| Finance Receivables and Obligations Collateralized by Finance Receivables |
Finance Receivables and Obligations Collateralized by Finance ReceivablesAFC sells the majority of its U.S. dollar denominated finance receivables on a revolving basis and without recourse to a wholly-owned, bankruptcy remote, consolidated, special purpose subsidiary ("AFC Funding Corporation"), established for the purpose of purchasing AFC's finance receivables. A securitization agreement allows for the revolving sale by AFC Funding Corporation to a group of bank purchasers of undivided interests in certain finance receivables subject to committed liquidity. AFC Funding Corporation had committed liquidity of $1.60 billion for U.S. finance receivables at December 31, 2020. In September 2020, AFC and AFC Funding Corporation entered into the Ninth Amended and Restated Receivables Purchase Agreement (the "Receivables Purchase Agreement"). The Receivables Purchase Agreement decreased AFC Funding's U.S. committed liquidity from $1.70 billion to $1.60 billion and extended the facility's maturity date from January 28, 2022 to January 31, 2024. In addition, provisions designed to provide additional credit enhancement to the purchasers upon the occurrence of the certain events related to the payment rate and net spread on the receivables portfolio were added, certain portfolio performance metrics that could result in a requirement to increase the cash reserve or constitute a termination event were amended to the benefit of AFC Funding and provisions providing for a mechanism for determining an alternative rate of interest were added. We capitalized approximately $12.3 million of costs in connection with the Receivables Purchase Agreement. In December 2018, AFC and AFC Funding Corporation entered into the Eighth Amended and Restated Receivables Purchase Agreement (the "Eighth Receivables Purchase Agreement"). The Eighth Receivables Purchase Agreement increased AFC Funding's U.S. committed liquidity from $1.50 billion to $1.70 billion and extended the facility's maturity date. In addition, the definition of eligible receivables was expanded. We capitalized approximately $11.6 million of costs in connection with the Eighth Receivables Purchase Agreement. We also have an agreement for the securitization of AFCI's receivables. AFCI's committed facility is provided through a third-party conduit (separate from the U.S. facility) and was C$175 million at December 31, 2020. In September 2020, AFCI entered into the Fifth Amended and Restated Receivables Purchase Agreement (the "Canadian Receivable Purchase Agreement"). The Canadian Receivables Purchase Agreement extended the facility's maturity date from January 28, 2022 to January 31, 2024. In addition, provisions designed to provide additional credit enhancement to the purchasers upon the occurrence of the certain events related to the payment rate and net spread on the receivables portfolio were added, certain portfolio performance metrics that could result in a requirement to increase the cash reserve or constitute a termination event were amended to the benefit of AFC Funding and provisions providing for a mechanism for determining an alternative rate of interest were added. We capitalized approximately $1.0 million of costs in connection with the Canadian Receivables Purchase Agreement. The receivables sold pursuant to both the U.S. and Canadian securitization agreements are accounted for as secured borrowings. In December 2018, AFCI entered into Amending Agreement No. 2 to the Fourth Amended and Restated Receivables Purchase Agreement (the "Canadian Fourth Receivables Purchase Agreement"). The Canadian Fourth Receivables Purchase Agreement increased AFCI's committed liquidity from C$125 million to C$175 million and extended the facility's maturity date. In addition, the definition of eligible receivables was expanded. We capitalized approximately $0.9 million of costs in connection with the Canadian Fourth Receivables Purchase Agreement. The following tables present quantitative information about delinquencies, credit loss charge-offs less recoveries ("net credit losses") and components of securitized financial assets and other related assets managed. For purposes of this illustration, delinquent receivables are defined as receivables 31 days or more past due. | | | | | | | | | | | | | | | | | | | | December 31, 2020 | | Net Credit Losses
During 2020 | | | Total Amount of: | | | (in millions) | Receivables | | Receivables
Delinquent | | | Floorplan receivables | $ | 1,892.1 | | | $ | 22.9 | | | $ | 36.6 | | | Other loans | 18.9 | | | — | | | — | | | Total receivables managed | $ | 1,911.0 | | | $ | 22.9 | | | $ | 36.6 | |
| | | | | | | | | | | | | | | | | | | | December 31, 2019 | | Net Credit Losses
During 2019 | | | Total Amount of: | | | (in millions) | Receivables | | Receivables
Delinquent | | | Floorplan receivables | $ | 2,099.4 | | | $ | 28.8 | | | $ | 34.3 | | | Other loans | 15.8 | | | — | | | — | | | Total receivables managed | $ | 2,115.2 | | | $ | 28.8 | | | $ | 34.3 | |
AFC's allowance for losses was $22.0 million and $15.0 million at December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, $1,865.3 million and $2,061.6 million, respectively, of finance receivables and a cash reserve of 1 or 3 percent of the obligations collateralized by finance receivables served as security for the obligations collateralized by finance receivables. The amount of the cash reserve depends on circumstances which are set forth in the securitization agreements. Obligations collateralized by finance receivables consisted of the following: | | | | | | | | | | | | | December 31,
2020 | | December 31,
2019 | | Obligations collateralized by finance receivables, gross | $ | 1,282.8 | | | $ | 1,474.4 | | | Unamortized securitization issuance costs | (21.6) | | | (13.2) | | | Obligations collateralized by finance receivables | $ | 1,261.2 | | | $ | 1,461.2 | |
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