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Finance Receivables (Tables) | 9 Months Ended
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Dec. 31, 2019
Receivables [Abstract] |
Schedule of finance receivables consisting of automobile finance installment Contracts and Direct Loans | Finance Receivables Portfolio Finance receivables consist of Contracts and Direct Loans and are detailed as follows:
|  | (In thousands) |
|  | December 31, 2019 |  |  | March 31, 2019 |  |  | December 31, 2018 |
Finance receivables |  | $ | 211,813 |  |  | $ | 228,994 |  |  | $ | 250,279 |
Accrued interest receivable |  |  | 3,088 |  |  |  | 2,889 |  |  |  | 2,421 |
Unearned dealer discounts |  |  | (8,436 | ) |  |  | (10,083 | ) |  |  | (10,757 | )
Unearned insurance and fee commissions |  |  | (2,644 | ) |  |  | (2,826 | ) |  |  | (2,758 | )
Finance receivables, net of unearned |  |  | 203,821 |  |  |  | 218,974 |  |  |  | 239,185 |
Purchase price discount |  |  | (222 | ) |  |  | — |  |  |  | — |
Allowance for credit losses |  |  | (13,272 | ) |  |  | (16,932 | ) |  |  | (19,975 | )
Finance receivables, net |  | $ | 190,327 |  |  | $ | 202,042 |  |  | $ | 219,210 |
Schedule of selected information on entire comprise portfolio | Contracts and Direct Loans each comprise a portfolio segment. The following tables present selected information on the entire portfolio of the Company:
|  | As of December 31, |
Contract Portfolio |  | 2019 |  |  | 2018 |
Average APR |  |  | 22.7 | % |  |  | 22.7 | %
Average discount |  |  | 7.7 | % |  |  | 7.5 | %
Average term (months) |  |  | 51 |  |  |  | 53 |
Number of active contracts |  |  | 25,995 |  |  |  | 29,061 |
|  | As of December 31, |
Direct Loan Portfolio |  | 2019 |  |  | 2018 |
Average APR |  |  | 27.0 | % |  |  | 26.0 | %
Average term (months) |  |  | 26 |  |  |  | 27 |
Number of active contracts |  |  | 3,376 |  |  |  | 2,641 |
Schedule of reconciliation of the changes in the allowance for credit losses | The following table sets forth a reconciliation of the changes in the allowance for credit losses on Contracts and Direct Loans for the three months ended December 31, 2019 and 2018:
|  | Three months ended December 31, 2019 |  |  | Nine months ended December 31, 2019 |
|  | Contracts |  |  | Direct Loans |  |  | Consolidated |  |  | Contracts |  |  | Direct Loans |  |  | Consolidated |
Balance at beginning of period |  | $ | 12,680 |  |  | $ | 850 |  |  | $ | 13,530 |  |  | $ | 16,575 |  |  | $ | 357 |  |  | $ | 16,932 |
Provision for credit losses |  |  | 4,597 |  |  |  | - |  |  |  | 4,597 |  |  |  | 12,177 |  |  |  | 805 |  |  |  | 12,982 |
Charge-offs |  |  | (7,350 | ) |  |  | (144 | ) |  |  | (7,494 | ) |  |  | (22,057 | ) |  |  | (483 | ) |  |  | (22,540 | )
Recoveries |  |  | 2,626 |  |  |  | 13 |  |  |  | 2,639 |  |  |  | 5,858 |  |  |  | 40 |  |  |  | 5,898 |
Balance at December 31, 2019 |  | $ | 12,553 |  |  | $ | 719 |  |  | $ | 13,272 |  |  | $ | 12,553 |  |  | $ | 719 |  |  | $ | 13,272 |
|  | Three months ended December 31, 2018 |  |  | Nine months ended December 31, 2018 |
|  | Contracts |  |  | Direct Loans |  |  | Consolidated |  |  | Contracts |  |  | Direct Loans |  |  | Consolidated |
Balance at beginning of period |  | $ | 18,692 |  |  | $ | 484 |  |  | $ | 19,176 |  |  | $ | 19,433 |  |  | $ | 833 |  |  | $ | 20,266 |
Provision for credit losses |  |  | 7,743 |  |  |  | 127 |  |  |  | 7,870 |  |  |  | 21,655 |  |  |  | 15 |  |  |  | 21,670 |
Charge-offs |  |  | (7,337 | ) |  |  | (103 | ) |  |  | (7,440 | ) |  |  | (22,965 | ) |  |  | (357 | ) |  |  | (23,322 | )
Recoveries |  |  | 359 |  |  |  | 10 |  |  |  | 369 |  |  |  | 1,334 |  |  |  | 27 |  |  |  | 1,361 |
Balance at December 31, 2018 |  | $ | 19,457 |  |  | $ | 518 |  |  | $ | 19,975 |  |  | $ | 19,457 |  |  | $ | 518 |  |  | $ | 19,975 |
Schedule of an assessment of the credit quality by creditworthiness | The following table is an assessment of the credit quality by creditworthiness:
|  | (In thousands) |
|  | December 31, 2019 |  |  | December 31, 2018 |
|  | Contracts |  |  | Direct Loans |  |  | Total |  |  | Contracts |  |  | Direct Loans |  |  | Total |
Performing accounts |  | $ | 191,773 |  |  | $ | 11,229 |  |  | $ | 203,002 |  |  | $ | 224,248 |  |  | $ | 8,272 |  |  | $ | 232,520 |
Non-performing accounts |  |  | 8,319 |  |  |  | 194 |  |  |  | 8,513 |  |  |  | 13,935 |  |  |  | 198 |  |  |  | 14,133 |
Total |  |  | 200,092 |  |  |  | 11,423 |  |  |  | 211,515 |  |  |  | 238,183 |  |  |  | 8,470 |  |  |  | 246,653 |
Chapter 13 bankruptcy accounts |  |  | 289 |  |  |  | 9 |  |  |  | 298 |  |  |  | 3,564 |  |  |  | 62 |  |  |  | 3,626 |
Finance receivables |  | $ | 200,381 |  |  | $ | 11,432 |  |  | $ | 211,813 |  |  | $ | 241,747 |  |  | $ | 8,532 |  |  | $ | 250,279 |
Schedule of information regarding delinquency rates | The following tables present certain information regarding the delinquency rates experienced by the Company with respect to Contracts and Direct Loans, excluding Chapter 13 bankruptcy accounts:
|  | Contracts |
|  | (In thousands, except percentages) |
|  | Balance Outstanding |  |  | 30 – 59 days |  |  | 60 – 89 days |  |  | 90 – 119 days |  |  | 120+ |  |  | Total |
December 31, 2019 |  | $ | 200,092 |  |  | $ | 16,748 |  |  | $ | 5,993 |  |  | $ | 2,279 |  |  | $ | 47 |  |  | $ | 25,067 |
|  |  |  |  |  |  | 8.37 | % |  |  | 3.00 | % |  |  | 1.14 | % |  |  | 0.02 | % |  |  | 12.53 | %
December 31, 2018 |  | $ | 238,183 |  |  | $ | 19,552 |  |  | $ | 7,577 |  |  | $ | 3,919 |  |  | $ | 2,439 |  |  | $ | 33,487 |
|  |  |  |  |  |  | 8.21 | % |  |  | 3.18 | % |  |  | 1.65 | % |  |  | 1.02 | % |  |  | 14.06 | %
|  | Direct Loans |
|  | Balance Outstanding |  |  | 30 – 59 days |  |  | 60 – 89 days |  |  | 90 – 119 days |  |  | 120+ |  |  | Total |
December 31, 2019 |  | $ | 11,423 |  |  | $ | 331 |  |  | $ | 123 |  |  | $ | 68 |  |  | $ | 3 |  |  | $ | 525 |
|  |  |  |  |  |  | 2.90 | % |  |  | 1.08 | % |  |  | 0.60 | % |  |  | 0.03 | % |  |  | 4.60 | %
December 31, 2018 |  | $ | 8,470 |  |  | $ | 189 |  |  | $ | 95 |  |  | $ | 35 |  |  | $ | 68 |  |  | $ | 387 |
|  |  |  |  |  |  | 2.23 | % |  |  | 1.12 | % |  |  | 0.41 | % |  |  | 0.80 | % |  |  | 4.57 | %

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=119407570&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=118936363&loc=SL6953659-111524 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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