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Finance Receivables (Tables)

3 Months Ended

Jun. 30, 2021

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)
		June 30, 2021				March 31, 2021				June 30, 2020
Finance receivables		$	180,823			$	184,237			$	208,808
Accrued interest receivable			2,459				2,285				3,035
Unearned dealer discounts			(7,110	)			(7,290	)			(7,944	)
Unearned insurance commissions and fees			(2,483	)			(2,396	)			(2,557	)
Purchase price discount			(311	)			(364	)			(766	)
Finance receivables, net of unearned			173,378				176,472				200,576
Allowance for credit losses			(5,250	)			(6,154	)			(11,248	)
Finance receivables, net		$	168,128			$	170,318			$	189,328

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 June 30,
Contract Portfolio		2021				2020
Average APR			22.8	%			22.6	%
Average discount			7.5	%			7.6	%
Average term (months)			50				51
Number of active contracts			21,995				25,931

		As of June 30,
Direct Loan Portfolio		2021				2020
Average APR			28.8	%			27.4	%
Average term (months)			27				27
Number of active contracts			4,354				3,412

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 June 30, 2021 and 2020:

		Three months ended June 30, 2021
		Contracts				Direct Loans				Consolidated
Balance at beginning of    period		$	6,001			$	153			$	6,154
Provision for credit losses			730				-				730
Charge-offs			(2,774	)			(191	)			(2,965	)
Recoveries			1,311				20				1,331
Balance at June 30, 2021		$	5,268			$	(18	)		$	5,250
		Three months ended June 30, 2020
		Contracts				Direct Loans				Consolidated
Balance at beginning of    period		$	10,433			$	729			$	11,162
Provision for credit losses			3,300				-				3,300
Charge-offs			(4,334	)			(155	)			(4,489	)
Recoveries			1,252				23				1,275
Balance at June 30, 2020		$	10,651			$	597			$	11,248

Schedule of an assessment of the credit quality by creditworthiness

The following table is an assessment of the credit quality by creditworthiness:

		(In thousands)
		June 30, 2021												June 30, 2020
		Contracts				Direct Loans				Total				Contracts				Direct Loans				Total
Performing accounts		$	161,700			$	15,598			$	177,298			$	191,988			$	11,524			$	203,512
Non-performing accounts			3,229				123				3,352				4,955				160				5,115
Total			164,929				15,721				180,650				196,943				11,684				208,627
Chapter 13 bankruptcy accounts			162				11				173				181				0				181
Finance receivables		$	165,091			$	15,732			$	180,823			$	197,124			$	11,684			$	208,808

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
June 30, 2021		$	164,929			$	7,087			$	2,575			$	644			$	10			$	10,316
							4.30	%			1.56	%			0.39	%			0.01	%			6.26	%
March 31, 2021		$	170,195			$	6,289			$	2,430			$	896			$	42			$	9,657
							3.70	%			1.43	%			0.53	%			0.02	%			5.67	%
June 30, 2020		$	196,943			$	9,584			$	3,595			$	1,334			$	26			$	14,539
							4.87	%			1.83	%			0.68	%			0.01	%			7.39	%

		Direct Loans
		Balance Outstanding				30 – 59 days				60 – 89 days				90 – 119 days				120+				Total
June 30, 2021		$	15,721			$	285			$	70			$	53			$	—			$	408
							1.81	%			0.45	%			0.34	%			—				2.60	%
March 31, 2021		$	13,909			$	253			$	101			$	81			$	10			$	445
							1.82	%			0.73	%			0.58	%			0.07	%			3.20	%
June 30, 2020		$	11,684			$	244			$	81			$	79			$	—			$	404
							2.09	%			0.69	%			0.68	%			—				3.46	%

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Tabular disclosure of allowance for credit loss on financing receivable.

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-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

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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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