Finance Receivables (Tables)

12 Months Ended

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	%