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Finance Receivables (Tables)

3 Months Ended

Jun. 30, 2023

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)
		June 30, 2023				March 31, 2023
Finance receivables		$	112,244			$	128,170
Accrued interest receivable			1,621				1,932
Unearned dealer discounts			(3,487	)			(4,286	)
Unearned insurance commissions and fees			(1,111	)			(1,419	)
Unearned purchase price discount			(54	)			(82	)
Finance receivables, net of unearned discounts and fees and accrued interest receivable			109,213				124,315
Allowance for credit losses			(15,359	)			(17,396	)
Finance receivables, net		$	93,854			$	106,919

Schedule of selected information on entire comprise portfolio

Contracts and Direct Loans each comprise a portfolio segment which consists of groups of loans sharing common risk factors. The following tables present selected information on the entire portfolio of the Company:

		As of June 30,				As of March 31,
Contract Portfolio		2023				2023
Average APR			22.8	%			22.8	%
Average discount			6.5	%			6.8	%
Average term (months)			49				49
Number of active contracts			12,769				14,081

		As of June 30,				As of March 31,
Direct Loan Portfolio		2023				2023
Average APR			28.8	%			29.1	%
Average term (months)			29				28
Number of active contracts			4,558				5,322

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 June 30, 2023 and 2022 (in thousands):

		Three months ended June 30, 2023
		Contracts				Direct Loans				Total
Balance at beginning of period, prior to adoption of ASU 2016-13		$	16,265			$	1,131			$	17,396
Impact of adoption of ASU 2016-13			(562	)			772				210
Provision for credit losses			596				49				645
Charge-offs			(4,656	)			(691	)			(5,347	)
Recoveries			2,221				234				2,455
Balance at June 30, 2023		$	13,864			$	1,495			$	15,359
		Three months ended June 30, 2022
		Contracts				Direct Loans				Total
Balance at beginning of    period		$	1,961			$	988			$	2,949
Provision for credit losses			3,102				542				3,644
Charge-offs			(4,045	)			(349	)			(4,394	)
Recoveries			1,442				45				1,487
Balance at June 30, 2022		$	2,460			$	1,226			$	3,686

The following table presents details of the allowance for credit losses segregated by portfolio segment as of June 30, 2023, calculated in accordance with the current expected credit losses methodology (in thousands):

		As of June 30, 2023
		Contracts				Direct Loans				Total
Modeled expected credit losses		$	11,437			$	1,145			$	12,582
Qualitative adjustments			2,427				350				2,777
Total		$	13,864			$	1,495			$	15,359

Schedule of table shows activity by origination year

The following table presents gross charge-offs and recoveries by receivable origination year for total portfolio:

	(In thousands)
	Three months ended June 30, 2023
	Gross Charge-offs				Gross Recoveries				Net Charge-offs
2024	$	—			$	—			$	—
2023		2,847				685				2,162
2022		1,606				774				832
2021		447				218				229
2020		220				292				(72	)
Prior		227				486				(259	)
Total	$	5,347			$	2,455			$	2,892

The following table presents gross charge-offs and recoveries by receivable origination year for Contract segment of portfolio:

	(In thousands)
	Three months ended June 30, 2023
	Gross Charge-offs				Gross Recoveries				Net Charge-offs
2024	$	—			$	—			$	—
2023		2,323				580				1,743
2022		1,447				679				768
2021		441				202				239
2020		218				281				(63	)
Prior		227				479				(252	)
Total	$	4,656			$	2,221			$	2,435

The following table presents gross charge-offs and recoveries by receivable origination year for Direct segment of portfolio:

	(In thousands)
	Three months ended June 30, 2023
	Gross Charge-offs				Gross Recoveries				Net Charge-offs
2024	$	—			$	—			$	—
2023		524				105				419
2022		159				95				64
2021		6				16				(10	)
2020		2				11				(9	)
Prior		-				7				(7	)
Total	$	691			$	234			$	457

Summary of portfolio delinquencies by origination fiscal year

The following table shows portfolio delinquencies by origination fiscal year as of June 30, 2023:

	(In thousands)
	2024			2023			2022			2021			2020			Prior			Total
Current	$	2,682		$	31,930		$	32,675		$	13,056		$	5,109		$	3,895		$	89,347
30-59		12			3,942			4,829			1,648			858			830			12,119
60-89		-			3,743			3,402			1,185			445			413			9,188
90-120		-			517			757			158			76			82			1,590
Total	$	2,694		$	40,132		$	41,663		$	16,047		$	6,488		$	5,220		$	112,244

The following table shows Contracts portfolio delinquencies by origination fiscal year as of June 30, 2023:

	(In thousands)
	2024			2023			2022			2021			2020			Prior			Total
Current	$	2,682		$	25,588		$	27,722		$	12,627		$	5,065		$	3,889		$	77,573
30-59		12			3,030			4,112			1,620			857			830			10,461
60-89		-			2,764			2,717			1,164			443			413			7,501
90-120		-			378			660			158			76			82			1,354
Total	$	2,694		$	31,760		$	35,211		$	15,569		$	6,441		$	5,214		$	96,889

The following table shows Direct loans portfolio delinquencies by origination fiscal year as of June 30, 2023:

	(In thousands)
	2024			2023			2022			2021			2020			Prior			Total
Current	$	—		$	6,342		$	4,953		$	429		$	44		$	6		$	11,774
30-59		-			912			717			28			1			-			1,658
60-89		-			979			685			21			2			-			1,687
90-120		-			139			97			-			-			-			236
Total	$	-		$	8,372		$	6,452		$	478		$	47		$	6		$	15,355

Schedule of an assessment of the credit quality by creditworthiness

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

		(In thousands)
		June 30, 2023												March 31, 2023
		Contracts				Direct Loans				Total				Contracts				Direct Loans				Total
Performing accounts		$	87,649			$	13,392			$	101,041			$	101,856			$	16,926			$	118,782
Non-performing accounts			8,676				1,862				10,538				6,972				1,728				8,700
Total			96,325				15,254				111,579				108,828				18,654				127,482
Chapter 13 bankruptcy accounts			564				101				665				590				98				688
Finance receivables		$	96,889			$	15,355			$	112,244			$	109,418			$	18,752			$	128,170

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
June 30, 2023		$	96,325			$	10,394			$	7,425			$	1,251			$	—			$	19,070
							10.79	%			7.71	%			1.30	%		0.00%					19.80	%
March 31, 2023		$	108,828			$	10,083			$	3,274			$	3,698			$	—			$	17,055
							9.27	%			3.01	%			3.40	%		0.00%					15.67	%

		Direct Loans
		(In thousands, except percentages)
		Balance Outstanding				30 – 59 days				60 – 89 days				90 – 119 days				120+				Total
June 30, 2023		$	15,254			$	1,646			$	1,640			$	222			$	—			$	3,508
							10.79	%			10.75	%			1.46	%		0.00%					23.00	%
March 31, 2023		$	18,654			$	1,448			$	654			$	1,074			$	—			$	3,176
							7.76	%			3.51	%			5.76	%		0.00%					17.03	%

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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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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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