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(3) Finance Receivables (Tables) | 12 Months Ended
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Dec. 31, 2022
Finance Receivables |
Schedule of finance receivables |
Schedule of finance receivables |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2022 |  |  | 2021 |
Finance receivables |  | (In thousands) |
Automobile finance receivables, net of unearned interest |  | $ | 92,304 |  |  | $ | 232,390 |
Unearned acquisition fees, discounts and deferred origination costs, net |  |  | – |  |  |  | – |
Finance receivables |  | $ | 92,304 |  |  | $ | 232,390 |
We consider an automobile contract delinquent when an obligor fails to make at least 90% of a contractually due payment by the following due date, which date may have been extended within limits specified in the servicing agreements. The period of delinquency is based on the number of days payments are contractually past due, as extended where applicable. Automobile contracts less than 31 days delinquent are not reported as delinquent. In certain circumstances we will grant obligors one-month payment extensions. The only modification of terms is to advance the obligor’s next due date by one month and extend the maturity date of the receivable by one month. In certain limited cases, a two-month extension may be granted. There are no other concessions, such as a reduction in interest rate, forgiveness of principal or of accrued interest. Accordingly, we consider such extensions to be insignificant delays in payments rather than troubled debt restructurings. The following table summarizes the delinquency status of finance receivables as of December 31, 2022 and 2021:
Schedule of amortized cost basis of finance receivables |
Schedule of amortized cost basis of finance receivables |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2022 |  |  | 2021 |
Delinquency Status |  | (In thousands) |
Current |  | $ | 65,764 |  |  | $ | 186,625 |
31-60 days |  |  | 16,796 |  |  |  | 30,980 |
61-90 days |  |  | 7,756 |  |  |  | 12,070 |
91 + days |  |  | 1,988 |  |  |  | 2,715 |
|  | $ | 92,304 |  |  | $ | 232,390 |
Schedule of amortized cost basis of finance receivables |
Schedule of amortized cost basis of finance receivables |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | (In thousands) |
Annual Vintage Pool |  |  |  |  |  |  |  |
2012 and prior |  | $ | 33 |  |  | $ | 131 |
2013 |  |  | 231 |  |  |  | 1,091 |
2014 |  |  | 1,601 |  |  |  | 6,881 |
2015 |  |  | 8,627 |  |  |  | 29,695 |
2016 |  |  | 28,632 |  |  |  | 76,728 |
2017 |  |  | 53,180 |  |  |  | 117,864 |
Total amortized cost basis |  | $ | 92,304 |  |  | $ | 232,390 |
Schedule of allowance for finance credit losses |
Schedule of allowance for finance credit losses |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (In thousands) |
Balance at beginning of year |  | $ | 56,206 |  |  | $ | 80,790 |  |  | $ | 11,640 |
Impact of adoption ASC 326 |  |  | n/a |  |  |  | n/a |  |  |  | 127,000 |
Provision for credit losses on finance receivables |  |  | (28,100 | ) |  |  | (14,590 | ) |  |  | 14,113 |
Charge-offs |  |  | (18,319 | ) |  |  | (30,940 | ) |  |  | (90,824 | )
Recoveries |  |  | 11,966 |  |  |  | 20,946 |  |  |  | 18,861 |
Balance at end of year |  | $ | 21,753 |  |  | $ | 56,206 |  |  | $ | 80,790 |
Schedule of allowance for losses on repossessed inventory |
Schedule of allowance for losses on repossessed inventory |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | (In thousands) |
Gross balance of repossessions in inventory |  | $ | 1,894 |  |  | $ | 4,341 |
Allowance for losses on repossessed inventory |  |  | (1,323 | ) |  |  | (1,871 | )
Net repossessed inventory included in other assets |  | $ | 571 |  |  | $ | 2,470 |

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