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Finance Receivables (Tables)

6 Months Ended

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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Tabular disclosure of allowance for credit loss on financing receivable.

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-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
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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
-Paragraph 5
-URI https://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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