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Finance Receivables (Tables) | 9 Months Ended
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Dec. 31, 2023
Receivables [Abstract] |
Schedule of finance receivables consisting of automobile finance installment Contracts and Direct Loans | Finance receivables held for investment, net consist of Contracts and Direct Loans and are detailed as follows:
|  | (In thousands) |
|  | December 31, 2023 |  |  | March 31, 2023 |
Finance receivables held for investment |  | $ | — |  |  | $ | 128,170 |
Accrued interest receivable |  |  | — |  |  |  | 1,932 |
Unearned dealer discounts |  |  | — |  |  |  | (4,286 | )
Unearned insurance commissions and fees |  |  | — |  |  |  | (1,419 | )
Unearned purchase price discount |  |  | — |  |  |  | (82 | )
Finance receivables held for investment, net of unearned discounts and fees and accrued interest receivable |  |  | — |  |  |  | 124,315 |
Allowance for credit losses |  |  | — |  |  |  | (17,396 | )
Finance receivables held for investment, net |  | $ | — |  |  | $ | 106,919 |
Finance receivables held for sale consist of Contracts and Direct LoansTableTextBlock | Finance receivables held for sale consist of Contracts and Direct Loans and are detailed as follows:
|  | (In thousands) |
|  | December 31, |  |  | March 31, |
|  | 2023 |  |  | 2023 |
Finance receivables held for sale at amortized cost |  | $ | 69,763 |  |  |  | - |
Held for sale allowance |  |  | (19,457 | ) |  |  | - |
Finance receivables held for sale at fair value |  | $ | 50,306 |  |  | $ | - |
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 December 31, |  |  | As of March 31, |
Contract Portfolio |  | 2023 |  |  | 2023 |
Average APR |  |  | 22.7 | % |  |  | 22.8 | %
Average discount |  |  | 6.4 | % |  |  | 6.8 | %
Average term (months) |  |  | 49 |  |  |  | 49 |
Number of active contracts |  |  | 9,088 |  |  |  | 14,081 |
|  | As of December 31, |  |  | As of March 31, |
Direct Loan Portfolio |  | 2023 |  |  | 2023 |
Average APR |  |  | 27.3 | % |  |  | 29.1 | %
Average term (months) |  |  | 33 |  |  |  | 28 |
Number of active contracts |  |  | 2,485 |  |  |  | 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 under ASC 326 on Contracts and Direct Loans for the three and nine months ended December 31, 2023 and 2022 (in thousands):
|  | Three months ended December 31, 2023 |  |  | Nine months ended December 31, 2023 |  |
|  | Contracts |  |  | Direct Loans |  |  | Total |  |  | Contracts |  |  | Direct Loans |  |  | Consolidated |  |
Balance at beginning of period, prior to adoption of ASU 2016-13 |  | $ | 12,189 |  |  | $ | 1,068 |  |  | $ | 13,257 |  |  | $ | 16,265 |  |  | $ | 1,131 |  |  | $ | 17,396 |  |
Impact of adoption of ASU 2016-13 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (562 | ) |  |  | 772 |  |  |  | 210 |  |
Provision for credit losses (1) |  |  | 1,588 |  |  |  | 183 |  |  |  | 1,771 |  |  |  | 12,713 |  |  |  | 2,110 |  |  |  | 14,823 |  |
Charge-offs |  |  | (3,041 | ) |  |  | (369 | ) |  |  | (3,410 | ) |  |  | (21,337 | ) |  |  | (3,495 | ) |  |  | (24,832 | ) |
Recoveries |  |  | 553 |  |  |  | 82 |  |  |  | 635 |  |  |  | 4,210 |  |  |  | 446 |  |  |  | 4,656 |  |
Reversal of allowance for credit losses (2) |  |  | (11,289 | ) |  |  | (964 | ) |  |  | (12,253 | ) |  |  | (11,289 | ) |  |  | (964 | ) |  |  | (12,253 | ) |
Balance at December 31, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |
|  | Three months ended December 31, 2022 |  |  | Nine months ended December 31, 2022 |  |
|  | Contracts |  |  | Direct Loans |  |  | Total |  |  | 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 |  |
(1) Provision for credit losses and reversal of allowance for credit losses is presented net as "Provision for credit losses" in the Condensed Consolidated Statements of Income (Loss). (2) Amounts shown represents charge-off through October 31, 2023. Since November 1, 2023 charge-offs are included in "Fair value and other adjustment, net" in the Condensed Consolidated Statements of Income (Loss).
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 December 31, 2023 |
| Gross Charge-offs |  |  | Gross Recoveries |  |  | Net Charge-offs |
2024 | $ | 88 |  |  | $ | — |  |  | $ | 88 |
2023 |  | 1,256 |  |  |  | 138 |  |  |  | 1,118 |
2022 |  | 1,294 |  |  |  | 216 |  |  |  | 1,078 |
2021 |  | 363 |  |  |  | 109 |  |  |  | 254 |
2020 |  | 215 |  |  |  | 42 |  |  |  | 173 |
Prior |  | 194 |  |  |  | 130 |  |  |  | 64 |
Total | $ | 3,410 |  |  | $ | 635 |  |  | $ | 2,775 |
| (In thousands) |
| Nine months ended December 31, 2023 |
| 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) |
| Three months ended December 31, 2023 |
| Gross Charge-offs |  |  | Gross Recoveries |  |  | Net Charge-offs |
2024 | $ | 88 |  |  | $ | — |  |  | $ | 88 |
2023 |  | 1,072 |  |  |  | 100 |  |  |  | 972 |
2022 |  | 1,124 |  |  |  | 185 |  |  |  | 939 |
2021 |  | 350 |  |  |  | 102 |  |  |  | 248 |
2020 |  | 214 |  |  |  | 38 |  |  |  | 176 |
Prior |  | 193 |  |  |  | 128 |  |  |  | 65 |
Total | $ | 3,041 |  |  | $ | 553 |  |  | $ | 2,488 |
| (In thousands) |
| Nine months ended December 31, 2023 |
| 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) |
| Three months ended December 31, 2023 |
| Gross Charge-offs |  |  | Gross Recoveries |  |  | Net Charge-offs |
2024 | $ | — |  |  | $ | — |  |  | $ | — |
2023 |  | 184 |  |  |  | 38 |  |  |  | 146 |
2022 |  | 170 |  |  |  | 31 |  |  |  | 139 |
2021 |  | 13 |  |  |  | 7 |  |  |  | 6 |
2020 |  | 1 |  |  |  | 4 |  |  |  | (3 | )
Prior |  | 1 |  |  |  | 2 |  |  |  | (1 | )
Total | $ | 369 |  |  | $ | 82 |  |  | $ | 287 |
| (In thousands) |
| Nine months ended December 31, 2023 |
| 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 for finance receivables held for investment:
|  | (In thousands) |
|  | December 31, 2023 |  |  | March 31, 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 accounts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 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 Chapter 13 bankruptcy accounts:
|  | Contracts |
|  | (In thousands, except percentages) |
|  | Balance Outstanding |  |  | 30 – 59 days |  |  | 60 – 89 days |  |  | 90 – 119 days |  |  | 120+ |  |  | Total |
December 31, 2023 |  | $ | 62,664 |  |  | $ | 7,741 |  |  | $ | 2,390 |  |  | $ | 1,353 |  |  | $ | — |  |  | $ | 11,484 |
|  |  |  |  |  | 12.35 | % |  |  | 3.81 | % |  |  | 2.16 | % |  | 0.00% |  |  |  | 18.33 | %
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 |
December 31, 2023 |  | $ | 8,319 |  |  | $ | 1,050 |  |  | $ | 310 |  |  | $ | 201 |  |  | $ | — |  |  | $ | 1,561 |
|  |  |  |  |  | 12.62 | % |  |  | 3.73 | % |  |  | 2.42 | % |  | 0.00% |  |  |  | 18.76 | %
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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