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9. Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2019
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:

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
    2019    2018    2019    2018 
                     
Balance at beginning of period  $1,158,365   $412,895   $821,066   $– 
Finance receivables at fair value acquired during period   261,929    229,030    756,555    659,641 
Payments received on finance receivables at fair value   (83,384)   (18,851)   (200,889)   (31,824)
Net interest income accretion on fair value receivables   (24,309)   (8,267)   (64,131)   (13,010)
Mark to fair value   604    –    604    – 
Balance at end of period  $1,313,205   $614,807   $1,313,205   $614,807 
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:

 

   September 30, 2019   December 31, 2018 
   Contractual   Fair   Contractual   Fair 
   Balance   Value   Balance   Value 
   (In thousands) 
Finance receivables measured at fair value  $1,356,157   $1,313,205   $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 
   September 30,   December 31,      September 30,   December 31, 
   2019   2018   Unobservable Inputs  2019   2018 
   (In thousands)            
Assets:                   
Finance receivables measured at fair value  $1,313,205   $821,066  

Discount rate

Cumulative net losses

   

8.9% - 11.1%

15.0% - 16.1%

    

8.9% - 9.9%

15.0% - 16.0%

 
Schedule of delinquency status of finance receivables measured at fair value

The following table summarizes the delinquency status of these finance receivables measured at fair value as of September 30, 2019 and December 31, 2018:

 

   September 30,   December 31, 
   2019   2018 
   (In thousands) 
Delinquency Status          
Current  $1,242,569   $790,727 
31 - 60 days   70,802    26,285 
61 - 90 days   29,557    8,350 
91 + days   13,229    3,677 
   $1,356,157   $829,039 
Schedule of estimated fair values of financial assets and liabilities

The estimated fair values of financial assets and liabilities at September 30, 2019 and December 31, 2018, were as follows:

 

   As of September 30, 2019 
Financial Instrument  (In thousands) 
   Carrying   Fair Value Measurements Using:     
   Value   Level 1   Level 2   Level 3   Total 
Assets:                    
Cash and cash equivalents  $8,799   $8,799   $–   $–   $8,799 
Restricted cash and equivalents   128,556    128,556    –    –    128,556 
Finance receivables, net   1,009,651    –    –    964,540    964,540 
Accrued interest receivable   12,729    –    –    12,729    12,729 
Liabilities:                         
Warehouse lines of credit  $157,761   $–   $–   $157,761   $157,761 
Accrued interest payable   5,257    –    –    5,257    5,257 
Residual interest financing  39,385    –   –    39,385   39,385 
Securitization trust debt   2,066,458    –    –    2,095,487   2,095,487 
Subordinated renewable notes   15,529    –    –    15,529    15,529 

 

   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 
Residual interest financing   39,106    –   –    39,106   39,106 
Securitization trust debt  2,063,627    –    –   2,051,920    2,051,920 
Subordinated renewable notes   17,290    –    –    17,290    17,290