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(2) Finance Receivables (Tables) | 6 Months Ended
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Jun. 30, 2020
Finance Receivables |
Schedule of finance receivables |
Schedule of finance receivables |  | June 30, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Finance receivables |  |  |  |  |  |
Automobile finance receivables, net of unearned interest |  | $ | 668,449 |  |  | $ | 895,566 |
Unearned acquisition fees and originations costs |  |  | 1,323 |  |  |  | 1,964 |
Finance receivables |  | $ | 669,772 |  |  | $ | 897,530 |
Schedule of amortized cost basis of finance receivables |
Schedule of delinquency status of finance receivables |  | June 30, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Delinquency Status |  |  |  |  |  |  |  |
Current |  | $ | 553,523 |  |  | $ | 669,937 |
31 - 60 days |  |  | 55,498 |  |  |  | 107,951 |
61 - 90 days |  |  | 23,199 |  |  |  | 57,395 |
91 + days |  |  | 8,464 |  |  |  | 31,350 |
Repo |  |  | 27,765 |  |  |  | 28,933 |
|  | $ | 668,449 |  |  | $ | 895,566 |
Finance receivables totaling $8.5 million and $31.4 million at June 30, 2020 and December 31, 2019, respectively, including all receivables greater than 90 days delinquent, have been placed on non-accrual status as a result of their delinquency status. Allowance for Credit Losses – Finance Receivables The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of finance receivables to present the net amount expected to be collected. Charge offs are deducted from the allowance when management believes that collectability is unlikely. Management estimates the allowance using relevant available information, from internal and external sources, relating to past events, current conditions and, reasonable and supportable forecasts. We believe our historical credit loss experience provides the best basis for the estimation of expected credit losses. Consequently, we use historical loss experience for older receivables, aggregated into vintage pools based on their calendar quarter of origination, to forecast expected losses for less seasoned quarterly vintage pools. We measure the weighted average monthly incremental change in cumulative net losses for the vintage pools in the relevant historical period. The data reflect the effect on vintage pools of past events as well as more recent events reflecting current conditions. We then apply the results of the historical analysis to less seasoned vintage pools beginning with each vintage pool’s most recent actual cumulative net loss experience and extrapolating from that point based on the historical data. We believe the pattern and magnitude of losses on older vintages allows us to establish a reasonable and supportable forecast of less seasoned vintages. Our contract purchase guidelines are designed to produce a homogenous portfolio. For key credit characteristics of individual contracts such as obligor credit history, job stability, residence stability and ability to pay, there is relatively little variation from the average for the portfolio. Similarly, for key structural characteristics such as loan-to-value, length of contract, monthly payment and amount financed, there is relatively little variation from the average for the portfolio. Consequently, we do not believe there are significant differences in risk characteristics between various segments of our portfolio. Our methodology incorporates historical pools that are sufficiently seasoned to capture the magnitude and trends of losses within those vintage pools. Furthermore, the historical period encompasses a substantial volume of receivables over periods that include fluctuations in the competitive landscape, the Company’s rates of growth, size of our managed portfolio and fluctuations in economic growth and unemployment. In consideration of the depth and breadth of the historical period, and the homogeneity of our portfolio, we generally do not adjust historical loss information for differences in risk characteristics such as credit or structural composition of segments of the portfolio or for changes in environmental conditions such as changes in unemployment rates, collateral values or other factors. However, we have considered how certain qualitative factors may affect future credit losses and have incorporated our judgement of the effect of such factors into our estimates. The following table presents the amortized cost basis of our finance receivables by annual vintage as of June 30, 2020 and December 31, 2019.
Schedule of amortized cost basis of finance receivables |  | June 30, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Annual Vintage Pool |  |  |  |  |  |
2012 |  | $ | 1,312 |  |  | $ | 2,432 |
2013 |  |  | 9,057 |  |  |  | 15,489 |
2014 |  |  | 41,225 |  |  |  | 61,290 |
2015 |  |  | 122,363 |  |  |  | 162,242 |
2016 |  |  | 228,234 |  |  |  | 292,360 |
2017 |  |  | 266,258 |  |  |  | 361,753 |
|  | $ | 668,449 |  |  | $ | 895,566 |
Schedule of amortized cost basis of finance receivables |
Schedule of amortized cost basis of finance receivables |  | June 30, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Annual Vintage Pool |  |  |  |  |  |
2012 |  | $ | 1,312 |  |  | $ | 2,432 |
2013 |  |  | 9,057 |  |  |  | 15,489 |
2014 |  |  | 41,225 |  |  |  | 61,290 |
2015 |  |  | 122,363 |  |  |  | 162,242 |
2016 |  |  | 228,234 |  |  |  | 292,360 |
2017 |  |  | 266,258 |  |  |  | 361,753 |
|  | $ | 668,449 |  |  | $ | 895,566 |
Schedule of allowance for finance credit losses |
Schedule of allowance for finance credit losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
|  | (In thousands) |  |  | (In thousands) |
Balance at beginning of period |  | $ | 114,073 |  |  | $ | 48,196 |  |  | $ | 11,640 |  |  | $ | 67,376 |
Early adoption of CECL |  |  | – |  |  |  | n/a |  |  |  | 127,000 |  |  |  | n/a |
Provision for credit losses on finance receivables |  |  | 3,100 |  |  |  | 20,489 |  |  |  | 6,713 |  |  |  | 44,445 |
Charge-offs |  |  | (23,308 | ) |  |  | (50,409 | ) |  |  | (57,522 | ) |  |  | (102,919 | )
Recoveries |  |  | 4,737 |  |  |  | 14,388 |  |  |  | 10,771 |  |  |  | 23,762 |
Balance at end of period |  | $ | 98,602 |  |  | $ | 32,664 |  |  | $ | 98,602 |  |  | $ | 32,664 |
Schedule of allowance for losses on repossessed inventory |
Schedule of allowance for losses on repossessed inventory |  | June 30, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Gross balance of repossessions in inventory |  | $ | 27,765 |  |  | $ | 28,933 |
Allowance for losses on repossessed inventory |  |  | (23,109 | ) |  |  | (21,389 | )
Net repossessed inventory included in other assets |  | $ | 4,656 |  |  | $ | 7,544 |

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