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(9) Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of reconciliation of the finance receivables measured at fair value on a recurring basis

Schedule of reconciliation of the finance receivables measured at fair value on a recurring basis
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2022				2021				2022				2021
		(In thousands)								(In thousands)
Balance at beginning of period		$	2,174,133			$	1,582,175			$	1,749,098			$	1,523,726
Finance receivables at fair value acquired during period			407,260				310,340				1,311,735				795,457
Payments received on finance receivables at fair value			(209,627	)			(191,458	)			(635,401	)			(546,897	)
Net interest income accretion on fair value receivables			(36,696	)			(33,864	)			(97,462	)			(100,676	)
Mark to fair value			8,183				–				15,283				(4,417	)
Balance at end of period		$	2,343,253			$	1,667,193			$	2,343,253			$	1,667,193

Finance receivables fair and contractual balances

Finance receivables fair and contractual balances

September 30, 2022

December 31, 2021

Contractual

Fair

Contractual

Fair

Balance

Value

Balance

Value

(In thousands)

Finance receivables measured at fair value

$

2,567,372

$

2,343,253

$

1,972,699

$

1,749,098

Schedule of level 3 fair value measurements

Schedule of level 3 fair value measurements
Financial Instrument		Fair Values as of										Inputs as of
		September 30,				December 31,						September 30,		December 31,
		2022				2021				Unobservable Inputs		2022		2021
		(In thousands)
Assets:
Finance receivables measured at fair value		$	2,343,253			$	1,749,098			Discount rate		8.9% - 11.3%		8.9% - 11.3%
										Cumulative net losses		10.0% - 18.4%		10.0% - 18.4%

Schedule of delinquency status of finance receivables measured at fair value

Schedule of delinquency status of finance receivables measured at fair value
		September 30,				December 31,
		2022				2021
		(In thousands)
Delinquency Status
Current		$	2,306,615			$	1,787,641
31 - 60 days			152,622				115,924
61 - 90 day			57,888				38,999
91 + days			22,018				11,564
Repo			28,229				18,571
		$	2,567,372			$	1,972,699

Schedule of estimated fair values of financial assets and liabilities

Schedule of estimated fair values of financial assets and liabilities
		As of September 30, 2022
Financial Instrument		(In thousands)
		Carrying				Fair Value Measurements Using:
		Value				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	12,944			$	12,944			$	–			$	–			$	12,944
Restricted cash and equivalents			159,762				159,762				–				–				159,762
Finance receivables, net			89,690				–				–				79,700				79,700
Accrued interest receivable			776				–				–				776				776
Liabilities:
Warehouse lines of credit		$	242,449			$	–			$	–			$	242,449			$	242,449
Residual interest financing			49,560												49,560				49,560
Accrued interest payable			5,063				–				–				5,063				5,063
Securitization trust debt			2,057,100				–				–				1,969,599				1,969,599
Subordinated renewable notes			27,249				–				–				27,249				27,249

		As of December 31, 2021
Financial Instrument		(In thousands)
		Carrying				Fair Value Measurements Using:
		Value				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	29,928			$	29,928			$	–			$	–			$	29,928
Restricted cash and equivalents			146,620				146,620				–				–				146,620
Finance receivables, net			176,184				–				–				178,795				178,795
Accrued interest receivable			2,269				–				–				2,269				2,269
Liabilities:
Warehouse lines of credit		$	105,610			$	–			$	–			$	105,610			$	105,610
Residual interest financing			53,682												53,682				53,682
Accrued interest payable			3,568				–				–				3,568				3,568
Securitization trust debt			1,759,972				–				–				1,740,901				1,740,901
Subordinated renewable notes			26,459				–				–				26,459				26,459

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
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