loans assigned under the 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 the Purchase Program.

(3)The Dealer Loans amount represents advances paid to Dealers on Consumer Loans assigned under the Portfolio Program. The Purchased Loans amount represents one-time payments made to Dealers to purchase Consumer Loans assigned under the 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 exceed Loans receivable at the time of assignment.

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

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


(In millions)	For the Year Ended December 31, 2025
Expected Future Net Cash Flows	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	8,176.3	$	3,383.9	$	11,560.2
New Consumer Loan assignments (1)	3,986.9		1,562.0		5,548.9
Realized net cash flows (2)	(3,693.9)		(1,642.8)		(5,336.7)
Forecast changes	(132.9)		(36.6)		(169.5)
Transfers (3)	(170.9)		178.2		7.3
Balance, end of period	$	8,165.5	$	3,444.7	$	11,610.2


(In millions)	For the Year Ended December 31, 2024
Expected Future Net Cash Flows	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	6,707.2	$	3,472.0	$	10,179.2
New Consumer Loan assignments (1)	5,090.0		1,514.5		6,604.5
Realized net cash flows (2)	(3,275.3)		(1,641.0)		(4,916.3)
Forecast changes	(204.6)		(109.4)		(314.0)
Transfers (3)	(141.0)		147.8		6.8
Balance, end of period	$	8,176.3	$	3,383.9	$	11,560.2


(In millions)	For the Year Ended December 31, 2023
Expected Future Net Cash Flows	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	5,637.9	$	3,395.5	$	9,033.4
New Consumer Loan assignments (1)	4,154.8		1,704.4		5,859.2
Realized net cash flows (2)	(2,864.9)		(1,656.8)		(4,521.7)
Forecast changes	(125.3)		(81.0)		(206.3)
Transfers (3)	(95.3)		109.9		14.6
Balance, end of period	$	6,707.2	$	3,472.0	$	10,179.2

(1)The Dealer Loans amount represents repayments that we expected to collect at the time of assignment on Consumer Loans assigned under the 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 the Purchase Program.

(2)The Dealer Loans amount represents repayments that we collected on Consumer Loans assigned under the 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 the Purchase Program.

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

Schedule Of Consumer Loans Forecasted Collection Percentage [Table Text Block]

The following table compares our aggregated forecast of Consumer Loan collection rates as of December 31, 2025, with the aggregated forecasts as of December 31, 2024, as of December 31, 2023, and at the time of assignment, segmented by year of assignment:


	Total Loans as of December 31, 2025
	Forecasted Collection Percentage as of (1)								Current Forecast Variance from
Consumer Loan Assignment Year	December 31, 2025		December 31, 2024		December 31, 2023		Initial Forecast		December 31, 2024		December 31, 2023		Initial Forecast
2016	63.9	%	63.9	%	63.8	%	65.4	%	0.0	%	0.1	%	-1.5	%
2017	64.8	%	64.7	%	64.7	%	64.0	%	0.1	%	0.1	%	0.8	%
2018	65.5	%	65.5	%	65.5	%	63.6	%	0.0	%	0.0	%	1.9	%
2019	67.2	%	67.2	%	66.9	%	64.0	%	0.0	%	0.3	%	3.2	%
2020	68.0	%	67.7	%	67.6	%	63.4	%	0.3	%	0.4	%	4.6	%
2021	63.8	%	63.8	%	64.5	%	66.3	%	0.0	%	-0.7	%	-2.5	%
2022	59.3	%	60.2	%	62.7	%	67.5	%	-0.9	%	-3.4	%	-8.2	%
2023	63.3	%	64.3	%	67.4	%	67.5	%	-1.0	%	-4.1	%	-4.2	%
2024	65.3	%	66.5	%	—		67.2	%	-1.2	%	—		-1.9	%
2025	67.2	%	—		—		67.0	%	—		—		0.2	%


	Dealer Loans as of December 31, 2025
	Forecasted Collection Percentage as of (1) (2)								Current Forecast Variance from
Consumer Loan Assignment Year	December 31, 2025		December 31, 2024		December 31, 2023		Initial Forecast		December 31, 2024		December 31, 2023		Initial Forecast
2016	63.2	%	63.1	%	63.0	%	65.1	%	0.1	%	0.2	%	-1.9	%
2017	64.1	%	64.1	%	64.0	%	63.8	%	0.0	%	0.1	%	0.3	%
2018	64.9	%	64.9	%	64.9	%	63.6	%	0.0	%	0.0	%	1.3	%
2019	66.9	%	66.8	%	66.5	%	63.9	%	0.1	%	0.4	%	3.0	%
2020	67.8	%	67.5	%	67.4	%	63.3	%	0.3	%	0.4	%	4.5	%
2021	63.6	%	63.5	%	64.2	%	66.3	%	0.1	%	-0.6	%	-2.7	%
2022	58.5	%	59.5	%	62.0	%	67.3	%	-1.0	%	-3.5	%	-8.8	%
2023	62.1	%	63.1	%	66.4	%	66.8	%	-1.0	%	-4.3	%	-4.7	%
2024	64.1	%	65.4	%	—		66.3	%	-1.3	%	—		-2.2	%
2025	65.7	%	—		—		65.5	%	—		—		0.2	%


	Purchased Loans as of December 31, 2025
	Forecasted Collection Percentage as of (1) (2)								Current Forecast Variance from
Consumer Loan Assignment Year	December 31, 2025		December 31, 2024		December 31, 2023		Initial Forecast		December 31, 2024		December 31, 2023		Initial Forecast
2016	66.2	%	66.1	%	66.1	%	66.5	%	0.1	%	0.1	%	-0.3	%
2017	66.4	%	66.3	%	66.3	%	64.6	%	0.1	%	0.1	%	1.8	%
2018	66.8	%	66.8	%	66.8	%	63.5	%	0.0	%	0.0	%	3.3	%
2019	67.9	%	67.9	%	67.5	%	64.2	%	0.0	%	0.4	%	3.7	%
2020	68.4	%	67.9	%	67.8	%	63.6	%	0.5	%	0.6	%	4.8	%
2021	64.4	%	64.3	%	65.0	%	66.3	%	0.1	%	-0.6	%	-1.9	%
2022	61.3	%	62.1	%	64.3	%	68.0	%	-0.8	%	-3.0	%	-6.7	%
2023	66.8	%	67.7	%	70.1	%	69.4	%	-0.9	%	-3.3	%	-2.6	%
2024	69.9	%	70.7	%	—		70.7	%	-0.8	%	—		-0.8	%
2025	71.9	%	—		—		71.5	%	—		—		0.4	%

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

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

Financing Receivable, Past Due [Table Text Block]

The following table summarizes the past-due status of Consumer Loan assignments as of December 31, 2025 and December 31, 2024, segmented by year of assignment:


(In millions)	Total Loans as of December 31, 2025 (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
2020 and prior	$	20.0	$	14.8	$	66.0	$	236.9	$	337.7
2021	87.2		46.1		149.5		21.4		304.2
2022	370.8		130.6		268.0		6.0		775.4
2023	1,112.5		337.9		407.3		0.7		1,858.4
2024	2,394.0		711.8		501.5		—		3,607.3
2025	3,822.7		663.5		142.3		—		4,628.5
	$	7,807.2	$	1,904.7	$	1,534.6	$	265.0	$	11,511.5


(In millions)	Dealer Loans as of December 31, 2025 (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
2020 and prior	$	11.8	$	8.4	$	38.9	$	134.5	$	193.6
2021	58.5		29.8		99.3		16.5		204.1
2022	265.2		92.1		190.1		4.7		552.1
2023	801.8		247.5		299.9		0.6		1,349.8
2024	1,882.7		581.3		412.4		—		2,876.4
2025	2,947.2		547.7		119.9		—		3,614.8
	$	5,967.2	$	1,506.8	$	1,160.5	$	156.3	$	8,790.8


(In millions)	Purchased Loans as of December 31, 2025 (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
2020 and prior	$	8.2	$	6.4	$	27.1	$	102.4	$	144.1
2021	28.7		16.3		50.2		4.9		100.1
2022	105.6		38.5		77.9		1.3		223.3
2023	310.7		90.4		107.4		0.1		508.6
2024	511.3		130.5		89.1		—		730.9
2025	875.5		115.8		22.4		—		1,013.7
	$	1,840.0	$	397.9	$	374.1	$	108.7	$	2,720.7


(In millions)	Total Loans as of December 31, 2024 (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
2019 and prior	$	25.5	$	18.8	$	87.3	$	239.7	$	371.3
2020	113.3		64.2		179.1		25.7		382.3
2021	267.8		125.2		259.0		3.8		655.8
2022	795.2		269.8		371.7		1.0		1,437.7
2023	2,033.7		576.5		420.6		—		3,030.8
2024	4,412.3		819.1		179.8		—		5,411.2
	$	7,647.8	$	1,873.6	$	1,497.5	$	270.2	$	11,289.1


(In millions)	Dealer Loans as of December 31, 2024 (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
2019 and prior	$	11.3	$	8.2	$	39.7	$	132.4	$	191.6
2020	67.9		37.7		106.4		18.5		230.5
2021	180.2		82.6		171.0		3.0		436.8
2022	569.7		191.5		262.1		0.8		1,024.1
2023	1,487.0		429.4		312.8		—		2,229.2
2024	3,571.3		686.8		150.7		—		4,408.8
	$	5,887.4	$	1,436.2	$	1,042.7	$	154.7	$	8,521.0


(In millions)	Purchased Loans as of December 31, 2024 (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
2019 and prior	$	14.2	$	10.6	$	47.6	$	107.3	$	179.7
2020	45.4		26.5		72.7		7.2		151.8
2021	87.6		42.6		88.0		0.8		219.0
2022	225.5		78.3		109.6		0.2		413.6
2023	546.7		147.1		107.8		—		801.6
2024	841.0		132.3		29.1		—		1,002.4
	$	1,760.4	$	437.4	$	454.8	$	115.5	$	2,768.1

(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.

Schedule of write-offs for Consumer Loan assignments segmented by year of assignment

The following table summarizes the write-offs for Consumer Loan assignments for the years ended December 31, 2025, 2024, and 2023 segmented by year of assignment:


(In millions)	For the Year Ended December 31, 2025
Write-offs by Consumer Loan Assignment Year	Dealer Loans		Purchased Loans		Total
2020 and prior	$	265.1	$	100.7	$	365.8
2021	151.5		56.0		207.5
2022	248.3		95.9		344.2
2023	99.3		132.9		232.2
2024	57.7		114.3		172.0
2025	14.5		54.6		69.1
	$	836.4	$	554.4	$	1,390.8


(In millions)	For the Year Ended December 31, 2024
Write-offs by Consumer Loan Assignment Year	Dealer Loans		Purchased Loans		Total
2019 and prior	$	177.6	$	134.5	$	312.1
2020	110.5		73.5		184.0
2021	131.3		92.3		223.6
2022	175.0		139.8		314.8
2023	47.6		143.9		191.5
2024	16.3		50.7		67.0
	$	658.3	$	634.7	$	1,293.0


(In millions)	For the Year Ended December 31, 2023
Write-offs by Consumer Loan Assignment Year	Dealer Loans		Purchased Loans		Total
2018 and prior	$	120.6	$	104.8	$	225.4
2019	101.3		176.6		277.9
2020	107.0		101.9		208.9
2021	107.2		119.7		226.9
2022	113.3		158.0		271.3
2023	17.2		62.8		80.0
	$	566.6	$	723.8	$	1,290.4

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Summary Of Restricted Stock Units Activity

A summary of the restricted stock unit (“RSU”) activity under the Incentive Plan for the year ended December 31, 2025, 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, 2024	533,447	$	407.15
Granted	243,351	453.50
Converted	(75,911)	220.69
Forfeited	(3,264)	478.24
Outstanding as of December 31, 2025 (1)	697,623	$	443.27	$	309.4	3.9	(3)
Vested as of December 31, 2025	56,859	$	124.94	$	25.2	0.5

(1)No RSUs outstanding at December 31, 2025 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, 2025 to the applicable number of units.

(3)The calculation of weighted average remaining contractual term of RSUs outstanding excludes 171,917 RSUs that are to be settled in common stock on future dates that are currently not known, as they are contingent on the timing of the team members' retirement from the Company.

Schedule of Stock Options Roll Forward

A summary of the stock option activity under the Incentive Plan for the year ended December 31, 2025, 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, 2024	605,466	$	367.88

Exercised	(69,419)	337.65

Outstanding as of December 31, 2025	536,047	$	371.79	$	42.9	2.2
Exercisable as of December 31, 2025	521,047	$	367.94	$	42.8	2.2
Unvested as of December 31, 2025	15,000	$	505.55	$	0.1	2.4

(1)The intrinsic value of stock options is the amount by which the market price of the stock as of December 31, 2025 exceeded the exercise price of the options.

Schedule Of Stock Based Compensation Expense

Stock-based compensation expense consists of the following:


(In millions)	For the Years Ended December 31,
	2025		2024		2023
Restricted stock units	$	45.7	$	12.1	$	5.6
Stock options	5.0		32.9		33.5
Total	$	50.7	$	45.0	$	39.1

Schedule Of Future Share-Based Compensation Cost

We expect to recognize the remaining expense for stock-based awards outstanding as of December 31, 2025 over a weighted-average period of 4.2 years as follows:


(In millions)
For the Years Ended December 31,	Restricted Stock Units		Stock Options		Total Projected Expense
2026	$	47.0	$	1.2	$	48.2
2027	39.7		—		39.7
2028	33.1		—		33.1
2029	25.0		—		25.0
2030	23.3		—		23.3
Thereafter	89.6		—		89.6
Total	$	257.7	$	1.2	$	258.9

Subsequent Events (Narrative) (Details) - Term ABS 2021-1 [Member] - USD ($)
$ in Millions

24 Months Ended

Jan. 14, 2026

Jan. 18, 2028

Jan. 15, 2026

Dec. 31, 2025

Subsequent Event [Line Items]

Debt Instrument, Face Amount

^[1]

$ 100.0

Subsequent Event [Member]

Subsequent Event [Line Items]

Debt Instrument, Face Amount

$ 100.0

Secured Overnight Financing Rate (SOFR) [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

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

2.20%

1.40%

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

Income Taxes (Income Taxes Paid) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income Tax Paid, Federal, after Refund Received	$ 252.9	$ 82.7	$ 19.7
Cash paid during the period for income taxes	279.3	103.7	31.9
PENNSYLVANIA
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income Tax Paid, State and Local, after Refund Received [Abstract]		6.3	3.9
NEW YORK
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income Tax Paid, State and Local, after Refund Received [Abstract]			3.9
ALABAMA
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income Tax Paid, State and Local, after Refund Received [Abstract]			2.8
State and Local Tax Jurisdiction, Other [Member]
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income Tax Paid, State and Local, after Refund Received [Abstract]	26.4	14.7	1.6
STATE TOTAL
Income Tax Paid, by Individual Jurisdiction [Line Items]
Income Tax Paid, State and Local, after Refund Received [Abstract]	$ 26.4	$ 21.0	$ 12.2

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

Dec. 31, 2025

Dec. 31, 2024

^[1]

$ 22.8

$ 343.7

^[1]

477.9

501.3

^[2]

106.2

106.4

^[1]

8,974.1

8,922.7

^[1]

107.3

0.1

^[1]

5,225.3

5,431.9

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

^[1]

1,131.4

1,035.3

Level 1 [Member]

^[1]

22.8

343.7

^[1]

477.9

501.3

^[2]

84.7

84.5

^[1]

0.0

^[1]

0.0

^[1]

3,825.1

3,831.7

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

^[1]

1,131.4

1,035.3

Level 2 [Member]

^[1]

0.0

^[1]

0.0

^[2]

21.5

21.9

^[1]

0.0

^[1]

107.3

0.1

^[1]

1,400.2

1,600.2

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

^[1]

0.0

Level 3 [Member]

^[1]

0.0

^[1]

0.0

^[2]

0.0

^[1]

8,974.1

8,922.7

^[1]

0.0

^[1]

0.0

^[1]

$ 0.0

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

Debt (Summary Of Additional Information Of Credit facilities) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revolving Secured Line Of Credit [Member]
Debt Instrument [Line Items]
Maximum outstanding balance	$ 307.6	$ 342.0
Average outstanding balance	39.0	127.0
Warehouse Facility II [Member]
Debt Instrument [Line Items]
Maximum outstanding balance	251.0	251.0
Average outstanding balance	5.5	94.4
Warehouse Facility IV [Member]
Debt Instrument [Line Items]
Maximum outstanding balance	0.0	0.0
Average outstanding balance	0.0	0.0
Warehouse Facility V [Member]
Debt Instrument [Line Items]
Maximum outstanding balance	0.0	100.0
Average outstanding balance	0.0	5.7
Warehouse Facility VI [Member]
Debt Instrument [Line Items]
Maximum outstanding balance	0.0	75.0
Average outstanding balance	0.0	36.5
Warehouse Facility VIII [Member]
Debt Instrument [Line Items]
Maximum outstanding balance	0.0	100.0
Average outstanding balance	$ 0.0	$ 19.4

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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Loans and Leases Receivable, Net [Roll Forward]

Description Of Business

12 Months Ended

Dec. 31, 2025

Description Of Business [Abstract]

Description Of Business

Principal Business. Credit Acceptance Corporation (referred to as the “Company”, “Credit Acceptance”, “we”, “our” or “us”) makes vehicle ownership possible by providing innovative financing solutions 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 desire to provide an opportunity to consumers to improve their 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 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	2025		2024		2023
Percentage of total unit volume with either FICO® scores below 650 or no FICO® scores	79.5	%	80.6	%	80.9	%

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
2023	74.0	%	26.0	%	70.7	%	29.3	%
2024	78.7	%	21.3	%	77.5	%	22.5	%
2025	74.2	%	25.8	%	71.7	%	28.3	%

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 the 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 the 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.

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

$ 7,909.2

$ 7,850.3

$ 6,955.3

$ 6,297.7

Financing Receivable, Credit Loss, Expense (Reversal)

(2,141.8)

(1,992.7)

(1,755.4)

(616.1)

(814.7)

(736.2)

^[1]

(3,856.1)

(4,618.4)

(4,147.8)

^[2]

(5,567.5)

(5,216.5)

(4,804.5)

(50.7)

(59.0)

(46.9)

(180.1)

(241.2)

(235.9)

^[3]

0.0

0.0

^[4]

0.0

(13.8)

(14.9)

(12.3)

Loans and Leases Receivable, Net [Roll Forward]

5,701.7

5,676.5

4,709.8

4,074.8

Financing Receivable, Credit Loss, Expense (Reversal)

(1,422.8)

(1,279.7)

(1,046.7)

(369.8)

(537.3)

(427.7)

^[1]

(2,764.8)

(3,578.3)

(2,933.7)

^[2]

(3,924.7)

(3,575.5)

(3,147.7)

(50.7)

(59.0)

(46.9)

(180.1)

(241.2)

(235.9)

^[3]

(112.5)

(93.6)

(65.1)

0.0

^[4]

0.0

(13.8)

(14.9)

(12.3)

Loans and Leases Receivable, Net [Roll Forward]

2,207.5

2,173.8

2,245.5

2,222.9

Financing Receivable, Credit Loss, Expense (Reversal)

(719.0)

(713.0)

(708.7)

(246.3)

(277.4)

(308.5)

^[1]

(1,091.3)

(1,040.1)

(1,214.1)

^[2]

(1,642.8)

(1,641.0)

(1,656.8)

0.0

0.0

^[3]

112.5

93.6

65.1

0.0

^[4]

0.0

Loans Receivable [Member]

0.0

Loans and Leases Receivable, Net [Roll Forward]

11,511.5

11,289.1

10,020.1

9,165.5

Financing Receivable, Credit Loss, Expense (Reversal)

(3,072.3)

(2,837.3)

(2,501.0)

0.0

^[1]

(3,856.1)

(4,618.4)

(4,147.8)

^[2]

(5,567.5)

(5,216.5)

(4,804.5)

(50.7)

(59.0)

(46.9)

(180.1)

(241.2)

(235.9)

^[3]

0.0

(1,390.8)

(1,293.0)

(1,290.4)

^[4]

(7.7)

(5.6)

Loans Receivable [Member] | Dealer Loans [Member]

(13.8)

(14.9)

(12.3)

Loans and Leases Receivable, Net [Roll Forward]

8,790.8

8,521.0

7,065.5

6,074.8

Financing Receivable, Credit Loss, Expense (Reversal)

(2,183.7)

(1,931.4)

(1,575.5)

0.0

^[1]

(2,764.8)

(3,578.3)

(2,933.7)

^[2]

(3,924.7)

(3,575.5)

(3,147.7)

(50.7)

(59.0)

(46.9)

(180.1)

(241.2)

(235.9)

^[3]

(164.2)

(138.9)

(100.9)

(836.4)

(658.3)

(566.6)

^[4]

(2.0)

(3.4)

(1.6)

Loans Receivable [Member] | Purchased Loans [Member]

(13.8)

(14.9)

(12.3)

Loans and Leases Receivable, Net [Roll Forward]

2,720.7

2,768.1

2,954.6

3,090.7

Financing Receivable, Credit Loss, Expense (Reversal)

(888.6)

(905.9)

(925.5)

0.0

^[1]

(1,091.3)

(1,040.1)

(1,214.1)

^[2]

(1,642.8)

(1,641.0)

(1,656.8)

0.0

0.0

^[3]

164.2

138.9

100.9

(554.4)

(634.7)

(723.8)

^[4]

(5.7)

(4.3)

(4.0)

Allowance for Credit Losses [Member]

0.0

Loans and Leases Receivable, Net [Roll Forward]

3,602.3

3,438.8

3,064.8

2,867.8

Financing Receivable, Credit Loss, Expense (Reversal)

(930.5)

(844.6)

(745.6)

(616.1)

(814.7)

(736.2)

^[1]

0.0

^[2]

0.0

0.0

0.0

^[3]

0.0

(1,390.8)

(1,293.0)

(1,290.4)

^[4]

(7.7)

(5.6)

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

0.0

Loans and Leases Receivable, Net [Roll Forward]

3,089.1

2,844.5

2,355.7

2,000.0

Financing Receivable, Credit Loss, Expense (Reversal)

(760.9)

(651.7)

(528.8)

(369.8)

(537.3)

(427.7)

^[1]

0.0

^[2]

0.0

0.0

0.0

^[3]

(51.7)

(45.3)

(35.8)

(836.4)

(658.3)

(566.6)

^[4]

(2.0)

(3.4)

(1.6)

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

0.0

Loans and Leases Receivable, Net [Roll Forward]

513.2

594.3

709.1

$ 867.8

Financing Receivable, Credit Loss, Expense (Reversal)

(169.6)

(192.9)

(216.8)

(246.3)

(277.4)

(308.5)

^[1]

0.0

^[2]

0.0

0.0

0.0

^[3]

51.7

45.3

35.8

(554.4)

(634.7)

(723.8)

^[4]

(5.7)

(4.3)

(4.0)

Other Income and Expenses [Abstract]

$ 0.0

[1]	The Dealer Loans amount represents advances paid to Dealers on Consumer Loans assigned under the Portfolio Program. The Purchased Loans amount represents one-time payments made to Dealers to purchase Consumer Loans assigned under the Purchase Program.
[2]	Represents repayments that we collected on Consumer Loans assigned under our programs.
[3]	Under the 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

Net Income Per Share

12 Months Ended

Dec. 31, 2025

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,
	2025	2024	2023
Weighted average shares outstanding:
Common shares	11,342,184	12,159,941	12,728,888
Vested restricted stock units	109,394	163,320	224,536
Basic number of weighted average shares outstanding	11,451,578	12,323,261	12,953,424
Dilutive effect of restricted stock units and stock options	199,195	146,022	57,311
Dilutive number of weighted average shares outstanding	11,650,773	12,469,283	13,010,735

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,
	2025	2024	2023
Stock options	47,000	69,083	228,998
Restricted stock units	7,329	240	3,185
Total	54,329	69,323	232,183

Consolidated Statements Of Income - USD ($) $ in Millions	12 Months Ended
Consolidated Statements Of Income - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue:
Finance Charges Revenue	$ 2,141.8	$ 1,992.7	$ 1,755.4
Premiums earned	95.6	96.1	79.6
Other Income	79.8	73.6	66.9
Total revenue	2,317.2	2,162.4	1,901.9
Costs and expenses:
Salaries and wages	337.1	309.2	280.2
General and administrative	161.4	97.9	87.2
Sales and marketing	101.4	94.4	91.7
Operating Expenses	599.9	501.5	459.1
Provision for Credit Losses on Forecast Changes	338.3	493.8	413.7
Provision for credit losses	277.8	320.9	322.5
Financing Receivable, Credit Loss, Expense (Reversal)	616.1	814.7	736.2
Interest	462.9	419.5	266.5
Provision for claims	71.7	73.5	70.7
Loss on extinguishment of debt	1.2	0.0	1.8
Loss on sale of building	0.0	23.7	0.0
Total costs and expenses	1,751.8	1,832.9	1,534.3
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total	565.4	329.5	367.6
Effective tax rate, amount	141.5	81.6	81.5
Net income	$ 423.9	$ 247.9	$ 286.1
Net income per share:
Basic (in usd per share)	$ 37.02	$ 20.12	$ 22.09
Diluted (in usd per share)	$ 36.38	$ 19.88	$ 21.99
Weighted average shares outstanding:
Basic (in shares)	11,451,578	12,323,261	12,953,424
Diluted (in shares)	11,650,773	12,469,283	13,010,735

Other Income (Tables)

12 Months Ended

Dec. 31, 2025

Schedule Of Other Income [Table Text Block]

Other income consists of the following:


(In millions)	For the Years Ended December 31,
	2025		2024		2023
Ancillary product profit sharing	$	37.8	$	33.4	$	34.1
Interest	27.5		26.2		19.7
Remarketing fees	12.7		12.1		10.7
Other	1.8		1.9		2.4
Total	$	79.8	$	73.6	$	66.9

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, 2025
	Ancillary product profit sharing		Interest		Remarketing fees		Other		Total Other Income
Source of income
Third-Party Providers	$	37.8	$	27.5	$	—	$	0.7	$	66.0
Dealers	—		—		12.7		1.1		13.8
Total	$	37.8	$	27.5	$	12.7	$	1.8	$	79.8

Timing of revenue recognition
Over time	$	37.8	$	27.5	$	—	$	0.3	$	65.6
At a point in time	—		—		12.7		1.5		14.2
Total	$	37.8	$	27.5	$	12.7	$	1.8	$	79.8

Reinsurance

12 Months Ended

Dec. 31, 2025

Reinsurance [Abstract]

Reinsurance

REINSURANCE

A summary of reinsurance activity is as follows:


(In millions)	For the Years Ended December 31,
	2025		2024		2023
Net assumed written premiums	$	93.7	$	104.4	$	92.8
Net premiums earned	95.6		96.1		79.6
Provision for claims	71.7		73.5		70.7
Amortization of capitalized acquisition costs	2.4		2.4		1.9

The trust assets and related reinsurance liabilities are as follows:


(In millions)		As of December 31,
	Balance Sheet location	2025		2024
Trust assets	Restricted cash and cash equivalents	$	0.7	$	0.3
Trust assets	Restricted securities available for sale	106.2		106.4
Unearned premium	Accounts payable and accrued liabilities	74.0		75.9
Claims reserve (1)	Accounts payable and accrued liabilities	5.9		6.0

(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, 2025:


(Dollars in millions)
	Cumulative Incurred Claims										As of December 31, 2025
Incident Year	As of December 31,										Claims Reserve		Cumulative Number of Reported Claims
	2021		2022		2023		2024		2025
2021	$	38.9	$	39.2	$	39.3	$	39.3	$	39.3	$	—	28,856
2022			46.0		47.7		47.8		47.8		—		30,493
2023					68.9		69.2		69.2		—		38,732
2024							73.1		72.9		—		40,080
2025									71.9		5.9		37,355
Total									$	301.1	$	5.9	175,516


(In millions)	Cumulative Paid Claims
	As of December 31,
Incident Year	2021		2022		2023		2024		2025
2021	$	36.5	$	39.2	$	39.3	$	39.3	$	39.3
2022			42.9		47.7		47.8		47.8
2023					63.3		69.2		69.2
2024							67.1		72.9
2025									66.0
Total									$	295.2


Average Annual Percentage Payout of Incurred Claims by Age
Claim Age (Years)	1		2		3		4		5
Payout Percentage	91.6	%	8.3	%	0.1	%	—	%	—	%

Income Taxes

12 Months Ended

Dec. 31, 2025

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,
	2025		2024		2023
Income before provision for income taxes:	$	565.4	$	329.5	$	367.6
Current provision for income taxes:
Federal	83.5		116.1		97.1
State	20.4		32.9		20.2
	103.9		149.0		117.3
Deferred provision for income taxes:
Federal	32.2		(47.9)		(26.4)
State	2.4		(22.5)		(11.6)
	34.6		(70.4)		(38.0)
Interest and penalties expense:
Interest	3.0		3.0		2.2
Penalties	—		—		—
	3.0		3.0		2.2
Provision for income taxes	$	141.5	$	81.6	$	81.5

Income Tax Payments

Income tax payments during the year, net of refunds, are comprised of the following:


(In millions)	For the Years Ended December 31,
	2025		2024		2023
Federal	$	252.9	$	82.7	$	19.7
State:
Pennsylvania	(a)		6.3		3.9
New York	(a)		(a)		3.9
Alabama	(a)		(a)		2.8
Other	26.4		14.7		1.6
State total	26.4		21.0		12.2
Total cash paid for income taxes (net of refunds)	$	279.3	$	103.7	$	31.9

(a) The amount of income taxes paid during the year does not meet the 5% disaggregation threshold and is included in “Other.”

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,
	2025		2024
Deferred tax assets:
Allowance for credit losses	$	884.0	$	831.7
Stock-based compensation	15.9		14.3
Deferred state net operating loss	32.3		25.3
Other, net	34.6		15.2
Total deferred tax assets	966.8		886.5
Deferred tax liabilities:
Valuation of Loans receivable	1,310.4		1,195.8
Deferred Loan origination costs	1.8		1.8
Other, net	8.6		8.0
Total deferred tax liabilities	1,320.8		1,205.6
Net deferred tax liability	$	354.0	$	319.1

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:


(In millions)	For the Years Ended December 31,
	2025				2024				2023
	Amount		Percentage		Amount		Percentage		Amount		Percentage
U.S. federal statutory income tax rate	$	118.7	21.0	%	$	69.2	21.0	%	$	77.2	21.0	%
State and local income taxes (1) (2)	21.1		3.7	%	10.4		3.1	%	9.9		2.7	%
Non-deductible executive compensation expense	5.5		1.0	%	7.1		2.1	%	4.8		1.3	%
Excess tax benefits from stock-based compensation plans	(4.1)		-0.7	%	(5.3)		-1.6	%	(10.9)		-3.0	%
Other	0.3		0.0	%	0.2		0.2	%	0.5		0.2	%
Effective income tax rate	$	141.5	25.0	%	$	81.6	24.8	%	$	81.5	22.2	%

(1) For the years ended December 31, 2025, 2024, and 2023, the majority of the tax effect in this category was attributable to state income taxes in New Jersey, Tennessee, Illinois, and Pennsylvania; New Jersey and Indiana; and New Jersey, Michigan, New York, Pennsylvania, Maryland, and Alabama, respectively.

(2) Includes uncertain tax benefits applicable to states income taxes.

State and local income taxes

For the year ended December 31, 2025, the impact of state and local income taxes on our effective income tax rate increased from 2024, primarily due to a revision of deferred tax estimates during 2025. For the year ended December 31, 2024, the impact of state and local income taxes on our effective income tax rate increased from 2023, primarily due to an adjustment to an uncertain tax position estimate for state income taxes during the second quarter of 2024 and changes in state tax laws that were enacted during the second quarter of 2024.

Non-deductible executive compensation expense

We recognize non-deductible executive compensation expense as an increase of provision for income taxes or a reduction of benefit for income taxes. For the year ended December 31, 2025, the impact of non-deductible executive compensation expense on our effective income tax rate decreased from 2024, due to a decrease in non-deductible executive compensation expense and an increase in pre-tax income. For the year ended December 31, 2024, the impact of non-deductible executive compensation expense on our effective income tax rate increased from 2023, primarily due to an increase in non-deductible executive compensation expense.

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 settled in 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 decrease in the impact of excess tax benefits on our effective income tax rate for the year ended December 31, 2025 as compared to 2024 was due to a lower realized tax deduction from stock compensation and an increase in pre-tax income. The decrease in the impact of excess tax benefits on our effective income tax rate for the year ended December 31, 2024 as compared to 2023 was primarily due to a decrease in the number of restricted stock units that were settled in common stock during 2024 due to the timing of long-term stock award grants.

Unrecognized Tax Benefits

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


(In millions)	For the Years Ended December 31,
	2025		2024		2023
Unrecognized tax benefits at January 1,	$	73.0	$	61.0	$	57.1
Additions for tax positions of the current year	16.5		20.3		16.2
Additions for tax positions of prior years	—		2.8		—
Reductions for tax positions of prior years	(0.1)		(0.2)		(0.1)
Settlements	—		(3.2)		(3.7)
Reductions as a result of a lapse of the statute of limitations	(10.0)		(7.7)		(8.5)
Unrecognized tax benefits at December 31,	$	79.4	$	73.0	$	61.0

The total amount of gross unrecognized tax benefits that, if recognized, would favorably affect our effective income tax rate in future periods was $79.4 million as of December 31, 2025. As of December 31, 2025, 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 $20.9 million and $17.9 million as of December 31, 2025 and 2024, 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 2022 and state and local returns filed for years prior to 2019.

The entire disclosure for income tax.

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

Fair Value Of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

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


(In millions)	As of December 31,
	2025				2024
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets
Cash and cash equivalents	$	22.8	$	22.8	$	343.7	$	343.7
Restricted cash and cash equivalents	477.9		477.9		501.3		501.3
Restricted securities available for sale	106.2		106.2		106.4		106.4
Loans receivable, net	7,909.2		8,974.1		7,850.3		8,922.7
Liabilities
Revolving secured lines of credit	$	107.3	$	107.3	$	0.1	$	0.1
Secured financing	5,158.8		5,225.3		5,361.5		5,431.9
Senior notes	1,087.8		1,131.4		991.3		1,035.3

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, 2025
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents (1)	$	22.8	$	—	$	—	$	22.8
Restricted cash and cash equivalents (1)	477.9		—		—		477.9
Restricted securities available for sale (2)	84.7		21.5		—		106.2
Loans receivable, net (1)	—		—		8,974.1		8,974.1
Liabilities
Revolving secured lines of credit (1)	$	—	$	107.3	$	—	$	107.3
Secured financing (1)	3,825.1		1,400.2		—		5,225.3
Senior notes (1)	1,131.4		—		—		1,131.4

(In millions)	As of December 31, 2024
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Cash and cash equivalents (1)	$	343.7	$	—	$	—	$	343.7
Restricted cash and cash equivalents (1)	501.3		—		—		501.3
Restricted securities available for sale (2)	84.5		21.9		—		106.4
Loans receivable, net (1)	—		—		8,922.7		8,922.7
Liabilities
Revolving secured lines of credit (1)	$	—	$	0.1	$	—	$	0.1
Secured financing (1)	3,831.7		1,600.2		—		5,431.9
Senior notes (1)	1,035.3		—		—		1,035.3

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

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

Income Taxes (Schedule Of Reconciliation Of The U.S. Federal Statutory Rate To Effective Tax Rate) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Effective tax rate, amount	$ 141.5	$ 81.6	$ 81.5
Effective tax rate	25.00%	24.80%	22.20%
Domestic Tax Jurisdiction
Effective Income Tax Rate Reconciliation [Line Items]
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	$ 118.7	$ 69.2	$ 77.2
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	21.1	10.4	9.9
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount	5.5	7.1	4.8
Effective Income Tax Rate Reconciliation, Deduction, Amount	(4.1)	(5.3)	(10.9)
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	0.3	0.2	0.5
Effective tax rate, amount	$ 141.5	$ 81.6	$ 81.5
U.S. federal statutory rate	21.00%	21.00%	21.00%
State income taxes	3.70%	3.10%	2.70%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent	1.00%	2.10%	1.30%
Effective Income Tax Rate Reconciliation, Deduction, Percent	(0.70%)	(1.60%)	(3.00%)
Other	0.00%	0.20%	0.20%
Effective tax rate	25.00%	24.80%	22.20%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Stock-Based Compensation Plans (Schedule Of Stock Based Compensation Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 50.7	$ 45.0	$ 39.1
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	45.7	12.1	5.6
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 5.0	$ 32.9	$ 33.5

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Loans Receivable (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Forecast changes				$ (169.5)	$ (314.0)	$ (206.3)
Change in Provision for Credit Losses [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Forecast changes	$ 16.5	$ 127.5	$ 71.3
Impact on Cash Flows due to Forecast Methodology Change [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Forecast changes	$ 18.6	$ 147.2	$ 44.5
Forecast Changes as a % or Portfolio	0.20%	1.40%	0.50%

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, 2025	Dec. 31, 2024	Dec. 31, 2023
Percentage Of Contracts With FICO Score Lower Than 650 Or No FICO Score [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Percentage of total unit volume with either FICO® scores below 650 or no FICO® scores	79.50%	80.60%	80.90%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Schedule Of Income Tax Provision

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

The income tax provision consists of the following:


(In millions)	For the Years Ended December 31,
	2025		2024		2023
Income before provision for income taxes:	$	565.4	$	329.5	$	367.6
Current provision for income taxes:
Federal	83.5		116.1		97.1
State	20.4		32.9		20.2
	103.9		149.0		117.3
Deferred provision for income taxes:
Federal	32.2		(47.9)		(26.4)
State	2.4		(22.5)		(11.6)
	34.6		(70.4)		(38.0)
Interest and penalties expense:
Interest	3.0		3.0		2.2
Penalties	—		—		—
	3.0		3.0		2.2
Provision for income taxes	$	141.5	$	81.6	$	81.5

Income Tax Payments

Income tax payments during the year, net of refunds, are comprised of the following:


(In millions)	For the Years Ended December 31,
	2025		2024		2023
Federal	$	252.9	$	82.7	$	19.7
State:
Pennsylvania	(a)		6.3		3.9
New York	(a)		(a)		3.9
Alabama	(a)		(a)		2.8
Other	26.4		14.7		1.6
State total	26.4		21.0		12.2
Total cash paid for income taxes (net of refunds)	$	279.3	$	103.7	$	31.9

(a) The amount of income taxes paid during the year does not meet the 5% disaggregation threshold and is included in “Other.”

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,
	2025		2024
Deferred tax assets:
Allowance for credit losses	$	884.0	$	831.7
Stock-based compensation	15.9		14.3
Deferred state net operating loss	32.3		25.3
Other, net	34.6		15.2
Total deferred tax assets	966.8		886.5
Deferred tax liabilities:
Valuation of Loans receivable	1,310.4		1,195.8
Deferred Loan origination costs	1.8		1.8
Other, net	8.6		8.0
Total deferred tax liabilities	1,320.8		1,205.6
Net deferred tax liability	$	354.0	$	319.1

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:


(In millions)	For the Years Ended December 31,
	2025				2024				2023
	Amount		Percentage		Amount		Percentage		Amount		Percentage
U.S. federal statutory income tax rate	$	118.7	21.0	%	$	69.2	21.0	%	$	77.2	21.0	%
State and local income taxes (1) (2)	21.1		3.7	%	10.4		3.1	%	9.9		2.7	%
Non-deductible executive compensation expense	5.5		1.0	%	7.1		2.1	%	4.8		1.3	%
Excess tax benefits from stock-based compensation plans	(4.1)		-0.7	%	(5.3)		-1.6	%	(10.9)		-3.0	%
Other	0.3		0.0	%	0.2		0.2	%	0.5		0.2	%
Effective income tax rate	$	141.5	25.0	%	$	81.6	24.8	%	$	81.5	22.2	%

(2) Includes uncertain tax benefits applicable to states income taxes.

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,
	2025		2024		2023
Unrecognized tax benefits at January 1,	$	73.0	$	61.0	$	57.1
Additions for tax positions of the current year	16.5		20.3		16.2
Additions for tax positions of prior years	—		2.8		—
Reductions for tax positions of prior years	(0.1)		(0.2)		(0.1)
Settlements	—		(3.2)		(3.7)
Reductions as a result of a lapse of the statute of limitations	(10.0)		(7.7)		(8.5)
Unrecognized tax benefits at December 31,	$	79.4	$	73.0	$	61.0

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

Dec. 31, 2025

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Within one year, cost

$ 9.6

$ 9.5

Over one year to five years, cost

92.1

84.7

Over five years to ten years, cost

3.3

12.6

Over ten years, cost

0.0

Total restricted securities available for sale, cost

105.0

106.8

Within one year, estimated fair value

9.6

9.4

Over one year to five years, estimated fair value

93.2

84.3

Over five years to ten years, estimated fair value

3.4

12.7

Over ten years, fair value

0.0

Total restricted securities available for sale, fair value

^[1]

$ 106.2

$ 106.4

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

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company regularly assesses risks from cybersecurity threats, monitors its information systems for potential vulnerabilities, and tests those systems pursuant to the Company’s cybersecurity policies, standards, processes, and practices, which are integrated into the Company’s overall risk management program. We have adopted NIST SP 800-37 Rev. 2 and the NIST Cybersecurity Framework, and we have aligned our information systems risk management to these guidelines. We categorize our information systems as either critical or secondary, depending on business value and/or risk of financial or compliance impact of cybersecurity incidents
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our information security team uses a multifaceted approach to assess, identify, and manage material risks to the Company from cybersecurity threats, including testing of the effectiveness of our cybersecurity incident prevention and response systems; conducting routine vulnerability scanning of information systems assets; network/endpoint detection, and response coupled with anomaly identification enhanced logging capabilities powered by AI software; discovery through collaboration with the Company’s internal audit team; monitoring of threat intelligence feeds provided by industry associations/groups, service providers, and federal/state authorities; and professional service engagements, such as retaining the services of an external 24/7 security operations center and partnering with third parties in testing our information systems for vulnerabilities from external, internal, and social engineering perspectives and assessing the effectiveness of our cybersecurity controls.The Company partners with third-party service providers and employs processes to assess, identify, and manage material risks from cybersecurity threats arising from the use of such third-party service providers. Our latest assessment attempted to identify vulnerabilities in our network and systems from external, internal, and social engineering perspectives. Our cybersecurity practices (including with respect to third-party service providers) have been assessed to represent a level of maturity consistent with industry best practices.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors oversees the Company’s risk management process, including cybersecurity risks, directly and through its committees. The audit committee of the Company’s board of directors provides structured oversight of the Company’s risk management program, which focuses on the most significant short-, intermediate-, and long-term risks the Company faces. The Company has an information security compliance committee (the “Committee”) that consists of the members of the Company's compliance committee, which reports to our board of directors, and at least three members of Company management. The Committee is responsible for overseeing the development and upkeep of written policies and procedures aimed at safeguarding the Company’s information systems and the nonpublic information stored within them. In addition, the Committee plays a crucial role in the governance of the cybersecurity risk management process. This involves collaborating with third-party industry experts and the Company’s internal audit team to conduct risk assessments of the Company’s information security program (the “Program”). The assessments encompass an evaluation of the Company’s adherence to the Program, including the elements of the Program that are dictated by relevant laws, regulations, and the Company’s information security manual.
Cybersecurity Risk Role of Management [Text Block]	At least annually, our internal audit team conducts a formal risk assessment and develops an audit plan that identifies, assesses, and prioritizes risks that include cybersecurity. The results of the risk assessment and the proposed audit plan are communicated to various leaders within the Company as well as the audit committee of our board of directors for input. The audit plan is reassessed throughout the year, and the plan is subject to modification by our internal audit team, e.g., based on such considerations as changes to resources, business operations, and internal or external risk factors. The CISO also issues an annual written report to our board of directors on the Program and material cybersecurity risks. The Company takes a risk-based approach to cybersecurity and has implemented cybersecurity policies throughout its operations that are designed to address cybersecurity threats and incidents. In particular, the Company has adopted and maintains written policies and procedures for the protection of Company’s information systems and nonpublic information stored on those systems, which are based on the Company’s risk assessment and that address all other specific topics as may be required by applicable laws and regulations. The Company requires all team members with access to any of its information systems, including contractors, to complete social engineering, cybersecurity, and compliance training programs annually. The Program includes processes to coordinate and facilitate the implementation of information security best practices and services throughout the Company and to comply with applicable cybersecurity requirements under federal and state laws and regulations, including, but not limited to, the Gramm-Leach-Bliley Act, the Health Insurance Portability and Accountability Act of 1996, and the New York State Department of Financial Services Cybersecurity Requirements for Financial Services Companies, 23 NYCRR 500. The Program is based on the Company’s risk assessment and designed to perform in accordance with applicable laws and regulations. The Company has established and maintains a comprehensive information security incident management plan (the “Plan”) that allows the Company to respond quickly and effectively to cybersecurity threats and cybersecurity incidents, including cybersecurity breaches, in accordance with applicable laws and regulations. The Company routinely engages third-party industry experts to work in conjunction with our internal audit team in performing risk assessments of the Program and the Plan and of the Company’s execution of the Program and the Plan.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Vice President, Engineering – Security, Compliance, and Trust
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Vice President, Engineering – Security, Compliance, and Trust, who maintains a CRISC certification, has more than twenty years of experience in information security, risk management, and regulatory compliance in the financial services industry, and serves as our designated Chief Information Security Officer (“CISO”).
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CISO, in coordination with the information security managers, is responsible for leading the assessment and management of cybersecurity risks. The Company’s information security team has extensive experience in information security and previous information security work experience in several industries, including defense, manufacturing, and financial services. The CISO reports to our board of directors and senior management on cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax benefits at January 1	$ 73.0	$ 61.0	$ 57.1
Additions for tax positions of the current year	16.5	20.3	16.2
Additions for tax positions of prior years	0.0	2.8	0.0
Reductions for tax positions of prior years	(0.1)	(0.2)	(0.1)
Settlements	0.0	3.2	3.7
Reductions as a result of a lapse of the statute of limitations	(10.0)	(7.7)	(8.5)
Unrecognized tax benefits at December 31	$ 79.4	$ 73.0	$ 61.0

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

Dec. 31, 2025

Dec. 31, 2024

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

Debt Securities, Available-for-sale, Amortized Cost

$ 105.0

$ 106.8

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

1.3

0.4

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

0.1

0.8

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

^[1]

106.2

106.4

Corporate bonds [Member]

Debt Securities, Available-for-sale, Amortized Cost

53.1

49.4

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

0.9

0.2

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

0.1

0.4

US Government and agency securities [Member]

53.9

49.2

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

Debt Securities, Available-for-sale, Amortized Cost

30.6

35.6

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

0.2

0.1

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

0.0

0.4

Asset-backed Securities [Member]

30.8

35.3

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

Debt Securities, Available-for-sale, Amortized Cost

18.5

20.1

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

0.2

0.1

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

0.0

Mortgage-backed securities [Member]

18.7

20.2

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

Debt Securities, Available-for-sale, Amortized Cost

2.8

1.7

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

$ 2.8

$ 1.7

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

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of Cash and Cash Equivalents [Table Text Block]

Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Allowance for credit losses	$ 884.0	$ 831.7
Stock-based compensation	15.9	14.3
Deferred state net operating loss	32.3	25.3
Other, net	34.6	15.2
Total deferred tax assets	966.8	886.5
Valuation of Loans receivable	1,310.4	1,195.8
Deferred Loan origination costs	1.8	1.8
Other, net	8.6	8.0
Total deferred tax liabilities	1,320.8	1,205.6
Net deferred tax liability	$ 354.0	$ 319.1

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

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,
	2025		2024		2023
Cash and cash equivalents	$	22.8	$	343.7	$	13.2
Restricted cash and cash equivalents	477.9		501.3		457.7
Total cash and cash equivalents and restricted cash and cash equivalents	$	500.7	$	845.0	$	470.9

Reinsurance (Schedule Of Reinsurance Activity) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Reinsurance [Abstract]
Net assumed written premiums	$ 93.7	$ 104.4	$ 92.8
Net premiums earned	95.6	96.1	79.6
Provision for claims	71.7	73.5	70.7
Amortization of capitalized acquisition costs	$ 2.4	$ 2.4	$ 1.9

Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-Based Compensation Plans (Summary Of Restricted Stock Units Activity) (Details) - Restricted Stock Units (RSUs) [Member] - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Outstanding, as of December 31

533,447

Granted

243,351

Converted

(75,911)

Forfeited

3,264

Outstanding, as of December 31

697,623

^[1]

533,447

Vested

56,859

Weighted Average Grant-Date Fair Value Per Share, Outstanding as of December 31

$ 407.15

Weighted Average Grant-Date Fair Value Per Share, Nonvested, Granted

453.50

$ 484.58

$ 454.04

Weighted Average Grant-Date Fair Value Per Share, Nonvested, Converted

220.69

Weighted Average Grant-Date Fair Value Per Share, Nonvested, Forfeited

478.24

Weighted Average Grant-Date Fair Value Per Share, Outstanding as of December 31

443.27

$ 407.15

Weighted Average Grant-Date Fair Value Per Share, Vested as of December 31

$ 124.94

Aggregate Intrinsic Value, Outstanding

^[2]

$ 309.4

Aggregate Intrinsic Value, Vested

^[2]

$ 25.2

Weighted Average Remaining Contractual Term, Outstanding

^[3]

3 years 10 months 24 days

Weighted Average Remaining Contractual Term, Vested

6 months

[1]	No RSUs outstanding at December 31, 2025 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, 2025 to the applicable number of units.
[3]	The calculation of weighted average remaining contractual term of RSUs outstanding excludes 171,917 RSUs that are to be settled in common stock on future dates that are currently not known, as they are contingent on the timing of the team members' retirement from the Company.

Stock Repurchases (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Feb. 13, 2017

Equity, Class of Treasury Stock [Line Items]

Common stock repurchased, shares

1,513,838

588,025

409,317

Common stock repurchased, value

$ 725.4

^[1]

$ 313.3

^[1]

$ 202.6

Increase in number of shares authorized for repurchase

2,000,000

Number of shares authorized for repurchase

1,760,766

Open Market [Member]

Equity, Class of Treasury Stock [Line Items]

Common stock repurchased, shares

^[2]

1,484,325

560,916

352,062

Common stock repurchased, value

^[2]

$ 711.9

^[1]

$ 300.4

^[1]

$ 175.1

Other [Member]

Equity, Class of Treasury Stock [Line Items]

Common stock repurchased, shares

^[3]

29,513

27,109

57,255

Common stock repurchased, value

^[3]

$ 13.5

^[1]

$ 12.9

^[1]

$ 27.5

[1]	Total cost of repurchases includes excise tax.
[2]	Represents repurchases under authorizations by our 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 29, 2025, our 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, 2025, we had authorization to repurchase 1,760,766 shares of our common stock.
[3]	Represents shares of common stock released to us by team members as payment of tax withholdings upon the vesting of restricted stock units and the settlement of restricted stock units in common stock.

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

Property, Plant and Equipment [Abstract]

Stock-Based Compensation Plans (Schedule Of Future Share-Based Compensation Cost) (Details) $ in Millions	Dec. 31, 2025 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2026	$ 48.2
2027	39.7
2028	33.1
2029	25.0
2029	23.3
Thereafter	89.6
Total	258.9
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2026	47.0
2027	39.7
2028	33.1
2029	25.0
2029	23.3
Thereafter	89.6
Total	257.7
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2026	1.2
2027	0.0
2028	0.0
2029	0.0
2029	0.0
Thereafter	0.0
Total	$ 1.2

Property And Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Schedule Of Property And Equipment

Property and equipment consists of the following:


(In millions)	As of December 31,
	2025		2024
Land and land improvements	$	2.7	$	2.7
Building and improvements	17.8		17.6
Data processing equipment and software	43.8		44.1
Office furniture and equipment	2.1		2.2
Total property and equipment	66.4		66.6
Less: Accumulated depreciation on property and equipment	(53.8)		(51.9)
Total property and equipment, net	$	12.6	$	14.7

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Principles Of Consolidation

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, 2025 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 2021-1, Credit Acceptance Funding LLC 2022-1, Credit Acceptance Funding LLC 2022-2, Credit Acceptance Funding LLC 2022-3, Credit Acceptance Funding LLC 2023-1, Credit Acceptance Funding LLC 2023-2, Credit Acceptance Funding LLC 2023-3, Credit Acceptance Funding LLC 2023-5, Credit Acceptance Funding LLC 2024-A, Credit Acceptance Funding LLC 2024-1, Credit Acceptance Funding LLC 2024-2, Credit Acceptance Funding LLC 2024-3, Credit Acceptance Funding LLC 2024-B, Credit Acceptance Funding LLC 2025-1, and Credit Acceptance Funding LLC 2025-2.

Business Segment Information

We currently operate in one reportable segment which represents our core business of offering innovative financing solutions that enable automobile 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 14 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 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, 2025 and 2024, we had $22.3 million and $342.7 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, 2025 and 2024, we had $473.6 million and $497.0 million, respectively, in restricted cash and cash equivalents that were not insured by the FDIC.


(In millions)	As of December 31,
	2025		2024		2023
Cash and cash equivalents	$	22.8	$	343.7	$	13.2
Restricted cash and cash equivalents	477.9		501.3		457.7
Total cash and cash equivalents and restricted cash and cash equivalents	$	500.7	$	845.0	$	470.9

Restricted Securities Available For Sale

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

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 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 predominantly 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 Policy. 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 are no longer material to our consolidated financial statements. Consumer Loans assigned to us on or subsequent to January 1, 2020 are accounted for as originated financial assets (“Originated Method”).

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

•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.

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.

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 the 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 the 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. Our forecast of expected future collections includes estimates for prepayments, which historically have been lower in periods with less availability of consumer credit, 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 balance 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 balance 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 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 for 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 a 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. During the second quarter of 2025, we applied an adjustment to our methodology for forecasting the amount of future net cash flows from our Loan portfolio, which reduced the forecasted collection rates for Consumer Loans assigned in 2024. During the second quarter of 2024, we applied an adjustment to our methodology for forecasting the amount of future net cash flows from our Loan portfolio, which reduced the forecasted collection rates for Consumer Loans assigned in 2022 through 2024. During the second quarter of 2023, we adjusted our methodology for forecasting the amount and timing of future net cash flows from our Loan portfolio through the utilization of more recent Consumer Loan performance and Consumer Loan prepayment data. For additional information, see Note 5. For the three year period ended December 31, 2025, we did not make any other methodology changes for Loans that had a material impact on our financial statements.

Property And Equipment

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, and office furniture and equipment – 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 facility 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 financings”) 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.

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 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 the 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). The effective interest rate is based on contractual 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

Our wholly owned subsidiary VSC Re is engaged in the business of reinsuring coverage under vehicle service contracts sold to consumers by Dealers on vehicles indirectly 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 13 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 member’s 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, 2025, 2024 and 2023, we recognized compensation expense of $11.4 million, $10.3 million, and $9.4 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 10 to the consolidated financial statements.

Advertising Costs

Advertising costs are expensed as incurred. Advertising expenses were $3.6 million for the year ended December 31, 2025, $1.4 million for the year ended December 31, 2024, and $0.5 million for the year ended December 31, 2023.

New Accounting Updates

New Accounting Update Adopted During the Current Year

Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09, which intends to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments intended to improve the effectiveness of income tax disclosures. We adopted the updated standard on a retrospective basis for the year ended December 31, 2025. The adoption of ASU 2023-09 expanded our income tax disclosures, but did not otherwise have a material impact on our consolidated financial statements.

New Accounting Updates Not Yet Adopted

Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. In October 2023, the FASB issued ASU 2023-06, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (the “Codification”). The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. We are currently evaluating the impact the adoption of ASU 2023-06 will have on our consolidated financial statements and related disclosures.

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, which requires disaggregated disclosure of income statement expenses. ASU 2024-03 does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. We are currently evaluating the impact the adoption of ASU 2024-03 will have on our consolidated financial statements and related disclosures.

Targeted Improvements to the Accounting For Internal-Use Software. In September 2025, the FASB issued ASU 2025-06, which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40 to better reflect current software development approaches. Under the current guidance, capitalization of software development costs for internal-use software is required once the preliminary project stage is complete. Under the new guidance, capitalization will no longer align with the project stage but may begin once (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual periods. Early adoption is permitted, but we have not yet adopted ASU 2025-06. The adoption of ASU 2025-06 is expected to change how we account for our internal-use software. However, we do not believe that its adoption will have a material impact on our consolidated financial statements and related disclosures.

Subsequent Events

We have evaluated events and transactions occurring subsequent to the consolidated balance sheet date of December 31, 2025 for items that could potentially be recognized or disclosed in these financial statements. For additional information regarding subsequent events, see Note 16.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

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 under the Telephone Consumer Protection Act (“TCPA”), 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 the 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 or they may file individual arbitration demands for which arbitration providers may request separate filing fees.

The following matters include current actions to which we are a party. In many proceedings, including the specific actions described below, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss, and accruals for legal matters are not recorded until a loss for a particular matter is considered probable and reasonably estimable. Given the nature of legal matters and the complexities involved, it is often difficult to predict and determine a meaningful estimate of loss or range of loss until we know, among other factors, the particular claims involved, the likelihood of success of our defenses to those claims, the damages or other relief sought, how discovery or other procedural considerations will affect the outcome, the settlement posture of other parties, and other factors that may have a material effect on the outcome. For these matters, unless otherwise specified, we do not believe it is possible to provide a meaningful estimate of loss at this time. Moreover, it is not uncommon for legal matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated. The total recorded accrual balance as of December 31, 2025 for these matters was $82.6 million. 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.

On April 7, 2025, a putative class action was filed against the Company in the United States District Court for the Eastern District of Michigan alleging that the Company violated the TCPA by allegedly calling the cellular phones of members of the putative class without prior express consent and with the use of an artificial or prerecorded voice. The plaintiff seeks to represent a nationwide class and requests damages, injunctive relief, and attorneys’ fees. On May 14, 2025, the Company filed a motion to dismiss the complaint. Rather than responding to the motion to dismiss, the plaintiff filed a first amended complaint on May 29, 2025. On June 12, 2025, the Company filed a motion to dismiss the first amended complaint. On February 4, 2026, the court issued an opinion and order granting in part and denying in part the Company’s motion to dismiss. The Company intends to vigorously defend itself in this matter.

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. After May 7, 2019 through April 30, 2021, we received additional subpoenas from the Office of the New York State Attorney General relating to the Company's origination, collection, and securitization practices. On November 19, 2020 and August 23, 2022, we received letters from the Office of the New York State Attorney General indicating that it may 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 Wall Street Reform and Consumer Protection Act, New York Executive Law § 63(12), the New York Martin Act, and New York General Business Law § 349. See the description below of the lawsuit commenced by the Office of the New York State Attorney General on January 4, 2023.

On April 22, 2019, we received a civil investigative demand from the Consumer Financial Protection Bureau (“Bureau”) seeking, among other things, certain information relating to the Company’s origination and collection of Consumer Loans, TPPs, and credit reporting. After April 22, 2019 through March 7, 2022, we received additional subpoenas from the Bureau. On December 6, 2021, we received a Notice and Opportunity to Respond and Advise 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 Consumer Financial Protection Act of 2010 (the “CFPA”) in connection with the Company’s consumer loan origination practices. See the description below of the lawsuit commenced by the Bureau on January 4, 2023.

On January 4, 2023, the Office of the New York State Attorney General and the 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 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. On March 14, 2023, the Company filed a motion to dismiss the complaint. On August 7, 2023, the court stayed the action pending the U.S. Supreme Court's decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd., No. 22-448 (“CFSA”). On July 1, 2024, the court lifted the stay in view of the decision in CFSA and requested revised briefing on the Company’s motion to dismiss that would address the intervening legal developments and sharpen the issues for resolution. As of October 29, 2024, the Company's motion to dismiss has been fully briefed. On April 24, 2025, the Bureau filed an unopposed motion to withdraw as plaintiff, and on April 29, 2025, the court granted that motion and ordered that the Bureau is no longer a plaintiff in the litigation. In September 2025, we made an offer to jointly settle this matter and the multi-state matter discussed below on terms that included, among other things, a proposed cash payment of $45.0 million. In January 2026, we reached preliminary alignment with representatives of the agencies involved in this matter and the multi-state matter discussed below on certain material terms of a potential settlement of those legal matters, including a potential cash payment by us of $75.5 million. Discussions with respect to resolution of those matters are ongoing. Until this matter is fully and finally resolved, the Company intends to vigorously defend itself.

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. The Company has been informed that the State of Kansas, the State of Texas, and the State of Iowa have withdrawn from the multi-state investigation. We are cooperating with these investigations and cannot predict their eventual scope, duration, or outcome at this time. In September 2025, we made an offer to jointly settle this matter and the New York Attorney General matter discussed above on terms that included, among other things, a proposed cash payment of $45.0 million. In January 2026, we reached preliminary alignment with representatives of the agencies involved in this matter and the New York Attorney General matter discussed above on certain material terms of a potential settlement of those legal matters, including a potential cash payment by us of $75.5 million. Discussions with respect to resolution of those matters are ongoing. Until this matter is fully and finally resolved, the Company intends to vigorously defend itself.

Litigation Resolved during 2025

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 cooperated with this inquiry and, on May 8, 2025, the Office of the Attorney General for the State of California confirmed that the matter is closed.

Lease Commitments

We lease office equipment that, in the normal course of business, we expect to have to renew or replace with other leases. Total rental expense on all operating leases was $2.2 million for 2025, $2.0 million for 2024, and $1.2 million for 2023. Contingent rentals under the operating leases were insignificant. Our total minimum future lease commitments under operating leases as of December 31, 2025 are as follows:


(In millions)
Year	Minimum Future Lease Commitments
2026	$	1.3
2027	0.7
2028	0.4
2029	0.1
2030	—
Total	$	2.5

Net Income Per Share (Schedule of Weighted Average Shares Outstanding Basic and Diluted) (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Common shares	11,342,184	12,159,941	12,728,888
Vested restricted stock units	109,394	163,320	224,536
Basic number of weighted average shares outstanding	11,451,578	12,323,261	12,953,424
Dilutive effect of restricted stock and restricted stock units	199,195	146,022	57,311
Weighted average shares outstanding: Diluted	11,650,773	12,469,283	13,010,735

Net Income Per Share (Schedule of Anti-dilutive Shares) (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Restricted stock outstanding excluded from calculation of diluted net income per share	54,329	69,323	232,183
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Restricted stock outstanding excluded from calculation of diluted net income per share	47,000	69,083	228,998
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Restricted stock outstanding excluded from calculation of diluted net income per share	7,329	240	3,185

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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, 2022		12,756,885
Repurchase of common stock, shares	(409,317)	(409,317)
Restricted stock units converted to common stock, shares		159,205
Exercised		15,624
Balance, shares at Dec. 31, 2023		12,522,397
Balance at Dec. 31, 2022	$ 1,624.0	$ 0.1	$ 245.7	$ 1,381.1	$ (2.9)
Net income	286.1	0.0	0.0	286.1	0.0
Other comprehensive income (loss)	1.9	0.0	0.0	0.0	1.9
Stock-based compensation	39.1	0.0	39.1	0.0	0.0
Repurchase of common stock	(202.6)	0.0	(11.0)	(191.6)	0.0
Stock Issued During Period, Value, Stock Options Exercised	5.2	0.0	5.2	0.0	0.0
Balance at Dec. 31, 2023	$ 1,753.7	$ 0.1	279.0	1,475.6	(1.0)
Repurchase of common stock, shares	(588,025)	(588,025)
Restricted stock units converted to common stock, shares		68,003
Exercised		45,776
Balance, shares at Dec. 31, 2024	12,048,151	12,048,151
Net income	$ 247.9	$ 0.0	0.0	247.9	0.0
Other comprehensive income (loss)	0.7	0.0	0.0	0.0	0.7
Stock-based compensation	45.0	0.0	45.0	0.0	0.0
Repurchase of common stock	(313.3)	0.0	(4.5)	(308.8)	0.0
Stock Issued During Period, Value, Stock Options Exercised	15.6	0.0	15.6	0.0	0.0
Balance at Dec. 31, 2024	$ 1,749.6	$ 0.1	335.1	1,414.7	(0.3)
Repurchase of common stock, shares	(1,513,838)	(1,513,838)
Restricted stock units converted to common stock, shares		76,411
Exercised		69,419
Balance, shares at Dec. 31, 2025	10,680,143	10,680,143
Net income	$ 423.9	$ 0.0	0.0	423.9	0.0
Other comprehensive income (loss)	1.3	0.0	0.0	0.0	1.3
Stock-based compensation	50.7	0.0	50.7	0.0	0.0
Repurchase of common stock	(725.4)	0.0	(6.0)	(719.4)	0.0
Stock Issued During Period, Value, Stock Options Exercised	23.5	0.0	23.5	0.0	0.0
Balance at Dec. 31, 2025	$ 1,523.6	$ 0.1	$ 403.3	$ 1,119.2	$ 1.0

Other Income (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Other Income	$ 79.8	$ 73.6	$ 66.9
Ancillary Product Profit Sharing [Member]
Disaggregation of Revenue [Line Items]
Other Income	37.8	33.4	34.1
Interest Income [Member]
Disaggregation of Revenue [Line Items]
Other Income	27.5	26.2	19.7
Remarketing Fees [Member]
Disaggregation of Revenue [Line Items]
Other Income	12.7	12.1	10.7
Other [Member]
Disaggregation of Revenue [Line Items]
Other Income	1.8	$ 1.9	$ 2.4
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Other Income	65.6
Transferred over Time [Member] \| Ancillary Product Profit Sharing [Member]
Disaggregation of Revenue [Line Items]
Other Income	37.8
Transferred over Time [Member] \| Interest Income [Member]
Disaggregation of Revenue [Line Items]
Other Income	27.5
Transferred over Time [Member] \| Remarketing Fees [Member]
Disaggregation of Revenue [Line Items]
Other Income	0.0
Transferred over Time [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Other Income	0.3
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Other Income	14.2
Transferred at Point in Time [Member] \| Ancillary Product Profit Sharing [Member]
Disaggregation of Revenue [Line Items]
Other Income	0.0
Transferred at Point in Time [Member] \| Interest Income [Member]
Disaggregation of Revenue [Line Items]
Other Income	0.0
Transferred at Point in Time [Member] \| Remarketing Fees [Member]
Disaggregation of Revenue [Line Items]
Other Income	12.7
Transferred at Point in Time [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Other Income	1.5
Third Party Providers [Member]
Disaggregation of Revenue [Line Items]
Other Income	66.0
Third Party Providers [Member] \| Ancillary Product Profit Sharing [Member]
Disaggregation of Revenue [Line Items]
Other Income	37.8
Third Party Providers [Member] \| Interest Income [Member]
Disaggregation of Revenue [Line Items]
Other Income	27.5
Third Party Providers [Member] \| Remarketing Fees [Member]
Disaggregation of Revenue [Line Items]
Other Income	0.0
Third Party Providers [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Other Income	0.7
Dealers [Member]
Disaggregation of Revenue [Line Items]
Other Income	13.8
Dealers [Member] \| Ancillary Product Profit Sharing [Member]
Disaggregation of Revenue [Line Items]
Other Income	0.0
Dealers [Member] \| Interest Income [Member]
Disaggregation of Revenue [Line Items]
Other Income	0.0
Dealers [Member] \| Remarketing Fees [Member]
Disaggregation of Revenue [Line Items]
Other Income	12.7
Dealers [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Other Income	$ 1.1

Consolidated Balance Sheets - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

ASSETS:

$ 22.8

$ 343.7

477.9

501.3

^[1]

106.2

106.4

^[2],[3]

11,511.5

11,289.1

(3,602.3)

(3,438.8)

Property and equipment, net

7,909.2

7,850.3

12.6

14.7

Income taxes receivable

67.2

4.2

Other assets

35.8

34.0

Total Assets

8,631.7

8,854.6

Liabilities:

400.2

315.8

107.3

0.1

5,158.8

5,361.5

Deferred income taxes, net

1,087.8

991.3

354.0

319.1

Income taxes payable

0.0

117.2

Total Liabilities

7,108.1

7,105.0

Shareholders' Equity:

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

0.0

Common stock, $.01 par value, 80,000,000 shares authorized, 10,680,143 and 12,048,151 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

0.1

Paid-in capital

403.3

335.1

Retained earnings

1,119.2

1,414.7

Accumulated other comprehensive loss

1.0

(0.3)

Total Shareholders' Equity

1,523.6

1,749.6

Total Liabilities and Shareholders' Equity

$ 8,631.7

$ 8,854.6

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

10,680,143

12,048,151

Common stock, shares outstanding

10,680,143

12,048,151

[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.

Stock Repurchases

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stock Repurchases

STOCK REPURCHASES

The following table summarizes our stock repurchases for the years ended December 31, 2025, 2024, and 2023:


(Dollars in millions)	For the Years Ended December 31,
	2025			2024			2023
Stock Repurchases	Number of Shares Repurchased	Cost (1)		Number of Shares Repurchased	Cost (1)		Number of Shares Repurchased	Cost (1)
Open Market (2)	1,484,325	$	711.9	560,916	$	300.4	352,062	$	175.1
Other (3)	29,513	13.5		27,109	12.9		57,255	27.5
Total	1,513,838	$	725.4	588,025	$	313.3	409,317	$	202.6

(1)Total cost of repurchases includes excise tax.

Commitments and Contingencies (Lease Commitments) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2026	$ 1.3
2027	0.7
2028	0.4
2029	0.1
2030	0.0
Total	2.5
Operating Lease, Expense	$ 2.2	$ 2.0	$ 1.2

Other Income

12 Months Ended

Dec. 31, 2025

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,
	2025		2024		2023
Ancillary product profit sharing	$	37.8	$	33.4	$	34.1
Interest	27.5		26.2		19.7
Remarketing fees	12.7		12.1		10.7
Other	1.8		1.9		2.4
Total	$	79.8	$	73.6	$	66.9

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.

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.

Remarketing fees consist of fees charged to Dealers that are 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.

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, 2025
	Ancillary product profit sharing		Interest		Remarketing fees		Other		Total Other Income
Source of income
Third-Party Providers	$	37.8	$	27.5	$	—	$	0.7	$	66.0
Dealers	—		—		12.7		1.1		13.8
Total	$	37.8	$	27.5	$	12.7	$	1.8	$	79.8

Timing of revenue recognition
Over time	$	37.8	$	27.5	$	—	$	0.3	$	65.6
At a point in time	—		—		12.7		1.5		14.2
Total	$	37.8	$	27.5	$	12.7	$	1.8	$	79.8

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Cover [Abstract]
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Southfield, Michigan

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

Dec. 31, 2025

Dec. 31, 2024

$ 6,387.9

$ 6,391.9

(33.9)

(37.7)

(0.1)

(1.3)

6,353.9

6,352.9

^[1]

107.3

0.1

^[1]

0.0

^[1]

0.0

Secured financings [Member]

^[1]

107.3

0.1

^[2]

5,180.6

5,391.8

^[2]

(21.7)

(29.0)

^[2]

(0.1)

(1.3)

^[2]

5,158.8

5,361.5

Senior Notes [Member]

1,100.0

1,000.0

(12.2)

(8.7)

0.0

1,087.8

991.3

Other Assets [Member]

^[2]

$ (4.5)

$ (4.4)

[1]	Excludes deferred debt issuance costs of $4.5 million and $4.4 million as of December 31, 2025 and December 31, 2024, respectively, which are included in other assets.
[2]	Warehouse facilities and Term ABS financings.

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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

Restricted Securities Available For Sale (Schedule Of Restricted Securities Available For Sale By Aging Category) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 8.0	$ 37.0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	6.7	16.9
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0.0	0.4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0.1	0.4
Debt Securities, Available-for-sale, Unrealized Loss Position	14.7	53.9
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	0.1	0.8
Corporate bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	1.1	13.1
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	4.1	8.4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0.0	0.2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0.1	0.2
Debt Securities, Available-for-sale, Unrealized Loss Position	5.2	21.5
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	0.1	0.4
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	6.9	19.8
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	1.4	4.9
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0.0	0.2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0.0	0.2
Debt Securities, Available-for-sale, Unrealized Loss Position	8.3	24.7
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	0.0	0.4
Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	0.0	2.4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	1.2	3.6
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	1.2	6.0
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 0.0	0.0
Mortgage-backed securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		1.7
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		0.0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss		0.0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss		0.0
Debt Securities, Available-for-sale, Unrealized Loss Position		1.7
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss		$ 0.0

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Contractual net cash flows at the time of assignment

^[1]

$ 6,582.2

$ 7,739.6

$ 7,017.4

Expected net cash flows at time of assignment

^[2]

5,548.9

6,604.5

5,859.2

Fair value at the time of assignment

^[3]

3,856.1

4,618.4

4,147.8

Financing Receivable, Credit Loss, Expense (Reversal)

(616.1)

(814.7)

(736.2)

Expected future finance charges at the time of assignment

^[4]

1,970.6

2,307.0

2,033.9

Expected net Loan income at the time of assignment

^[5]

1,692.8

1,986.1

1,711.4

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

Contractual net cash flows at the time of assignment

^[1]

4,415.6

5,613.6

4,579.3

Expected net cash flows at time of assignment

^[2]

3,986.9

5,090.0

4,154.8

Fair value at the time of assignment

^[3]

2,764.8

3,578.3

2,933.7

Financing Receivable, Credit Loss, Expense (Reversal)

(369.8)

(537.3)

(427.7)

Expected future finance charges at the time of assignment

^[4]

1,377.9

1,703.1

1,367.3

Expected net Loan income at the time of assignment

^[5]

1,222.1

1,511.7

1,221.1

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

Contractual net cash flows at the time of assignment

^[1]

2,166.6

2,126.0

2,438.1

Expected net cash flows at time of assignment

^[2]

1,562.0

1,514.5

1,704.4

Fair value at the time of assignment

^[3]

1,091.3

1,040.1

1,214.1

Financing Receivable, Credit Loss, Expense (Reversal)

(246.3)

(277.4)

(308.5)

Expected future finance charges at the time of assignment

^[4]

592.7

603.9

666.6

Expected net Loan income at the time of assignment

^[5]

470.7

474.4

490.3

New Consumer Loan Assignments [Member]

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

Financing Receivable, Credit Loss, Expense (Reversal)

(277.8)

(320.9)

(322.5)

New Consumer Loan Assignments [Member] | Dealer Loans [Member]

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

Financing Receivable, Credit Loss, Expense (Reversal)

(155.8)

(191.4)

(146.2)

New Consumer Loan Assignments [Member] | Purchased Loans [Member]

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

Financing Receivable, Credit Loss, Expense (Reversal)

$ (122.0)

$ (129.5)

$ (176.3)

[1]	The Dealer Loans amount represents repayments that we were contractually owed at the time of assignment on Consumer Loans assigned under the 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 the Purchase Program.
[2]	The Dealer Loans amount represents repayments that we expected to collect at the time of assignment on Consumer Loans assigned under the 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 the Purchase Program.
[3]	The Dealer Loans amount represents advances paid to Dealers on Consumer Loans assigned under the Portfolio Program. The Purchased Loans amount represents one-time payments made to Dealers to purchase Consumer Loans assigned under the 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 exceed Loans receivable at the time of assignment.

Income Taxes (Schedule Of Income Tax Provision) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 565.4	$ 329.5	$ 367.6
Current provision for income taxes, Federal	83.5	116.1	97.1
Current provision for income taxes, State	20.4	32.9	20.2
Current provision for income taxes	103.9	149.0	117.3
Deferred provision for income taxes, Federal	32.2	(47.9)	(26.4)
Deferred provision for income taxes, State	2.4	(22.5)	(11.6)
Deferred provision for income taxes	34.6	(70.4)	(38.0)
Interest	3.0	3.0	2.2
Unrecognized Tax Benefits, Income Tax Penalties Expense	0.0	0.0	0.0
Interest and penalties expense (benefit)	3.0	3.0	2.2
Provision for income taxes	$ 141.5	$ 81.6	$ 81.5

Summary Of Significant Accounting Policies Summary of Significant Accounting Policies (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 22.8	$ 343.7	$ 13.2
Restricted cash and cash equivalents	477.9	501.3	457.7
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 500.7	$ 845.0	$ 470.9	$ 417.7

Loans Receivable

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Loans Receivable

LOANS RECEIVABLE

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


(In millions)	As of December 31, 2025
	Dealer Loans		Purchased Loans		Total
Loans receivable	$	8,790.8	$	2,720.7	$	11,511.5
Allowance for credit losses	(3,089.1)		(513.2)		(3,602.3)
Loans receivable, net	$	5,701.7	$	2,207.5	$	7,909.2

(In millions)	As of December 31, 2024
	Dealer Loans		Purchased Loans		Total
Loans receivable	$	8,521.0	$	2,768.1	$	11,289.1
Allowance for credit losses	(2,844.5)		(594.3)		(3,438.8)
Loans receivable, net	$	5,676.5	$	2,173.8	$	7,850.3

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


(In millions)	For the Year Ended December 31, 2025
	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	$	8,521.0	$	2,768.1	$	11,289.1	$	(2,844.5)	$	(594.3)	$	(3,438.8)	$	5,676.5	$	2,173.8	$	7,850.3
Finance charges	2,183.7		888.6		3,072.3		(760.9)		(169.6)		(930.5)		1,422.8		719.0		2,141.8
Provision for credit losses	—		—		—		(369.8)		(246.3)		(616.1)		(369.8)		(246.3)		(616.1)
New Consumer Loan assignments (1)	2,764.8		1,091.3		3,856.1		—		—		—		2,764.8		1,091.3		3,856.1
Collections (2)	(3,924.7)		(1,642.8)		(5,567.5)		—		—		—		(3,924.7)		(1,642.8)		(5,567.5)
Accelerated Dealer Holdback payments	50.7		—		50.7		—		—		—		50.7		—		50.7
Dealer Holdback payments	180.1		—		180.1		—		—		—		180.1		—		180.1
Transfers (3)	(164.2)		164.2		—		51.7		(51.7)		—		(112.5)		112.5		—
Write-offs	(836.4)		(554.4)		(1,390.8)		836.4		554.4		1,390.8		—		—		—
Recoveries (4)	2.0		5.7		7.7		(2.0)		(5.7)		(7.7)		—		—		—
Deferral of Loan origination costs	13.8		—		13.8		—		—		—		13.8		—		13.8
Balance, end of period	$	8,790.8	$	2,720.7	$	11,511.5	$	(3,089.1)	$	(513.2)	$	(3,602.3)	$	5,701.7	$	2,207.5	$	7,909.2


(In millions)	For the Year Ended December 31, 2024
	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	$	7,065.5	$	2,954.6	$	10,020.1	$	(2,355.7)	$	(709.1)	$	(3,064.8)	$	4,709.8	$	2,245.5	$	6,955.3
Finance charges	1,931.4		905.9		2,837.3		(651.7)		(192.9)		(844.6)		1,279.7		713.0		1,992.7
Provision for credit losses	—		—		—		(537.3)		(277.4)		(814.7)		(537.3)		(277.4)		(814.7)
New Consumer Loan assignments (1)	3,578.3		1,040.1		4,618.4		—		—		—		3,578.3		1,040.1		4,618.4
Collections (2)	(3,575.5)		(1,641.0)		(5,216.5)		—		—		—		(3,575.5)		(1,641.0)		(5,216.5)
Accelerated Dealer Holdback payments	59.0		—		59.0		—		—		—		59.0		—		59.0
Dealer Holdback payments	241.2		—		241.2		—		—		—		241.2		—		241.2
Transfers (3)	(138.9)		138.9		—		45.3		(45.3)		—		(93.6)		93.6		—
Write-offs	(658.3)		(634.7)		(1,293.0)		658.3		634.7		1,293.0		—		—		—
Recoveries (4)	3.4		4.3		7.7		(3.4)		(4.3)		(7.7)		—		—		—
Deferral of Loan origination costs	14.9		—		14.9		—		—		—		14.9		—		14.9
Balance, end of period	$	8,521.0	$	2,768.1	$	11,289.1	$	(2,844.5)	$	(594.3)	$	(3,438.8)	$	5,676.5	$	2,173.8	$	7,850.3


(In millions)	For the Year Ended December 31, 2023
	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	$	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
Finance charges	1,575.5		925.5		2,501.0		(528.8)		(216.8)		(745.6)		1,046.7		708.7		1,755.4
Provision for credit losses	—		—		—		(427.7)		(308.5)		(736.2)		(427.7)		(308.5)		(736.2)
New Consumer Loan assignments (1)	2,933.7		1,214.1		4,147.8		—		—		—		2,933.7		1,214.1		4,147.8
Collections (2)	(3,147.7)		(1,656.8)		(4,804.5)		—		—		—		(3,147.7)		(1,656.8)		(4,804.5)
Accelerated Dealer Holdback payments	46.9		—		46.9		—		—		—		46.9		—		46.9
Dealer Holdback payments	235.9		—		235.9		—		—		—		235.9		—		235.9
Transfers (3)	(100.9)		100.9		—		35.8		(35.8)		—		(65.1)		65.1		—
Write-offs	(566.6)		(723.8)		(1,290.4)		566.6		723.8		1,290.4		—		—		—
Recoveries (4)	1.6		4.0		5.6		(1.6)		(4.0)		(5.6)		—		—		—
Deferral of Loan origination costs	12.3		—		12.3		—		—		—		12.3		—		12.3
Balance, end of period	$	7,065.5	$	2,954.6	$	10,020.1	$	(2,355.7)	$	(709.1)	$	(3,064.8)	$	4,709.8	$	2,245.5	$	6,955.3

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

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, 2025
Provision for Credit Losses	Dealer Loans		Purchased Loans		Total
New Consumer Loan assignments	$	155.8	$	122.0	$	277.8
Forecast changes	214.0		124.3		338.3
Total	$	369.8	$	246.3	$	616.1


(In millions)	For the Year Ended December 31, 2024
Provision for Credit Losses	Dealer Loans		Purchased Loans		Total
New Consumer Loan assignments	$	191.4	$	129.5	$	320.9
Forecast changes	345.9		147.9		493.8
Total	$	537.3	$	277.4	$	814.7


(In millions)	For the Year Ended December 31, 2023
Provision for Credit Losses	Dealer Loans		Purchased Loans		Total
New Consumer Loan assignments	$	146.2	$	176.3	$	322.5
Forecast changes	281.5		132.2		413.7
Total	$	427.7	$	308.5	$	736.2

The net Loan income (finance charge revenue less provision for credit losses expense) that we 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 do not expect to realize; and

•finance charge revenue in subsequent periods that is significantly in excess of our expected yield.

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


(In millions)	For the Year Ended December 31, 2025
New Consumer Loan Assignments	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	4,415.6	$	2,166.6	$	6,582.2
Expected net cash flows at the time of assignment (2)	3,986.9		1,562.0		5,548.9
Loans receivable at the time of assignment (3)	2,764.8		1,091.3		3,856.1

Provision for credit losses expense at the time of assignment	$	(155.8)	$	(122.0)	$	(277.8)
Expected future finance charges at the time of assignment (4)	1,377.9		592.7		1,970.6
Expected net Loan income at the time of assignment (5)	$	1,222.1	$	470.7	$	1,692.8


(In millions)	For the Year Ended December 31, 2024
New Consumer Loan Assignments	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	5,613.6	$	2,126.0	$	7,739.6
Expected net cash flows at the time of assignment (2)	5,090.0		1,514.5		6,604.5
Loans receivable at the time of assignment (3)	3,578.3		1,040.1		4,618.4

Provision for credit losses expense at the time of assignment	$	(191.4)	$	(129.5)	$	(320.9)
Expected future finance charges at the time of assignment (4)	1,703.1		603.9		2,307.0
Expected net Loan income at the time of assignment (5)	$	1,511.7	$	474.4	$	1,986.1


(In millions)	For the Year Ended December 31, 2023
New Consumer Loan Assignments	Dealer Loans		Purchased Loans		Total
Contractual net cash flows at the time of assignment (1)	$	4,579.3	$	2,438.1	$	7,017.4
Expected net cash flows at the time of assignment (2)	4,154.8		1,704.4		5,859.2
Loans receivable at the time of assignment (3)	2,933.7		1,214.1		4,147.8

Provision for credit losses expense at the time of assignment	$	(146.2)	$	(176.3)	$	(322.5)
Expected future finance charges at the time of assignment (4)	1,367.3		666.6		2,033.9
Expected net Loan income at the time of assignment (5)	$	1,221.1	$	490.3	$	1,711.4

(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 exceed Loans receivable at the time of assignment.

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


(In millions)	For the Year Ended December 31, 2025
Expected Future Net Cash Flows	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	8,176.3	$	3,383.9	$	11,560.2
New Consumer Loan assignments (1)	3,986.9		1,562.0		5,548.9
Realized net cash flows (2)	(3,693.9)		(1,642.8)		(5,336.7)
Forecast changes	(132.9)		(36.6)		(169.5)
Transfers (3)	(170.9)		178.2		7.3
Balance, end of period	$	8,165.5	$	3,444.7	$	11,610.2


(In millions)	For the Year Ended December 31, 2024
Expected Future Net Cash Flows	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	6,707.2	$	3,472.0	$	10,179.2
New Consumer Loan assignments (1)	5,090.0		1,514.5		6,604.5
Realized net cash flows (2)	(3,275.3)		(1,641.0)		(4,916.3)
Forecast changes	(204.6)		(109.4)		(314.0)
Transfers (3)	(141.0)		147.8		6.8
Balance, end of period	$	8,176.3	$	3,383.9	$	11,560.2


(In millions)	For the Year Ended December 31, 2023
Expected Future Net Cash Flows	Dealer Loans		Purchased Loans		Total
Balance, beginning of period	$	5,637.9	$	3,395.5	$	9,033.4
New Consumer Loan assignments (1)	4,154.8		1,704.4		5,859.2
Realized net cash flows (2)	(2,864.9)		(1,656.8)		(4,521.7)
Forecast changes	(125.3)		(81.0)		(206.3)
Transfers (3)	(95.3)		109.9		14.6
Balance, end of period	$	6,707.2	$	3,472.0	$	10,179.2

Credit Quality

We monitor and evaluate the credit quality of Consumer Loans assigned under the 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 aggregated forecast of Consumer Loan collection rates as of December 31, 2025, with the aggregated forecasts as of December 31, 2024, as of December 31, 2023, and at the time of assignment, segmented by year of assignment:


	Total Loans as of December 31, 2025
	Forecasted Collection Percentage as of (1)								Current Forecast Variance from
Consumer Loan Assignment Year	December 31, 2025		December 31, 2024		December 31, 2023		Initial Forecast		December 31, 2024		December 31, 2023		Initial Forecast
2016	63.9	%	63.9	%	63.8	%	65.4	%	0.0	%	0.1	%	-1.5	%
2017	64.8	%	64.7	%	64.7	%	64.0	%	0.1	%	0.1	%	0.8	%
2018	65.5	%	65.5	%	65.5	%	63.6	%	0.0	%	0.0	%	1.9	%
2019	67.2	%	67.2	%	66.9	%	64.0	%	0.0	%	0.3	%	3.2	%
2020	68.0	%	67.7	%	67.6	%	63.4	%	0.3	%	0.4	%	4.6	%
2021	63.8	%	63.8	%	64.5	%	66.3	%	0.0	%	-0.7	%	-2.5	%
2022	59.3	%	60.2	%	62.7	%	67.5	%	-0.9	%	-3.4	%	-8.2	%
2023	63.3	%	64.3	%	67.4	%	67.5	%	-1.0	%	-4.1	%	-4.2	%
2024	65.3	%	66.5	%	—		67.2	%	-1.2	%	—		-1.9	%
2025	67.2	%	—		—		67.0	%	—		—		0.2	%


	Dealer Loans as of December 31, 2025
	Forecasted Collection Percentage as of (1) (2)								Current Forecast Variance from
Consumer Loan Assignment Year	December 31, 2025		December 31, 2024		December 31, 2023		Initial Forecast		December 31, 2024		December 31, 2023		Initial Forecast
2016	63.2	%	63.1	%	63.0	%	65.1	%	0.1	%	0.2	%	-1.9	%
2017	64.1	%	64.1	%	64.0	%	63.8	%	0.0	%	0.1	%	0.3	%
2018	64.9	%	64.9	%	64.9	%	63.6	%	0.0	%	0.0	%	1.3	%
2019	66.9	%	66.8	%	66.5	%	63.9	%	0.1	%	0.4	%	3.0	%
2020	67.8	%	67.5	%	67.4	%	63.3	%	0.3	%	0.4	%	4.5	%
2021	63.6	%	63.5	%	64.2	%	66.3	%	0.1	%	-0.6	%	-2.7	%
2022	58.5	%	59.5	%	62.0	%	67.3	%	-1.0	%	-3.5	%	-8.8	%
2023	62.1	%	63.1	%	66.4	%	66.8	%	-1.0	%	-4.3	%	-4.7	%
2024	64.1	%	65.4	%	—		66.3	%	-1.3	%	—		-2.2	%
2025	65.7	%	—		—		65.5	%	—		—		0.2	%


	Purchased Loans as of December 31, 2025
	Forecasted Collection Percentage as of (1) (2)								Current Forecast Variance from
Consumer Loan Assignment Year	December 31, 2025		December 31, 2024		December 31, 2023		Initial Forecast		December 31, 2024		December 31, 2023		Initial Forecast
2016	66.2	%	66.1	%	66.1	%	66.5	%	0.1	%	0.1	%	-0.3	%
2017	66.4	%	66.3	%	66.3	%	64.6	%	0.1	%	0.1	%	1.8	%
2018	66.8	%	66.8	%	66.8	%	63.5	%	0.0	%	0.0	%	3.3	%
2019	67.9	%	67.9	%	67.5	%	64.2	%	0.0	%	0.4	%	3.7	%
2020	68.4	%	67.9	%	67.8	%	63.6	%	0.5	%	0.6	%	4.8	%
2021	64.4	%	64.3	%	65.0	%	66.3	%	0.1	%	-0.6	%	-1.9	%
2022	61.3	%	62.1	%	64.3	%	68.0	%	-0.8	%	-3.0	%	-6.7	%
2023	66.8	%	67.7	%	70.1	%	69.4	%	-0.9	%	-3.3	%	-2.6	%
2024	69.9	%	70.7	%	—		70.7	%	-0.8	%	—		-0.8	%
2025	71.9	%	—		—		71.5	%	—		—		0.4	%

(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 for 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, 2025 and December 31, 2024, segmented by year of assignment:


(In millions)	Total Loans as of December 31, 2025 (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
2020 and prior	$	20.0	$	14.8	$	66.0	$	236.9	$	337.7
2021	87.2		46.1		149.5		21.4		304.2
2022	370.8		130.6		268.0		6.0		775.4
2023	1,112.5		337.9		407.3		0.7		1,858.4
2024	2,394.0		711.8		501.5		—		3,607.3
2025	3,822.7		663.5		142.3		—		4,628.5
	$	7,807.2	$	1,904.7	$	1,534.6	$	265.0	$	11,511.5


(In millions)	Dealer Loans as of December 31, 2025 (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
2020 and prior	$	11.8	$	8.4	$	38.9	$	134.5	$	193.6
2021	58.5		29.8		99.3		16.5		204.1
2022	265.2		92.1		190.1		4.7		552.1
2023	801.8		247.5		299.9		0.6		1,349.8
2024	1,882.7		581.3		412.4		—		2,876.4
2025	2,947.2		547.7		119.9		—		3,614.8
	$	5,967.2	$	1,506.8	$	1,160.5	$	156.3	$	8,790.8


(In millions)	Purchased Loans as of December 31, 2025 (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
2020 and prior	$	8.2	$	6.4	$	27.1	$	102.4	$	144.1
2021	28.7		16.3		50.2		4.9		100.1
2022	105.6		38.5		77.9		1.3		223.3
2023	310.7		90.4		107.4		0.1		508.6
2024	511.3		130.5		89.1		—		730.9
2025	875.5		115.8		22.4		—		1,013.7
	$	1,840.0	$	397.9	$	374.1	$	108.7	$	2,720.7


(In millions)	Total Loans as of December 31, 2024 (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
2019 and prior	$	25.5	$	18.8	$	87.3	$	239.7	$	371.3
2020	113.3		64.2		179.1		25.7		382.3
2021	267.8		125.2		259.0		3.8		655.8
2022	795.2		269.8		371.7		1.0		1,437.7
2023	2,033.7		576.5		420.6		—		3,030.8
2024	4,412.3		819.1		179.8		—		5,411.2
	$	7,647.8	$	1,873.6	$	1,497.5	$	270.2	$	11,289.1


(In millions)	Dealer Loans as of December 31, 2024 (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
2019 and prior	$	11.3	$	8.2	$	39.7	$	132.4	$	191.6
2020	67.9		37.7		106.4		18.5		230.5
2021	180.2		82.6		171.0		3.0		436.8
2022	569.7		191.5		262.1		0.8		1,024.1
2023	1,487.0		429.4		312.8		—		2,229.2
2024	3,571.3		686.8		150.7		—		4,408.8
	$	5,887.4	$	1,436.2	$	1,042.7	$	154.7	$	8,521.0


(In millions)	Purchased Loans as of December 31, 2024 (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
2019 and prior	$	14.2	$	10.6	$	47.6	$	107.3	$	179.7
2020	45.4		26.5		72.7		7.2		151.8
2021	87.6		42.6		88.0		0.8		219.0
2022	225.5		78.3		109.6		0.2		413.6
2023	546.7		147.1		107.8		—		801.6
2024	841.0		132.3		29.1		—		1,002.4
	$	1,760.4	$	437.4	$	454.8	$	115.5	$	2,768.1

(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 following table summarizes the write-offs for Consumer Loan assignments for the years ended December 31, 2025, 2024, and 2023 segmented by year of assignment:


(In millions)	For the Year Ended December 31, 2025
Write-offs by Consumer Loan Assignment Year	Dealer Loans		Purchased Loans		Total
2020 and prior	$	265.1	$	100.7	$	365.8
2021	151.5		56.0		207.5
2022	248.3		95.9		344.2
2023	99.3		132.9		232.2
2024	57.7		114.3		172.0
2025	14.5		54.6		69.1
	$	836.4	$	554.4	$	1,390.8


(In millions)	For the Year Ended December 31, 2024
Write-offs by Consumer Loan Assignment Year	Dealer Loans		Purchased Loans		Total
2019 and prior	$	177.6	$	134.5	$	312.1
2020	110.5		73.5		184.0
2021	131.3		92.3		223.6
2022	175.0		139.8		314.8
2023	47.6		143.9		191.5
2024	16.3		50.7		67.0
	$	658.3	$	634.7	$	1,293.0


(In millions)	For the Year Ended December 31, 2023
Write-offs by Consumer Loan Assignment Year	Dealer Loans		Purchased Loans		Total
2018 and prior	$	120.6	$	104.8	$	225.4
2019	101.3		176.6		277.9
2020	107.0		101.9		208.9
2021	107.2		119.7		226.9
2022	113.3		158.0		271.3
2023	17.2		62.8		80.0
	$	566.6	$	723.8	$	1,290.4

During the second quarter of 2025, we applied an adjustment to our methodology for forecasting the amount of future net cash flows from our Loan portfolio, which reduced the forecasted collection rates for Consumer Loans assigned in 2024. Consumer Loans assigned in 2024 prior to the implementation of our scorecard adjustment during the third quarter of 2024 had underperformed relative to the forecast adjustment we implemented during the second quarter of 2024. Accordingly, in the second quarter of 2025, we applied an adjustment to that segment of the Consumer Loans assigned in 2024 to reduce forecasted collection rates to what we believed the ultimate collection rates would be based on these trends. Changes in the amount and timing of forecasted net cash flows are recognized in the period of change as a provision for credit losses. The implementation of this forecast adjustment during the second quarter of 2025 reduced forecasted net cash flows by $18.6 million, or 0.2%, and increased provision for credit losses by $16.5 million.

During the second quarter of 2024, we applied an adjustment to our methodology for forecasting the amount of future net cash flows from our Loan portfolio, which reduced the forecasted collection rates for Consumer Loans assigned in 2022 through 2024. Consumer Loans assigned in 2022 had continued to underperform our expectations for several quarters. Consumer Loans assigned in 2023 had also begun exhibiting similar trends of underperformance, although not as severe as Consumer Loans assigned in 2022. During the second quarter of 2024, we determined that we had sufficient Consumer Loan performance experience to estimate the magnitude by which we expected Consumer Loans assigned in 2022 through 2024 would likely underperform our historical collection rates on Consumer Loans with similar characteristics. Accordingly, we applied an adjustment to Consumer Loans assigned in 2022 through 2024 to reduce forecasted collection rates to what we believed the ultimate collection rates would be based on these trends. Changes in the amount and timing of forecasted net cash flows are recognized in the period of change as a provision for credit losses. The implementation of this forecast adjustment during the second quarter of 2024 reduced forecasted net cash flows by $147.2 million, or 1.4%, and increased provision for credit losses by $127.5 million.

During the second quarter of 2023, we adjusted our methodology for forecasting the amount and timing of future net cash flows from our Loan portfolio through the utilization of more recent Consumer Loan performance and Consumer Loan prepayment data. We had experienced a decrease in Consumer Loan prepayments to below-average levels and, as a result, slowed our forecasted net cash flow timing. Changes in the amount and timing of forecasted net cash flows are recognized in the period of change as a provision for credit losses. The implementation of the adjustment to our forecasting methodology during the second quarter of 2023 reduced forecasted net cash flows by $44.5 million, or 0.5%, and increased provision for credit losses by $71.3 million.

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Business Segment Information

Use of Estimates

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents


(In millions)	As of December 31,
	2025		2024		2023
Cash and cash equivalents	$	22.8	$	343.7	$	13.2
Restricted cash and cash equivalents	477.9		501.3		457.7
Total cash and cash equivalents and restricted cash and cash equivalents	$	500.7	$	845.0	$	470.9

Restricted Securities Available for Sale

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 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

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

Deferred Debt Issuance Costs

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 Update Adopted During the Current Year

New Accounting Updates Not Yet Adopted

Subsequent Events

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Unrecognized tax benefit that, if recognized, would favorably affect our effective income tax rate	$ 79.4
Accrued interest related to uncertain tax positions	$ 20.9	$ 17.9

Business Segment And Other Information	12 Months Ended
Business Segment And Other Information	Dec. 31, 2025
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 our Chief Executive Officer, who acts as the chief operating decision-maker (“CODM”), in assessing performance and making decisions regarding resource allocation. 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 assess performance and allocate resources. Thus, we have determined that we operate in one reportable operating segment that represents our core business of offering Dealers innovative financing solutions and related products and services that enable them to sell vehicles to consumers, regardless of their credit history. The consolidated financial statements reflect the financial results of our one reportable operating segment. The accounting policies of this segment are the same as those described in the summary of significant accounting policies in Note 2. The CODM assesses performance for our one reportable operating segment and decides how to allocate resources based on net income, as reported on our consolidated statements of income, and total assets, as reported on our consolidated balance sheets. Geographic Information For the three years ended December 31, 2025, 2024, and 2023, all of our revenues were derived from the United States. As of December 31, 2025 and 2024, all of our long-lived assets were located in the United States. Products and Services Information Our primary product consists of innovative financing solutions 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 indirectly financed by us. Major Customer Information We did not have any Dealers that provided 10% or more of our revenue during 2025, 2024, or 2023. Additionally, no single Dealer’s Loans receivable balance accounted for more than 10% of total Loans receivable as of December 31, 2025 or 2024.
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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Portfolio Program [Member]

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Description Of Business [Line Items]

Percentage of new consumer loans in unit volume

74.20%

78.70%

74.00%

Percentage of new consumer loans in dollar volume

^[1]

71.70%

77.50%

70.70%

Purchase Program [Member]

Description Of Business [Line Items]

Percentage of new consumer loans in unit volume

25.80%

21.30%

26.00%

Percentage of new consumer loans in dollar volume

^[1]

28.30%

22.50%

29.30%

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

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, 2025

Dec. 31, 2024

Carrying Amount [Member]

Assets, Fair Value Disclosure [Abstract]

$ 22.8

$ 343.7

477.9

501.3

106.2

106.4

Liabilities, Fair Value Disclosure [Abstract]

7,909.2

7,850.3

107.3

0.1

5,158.8

5,361.5

Estimated Fair Value [Member]

1,087.8

991.3

Assets, Fair Value Disclosure [Abstract]

22.8

343.7

477.9

501.3

106.2

106.4

Liabilities, Fair Value Disclosure [Abstract]

8,974.1

8,922.7

107.3

0.1

5,225.3

5,431.9

1,131.4

1,035.3

^[1]

22.8

343.7

^[1]

477.9

501.3

^[2]

106.2

106.4

^[1]

8,974.1

8,922.7

^[1]

107.3

0.1

^[1]

5,225.3

5,431.9

^[1]

$ 1,131.4

$ 1,035.3

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

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

12 Months Ended

Dec. 31, 2025

Feb. 28, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 19, 2023

$ 5,158,800,000

$ 5,361,500,000

477,900,000

501,300,000

$ 457,700,000

$ 1,087,800,000

991,300,000

n/a

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

Jun. 22, 2028

Financing Amount

$ 390,000,000.0

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

0.875%

1.975%

RTP Facility [Member]

RTP Facility [Member] | SOFR [Member]

n/a

Financing Amount

^[1]

$ 20,000,000.0

Warehouse Facility II [Member]

1.975%

^[2]

CAC Warehouse Funding LLC II

^[2],[3]

Sep. 20, 2027

^[2]

$ 500,000,000.0

$ 0

$ 2,500,000

Warehouse Facility II [Member] | SOFR [Member]

0.00%

Warehouse Facility IV [Member]

1.85%

^[2]

CAC Warehouse Funding LLC IV

^[2],[3]

Jul. 30, 2028

^[2]

$ 300,000,000.0

$ 0

$ 0

Warehouse Facility IV [Member] | SOFR [Member]

0.00%

Warehouse Facility V [Member]

2.05%

^[2]

CAC Warehouse Funding LLC V

^[2],[4]

Dec. 29, 2027

^[2]

$ 250,000,000.0

$ 0

$ 1,000,000.0

Warehouse Facility V [Member] | SOFR [Member]

0.00%

Warehouse Facility VI [Member]

1.85%

^[2]

CAC Warehouse Funding LLC VI

^[2],[3]

Sep. 30, 2028

^[2]

$ 75,000,000.0

$ 0

$ 100,000

$ 0

Warehouse Facility VI [Member] | SOFR [Member]

0.00%

Warehouse Facility VIII [Member]

1.85%

^[2]

CAC Warehouse Funding LLC VIII

^[2],[3]

Sep. 19, 2028

^[2]

$ 200,000,000.0

$ 0

$ 0

Warehouse Facility VIII [Member] | SOFR [Member]

0.00%

1.85%

Term ABS 2019-2 [Member]

^[2]

Credit Acceptance Funding LLC 2019-2

^[2],[5]

Sep. 15, 2026

^[2]

$ 500,000,000.0

500,000,000.0

$ 500,000,000.0

523,800,000

529,000,000.0

$ 42,100,000

$ 41,700,000

5.43%

Term ABS 2021-1 [Member]

^[2]

Credit Acceptance Funding LLC 2021-1

^[2],[5]

Feb. 17, 2026

^[2]

$ 100,000,000.0

100,000,000.0

$ 100,000,000.0

108,800,000

112,000,000.0

$ 8,800,000

$ 8,700,000

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

5.95%

6.60%

2.20%

Term ABS 2022-1 [Member]

^[2]

Credit Acceptance Funding LLC 2022-1

^[2],[3]

Jun. 17, 2024

^[2]

$ 350,000,000.0

44,800,000

$ 236,600,000

186,300,000

310,000,000.0

$ 19,700,000

$ 24,900,000

6.13%

5.24%

Term ABS 2022-2 [Member]

^[2]

Credit Acceptance Funding LLC 2022-2

^[2],[5]

Jun. 15, 2027

^[2]

$ 300,000,000.0

300,000,000.0

$ 300,000,000.0

325,000,000.0

406,000,000.0

$ 23,600,000

$ 25,200,000

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

6.12%

7.29%

2.464%

Term ABS 2022-3 [Member]

^[2]

Credit Acceptance Funding LLC 2022-3

^[2],[3]

Oct. 15, 2024

^[2]

$ 389,900,000

127,000,000.0

$ 347,600,000

238,800,000

395,200,000

$ 23,000,000.0

$ 29,100,000

8.84%

7.82%

Term ABS 2023-1 [Member]

^[2]

Credit Acceptance Funding LLC 2023-1

^[2],[3]

Mar. 17, 2025

^[2]

$ 400,000,000.0

209,200,000

$ 400,000,000.0

293,500,000

453,000,000.0

$ 26,900,000

$ 33,100,000

7.32%

6.92%

Term ABS 2023-2 [Member]

^[2]

Credit Acceptance Funding LLC 2023-2

^[2],[3]

May 15, 2025

^[2]

$ 400,000,000.0

242,700,000

$ 400,000,000.0

338,400,000

533,300,000

$ 28,600,000

$ 36,800,000

6.69%

6.39%

Term ABS 2023-3 [Member]

^[2]

Credit Acceptance Funding LLC 2023-3

^[2],[3]

Aug. 15, 2025

^[2]

$ 400,000,000.0

312,900,000

$ 400,000,000.0

371,300,000

524,900,000

$ 30,000,000.0

$ 36,500,000

6.99%

6.86%

Term ABS 2023-5 [Member]

^[2]

Credit Acceptance Funding LLC 2023-5

^[2],[3]

Dec. 15, 2025

^[2]

$ 294,000,000.0

294,000,000.0

$ 294,000,000.0

327,700,000

398,700,000

$ 28,900,000

$ 32,900,000

6.54%

Term ABS 2024-A [Member]

^[2]

Credit Acceptance Funding LLC 2024-A

^[2],[5]

Feb. 15, 2027

^[2]

$ 200,000,000.0

200,000,000.0

$ 200,000,000.0

211,100,000

248,400,000

$ 16,600,000

$ 18,100,000

7.45%

Term ABS 2024-1 [Member]

^[2]

Credit Acceptance Funding LLC 2024-1

^[2],[3]

Mar. 16, 2026

^[2]

$ 500,000,000.0

500,000,000.0

$ 500,000,000.0

580,200,000

553,300,000

$ 44,000,000.0

$ 45,000,000.0

6.01%

Term ABS 2024-2 [Member]

^[2]

Credit Acceptance Funding LLC 2024-2

^[2],[3]

Jun. 15, 2026

^[2]

$ 550,000,000.0

550,000,000.0

$ 550,000,000.0

608,600,000

646,800,000

$ 42,900,000

$ 42,000,000.0

6.21%

Term ABS 2024-3 [Member]

^[2]

Credit Acceptance Funding LLC 2024-3

^[2],[3]

Sep. 15, 2026

^[2]

$ 600,000,000.0

600,000,000.0

$ 600,000,000.0

668,700,000

700,900,000

$ 47,400,000

$ 51,500,000

4.91%

Term ABS 2024-B [Member]

^[2]

Credit Acceptance Funding LLC 2024-B

^[2],[5]

Dec. 15, 2027

^[2]

$ 300,000,000.0

300,000,000.0

$ 300,000,000.0

339,900,000

425,800,000

$ 22,500,000

$ 37,900,000

6.13%

Term ABS 2025-1 [Member]

^[2]

Credit Acceptance Funding LLC 2025-1

^[2],[3]

Mar. 15, 2027

^[2]

$ 400,000,000.0

400,000,000.0

463,500,000

$ 0

$ 32,100,000

5.26%

Term ABS 2025-2 [Member]

^[2]

Credit Acceptance Funding LLC 2025-2

^[2],[3]

Nov. 15, 2027

^[2]

$ 500,000,000.0

500,000,000.0

689,800,000

$ 0

$ 39,000,000.0

2028 Senior Notes [Member]

4.77%

n/a

Dec. 15, 2028

$ 600,000,000.0

9.25%

2030 Senior Notes [Member]

$ 600,000,000.0

$ 600,000,000

n/a

Mar. 15, 2030

$ 500,000,000.0

6.625%

0.00%

Investments, Debt and Equity Securities [Abstract]

$ 500,000,000.0

$ 500,000,000

$ 0

[1]	Borrowings are subject to repayment on demand.
[2]	(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]	Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date and any amounts remaining on December 27, 2029 will be due on that date.
[5]	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.

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows From Operating Activities:
Net income	$ 423.9	$ 247.9	$ 286.1
Adjustments to reconcile cash provided by operating activities:
Provision for credit losses	616.1	814.7	736.2
Depreciation	3.6	6.7	8.9
Amortization	23.0	21.1	17.7
Increase (Decrease) in Deferred Income Taxes	34.6	(70.4)	(38.0)
Stock-based compensation	50.7	45.0	39.1
Loss on extinguishment of debt	1.2	0.0	1.8
Loss on sale of building	0.0	23.7	0.0
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Other Item	(0.2)	0.8	0.6
Change in operating assets and liabilities:
Increase in accounts payable and accrued liabilities	82.9	6.8	49.7
Increase in income taxes receivable	(63.0)	0.1	4.4
Increase (decrease) in income taxes payable	(117.2)	36.2	78.5
Increase in other assets	(1.0)	5.3	18.8
Net cash provided by operating activities	1,054.6	1,137.9	1,203.8
Cash Flows From Investing Activities:
Purchases of restricted securities available for sale	(43.3)	(59.0)	(43.3)
Proceeds from Sale of Debt Securities, Available-for-sale	33.4	36.9	15.8
Maturities of restricted securities available for sale	12.2	9.3	8.5
Principal collected on Loans receivable	3,411.9	3,208.9	3,036.8
Advances to Dealers	(2,764.8)	(3,578.3)	(2,933.7)
Purchases of Consumer Loans	(1,091.3)	(1,040.1)	(1,214.1)
Accelerated payments of Dealer Holdback	(50.7)	(59.0)	(46.9)
Payments of Dealer Holdback	(180.1)	(241.2)	(235.9)
Purchases of property and equipment	(1.6)	(1.8)	(4.0)
Proceeds from Sale of Buildings	0.0	3.2	0.0
Net cash used in investing activities	(674.3)	(1,721.1)	(1,416.8)
Cash Flows From Financing Activities:
Borrowings under revolving secured line of credit	2,121.1	6,125.9	7,431.9
Repayments under revolving secured line of credit	(2,013.9)	(6,205.0)	(7,383.6)
Proceeds from secured financing	1,402.0	3,619.4	2,762.0
Repayments of secured financing	(1,613.1)	(2,246.6)	(2,519.8)
Proceeds from issuance of senior notes	500.0	0.0	600.0
Repayments of senior notes	(400.0)	0.0	(400.0)
Payments of debt issuance costs and debt issuance costs	(19.8)	(21.7)	(33.3)
Repurchase of common stock	(725.4)	(313.3)	(202.6)
Proceeds from Issuance of Common Stock	23.5	15.6	5.2
Other financing activities	1.0	(17.0)	6.4
Net cash provided by financing activities	(724.6)	957.3	266.2
Net increase in cash and cash equivalents and restricted cash and cash equivalents	(344.3)	374.1	53.2
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	845.0	470.9	417.7
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	500.7	845.0	470.9
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for interest	438.4	393.4	242.1
Cash paid during the period for income taxes	$ 279.3	$ 103.7	$ 31.9

Restricted Securities Available For Sale (Tables)

12 Months Ended

Dec. 31, 2025

Schedule Of Restricted Securities Available For Sale

Restricted securities available for sale consist of the following:


(In millions)	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	53.1	$	0.9	$	(0.1)	$	53.9
U.S. Government and agency securities	30.6		0.2		—		30.8
Asset-backed securities	18.5		0.2		—		18.7


Mortgage-backed securities	2.8		—		—		2.8
Total restricted securities available for sale	$	105.0	$	1.3	$	(0.1)	$	106.2
(In millions)	As of December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	49.4	$	0.2	$	(0.4)	$	49.2
U.S. Government and agency securities	35.6		0.1		(0.4)		35.3
Asset-backed securities	20.1		0.1		—		20.2
Mortgage-backed securities	1.7		—		—		1.7
Total restricted securities available for sale	$	106.8	$	0.4	$	(0.8)	$	106.4

Schedule Of Restricted Securities Available For Sale By Aging Category


(In millions)	Securities Available for Sale with Gross Unrealized Losses as of December 31, 2025
	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	$	1.1	$	—	$	4.1	$	(0.1)	$	5.2	$	(0.1)
U.S. Government and agency securities	6.9		—		1.4		—		8.3		—
Asset-backed securities	—		—		1.2		—		1.2		—

Total restricted securities available for sale	$	8.0	$	—	$	6.7	$	(0.1)	$	14.7	$	(0.1)


(In millions)	Securities Available for Sale with Gross Unrealized Losses as of December 31, 2024
	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	$	13.1	$	(0.2)	$	8.4	$	(0.2)	$	21.5	$	(0.4)
U.S. Government and agency securities	19.8		(0.2)		4.9		(0.2)		24.7		(0.4)
Asset-backed securities	2.4		—		3.6		—		6.0		—
Mortgage-backed securities	1.7		—		—		—		1.7		—
Total restricted securities available for sale	$	37.0	$	(0.4)	$	16.9	$	(0.4)	$	53.9	$	(0.8)

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


(In millions)	As of December 31,
	2025				2024
Contractual Maturity	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Within one year	$	9.6	$	9.6	$	9.5	$	9.4
Over one year to five years	92.1		93.2		84.7		84.3
Over five years to ten years	3.3		3.4		12.6		12.7
Over ten years	—		—		—		—
Total restricted securities available for sale	$	105.0	$	106.2	$	106.8	$	106.4

Property And Equipment (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2025
Property, Plant and Equipment [Abstract]
Proceeds from sale of building	$ 3.2
Loss on sale of building	23.7
Carrying value of building				$ 26.9
Depreciation	$ 3.6	$ 6.7	$ 8.9

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

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 10, 2024, our board of directors approved an amendment to the Incentive Plan, subject to shareholder approval, increasing the number of shares authorized for issuance by 250,000 shares, to 3,250,000 shares. Shareholder approval was received at our annual meeting of shareholders on June 5, 2024. The shares available for future grants under the Incentive Plan totaled 21,270 as of December 31, 2025.

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 executive officers and senior leaders, over a period of ten years, based on continuous employment.

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

•For non-employee directors, over a period of three years, based on continuous service as a director.

A summary of the restricted stock unit (“RSU”) activity under the Incentive Plan for the year ended December 31, 2025, 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, 2024	533,447	$	407.15
Granted	243,351	453.50
Converted	(75,911)	220.69
Forfeited	(3,264)	478.24
Outstanding as of December 31, 2025 (1)	697,623	$	443.27	$	309.4	3.9	(3)
Vested as of December 31, 2025	56,859	$	124.94	$	25.2	0.5

(1)No RSUs outstanding at December 31, 2025 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, 2025 to the applicable number of units.

The grant-date weighted average fair value of RSUs granted in 2025, 2024, and 2023 was $453.50, $484.58, and $454.04, respectively. The total intrinsic value of RSUs settled in common stock during 2025, 2024, and 2023 was $33.7 million, $32.2 million, and $84.8 million, respectively.

Stock option grants

We have granted 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.

A summary of the stock option activity under the Incentive Plan for the year ended December 31, 2025, 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, 2024	605,466	$	367.88

Exercised	(69,419)	337.65

Outstanding as of December 31, 2025	536,047	$	371.79	$	42.9	2.2
Exercisable as of December 31, 2025	521,047	$	367.94	$	42.8	2.2
Unvested as of December 31, 2025	15,000	$	505.55	$	0.1	2.4

(1)The intrinsic value of stock options is the amount by which the market price of the stock as of December 31, 2025 exceeded the exercise price of the options.

The total intrinsic value of stock options exercised during 2025 was $12.0 million. Net cash proceeds from the exercise of stock options in 2025 was $23.5 million.

Stock-based compensation expense

Stock-based compensation expense consists of the following:


(In millions)	For the Years Ended December 31,
	2025		2024		2023
Restricted stock units	$	45.7	$	12.1	$	5.6
Stock options	5.0		32.9		33.5
Total	$	50.7	$	45.0	$	39.1

Pursuant to our Amended and Restated Incentive Compensation Plan, 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. Instead of a short-term compensation program providing for rolling, annual equity awards to our executive officers and senior leaders, we utilize a multi-year compensation program that grants a one-time equity award at the beginning of the compensation program period that is intended to incentivize recipients over the multi-year compensation period. Our current compensation program for executive officers and senior leaders consists primarily of one-time equity awards with a 10-year vesting period. We expect to recognize the remaining expense for stock-based awards outstanding as of December 31, 2025 over a weighted-average period of 4.2 years as follows:


(In millions)
For the Years Ended December 31,	Restricted Stock Units		Stock Options		Total Projected Expense
2026	$	47.0	$	1.2	$	48.2
2027	39.7		—		39.7
2028	33.1		—		33.1
2029	25.0		—		25.0
2030	23.3		—		23.3
Thereafter	89.6		—		89.6
Total	$	257.7	$	1.2	$	258.9

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

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

Balance, beginning of period

$ 11,560.2

$ 10,179.2

$ 9,033.4

New Consumer Loan Assignments

^[1]

5,548.9

6,604.5

5,859.2

Realized Net Cash Flows

^[2]

(5,336.7)

(4,916.3)

(4,521.7)

Forecast changes

(169.5)

(314.0)

(206.3)

^[3]

7.3

6.8

14.6

Balance, end of period

11,610.2

11,560.2

10,179.2

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

Balance, beginning of period

8,176.3

6,707.2

5,637.9

New Consumer Loan Assignments

^[1]

3,986.9

5,090.0

4,154.8

Realized Net Cash Flows

^[2]

(3,693.9)

(3,275.3)

(2,864.9)

Forecast changes

(132.9)

(204.6)

(125.3)

^[3]

(170.9)

(141.0)

(95.3)

Balance, end of period

8,165.5

8,176.3

6,707.2

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

Balance, beginning of period

3,383.9

3,472.0

3,395.5

New Consumer Loan Assignments

^[1]

1,562.0

1,514.5

1,704.4

Realized Net Cash Flows

^[2]

(1,642.8)

(1,641.0)

(1,656.8)

Forecast changes

(36.6)

(109.4)

(81.0)

Schedule Of Weighted Average Shares Outstanding Basic And Diluted

^[3]

178.2

147.8

109.9

Balance, end of period

$ 3,444.7

$ 3,383.9

$ 3,472.0

[1]	The Dealer Loans amount represents repayments that we expected to collect at the time of assignment on Consumer Loans assigned under the 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 the Purchase Program.
[2]	The Dealer Loans amount represents repayments that we collected on Consumer Loans assigned under the 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 the Purchase Program.
[3]	Under the 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.

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

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,
	2025	2024	2023
Weighted average shares outstanding:
Common shares	11,342,184	12,159,941	12,728,888
Vested restricted stock units	109,394	163,320	224,536
Basic number of weighted average shares outstanding	11,451,578	12,323,261	12,953,424
Dilutive effect of restricted stock units and stock options	199,195	146,022	57,311
Dilutive number of weighted average shares outstanding	11,650,773	12,469,283	13,010,735

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,
	2025	2024	2023
Stock options	47,000	69,083	228,998
Restricted stock units	7,329	240	3,185
Total	54,329	69,323	232,183

Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Land and land improvements	$ 2.7	$ 2.7
Building and improvements	17.8	17.6
Data processing equipment and software	43.8	44.1
Office furniture and equipment	2.1	2.2
Total property and equipment	66.4	66.6
Less: Accumulated depreciation on property and equipment	(53.8)	(51.9)
Property, Plant and Equipment, Net, Total	$ 12.6	$ 14.7

Reinsurance (Percentage Payout Of Incurred Claims) (Details)	12 Months Ended
	Dec. 31, 2025
Percentage of Claims Paid During Period One [Member]
Percentage Payment by Period [Line Items]
Payout of Incurred Claims	91.60%
Percentage of Claims Paid During Period Two [Member]
Percentage Payment by Period [Line Items]
Payout of Incurred Claims	8.30%
Percentage of Claims Paid During Period Three [Member]
Percentage Payment by Period [Line Items]
Payout of Incurred Claims	0.10%
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%

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Principal Debt Outstanding

DEBT

Debt consists of the following:


(In millions)	As of December 31, 2025
	Principal Outstanding		Unamortized Debt Issuance Costs		Unamortized Discount		Carrying Amount
Revolving secured lines of credit (1)	$	107.3	$	—	$	—	$	107.3
Secured financing (2)	5,180.6		(21.7)		(0.1)		5,158.8
Senior notes	1,100.0		(12.2)		—		1,087.8
Total debt	$	6,387.9	$	(33.9)	$	(0.1)	$	6,353.9

(In millions)	As of December 31, 2024
	Principal Outstanding		Unamortized Debt Issuance Costs		Unamortized Discount		Carrying Amount
Revolving secured lines of credit (1)	$	0.1	$	—	$	—	$	0.1
Secured financing (2)	5,391.8		(29.0)		(1.3)		5,361.5
Senior notes	1,000.0		(8.7)		—		991.3
Total debt	$	6,391.9	$	(37.7)	$	(1.3)	$	6,352.9

(1)Excludes deferred debt issuance costs of $4.5 million and $4.4 million as of December 31, 2025 and December 31, 2024, respectively, which are included in other assets.

(2)Warehouse facilities and Term ABS financings.

Schedule Of General Information Of Financing Transaction

General information for each of our financing transactions in place as of December 31, 2025 is as follows:


(Dollars in millions)
Financings	Wholly Owned Subsidiary	Maturity Date		Financing Amount		Interest Rate Basis as of December 31, 2025
Revolving Secured Line of Credit Facility	n/a	06/22/28		$	390.0	At our option, either the Secured Overnight Financing Rate (SOFR) plus 197.5 basis points or the prime rate plus 87.5 basis points
RTP Facility	n/a	—	(1)	$	20.0	SOFR plus 197.5 basis points
Warehouse Facility II (2)	CAC Warehouse Funding LLC II	09/20/27	(3)	$	500.0	SOFR plus 185.0 basis points
Warehouse Facility IV (2)	CAC Warehouse Funding LLC IV	07/30/28	(3)	$	300.0	SOFR plus 205.0 basis points
Warehouse Facility V (2)	CAC Warehouse Funding LLC V	12/29/27	(4)	$	250.0	SOFR plus 185.0 basis points
Warehouse Facility VI (2)	CAC Warehouse Funding LLC VI	09/30/28	(3)	$	75.0	SOFR plus 185.0 basis points
Warehouse Facility VIII (2)	CAC Warehouse Funding LLC VIII	09/19/28	(3)	$	200.0	SOFR plus 185.0 basis points
Term ABS 2019-2 (2)	Credit Acceptance Funding LLC 2019-2	09/15/26	(5)	$	500.0	Fixed rate
Term ABS 2021-1 (2)	Credit Acceptance Funding LLC 2021-1	02/17/26	(5)	$	100.0	SOFR plus 220.0 basis points
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	06/15/27	(5)	$	300.0	SOFR plus 246.4 basis points
Term ABS 2022-3 (2)	Credit Acceptance Funding LLC 2022-3	10/15/24	(3)	$	389.9	Fixed rate
Term ABS 2023-1 (2)	Credit Acceptance Funding LLC 2023-1	03/17/25	(3)	$	400.0	Fixed rate
Term ABS 2023-2 (2)	Credit Acceptance Funding LLC 2023-2	05/15/25	(3)	$	400.0	Fixed rate
Term ABS 2023-3 (2)	Credit Acceptance Funding LLC 2023-3	08/15/25	(3)	$	400.0	Fixed rate
Term ABS 2023-5 (2)	Credit Acceptance Funding LLC 2023-5	12/15/25	(3)	$	294.0	Fixed rate
Term ABS 2024-A (2)	Credit Acceptance Funding LLC 2024-A	02/15/27	(5)	$	200.0	Fixed rate
Term ABS 2024-1 (2)	Credit Acceptance Funding LLC 2024-1	03/16/26	(3)	$	500.0	Fixed rate
Term ABS 2024-2 (2)	Credit Acceptance Funding LLC 2024-2	06/15/26	(3)	$	550.0	Fixed rate
Term ABS 2024-3 (2)	Credit Acceptance Funding LLC 2024-3	09/15/26	(3)	$	600.0	Fixed rate
Term ABS 2024-B (2)	Credit Acceptance Funding LLC 2024-B	12/15/27	(5)	$	300.0	Fixed rate
Term ABS 2025-1 (2)	Credit Acceptance Funding LLC 2025-1	03/15/27	(3)	$	400.0	Fixed rate
Term ABS 2025-2 (2)	Credit Acceptance Funding LLC 2025-2	11/15/27	(3)	$	500.0	Fixed rate
2028 Senior Notes	n/a	12/15/28		$	600.0	Fixed rate
2030 Senior Notes	n/a	03/15/30		$	500.0	Fixed rate

(1)Borrowings are subject to repayment on demand.

(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)Represents the revolving maturity date. The outstanding balance will amortize after the revolving maturity date and any amounts remaining on December 27, 2029 will be due on that date.

^[1]

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,
	2025		2024
Revolving Secured Lines of Credit
Maximum outstanding principal balance	$	307.6	$	342.0
Average outstanding principal balance	39.0		127.0
Warehouse Facility II
Maximum outstanding principal balance	$	251.0	$	251.0
Average outstanding principal balance	5.5		94.4
Warehouse Facility IV
Maximum outstanding principal balance	$	—	$	—
Average outstanding principal balance	—		—
Warehouse Facility V
Maximum outstanding principal balance	$	—	$	100.0
Average outstanding principal balance	—		5.7
Warehouse Facility VI
Maximum outstanding principal balance	$	—	$	75.0
Average outstanding principal balance	—		36.5
Warehouse Facility VIII
Maximum outstanding principal balance	$	—	$	100.0
Average outstanding principal balance	—		19.4

Summary Of Debt


(Dollars in millions)	As of December 31,
	2025			2024
Revolving Secured Lines of Credit
Principal balance outstanding	$	107.3		$	0.1
Amount available for borrowing (1)	302.7			409.9
Interest rate	5.69		%	6.37		%
Warehouse Facility II
Principal balance outstanding	$	—		$	—
Amount available for borrowing (1)	500.0			500.0
Loans pledged as collateral	—			—
Restricted cash and cash equivalents pledged as collateral	—			2.5
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	—			—
Interest rate	—		%	—		%
Warehouse Facility V
Principal balance outstanding	$	—		$	—
Amount available for borrowing (1)	250.0			250.0
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	0.1			—
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 2019-2
Principal balance outstanding	$	500.0		$	500.0
Loans pledged as collateral	523.8			529.0
Restricted cash and cash equivalents pledged as collateral	42.1			41.7
Interest rate	5.43		%	5.43		%
Term ABS 2021-1
Principal balance outstanding	$	100.0		$	100.0
Loans pledged as collateral	108.8			112.0
Restricted cash and cash equivalents pledged as collateral	8.8			8.7
Interest rate	5.95		%	6.60		%
Term ABS 2021-4
Principal balance outstanding	$	—		$	63.6
Loans pledged as collateral	—			167.0
Restricted cash and cash equivalents pledged as collateral	—			16.4
Interest rate	—		%	1.89		%


(Dollars in millions)	As of December 31,
	2025			2024
Term ABS 2022-1
Principal balance outstanding	$	44.8		$	236.6
Loans pledged as collateral	186.3			310.0
Restricted cash and cash equivalents pledged as collateral	19.7			24.9
Interest rate	6.13		%	5.24		%
Term ABS 2022-2
Principal balance outstanding	$	300.0		$	300.0
Loans pledged as collateral	325.0			406.0
Restricted cash and cash equivalents pledged as collateral	23.6			25.2
Interest rate	6.12		%	7.29		%
Term ABS 2022-3
Principal balance outstanding	$	127.0		$	347.6
Loans pledged as collateral	238.8			395.2
Restricted cash and cash equivalents pledged as collateral	23.0			29.1
Interest rate	8.84		%	7.82		%
Term ABS 2023-1
Principal balance outstanding	$	209.2		$	400.0
Loans pledged as collateral	293.5			453.0
Restricted cash and cash equivalents pledged as collateral	26.9			33.1
Interest rate	7.32		%	6.92		%
Term ABS 2023-2
Principal balance outstanding	$	242.7		$	400.0
Loans pledged as collateral	338.4			533.3
Restricted cash and cash equivalents pledged as collateral	28.6			36.8
Interest rate	6.69		%	6.39		%
Term ABS 2023-3
Principal balance outstanding	$	312.9		$	400.0
Loans pledged as collateral	371.3			524.9
Restricted cash and cash equivalents pledged as collateral	30.0			36.5
Interest rate	6.99		%	6.86		%
Term ABS 2023-A
Principal balance outstanding	$	—		$	200.0
Loans pledged as collateral	—			252.0
Restricted cash and cash equivalents pledged as collateral	—			17.7
Interest rate	—		%	7.51		%
Term ABS 2023-5
Principal balance outstanding	$	294.0		$	294.0
Loans pledged as collateral	327.7			398.7
Restricted cash and cash equivalents pledged as collateral	28.9			32.9
Interest rate	6.54		%	6.54		%
Term ABS 2024-A
Principal balance outstanding	$	200.0		$	200.0
Loans pledged as collateral	211.1			248.4
Restricted cash and cash equivalents pledged as collateral	16.6			18.1
Interest rate	7.45		%	7.45		%


(Dollars in millions)	As of December 31,
	2025			2024
Term ABS 2024-1
Principal balance outstanding	$	500.0		$	500.0
Loans pledged as collateral	580.2			553.3
Restricted cash and cash equivalents pledged as collateral	44.0			45.0
Interest rate	6.01		%	6.01		%
Term ABS 2024-2
Principal balance outstanding	$	550.0		$	550.0
Loans pledged as collateral	608.6			646.8
Restricted cash and cash equivalents pledged as collateral	42.9			42.0
Interest rate	6.21		%	6.21		%
Term ABS 2024-3
Principal balance outstanding	$	600.0		$	600.0
Loans pledged as collateral	668.7			700.9
Restricted cash and cash equivalents pledged as collateral	47.4			51.5
Interest rate	4.91		%	4.91		%
Term ABS 2024-B
Principal balance outstanding	$	300.0		$	300.0
Loans pledged as collateral	339.9			425.8
Restricted cash and cash equivalents pledged as collateral	22.5			37.9
Interest rate	6.13		%	6.13		%
Term ABS 2025-1
Principal balance outstanding	$	400.0		$	—
Loans pledged as collateral	463.5			—
Restricted cash and cash equivalents pledged as collateral	32.1			—
Interest rate	5.26		%	—		%
Term ABS 2025-2
Principal balance outstanding	$	500.0		$	—
Loans pledged as collateral	689.8			—
Restricted cash and cash equivalents pledged as collateral	39.0			—
Interest rate	4.77		%	—		%
2026 Senior Notes
Principal balance outstanding	$	—		$	400.0
Interest rate	—		%	6.625		%
2028 Senior Notes
Principal balance outstanding	$	600.0		$	600.0
Interest rate	9.250		%	9.250		%
2030 Senior Notes
Principal balance outstanding	$	500.0		$	—
Interest rate	6.625		%	—		%

Scheduled Principal Maturities Of Debt

The scheduled principal maturities of our debt as of December 31, 2025 are as follows:


(In millions)
Year	Revolving Secured Lines of Credit Facility		Warehouse Facilities		Term ABS Financings (1)		Senior Notes		Total
2026	$	—	$	—	$	2,181.4	$	—	$	2,181.4
2027	—		—		2,227.0		—		2,227.0
2028	107.3		—		633.3		600.0		1,340.6
2029	—		—		138.9		—		138.9
2030	—		—		—		500.0		500.0
Thereafter	—		—		—		—		—
Total	$	107.3	$	—	$	5,180.6	$	1,100.0	$	6,387.9

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

[1]	Borrowings are subject to repayment on demand.

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Subparagraph (SX 210.5-02(22))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Debt (Narrative) (Details)					3 Months Ended		12 Months Ended
Debt (Narrative) (Details)	Feb. 28, 2025 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 19, 2023 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 USD ($) facility	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 07, 2019 USD ($)
Debt Instrument [Line Items]
Maximum hedging reserve							$ 1,000,000.0
Senior notes							1,087,800,000	$ 991,300,000
Repayments of senior notes							400,000,000.0	0	$ 400,000,000.0
Loss on extinguishment of debt							$ 1,200,000	0	$ 1,800,000
Revolving Secured Line Of Credit [Member]
Debt Instrument [Line Items]
Debt maturity date							Jun. 22, 2028
Line of credit facility							$ 390,000,000.0
RTP Line of Credit Facility							$ 20,000,000.0
Percentage of net book value of loans							80.00%
Warehouse Facilities [Member]
Debt Instrument [Line Items]
Percentage of net book value of loans							80.00%
Number of warehouse facilities \| facility							5
Debt financing amount							$ 1,325,000,000
Monthly Servicing Fee Per Financing							4.00%
Term ABS Financing [Member]
Debt Instrument [Line Items]
Monthly Servicing Fee Per Financing							4.00%
2030 Senior Notes [Member]
Debt Instrument [Line Items]
Debt maturity date							Mar. 15, 2030
Debt financing amount							$ 500,000,000.0
Senior notes	$ 500,000,000						$ 500,000,000.0	$ 0
Interest rate	6.625%						6.625%	0.00%
2028 Senior Notes [Member]
Debt Instrument [Line Items]
Debt maturity date							Dec. 15, 2028
Debt financing amount							$ 600,000,000.0
Senior notes				$ 600,000,000			$ 600,000,000.0	$ 600,000,000.0
Interest rate				9.25%			9.25%	9.25%
2026 Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes							$ 0	$ 400,000,000.0		$ 400,000,000.0
Interest rate	6.625%						0.00%	6.625%		6.625%
Repayments of senior notes	$ 400,000,000
Loss on extinguishment of debt					$ 1,200,000
2024 Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate				5.125%
Repayments of senior notes		$ 77,700,000	$ 400,000,000	$ 322,300,000
Loss on extinguishment of debt						$ 1,800,000

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

Dec. 31, 2025

USD ($)

$ 2,181.4

2,227.0

1,340.6

138.9

500.0

0.0

6,387.9

Term ABS Financing [Member]

0.0

0.0

107.3

0.0

0.0

0.0

107.3

Secured Debt [Member]

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2026

2,181.4

^[1]

2027

2,227.0

^[1]

2028

633.3

^[1]

2029

138.9

^[1]

2030

0.0

^[1]

Thereafter

0.0

^[1]

Total

5,180.6

^[1]

Senior Notes [Member]

0.0

0.0

600.0

0.0

500.0

0.0

$ 1,100.0

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

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

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

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

^[1],[2]

$ 11,511.5

$ 11,289.1

(3,602.3)

(3,438.8)

7,909.2

7,850.3

$ 6,955.3

$ 6,297.7

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

^[1]

8,790.8

8,521.0

(3,089.1)

(2,844.5)

5,701.7

5,676.5

4,709.8

4,074.8

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

^[2]

2,720.7

2,768.1

(513.2)

(594.3)

$ 2,207.5

$ 2,173.8

$ 2,245.5

$ 2,222.9

[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.

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5