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Finance Receivables (Tables) | 9 Months Ended
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Dec. 31, 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) |
|  | December 31, 2021 |  |  | March 31, 2021 |  |  | December 31, 2020 |
Finance receivables |  | $ | 176,173 |  |  | $ | 184,237 |  |  | $ | 188,626 |
Accrued interest receivable |  |  | 2,413 |  |  |  | 2,285 |  |  |  | 2,628 |
Unearned dealer discounts |  |  | (6,643 | ) |  |  | (7,290 | ) |  |  | (7,006 | )
Unearned insurance commissions and fees |  |  | (2,360 | ) |  |  | (2,396 | ) |  |  | (2,338 | )
Purchase price discount |  |  | (293 | ) |  |  | (364 | ) |  |  | (447 | )
Finance receivables, net of unearned |  |  | 169,290 |  |  |  | 176,472 |  |  |  | 181,463 |
Allowance for credit losses |  |  | (3,630 | ) |  |  | (6,154 | ) |  |  | (9,077 | )
Finance receivables, net |  | $ | 165,660 |  |  | $ | 170,318 |  |  | $ | 172,386 |
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 |  | 2021 |  |  | 2020 |
Average APR |  |  | 22.8 | % |  |  | 22.7 | %
Average discount |  |  | 7.4 | % |  |  | 7.6 | %
Average term (months) |  |  | 50 |  |  |  | 51 |
Number of active contracts |  |  | 20,013 |  |  |  | 23,388 |
|  | As of December 31, |
Direct Loan Portfolio |  | 2021 |  |  | 2020 |
Average APR |  |  | 29.8 | % |  |  | 28.4 | %
Average term (months) |  |  | 26 |  |  |  | 26 |
Number of active contracts |  |  | 6,103 |  |  |  | 4,126 |
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, 2021 and 2020:
|  | Three months ended December 31, 2021 |  |  | Nine months ended December 31, 2021 |
|  | Contracts |  |  | Direct Loans |  |  | Consolidated |  |  | Contracts |  |  | Direct Loans |  |  | Consolidated |
Balance at beginning of period |  | $ | 3,716 |  |  | $ | 746 |  |  | $ | 4,462 |  |  | $ | 6,001 |  |  | $ | 153 |  |  | $ | 6,154 |
Provision for credit losses |  |  | 1,325 |  |  |  | 350 |  |  |  | 1,675 |  |  |  | 2,515 |  |  |  | 1,285 |  |  |  | 3,800 |
Charge-offs |  |  | (3,546 | ) |  |  | (245 | ) |  |  | (3,791 | ) |  |  | (9,447 | ) |  |  | (618 | ) |  |  | (10,065 | )
Recoveries |  |  | 1,271 |  |  |  | 13 |  |  |  | 1,284 |  |  |  | 3,697 |  |  |  | 44 |  |  |  | 3,741 |
Balance at December 31, 2021 |  | $ | 2,766 |  |  | $ | 864 |  |  | $ | 3,630 |  |  | $ | 2,766 |  |  | $ | 864 |  |  | $ | 3,630 |
|  | 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 |
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, 2021 |  |  | December 31, 2020 |
|  | Contracts |  |  | Direct Loans |  |  | Total |  |  | Contracts |  |  | Direct Loans |  |  | Total |
Performing accounts |  | $ | 147,589 |  |  | $ | 22,216 |  |  | $ | 169,805 |  |  | $ | 167,070 |  |  | $ | 13,925 |  |  | $ | 180,995 |
Non-performing accounts |  |  | 5,891 |  |  |  | 329 |  |  |  | 6,220 |  |  |  | 7,100 |  |  |  | 302 |  |  |  | 7,402 |
Total |  |  | 153,480 |  |  |  | 22,545 |  |  |  | 176,025 |  |  |  | 174,170 |  |  |  | 14,227 |  |  |  | 188,397 |
Chapter 13 bankruptcy accounts |  |  | 142 |  |  |  | 6 |  |  |  | 148 |  |  |  | 218 |  |  |  | 11 |  |  |  | 229 |
Finance receivables |  | $ | 153,622 |  |  | $ | 22,551 |  |  | $ | 176,173 |  |  | $ | 174,388 |  |  | $ | 14,238 |  |  | $ | 188,626 |
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, 2021 |  | $ | 153,480 |  |  | $ | 9,886 |  |  | $ | 4,176 |  |  | $ | 1,662 |  |  | $ | 53 |  |  | $ | 15,777 |
|  |  |  |  |  | 6.44 | % |  |  | 2.72 | % |  |  | 1.08 | % |  |  | 0.03 | % |  |  | 10.28 | %
March 31, 2021 |  | $ | 170,195 |  |  | $ | 6,289 |  |  | $ | 2,430 |  |  | $ | 896 |  |  | $ | 42 |  |  | $ | 9,657 |
|  |  |  |  |  | 3.70 | % |  |  | 1.43 | % |  |  | 0.53 | % |  |  | 0.02 | % |  |  | 5.67 | %
December 31, 2020 |  | $ | 174,170 |  |  | $ | 12,914 |  |  | $ | 4,955 |  |  | $ | 2,117 |  |  | $ | 28 |  |  | $ | 20,014 |
|  |  |  |  |  | 7.41 | % |  |  | 2.84 | % |  |  | 1.22 | % |  |  | 0.02 | % |  |  | 11.49 | %
|  | Direct Loans |
|  | Balance Outstanding |  |  | 30 – 59 days |  |  | 60 – 89 days |  |  | 90 – 119 days |  |  | 120+ |  |  | Total |
December 31, 2021 |  | $ | 22,545 |  |  | $ | 636 |  |  | $ | 199 |  |  | $ | 130 |  |  | $ | — |  |  | $ | 965 |
|  |  |  |  |  | 2.82 | % |  |  | 0.88 | % |  |  | 0.58 | % |  |  | — |  |  |  | 4.28 | %
March 31, 2021 |  | $ | 13,909 |  |  | $ | 253 |  |  | $ | 101 |  |  | $ | 81 |  |  | $ | 10 |  |  | $ | 445 |
|  |  |  |  |  | 1.82 | % |  |  | 0.73 | % |  |  | 0.58 | % |  |  | 0.07 | % |  |  | 3.20 | %
December 31, 2020 |  | $ | 14,227 |  |  | $ | 442 |  |  | $ | 188 |  |  | $ | 110 |  |  | $ | 4 |  |  | $ | 744 |
|  |  |  |  |  | 3.11 | % |  |  | 1.32 | % |  |  | 0.77 | % |  |  | 0.03 | % |  |  | 5.23 | %

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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=124255953&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=123577603&loc=SL6953659-111524 + Details
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