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Finance Receivables (Tables) | 6 Months Ended
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Sep. 30, 2022
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, 2022 |  |  | March 31, 2022 |
Finance receivables |  | $ | 175,406 |  |  | $ | 178,786 |
Accrued interest receivable |  |  | 2,354 |  |  |  | 2,315 |
Unearned dealer discounts |  |  | (6,535 | ) |  |  | (6,894 | )
Unearned insurance commissions and fees |  |  | (2,313 | ) |  |  | (2,446 | )
Purchase price discount |  |  | (125 | ) |  |  | (212 | )
Finance receivables, net of unearned |  |  | 168,787 |  |  |  | 171,549 |
Allowance for credit losses |  |  | (7,091 | ) |  |  | (2,949 | )
Finance receivables, net |  | $ | 161,696 |  |  | $ | 168,600 |
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 |  | 2022 |  |  | 2021 |
Average APR |  |  | 22.8 | % |  |  | 22.9 | %
Average discount |  |  | 7.2 | % |  |  | 7.5 | %
Average term (months) |  |  | 50 |  |  |  | 50 |
Number of active contracts |  |  | 18,059 |  |  |  | 20,927 |
|  | As of September 30, |
Direct Loan Portfolio |  | 2022 |  |  | 2021 |
Average APR |  |  | 29.7 | % |  |  | 29.0 | %
Average term (months) |  |  | 27 |  |  |  | 27 |
Number of active contracts |  |  | 7,264 |  |  |  | 5,006 |
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, 2022 and 2021 (in thousands):
|  | Three months ended September 30, 2022 |  |  | Six months ended September 30, 2022 |
|  | Contracts |  |  | Direct Loans |  |  | Consolidated |  |  | Contracts |  |  | Direct Loans |  |  | Consolidated |
Balance at beginning of period |  | $ | 2,460 |  |  | $ | 1,226 |  |  | $ | 3,686 |  |  | $ | 1,960 |  |  | $ | 989 |  |  | $ | 2,949 |
Provision for credit losses |  |  | 7,511 |  |  |  | 1,395 |  |  |  | 8,906 |  |  |  | 10,615 |  |  |  | 1,935 |  |  |  | 12,550 |
Charge-offs |  |  | (6,144 | ) |  |  | (645 | ) |  |  | (6,789 | ) |  |  | (10,190 | ) |  |  | (994 | ) |  |  | (11,184 | )
Recoveries |  |  | 1,261 |  |  |  | 27 |  |  |  | 1,288 |  |  |  | 2,703 |  |  |  | 73 |  |  |  | 2,776 |
Balance at September 30, 2022 |  | $ | 5,088 |  |  | $ | 2,003 |  |  | $ | 7,091 |  |  | $ | 5,088 |  |  | $ | 2,003 |  |  | $ | 7,091 |
|  | 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 |
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, 2022 |  |  | September 30, 2021 |
|  | Contracts |  |  | Direct Loans |  |  | Total |  |  | Contracts |  |  | Direct Loans |  |  | Total |
Performing accounts |  | $ | 140,921 |  |  | $ | 26,550 |  |  | $ | 167,471 |  |  | $ | 153,991 |  |  | $ | 18,646 |  |  | $ | 172,637 |
Non-performing accounts |  |  | 6,828 |  |  |  | 827 |  |  |  | 7,655 |  |  |  | 3,949 |  |  |  | 198 |  |  |  | 4,147 |
Total |  |  | 147,749 |  |  |  | 27,377 |  |  |  | 175,126 |  |  |  | 157,940 |  |  |  | 18,844 |  |  |  | 176,784 |
Chapter 13 bankruptcy accounts |  |  | 246 |  |  |  | 34 |  |  |  | 280 |  |  |  | 214 |  |  |  | 15 |  |  |  | 229 |
Finance receivables |  | $ | 147,995 |  |  | $ | 27,411 |  |  | $ | 175,406 |  |  | $ | 158,154 |  |  | $ | 18,859 |  |  | $ | 177,013 |
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, 2022 |  | $ | 147,749 |  |  | $ | 9,769 |  |  | $ | 4,492 |  |  | $ | 2,303 |  |  | $ | 33 |  |  | $ | 16,597 |
|  |  |  |  |  | 6.61 | % |  |  | 3.04 | % |  |  | 1.56 | % |  |  | 0.02 | % |  |  | 11.23 | %
March 31, 2022 |  | $ | 154,143 |  |  | $ | 7,097 |  |  | $ | 2,936 |  |  | $ | 1,183 |  |  | $ | 48 |  |  | $ | 11,264 |
|  |  |  |  |  | 4.60 | % |  |  | 1.90 | % |  |  | 0.77 | % |  |  | 0.03 | % |  |  | 7.31 | %
September 30, 2021 |  | $ | 157,940 |  |  | $ | 7,990 |  |  | $ | 2,905 |  |  | $ | 1,024 |  |  | $ | 19 |  |  | $ | 11,938 |
|  |  |  |  |  | 5.06 | % |  |  | 1.84 | % |  |  | 0.65 | % |  |  | 0.01 | % |  |  | 7.56 | %
|  | Direct Loans |
|  | Balance Outstanding |  |  | 30 – 59 days |  |  | 60 – 89 days |  |  | 90 – 119 days |  |  | 120+ |  |  | Total |
September 30, 2022 |  | $ | 27,377 |  |  | $ | 1,169 |  |  | $ | 517 |  |  | $ | 302 |  |  | $ | 8 |  |  | $ | 1,996 |
|  |  |  |  |  | 4.27 | % |  |  | 1.89 | % |  |  | 1.10 | % |  |  | 0.03 | % |  |  | 7.29 | %
March 31, 2022 |  | $ | 24,376 |  |  | $ | 607 |  |  | $ | 197 |  |  | $ | 77 |  |  | $ | — |  |  | $ | 881 |
|  |  |  |  |  | 2.49 | % |  |  | 0.81 | % |  |  | 0.32 | % |  |  | — |  |  |  | 3.61 | %
September 30, 2021 |  | $ | 18,844 |  |  | $ | 416 |  |  | $ | 145 |  |  | $ | 53 |  |  | $ | — |  |  | $ | 614 |
|  |  |  |  |  | 2.21 | % |  |  | 0.77 | % |  |  | 0.28 | % |  |  | — |  |  |  | 3.26 | %

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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 https://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 https://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524 + Details
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