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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

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