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Finance Receivables (Tables)

9 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Schedule of finance receivables consisting of automobile finance installment Contracts and Direct Loans

Finance receivables consist of Contracts and Direct Loans and are detailed as follows:

		(In thousands)
		December 31, 2020				March 31, 2020				December 31, 2019
Finance receivables		$	188,626			$	219,366			$	211,813
Accrued interest receivable			2,628				3,164				3,088
Unearned dealer discounts			(7,006	)			(8,056	)			(8,436	)
Unearned insurance and fee commissions			(2,338	)			(2,616	)			(2,644	)
Purchase price discount			(447	)			(915	)			(222	)
Finance receivables, net of unearned			181,463				210,943				203,599
Allowance for credit losses			(9,077	)			(11,162	)			(13,272	)
Finance receivables, net		$	172,386			$	199,781			$	190,327

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		2020				2019
Average APR			22.7	%			22.7	%
Average discount			7.6	%			7.7	%
Average term (months)			51				51
Number of active contracts			23,388				25,995

		As of December 31,
Direct Loan Portfolio		2020				2019
Average APR			28.4	%			27.0	%
Average term (months)			26				26
Number of active contracts			4,126				3,376

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 and nine months ended December 31, 2020 and 2019:

		Three months ended December 31, 2020												Nine months ended December 31, 2020
		Contracts				Direct Loans				Consolidated				Contracts				Direct Loans				Consolidated
Balance at beginning of    period		$	10,977			$	492			$	11,469			$	10,433			$	729			$	11,162
Provision for credit losses			601				49				650				6,951				49				7,000
Charge-offs			(4,411	)			(179	)			(4,590	)			(12,819	)			(477	)			(13,296	)
Recoveries			1,527				21				1,548				4,129				82				4,211
Balance at December 31, 2020		$	8,694			$	383			$	9,077			$	8,694			$	383			$	9,077
		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				0				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

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, 2020												December 31, 2019
		Contracts				Direct Loans				Total				Contracts				Direct Loans				Total
Performing accounts		$	167,071			$	13,925			$	180,996			$	191,773			$	11,229			$	203,002
Non-performing accounts			7,099				302				7,401				8,319				194				8,513
Total			174,170				14,227				188,397				200,092				11,423				211,515
Chapter 13 bankruptcy accounts			218				11				229				289				9				298
Finance receivables		$	174,388			$	14,238			$	188,626			$	200,381			$	11,432			$	211,813

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, 2020		$	174,170			$	12,914			$	4,955			$	2,117			$	28			$	20,014
							7.41	%			2.84	%			1.22	%			0.02	%			11.49	%
March 31, 2020			207,247				14,977				4,290				1,893				19				21,179
							7.23	%			2.07	%			0.91	%			0.01	%			10.22	%
December 31, 2019		$	200,092			$	16,748			$	5,993			$	2,279			$	47			$	25,067
							8.37	%			3.00	%			1.14	%			0.02	%			12.53	%

		Direct Loans
		Balance Outstanding				30 – 59 days				60 – 89 days				90 – 119 days				120+				Total
December 31, 2020		$	14,227			$	442			$	188			$	110			$	4			$	744
							3.11	%			1.32	%			0.77	%			0.03	%			5.23	%
March 31, 2020			11,844				344				136				59				—				539
							2.90	%			1.15	%			0.50	%			—				4.55	%
December 31, 2019		$	11,423			$	331			$	123			$	68			$	3			$	525
							2.90	%			1.08	%			0.60	%			0.03	%			4.60	%

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Tabular disclosure of allowance for credit loss on financing receivable.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919249-210447

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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=121599337&loc=SL82919230-210447

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-Topic 310
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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.

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