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Variable Interest Entity | 12 Months Ended
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Mar. 31, 2021
Variable Interest Entity [Abstract] |
Variable Interest Entity | 13. Variable Interest Entity In March 2019, the Company entered into a new senior secured credit facility collateralized by customer financed receivables by transferring the receivables into a bankruptcy-remote variable interest entity (VIE). Under the terms of the transaction, all cash collections and other cash proceeds of the customer receivables go first to the servicer and the holders of the asset-backed notes, and then to the residual equity holder. The Company retained the servicing of the portfolio and receives a monthly fee of 2.5% (annualized) based on the outstanding balance of the financed receivables, and the Company currently holds all of the residual equity. In addition, the Company, rather than the VIE, will retain certain credit insurance income together with certain recoveries related to credit insurance and on charge-offs of the financed receivables, which will continue to be reflected as a reduction of net charge-offs on a consolidated basis for as long as the Company consolidates the VIE. The Company consolidated the VIE’s when the Company determines that it is the primary beneficiary, the Company has the power to direct the activities that most significantly impact the performance of the VIE and it has the obligation to absorb losses and has the right to receive residual returns is significant. The Company determined it is the primary beneficiary of the VIE. The assets of the VIE serve as collateral for the obligations of the VIE. The lender has no recourse to assets outside of the VIE. The following table presents the assets and liabilities held by the VIE (for legal purposes, the assets and the liabilities of the VIE will remain distinct from the Company):
| 2021 |  | 2020 |
Assets |  |  |  |  |  |
Restricted cash | $ | 10,955 |  | $ | 7,882 |
Finance receivables, net |  | 150,706 |  |  | 165,966 |
Repossessed assets |  | 631 |  |  | 1,277 |
Total assets | $ | 162,292 |  | $ | 175,125 |
Liabilities |  |  |  |  |  |
Credit facility, net of debt issuance costs | $ | 86,154 |  | $ | 124,255 |
Accounts payable and accrued expenses |  | 405 |  |  | 597 |
Total liabilities | $ | 86,559 |  | $ | 124,852 |

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- Definition Variable interest entity. + References No definition available. + Details
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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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