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Finance Receivables (Tables)

9 Months Ended

Dec. 31, 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)
		December 31, 2022				March 31, 2022
Finance receivables		$	155,213			$	178,786
Accrued interest receivable			2,903				2,315
Unearned dealer discounts			(5,463	)			(6,894	)
Unearned insurance commissions and fees			(1,889	)			(2,446	)
Purchase price discount			(93	)			(212	)
Finance receivables, net of unearned			150,671				171,549
Allowance for credit losses			(10,952	)			(2,949	)
Finance receivables, net		$	139,719			$	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 December 31,
Contract Portfolio		2022				2021
Average APR			22.8	%			22.8	%
Average discount			6.8	%			7.4	%
Average term (months)			50				50
Number of active contracts			16,364				20,013

		As of December 31,
Direct Loan Portfolio		2022				2021
Average APR			30.0	%			29.8	%
Average term (months)			26				26
Number of active contracts			6,505				6,103

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, 2022 and 2021 (in thousands):

		Three months ended December 31, 2022												Nine months ended December 31, 2022
		Contracts				Direct Loans				Consolidated				Contracts				Direct Loans				Consolidated
Balance at beginning of    period		$	5,088			$	2,003			$	7,091			$	1,960			$	989			$	2,949
Provision for credit losses			9,132				1,598				10,730				19,747				3,533				23,280
Charge-offs			(7,077	)			(1,056	)			(8,133	)			(17,266	)			(2,050	)			(19,316	)
Recoveries			1,240				24				1,264				3,942				97				4,039
Balance at December 31, 2022		$	8,383			$	2,569			$	10,952			$	8,383			$	2,569			$	10,952
		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

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, 2022												December 31, 2021
		Contracts				Direct Loans				Total				Contracts				Direct Loans				Total
Performing accounts		$	120,299			$	22,077			$	142,376			$	147,589			$	22,216			$	169,805
Non-performing accounts			11,003				1,623				12,626				5,891				329				6,220
Total			131,302				23,700				155,002				153,480				22,545				176,025
Chapter 13 bankruptcy accounts			163				48				211				142				6				148
Finance receivables		$	131,465			$	23,748			$	155,213			$	153,622			$	22,551			$	176,173

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, 2022		$	131,302			$	16,649			$	7,351			$	3,615			$	37			$	27,652
							12.68	%			5.60	%			2.75	%			0.03	%			21.06	%
March 31, 2022		$	154,143			$	7,097			$	2,936			$	1,183			$	48			$	11,264
							4.60	%			1.90	%			0.77	%			0.03	%			7.31	%
December 31, 2021		$	153,480			$	9,886			$	4,176			$	1,662			$	53			$	15,777
							6.44	%			2.72	%			1.08	%			0.03	%			10.28	%

		Direct Loans
		Balance Outstanding				30 – 59 days				60 – 89 days				90 – 119 days				120+				Total
December 31, 2022		$	23,700			$	2,989			$	1,102			$	515			$	6			$	4,612
							12.61	%			4.65	%			2.17	%			0.03	%			19.46	%
March 31, 2022		$	24,376			$	607			$	197			$	77			$	—			$	881
							2.49	%			0.81	%			0.32	%			—				3.61	%
December 31, 2021		$	22,545			$	636			$	199			$	130			$	—			$	965
							2.82	%			0.88	%			0.58	%			—				4.28	%

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Tabular disclosure of allowance for credit loss on financing receivable.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953423-111524

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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

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

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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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