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Finance Receivables (Tables) | 12 Months Ended
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Mar. 31, 2024
Receivables [Abstract] |
Schedule of finance receivables consisting of automobile finance installment Contracts and Direct Loans | Contracts and Direct Loans included in finance receivables are detailed as follows as of fiscal years ended March 31:
|  | (In thousands) |
|  | 2024 |  |  | 2023 |
Finance receivables |  | $ | - |  |  | $ | 128,170 |
Accrued interest receivable |  |  | - |  |  |  | 1,932 |
Unearned dealer discounts |  |  | - |  |  |  | (4,286 | )
Unearned purchase price discounts |  |  | - |  |  |  | (82 | )
Unearned insurance and fee commissions |  |  | - |  |  |  | (1,419 | )
Finance receivables, net of unearned |  |  | - |  |  |  | 124,315 |
Allowance for credit losses |  |  | - |  |  |  | (17,396 | )
Finance receivables, net |  | $ | - |  |  | $ | 106,919 |
Finance receivables held for sale consist of Contracts and Direct Loans | Finance receivables held for sale consist of Contracts and Direct Loans and are detailed as follows:
|  | (In thousands) |
|  | March 31, |  |  | March 31, |
|  | 2024 |  |  | 2023 |
Finance receivables held for sale at amortized cost |  | $ | 56,108 |  |  |  | - |
Held for sale allowance |  |  | (17,335 | ) |  |  | - |
Finance receivables held for sale at fair value |  | $ | 38,773 |  |  | $ | - |
Schedule of reconciliation of the changes in the allowance for credit losses | The following presents the activity in our allowance for credit losses:
|  | For the year ended March 31, 2024 |
|  | (In thousands) |
|  | Indirect |  |  | Direct |  |  | Total |
Balance at beginning of year, 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 (1) |  |  | 12,713 |  |  |  | 2,110 |  |  |  | 14,823 |
Charge-offs(2) |  |  | (21,337 | ) |  |  | (3,495 | ) |  |  | (24,832 | )
Recoveries(2) |  |  | 4,210 |  |  |  | 446 |  |  |  | 4,656 |
Reversal of allowance for credit losses (1) |  |  | (11,289 | ) |  |  | (964 | ) |  |  | (12,253 | )
Balance at end of year |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Provision for credit losses and reversal of allowance for credit losses is presented net as "Provision for credit losses" in the Consolidated Statements of Operations. (2)Amounts shown represents charge-offs and recoveries through October 31, 2023. Since November 1, 2023 charge-offs and recoveries are included in "Fair value and other adjustment, net" in the Consolidated Statements of Operations.
|  | For the year ended March 31, 2023 |
|  | (In thousands) |
|  | Indirect |  |  | Direct |  |  | Total |
Balance at beginning of year |  | $ | 1,961 |  |  | $ | 988 |  |  | $ | 2,949 |
Provision for credit losses |  |  | 37,125 |  |  |  | 3,533 |  |  |  | 40,658 |
Charge-offs |  |  | (28,391 | ) |  |  | (3,621 | ) |  |  | (32,012 | )
Recoveries |  |  | 5,570 |  |  |  | 231 |  |  |  | 5,801 |
Balance at end of year |  | $ | 16,265 |  |  | $ | 1,131 |  |  | $ | 17,396 |
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) |
| 2024 |
| Gross Charge-offs |  |  | Gross Recoveries |  |  | Net Charge-offs |
2024 | $ | 113 |  |  | $ | — |  |  | $ | 113 |
2023 |  | 10,061 |  |  |  | 1,122 |  |  |  | 8,939 |
2022 |  | 9,448 |  |  |  | 1,496 |  |  |  | 7,952 |
2021 |  | 2,776 |  |  |  | 547 |  |  |  | 2,229 |
2020 |  | 1,209 |  |  |  | 506 |  |  |  | 703 |
Prior |  | 1,225 |  |  |  | 985 |  |  |  | 240 |
Total | $ | 24,832 |  |  | $ | 4,656 |  |  | $ | 20,176 |
The following table presents gross charge-offs and recoveries by receivable origination year for Contract segment of portfolio:
| (In thousands) |
| 2024 |
| Gross Charge-offs |  |  | Gross Recoveries |  |  | Net Charge-offs |
2024 | $ | 113 |  |  | $ | — |  |  | $ | 113 |
2023 |  | 7,950 |  |  |  | 907 |  |  |  | 7,043 |
2022 |  | 8,127 |  |  |  | 1,320 |  |  |  | 6,807 |
2021 |  | 2,722 |  |  |  | 521 |  |  |  | 2,201 |
2020 |  | 1,201 |  |  |  | 489 |  |  |  | 712 |
Prior |  | 1,224 |  |  |  | 973 |  |  |  | 251 |
Total | $ | 21,337 |  |  | $ | 4,210 |  |  | $ | 17,127 |
The following table presents gross charge-offs and recoveries by receivable origination year for Direct segment of portfolio:
| (In thousands) |
| 2024 |
| Gross Charge-offs |  |  | Gross Recoveries |  |  | Net Charge-offs |
2024 | $ | — |  |  | $ | — |  |  | $ | — |
2023 |  | 2,111 |  |  |  | 215 |  |  |  | 1,896 |
2022 |  | 1,321 |  |  |  | 176 |  |  |  | 1,145 |
2021 |  | 54 |  |  |  | 26 |  |  |  | 28 |
2020 |  | 8 |  |  |  | 17 |  |  |  | (9 | )
Prior |  | 1 |  |  |  | 12 |  |  |  | (11 | )
Total | $ | 3,495 |  |  | $ | 446 |  |  | $ | 3,049 |
Schedule of an assessment of the credit quality by creditworthiness | The following table is an assessment of the credit quality by creditworthiness as of March 31:
|  | (In thousands) |
|  | 2024 |  |  | 2023 |
|  | Contracts |  |  | Direct Loans |  |  | Total |  |  | Contracts |  |  | Direct Loans |  |  | Total |
Performing accounts |  |  | — |  |  |  | — |  |  | $ | — |  |  | $ | 101,856 |  |  | $ | 16,926 |  |  | $ | 118,782 |
Non-performing accounts |  |  | — |  |  |  | — |  |  |  | - |  |  |  | 6,972 |  |  |  | 1,728 |  |  |  | 8,700 |
Total |  |  | — |  |  |  | — |  |  |  | - |  |  |  | 108,828 |  |  |  | 18,654 |  |  |  | 127,482 |
Chapter 13 bankruptcy |  |  | — |  |  |  | — |  |  |  | - |  |  |  | 590 |  |  |  | 98 |  |  |  | 688 |
Finance receivables |  |  | — |  |  |  | — |  |  | $ | - |  |  | $ | 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 any Chapter 13 bankruptcy accounts:
|  | (In thousands) |
Contracts |  | Balance Outstanding |  |  | 30 – 59 days |  |  | 60 –89 days |  |  | 90-119 days |  |  | 120+ days |  |  | Total |
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 |  | Balance Outstanding |  |  | 30 – 59 days |  |  | 60 –89 days |  |  | 90-119 days |  |  | 120+ days |  |  | Total |
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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