Finance Receivables (Tables)

9 Months Ended

Dec. 31, 2021

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)
	December 31, 2021			March 31, 2021			December 31, 2020
Finance receivables	$	176,173		$	184,237		$	188,626
Accrued interest receivable		2,413			2,285			2,628
Unearned dealer discounts		(6,643	)		(7,290	)		(7,006	)
Unearned insurance commissions and fees		(2,360	)		(2,396	)		(2,338	)
Purchase price discount		(293	)		(364	)		(447	)
Finance receivables, net of unearned		169,290			176,472			181,463
Allowance for credit losses		(3,630	)		(6,154	)		(9,077	)
Finance receivables, net	$	165,660		$	170,318		$	172,386

Schedule of selected information on entire comprise portfolio

Contracts and Direct Loans each comprise a portfolio segment. The following tables present selected information on the entire portfolio of the Company:

	As of December 31,
Contract Portfolio	2021			2020
Average APR		22.8	%		22.7	%
Average discount		7.4	%		7.6	%
Average term (months)		50			51
Number of active contracts		20,013			23,388

	As of December 31,
Direct Loan Portfolio	2021			2020
Average APR		29.8	%		28.4	%
Average term (months)		26			26
Number of active contracts		6,103			4,126

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 December 31, 2021 and 2020:

	Three months ended December 31, 2021									Nine months ended December 31, 2021
	Contracts			Direct Loans			Consolidated			Contracts			Direct Loans			Consolidated
Balance at beginning of    period	$	3,716		$	746		$	4,462		$	6,001		$	153		$	6,154
Provision for credit losses		1,325			350			1,675			2,515			1,285			3,800
Charge-offs		(3,546	)		(245	)		(3,791	)		(9,447	)		(618	)		(10,065	)
Recoveries		1,271			13			1,284			3,697			44			3,741
Balance at December 31, 2021	$	2,766		$	864		$	3,630		$	2,766		$	864		$	3,630
	Three months ended December 31, 2020									Nine months ended December 31, 2020
	Contracts			Direct Loans			Consolidated			Contracts			Direct Loans			Consolidated
Balance at beginning of    period	$	10,977		$	492		$	11,469		$	10,433		$	729		$	11,162
Provision for credit losses		601			49			650			6,951			49			7,000
Charge-offs		(4,411	)		(179	)		(4,590	)		(12,819	)		(477	)		(13,296	)
Recoveries		1,527			21			1,548			4,129			82			4,211
Balance at December 31, 2020	$	8,694		$	383		$	9,077		$	8,694		$	383		$	9,077

Schedule of an assessment of the credit quality by creditworthiness

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

	(In thousands)
	December 31, 2021						December 31, 2020
	Contracts		Direct Loans		Total		Contracts		Direct Loans		Total
Performing accounts	$	147,589	$	22,216	$	169,805	$	167,070	$	13,925	$	180,995
Non-performing accounts		5,891		329		6,220		7,100		302		7,402
Total		153,480		22,545		176,025		174,170		14,227		188,397
Chapter 13 bankruptcy accounts		142		6		148		218		11		229
Finance receivables	$	153,622	$	22,551	$	176,173	$	174,388	$	14,238	$	188,626

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, 2021	$	153,480	$	9,886		$	4,176		$	1,662		$	53		$	15,777
				6.44	%		2.72	%		1.08	%		0.03	%		10.28	%
March 31, 2021	$	170,195	$	6,289		$	2,430		$	896		$	42		$	9,657
				3.70	%		1.43	%		0.53	%		0.02	%		5.67	%
December 31, 2020	$	174,170	$	12,914		$	4,955		$	2,117		$	28		$	20,014
				7.41	%		2.84	%		1.22	%		0.02	%		11.49	%

	Direct Loans
	Balance Outstanding		30 – 59 days			60 – 89 days			90 – 119 days			120+			Total
December 31, 2021	$	22,545	$	636		$	199		$	130		$	—		$	965
				2.82	%		0.88	%		0.58	%		—			4.28	%
March 31, 2021	$	13,909	$	253		$	101		$	81		$	10		$	445
				1.82	%		0.73	%		0.58	%		0.07	%		3.20	%
December 31, 2020	$	14,227	$	442		$	188		$	110		$	4		$	744
				3.11	%		1.32	%		0.77	%		0.03	%		5.23	%