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13. Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Schedule of reconciliation of the finance receivables measured at fair value on a recurring basis

The table below presents a reconciliation of the finance receivables measured at fair value on a recurring basis using significant unobservable inputs:

 

    Twelve Months Ended  
    December 31,  
    2018     2017  
    (In thousands)  
Balance at beginning of period   $ –     $ –  
Finance receivables at fair value acquired during period     914,949       –  
Payments received on finance receivables at fair value     (67,720 )     –  
Net interest income accretion on fair value receivables     (26,163 )     –  
Mark to fair value     –       –  
Balance at end of period   $ 821,066     $ –  
Schedule of finance receivables to their contractual balances

The table below compares the fair values of these finance receivables to their contractual balances for the periods shown:

 

      December 31, 2018       December 31, 2017  
      Contractual       Fair       Contractual       Fair  
      Balance       Value       Balance       Value  
      (In thousands)  
                                 
Finance receivables measured at fair value   $ 829,039     $ 821,066     $ –     $ –  
Schedule of level 3 fair value measurements

The following table provides certain qualitative information about our level 3 fair value measurements:

 

Financial Instrument   Fair Values as of         Inputs as of  
    December 31,         December 31,  
    2018     2017     Unobservable Inputs   2018     2017  
    (In thousands)                  
Assets:                            
Finance receivables measured at fair value   $ 821,066     $ –     Discount rate     8.9% - 9.9%       n/a  
                    Cumulative net losses     15% - 16%       n/a  
Schedule of delinquency status of finance receivables measured at fair value

The following table summarizes the delinquency status using the contractual balance of these finance receivables measured at fair value as of December 31, 2018 and December 31, 2017:

 

    December 31,     December 31,  
    2018     2017  
    (In thousands)  
Delinquency Status                
Current   $ 790,727     $ –  
31 - 60 days     26,285       –  
61 - 90 days     8,350       –  
91 + days     3,677       –  
    $ 829,039     $ –  
Schedule of estimated fair values of financial assets and liabilities

The estimated fair values of financial assets and liabilities at December 31, 2018 and 2017, were as follows:

 

    As of December 31, 2018  
Financial Instrument   (In thousands)  
    Carrying     Fair Value Measurements Using:        
    Value     Level 1     Level 2     Level 3     Total  
Assets:                              
Cash and cash equivalents   $ 12,787     $ 12,787     $ –     $ –     $ 12,787  
Restricted cash and equivalents     117,323       117,323       –       –       117,323  
Finance receivables, net     1,454,709       –       –       1,434,631       1,434,631  
Accrued interest receivable     31,969       –       –       31,969       31,969  
Liabilities:                                        
Warehouse lines of credit   $ 136,847     $ –     $ –     $ 136,847     $ 136,847  
Accrued interest payable     4,819       –       –       4,819       4,819  
Securitization trust debt     2,063,627       –       –       2,051,920       2,051,920  
Subordinated renewable notes     17,290       –     $ –       17,290       17,290  

 

    As of December 31, 2017  
Financial Instrument   (In thousands)  
    Carrying     Fair Value Measurements Using:        
    Value     Level 1     Level 2     Level 3     Total  
Assets:                              
Cash and cash equivalents   $ 12,731     $ 12,731     $ –     $ –     $ 12,731  
Restricted cash and equivalents     111,965       111,965       –       –       111,965  
Finance receivables, net     2,195,797       –       –       2,171,846       2,171,846  
Accrued interest receivable     46,753       –       –       46,753       46,753  
Liabilities:                                        
Warehouse lines of credit   $ 112,408     $ –     $ –     $ 112,408     $ 112,408  
Accrued interest payable     4,212       –       –       4,212       4,212  
Securitization trust debt     2,083,215       –       –       2,089,678       2,089,678  
Subordinated renewable notes     16,566       –       –       16,566       16,566