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Finance Receivables (Tables) | 6 Months Ended
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Sep. 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) |
|  | September 30, 2023 |  |  | March 31, 2023 |
Finance receivables |  | $ | 87,570 |  |  | $ | 128,170 |
Accrued interest receivable |  |  | 1,207 |  |  |  | 1,932 |
Unearned dealer discounts |  |  | (2,573 | ) |  |  | (4,286 | )
Unearned insurance commissions and fees |  |  | (754 | ) |  |  | (1,419 | )
Unearned purchase price discount |  |  | (40 | ) |  |  | (82 | )
Finance receivables, net of unearned discounts and fees and accrued interest receivable |  |  | 85,410 |  |  |  | 124,315 |
Allowance for credit losses |  |  | (13,257 | ) |  |  | (17,396 | )
Finance receivables, net |  | $ | 72,153 |  |  | $ | 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 September 30, |  |  | As of March 31, |
Contract Portfolio |  | 2023 |  |  | 2023 |
Average APR |  |  | 22.7 | % |  |  | 22.8 | %
Average discount |  |  | 6.7 | % |  |  | 6.8 | %
Average term (months) |  |  | 49 |  |  |  | 49 |
Number of active contracts |  |  | 10,550 |  |  |  | 14,081 |
|  | As of September 30, |  |  | As of March 31, |
Direct Loan Portfolio |  | 2023 |  |  | 2023 |
Average APR |  |  | 27.8 | % |  |  | 29.1 | %
Average term (months) |  |  | 31 |  |  |  | 28 |
Number of active contracts |  |  | 3,205 |  |  |  | 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 and six months ended September 30, 2023 and 2022 (in thousands):
|  | Three months ended September 30, 2023 |  |  | Six months ended September 30, 2023 |  |
|  | Contracts |  |  | Direct Loans |  |  | Total |  |  | Contracts |  |  | Direct Loans |  |  | Consolidated |  |
Balance at beginning of period, prior to adoption of ASU 2016-13 |  | $ | 13,864 |  |  | $ | 1,495 |  |  | $ | 15,359 |  |  | $ | 16,265 |  |  | $ | 1,131 |  |  | $ | 17,396 |  |
Impact of adoption of ASU 2016-13 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (562 | ) |  |  | 772 |  |  |  | 210 |  |
Provision for credit losses |  |  | 10,528 |  |  |  | 1,878 |  |  |  | 12,406 |  |  |  | 11,125 |  |  |  | 1,927 |  |  |  | 13,052 |  |
Charge-offs |  |  | (13,639 | ) |  |  | (2,435 | ) |  |  | (16,074 | ) |  |  | (18,296 | ) |  |  | (3,126 | ) |  |  | (21,422 | ) |
Recoveries |  |  | 1,436 |  |  |  | 130 |  |  |  | 1,566 |  |  |  | 3,657 |  |  |  | 364 |  |  |  | 4,021 |  |
Balance at September 30, 2023 |  | $ | 12,189 |  |  | $ | 1,068 |  |  | $ | 13,257 |  |  | $ | 12,189 |  |  | $ | 1,068 |  |  | $ | 13,257 |  |
|  | Three months ended September 30, 2022 |  |  | Six months ended September 30, 2022 |  |
|  | Contracts |  |  | Direct Loans |  |  | Total |  |  | 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 |  |
The following table presents details of the allowance for credit losses segregated by portfolio segment as of September 30, 2023, calculated in accordance with the current expected credit losses methodology (in thousands):
|  | As of September 30, 2023 |
|  | Contracts |  |  | Direct Loans |  |  | Total |
Modeled expected credit losses |  | $ | 8,813 |  |  | $ | 770 |  |  | $ | 9,583 |
Qualitative adjustments |  |  | 3,376 |  |  |  | 298 |  |  |  | 3,674 |
Total |  | $ | 12,189 |  |  | $ | 1,068 |  |  | $ | 13,257 |
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 September 30, 2023 |
| Gross Charge-offs |  |  | Gross Recoveries |  |  | Net Charge-offs |
2024 | $ | 25 |  |  | $ | — |  |  | $ | 25 |
2023 |  | 5,958 |  |  |  | 299 |  |  |  | 5,659 |
2022 |  | 6,547 |  |  |  | 505 |  |  |  | 6,042 |
2021 |  | 1,968 |  |  |  | 221 |  |  |  | 1,747 |
2020 |  | 772 |  |  |  | 172 |  |  |  | 600 |
Prior |  | 804 |  |  |  | 369 |  |  |  | 435 |
Total | $ | 16,074 |  |  | $ | 1,566 |  |  | $ | 14,508 |
| (In thousands) |
| Six months ended September 30, 2023 |
| Gross Charge-offs |  |  | Gross Recoveries |  |  | Net Charge-offs |
2024 | $ | 25 |  |  | $ | — |  |  | $ | 25 |
2023 |  | 8,805 |  |  |  | 984 |  |  |  | 7,821 |
2022 |  | 8,154 |  |  |  | 1,280 |  |  |  | 6,874 |
2021 |  | 2,414 |  |  |  | 438 |  |  |  | 1,976 |
2020 |  | 993 |  |  |  | 464 |  |  |  | 529 |
Prior |  | 1,031 |  |  |  | 855 |  |  |  | 176 |
Total | $ | 21,422 |  |  | $ | 4,021 |  |  | $ | 17,401 |
The following table presents gross charge-offs and recoveries by receivable origination year for Contract segment of portfolio:
| (In thousands) |
| Three months ended September 30, 2023 |
| Gross Charge-offs |  |  | Gross Recoveries |  |  | Net Charge-offs |
2024 | $ | 25 |  |  | $ | — |  |  | $ | 25 |
2023 |  | 4,555 |  |  |  | 227 |  |  |  | 4,328 |
2022 |  | 5,556 |  |  |  | 456 |  |  |  | 5,100 |
2021 |  | 1,931 |  |  |  | 217 |  |  |  | 1,714 |
2020 |  | 768 |  |  |  | 170 |  |  |  | 598 |
Prior |  | 804 |  |  |  | 366 |  |  |  | 438 |
Total | $ | 13,639 |  |  | $ | 1,436 |  |  | $ | 12,203 |
| (In thousands) |
| Six months ended September 30, 2023 |
| Gross Charge-offs |  |  | Gross Recoveries |  |  | Net Charge-offs |
2024 | $ | 25 |  |  | $ | — |  |  | $ | 25 |
2023 |  | 6,878 |  |  |  | 807 |  |  |  | 6,071 |
2022 |  | 7,003 |  |  |  | 1,135 |  |  |  | 5,868 |
2021 |  | 2,372 |  |  |  | 419 |  |  |  | 1,953 |
2020 |  | 987 |  |  |  | 451 |  |  |  | 536 |
Prior |  | 1,031 |  |  |  | 845 |  |  |  | 186 |
Total | $ | 18,296 |  |  | $ | 3,657 |  |  | $ | 14,639 |
The following table presents gross charge-offs and recoveries by receivable origination year for Direct segment of portfolio:
| (In thousands) |
| Three months ended September 30, 2023 |
| Gross Charge-offs |  |  | Gross Recoveries |  |  | Net Charge-offs |
2024 | $ | — |  |  | $ | — |  |  | $ | — |
2023 |  | 1,403 |  |  |  | 72 |  |  |  | 1,331 |
2022 |  | 991 |  |  |  | 49 |  |  |  | 942 |
2021 |  | 37 |  |  |  | 4 |  |  |  | 33 |
2020 |  | 4 |  |  |  | 2 |  |  |  | 2 |
Prior |  | - |  |  |  | 3 |  |  |  | (3 | )
Total | $ | 2,435 |  |  | $ | 130 |  |  | $ | 2,305 |
| (In thousands) |
| Six months ended September 30, 2023 |
| Gross Charge-offs |  |  | Gross Recoveries |  |  | Net Charge-offs |
2024 | $ | — |  |  | $ | — |  |  | $ | — |
2023 |  | 1,927 |  |  |  | 177 |  |  |  | 1,750 |
2022 |  | 1,151 |  |  |  | 145 |  |  |  | 1,006 |
2021 |  | 42 |  |  |  | 19 |  |  |  | 23 |
2020 |  | 6 |  |  |  | 13 |  |  |  | (7 | )
Prior |  | - |  |  |  | 10 |  |  |  | (10 | )
Total | $ | 3,126 |  |  | $ | 364 |  |  | $ | 2,762 |
Summary of portfolio delinquencies by origination fiscal year | The following table shows portfolio delinquencies by origination fiscal year as of September 30, 2023:
| (In thousands) |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total |
Current | $ | 4,779 |  | $ | 26,369 |  | $ | 25,676 |  | $ | 10,018 |  | $ | 3,499 |  | $ | 2,693 |  | $ | 73,034 |
30-59 |  | 232 |  |  | 2,917 |  |  | 3,481 |  |  | 1,369 |  |  | 745 |  |  | 542 |  |  | 9,286 |
60-89 |  | 72 |  |  | 1,092 |  |  | 1,195 |  |  | 292 |  |  | 256 |  |  | 136 |  |  | 3,043 |
90-120 |  | 51 |  |  | 871 |  |  | 831 |  |  | 224 |  |  | 123 |  |  | 106 |  |  | 2,206 |
Total | $ | 5,134 |  | $ | 31,249 |  | $ | 31,183 |  | $ | 11,903 |  | $ | 4,623 |  | $ | 3,477 |  | $ | 87,569 |
The following table shows Contracts portfolio delinquencies by origination fiscal year as of September 30, 2023:
| (In thousands) |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total |
Current | $ | 4,779 |  | $ | 21,241 |  | $ | 21,988 |  | $ | 9,748 |  | $ | 3,471 |  | $ | 2,689 |  | $ | 63,916 |
30-59 |  | 232 |  |  | 2,337 |  |  | 3,101 |  |  | 1,324 |  |  | 744 |  |  | 542 |  |  | 8,280 |
60-89 |  | 72 |  |  | 865 |  |  | 1,000 |  |  | 282 |  |  | 256 |  |  | 136 |  |  | 2,611 |
90-120 |  | 51 |  |  | 733 |  |  | 709 |  |  | 219 |  |  | 122 |  |  | 106 |  |  | 1,940 |
Total | $ | 5,134 |  | $ | 25,176 |  | $ | 26,798 |  | $ | 11,573 |  | $ | 4,593 |  | $ | 3,473 |  | $ | 76,747 |
The following table shows Direct loans portfolio delinquencies by origination fiscal year as of September 30, 2023:
| (In thousands) |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Total |
Current | $ | — |  | $ | 5,128 |  | $ | 3,688 |  | $ | 270 |  | $ | 28 |  | $ | 4 |  | $ | 9,118 |
30-59 |  | - |  |  | 580 |  |  | 380 |  |  | 45 |  |  | 1 |  |  | - |  |  | 1,006 |
60-89 |  | - |  |  | 227 |  |  | 195 |  |  | 10 |  |  | - |  |  | - |  |  | 432 |
90-120 |  | - |  |  | 138 |  |  | 122 |  |  | 5 |  |  | 1 |  |  | - |  |  | 266 |
Total | $ | - |  | $ | 6,073 |  | $ | 4,385 |  | $ | 330 |  | $ | 30 |  | $ | 4 |  | $ | 10,822 |
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, 2023 |  |  | March 31, 2023 |
|  | Contracts |  |  | Direct Loans |  |  | Total |  |  | Contracts |  |  | Direct Loans |  |  | Total |
Performing accounts |  | $ | 72,025 |  |  | $ | 10,101 |  |  | $ | 82,126 |  |  | $ | 101,856 |  |  | $ | 16,926 |  |  | $ | 118,782 |
Non-performing accounts |  |  | 4,465 |  |  |  | 680 |  |  |  | 5,145 |  |  |  | 6,972 |  |  |  | 1,728 |  |  |  | 8,700 |
Total |  |  | 76,490 |  |  |  | 10,781 |  |  |  | 87,271 |  |  |  | 108,828 |  |  |  | 18,654 |  |  |  | 127,482 |
Chapter 13 bankruptcy accounts |  |  | 257 |  |  |  | 42 |  |  |  | 299 |  |  |  | 590 |  |  |  | 98 |  |  |  | 688 |
Finance receivables |  | $ | 76,747 |  |  | $ | 10,823 |  |  | $ | 87,570 |  |  | $ | 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 |
September 30, 2023 |  | $ | 76,490 |  |  | $ | 8,211 |  |  | $ | 2,582 |  |  | $ | 1,883 |  |  | $ | — |  |  | $ | 12,676 |
|  |  |  |  |  | 10.73 | % |  |  | 3.38 | % |  |  | 2.46 | % |  | 0.00% |  |  |  | 16.57 | %
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 |
September 30, 2023 |  | $ | 10,781 |  |  | $ | 986 |  |  | $ | 425 |  |  | $ | 255 |  |  | $ | — |  |  | $ | 1,666 |
|  |  |  |  |  | 9.15 | % |  |  | 3.94 | % |  |  | 2.37 | % |  | 0.00% |  |  |  | 15.45 | %
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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- 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 -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-29 + Details
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