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Finance Receivables (Tables)

6 Months Ended

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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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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