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Debt and Finance Lease Obligations | 9 Months Ended
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Dec. 26, 2020
Debt Disclosure [Abstract] |
Debt and Finance Lease Obligations | Debt and Finance Lease Obligations Debt and finance lease obligations primarily consist of secured credit facilities at our finance subsidiary and lease obligations for which it is expected that we will obtain ownership of the leased assets at the end of their lease term. The following table summarizes debt and finance lease obligations (in thousands):
| December 26, 2020 |  | March 28, 2020
Secured credit facilities | $ | 8,825 |  |  | $ | 10,474 |
Other secured financings | 3,843 |  |  | 4,113 |
Finance lease obligations | 319 |  |  | 366 |
| 12,987 |  |  | 14,953 |
Less current portion | (2,140) |  |  | (2,248) |
| $ | 10,847 |  |  | $ | 12,705 |
CountryPlace entered into secured credit facilities with independent third-party banks with draw periods from one to fifteen months and maturity dates of ten years after the expiration of the draw periods, which have now expired. The proceeds were used to originate and hold consumer home-only loans secured by manufactured homes, which are pledged as collateral to the facilities. Upon completion of the draw down periods, the facilities were converted into an amortizing loan based on a 20-year amortization period with a balloon payment due upon maturity. The maximum advance for loans under this program was 80% of the outstanding collateral principal balance, with the Company providing the remaining funds. The outstanding balance of the converted loans was $8.8 million as of December 26, 2020 and $10.5 million as of March 28, 2020, with a weighted average interest rate of 4.91%. See Note 9 of the Notes to the Consolidated Financial Statements included in the Form 10-K for further discussion of the finance lease obligations.

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