XML 41 R27.htm IDEA: XBRL DOCUMENT
v3.21.2

Finance Receivables (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2021
Receivables [Abstract] |
Schedule of Installment Finance Receivables at Fair Value | The components of installment finance receivables at fair value as of September 30, 2021 were as follows (in thousands):
Unpaid principal balance of finance receivables - accrual |  | $ | 272,678 |
Unpaid principal balance of finance receivables - non-accrual |  | 19,198 |
Unpaid principal balance of finance receivables |  | $ | 291,876 |
Finance receivables at fair value - accrual |  | $ | 323,931 |
Finance receivables at fair value - non-accrual |  | 941 |
Finance receivables at fair value, excluding accrued interest and fees receivable |  | 324,872 |
Accrued interest and fees receivable |  | 9,242 |
Finance receivables at fair value |  | $ | 334,114 |
Difference between unpaid principal balance and fair value |  | $ | 32,996 |
Schedule of Changes in Fair Value of Installment Finance Receivables | Changes in the fair value of installment finance receivables at fair value during the three months ended September 30, 2021 were as follows (in thousands):
Balance at the beginning of the period |  | $ | 296,381 |
Originations of principal |  | 155,055 |
Repayments of principal |  | (98,202) |
Accrued interest and fees receivable |  | (180) |
Charge-offs, net (1) |  | (24,891) |
Net change in fair value (1) |  | 5,951 |
Balance at the end of the period |  | $ | 334,114 |
(1) Included in "Change in fair value of finance receivables" in the Consolidated Statements of Operations.
Changes in the fair value of installment finance receivables at fair value during the nine months ended September 30, 2021 were as follows (in thousands):
Balance at the beginning of the period |  | $ | 289,166 |
Originations of principal |  | 401,373 |
Repayments of principal |  | (303,305) |
Accrued interest and fees receivable |  | 1,332 |
Charge-offs, net (1) |  | (62,046) |
Adjustment to fair value |  | (1,817) |
Net change in fair value (1) |  | 9,411 |
Balance at the end of the period |  | $ | 334,114 |
(1) Included in "Change in fair value of finance receivables" in the Consolidated Statements of Operations.
Schedule of Finance Receivables | The components of finance receivables carried at amortized cost as of September 30, 2021 and December 31, 2020 were as follows (in thousands):
|  | September 30, 2021 |  | December 31, 2020
Finance receivables |  | $ | 1,402 |  |  | $ | 255,943 |
Accrued interest and fees |  | 13 |  |  | 7,910 |
Unamortized loan origination costs |  | — |  |  | 13,421 |
Allowance for credit losses |  | (146) |  |  | (55,031) |
Finance receivables at amortized cost, net |  | $ | 1,269 |  |  | $ | 222,243 |
Summary of Changes in Allowance for Credit Losses on Finance Receivables | Changes in the allowance for credit losses on finance receivables during the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands):
|  | For The Three Months Ended
|  | September 30, 2021 |  | September 30, 2020
Beginning balance |  | $ | 11 |  |  | $ | 43,858 |
Provisions for credit losses on finance receivables |  | 143 |  |  | 16,303 |
Finance receivables charged off |  | (8) |  |  | (15,277) |
Recoveries of charge offs |  | — |  |  | 2,650 |
Ending balance |  | $ | 146 |  |  | $ | 47,534 |
|  | For The Nine Months Ended
|  | September 30, 2021 |  | September 30, 2020
Beginning balance |  | $ | 55,031 |  |  | $ | 53,146 |
Effects of adopting fair value option |  | (55,031) |  |  | — |
Provisions for credit losses on finance receivables |  | 181 |  |  | 56,136 |
Finance receivables charged off |  | (35) |  |  | (70,073) |
Recoveries of charge offs |  | — |  |  | 8,325 |
Ending balance |  | $ | 146 |  |  | $ | 47,534 |
Summary of Changes in Reserve for Repurchase Liability | Changes in the reserve for repurchase liability for third-party lender losses were as follows for the three months ended September 30, 2020 (in thousands):
Beginning balance, June 30, 2020 |  | $ | 3,180 |
Provision for repurchase liabilities |  | 1,577 |
Finance receivables charged off |  | (1,427) |
Recoveries of charge offs |  | 194 |
Ending balance, September 30, 2020 |  | $ | 3,524 |
Changes in the reserve for repurchase liability for third-party lender losses were as follows for the nine months ended September 30, 2020 (in thousands):
Beginning balance, December 31, 2019 |  | $ | 4,978 |
Provision for repurchase liabilities |  | 6,619 |
Finance receivables charged off |  | (8,772) |
Recoveries of charge offs |  | 699 |
Ending balance, September 30, 2020 |  | $ | 3,524 |
Summary of Credit Quality Finance Receivable Portfolio | The following is an assessment of the credit quality of finance receivables at amortized cost and presents the recency delinquency and contractual delinquency of the finance receivable portfolio as of September 30, 2021 and December 31, 2020 (in thousands):
|  | September 30, 2021 |  | December 31, 2020
|  | Recency delinquency |  | Contractual delinquency |  | Recency delinquency |  | Contractual delinquency
Current |  | $ | 1,368 |  |  | $ | 1,378 |  |  | $ | 240,623 |  |  | $ | 220,438 |
Delinquency |  |  |  |  |  |  |  |
30-59 days |  | 44 |  |  | 34 |  |  | 7,760 |  |  | 12,574 |
60-89 days |  | 3 |  |  | 3 |  |  | 7,560 |  |  | 9,852 |
90+ days |  | — |  |  | — |  |  | — |  |  | 13,079 |
Total delinquency |  | 47 |  |  | 37 |  |  | 15,320 |  |  | 35,505 |
Finance receivables |  | $ | 1,415 |  |  | $ | 1,415 |  |  | $ | 255,943 |  |  | $ | 255,943 |

X
- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953423-111524 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447 + Details
Name: | us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about asset and liability measured at fair value under fair value option. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14210-108612 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14217-108612 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612 + Details
Name: | us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of aging analysis for financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7A -URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 55 -Paragraph 80 -URI http://asc.fasb.org/extlink&oid=124267575&loc=SL82922355-210448 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=123577603&loc=d3e5111-111524 + Details
Name: | us-gaap_PastDueFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on securities purchased under agreement to resell. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447 + Details
Name: | us-gaap_SecuritiesPurchasedUnderAgreementsToResellAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration