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Finance Receivables (Tables)

6 Months Ended

Sep. 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)
		September 30, 2021				March 31, 2021				September 30, 2020
Finance receivables		$	177,013			$	184,237			$	198,168
Accrued interest receivable			2,405				2,285				2,817
Unearned dealer discounts			(6,787	)			(7,290	)			(7,411	)
Unearned insurance commissions and fees			(2,360	)			(2,396	)			(2,460	)
Purchase price discount			(248	)			(364	)			(610	)
Finance receivables, net of unearned			170,023				176,472				190,504
Allowance for credit losses			(4,462	)			(6,154	)			(11,469	)
Finance receivables, net		$	165,561			$	170,318			$	179,035

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 September 30,
Contract Portfolio		2021				2020
Average APR			22.9	%			22.7	%
Average discount			7.5	%			7.6	%
Average term (months)			50				51
Number of active contracts			20,927				24,656

		As of September 30,
Direct Loan Portfolio		2021				2020
Average APR			29.0	%			27.7	%
Average term (months)			27				27
Number of active contracts			5,006				3,673

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 September 30, 2021 and 2020:

		Three months ended September 30, 2021												Six months ended September 30, 2021
		Contracts				Direct Loans				Consolidated				Contracts				Direct Loans				Consolidated
Balance at beginning of    period		$	5,268			$	(18	)		$	5,250			$	6,001			$	153			$	6,154
Provision for credit losses			460				935				1,395				1,190				935				2,125
Charge-offs			(3,128	)			(182	)			(3,310	)			(5,901	)			(373	)			(6,274	)
Recoveries			1,116				11				1,127				2,426				31				2,457
Balance at September 30, 2021		$	3,716			$	746			$	4,462			$	3,716			$	746			$	4,462
		Three months ended September 30, 2020												Six months ended September 30, 2020
		Contracts				Direct Loans				Consolidated				Contracts				Direct Loans				Consolidated
Balance at beginning of    period		$	10,651			$	597			$	11,248			$	10,433			$	729			$	11,162
Provision for credit losses			3,050				-				3,050				6,350				-				6,350
Charge-offs			(4,073	)			(142	)			(4,215	)			(8,407	)			(298	)			(8,705	)
Recoveries			1,349				37				1,386				2,601				61				2,662
Balance at September 30, 2020		$	10,977			$	492			$	11,469			$	10,977			$	492			$	11,469

Schedule of an assessment of the credit quality by creditworthiness

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

		(In thousands)
		September 30, 2021												September 30, 2020
		Contracts				Direct Loans				Total				Contracts				Direct Loans				Total
Performing accounts		$	153,991			$	18,646			$	172,637			$	179,723			$	12,509			$	192,232
Non-performing accounts			3,949				198				4,147				5,564				211				5,775
Total			157,940				18,844				176,784				185,287				12,720				198,007
Chapter 13 bankruptcy accounts			214				15				229				161				0				161
Finance receivables		$	158,154			$	18,859			$	177,013			$	185,448			$	12,720			$	198,168

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
September 30, 2021		$	157,940			$	7,990			$	2,905			$	1,024			$	19			$	11,938
							5.06	%			1.84	%			0.65	%			0.01	%			7.56	%
March 31, 2021		$	170,195			$	6,289			$	2,430			$	896			$	42			$	9,657
							3.70	%			1.43	%			0.53	%			0.02	%			5.67	%
September 30, 2020		$	185,287			$	10,232			$	3,962			$	1,560			$	42			$	15,796
							5.52	%			2.14	%			0.84	%			0.02	%			8.53	%

		Direct Loans
		Balance Outstanding				30 – 59 days				60 – 89 days				90 – 119 days				120+				Total
September 30, 2021		$	18,844			$	416			$	145			$	53			$	—			$	614
							2.21	%			0.77	%			0.28	%			—				3.26	%
March 31, 2021		$	13,909			$	253			$	101			$	81			$	10			$	445
							1.82	%			0.73	%			0.58	%			0.07	%			3.20	%
September 30, 2020		$	12,720			$	349			$	159			$	52			$	—			$	560
							2.74	%			1.25	%			0.41	%			—				4.40	%

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Tabular disclosure of allowance for credit loss on financing receivable.

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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.

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-Publisher FASB
-Name Accounting Standards Codification
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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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