10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED September 30, 2013

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                      TO                     .

Commission file number: 0-26680

NICHOLAS FINANCIAL, INC.

(Exact Name of Registrant as Specified in its Charter)

British Columbia, Canada	8736-3354
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

2454 McMullen Booth Road, Building C Clearwater, Florida	33759
(Address of Principal Executive Offices)	(Zip Code)

(727) 726-0763

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 and 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	x
Non-accelerated filer	¨	Smaller reporting company	¨

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes  ¨    No  x

As of November 1, 2013, the registrant had 12,203,769 shares of common stock outstanding.

NICHOLAS FINANCIAL, INC.

FORM 10-Q

TABLE OF CONTENTS

		Page
Part I. Financial Information
Item 1.	Financial Statements (Unaudited)
	Consolidated Balance Sheets as of September 30, 2013 and March 31, 2013		2
	Consolidated Statements of Income for the three and six months ended September 30, 2013 and 2012		3
	Consolidated Statements of Cash Flows for the six months ended September 30, 2013 and 2012		4
	Notes to the Consolidated Financial Statements		5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		14
Item 3.	Quantitative and Qualitative Disclosures about Market Risk		22
Item 4.	Controls and Procedures		22
Part II. Other Information
Item 1A.	Risk Factors		22
Item 6.	Exhibits		22

1

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Nicholas Financial, Inc. and Subsidiaries

Consolidated Balance Sheets

	September 30, 2013		March 31, 2013
	(Unaudited)
Assets
Cash	$	4,473,682	$	2,797,716
Finance receivables, net		260,494,081		249,825,801
Assets held for resale		2,012,361		1,203,664
Income taxes receivable		847,167		102,999
Prepaid expenses and other assets		678,150		736,746
Property and equipment, net		749,358		741,581
Interest rate swap agreements		135,245		—
Deferred income taxes		7,211,508		8,426,961
Total assets	$	276,601,552	$	263,835,468
Liabilities and shareholders’ equity
Line of credit	$	131,000,000	$	125,500,000
Drafts payable		2,118,901		2,096,311
Accounts payable and accrued expenses		6,808,894		7,405,579
Interest rate swap agreements		56,454		504,852
Deferred revenues		1,870,092		1,363,630
Total liabilities		141,854,341		136,870,372
Shareholders’ equity
Preferred stock, no par: 5,000,000 shares authorized; none issued		—		—
Common stock, no par: 50,000,000 shares authorized; 12,198,279 and 12,154,069 shares issued and outstanding, respectively		30,647,744		30,031,548
Retained earnings		104,099,467		96,933,548
Total shareholders’ equity		134,747,211		126,965,096
Total liabilities and shareholders’ equity	$	276,601,552	$	263,835,468

See accompanying notes.

2

Nicholas Financial, Inc. and Subsidiaries

Consolidated Statements of Income

(Unaudited)

	Three months ended September 30,				Six months ended September 30,
	2013		2012		2013			2012
Revenue:
Interest and fee income on finance receivables	$	20,943,161	$	20,696,241	$	41,412,533		$	41,114,198
Sales		5,763		9,180		12,126			18,949
		20,948,924		20,705,421		41,424,659			41,133,147
Expenses:
Cost of sales		2,541		1,809		4,836			5,172
Marketing		363,515		355,498		759,589			729,830
Salaries and employee benefits		4,831,559		4,563,604		9,683,009			9,088,090
Administrative		2,736,298		2,267,648		5,334,949			4,366,586
Provision for credit losses		3,973,104		3,261,721		6,614,895			6,364,987
Dividend tax		69,538		72,042		142,557			132,458
Depreciation		76,819		70,253		152,154			142,720
Interest expense		1,442,898		1,250,231		2,847,804			2,442,371
Change in fair value of interest rate swap agreements		249,616		474,019		(583,643	)		683,120
		13,745,888		12,316,825		24,956,150			23,955,334
Operating income before income taxes		7,203,036		8,388,596		16,468,509			17,177,813
Income tax expense		2,886,484		3,238,458		6,451,464			6,620,219
Net income	$	4,316,552	$	5,150,138	$	10,017,045		$	10,557,594
Earnings per share:
Basic	$	0.36	$	0.43	$	0.83		$	0.88
Diluted	$	0.35	$	0.42	$	0.82		$	0.87
Dividends declared per share	$	0.12	$	0.12	$	0.24		$	0.22

See accompanying notes.

3

Nicholas Financial, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

	Six months ended September 30,
	2013			2012
Cash flows from operating activities
Net income	$	10,017,045		$	10,557,594
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		152,154			142,720
Gain on sale of property and equipment		(21,800	)		(5,615	)
Provision for credit losses		6,614,895			6,364,987
Amortization of dealer discounts		(6,108,055	)		(6,082,112	)
Deferred income taxes		1,215,453			628,705
Share-based compensation		261,444			575,404
Change in fair value of interest rate swap agreements		(583,643	)		683,120
Changes in operating assets and liabilities:
Prepaid expenses and other assets		58,596			201,685
Accounts payable and accrued expenses		(596,685	)		408,383
Income taxes receivable		(744,168	)		(785,353	)
Deferred revenues		506,462			46,861
Net cash provided by operating activities		10,771,698			12,736,379
Cash flows from investing activities
Purchase and origination of finance receivables		(78,220,371	)		(71,122,887	)
Principal payments received		67,045,251			64,080,392
Increase in assets held for resale		(808,697	)		(268,649	)
Purchase of property and equipment		(178,912	)		(149,566	)
Proceeds from sale of property and equipment		40,781			6,670
Net cash used in investing activities		(12,121,948	)		(7,454,040	)
Cash flows from financing activities
Net draws on or repayment from line of credit		5,500,000			(2,000,000	)
Change in drafts payable		22,590			(37,216	)
Payment of cash dividends		(2,851,126	)		(2,649,163	)
Proceeds from exercise of stock options		217,673			220,136
Excess tax benefits from exercise of stock options and vesting of other share awards		137,079			103,400
Net cash provided (used) by financing activities		3,026,216			(4,362,843	)
Net increase in cash		1,675,966			919,496
Cash, beginning of period		2,797,716			2,803,054
Cash, end of period	$	4,473,682		$	3,722,550

See accompanying notes.

4

Nicholas Financial, Inc. and Subsidiaries

Notes to the Consolidated Financial Statements

(Unaudited)

1. Basis of Presentation

The accompanying consolidated balance sheet as of March 31, 2013, which has been derived from audited financial statements, and the accompanying unaudited interim consolidated financial statements of Nicholas Financial, Inc. (including its subsidiaries, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q pursuant to the Securities and Exchange Act of 1934, as amended in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements, although the Company believes that the disclosures made are adequate to ensure the information is not misleading. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year ending March 31, 2014. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2013 as filed with the Securities and Exchange Commission on June 14, 2013. The March 31, 2013 consolidated balance sheet included herein has been derived from the March 31, 2013 audited consolidated balance sheet included in the aforementioned Form 10-K.

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses on finance receivables and the fair value of interest rate swap agreements.

As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended March 31, 2013, the Company made error corrections for departures from U.S. GAAP and revised previously reported amounts. One of the corrections is related to the accounting treatment for dealer discounts. A dealer discount represents the difference between the amount of a finance receivable, net of unearned interest, based on the terms of a Contract with the borrower, and the amount of money the Company actually pays the dealer for the Contract. Prior to the correction, Contracts were recorded at the net initial investment with the gross Contract balance recorded offset by the dealer discounts which were recorded as an allowance for credit losses for the acquired Contracts. The Company determined that this accounting treatment was incorrect as U.S. GAAP prohibits carrying over valuation allowances in the initial accounting for acquired loans. Accordingly, the Company has now applied an acceptable method under U.S. GAAP, deferring and netting dealer discounts against finance receivables as unearned discounts, and recognizing dealer discounts into income as an adjustment to yield over the life of the loan using the interest method.

The allowance for loan losses is now established solely through charges to earnings through the provision for credit losses. The Company has evaluated the significance of the departure from U.S. GAAP to the consolidated financial statements. Under both the former accounting policy and U.S. GAAP, the dealer discount remains a reduction of gross finance receivables in arriving at the carrying amount of finance receivables, net. Accordingly, finance receivables continue to be initially recorded at the net initial investment at the time of purchase. Subsequently, the allowance for credit losses is maintained at an amount that reduces the net carrying amount of finance receivables. The change in this accounting presentation does not result in a change to the net carrying amount of finance receivables or to net income as historical losses incurred, and estimated incurred losses as of the balance sheet date, are generally in excess of the original dealer discount. The removal of the dealer discount from the allowance requires an equal replacement of provision expense as that portion of the allowance is necessary to absorb probable incurred losses. This correction also did not have an impact on previously reported assets, liabilities, working capital, equity, earnings, or cash flows.

The second correction related to the accounting treatment and presentation of certain fees charged to dealers and costs incurred in purchasing loans from dealers. The costs related principally to evaluating borrowers subject to Contracts in relation to the Company’s underwriting guidelines in making a determination to acquire Contracts. Prior to the correction, fees charged to dealers were reduced by certain costs incurred to purchase Contracts, deferred on a net basis and then amortized into income over the lives of the loans using the interest method. Under U.S. GAAP, the fees charged to dealers are considered to be a part of the unearned dealer discount as they are a determinant of the net amount of cash paid to the dealer. Further, U.S. GAAP specifies that costs incurred in connection with acquiring purchased loans or committing to purchase loans shall be charged to expense as incurred. Such costs do not qualify as origination costs to be deferred as the Contracts have already been originated by the dealers.

5

Nicholas Financial, Inc. and Subsidiaries

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

1. Basis of Presentation (continued)

The Company evaluated the significance of the departures from U.S. GAAP to the consolidated financial statements. After an adjustment to beginning equity and the opening balance of unearned dealer discounts, net of tax, for the initial period presented, there is a limited effect on earnings and no impact on cash flows.

The changes to consolidated financial statement captions and earnings per share, if any, are as follows:

Consolidated Balance Sheet	September 30,         2012 as Reported		Correction			September 30,     2012 as Corrected
Finance receivables, net	$	249,072,304	$	(1,059,253	)	$	248,013,051
Deferred income taxes		8,089,112		405,483			8,494,595
Retained earnings, September 30, 2012		115,399,320		(653,770	)		114,745,550

Consolidated Statements of Income – Three months ended September 30, 2012	Three months ended September 30,         2012 as Reported		Correction			Three months ended September 30,     2012 as Corrected
Interest and fee income on finance receivables	$	17,761,998	$	2,934,243		$	20,696,241
Provision for credit losses		308,340		2,953,381			3,261,721
Operating income		8,407,734		(19,138	)		8,388,596
Income tax expense		3,245,784		(7,326	)		3,238,458
Net income		5,161,950		(11,812	)		5,150,138
Earnings per share – basic		0.43		—			0.43
Earnings per share – diluted		0.42		—			0.42

Consolidated Statements of Income – Six months ended September 30, 2012	Six months ended September 30,         2012 as Reported		Correction		Six months ended September 30,     2012 as Corrected
Interest and fee income on finance receivables	$	35,032,086	$	6,082,112	$	41,114,198
Provision for credit losses		318,712		6,046,275		6,364,987
Operating income		17,141,976		35,837		17,177,813
Income tax expense		6,606,501		13,718		6,620,219
Net income		10,535,475		22,119		10,557,594
Earnings per share – basic		0.88		—		0.88
Earnings per share – diluted		0.86		0.01		0.87

Consolidated Statements of Cash Flows (Operating Activities)	Six months ended September 30,         2012 as Reported		Correction			Six months ended September 30,     2012 as Corrected
Net income	$	10,535,475	$	22,119		$	10,557,594
Provision for credit losses		318,712		6,046,275			6,364,987
Deferred income taxes		614,987		13,718			628,705
Amortization of dealer discounts		—		(6,082,112	)		(6,082,112	)
Net cash provided by operating activities		12,736,379		—			12,736,379

In addition the Company has corrected these errors in the finance receivables disclosure in Note 4. The following table sets forth a reconciliation of the changes in the allowance for credit losses on Contracts:

	Three months ended September 30, 2012 as Reported			Correction			Three months ended September 30, 2012 as Corrected
Balance at beginning of year	$	35,645,655		$	(16,003,999	)	$	19,641,656
Discounts acquired on new volume		2,843,382			(2,843,382	)		—
Provision for credit losses		293,618			2,953,380			3,246,998
Losses absorbed		(5,295,524	)		—			(5,295,524	)
Recoveries		763,687			—			763,687
Discounts accreted		(150,157	)		150,157			—
Balance at end of year	$	34,100,661		$	(15,743,844	)	$	18,356,817

6

Nicholas Financial, Inc. and Subsidiaries

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

1. Basis of Presentation (continued)

	Six months ended    September 30, 2012 as Reported			Correction			Six months ended   September 30, 2012 as Corrected
Balance at beginning of year	$	35,495,684		$	(15,996,476	)	$	19,499,208
Discounts acquired on new volume		5,944,320			(5,944,320	)		—
Provision for credit losses		214,400			6,046,274			6,260,674
Losses absorbed		(8,955,368	)		—			(8,955,368	)
Recoveries		1,552,303			—			1,552,303
Discounts accreted		(150,678	)		150,678			—
Balance at end of year	$	34,100,661		$	(15,743,844	)	$	18,356,817

2. Revenue Recognition

Finance receivables consist of automobile finance installment contracts (“Contracts”) and direct consumer loans (“Direct Loans”). Interest income on finance receivables is recognized using the interest method. Accrual of interest income on finance receivables is suspended when a loan is contractually delinquent for 60 days or more or the collateral is repossessed, whichever is earlier.

When the Company receives a payment for a loan that was contractually delinquent for more than 60 days, the payment is posted to the account. At the time of the payment, the interest that was paid is recorded as income by the Company and the loan is no longer considered over 60 days contractually delinquent; therefore, the accruing of interest is resumed. As of September 30, 2013 and March 31, 2013 the amount of gross finance receivables not accruing interest was approximately $7,075,000 and $4,132,000, respectively.

A dealer discount represents the difference between the finance receivable, net of unearned interest, of a Contract, and the amount of money the Company actually pays for the Contract. The discount negotiated by the Company is a function of the lender, the wholesale value of the vehicle and competition in any given market. In making decisions regarding the purchase of a particular Contract the Company considers the following factors related to the borrower: place and length of residence; current and prior job status; history in making installment payments for automobiles; current income; and credit history. In addition, the Company examines its prior experience with Contracts purchased from the dealer from which the Company is purchasing the Contract, and the value of the automobile in relation to the purchase price and the term of the Contract. The entire amount of discount is amortized as an adjustment to yield using the interest method over the life of the loan. The average dealer discount associated with new volume for the six months ended September 30, 2013 and 2012 was 8.43% and 8.57%, respectively in relation to gross finance receivables.

The amount of future unearned income is computed as the product of the Contract rate, the Contract term, and the Contract amount. Deferred revenues consist primarily of commissions received from the sale of ancillary products. These products include automobile warranties, roadside assistance programs, accident and health insurance, credit life insurance and forced placed automobile insurance. These commissions are amortized over the life of the contract using the interest method.

Sales relate principally to telephone support agreements and the sale of business forms to small businesses located primarily in the Southeastern United States. The aforementioned sales of the Nicholas Data Services, Inc. subsidiary, (“NDS”) represent less than 1% of the Company’s consolidated revenues.

7

Nicholas Financial, Inc. and Subsidiaries

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

3. Earnings Per Share

Basic earnings per share is calculated by dividing the reported net income for the period by the weighted average number of shares of common stock outstanding. Diluted earnings per share includes the effect of dilutive options and other share awards. Basic and diluted earnings per share have been computed as follows:

	Three months ended September 30,				Six months ended September 30,
	2013		2012		2013		2012
Numerator for earnings per share – net income	$	4,316,552	$	5,150,138	$	10,017,045	$	10,557,594
Denominator:
Denominator for basic earnings per share – weighted average shares		12,092,246		11,963,596		12,078,703		11,956,362
Effect of dilutive securities:
Stock options and other share awards		222,995		218,469		194,879		232,939
Denominator for diluted earnings per share		12,315,241		12,182,065		12,273,582		12,189,301
Earnings per share:
Basic	$	0.36	$	0.43	$	0.83	$	0.88
Diluted	$	0.35	$	0.42	$	0.82	$	0.87

For the three months ended September 30, 2013 and 2012, potential common stock from stock options totaling 10,000 and 124,200, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive. For the six months ended September 30, 2013 and 2012 potential common stock from stock options totaling 78,600 and 124,200, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive.

4. Finance Receivables

Finance receivables consist of automobile finance installment Contracts and Direct Loans and are detailed as follows:

	September 30,			March 31,
	2013			2013
Finance receivables, gross contract	$	410,717,491		$	395,721,730
Unearned interest		(119,230,463	)		(112,922,191	)
Finance receivables, net of unearned interest		291,487,028			282,799,539
Unearned dealer discounts		(16,854,310	)		(16,415,169	)
Finance receivables, net of unearned interest and unearned dealer discounts		274,632,718			266,384,370
Allowance for credit losses		(14,138,637	)		(16,558,569	)
Finance receivables, net	$	260,494,081		$	249,825,801

The terms of the Contracts range from 12 to 72 months and the Direct Loans range from 6 to 48 months. The Contracts and Direct Loans bear a weighted average effective interest rate of 23.17% and 26.05% as of September 30, 2013, respectively and 23.31% and 25.84% as of March 31, 2013, respectively.

Finance receivables consist of Contracts and Direct Loans, each of which comprises a portfolio segment. Each portfolio segment consists of smaller balance homogeneous loans which are collectively evaluated for impairment.

The following table sets forth a reconciliation of the changes in the allowance for credit losses on Contracts:

	Three months ended September 30,						Six months ended September 30,
	2013			2012			2013			2012
Balance at beginning of period	$	14,811,173		$	19,641,656		$	16,090,652		$	19,499,208
Current period provision		3,873,216			3,246,998			6,367,646			6,260,674
Losses absorbed		(6,029,363	)		(5,295,524	)		(10,678,339	)		(8,955,368	)
Recoveries		823,996			763,687			1,699,063			1,552,303
Balance at end of period	$	13,479,022		$	18,356,817		$	13,479,022		$	18,356,817

8

Nicholas Financial, Inc. and Subsidiaries

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

4. Finance Receivables (continued)

The Company purchases Contracts from automobile dealers at a negotiated price that is less than the original principal amount being financed by the purchaser of the automobile. The Contracts are predominately for used vehicles. As of September 30, 2013, the average model year of vehicles collateralizing the portfolio was a 2005 vehicle. The average loan to value ratio, which expresses the amount of the Contract as a percentage of the value of the automobile, is approximately 93%. The Company utilizes a static pool approach to track portfolio performance. If the allowance for credit losses is determined to be inadequate for a static pool, then an additional charge to income through the provision is used to maintain adequate reserves based on management’s evaluation of the risk inherent in the loan portfolio, the composition of the portfolio, and current economic conditions. Such evaluation, considers among other matters, the estimated net realizable value or the fair value of the underlying collateral, economic conditions, historical loan loss experience, management’s estimate of probable credit losses and other factors that warrant recognition in providing for an adequate allowance for credit losses. In determining the provision and allowance for credit losses, we consider the reduction in the net carrying amount of finance receivables resulting from dealer discounts.

The following table sets forth a reconciliation of the changes in the allowance for credit losses on Direct Loans:

	Three months ended September 30,						Six months ended September 30,
	2013			2012			2013			2012
Balance at beginning of period	$	591,881		$	561,803		$	467,917		$	492,184
Current period provision		99,888			14,723			247,249			104,313
Losses absorbed		(42,987	)		(49,103	)		(70,573	)		(74,195	)
Recoveries		10,833			3,678			15,022			8,799
Balance at end of period	$	659,615		$	531,101		$	659,615		$	531,101

Direct Loans are originated directly between the Company and the consumer. These loans are typically for amounts ranging from $1,000 to $8,000 and are generally secured by a lien on an automobile, watercraft or other permissible tangible personal property. The majority of Direct Loans are originated with current or former customers under the Company’s automobile financing program. The typical Direct Loan represents a significantly better credit risk than our typical Contract due to the customer’s historical payment history with the Company. In deciding whether or not to make a loan, the Company considers the individual’s credit history, job stability, income and impressions created during a personal interview with a Company loan officer. Additionally, because most of Direct Loans made by the Company to date have been made to borrowers under Contracts previously purchased by the Company, the payment history of the borrower under the Contract is a significant factor in making the loan decision. As of September 30, 2013, loans made by the Company pursuant to its Direct Loan program constituted approximately 3% of the aggregate principal amount of the Company’s loan portfolio.

Changes in the allowance for credit losses for both Contracts and Direct Loans were driven by current economic conditions and trends over several reporting periods which are useful in estimating future losses and overall portfolio performance.

A performing account is defined as an account that is less than 61 days past due. A non-performing account is defined as an account that is contractually delinquent for 61 days or more and the accrual of interest income is suspended. When an account is 120 days contractually delinquent, the account is written off. Effective April 1, 2013, the Company changed its policy in regards to bankrupt accounts. Prior to April 1, 2013 the Company would charge-off the entire principal balance of a bankrupt account in the month following confirmation from the bankruptcy court. Subsequent to the charge-off the Company would collect monthly payments from the bankruptcy court recording the recovery payments and reducing charge-off totals in the month collected. Under the new method, the Company no longer charges off the entire principal balance at the time of bankruptcy. Upon notification of a bankruptcy, an account is monitored for collection with other bankrupt accounts. In the event the debtors balance has been reduced by the bankruptcy court, the Company will record a loss equal to the amount of principal balance reduction. The remaining balance will be reduced as payments are received by the bankruptcy court. In the event an account is dismissed from bankruptcy, the Company will decide, based on several factors, to begin repossession proceedings to allow the customer to begin making regularly scheduled payments. This approach to bankrupt accounts aligns the Company with typical industry practice.

9

Nicholas Financial, Inc. and Subsidiaries

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

4. Finance Receivables (continued)

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

	September 30, 2013				March 31, 2013
	Contracts		Direct Loans		Contracts		Direct Loans
Non-bankrupt accounts	$	397,098,910	$	10,614,301	$	386,324,594	$	5,721,768
Bankrupt accounts		2,994,649		9,631		615,499		—
Total	$	400,093,559	$	10,623,932	$	386,940,093	$	5,721,768
Performing accounts	$	393,086,994	$	10,555,451	$	382,843,130	$	5,685,981
Non-performing accounts		7,006,565		68,481		4,096,963		35,787
Total	$	400,093,559	$	10,623,932	$	386,940,093	$	5,721,768

The following tables present certain information regarding the delinquency rates experienced by the Company with respect to Contracts and under its Direct Loans:

			Delinquencies
Contracts	Gross Balance Outstanding		31 – 60 days			61 – 90 days			Over 90 days			Total
September 30, 2013	$	400,093,559	$	15,756,362		$	3,239,528		$	3,767,037		$	22,762,927
				3.94	%		0.81	%		0.94	%		5.69	%
September 30, 2012	$	388,783,924	$	15,310,139		$	3,879,087		$	1,739,015		$	20,928,241
				3.94	%		1.00	%		0.44	%		5.38	%

Direct Loans	Gross Balance Outstanding		31 – 60 days			61 – 90 days			Over 90 days			Total
September 30, 2013	$	10,623,932	$	104,983		$	37,604		$	30,877		$	173,464
				0.99	%		0.35	%		0.29	%		1.63	%
September 30, 2012	$	8,075,902	$	94,770		$	6,822		$	11,024		$	112,616
				1.17	%		0.08	%		0.14	%		1.39	%

5. Line of Credit

The Company has an agreement with its consortium of lenders for a line of credit facility (the “Line”) for an amount of $150,000,000. In December 2012, the Company executed an amendment to the Line that extends the maturity date to November 30, 2014. The pricing of the Line is 300 basis points above 30-day LIBOR with a 1% floor on LIBOR (4.00% at September 30, 2013 and March 31, 2013). Pledged as collateral for this credit facility are all of the assets of the Company. The outstanding amount of the credit facility was approximately $131,000,000 and $125,500,000 as of September 30, 2013 and March 31, 2013, respectively. The amount available under the line of credit was approximately $19,000,000 and $24,500,000 as of September 30, 2013 and March 31, 2013, respectively.

The facility requires compliance with certain financial ratios and covenants and satisfaction of specified financial tests, including maintenance of asset quality and performance tests. Dividends do not require consent in writing by the agent and majority lenders under the new facility as long as the Company is in compliance with a net income covenant. As of September 30, 2013, the Company was in full compliance with all debt covenants.

6. Interest Rate Swap Agreements

The Company utilizes interest rate swap agreements to manage exposure to variability in expected cash flows attributable to interest rate risk. The interest rate swap agreements convert a portion of the floating rate debt to a fixed rate, more closely matching the interest rate characteristics of finance receivables.

10

Nicholas Financial, Inc. and Subsidiaries

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

6. Interest Rate Swap Agreements (continued)

The following table summarizes the activity in the notional amounts of interest rate swap agreements:

	Six months ended September 30,
	2013		2012
Notional amounts at April 1	$	50,000,000	$	—
New contracts		—		50,000,000
Matured contracts		—		—
Notional amounts at September 30	$	50,000,000	$	50,000,000

Interest rate swap agreements effective as of September 30, 2013 and during the three and six months ended September 30, 2013 and 2012 are detailed as follows:

Date Entered	Effective Date	Notional Amount		Fixed Rate Of Interest			Maturity Date
June 1, 2012	June 13, 2012	$	25,000,000		1.00	%	June 13, 2017
July 30, 2012	August 13, 2012	$	25,000,000		0.87	%	August 14, 2017

The interest rate swap agreements are not designated as hedges. The changes in the fair value of interest of interest rate swaps (unrealized gains and losses) are recorded in earnings. The Company does not use interst rate swap agreements for speculative purposes. Such instruments continue to be intended for use as ecomonic hedges.

The locations and amounts of (gains) losses in income are as follows:

	Three months ended September 30,				Six months ended September 30,
	2013		2012		2013			2012
Periodic change in fair value of interest rate swap agreements	$	249,616	$	474,019	$	(583,643	)	$	683,120
Periodic settlement differentials included in interest expense		95,725		77,606		189,039			93,424
Total	$	345,341	$	551,625	$	(394,604	)	$	776,544

The Company recorded realized losses from the swap agreements in the interest expense line item of the consolidated statement of income. The following table summarizes the variable rate received and fixed rate paid under the swap agreements.

	Three months ended September 30,						Six months ended September 30,
	2013			2012			2013			2012
Variable rate received		0.19	%		0.24	%		0.19	%		0.24	%
Fixed rate paid		0.94	%		0.95	%		0.94	%		0.96	%

7. Fair Value Disclosures

The Company measures specific assets and liabilities at fair value, which is an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When applicable, the Company utilizes market data or assumptions that market participants would use in pricing the asset or liability under a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions.

11

Nicholas Financial, Inc. and Subsidiaries

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

7. Fair Value Disclosures (continued)

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The Company estimates the fair value of interst rate swap agreements based on the estimated net present value of the future cash flows using a forward interest rate yield curve in effect as of the measurement period, adjusted for nonperformance risk, if any, including a quantitative and qualitative evaluation of both the Company’s credit risk and the counterparty’s credit risk. Accordingly, the Company classifies interest rate swap agreements as Level 2.

	Fair Value Measurement Using
Description	Level 1		Level 2			Level 3		Fair Value
Interest rate swap agreements:
September 30, 2013:
Effective June 13, 2012	$	—	$	135,245		$	—	$	135,245
Effective August 13, 2012	$	—	$	(56,454	)	$	—	$	(56,454	)
March 31, 2013	$	—	$	(504,852	)	$	—	$	(504,852	)

Financial Instruments Not Measured at Fair Value

The Company’s financial instruments consist of finance receivables and the Line. For each of these financial instruments the carrying value approximates fair value.

Finance receivables, net approximates fair value based on the price paid to acquire indirect loans. The price paid reflects competitive market interest rates and purchase discounts for the Company’s chosen credit grade in the economic environment. This market is highly liquid as the Company acquires individual loans on a daily basis from dealers. The initial terms of the Contracts range from 12 to 72 months. The initial terms of the Direct Loans range from 6 to 48 months. In addition, there have been minimal changes in interest rates and purchase discounts related to these types of loans. If liquidated outside of the normal course of business, the amount received may not be the carrying value.

The Line was amended within the quarter ended December 31, 2012. Based on current market conditions, any new or renewed credit facility would contain pricing that approximates the Company’s current Line. Based on these market conditions, the fair value of the Line as of September 30, 2013 was estimated to be equal to the book value. The interest rate for the Line is a variable rate based on LIBOR pricing options.

	Fair Value Measurement Using
Description	Level 1		Level 2		Level 3		Fair Value
Finance receivables:
September 30, 2013	$	—	$	—	$	260,494,000	$	260,494,000
March 31, 2013	$	—	$	—	$	249,826,000	$	249,826,000
Line of credit:
September 30, 2013	$	—	$	131,000,000	$	—	$	131,000,000
March 31, 2013	$	—	$	125,500,000	$	—	$	125,500,000

Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis

The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a nonrecurring basis. The Company does not currently have any assets or liabilities measured at fair value on a nonrecurring basis.

12

Nicholas Financial, Inc. and Subsidiaries

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

8. Cash Dividend

Dividends recorded during the six months ended September 30, 2013 and 2012 were declared and paid as follows. On May 7, 2013 the Board of Directors announced a quarterly cash dividend equal to $0.12 per common share, to be paid on June 28, 2013 to shareholders of record as of June 21, 2013. On August 13, 2013 the Board of Directors announced a quarterly cash dividend equal to $0.12 per common share, to be paid on September 27, 2013 to shareholders of record as of September 20, 2013. On May 2, 2012, the Company’s Board of Directors announced a quarterly cash dividend of $0.10 to be paid on June 6, 2012. On August 7, 2012 the Board of Directors declared a quarterly dividend equal to $0.12 per common share, to be paid on September 6, 2012 to shareholders of record as of August 30, 2012.

Payment of cash dividends results in a 5% withholding tax payable by the Company under the Canada-United States Income Tax Convention which is included in earnings under the caption of dividend tax.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Information

This report on Form 10-Q contains various statements, other than those concerning historical information, that are based on management’s beliefs and assumptions, as well as information currently available to management, and should be considered forward-looking statements. This notice is intended to take advantage of the safe harbor provided by the Private Securities Litigation Reform Act of 1995 with respect to such forward-looking statements. When used in this document, the words “anticipate”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the Company’s operating results are fluctuations in the economy, the ability to access bank financing, the degree and nature of competition, demand for consumer financing in the markets served by the Company, the Company’s products and services, increases in the default rates experienced on Contracts, adverse regulatory changes in the Company’s existing and future markets, the Company’s ability to expand its business, including its ability to complete acquisitions and integrate the operations of acquired businesses, to recruit and retain qualified employees, to expand into new markets and to maintain profit margins in the face of increased pricing competition. All forward looking statements included in this report are based on information available to the Company on the date hereof, and the Company assumes no obligations to update any such forward looking statement. You should also consult factors described from time to time in the Company’s filings made with the Securities and Exchange Commission, including its reports on Forms 10-K, 10-Q, 8-K and annual reports to shareholders.

Strategic Alternatives

On March 20, 2013, the Company announced that its Board of Directors has retained Janney Montgomery Scott LLC as its independent financial advisor to assist the Board of Directors in evaluating possible strategic alternatives for the Company, including, but not limited to, the possible sale of the Company or certain of its assets, potential acquisition and expansion opportunities, and/or a possible debt or equity financing. The Company also announced that it has received an unsolicited, non-binding indication of interest from a potential third-party acquirer. As of the date of this Report, the Board of Directors is continuing to evaluate possible strategic alternatives and their implications. No assurances can be given as to whether any particular strategic alternative for the Company will be recommended or undertaken or, if so, upon what terms and conditions.

Corrections to Consolidated Financial Statements

In connection with the audit of our consolidated financial statements for the fiscal year ended March 31, 2013, the Company determined that it was necessary to correct its consolidated financial statements.

One of the corrections is related to the accounting treatment for dealer discounts. A dealer discount represents the difference between the amount of a finance receivable, net of unearned interest, based on the terms of a Contract with the borrower, and the amount of money the Company actually pays the dealer for the Contract. Prior to the correction, Contracts were recorded at the net initial investment, with the gross Contract balances recorded offset by the dealer discounts which were recorded as an allowance for credit losses for the acquired Contracts. The Company determined that this accounting treatment was incorrect as U.S. GAAP prohibits carrying over valuation allowances in the initial accounting for acquired loans. Accordingly, the Company has now applied an acceptable method under U.S. GAAP, deferring and netting dealer discounts against finance receivables as unearned discounts, and recognizing dealer discounts into income as an adjustment to yield over the life of the each loan using the interest method.

The allowance for loan losses is now established solely through charges to earnings through the provision for credit losses. The Company has evaluated the significance of the departure from U.S. GAAP to the consolidated financial statements. Under both the former accounting policy and U.S. GAAP, the dealer discount remains a reduction of gross finance receivables in arriving at the carrying amount of finance receivables, net. Accordingly, finance receivables continue to be initially recorded at the net initial investment at the time of purchase. Subsequently, the allowance for credit losses is maintained at an amount that reduces the net carrying amount of finance receivables for incurred losses. The change in this accounting presentation does not result in a change to the net carrying amount of finance receivables or to net income as historical losses incurred, and estimated incurred losses as of the balance sheet date, are generally in excess of the original dealer discount. The removal of the dealer discount from the allowance requires an equal replacement of provision expense as that portion of the allowance is necessary to absorb probable incurred losses. This correction also did not have an impact on previously reported assets, liabilities, working capital, equity, earnings, or cash flows.

The second correction related to the accounting treatment and presentation of certain fees charged to dealers and costs incurred in purchasing loans from dealers. Such costs related principally to evaluating borrowers subject to Contracts in

14

relation to the Company’s underwriting guidelines in making a determination to acquire Contracts. Prior to the correction, fees charged to dealers were reduced by certain costs incurred to purchase Contracts, deferred on a net basis and then amortized into income over the lives of the loans using the interest method. Under U.S. GAAP, the fees charged to dealers are considered to be a part of the unearned dealer discount as they are a determinant of the net amount of cash paid to the dealer. Further, U.S. GAAP specifies that costs incurred in connection with acquiring purchased loans or committing to purchase loans shall be charged to expense as incurred. Such costs do not qualify as origination costs to be deferred as the Contracts have already been originated by the dealers. The Company evaluated the significance of the departure from U.S. GAAP to the consolidated financial statements. After an adjustment to beginning equity and the opening balance of unearned dealer discounts, net of tax, for the initial period presented, there is a limited effect on earnings and no impact on cash flows.

Management corrected the errors and retroactively adjusted amounts as of and for the three and six months ended September 30, 2012 to ensure the errors would not result in a material difference in future periods.

The changes to the Company’s consolidated financial statements for the three and six months ended September 30, 2012 resulting from such corrections are set forth in “Note 2. Summary of Significant Accounting Policies – Corrections” to the consolidated financial statements of the Company included in “Item 1. Financial Statements (Unaudited)” of this Report.

Prior period interim financial information appearing elsewhere in this Report has also been revised in light of the foregoing corrections. The changes resulting from such corrections are immaterial and, accordingly, we are not amending or restating any previously filed SEC reports or the consolidated financials included therein.

Critical Accounting Policy

The Company’s critical accounting policy relates to the allowance for credit losses. It is based on management’s opinion of an amount that is adequate to absorb losses in the existing portfolio. The allowance for credit losses is established through a provision for losses based on management’s evaluation of the risk inherent in the loan portfolio, the composition of the portfolio, and current economic conditions. Such evaluation, considers among other matters, the estimated net realizable value or the fair value of the underlying collateral, economic conditions, historical loan loss experience, management’s estimate of probable credit losses and other factors that warrant recognition in providing for an adequate credit loss allowance.

Because of the nature of the customers under the Company’s Contracts and its Direct Loans, the Company considers the establishment of adequate reserves for credit losses to be imperative. The Company segregates its Contracts into static pools for purposes of establishing reserves for losses. All Contracts purchased by a branch during a fiscal quarter comprise a static pool. The Company pools Contracts according to branch location because the branches purchase Contracts in different geographic markets. This method of pooling by branch and quarter allows the Company to evaluate the different markets where the branches operate. The pools also allow the Company to evaluate the different levels of customer income, stability, credit history, and the types of vehicles purchased in each market. Each such static pool consists of the Contracts purchased by a branch office during the fiscal quarter.

Contracts are purchased from many different dealers and are all purchased on an individual Contract by Contract basis. Individual Contract pricing is determined by the automobile dealerships and is generally the lesser of state maximum interest rates or the maximum interest rate the customer will accept. In certain markets, competitive forces will drive down Contract rates from the maximum rate to a level where an individual competitor is willing to buy an individual Contract. The Company only buys Contracts on an individual basis and never purchases Contracts in batches, although the Company may consider portfolio acquisitions as part of its growth strategy.

The Company has detailed underwriting guidelines it utilizes to determine which Contracts to purchase. These guidelines are specific and are designed to cause all of the Contracts that the Company purchases to have common risk characteristics. The Company utilizes its District Managers to evaluate their respective branch locations for adherence to these underwriting guidelines. The Company also utilizes an internal audit department to assure adherence to its underwriting guidelines. The Company utilizes the branch model, which allows for Contract purchasing to be done on the branch level. Each Branch Manager may interpret the guidelines differently, and as a result, the common risk characteristics tend to be the same on an individual branch level but not necessarily compared to another branch.

The allowance for loan losses is established through charges to earnings through the provision for credit losses. The allowance for credit losses is maintained at an amount that reduces the net carrying amount of finance receivables for incurred losses. If a static pool is fully liquidated and has any remaining reserves, the excess provision is immediately reversed during the period. For static pools that are not fully liquidated that are deemed to have excess reserves, such amounts are reversed against provision for credit losses during the period.

In analyzing a static pool, the Company considers the performance of prior static pools originated by the branch office, the performance of prior Contracts purchased from the dealers whose Contracts are included in the current static pool, the credit rating of the customers under the Contracts in the static pool, and current market and economic conditions. Each static pool is analyzed monthly to determine if the loss reserves are adequate, and adjustments are made if they are determined to be necessary.

15

Introduction

Consolidated net income decreased 17% to approximately $4.3 million for the three-month period ended September 30, 2013 as compared to $5.2 million for the corresponding period ended September 30, 2012. Diluted earnings per share decreased 17% to $0.35 as compared to $0.42 for the three months ended September 30, 2013 and September 30, 2012. Consolidated net income decreased 6% to approximately $10.0 million for the six-month period ended September 30, 2013 as compared to $10.6 million for the corresponding period ended September 30, 2012. Diluted earnings per share decreased 6% to $0.82 for the six months ended September 30, 2013 as compared to $0.87 for the six months ended September 30, 2012.

The results for the three months ended September 30, 2013 were adversely affected by a non-cash charge related to the change in fair value of interest rate swap agreements, an increase in operating expenses as a percentage of finance receivables, net, and an increase in the net charge-off rate.

The Company’s software subsidiary, Nicholas Data Services, did not contribute significantly to consolidated operations in the three or six months ended September 30, 2013 or 2012.

	Three months ended September 30,						Six months ended September 30,
Portfolio Summary	2013			2012			2013			2012
Average finance receivables, net of unearned interest (1)	$	290,071,860		$	282,424,703		$	287,854,928		$	281,087,493
Average indebtedness (2)	$	128,255,377		$	109,000,000		$	127,067,884		$	109,875,000
Interest and fee income on finance receivables (3)*	$	20,943,161		$	20,696,241		$	41,412,533		$	41,114,198
Interest expense		1,442,898			1,250,231			2,847,804			2,442,371
Net interest and fee income on finance receivables *	$	19,500,263		$	19,446,010		$	38,564,729		$	38,671,827
Weighted average contractual rate (4)		23.30	%		23.48	%		23.14	%		23.64	%
Average cost of borrowed funds (2)		4.50	%		4.59	%		4.48	%		4.45	%
Gross portfolio yield (5)*		28.88	%		29.31	%		28.77	%		29.25	%
Interest expense as a percentage of average finance receivables, net of unearned interest		1.99	%		1.77	%		1.98	%		1.74	%
Provision for credit losses as a percentage of average finance receivables, net of unearned interest *		5.48	%		4.62	%		4.60	%		4.53	%
Net portfolio yield (5)*		21.41	%		22.92	%		22.19	%		22.98	%
Marketing, salaries, employee benefits, depreciation and administrative expenses as a percentage of average finance receivables, net of unearned interest (6)		11.07	%		10.31	%		11.10	%		10.20	%
Pre-tax yield as a percentage of average finance receivables, net of unearned interest (7)*		10.34	%		12.61	%		11.09	%		12.78	%
Write-off to liquidation (8)		8.19	%		7.54	%		7.05	%		6.25	%
Net charge-off percentage (9)		7.10	%		6.39	%		6.13	%		5.23	%

Note: All three and six month key performance indicators expressed as percentages have been annualized.

(1) Average finance receivables, net of unearned interest, represents the average of gross finance receivables, less unearned interest throughout the period.

(2) Average indebtedness represents the average outstanding borrowings under the Line. Average cost of borrowed funds represents interest expense as a percentage of average indebtedness.

(3) Interest and fee income on finance receivables does not include revenue generated by Nicholas Data Services, Inc., (“NDS”) the wholly-owned software subsidiary of Nicholas Financial, Inc.

(4) Weighted average contractual rate represents the weighted average annual percentage rate (“APR”) of all Contracts purchased and Direct Loans originated during the period.

(5) Gross portfolio yield represents finance revenues as a percentage of average finance receivables, net of unearned interest. Net portfolio yield represents finance revenue minus (a) interest expense and (b) the provision for credit losses as a percentage of average finance receivables, net of unearned interest.

16

(6) Administrative expenses included in the calculation above are net of administrative expenses associated with NDS which approximated $48,000 and $50,000 during the three-month periods ended September 30, 2013 and 2012 and $103,000 and $117,000 during the six-month periods ended September 30, 2013 and 2012, respectively.

(7) Pre-tax yield represents net portfolio yield minus administrative expenses as a percentage of average finance receivables, net of unearned interest.

(8) Write-off to liquidation percentage is defined as net charge-offs divided by liquidation. Liquidation is defined as beginning gross receivable balance plus current period purchases minus voids and refinances minus ending gross receivable balance.

(9) Net charge-off percentage represents net charge-offs divided by average finance receivables, net of unearned interest, outstanding during the period.

* The amounts for the three and six months periods ended September 30, 2012 have been revised as discussed in Note 2 to the consolidated financial statements.

Three months ended September 30, 2013 compared to three months September 30, 2012

Interest Income and Loan Portfolio

Interest and fee income on finance receivables, predominately finance charge income, increased 1% to approximately $20.9 million for the three-month period ended September 30, 2013 from $20.7 million for the corresponding period ended September 30, 2012. Average finance receivables, net of unearned interest equaled approximately $290.1 million for the three-month period ended September 30, 2013, an increase of 3% from $282.4 million for the corresponding period ended September 30, 2012. The primary reason average finance receivables, net of unearned interest, increased was the increase in the receivable base of several existing branches in younger markets and also the opening of new branch locations (see “Contract Procurement” and “Loan Origination” below). The gross finance receivable balance increased 3% to approximately $410.7 million as of September 30, 2013, from $396.9 million as of September 30, 2012. The primary reason interest income increased was the increase in the outstanding loan portfolio. The gross portfolio yield decreased to 28.88% for the three-month period ended September 30, 2013 compared to 29.31% for the three-month period ended September 30, 2012. The net portfolio yield decreased to 21.41% for the corresponding period ended September 30, 2013 from 22.92% for the three-month period ended September 30, 2012. The gross portfolio yield decreased due to a decrease of the weighted APR earned on finance receivables. The net portfolio yield decreased primarily due to an increase in the actual and expected net charge-offs and an increase in the provision for credit losses which are discussed below under “Analysis of Credit Losses.”

Marketing, Salaries, Employee Benefits, Depreciation and Administrative Expenses

Marketing, salaries, employee benefits, depreciation and administrative expenses increased to approximately $8.0 million for the three-month period ended September 30, 2013 from approximately $7.3 million for the corresponding period ended September 30, 2012. The increase of 10% was primarily attributable to new branch locations and an increase in costs associated with maintaining the finance receivable portfolio. The Company operated 65 and 63 branch locations as of September 31, 2013 and 2012, respectively. The Company opened additional branches and increased average headcount to 324 for the three-month period ended September 30, 2013 from 309 for the three-month period ended September 30, 2012. Marketing, salaries, employee benefits, depreciation, and administrative expenses as a percentage of finance receivables, net of unearned interest, increased to 11.07% for the three-month period ended September 30, 2013 from 10.31% for the three-month period ended September 30, 2012.

Interest Expense

Interest expense increased to approximately $1.4 million for the three-month period ended September 30, 2013 from $1.3 million for the three-month period ended September 30, 2012. One interest rate swap was entered into during the second quarter ended September 30, 2012. The following table summarizes the Company’s average cost of borrowed funds:

	Three months ended September 30,
	2013			2012
Variable interest under the line of credit facility		0.39	%		0.59	%
Settlements under interest rate swap agreements		0.30	%		0.28	%
Credit spread under the line of credit facility		3.81	%		3.72	%
Average cost of borrowed funds		4.50	%		4.59	%

The Company’s average cost of funds decreased mainly due to unused line fees decreasing during the three months ended September 30, 2013.

17

The weighted average notional amount of interest rate swap agreements was $50.0 million at a weighted average fixed rate of 0.94% for the three months ended September 30, 2013. The weighted average notional amount of interest rate swap agreements was $38.3 million at a weighted average fixed rate of 0.95% for the three months ended September 30, 2012. For further discussions regarding the effect of interest rate swap agreements see Note 6 – “Interest Rate Swap Agreements”.

Six months ended September 30, 2013 compared to six months ended September 30, 2012

Interest Income and Loan Portfolio

Interest and fee income on finance receivables, predominately finance charge income, increased 1% to approximately $41.4 million for the six-month period ended September 30, 2013 from $41.1 million for the corresponding period ended September 30, 2012. Average finance receivables, net of unearned interest equaled approximately $287.9 million for the six-month period ended September 30, 2013, an increase of 2% from $281.1 million for the corresponding period ended September 30, 2012. The primary reason average finance receivables, net of unearned interest, increased was the increase in the receivable base of several existing branches in younger markets and also the opening of new branch locations (see “Contract Procurement” and “Loan Origination” below). The gross finance receivable balance increased 3% to approximately $410.7 million as of September 30, 2013, from $396.9 million as of September 30, 2012. The primary reason interest income increased was the increase in the outstanding loan portfolio. The gross portfolio yield decreased to 28.77% for the six-month period ended September 30, 2013 from 29.25% for the six-month period ended September 30, 2012. The net portfolio yield decreased to 22.19% for the period ended September 30, 2013 and 22.98% for the six-month period ended September 30, 2012. The gross portfolio yield decreased primarily due to a decrease in the weighted APR earned on finance receivables. The net portfolio yield decreased primarily due to an increase in the actual and expected net charge-offs and an increase in the provision for credit losses which are discussed below under “Analysis of Credit Losses.”

Marketing, Salaries, Employee Benefits, Depreciation and Administrative Expenses

Marketing, salaries, employee benefits, depreciation and administrative expenses increased to approximately $16.0 million for the six-month period ended September 30, 2013 from approximately $14.3 million for the corresponding period ended September 30, 2012. The increase of 12% was primarily attributable to new branch locations and an increase in costs associated with maintaining the finance receivable portfolio. The Company opened additional branches and increased average headcount to 323 for the six-month period ended September 30, 2013 from 303 for the six-month period ended September 30, 2012. Marketing, salaries, employee benefits, depreciation, and administrative expenses as a percentage of finance receivables, net of unearned interest, increased to 11.10% for the six-month period ended September 30, 2013 from 10.20% for the six-month period ended September 30, 2012.

Interest Expense

Interest expense increased to approximately $2.8 million for the six-month period ended September 30, 2013 from $2.4 million for the six-month period ended September 30, 2012. The following table summarizes the Company’s average cost of borrowed funds for the six-month period ended September 30:

	Six months ended September 30,
	2013			2012
Variable interest under the line of credit facility		0.37	%		0.55	%
Settlements under interest rate swap agreements		0.30	%		0.17	%
Credit spread under the line of credit facility		3.81	%		3.73	%
Average cost of borrowed funds		4.48	%		4.45	%

The Company’s average cost of funds increased slightly due to an increase in the interest rate swap settlements which is partially offset by the decrease in the unused line fees during the six months ended September 30, 2013.

The weighted average notional amount of interest rate swap agreements was $50.0 million at a weighted average fixed rate of 0.94% for the six months ended September 30, 2013. The weighted average notional amount of interest rate swap agreements was $20.7 million at a weighted average fixed rate of 0.96% for the six months ended September 30, 2012. For further discussions regarding the effect of interest rate swap agreements see Note 6 – “Interest Rate Swap Agreements”.

18

Contract Procurement

The Company purchases Contracts in the fifteen states listed in the table below. The Contracts purchased by the Company are predominately for used vehicles; for the three and sixmonth periods ended September 30, 2013 and 2012, less than 2% were for new vehicles.

The following tables present selected information on Contracts purchased by the Company, net of unearned interest.

	Three months ended September 30,				Six months ended September 30,
State	2013		2012		2013		2012
FL	$	12,216,078	$	11,905,243	$	24,325,129	$	22,978,636
GA		4,301,192		4,092,085		8,448,535		8,013,127
NC		4,293,110		4,255,512		8,741,592		7,541,812
SC		1,523,503		1,116,343		2,923,877		1,773,212
OH		5,938,477		5,438,733		12,004,342		10,789,244
MI		1,536,299		1,067,327		3,251,601		2,147,595
VA		1,231,601		1,368,775		2,691,842		2,563,564
IN		1,862,772		2,096,014		3,997,562		4,009,700
KY		2,223,445		2,002,252		4,540,915		4,309,158
MD		689,643		732,360		1,209,300		1,110,605
AL		1,566,823		1,227,541		3,350,091		2,981,305
TN		1,485,664		1,403,082		3,260,178		2,767,160
IL		1,112,008		1,008,105		1,668,343		2,175,203
MO		1,628,678		1,174,734		2,762,400		2,775,180
KS		349,222		355,894		665,522		540,431
Total	$	41,958,515	$	39,244,000	$	83,841,229	$	76,475,932

	Three months ended September 30,						Six months ended September 30,
Contracts	2013			2012			2013			2012
Purchases	$	41,958,515		$	39,244,000		$	83,841,229		$	76,475,932
Weighted APR		23.05	%		23.31	%		22.93	%		23.48	%
Average discount		8.51	%		8.14	%		8.43	%		8.57	%
Weighted average term (months)		52			49			52			49
Average loan	$	10,685		$	10,352		$	10,664		$	10,136
Number of Contracts		3,927			3,791			7,862			7,545

Loan Origination

The following table presents selected information on Direct Loans originated by the Company, net of unearned interest.

	Three months ended September 30,						Six months ended September 30,
Direct Loans Originated	2013			2012			2013			2012
Originations	$	2,655,698		$	2,246,485		$	5,294,857		$	4,300,970
Weighted APR		27.25	%		26.34	%		26.53	%		26.36	%
Weighted average term (months)		29			28			29			28
Average loan	$	3,324		$	3,338		$	3,405		$	3,314
Number of loans		799			673			1,555			1,298

19

Analysis of Credit Losses

As of September 30, 2013, the Company had 1,382 active static pools. The average pool upon inception consisted of 59 Contracts with aggregate finance receivables, net of unearned interest, of approximately $606,000.

The Company anticipates losses absorbed as a percentage of liquidation (see note 8 in the Portfolio Summary table on page 17 for the definition of write-off to liquidation) will be in the 5%-10% range during the remainder of the current fiscal year; however, no assurances can be given that the actual losses absorbed may not be higher as a result of further economic weakness. The longer-term outlook for portfolio performance will depend largely on the competition. Other indicators include the overall economic conditions, the unemployment rate, and the price of oil which impacts the cost of gasoline, food and many other items used or consumed by the average person. Also, the Company’s ability to monitor, manage and implement its underwriting philosophy in additional geographic areas as it strives to continue its expansion will impact future portfolio performance. The Company does not believe there have been any significant changes in loan concentrations or terms of Contracts purchased during the three and six months ended September 30, 2013.

The provision for credit losses increased to approximately $4.0 million from approximately $3.3 million for the three months ended September 30, 2013 and 2012, respectively. The provision for credit losses increased to approximately $6.6 million from approximately $6.4 million for the six months ended September 30, 2013 and 2012, respectively. The Company has experienced favorable variances between projected write-offs and actual write-offs on many seasoned pools which has resulted in an increase in expected future cash flows. However, due to increased competition in more recent periods, the percentage of loans acquired that are categorized in the lower tiers of the Company’s guidelines has increased. During the current periods, static pools originated during fiscal 2014 and 2013, while still performing at acceptable net charge-off levels, have experienced losses higher than static pools originated in previous years. Consequently, if this trend continues, the Company would expect the provision for credit losses to remain higher for future static pools. Accordingly, the amount of additional provision necessary to maintain an adequate allowance to absorb incurred losses in the existing portfolio was greater than the provision in fiscal 2013. The Company’s losses as a percentage of liquidation increased to 8.19% from 7.54% for the three months ended September 30, 2013 and 2012, respectively. The Company’s losses as a percentage of liquidation increased to 7.05% and 6.25% for the six months ended September 30, 2013 and 2012, respectively. The Company has also experienced increased losses in part due to a decrease in auction proceeds from repossessed vehicles. These proceeds are dependent upon several variables including the general market for repossessed vehicles. During the three months ended September 30, 2013 and 2012 auction proceeds from the sale of repossessed vehicles averaged approximately 47% and 51%, respectively of the related principal balance.

The Company believes delinquency trends over several reporting periods are useful in estimating future losses and overall portfolio performance. The Company also estimates future portfolio performance by considering various factors, the most significant of which are described as follows. The Company analyzes historical static pool performance for each branch location when determining appropriate reserve levels. Additionally, the Company utilizes results from internal branch audits as an indicator of future static pool performance. The Company also considers such things as the current unemployment rate in markets the Company operates in, the percentage of voluntary repossessions as compared to prior periods, the percentage of bankruptcy filings as compared to prior periods and other leading economic indicators. The delinquency percentage for Contracts more than thirty days past due as of September 30, 2013 was 5.69% as compared to 5.38% as of September 30, 2012. This increase is primarily as a result of increased competition in all markets that the Company presently operates in. Increased competition typically reduces discounts on contracts purchased and also results in a greater percentage of contracts, while still within guidelines, that result in lower credit quality. The delinquency percentage for Direct Loans more than thirty days past due as of September 30, 2013 was 1.63% as compared to 1.39% as of September 30, 2012. See Note 4 – “Finance Receivables” for changes in allowance for credit losses, credit quality and delinquencies. Such increases the delinquency percentage for Contracts and the losses as a percentage of liquidation were contemplated in determining the appropriate reserve levels, particularly for less seasoned pools.

Recoveries as a percentage of charge-offs decreased to approximately 15.21% for the three months ended September 30, 2013 from approximately 15.78% for the three months ended September 30, 2012. Recoveries as a percentage of charge-offs decreased to approximately 17.90% for the six months ended September 30, 2013 from approximately 18.63% for the six months ended September 30, 2012. Historically, recoveries as a percentage of charge-off’s fluctuate from period to period, and the Company does not attribute this decrease to any particular change in operational strategy or economic event.

In accordance with our policies and procedures, certain borrowers qualify for, and the Company offers, one-month principal payment deferrals on Contracts and Direct Loans. For the three months ended September 30, 2013 and September 30, 2012 the Company granted deferrals to approximately 6.49% and 6.10%, respectively, of total Contracts and Direct Loans. For the six months ended September 30, 2013 and September 30, 2012 the Company granted deferrals to approximately 11.70% and 11.68%, respectively, of total Contracts and Direct Loans. The number of deferrals is influenced by portfolio performance, general economic conditions and the unemployment rate.

20

Income Taxes

Driven by decreases in operating income, the provision for income taxes decreased to approximately $2.9 million for the three months ended September 30, 2013 from approximately $3.2 million for the three months ended September 30, 2012. The Company’s effective tax rate increased to 40.07% for the three months ended September 30, 2013 from 38.60% for the three months ended September 30, 2012. The increase in the effective tax rate is related to an increase in non-deductible expenses. The provision for income taxes decreased to approximately $6.5 million for the six months ended September 30, 2013 from approximately $6.6 million for the six months ended September 30, 2012. The Company’s effective tax rate increased to 39.17% for the six months ended September 30, 2013 from 38.54% for the six months ended September 30, 2012. The increase in the effective tax rate is related to an increase in non-deductible expenses.

Liquidity and Capital Resources

The Company’s cash flows are summarized as follows:

	Six months ended September 30,
	2013			2012
Cash provided by (used in):
Operating activities	$	10,771,698		$	12,736,379
Investing activities (primarily purchase of Contracts)		(12,121,948	)		(7,454,040	)
Financing activities		3,026,216			(4,362,843	)
Net increase in cash	$	1,675,966		$	919,496

The Company’s primary use of working capital during the six months ended September 30, 2013, was the funding of the purchase of Contracts which are financed substantially through cash from principal payments received and cash from operations. The Line is secured by all of the assets of the Company and has a maturity date of November 30, 2014. The Company may borrow up to $150.0 million. Borrowings under the Line may be under various LIBOR pricing options plus 300 basis points with a 1% floor on LIBOR. As of September 30, 2013, the amount outstanding under the Line was approximately $131.0 million, and the amount available under the Line was approximately $19.0 million.

The Company will continue to depend on the availability of the Line, together with cash from operations, to finance future operations. Amounts outstanding under the Line have increased by approximately $5.5 million during the six months ended September 30, 2013. The increase of the Line is principally related to the fact that cash needed to fund new contracts exceeded cash received from operations. The amount of debt the Company incurs from time to time under these financing mechanisms depends on the Company’s need for cash and ability to borrow under the terms of the Line. The Company believes that borrowings available under the Line as well as cash flow from operations will be sufficient to meet its short-term funding needs.

The Line requires compliance with certain debt covenants including financial ratios, asset quality and other performance tests. The Company is in compliance with all of its debt covenants.

On May 7, 2013 the Board of Directors announced a quarterly cash dividend equal to $0.12 per common share, to be paid on June 28, 2013 to shareholders of record as of June 21, 2013. On August 13, 2013 the Board of Directors announced a quarterly cash dividend equal to $0.12 per common share, to be paid on September 27, 2013 to shareholders of record as of September 20, 2013.

Contractual Obligations

The following table summarizes the Company’s material obligations as of September 30, 2013.

	Payments Due by Period
	Total		Less than 1 year		1 to 3 years		3 to 5 years		More than 5 years
Operating leases	$	3,367,410	$	1,597,993	$	1,605,073	$	164,344	$	—
Line of credit		131,000,000		—		131,000,000		—		—
Interest on Line 1		6,846,933		5,868,800		978,133		—		—
Total	$	141,214,343	$	7,466,793	$	133,583,206	$	164,344	$	—

¹  Interest on outstanding borrowings under the Line as of September 30, 2013, is based on an effective interest rate of 4.48% and the estimated effect of the interest rate swap settlement at September 30, 2013. The effective interest rate used in the above table does not contemplate the possibility of entering into interest rate swap agreements in the future.

21

Future Expansion

The Company currently operates a total of sixty-five branch locations in fifteen states, including twenty in Florida; eight in Ohio; six in North Carolina and Georgia; three in Kentucky, Indiana, Missouri, Michigan, and Alabama; two in Virginia, Tennessee, Illinois, and South Carolina; and one each in Maryland, and Kansas. Each office is budgeted (size of branch, number of employees and location) to handle up to 1,000 accounts and up to $7.5 million in gross finance receivables. To date, fourteen of our branches meet this capacity. The Company continues to evaluate additional markets for future branch locations, and subject to market conditions, would expect to open additional branch locations during fiscal 2014. The Company remains open to acquisitions should an opportunity present itself.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risks relating to the Company’s operations result primarily from changes in interest rates. The Company does not engage in speculative or leveraged transactions, nor does it hold or issue financial instruments for trading purposes.

Interest rate risk

Management’s objective is to minimize the cost of borrowing through an appropriate mix of fixed and floating rate debt. Derivative financial instruments, such as interest rate swap agreements, may be used for the purpose of managing fluctuating interest rate exposures that exist from ongoing business operations. The Company does not use interest rate swap agreements for speculative purposes.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of disclosure controls and procedures. In accordance with Rule 13a-15(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), as of the end of the period covered by this Quarterly Report on Form 10-Q, the Company’s management evaluated, with the participation of the Company’s President and Chief Executive Officer and Senior Vice President and Chief Financial Officer, the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based upon their evaluation of these disclosure controls and procedures, the President and Chief Executive Officer and the Senior Vice President and Chief Financial Officer have concluded that the disclosure controls and procedures were effective as of the date of such evaluation to ensure that material information relating to the Company, including its consolidated subsidiaries, was made known to them by others within those entities, particularly during the period in which this Quarterly Report on Form 10-Q was being prepared.

Changes in internal controls. There have been no changes in the Company’s internal control over financial reporting that occurred during the Company’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2013, which could materially affect our business, financial condition or future results. The risks described in the Form 10-K are not the only risks facing the Company. Additional risks and uncertainties not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

ITEM 6. EXHIBITS

See exhibit index following the signature page.

22

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

NICHOLAS FINANCIAL, INC.

(Registrant)

Date:	November 12, 2013	/s/ Peter L. Vosotas
		Peter L. Vosotas
		Chairman of the Board, President, Chief Executive Officer and Director
Date:	November 12, 2013	/s/ Ralph T. Finkenbrink
		Ralph T. Finkenbrink
		Senior Vice President, Chief Financial Officer and Director

23

EXHIBIT INDEX

Exhibit No.	Description
10.9	Form of Dealer Agreement and Schedule thereto listing dealers that are parties to such agreements
31.1	Certification of the President and Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 *	Certification of the Chief Executive Officer Pursuant to 18 U.S.C. § 1350
32.2 *	Certification of the Chief Financial Officer Pursuant to 18 U.S.C. § 1350
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	XBRL Taxonomy Extension Labels Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

* This certification accompanies the Quarterly Report on Form 10-Q and is not filed as part of it.

EX-10.9

Exhibit 10.9

    NICHOLAS FINANCIAL, INC.     Automobile Dealer Retail Agreement

Non-Recourse Dealer Retail Agreement

The undersigned Dealer proposes to sell to the undersigned Nicholas Financial, Inc. (NFI), from time to time, Promissory Notes, Security Agreements, Retail Installment contracts, Conditional Sales Contracts, or other instruments hereinafter referred to as “Contracts”, evidencing installment payment obligations owing Dealer arising from the time sale of motor vehicle(s) and secured by such Contracts. It is understood that NFI shall have the sole discretion to determine which Contracts it will purchase from Dealer.

1. Dealer represents and warrants that Contracts submitted to NFI for purchase shall represent valid, bona fide sales for the respective amount therein set forth in such Contracts and that such Contracts represent sales of motor vehicles owned by the Dealer and are free and clear of all liens and encumbrances.

2. Upon purchase by NFI of any contracts hereunder from dealer, dealer shall endorse and assign to NFI the obligations and all pertinent security, security instruments, along with such provisional endorsements as may be stipulated for such contracts purchased by NFI.

3. This Agreement, and sums payable hereunder, may not be assigned by Dealer without written consent of NFI.

4. Dealer acknowledges that NFI charges an acquisition fee and a $75.00 loan processing charge on all contracts purchased and funded by NFI. The acquisition fee and loan processing charge are taken from Dealer Proceeds and are Non-Refundable. The amount is disclosed on each transaction and is set by Nicholas Financial, Inc.

5. Perfection of Security Interest: For each Contract purchased by NFI, Dealer shall, within 20 days of the date of the Contract or within a lesser time period if required by applicable law, file and record all documents necessary to properly perfect the valid and enforceable first priority security interest of NFI in the Vehicle and shall send NFI all security interest filing receipts. A Contract shall be subject to Repurchase for the life of the Contract if NFI suffers a loss due to the Dealership’s failure to (1) file and record, within 20 days of the date of the Contract or within a lesser time period if required by applicable law, all documents required to properly perfect the valid and enforceable first priority security interest of NFI in the Vehicle; (2) send NFI the filing receipts reflecting said perfection.

6. Indemnity: As a separate and cumulative obligation, Dealer shall defend and hold NFI harmless from any and all claims, defenses, offsets, damages, suits, administrative or other proceedings, cost (including reasonable attorney’s fees), expenses, losses, and liabilities. (Collectively Claims) arising out of connected with or relating to the Contract or the goods or services sold there under. Timing of indemnification is within 7 days of demand by NFI.

7. Add-on Products and Services:

a. Defined. “Add-on Products and Services,” or “APS,” shall mean service contracts, mechanical breakdown contracts, GAP contracts, credit life and credit accident and health insurance. In addition, the term shall include other products and services acceptable to and approved in writing by NFI from time to time.

b. Cancellation of APS. If APS has been sold by the Dealer and financed in a Contract purchased by NFI, Dealer agrees that such APS shall be cancelable upon demand by Buyer. Upon such cancellation, Dealer shall immediately notify NFI that the Buyer has canceled the APS. Upon cancellation, Buyer shall be entitled to a refund of the unearned portion of the cash price of the APS as provided in the APS Contract or as may otherwise be required by law, whichever is greater. As between NFI and Dealer, Dealer agrees to pay to NFI, as appropriate, any refund due to Buyer under the terms of an APS Contract. Dealer’s liability under this Section shall be limited to the amount Dealer collected and retained or otherwise received, directly or indirectly, in connection with the sale of the APS.

8. Privacy: Dealer shall not make any unauthorized disclosure of, or use any personal information of individual consumers which it receives from NFI or on NFI’s behalf other than to carry out the purposes for which such information is received. NFI and Dealer shall comply in all respects with all applicable requirements of Title V of the Gramm-Leach-Bliley Act of 1999 and its implementing regulations.

9. No Provisions hereof may be modified, changed or supplemented, unless both parties agree to the amendment in writing.

Nicholas Financial, Inc.	Dealer:
By:	By:
Date:	Date:

DEALER NAME	DEALER NAME
1 STOP MOTORSPORTS	ADVANTAGE USED CARS
1ST CHOICE AUTO SALES	ADVENTURE CHRYSLER JEEP
1ST CHOICE AUTO SALES INC	ADVENTURE SUBARU LLC
1ST CLASS AUTO SALES	AFFINITY AUTOMOTIVE REPAIRS &
1ST CLASS AUTOS	AFFORDABLE AUTO AUCTION
1ST FINANCIAL SERVICES	AJ CAR SALES
24/7 MOTORS LLC	AJ’S AUTO
247 AUTO SALES	ALEX KARRAS LINCOLN
3 BROTHERS INC	ALEXANDRIA MOTORS INC
3005 AUTO WHOLESALE CORP	ALFA MOTORS
301CARSALES.COM	ALL AMERICAN AUTO MART
31 W AUTO BROKERS INC	ALL CREDIT CAR SALES LLC
4042 MOTORS LLC	ALL SEASONS AUTO SALES
414 AUTO CENTER	ALL STAR AUTO GROUP
60 WEST AUTO SALES LLC	ALL STAR AUTO SALES
7TH STREET AUTO SALES	ALL STAR DODGE CHRYSLER JEEP
83 AUTO SALES LLC	ALL STAR MOTORS INC
A & D MOTORS, INC.	ALL WHEEL AUTO
A & S GRAND AVE	ALLAN VIGIL FORD
A 1 AUTO SALES INC	ALLANS SHOWCASE
A CAR AUTO SALES & LEASING	ALLEN TURNER AUTOMOTIVE
A LOT OF USED CARS	ALMA CHEVROLET BUICK GMC
A.R.J.’S AUTO SALES, INC	AL’S AUTO MART
A1 AUTO SALES	ALTERNATIVES
A7AUTO.COM LLC	AMERICAN AUTO SALES WHOLESALE
AAA AUTOMOTIVE LLC	AMERICAN PRESTIGE AUTOS INC
AACC AUTO CAR SALES, INC	AMERIFIRST AUTO CENTER, INC.
ABBY’S AUTOS, INC.	AMS CARS
ABC AUTOTRADER LLC	ANDY MOHR BUICK PONTIAC GMC
ABES AUTO SALES	ANDY MOHR CHEVROLET, INC.
ACCEPTANCE AUTO SALES OF	ANDY MOHR TOYOTA
ACCURATE AUTOMOTIVE OF	ANGRY CARS
ACCURATE MOTORCARS, INC	ANNIE RAE INC
ACE AUTO STAR LLC	ANSWER ONE MOTORS
ACE AUTOMOTIVE, INC.	ANTHONY PONTIAC GMC BUICK INC
ACTION DIRECT USA	ANTHONY UNDERWOOD AUTOMOTIVE
ACURA OF ORANGE PARK	ANTHONY WAYNE AUTO SALES
ADAMS AUTO GROUP	ANY CREDIT AUTO SALES LLC
ADAMSON FORD LLC	APPROVAL AUTO CREDIT INC.
ADS AUTO DISCOUNT SALES INC	ARB WHOLESALE CARS INC
ADVANCED AUTO & TRUCK	ARBOGAST BUICK PONTIAC GMC
ADVANCED AUTO BROKERS, INC.	ARC AUTO LLC

DEALER NAME	DEALER NAME
ARCH ABRAHAM NISSAN LTD	AUTO PROFESSIONAL CAR SALES
ARENA AUTO SALES	AUTO RITE, INC
ARES FINANCIAL SERVICES LLC	AUTO SELECT
ART PINNOWS AUTO	AUTO SELECT INC
ASANKA CARS.COM	AUTO SENSATION USA, INC.
ASHEBORO NISSAN, INC	AUTO SOURCE OF GEORGIA
ASSOCIATED AUTOMOTIVE GROUP	AUTO SOURCE UNLIMITED LLC
ATA TRUCK & AUTO SALES	AUTO SPORT, INC.
ATCHINSON FORD SALES	AUTO STOP INC
ATL AUTO TRADE INC	AUTO TRADE GROUP INC
ATL AUTOS .COM	AUTO TRADEMARK
ATLANTA BEST USED CARS LLC	AUTO VILLA
ATLANTA LUXURY MOTORS INC	AUTO VILLA WEST
ATLANTIS RENT A CAR AND	AUTO WAREHOUSE INC
AUTO AMERICA	AUTO WEEKLY SPECIALS
AUTO B GOOD	AUTO WISE AUTO SALES
AUTO BRITE AUTO SALES	AUTO WISE BUYING SERVICE INC
AUTO CLUB OF MIAMI	AUTO WISE OF SHELBYVILLE
AUTO CREDIT	AUTO WORLD
AUTO DIRECT	AUTODRIVE, LLC
AUTO DIRECT COLUMBUS OH	AUTOLAND
AUTO DIRECT PRE-OWNED	AUTOLAND USA AT SMYRNA
AUTO EXPRESS ENTERPRISE INC	AUTOMAC USA INC
AUTO EXPRESS INC	AUTOMART #1 LLC
AUTO EXTREME INC	AUTOMATIC AUTO CREDIT
AUTO GROUP USA	AUTO-MATIC CREDIT ACCEPTANCE
AUTO LIBERTY OF ARLINGTON	AUTOMAX
AUTO LINE, INC.	AUTOMAX ATLANTA
AUTO LIQUIDATORS OF TAMPA, INC	AUTOMAX OF ANDERSON
AUTO LOOX	AUTOMAX OF GREENVILLE
AUTO MAC 2	AUTOMAX OF GREER
AUTO MART, INC.	AUTOMONDEX INC
AUTO MASTERS	AUTONET GROUP LLC
AUTO MASTERS OF HERMITAGE LLC	AUTONOMICS
AUTO NETWORK OF THE TRIAD LLC	AUTOPLEX
AUTO NETWORK, INC.	AUTOPLEX IMPORT
AUTO PARK CORPORATION	AUTOPLEX, LLC
AUTO PASS SALES & SERVICE CORP	AUTORAMA PREOWNED CARS
AUTO PLAY LLC	AUTOS DIRECT INC
AUTO PLAZA INC	AUTOS ONLINE
AUTO PLUS OF SMITHVILLE LLC	AUTOSHOW SALES AND SERVICE
AUTO POINT USED CAR SALES	AUTOSPORTS
AUTO PORT	AUTOWAY CHEVROLET
AUTO PROFESSION CAR SALES 2	AUTOWAY FORD OF BRADENTON

DEALER NAME	DEALER NAME
AUTOWAY TOYOTA	BEST DEAL AUTO SALES
AUTOWORLD USA	BEST FOR LESS AUTO INC
AUTOXSELL SALES & MARKETING	BEST KIA
AVIS FORD	BEST MOTORS OF HOLLYWOOD INC
AZZA MOTORS, INC.	BEST VALUE AUTO SALES INC
B & B AUTO PERFORMANCE LLC	BETTER AUTOMALL LLC
B & W MOTORS	BEXLEY MOTORCAR COMPANY LLC
BAKER BUICK GMC CADILLAC	BIG BLUE AUTOS, LLC
BALLAS BUICK GMC	BIG BOYS TOYS FLORIDA LLC
BALTIMORE WASHINGTON AUTO	BIG O DODGE OF GREENVILLE, INC
BAMA MOTORCARS INC	BILL BLACK CHEVROLET,
BANK AUTO SALES	BILL BRANCH CHEVROLET
BARBIES AUTOS CORPORATION	BILL BRYAN CHRYSLER DODGE JEEP
BARGAIN SPOT CENTER	BILL BUCK CHEVROLET, INC
BARRETT & SONS USED CARS	BILL CLOUGH FORD INC
BARTS CAR STORE	BILL CURRIE FORD
BASIC AUTO SALES	BILL MAC DONALD FORD INC
BATES FORD INC	BILL MARINE FORD INC
BAY PINES AUTO SALES	BILL OWENS AUTO SALES
BEACH BLVD AUTOMOTIVE, INC	BILLS & SON AUTO SALES INC
BEACH BOULEVARD AUTOMOTIVE INC	BILLS AUTO SALES & LEASING,LTD
BEACHSIDE RIDE	BILLY RAY TAYLOR AUTO SALES
BEAR VALLEY VEHICLE SALES INC	BIRMINGHAM WHOLESALE AUTO LLC
BEASLEY-CROSS PRE OWNED INC	BLACKSTONE IMPORTS OF
BEAU TOWNSEND FORD	BLACKWELL MOTORS INC
BEAU TOWNSEND NISSAN, INC.	BLEECKER CHEVROLET PONTIAC
BEDFORD AUTO WHOLESALE	BLOOMINGTON AUTO CENTER
BEEJAY AUTO SALES INC	BLOSSOM CHEVROLET, INC.
BELAIR ROAD DISCOUNT AUTO	BLUE PRINT AUTOMOTIVE GROUP II
BELLS AUTO SALES	BOB HOOK OF SHELBYVILLE, LLC
BEN DAVIS CHEVROLET OLDSMOBILE	BOB JEANNOTTE BUICK GMC TRUCK
BEN MYNATT NISSAN	BOB KING MITSUBISHI
BENSON CAR MART	BOB KING’S MAZDA
BENSON NISSAN	BOB MAXEY LINCOLN-MERCURY
BEREA AUTO MALL	BOB MONTGOMERY CHEVROLET, INC.
BERGER CHEVROLET	BOB STEELE CHEVROLET INC.
BERKELEY FORD	BOBB SUZUKI
BERMANS AUTOMOTIVE, INC.	BOBBY LAYMAN CHEVROLET, INC.
BERT SMITH INTERNATIONAL	BOLUFE ENTERPRISES, INC.
BESSEMER AL AUTOMOTIVE LLC	BOOMERS TRUCKS & SUVS LLC
BEST BUY AUTO SALES OF TAMPA	BORCHERDING ENTERPRISE, INC
BEST BUY MOTORS	BOSAK HONDA
BEST CAR PRICE USA, INC.	BOULEVARD AUTO SALES & LEASING
BEST CARS KC INC	BOWDEN MOTORS INC

DEALER NAME	DEALER NAME
BOYD’S AUTO SALES	CAPITOL CADILLAC
BRAD WINDHAMS USED CARS INC	CAR BAZAAR INC OF FRANKLIN
BRADLEY CHEVROLET, INC.	CAR CENTRAL
BRAD’S USED CARS	CAR CITY USA LLC
BRAMLETT PONTIAC INC	CAR COLLECTION OF TAMPA INC.
BRANDON HONDA	CAR COLLECTION, INC.
BRANDON MITSUBISHI	CAR CONCEPTS REMARKETING
BRANNON HONDA	CAR CORNER
BROMAR LLC	CAR DEPOT
BRONDES FORD MAUMEE LTD	CAR FINDERS, LLC
BROTHER’S AUTO SALES	CAR MART FL.COM
BROTHERS CHEVROLET OLDSMOBILE	CAR SOURCE, LLC.
BROWN’S AUTO SALES	CAR ZONE
BRUCE KUNESH AUTO SALES	CAR ZONE
BRYANT USED CARS	CAR ZONE
BSK MOTOR CARS	CARDINAL MOTORS INC
BUCKEYE CITY AUTOMOTIVE GROUP	CARDIRECT LLC
BUCKEYE FORD LINCOLN MERC OF O	CAREY PAUL HONDA
BUCKEYE NISSAN, INC.	CARL GREGORY CHRYSLER-DODGE-
BUDS AUTO SALES	CARMART AUTO SALES, INC.
BURNS CHEVROLET, INC	CARMART AUTOMALL LLC
BURNWORTH ZOLLARS INC	CARMASTERS OF ARLINGTON
BUTLER KIA	CAROLINA AUTO EXCHANGE
BUTLER MOTOR CO. INC	CAROLINA AUTO SPORTS
BUY RIGHT AUTOMOTIVE, LLC	CAR-RIGHT
BUYERS CHOICE AUTO CENTER LLC	CARROLLTON MOTORS
BUZZ KARZ LLC	CARS & TRUCKS
BYERLY FORD-NISSAN, INC	CARS CARS CARS INC
BYERS CHEVROLET LLC	CARS GONE WILD II LLC
BYERS KIA	CARS GONE WILD LLC
C & D AUTO EXCHANGE	CARS N CARS, INC.
C & J AUTO WORLD LLC	CARS OF SARASOTA LLC
C & S SALES	CARS R US
CADILLAC OF NOVI INC	CARSMART, INC.
CAMPBELL BROTHERS AUTO SALE	CARZ, INC.
CANDY’S AUTO WORLD INC	CASCADE AUTO GROUP, LTD
CANNON BUICK-MITSUBISHI	CASTLE AUTO OUTLET, LLC
CANNON USED CARS, INC	CASTLE USED CARS
CAPITAL AUTOMOTIVE SALES	CASTRIOTA CHEVROLET GEO INC.
CAPITAL BUICK PONTIAC GMC LLC	CAVALIER AUTO SALES INC
CAPITAL FORD INC	CAVALIER FORD-PORTSMOUTH
CAPITAL MOTORS	CC MOTORS INC
CAPITAL MOTORS LLC	CENTRAL PONTIAC INC.
CAPITOL AUTO	CHAMPION OF DECATUR, INC.

DEALER NAME	DEALER NAME
CHAMPION PREFERRED AUTOMOTIVE	COUGHLIN FORD OF CIRCLEVILLE
CHARLES BARKER PREOWNED OUTLET	COUGHLIN HYUNDAI
CHARLES MOTOR CO.	COUNTRY HILL MOTORS INC
CHARLOTTE MOTOR CARS LLC	COUNTRY HILL MOTORS, INC.
CHARS CARS LLC	COUNTRYSIDE FORD OF CLEARWATER
CHASE AUTO GROUP	COURTESY CHRYSLER DODGE JEEP
CHATHAM PARKWAY TOYOTA	COURTESY CHRYSLER JEEP DODGE
CHOICE AUTO SALES	COURTESY FORD
CHOICE AUTOMOTIVE GROUP	COURTESY NISSAN
CHRIS CARROLL AUTOMOTIVE	COURTESY TOYOTA
CHRIS MOTORS AUTO SALES	COX AUTO SALES, LLC
CHRIS SPEARS PRESTIGE AUTO	COX CHEVROLET INC
CHRONIC INC.	COX TOYOTA/SCION
CIRCLE CITY ENTERPRISES, INC.	COYLE CHEVROLET
CITA AUTO SALES INC	CRAIG & BISHOP, INC.
CITY STYLE IMPORTS INC	CRAIG & LANDRETH INC
CITY USED CARS, INC	CRAMER HONDA OF VENICE
CJ’S AUTO STORE	CRAMER TOYOTA OF VENICE
CLARK CARS INC	CREATIVE AUTOMOTIVE FINANCIAL
CLASSIC AUTO DEALER	CREDIT MASTER AUTO SALE INC
CLASSIC FORD	CREDIT NATION IZUZU
CLASSIC TOYOTA	CREDITMAX AUTO GROUP
CLEAN CARS	CRENCOR LEASING & SALES
CLIFT BUICK GMC	CRM MOTORS, INC.
CLINTON FAMILY FORD	CRONIC CHEVROLET, OLDSMOBILE-
CLONINGER FORD OF HICKORY	CROSSROADS FORD INC
COAST TO COAST AUTO SALES	CROWN AUTO DEALERSHIPS INC.
COASTAL AUTO GROUP INC. DBA	CROWN HONDA
COASTAL AUTOMOTIVE INC	CROWN KIA
COCONUT CREEK HYUNDAI	CROWN MOTORS INC
COGGIN HONDA	CROWN NISSAN
COLUMBUS AUTO RESALE, INC	CROWN NISSAN GREENVILLE
COLUMBUS CAR TRADER	CRYSTAL LAKE CHRYSLER JEEP INC
COOK MOTOR COMPANY	CURRIE MOTORS DRIVERS EDGE
COPPUS MOTORS - CHRYSLER,JEEP	CURRY HONDA
CORAL WAY AUTO SALES INC	D & J MOTORS, INC.
CORLEW CHEVROLET CADILLAC OLDM	DAN CUMMINS CHV BUICK PONTIAC
CORNERSTONER AUTOMOTIVE LLC	DAN HATFIELD AUTO GROUP
CORPORATE FLEET MANAGEMENT	DAN TOBIN PONTIAC BUICK GMC
CORTEZ MOTORS	DAN TUCKER AUTO SALES
COUCH MOTORS LLC	DANE’S AUTO SALES LLC
COUGHLIN AUTOMOTIVE- PATASKALA	DAN’S AUTO SALES, INC
COUGHLIN CHEVROLET- NEWARK	DARCARS WESTSIDE PRE-OWNED
COUGHLIN CHEVROLET OF	DAS AUTO BROKERS

DEALER NAME	DEALER NAME
DAVE GILL PONTIAC GMC	DON JACKSON CHRYSLER DODGE
DAVE SINCLAIR LINCOLN	DON MARSHALL CHYSLER CENTER
DAVES JACKSON NISSAN	DON MEALEY CHEVROLET
DAVID RICE AUTO SALES	DON MOORE CHEVROLET CADILLAC
DAVID SMITH AUTOLAND, INC.	DON REID FORD INC.
DAWSONS AUTO & TRUCK SALES INC	DON WOOD AUTOMOTIVE LTD
DAYS AUTO SALES INC	DONS AUTOMOTIVE GROUP LLC
DBA AUTONATION CHEVROLET	DORAL CARS OUTLET
DEACON JONES AUTO PARK	DOTSON BROS CHRYS DODGE PLYM
DEACON JONES NISSAN LLC	DOUG MARINE MOTORS INC
DEALER SERVICES FINANCIAL CTR	DOWN HOME MOTORS LLC
DEALERS CHOICE MOTOR COMPANY	DRIVE SOURCE
DEALS FOR WHEELS	DRIVER SEAT AUTO SALES LLC
DEALS ON WHEELS	DRIVERIGHT AUTO SALES, INC.
DEALS ON WHEELS AUTO MART	DRIVERS WORLD
DEALS ON WHEELS WHOLESALE LLC	DRIVEWAYCARS.COM
DEALZ AUTO TRADE	DUBLIN CADILLAC NISSAN GMC
DEALZ ON WHEELZ LLC	DUGAN CHEVROLET PONTIAC
DEAN SELLERS, INC.	DUKE IMPORTS, INC.
DEECO’S AUTO SALES INC	DULUTH AUTO EXCHANGE
DENNIS AUTO POINT	DUNN CHEVROLET OLDS INC.
DEPENDABLE MOTOR VEHICLES INC	DURAN MOTOR SPORTS INC
DEREK MOTORCAR CO INC	DUVAL FORD
DESTINYS AUTO SALES	DYNASTY MOTORS
DIAMOND II AUTO SALES, INC.	E & R AUTO SALES INC
DIAMOND MOTORS OF DAYTONA	E AUTO SOLUTIONS
DIANE SAUER CHEVROLET, INC.	EAGLE AUTO STORE INC
DICK MASHETER FORD, INC.	EAGLE ONE AUTO SALES
DICK SCOTT NISSAN, INC.	EARL TINDOL FORD, INC.
DIMMITT CHEVROLET	EAST ANDERSON AUTO SALES
DIRECT AUTO EXCHANGE, LLC	EAST CHARLOTTE NISSAN
DIRECT AUTO SALES LLC	EAST LAKE TRUCK & CAR SALES
DIRECT SALES & LEASING	EAST ORLANDO KIA
DISCOUNT AUTO BROKERS	EASTERN SHORE AUTO BROKERS INC
DIVERSIFIED AUTO SALES	EASY AUTO AND TRUCK
DIVINE AUTO SALES	EAZY RIDE AUTO SALES LLC
DIXIE IMPORT INC	ECONO MOTORS.NET
DIXIE WAY MOTORS INC	ECONOMIC AUTO SALES INC
DM MOTORS, INC.	ECONOMY AUTO MART
DODGE OF ANTIOCH INC	ECONOMY RENT A CAR & SALES INC
DOMESTIC ACQUISITIONS	ED HOWARD LINCOLN MERCURY INC.
DON AYERS PONTIAC INC	ED MARTIN PONTIAC GMC
DON FRANKLIN CHEVROLET, BUICK	ED NAPLETON ELMHURST IMPORTS I
DON HINDS FORD, INC.	ED NAPLETON HONDA

DEALER NAME	DEALER NAME
ED SCHMID FORD INC	FEDERICO PRE OWNED CENTER LLC
ED VOYLES HONDA	FERMAN CHRYSLER JEEP DODGE AT
ED VOYLES HYUNDAI	FERMAN CHRYSLER PLYMOUTH
ED VOYLES KIA OF CHAMBLEE	FIAT OF SAVANNAH
EDDIE ANDRESON MOTORS	FIAT OF WINTER HAVEN
EDDIE AUTO BROKERS	FINAST AUTO SALES
EDDIE CRAIGS EXPRESS	FIRKINS C.P.J.S.
EDDIE MERCER AUTOMOTIVE	FIRST CHOICE AUTOMOTIVE INC
EDGE MOTORS	FIRST STOP AUTO SALES
EDWARDS CHEVROLET CO	FISCHER NISSAN INC.
EGOLF FORD OF BREVARD LLC	FITZGERALD MOTORS, INC.
EJ’S QUALITY AUTO SALES, INC.	FIVE STAR CAR & TRUCK
ELITE AUTO SALES OF ORLANDO	FIVE STAR FORD STONE MOUNTAIN
ELITE CAR OUTLET INC	FLETCHER CHRYSLER PRODUCTS INC
ELITE CAR SALES OF CLEARWATER	FLORIDA AUTO EXCHANGE
ELITE CAR SALES WEST INC	FLORIDA FINE CARS INC
ELITE IMPORTS	FLORIDA TRUCK SALES
ELITE MOTORS, INC.	FLOW HONDA
ELITE RIDES	FLOW VOLKSWAGEN OF GREENSBORO
EMPIRE AUTO SALES & SERVICE	FORD OF PORT RICHEY
EMPIRE AUTOMOTIVE GROUP	FORT MYERS TOYOTA INC.
ENGLEWOOD FORD	FORT PIERCE MOTORS, INC.
ENTERPRISE	FORT WALTON BEACH
ENTERPRISE CAR SALES	FORT WAYNE CREDIT CONNECTION I
ENTERPRISE CAR SALES	FORT WAYNE TOYOTA/LEXUS OF
ENTERPRISE CAR SALES	FORTUNE MOTOR GROUP
ENTERPRISE LEASING CO OF	FOX AUTO SALES
ENTERPRISE LEASING CO. OF ORL.	FOX FORD LINCOLN MIDWEST LLC
ENTERPRISE LEASING COMPANY	FOXWORTHY AUTO SUPERSTORE
ENTERPRISE LEASING COMPANY	FRANK LETA AUTOMOTIVE OUTLET
ENTERPRISE LEASING COMPANY	FRANK MYERS AUTO SALES, INC
ERNEST MOTORS, INC.	FRANKIES AUTO SALES
ERNIE PATTI AUTO LEASING &	FRED ANDERSON KIA
ERWIN CHRYSLER PLYMOUTH DODGE	FRED MARTIN FORD
EXOTIC MOTORCARS	FREDERICO PRE-OWNED CENTER LLC
EXPERT AUTO GROUP INC	FREEDOM AUTO SALES
EXTREME MOTORCARS USA INC	FREEDOM AUTO SALES
EZ AUTO & TRUCK PLAZA II INC	FREEDOM AUTOMOTIVE OF IVEL
EZ PAY AUTO SALES	FREEWAY MOTORCARS, INC.
E-Z WAY CAR SALES & RENTALS	FRENSLEY CHRYSLER PLYMOUTH
FACIDEAL AUTO CENTER INC	FRIDAY’S AUTO SALES, INC.
FAIRLANE FORD SALES, INC.	FRIENDLY FINANCE AUTO SALES
FAMILY KIA	FRITZ ASSOCIATES
FANELLIS AUTO	FRONTIER MOTORS INC

DEALER NAME	DEALER NAME
FUTURE AUTOMOTIVE LLC	GRAVITY AUTOS ROSWELL
G & R AUTO SALES CORP	GREAT BRIDGE AUTO SALES
G & W MOTORS INC	GREAT LAKES CHRYSLER DODGE JEE
GAINESVILLE MITSUBISHI	GREEN FLAG AUTO SALES
GANLEY BEDFORD IMPORTS INC	GREEN LIGHT CAR SALES
GANLEY CHEVROLET, INC	GREENBRIER DODGE OF CHES, INC.
GANLEY CHRYSLER JEEP DODGE INC	GREENE FORD COMPANY
GANLEY EAST, INC	GREENLIGHT MOTORS, LLC
GANLEY LINCOLN MERCURY	GREEN’S TOYOTA
GANLEY, INC	GREENWISE MOTORS
GARY SMITH FORD	GREER NISSAN
GASTONIA CHRYSLER JEEP DODGE	GREG COATS CARS AND TRUCKS
GATES CHEV PONT GMC BUICK	GREG SWEET FORD INC
GATEWAY AUTO PLAZA	GRIFFIN FORD SALES, INC.
GATOR CHRYSLER-PLYMOUTH, INC.	GRIMALDI AUTO SALES INC
GENE GORMAN AUTO SALES	GULF ATLANTIC WHOLESALE INC
GENERAL AUTO LLC	GULF COAST AUTO BROKERS, INC.
GEN-X CORP	GULF MOTORS OF FT. MEYERS
GEOFF ROGERS AUTOPLEX	GWINNETT PLACE FORD
GEORGIA CHRYSLER DODGE	GWINNETT PLACE NISSAN
GEORGIA FINE CARS LLC	H & H AUTO SALES
GEORGIA MOTORS	H & S AUTO SALES LLC
GEORGIA ON WHEELS	HAASZ AUTO MALL, LLC
GERALDA AUTO SALES	HAIMS MOTORS INC
GERMAIN TOYOTA	HALEY FORD
GERMAIN TOYOTA	HALEY TOYOTA CERTIFIED
GETTEL BMW OF GAINESVILLE	HALLECK AUTO SALES
GETTEL NISSAN OF SARASOTA	HALLEEN KIA
GETTEL TOYOTA	HAMILTON CHEVROLET INC
GILBERT CHEVROLET COMPANY INC	HAMMCO INC
GLEN BURNIE AUTO EXCHANGE, INC	HAPPY AUTO MART
GLOVER AUTO SALES	HAPPY CARS INC
GMT AUTO SALES, INC	HARBOR CITY AUTO SALES, INC.
GOLDEN OLDIES	HARDIE’S USED CARS, LLC
GOLLING CHRYSLER JEEP	HARDY CHEVROLET
GOOD MOTOR COMPANY LLC	HARPER AUTO SALE, LLC
GOOD TO GO AUTO SALES, INC.	HARRELSON NISSA
GOODMAN CHEV OLDS CAD NISSAN	HARRIET SALLEY AUTO GROUP LLC
GORDON CHEVROLET, INC.	HATFIELD USED CAR CENTER
GORDON CHEVROLET-GEO	HAWKINSON NISSAN LLC
GOWEN WHOLESALE AUTO	HAYNES AUTO SALES LLC
GR MOTOR COMPANY	HEADQUARTER TOYOTA
GRANT CAR CONCEPTS	HEATH MOTORSPORTS
GRANT MOTORS CORP.	HEATHER DAWN AUTO SALES

DEALER NAME	DEALER NAME
HELLER CAR COMPANY, INC	HUBLER AUTO PLAZA
HENDRICK CHEVROLET LLC	HUBLER CHEVROLET INC
HENDRICK CHRYSLER DODGE JEEP	HUBLER FINANCE CENTER
HENDRICK HONDA	HUBLER NISSAN, INC.
HENDRICK HONDA	HUDSON AUTO SALES
HENDRICK HYUNDAI NORTH	HUNTER AUTO
HENDRICKSCARS.COM	HUNTER SUBARU HYUNDAI
HENNESSY MAZDA PONTIAC	HUSTON MOTORS INC.
HERITAGE AUTOMOTIVE GROUP	HWY 150 BUYERS WAY, INC.
HERITAGE BUICK GMC HONDA	HYUNDAI OF BRADENTON
HERITAGE CADILLAC-OLDS, INC.	HYUNDIA OF GREER
HERITAGE MOTOR COMPANY	I 95 TOYOTA & SCION
HERITAGE MOTOR COMPANY INC.	I AM CARS LTD
HERITAGE NISSAN	IAUTO INC
HERRNSTEIN CHRYSLER INC	IDEAL AUTO
HIBDON MOTOR SALES	IDEAL USED CARS INC
HICKORY HOLLOW CARNIVAL KIA	IMAGINE CARS
HIDY ACURA	IMPERIAL MOTORS
HIGH Q AUTOMOTIVE CONSULTING	IMPERIAL SALES & LEASING INC
HIGHLINE AUTOSPORTS LLC	IMPEX AUTO SALES
HIGHLINE IMPORTS, INC.	IMPORT AUTO BROKERS INC
HILL NISSAN INC	IMPORTS OF TIDEWATER
HILLMAN MOTORS, INC.	INDIAN RIVER LEASING CO
HILLSIDE MOTORS	INDOOR AUTO SALES, INC.
HILTON HEAD MITSUBISHI	INDY MOTORSPORTS
HOGSTEN AUTO WHOLESALE	INDY’S UNLIMITED MOTORS
HOLLAND BROTHERS MOTORS LLC	INFINITI OF BEDFORD
HOLLYWOOD MOTOR CO #1	INTEGRITY AUTO CENTER INC
HOLLYWOOD MOTOR CO #3	INTEGRITY AUTO PLAZA LLC
HOLLYWOOD MOTOR SALES	INTEGRITY AUTO SALES OF JACKSO
HOMESTEAD MOTORS	INTEGRITY AUTOMOTIVE
HOMETOWN AUTO MART, INC	INTERNATIONAL AUTO LIQUIDATORS
HONDA CARS OF BRADENTON	INTERNATIONAL AUTO OUTLET
HONDA CARS OF ROCK HILL	INTERSTATE MOTORS LLC
HONDA OF FRONTENAC	IVAN LEONARD CHEVROLET
HONDA OF GAINESVILLE	J & M AFFORDABLE AUTO, INC.
HONDA OF MENTOR	J & M MOTORS LLC
HONDA OF OCALA	JACK DEMMER FORD, INC.
HONDA OF THE AVENUES	JACK MAXTON CHEVROLET INC
HOOSIER TOM, INC.	JACK MAXTON CHEVROLET, INC
HOOVER AUTOMOTIVE LLC	JACKIE MURPHY’S USED CARS
HOOVER CHRYSLER PLYMOUTH DODGE	JACK-SON AUTO SALES INC
HOOVER MITSUBISHI CHARLESTON	JACKSONVILLE AUTO LINK INC
HORNBUCKLE MOTORS LLC	JACOBY MOTORS INC

DEALER NAME	DEALER NAME
JADES AUTO SALE INC	JK AUTOMOTIVE GROUP LLC
JAKE SWEENEY CHEVROLET, INC	JODECO AUTO SALES
JAKE SWEENEY MAZDA WEST	JOE DENNIS MOTORS, LLC
JAKE SWEENEY SMARTMART INC	JOE KIDD MITSUBISHI
JAKMAX	JOE WINKLE’S AUTO SALES LLC
JAMES TAYLOR AUTOPARK LLC	JOHN BLEAKLEY FORD
JAMESTOWN AUTO SALES INC	JOHN FINGER MAZDA
JAMIE’S DISCOUNT AUTO SALES	JOHN HEISTER CHEVROLET
JARRETT FORD OF PLANT CITY	JOHN HIESTER CHEVROLET
JARRETT GORDON FORD INC	JOHN HIESTER CHRYSLER DODGE
JARRETT-GORDON FORD OF WINTER	JOHN HINDERER HONDA
JAX AUTO WHOLESALE, INC.	JOHN JENKINS, INC.
JAY CHEVROLET, INC	JOHN JONES CHEVY PONTIAC OLDS
JAY HONDA	JOHN KOOL LINCOLN MERCURY INC
JAY PONTIAC BUICK	JOHNNY WRIGHT AUTO SALES LLC
JC AUTOMAX	JOHNNY’S AUTOS LLC
JC LEWIS FORD, LLC	JOHNNYS MOTOR CARS LLC
JEANIES AUTOMOTIVE INC	JOHNSON AUTOPLEX
JEFF SCHMITT AUTO GROUP	JOMAX AUTO SALES
JEFF WYLEF CHEVROLET OF	JON HALL CHEVROLET INC.
JEFF WYLER CHEVROLET, INC	JORDAN AUTO SALES
JEFF WYLER SPRINGFIELD, INC	JOSEPH CHEVROLET OLDSMOBILE CO
JEFFREY P. HYDER	JOSEPH MOTORS
JEFFREYS AUTO EXCHANGE	JOSEPH TOYOTA INC.
JENKINS ACURA	JPL AUTO EMPIRE
JENKINS NISSAN, INC.	JT AUTO INC.
JERRY HAGGERTY CHEVROLET INC	JTR AUTOMOTIVE GROUP
JERRY HUNT AUTO SALES	JULIANS AUTO SHOWCASE, INC.
JERRY WILSON’S MOTOR CARS	JUST-IN-TIME AUTO SALES INC
JERRYS CHEVROLET	K & B FINANCIAL SERVICES INC
JIDD MOTORS INC	K T AUTO SALES LLC
JIM BURKE NISSAN	KACHAR’S USED CARS, INC.
JIM COGDILL DODGE CO	KAHLER AUTO SALES LLC
JIM DOUGLAS SALES AND SERVICE	KALER LEASING SERVICES INC
JIM KIRBY AUTOMOTIVE	KALS AUTO SALES, INC.
JIM ORR AUTO SALES	KAR CONNECTION
JIM SKINNER FORD INC	KARL FLAMMER FORD
JIM WALDRON MILLER ROAD INC	KAW VALLEY INDUSTRIAL INC
JIM WHITE HONDA	KCK AUTO SALES
JIM WOODS AUTOMOTIVE, INC.	KEFFER PRE-OWNED SOUTH
JIMMIE VICKERS INC.	KEITH HAWTHORNE FORD OF
JIMMY BROCKMAN USED CARS	KEITH HAWTHORNE HYUNDAI, LLC
JIMMY SMITH PONTIAC BUICK GMC	KEITH HAWTORNE FORD
JJDS AUTO WHOLE SALE LLC	KEITH PIERSON TOYOTA

DEALER NAME	DEALER NAME
KELLEY BUICK GMC INC	LAKE ST LOUIS AUTO
KELLY NISSAN INC	LAKELAND CAR COMPANY LLC
KENDALL TOYOTA	LAKELAND NEW CAR ALTERNATIVE
KENNYS AUTO SALES, INC	LAKESIDE AUTO SALES, INC.
KEN’S AUTOS	LAKEWOOD MOTOR SALES LLC
KENS KARS	LALLY ORANGE BUICK PONTIAC GMC
KERNERSVILLE DODGE	LANDERS MCLARTY CHEVROLET
KEVINS CAR SALES	LANDERS MCLARTY SUBARU
KEY CHRYLSER PLYMOUTH INC	LANDMARK CDJ OF MONROE, LLC
KIA ATLANTA SOUTH	LANE 1 MOTORS
KIA AUTO SPORT	LANGDALE HONDA KIA OF
KIA COUNTRY OF SAVANNAH	LANGDALE HYUNDAI
KIA OF ANDERSON	LANIGAN’S AUTO SALES
KIA OF CLARKSVILLE	LARRY JAY IMPORTS, INC
KIA OF GASTONIA	LARRY’S USED CARS
KIA OF LEESBURG	LASCO FORD INC
KIA TOWN CENTER	LEBANON FORD LINCOLN
KING AUTOMOTIVE, LLC	LEE FAMILY MOTORS INC
KING MOTORS	LEE’S AUTO SALES, INC
KINGDOM CHEVROLET INC	LEES SUMMIT DODGE CHRYSLER JEE
KINGDOM MOTOR CARS	LEES SUMMIT NISSAN
KINGS FORD, INC	LEGACY MOTORS
KINGS HONDA	LEGACY MOTORS #2
KINGS KIA	LETS DEAL AUTO SALES
KINGS OF QUALITY AUTO SALES	LEWIS AUTO SALES
KINGSWAY MOTORS	LEXUS OF PEMBROKE PINES
KISSELBACK FORD	LGE CORP
KLASSIC CARS LLC	LIBERTY AUTO CITY INC
KMAX INC	LIBERTY AUTO OUTLET INC
KNE MOTORS, INC.	LIBERTY FORD SOUTHWEST, INC
KNH WHOLESALE	LIBERTY MOTORS LLC
KNOX BUDGET CAR SALES & RENTAL	LIBERTY USED MOTORS INC
KOE-MAK CORP	LIPTON TOYOTA
KUHN HONDA VOLKSWAGON	LITTLE RIVER TRADING CO OF
KUHN MORGAN TOYOTA SCION	LOGANVILLE FORD
KUNES COUNTY FORD OF ANTIOCH	LOKEY NISSAN
L & M MOTORS, LLC	LONGSTREET AUTO
LA AUTO STAR, INC.	LOR MOTORCARS
LAFONTAINE AUTO GROUP	LOU LARICHE CHEVROLET INC
LAGRANGE MOTORS	LOU SOBH PONTIAC/BUICK/GMC
LAGRANGE TOYOTA INC	LOUDON MOTORS, INC
LAKE HARTWELL HYUNDAI	LOWERY BROS. OVERSTOCK LLC
LAKE NISSAN SALES, INC.	LOWEST PRICE TRANSPORTATION
LAKE NORMAN MOTORS LLC	LUXURY AUTO DEPOT

DEALER NAME	DEALER NAME
LUXURY AUTO MALL	MAZDA SAAB OF BEDFORD
LUXURY CARS & FINANCIAL, INC.	MAZDA WESTSIDE
LUXURY IMPORTS AUTO SALES	MCCLUSKY AUTOMOTIVE LLC
LUXURY MOTORS LLC	MCGHEE AUTO SALES INC.
M & F AUTO PARK, INC.	MCJ AUTO SALES OF CENTRAL FLOR
M & L MOTOR COMPANY, INC.	MCKENNEY CHEVROLET
M & M AUTO GROUP INC	MCKENNEY DODGE LLC
M & M AUTO SUPER STORE	MCKENNEY-SALINAS HONDA
MACATAWA AUTO & FINANCE CO	MD AUTO SALES LLC
MACHADO AUTO SELL LLC	MEADE BROTHERS AUTO LLC
MACON DEALS INC	MEDINA AUTO BROKERS
MADINA AUTO BROKERS	MEDLIN MOTORS, INC.
MAGIC IMPORTS OF	MELROSE PARK AUTO MALL
MAHER CHEVROLET INC	MEMBERS SALES AND LEASING INC
MAINLAND AUTO SALES INC	MENTOR IMPORTS,INC.
MANASSAS AUTO TRUCK & TRACTOR	MENTOR NISSAN
MANASSAS AUTOMOBILE GALLERY	MEROLLIS CHEVROLET SALES
MANNY’S USED CARS LLC	METRO IMPORTS INC
MARANATHA AUTO	METRO USED CARS
MARANATHA CAR CO	METROLINA AUTO SALES INC
MARCH MOTORS INC.	MIAMI AUTO COLLECTION, INC
MARIETTA AUTO MALL CENTER	MIAMI AUTO SHOW LLC
MARK SWEENEY BUICK PONTIAC GMC	MIAMI CARS INTERNATIONAL INC
MARLOZ OF HIGH POINT	MICHAEL’S IMPORTS
MARSHALL FORD	MICHAEL’S MOTOR CO
MARSHALL MOTORS OF FLORENCE	MID AMERICA AUTO EXCHANGE INC
MASHBURN MOTORS	MID AMERICA AUTO GROUP
MASTER CAR INTERNATIONAL, INC	MID ATLANTIC AUTO SALES NETWOR
MASTER CARS	MID ATLANTIC AUTO SPECIALIST
MASTERS AUTO SALES LLC	MID FLORIDA WHOLESALERS INC
MATHEWS BUDGET AUTO CENTER	MID RIVERS MOTORS
MATHEWS FORD INC.	MIDDLE TENNESSEE AUTO MART LLC
MATHEWS FORD OREGON, INC	MIDDLETOWN FORD, INC
MATIA MOTORS, INC	MIDFIELD MOTOR COMPANY, INC.
MATRIX AUTO SALES, INC.	MIDSTATE MOTORS
MATTERN AUTOMOTIVE,INC	MID-TOWN MOTORS LLC
MATTHEWS MOTOR COMPANY	MIDWAY AUTO GROUP
MATTHEWS MOTORS 2 INC	MIDWAY MOTORS
MATTHEWS MOTORS INC.	MIDWEST AUTO GROUP MISSOURI
MATTHEWS-HARGREAVES CHEVROLET	MIDWEST AUTO STORE LLC
MAXIE PRICE CHEVROLETS OLDS,	MIDWEST FINANCIAL SERVICES
MAXKARS MOTORS	MIDWEST MOTORS & TIRES
MAYSVILLE AUTO SALES	MIDWESTERN AUTO SALES, INC.
MAZDA OF SOUTH CHARLOTTE	MIG CHRYSLER DODGE JEEP RAM

DEALER NAME	DEALER NAME
MIKE BASS FORD	NALLEY HONDA
MIKE CASTRUCCI CHEVY OLDS	NALLEY INFINITI
MIKE CASTRUCCI FORD OF ALEX	NAPLETON’S HYUNDAI
MIKE CASTRUCCI FORD SALES	NAPLETONS NISSAN/NAPLETONS
MIKE ERDMAN TOYOTA	NAPLETON’S NORTH PALM AUTO PK
MIKE REED CHEVROLET INC	NAPLETON’S RIVER OAKS CHRYSLER
MIKES TRUCKS AND CARS	NAPLETON’S RIVER OAKS KIA
MILE STRETCH AUTO SALES	NASA BROTHERS INC
MILFORD MOTORS, INC	NASH CHEVROLET COMPANY
MILLENIUM AUTOMOTIVE GROUP	NASHVILLE AUTOMOTIVE GROUP LLC
MILNER O’QUINN FORD SALES INC	NASHVILLE MOTOR CARS PREMIER
MILTON DODGE CHRYSLER JEEP	NATIONAL ADVANCE CORP
MILTON MARTIN HONDA	NATIONAL AUTO SALES
MINIVAN SOURCE, INC.	NATIONAL CAR MART, INC
MIRACLE CHRYSLER DODGE JEEP	NATIONAL ROAD AUTOMOTIVE LLC
MITCHELL MOTORS	NEIL HUFFMAN NISSAN
MODERN CHEVROLET	NEIL HUFFMAN VW
MODERN CORP	NELSON AUTO GROUP
MONROE DODGE/CHRYSLER INC.	NELSON AUTO SALES
MONTGOMERY MOTORS	NELSON MAZDA RIVERGATE
MONTROSE FORD LINCOLN/MERCURY	NEW CARLISLE CHRYSLER JEEP
MONZON AUTO SALES INC	NEW GENERATION MOTORS INC
MOODY MOTORS	NEWPORT AUTO GROUP
MORGAN MOTORS INC	NEWTON’S AUTO SALES, INC.
MOTOR CAR CONCEPTS II	NICKS AUTO MART
MOTOR KING INC	NIMNICHT PONTIAC
MOTOR WORLD INC	NISSAN OF GALLATIN
MOTORCARS TOYOTA	NISSAN OF MELBOURNE
MOTORHOUSE INC	NISSAN OF ST AUGUSTINE
MOTORMAX OF GRAND RAPIDS	NISSAN ON NICHOLASVILLE
MR AUTO SALES	NITRO MOTORS LLC
MR DEALS AUTO SALES & SERVICE	NORTH ATLANTA AUTO SUPERSTORE
MTS AUTO MALL, INC.	NORTH ATLANTA MOTORS LLC
MUENSTERMAN MOTORS INC	NORTH BROTHERS FORD, INC
MULLINAX FORD OF PALM BEACH	NORTH POINT MOTORS, LLC
MUNGENAST ST. LOUIS HONDA	NORTHEAST AUTO FINANCE INC
MURPHY AUTO SALES	NORTHERN KENTUCKY AUTO SALES
MURPHY MOTOR CO	NORTHGATE AUTO SALES
MURPHY’S AUTO SALES INC	NORTHSIDE AUTO SALES
MURRAY’S USED CARS	NOURSE CHILLICOTHE
MV AUTO SALES	NUMBER ONE IN RADIO ALARMS INC
MY CAR LLC	OAKES AUTO INC
MYLENBUSCH AUTO SOURCE LLC	OCEAN AUTO BROKERS
N & D AUTO SALES, INC.	O’CONNOR AUTOMOTIVE, INC

DEALER NAME	DEALER NAME
O’CONNORS AUTO OUTLER	PAUL MILLER FORD, INC.
O’DANIEL MOTOR SALES, INC.	PAUL WALSH NISSAN INC
OGDEN LINCOLN INC	PAYLESS MOTORS LLC
OHIO AUTO CREDIT	PCT ENTERPRISES LLC
OKOLONA MOTOR SALES	PCT ENTERPRISES OF FLORIDA LLC
OLATHE FORD SALES, INC.	PEACH MOTORS LLC
OLATHE QUALITY AUTO SALES	PEGGY’S AUTO SALES
OLD SOUTH SALES INC.	PELHAM’S AUTO SALES
OLE BEN FRANKLIN MOTORS	PENSACOLA AUTO BROKERS, INC
OLIVER C. JOSEPH, INC.	PERFORMANCE CHEVROLET BMW
ON THE ROAD AGAIN, INC.	PERFORMANCE CHRYSLER JEEP DODG
ON TRACK AUTO MALL, INC.	PERFORMANCE GMC OF
ONYX MOTORS	PERFORMANCE HONDA
ORLANDO AUTOS	PETE FRANKLIN’S WHOLESALE
ORLANDO HYUNDAI	PETE MOORE CHEVROLET, INC
OSCAR MOTORS CORPORATION	PETERS AUTO SALES, INC.
OVERLAND PARK MAZDA	PHILLIPS BUICK PONTIAC GMC INC
OXMOOR FORD LINCOLN MERCURY	PHILLIPS CHRYSLER-JEEP, INC
OXMOOR MAZDA	PHOENIX SPECIALTY MOTORS CORP
P & C MOTOR INC	PILES CHEV-OLDS-PONT-BUICK
PACE CAR	PINEVILLE IMPORTS
PACE CHEVROLET BUICK GMC	PLAINFIELD AUTO SALES, INC.
PACE MOTOR COMPANY	PLAINFIELD FAMILY AUTO & REPAI
PALM AUTOMOTIVE GROUP	PLATTNER’S
PALM BAY FORD	PLAZA LINCOLN MERCURY
PALM BAY MOTORS	PLAZA PONTIAC BUICK GMC INC
PALM BEACH AUTO DIRECT	POGUE CHEVROLET INC
PALM CHEVROLET	POWER PONTIAC GMC OLDSMOBILE
PALM CHEVROLET OF GAINESVILLE	PREFERRED AUTO
PALM COAST FORD	PREMIER AUTO BROKERS, INC.
PALM HARBOR AUTO SALES INC	PREMIER AUTO EXCHANGE
PALMETTO 57 NISSAN	PREMIER AUTOWORKS SALES &
PALMETTO WHOLESALE MOTORS	PREMIERE CHEVROLET, INC.
PAPPADAKIS CHRYSLER DODGE JEEP	PREMIUM AUTO BY RENT
PAQUET AUTO SALES	PREMIUM MOTORS LLC
PARAMOUNT AUTO	PRESTIGE AUTO GROUP
PARK AUTO MALL, INC	PRESTIGE AUTO MALL
PARKS AUTOMOTIVE, INC	PRESTIGE AUTO SALES II INC
PARKS CHEVROLET - GEO	PRESTIGE MOTORS
PARKS CHEVROLET, INC	PRESTIGE MOTORS OF VIERA
PARKWAY MITSUBISHI	PRESTON AUTO OUTLET
PARKWAY MOTORS INC	PRICE RIGHT STERLING HEIGHTS
PARKWAY MOTORS INC	PRICELESS AUTO SALES
PAUL CERAME KIA	PRIME MOTORS INC

DEALER NAME	DEALER NAME
PRIME MOTORS, INC.	RIGHTWAY AUTOMOTIVE CREDIT
PRIME TIME MOTORS LLC	RIGHTWAY AUTOMOTIVE CREDIT
PRO MOTION CO INC	RIOS MOTORS
PROCAR	RIVERSIDE MOTORS, INC
PROFESSIONAL AUTO SALES	RIVIERA AUTO SALES SOUTH, INC.
PROVIDENCE AUTO GROUP LLC	RML HUNTSVILLE AL AUTOMOTIVE
QUALITY BANK REPOS	ROBERT LEE AUTO SALES INC
QUALITY CARS INC	ROCK BOTTOM AUTO SALES, INC.
QUALITY IMPORTS	ROCKENBACH CHEVROLET SALES INC
QUALITY MOTORS LLC	ROD HATFIELD CHRYSLER DGE JEEP
R & B CAR COMPANY	RON BUTLER MOTORS, LLC
R & Z 2 AUTO SALES	ROSE CITY MOTORS
R & Z AUTO SALES	ROSE CITY MOTORS
R.H. CARS, INC.	ROSEN HYUNDAI OF ALGONQUIN LLC
RALEIGH PRE-OWNED INC	ROSEN NISSAN
RANKL & RIES MOTORCARS, INC	ROSS’S AUTO SALES
RAY CHEVROLET	ROUEN MOTORWORKS LTD
RAY SKILLMAN CHEVROLET	ROUSH HONDA
RAY SKILLMAN EASTSIDE	ROUTE 4 BUDGET AUTO
RAY SKILLMAN FORD INC.	ROY O’BRIEN, INC
RAY SKILLMAN OLDSMOBILE AND	ROYAL AUTO SALES
RAY SKILLMAN WESTSIDE	ROYAL OAK FORD SALES, INC.
RAYMOND CHEVROLET KIA	RP AUTOMOTIVE LLC
RE BARBER FORD INC	RPM AUTO SALES
READY CARS INC	RPT SALES & LEASING LLC
REALITY AUTO SALES INC	RT 177 AUTO SALES INC
REDMOND AUTOMOTIVE	RUSSELL AUTO SALES
REDSKIN AUTO SALES INC	RYAN’S AUTO SALES
REGAL PONTIAC, INC.	S S AUTO INC
REIDSVILLE NISSAN INC	SABISTON MCCABE AUTO SOLUTIONS
REITSMA AUTO SALES INC	SAM GALLOWAY FORD INC.
REVOLUTION MOTORS LLC	SANDERSON AUTO SALES INC
RFJ ENTERPRISES LLC	SANDY SANSING MAZDA INC
RICART FORD USED	SANSING CHEVROLET, INC
RICE AUTO SALES	SATURN OF GREENSBORO
RICE TOYOTA	SATURN OF SARASOTA, INC.
RICHMOND FORD	SAULS MOTOR COMPANY, INC.
RICK CASE ATLANTA	SAVANNAH AUTO
RICK HENDRICK JEEP CHRYSLER	SAVANNAH AUTOMOTIVE GROUP
RIDE AMERICA AUTO SALES	SAVANNAH SPORTS AND IMPORTS
RIDE N DRIVE	SAVANNAH TOYOTA & SCION
RIDE TIME, INC.	SC AUTO SALES
RIGHT PRICE MOTORS, INC	SCARRITT MOTORS INC
RIGHTWAY AUTOMOTIVE CREDIT	SCHAELL MOTORS

DEALER NAME	DEALER NAME
SCHAUMBURG HYUNDAI	SOUTH DAYTON AUTO & TRUCK SERV
SCOGGINS CHEVROLET OLDS BUICK	SOUTH I-75 CHRYSLER DODGE JEEP
SCOTT EVANS NISSAN	SOUTH MOTOR COMPANY OF DADE
SELECT AUTO SALES	SOUTH MOTORS HONDA
SELECT AUTO SALES	SOUTHEAST JEEP EAGLE
SELECT MOTORS OF TAMPA INC.	SOUTHERN AUTO BROKERS
SELECTIVE AUTO SOURCE	SOUTHERN AUTOMOTIVE ENTERPRISE
SERRA AUTOMOTIVE	SOUTHERN CUSTOM MOTORS
SERRA NISSAN VOLKSWAGON	SOUTHERN MOTOR COMPANY
SERRA VISSER NISSAN INC	SOUTHERN STATES NISSAN, INC.
SHAD MITSUBISHI	SOUTHERN TRUST AUTO SALES
SHAMRA LLC	SOUTHFIELD JEEP-EAGLE, INC.
SHARP CARS OF INDY	SOUTHGATE FORD
SHAVER MOTORS OF ALLEN CO INC	SOUTHPORT MOTORS
SHAWNEE MOTORS GROUP	SPACE & ROCKET AUTO SALES
SHEEHAN PONTIAC	SPIRIT CHEVROLET-BUICK INC.
SHEEHY FORD INC	SPIRIT FORD INC
SHELBYVILLE AUTOMOTIVE	SPITZER DODGE
SHERDAN ENTERPRISES LLC	SPITZER MOTOR CITY
SHERIDAN AUTO SALES	SPORT MAZDA
SHERMAN DODGE	SPORTS CENTER IMPORTS INC
SHERWOOD AUTO & CAMPER SALES	ST LOUIS AUTO BROKERS
SHERWOOD OF SALISBURY INC	ST LOUIS CARS & CREDIT INC
SHOALS UNIVERSITY KIA	STANFIELD AUTO SALES
SHOOK AUTO INC	STAR AUTO SALES
SHORELINE AUTO CENTER INC	STAR MOTORS
SHOW ME AUTO MALL INC	STARK AUTO GROUP
SHUTT ENTERPRISES INC	STARK AUTO SALES
SIGN & DRIVE AUTO SALES LLC	STARRS CARS AND TRUCKS, INC
SIGNATURE MOTORS USA LLC	STATE AUT GROUP LLC
SIMPLE AUTO SOLUTIONS LLC	STATE STREET AUTO SALES
SINA AUTO SALES, INC.	STEARNS MOTORS OF NAPLES
SKY AUTOMOTIVE GROUP CORP	STEELE AUTO SALES LLC
SKYLINE MOTORS FO RALEIGH INC	STEPHEN A FINN AUTO BROKER
SMH AUTO	STERLING AUTO SALES
SMITH STOKES CHEV CAD BUICK	STEVE AUSTINS AUTO GROUP INC
SNAP CAR BUYING	STEVE RAYMAN CHEVROLET, LLC
SOLAR AUTO SALES INC	STEWART AUTO GROUP OF
SONS ACURA	STINGRAY CHEVROLET BARTOW LLC
SOURCE AUTOMOTIVE	STL AUTO BROKERS
SOUTH 71 AUTO SALES	STOKES AUTOMOTIVE INC
SOUTH BEACH MOTOR CARS	STOKES BROWN TOYOTA SCION
SOUTH CHARLOTTE PREOWNED AUTO	STOKES HONDA CARS OF BEAUFORT
SOUTH DADE TOYOTA	STOKES KIA

DEALER NAME	DEALER NAME
STOKES MAZDA	TEAM NISSAN OF MARIETTA
STONECREST TOYOTA	TED A REA INC
SUBARU CONCORD	TED’S AUTO SALES, INC.
SUBARU OF KENNESAW LLC	TEMPEST MOTORS
SUBARU OF MCDONOUGH, LLC	TENA AUTOMOTIVE LLC
SUBARU OF PEMBROKE PINES	TENNESSEE AUTO SALES
SUBARU OF PORT RICHEY INC	TENNYSON CHEVROLET, INC.
SUBURBAN AUTO SALES	TERRY LABONTE CHEVROLET
SUBURBAN CHRYSLER JEEP DODGE	TERRY LEE HONDA
SUMMIT CITY CHEVROLET, INC.	TEXON MOTORS LLC
SUMMIT PRE-OWNED OF RALEIGH	THE 3445 CAR STORE, INC.
SUN HONDA	THE AUTO GROUP LLC
SUN TOYOTA	THE AUTO PARK INC
SUNCOAST KIA	THE AUTO STORE
SUNSHINE AUTO BROKERS INC	THE AUTO STORE
SUNSTATE FORD	THE AUTO STORE
SUNTRUP NISSAN VOLKSWAGEN	THE CAR BARN
SUPER AUTO SALES	THE CAR CABANA OF
SUPER AUTO SALES	THE CAR CENTER
SUPER AUTOS MIAMI	THE CAR CENTER, LLC
SUPERIOR ACURA	THE CAR CONNECTION, INC.
SUPERIOR AUTO SALES	THE CAR SHACK
SUPERIOR HYUNDAI SOUTH	THE CAR SHOPPE LLC
SUPERIOR KIA	THE LUXURY AUTOHAUS INC.
SUPERIOR MOTORS	THE TRUCK JUNCTION, INC
SUPERIOR MOTORS NORTH	THOMASVILLE TOYOTA
SUPERIOR PONTIAC BUICK GMC,INC	THORNTON CHEVROLET, INC
SUPERSTORE BUYHERE PAYHERE LLC	THRIFTY CAR SALES
SUSKIS AUTO SALES	THRIFTY OF GRAND RAPIDS
SUTHERLIN NISSAN MALL OF GA.	TIFFIN FORD LINCOLN MERCURY
SUTHERLIN NISSAN OF FT. MYERS	TILLMAN AUTO LLC
SUZUKI OF NASHVILLE	TIM FRENCH SUPER STORES, LLC
SWEENEY BUICK PONTIAC GMC	TIM LALLY CHEVROLET, INC
SWEENEY CHRYSLER DODGE JEEP	TITAN AUTO SALES
TAMIAMI FORD, INC.	TNT AUTO SALES INC
TAMPA HONDALAND	TNT USED AUTO SALES, INC.
TARGET AUTOMOTIVE	TOM BUSH AUTO PLEX
TAYLOR AUTO SALES	TOM GILL CHEVROLET
TAYLOR AUTO SALES INC.	TOM HOLZER FORD
TAYLOR MORGAN INC	TOM KELLEY BUICK GMC PONTIAC
TAYLOR’S AUTO SALES	TOM STENHOUWER AUTO SALES INC
TEAM AUTOMOTIVE	TONY ON WHEELS INC
TEAM CHEVROLET OLDSMOBILE	TONY’S AUTO SALES OF
TEAM HONDA	TOP CAR CHICAGO LLC

DEALER NAME	DEALER NAME
TOP CHOICE AUTO	USA MOTORCARS
TOP GUN AUTO SALES LLC	USED AUTO IMPORTS OF FLORIDA
TOWN & COUNTRY AUTO & TRUCK	USED CAR SUPERMARKET
TOWN & COUNTRY AUTO SALES, LLC	VA CARS INC
TOWN & COUNTRY FORD, INC.	VADEN NISSAN OF STATESBORO
TOWN & COUNTRY SELECT	VAN PAEMEL SALES
TOWN CENTER NISSAN	VANGUARD AUTO CENTER INC
TOWNE EAST AUTO	VANN YORK NISSAN, INC.
TOWNSEND IMPORTS	VANN YORK PONTIAC BUICK GMC
TOYOTA OF ALBANY	VANN YORK PONTIAC, INC.
TOYOTA OF BEDFORD	VANN YORK TOYOTA, INC
TOYOTA OF CINCINNATI CO, INC.	VANS AUTO SALES
TOYOTA OF GOLDSBORO	VANTAGE MOTORS LLC
TOYOTA OF HOLLYWOOD	VARSITY LINCOLN MERCURY
TOYOTA OF MUNCIE	VAS
TOYOTA OF WINTER HAVEN	VELOCITY MOTORS INC
TOYOTA WEST/SCION WEST	VIC CANEVER CHEVROLET INC
TRI-CITY AUTO MART	VICTORIA MOTORS, LLC
TRI-COUNTY CHRYSLER PRODUCTS	VICTORY CHEVROLET LLC
TRINITY AUTOMOTIVE	VICTORY HONDA OF MONROE
TROPICAL AUTO OUTLET	VICTORY NISSAN
TROPICAL AUTO SALES	VILLAGE AUTOMOTIVE
TROY FORD INC	VINCE WHIBBS PONTIAC-GMC
TRUCK TOWN INC	VIP AUTO ENTERPRISES INC
TRYON AUTO MALL	VIP AUTO GROUP, INC.
TWIN CITY CARS INC	VIP AUTO SALES
TWIN CITY NISSAN INC	VIRGINA MOTOR CO.
U.S. AUTO GROUP, INC.	VIZION AUTO
U-DRIVE	VOGUE MOTOR CO INC
U-DRIVE AUTO LLC	VOLVO OF FT. MYERS
UNITED AUTO SALES	WABASH AUTO CARE INC
UNITED MOTOR SPORTS	WADE FORD INC
UNITED SALES AND LEASING, INC	WADE TRUCK & AUTO SALES LLC
UNITED VEHICLE SALES	WADKINS CARS & TRUCKS INC
UNIVERSITY HYUNDAI OF DECATUR	WALDEN AUTOMOTIVE ENTERPRISES
UNIVERSITY MOTORS	WALDORF FORD, INC.
UNIVERSITY NISSAN	WALKER AUTO GROUP
UNLIMITED AUTOMOTIVE	WALKER FORD CO., INC.
UNWIN AUTO SALES LLC	WALT SWEENEY FORD, INC
URBAN AUTO SALES, LLC	WALTERS AUTO SALES AND RENTALS
US 1 CHRYSLER DODGE JEEP	WARSAW BUICK GMC
US MOTORS	WASHINGTON BLVD MOTORS
USA AUTO & LENDING INC	WAYNESVILLE AUTO MART
USA AUTO & TRUCK, INC.	WEINE AUTO SALES EAST

DEALER NAME	DEALER NAME
WEINLE AUTO SALES	WILLETT HONDA SOUTH
WEST CLAY MOTOR COMPANY LLC	WILMINGTON AUTO CENTER
WEST COAST CAR & TRUCK SALES	WINTER PARK AUTO EXCHANGE INC
WEST END AUTO SALES & SERVICE	WORLD AUTO
WEST KENDALL TOYOTA	WORLD AUTO NET INC
WEST SIDE TOYOTA	WORLD AUTO, INC.
WESTSIDE AUTO	WORLD CLASS MOTORS
WESTSIDE MOTOR CO	WORLD FORD STONE MOUNTAIN
WHEEL UNIK AUTOMOTIVE &	WORLEY AUTO SALES
WHEELS & DEALS AUTO SALES	WOW CAR COMPANY
WHEELS & DEALS AUTO SALES OF	XL1 MOTORSPORTS, INC
WHEELS & MOTORS LLC	YADKIN ROAD AUTO MART
WHEELS FOR SALE BY OWNER &	YARK AUTOMOTIVE GROUP, INC
WHEELS MOTOR SALES	YERTON LEASING & AUTO SALES
WHITE FORD CO., INC.	YOUR DEAL AUTOMOTIVE
WHITEWATER MOTOR COMPANY INC	ZAPPIA MOTORS
WHITTEN AUTO CENTER	ZEIGLER CHEVROLET LLC
WHOLESALE DIRECT	ZEIGLER CHRYSLER DODGE JEEP
WILDCAT AUTO SALES

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO RULE 13A-14(A) OF THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Peter L. Vosotas, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nicholas Financial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 12, 2013	/s/ Peter L Vosotas
	Peter L. Vosotas
	President and Chief Executive Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO RULE 13A-14(A) OF THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Ralph T. Finkenbrink certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nicholas Financial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 12, 2013	/s/ Ralph T Finkenbrink
	Ralph T. Finkenbrink
	Senior Vice President and Chief Financial Officer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

Pursuant to 18 U.S.C. § 1350

Solely for the purpose of complying with 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, the undersigned President and Chief Executive Officer of Nicholas Financial, Inc. (the “Company”), hereby certify that the Quarterly Report on Form 10-Q of the Company for the three and six months ended September 30, 2013 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Peter L Vosotas

Peter L. Vosotas

President and Chief Executive Officer

Dated: November 12, 2013

EX-32.2

Exhibit 32.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

Pursuant to 18 U.S.C. § 1350

Solely for the purpose of complying with 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, the undersigned Senior Vice President and Chief Financial Officer of Nicholas Financial, Inc. (the “Company”), hereby certify that the Quarterly Report on Form 10-Q of the Company for the three and six months ended September 30, 2013 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Ralph T Finkenbrink

Ralph T. Finkenbrink

Senior Vice President and Chief Financial Officer

Dated: November 12, 2013

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Interest Rate Swap Agreements (Tables)

6 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of notional amounts of interest rate swaps

	Six months ended September 30,
	2013		2012
Notional amounts at April 1	$	50,000,000	$	—
New contracts		—		50,000,000
Matured contracts		—		—
Notional amounts at September 30	$	50,000,000	$	50,000,000

Schedule of interest rate swap agreements effective date

Date Entered	Effective Date	Notional Amount		Fixed Rate Of Interest			Maturity Date
June 1, 2012	June 13, 2012	$	25,000,000		1.00	%	June 13, 2017
July 30, 2012	August 13, 2012	$	25,000,000		0.87	%	August 14, 2017

Schedule of locations and amounts of losses recognized in income

	Three months ended September 30,				Six months ended September 30,
	2013		2012		2013			2012
Periodic change in fair value of interest rate swap agreements	$	249,616	$	474,019	$	(583,643	)	$	683,120
Periodic settlement differentials included in interest expense		95,725		77,606		189,039			93,424
Total	$	345,341	$	551,625	$	(394,604	)	$	776,544

Schedule of average variable rates received and average fixed rates paid under the swap agreements

	Three months ended September 30,						Six months ended September 30,
	2013			2012			2013			2012
Variable rate received		0.19	%		0.24	%		0.19	%		0.24	%
Fixed rate paid		0.94	%		0.95	%		0.94	%		0.96	%

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Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenue:
Interest and fee income on finance receivables	$ 20,943,161	$ 20,696,241	$ 41,412,533	$ 41,114,198
Sales	5,763	9,180	12,126	18,949
Total Revenue	20,948,924	20,705,421	41,424,659	41,133,147
Expenses:
Cost of sales	2,541	1,809	4,836	5,172
Marketing	363,515	355,498	759,589	729,830
Salaries and employee benefits	4,831,559	4,563,604	9,683,009	9,088,090
Administrative	2,736,298	2,267,648	5,334,949	4,366,586
Provision for credit losses	3,973,104	3,261,721	6,614,895	6,364,987
Dividend tax	69,538	72,042	142,557	132,458
Depreciation	76,819	70,253	152,154	142,720
Interest expense	1,442,898	1,250,231	2,847,804	2,442,371
Change in fair value of interest rate swap agreements	249,616	474,019	(583,643)	683,120
Total operating expenses	13,745,888	12,316,825	24,956,150	23,955,334
Operating income before income taxes	7,203,036	8,388,596	16,468,509	17,177,813
Income tax expense	2,886,484	3,238,458	6,451,464	6,620,219
Net income	$ 4,316,552	$ 5,150,138	$ 10,017,045	$ 10,557,594
Earnings per share:
Basic (in dollars per share)	$ 0.36	$ 0.43	$ 0.83	$ 0.88
Diluted (in dollars per share)	$ 0.35	$ 0.42	$ 0.82	$ 0.87
Dividends declared per share (in dollars per share)	$ 0.12	$ 0.12	$ 0.24	$ 0.22

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Line of Credit

6 Months Ended

Sep. 30, 2013

Line Of Credit Facility [Abstract]

Line of Credit

5. Line of Credit

The Company has an agreement with its consortium of lenders for a line of credit facility (the “Line”) for an amount of $150,000,000. In December 2012, the Company executed an amendment to the Line that extends the maturity date to November 30, 2014. The pricing of the Line is 300 basis points above 30-day LIBOR with a 1% floor on LIBOR (4.00% at September 30, 2013 and March 31, 2013). Pledged as collateral for this credit facility are all of the assets of the Company. The outstanding amount of the credit facility was approximately $131,000,000 and $125,500,000 as of September 30, 2013 and March 31, 2013, respectively. The amount available under the line of credit was approximately $19,000,000 and $24,500,000 as of September 30, 2013 and March 31, 2013, respectively.

The facility requires compliance with certain financial ratios and covenants and satisfaction of specified financial tests, including maintenance of asset quality and performance tests. Dividends do not require consent in writing by the agent and majority lenders under the new facility as long as the Company is in compliance with a net income covenant. As of September 30, 2013, the Company was in full compliance with all debt covenants.

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Earnings Per Share - Basic and diluted earnings per share (Details) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share [Abstract]
Numerator for earnings per share - net income	$ 4,316,552	$ 5,150,138	$ 10,017,045	$ 10,557,594
Denominator:
Denominator for basic earnings per share - weighted average shares	12,092,246	11,963,596	12,078,703	11,956,362
Effect of dilutive securities:
Stock options and other share awards	222,995	218,469	194,879	232,939
Denominator for diluted earnings per share	12,315,241	12,182,065	12,273,582	12,189,301
Earnings per share:
Basic (in dollars per share)	$ 0.36	$ 0.43	$ 0.83	$ 0.88
Diluted (in dollars per share)	$ 0.35	$ 0.42	$ 0.82	$ 0.87

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Fair Value Disclosures (Tables)

6 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities recorded at fair value on a recurring basis

	Fair Value Measurement Using
Description	Level 1		Level 2			Level 3		Fair Value
Interest rate swap agreements:
September 30, 2013:
Effective June 13, 2012	$	—	$	135,245		$	—	$	135,245
Effective August 13, 2012	$	—	$	(56,454	)	$	—	$	(56,454	)
March 31, 2013	$	—	$	(504,852	)	$	—	$	(504,852	)

Schedule of financial instruments not measured at fair value

	Fair Value Measurement Using
Description	Level 1		Level 2		Level 3		Fair Value
Finance receivables:
September 30, 2013	$	—	$	—	$	260,494,000	$	260,494,000
March 31, 2013	$	—	$	—	$	249,826,000	$	249,826,000
Line of credit:
September 30, 2013	$	—	$	131,000,000	$	—	$	131,000,000
March 31, 2013	$	—	$	125,500,000	$	—	$	125,500,000

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Interest Rate Swap Agreements - Summary of variable rates received and fixed rates paid under swap (Details 3) (Swap)	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Swap
Derivative [Line Items]
Variable rate received	0.19%	0.24%	0.19%	0.24%
Fixed rate paid	0.94%	0.95%	0.94%	0.96%

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Finance Receivables - Summary of reconciliation of changes in allowance for credit losses on contracts (Details 1) (USD $)	3 Months Ended		6 Months Ended				3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013 Finance receivables	Mar. 31, 2013 Finance receivables	Sep. 30, 2013 Finance receivables Contracts	Sep. 30, 2012 Finance receivables Contracts	Sep. 30, 2013 Finance receivables Contracts	Sep. 30, 2012 Finance receivables Contracts
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period					$ 14,138,637	$ 16,558,569	$ 14,811,173	$ 19,641,656	$ 16,090,652	$ 19,499,208
Current period provision	3,973,104	3,261,721	6,614,895	6,364,987			3,873,216	3,246,998	6,367,646	6,260,674
Losses absorbed							(6,029,363)	(5,295,524)	(10,678,339)	(8,955,368)
Recoveries							823,996	763,687	1,699,063	1,552,303
Balance at end of period					$ 14,138,637	$ 16,558,569	$ 13,479,022	$ 18,356,817	$ 13,479,022	$ 18,356,817

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Finance Receivables - Summary of contracts included in finance receivables (Details) (USD $)	Sep. 30, 2013	Mar. 31, 2013	Sep. 30, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, net	$ 260,494,081	$ 249,825,801	$ 248,013,051
Finance receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables, gross contract	410,717,491	395,721,730
Unearned interest	(119,230,463)	(112,922,191)
Finance receivables, net of unearned interest	291,487,028	282,799,539
Unearned dealer discounts	(16,854,310)	(16,415,169)
Finance receivables, net of unearned interest and unearned dealer discounts	274,632,718	266,384,370
Allowance for credit losses	(14,138,637)	(16,558,569)
Finance receivables, net	$ 260,494,081	$ 249,825,801

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Line of Credit (Detail Textuals) (Line of credit facility, USD $)	6 Months Ended
	Sep. 30, 2013	Mar. 31, 2013
Line of credit facility
Line of Credit Facility [Line Items]
Line of credit facility amount	$ 150,000,000
Debt instrument basis spread on variable rate	3.00%
Interest rate	4.00%	4.00%
Floor on LIBOR rate	1.00%
Outstanding amount of the credit facility	131,000,000	125,500,000
Amount available under the line of credit	$ 19,000,000	$ 24,500,000
Debt instrument description of variable rate basis	30-day LIBOR

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Fair Value Disclosures - Summary of financial instruments not measured at fair value (Details 1) (USD $)	Sep. 30, 2013	Mar. 31, 2013
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables
Line of credit
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables
Line of credit	131,000,000	125,500,000
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables	260,494,000	249,826,000
Line of credit
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables	260,494,000	249,826,000
Line of credit	$ 131,000,000	$ 125,500,000

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Finance Receivables (Detail Textuals) (USD $)								6 Months Ended				6 Months Ended
	Sep. 30, 2013	Mar. 31, 2013	Sep. 30, 2012	Sep. 30, 2013 Finance receivables	Mar. 31, 2013 Finance receivables	Sep. 30, 2013 Finance receivables Contracts	Mar. 31, 2013 Finance receivables Contracts	Sep. 30, 2013 Finance receivables Contracts Minimum	Sep. 30, 2013 Finance receivables Contracts Maximum	Sep. 30, 2013 Finance receivables Direct Loans	Mar. 31, 2013 Finance receivables Direct Loans	Sep. 30, 2013 Finance receivables Direct Loans Minimum	Sep. 30, 2013 Finance receivables Direct Loans Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Initial term of the indirect finance receivables								12 months	72 months
Initial term of the direct finance receivables												6 months	48 months
Weighted average interest rate of receivables						23.17%	23.31%			26.05%	25.84%
Finance receivables, net	$ 260,494,081	$ 249,825,801	$ 248,013,051	$ 260,494,081	$ 249,825,801							$ 1,000	$ 8,000
Percentage of direct loan to the total loan portfolio										3.00%

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Earnings Per Share (Detail Textuals) (Stock options)	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common stock from stock options	10,000	124,200	78,600	124,200

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Basis of Presentation

6 Months Ended

Sep. 30, 2013

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Basis of Presentation

1. Basis of Presentation

The accompanying consolidated balance sheet as of March 31, 2013, which has been derived from audited financial statements, and the accompanying unaudited interim consolidated financial statements of Nicholas Financial, Inc. (including its subsidiaries, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q pursuant to the Securities and Exchange Act of 1934, as amended in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements, although the Company believes that the disclosures made are adequate to ensure the information is not misleading. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year ending March 31, 2014. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2013 as filed with the Securities and Exchange Commission on June 14, 2013. The March 31, 2013 consolidated balance sheet included herein has been derived from the March 31, 2013 audited consolidated balance sheet included in the aforementioned Form 10-K.

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses on finance receivables and the fair value of interest rate swap agreements.

As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended March 31, 2013, the Company made error corrections for departures from U.S. GAAP and revised previously reported amounts. One of the corrections is related to the accounting treatment for dealer discounts. A dealer discount represents the difference between the amount of a finance receivable, net of unearned interest, based on the terms of a Contract with the borrower, and the amount of money the Company actually pays the dealer for the Contract. Prior to the correction, Contracts were recorded at the net initial investment with the gross Contract balance recorded offset by the dealer discounts which were recorded as an allowance for credit losses for the acquired Contracts. The Company determined that this accounting treatment was incorrect as U.S. GAAP prohibits carrying over valuation allowances in the initial accounting for acquired loans. Accordingly, the Company has now applied an acceptable method under U.S. GAAP, deferring and netting dealer discounts against finance receivables as unearned discounts, and recognizing dealer discounts into income as an adjustment to yield over the life of the loan using the interest method.

The allowance for loan losses is now established solely through charges to earnings through the provision for credit losses. The Company has evaluated the significance of the departure from U.S. GAAP to the consolidated financial statements. Under both the former accounting policy and U.S. GAAP, the dealer discount remains a reduction of gross finance receivables in arriving at the carrying amount of finance receivables, net. Accordingly, finance receivables continue to be initially recorded at the net initial investment at the time of purchase. Subsequently, the allowance for credit losses is maintained at an amount that reduces the net carrying amount of finance receivables. The change in this accounting presentation does not result in a change to the net carrying amount of finance receivables or to net income as historical losses incurred, and estimated incurred losses as of the balance sheet date, are generally in excess of the original dealer discount. The removal of the dealer discount from the allowance requires an equal replacement of provision expense as that portion of the allowance is necessary to absorb probable incurred losses. This correction also did not have an impact on previously reported assets, liabilities, working capital, equity, earnings, or cash flows.

The second correction related to the accounting treatment and presentation of certain fees charged to dealers and costs incurred in purchasing loans from dealers. The costs related principally to evaluating borrowers subject to Contracts in relation to the Company’s underwriting guidelines in making a determination to acquire Contracts. Prior to the correction, fees charged to dealers were reduced by certain costs incurred to purchase Contracts, deferred on a net basis and then amortized into income over the lives of the loans using the interest method. Under U.S. GAAP, the fees charged to dealers are considered to be a part of the unearned dealer discount as they are a determinant of the net amount of cash paid to the dealer. Further, U.S. GAAP specifies that costs incurred in connection with acquiring purchased loans or committing to purchase loans shall be charged to expense as incurred. Such costs do not qualify as origination costs to be deferred as the Contracts have already been originated by the dealers. 

The Company evaluated the significance of the departures from U.S. GAAP to the consolidated financial statements. After an adjustment to beginning equity and the opening balance of unearned dealer discounts, net of tax, for the initial period presented, there is a limited effect on earnings and no impact on cash flows.

The changes to consolidated financial statement captions and earnings per share, if any, are as follows:

Consolidated Balance Sheet	September 30, 2012 as Reported		Correction			September 30, 2012 as Corrected
Finance receivables, net	$	249,072,304	$	(1,059,253	)	$	248,013,051
Deferred income taxes		8,089,112		405,483			8,494,595
Retained earnings, September 30, 2012		115,399,320		(653,770	)		114,745,550

Consolidated Statements of Income – Three months ended September 30, 2012	Three months ended September 30, 2012 as Reported		Correction			Three months ended September 30, 2012 as Corrected
Interest and fee income on finance receivables	$	17,761,998	$	2,934,243		$	20,696,241
Provision for credit losses		308,340		2,953,381			3,261,721
Operating income		8,407,734		(19,138	)		8,388,596
Income tax expense		3,245,784		(7,326	)		3,238,458
Net income		5,161,950		(11,812	)		5,150,138
Earnings per share – basic		0.43		—			0.43
Earnings per share – diluted		0.42		—			0.42

Consolidated Statements of Income – Six months ended September 30, 2012	Six months ended September 30, 2012 as Reported		Correction		Six months ended September 30, 2012 as Corrected
Interest and fee income on finance receivables	$	35,032,086	$	6,082,112	$	41,114,198
Provision for credit losses		318,712		6,046,275		6,364,987
Operating income		17,141,976		35,837		17,177,813
Income tax expense		6,606,501		13,718		6,620,219
Net income		10,535,475		22,119		10,557,594
Earnings per share – basic		0.88		—		0.88
Earnings per share – diluted		0.86		0.01		0.87

Consolidated Statements of Cash Flows (Operating Activities)	Six months ended September 30, 2012 as Reported		Correction			Six months ended September 30, 2012 as Corrected
Net income	$	10,535,475	$	22,119		$	10,557,594
Provision for credit losses		318,712		6,046,275			6,364,987
Deferred income taxes		614,987		13,718			628,705
Amortization of dealer discounts		—		(6,082,112	)		(6,082,112	)
Net cash provided by operating activities		12,736,379		—			12,736,379

In addition the Company has corrected these errors in the finance receivables disclosure in Note 4. The following table sets forth a reconciliation of the changes in the allowance for credit losses on Contracts:

	Three months ended September 30, 2012 as Reported			Correction			Three months ended September 30, 2012 as Corrected
Balance at beginning of year	$	35,645,655		$	(16,003,999	)	$	19,641,656
Discounts acquired on new volume		2,843,382			(2,843,382	)		—
Provision for credit losses		293,618			2,953,380			3,246,998
Losses absorbed		(5,295,524	)		—			(5,295,524	)
Recoveries		763,687			—			763,687
Discounts accreted		(150,157	)		150,157			—
Balance at end of year	$	34,100,661		$	(15,743,844	)	$	18,356,817

	Six months ended September 30, 2012 as Reported			Correction			Six months ended September 30, 2012 as Corrected
Balance at beginning of year	$	35,495,684		$	(15,996,476	)	$	19,499,208
Discounts acquired on new volume		5,944,320			(5,944,320	)		—
Provision for credit losses		214,400			6,046,274			6,260,674
Losses absorbed		(8,955,368	)		—			(8,955,368	)
Recoveries		1,552,303			—			1,552,303
Discounts accreted		(150,678	)		150,678			—
Balance at end of year	$	34,100,661		$	(15,743,844	)	$	18,356,817

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Earnings Per Share

6 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

3. Earnings Per Share

Basic earnings per share is calculated by dividing the reported net income for the period by the weighted average number of shares of common stock outstanding. Diluted earnings per share includes the effect of dilutive options and other share awards. Basic and diluted earnings per share have been computed as follows:

	Three months ended September 30,				Six months ended September 30,
	2013		2012		2013		2012
Numerator for earnings per share – net income	$	4,316,552	$	5,150,138	$	10,017,045	$	10,557,594
Denominator:
Denominator for basic earnings per share – weighted average shares		12,092,246		11,963,596		12,078,703		11,956,362
Effect of dilutive securities:
Stock options and other share awards		222,995		218,469		194,879		232,939
Denominator for diluted earnings per share		12,315,241		12,182,065		12,273,582		12,189,301
Earnings per share:
Basic	$	0.36	$	0.43	$	0.83	$	0.88
Diluted	$	0.35	$	0.42	$	0.82	$	0.87

For the three months ended September 30, 2013 and 2012, potential common stock from stock options totaling 10,000 and 124,200, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive. For the six months ended September 30, 2013 and 2012 potential common stock from stock options totaling 78,600 and 124,200, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive.

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Interest Rate Swap Agreements

6 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Swap Agreements

6. Interest Rate Swap Agreements

The Company utilizes interest rate swap agreements to manage exposure to variability in expected cash flows attributable to interest rate risk. The interest rate swap agreements convert a portion of the floating rate debt to a fixed rate, more closely matching the interest rate characteristics of finance receivables.

The following table summarizes the activity in the notional amounts of interest rate swap agreements:

	Six months ended September 30,
	2013		2012
Notional amounts at April 1	$	50,000,000	$	—
New contracts		—		50,000,000
Matured contracts		—		—
Notional amounts at September 30	$	50,000,000	$	50,000,000

Interest rate swap agreements effective as of September 30, 2013 and during the three and six months ended September 30, 2013 and 2012 are detailed as follows:

Date Entered	Effective Date	Notional Amount		Fixed Rate Of Interest			Maturity Date
June 1, 2012	June 13, 2012	$	25,000,000		1.00	%	June 13, 2017
July 30, 2012	August 13, 2012	$	25,000,000		0.87	%	August 14, 2017

The interest rate swap agreements are not designated as hedges. The changes in the fair value of interest of interest rate swaps (unrealized gains and losses) are recorded in earnings. The Company does not use interest rate swap agreements for speculative purposes. Such instruments continue to be intended for use as ecomonic hedges.

The locations and amounts of (gains) losses in income are as follows:

	Three months ended September 30,				Six months ended September 30,
	2013		2012		2013			2012
Periodic change in fair value of interest rate swap agreements	$	249,616	$	474,019	$	(583,643	)	$	683,120
Periodic settlement differentials included in interest expense		95,725		77,606		189,039			93,424
Total	$	345,341	$	551,625	$	(394,604	)	$	776,544

The Company recorded realized losses from the swap agreements in the interest expense line item of the consolidated statement of income. The following table summarizes the variable rate received and fixed rate paid under the swap agreements.

	Three months ended September 30,						Six months ended September 30,
	2013			2012			2013			2012
Variable rate received		0.19	%		0.24	%		0.19	%		0.24	%
Fixed rate paid		0.94	%		0.95	%		0.94	%		0.96	%

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Finance Receivables

6 Months Ended

Sep. 30, 2013

Receivables [Abstract]

Finance Receivables

4. Finance Receivables

Finance receivables consist of automobile finance installment Contracts and Direct Loans and are detailed as follows:

	September 30,			March 31,
	2013			2013
Finance receivables, gross contract	$	410,717,491		$	395,721,730
Unearned interest		(119,230,463	)		(112,922,191	)
Finance receivables, net of unearned interest		291,487,028			282,799,539
Unearned dealer discounts		(16,854,310	)		(16,415,169	)
Finance receivables, net of unearned interest and unearned dealer discounts		274,632,718			266,384,370
Allowance for credit losses		(14,138,637	)		(16,558,569	)
Finance receivables, net	$	260,494,081		$	249,825,801

The terms of the Contracts range from 12 to 72 months and the Direct Loans range from 6 to 48 months. The Contracts and Direct Loans bear a weighted average effective interest rate of 23.17% and 26.05% as of September 30, 2013, respectively and 23.31% and 25.84% as of March 31, 2013, respectively.

Finance receivables consist of Contracts and Direct Loans, each of which comprises a portfolio segment. Each portfolio segment consists of smaller balance homogeneous loans which are collectively evaluated for impairment.

The following table sets forth a reconciliation of the changes in the allowance for credit losses on Contracts:

	Three months ended September 30,						Six months ended September 30,
	2013			2012			2013			2012
Balance at beginning of period	$	14,811,173		$	19,641,656		$	16,090,652		$	19,499,208
Current period provision		3,873,216			3,246,998			6,367,646			6,260,674
Losses absorbed		(6,029,363	)		(5,295,524	)		(10,678,339	)		(8,955,368	)
Recoveries		823,996			763,687			1,699,063			1,552,303
Balance at end of period	$	13,479,022		$	18,356,817		$	13,479,022		$	18,356,817

The Company purchases Contracts from automobile dealers at a negotiated price that is less than the original principal amount being financed by the purchaser of the automobile. The Contracts are predominately for used vehicles. As of September 30, 2013, the average model year of vehicles collateralizing the portfolio was a 2005 vehicle. The average loan to value ratio, which expresses the amount of the Contract as a percentage of the value of the automobile, is approximately 93%. The Company utilizes a static pool approach to track portfolio performance. If the allowance for credit losses is determined to be inadequate for a static pool, then an additional charge to income through the provision is used to maintain adequate reserves based on management’s evaluation of the risk inherent in the loan portfolio, the composition of the portfolio, and current economic conditions. Such evaluation, considers among other matters, the estimated net realizable value or the fair value of the underlying collateral, economic conditions, historical loan loss experience, management’s estimate of probable credit losses and other factors that warrant recognition in providing for an adequate allowance for credit losses. In determining the provision and allowance for credit losses, we consider the reduction in the net carrying amount of finance receivables resulting from dealer discounts.

The following table sets forth a reconciliation of the changes in the allowance for credit losses on Direct Loans:

	Three months ended September 30,						Six months ended September 30,
	2013			2012			2013			2012
Balance at beginning of period	$	591,881		$	561,803		$	467,917		$	492,184
Current period provision		99,888			14,723			247,249			104,313
Losses absorbed		(42,987	)		(49,103	)		(70,573	)		(74,195	)
Recoveries		10,833			3,678			15,022			8,799
Balance at end of period	$	659,615		$	531,101		$	659,615		$	531,101

Direct Loans are originated directly between the Company and the consumer. These loans are typically for amounts ranging from $1,000 to $8,000 and are generally secured by a lien on an automobile, watercraft or other permissible tangible personal property. The majority of Direct Loans are originated with current or former customers under the Company’s automobile financing program. The typical Direct Loan represents a significantly better credit risk than our typical Contract due to the customer’s historical payment history with the Company. In deciding whether or not to make a loan, the Company considers the individual’s credit history, job stability, income and impressions created during a personal interview with a Company loan officer. Additionally, because most of Direct Loans made by the Company to date have been made to borrowers under Contracts previously purchased by the Company, the payment history of the borrower under the Contract is a significant factor in making the loan decision. As of September 30, 2013, loans made by the Company pursuant to its Direct Loan program constituted approximately 3% of the aggregate principal amount of the Company’s loan portfolio.

Changes in the allowance for credit losses for both Contracts and Direct Loans were driven by current economic conditions and trends over several reporting periods which are useful in estimating future losses and overall portfolio performance.

A performing account is defined as an account that is less than 61 days past due. A non-performing account is defined as an account that is contractually delinquent for 61 days or more and the accrual of interest income is suspended. When an account is 120 days contractually delinquent, the account is written off. Effective April 1, 2013, the Company changed its policy in regards to bankrupt accounts. Prior to April 1, 2013 the Company would charge-off the entire principal balance of a bankrupt account in the month following confirmation from the bankruptcy court. Subsequent to the charge-off the Company would collect monthly payments from the bankruptcy court recording the recovery payments and reducing charge-off totals in the month collected. Under the new method, the Company no longer charges off the entire principal balance at the time of bankruptcy. Upon notification of a bankruptcy, an account is monitored for collection with other bankrupt accounts. In the event the debtors balance has been reduced by the bankruptcy court, the Company will record a loss equal to the amount of principal balance reduction. The remaining balance will be reduced as payments are received by the bankruptcy court. In the event an account is dismissed from bankruptcy, the Company will decide, based on several factors, to begin repossession proceedings to allow the customer to begin making regularly scheduled payments. This approach to bankrupt accounts aligns the Company with typical industry practice.

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

	September 30, 2013				March 31, 2013
	Contracts		Direct Loans		Contracts		Direct Loans
Non-bankrupt accounts	$	397,098,910	$	10,614,301	$	386,324,594	$	5,721,768
Bankrupt accounts		2,994,649		9,631		615,499		—
Total	$	400,093,559	$	10,623,932	$	386,940,093	$	5,721,768
Performing accounts	$	393,086,994	$	10,555,451	$	382,843,130	$	5,685,981
Non-performing accounts		7,006,565		68,481		4,096,963		35,787
Total	$	400,093,559	$	10,623,932	$	386,940,093	$	5,721,768

The following tables present certain information regarding the delinquency rates experienced by the Company with respect to Contracts and under its Direct Loans:

			Delinquencies
Contracts	Gross Balance Outstanding		31 – 60 days			61 – 90 days			Over 90 days			Total
September 30, 2013	$	400,093,559	$	15,756,362		$	3,239,528		$	3,767,037		$	22,762,927
				3.94	%		0.81	%		0.94	%		5.69	%
September 30, 2012	$	388,783,924	$	15,310,139		$	3,879,087		$	1,739,015		$	20,928,241
				3.94	%		1.00	%		0.44	%		5.38	%

Direct Loans	Gross Balance Outstanding		31 – 60 days			61 – 90 days			Over 90 days			Total
September 30, 2013	$	10,623,932	$	104,983		$	37,604		$	30,877		$	173,464
				0.99	%		0.35	%		0.29	%		1.63	%
September 30, 2012	$	8,075,902	$	94,770		$	6,822		$	11,024		$	112,616
				1.17	%		0.08	%		0.14	%		1.39	%

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Fair Value Disclosures (Detail Textuals) (Finance receivables)	6 Months Ended
	Sep. 30, 2013
Contracts | Minimum
Financial Instruments Not Measured At Fair Value [Line Items]
Initial term of the indirect finance receivables	12 months
Contracts | Maximum
Financial Instruments Not Measured At Fair Value [Line Items]
Initial term of the indirect finance receivables	72 months
Direct Loans | Minimum
Financial Instruments Not Measured At Fair Value [Line Items]
Initial term of the direct finance receivables	6 months
Direct Loans | Maximum
Financial Instruments Not Measured At Fair Value [Line Items]
Initial term of the direct finance receivables	48 months

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Finance Receivables - Reconciliation of changes in allowance for credit losses on direct loans (Details 2) (USD $)	3 Months Ended		6 Months Ended				3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013 Finance receivables	Mar. 31, 2013 Finance receivables	Sep. 30, 2013 Finance receivables Direct Loans	Sep. 30, 2012 Finance receivables Direct Loans	Sep. 30, 2013 Finance receivables Direct Loans	Sep. 30, 2012 Finance receivables Direct Loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period					$ 14,138,637	$ 16,558,569	$ 591,881	$ 561,803	$ 467,917	$ 492,184
Current period provision	3,973,104	3,261,721	6,614,895	6,364,987			99,888	14,723	247,249	104,313
Losses absorbed							(42,987)	(49,103)	(70,573)	(74,195)
Recoveries							10,833	3,678	15,022	8,799
Balance at end of period					$ 14,138,637	$ 16,558,569	$ 659,615	$ 531,101	$ 659,615	$ 531,101

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Finance Receivables (Detail Textuals 1) (Finance receivables, Contracts)	6 Months Ended
	Sep. 30, 2013
Finance receivables | Contracts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of average wholesale value of automobile	93.00%

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Interest Rate Swap Agreements - Summary of locations and amounts of gains (losses) in income (Details 2) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Periodic change in fair value of interest rate swap agreements	$ 249,616	$ 474,019	$ (583,643)	$ 683,120
Periodic settlement differentials included in interest expense	95,725	77,606	189,039	93,424
Total	$ 345,341	$ 551,625	$ (394,604)	$ 776,544

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Consolidated Balance Sheets (Parentheticals) (USD $)	Sep. 30, 2013	Mar. 31, 2013
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Common stock, par value (in dollars per share)
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	12,198,279	12,154,069
Common stock, shares outstanding	12,198,279	12,154,069

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Basis of Presentation (Tables)

6 Months Ended

Sep. 30, 2013

Schedule of error corrections and prior period adjustments

Consolidated Balance Sheet	September 30, 2012 as Reported		Correction			September 30, 2012 as Corrected
Finance receivables, net	$	249,072,304	$	(1,059,253	)	$	248,013,051
Deferred income taxes		8,089,112		405,483			8,494,595
Retained earnings, September 30, 2012		115,399,320		(653,770	)		114,745,550

Consolidated Statements of Income – Three months ended September 30, 2012	Three months ended September 30, 2012 as Reported		Correction			Three months ended September 30, 2012 as Corrected
Interest and fee income on finance receivables	$	17,761,998	$	2,934,243		$	20,696,241
Provision for credit losses		308,340		2,953,381			3,261,721
Operating income		8,407,734		(19,138	)		8,388,596
Income tax expense		3,245,784		(7,326	)		3,238,458
Net income		5,161,950		(11,812	)		5,150,138
Earnings per share – basic		0.43		—			0.43
Earnings per share – diluted		0.42		—			0.42

Consolidated Statements of Income – Six months ended September 30, 2012	Six months ended September 30, 2012 as Reported		Correction		Six months ended September 30, 2012 as Corrected
Interest and fee income on finance receivables	$	35,032,086	$	6,082,112	$	41,114,198
Provision for credit losses		318,712		6,046,275		6,364,987
Operating income		17,141,976		35,837		17,177,813
Income tax expense		6,606,501		13,718		6,620,219
Net income		10,535,475		22,119		10,557,594
Earnings per share – basic		0.88		—		0.88
Earnings per share – diluted		0.86		0.01		0.87

Consolidated Statements of Cash Flows (Operating Activities)	Six months ended September 30, 2012 as Reported		Correction			Six months ended September 30, 2012 as Corrected
Net income	$	10,535,475	$	22,119		$	10,557,594
Provision for credit losses		318,712		6,046,275			6,364,987
Deferred income taxes		614,987		13,718			628,705
Amortization of dealer discounts		—		(6,082,112	)		(6,082,112	)
Net cash provided by operating activities		12,736,379		—			12,736,379

Reconciliation Allowance For Credit Loss | Contracts

Schedule of error corrections and prior period adjustments

	Three months ended September 30, 2012 as Reported			Correction			Three months ended September 30, 2012 as Corrected
Balance at beginning of year	$	35,645,655		$	(16,003,999	)	$	19,641,656
Discounts acquired on new volume		2,843,382			(2,843,382	)		—
Provision for credit losses		293,618			2,953,380			3,246,998
Losses absorbed		(5,295,524	)		—			(5,295,524	)
Recoveries		763,687			—			763,687
Discounts accreted		(150,157	)		150,157			—
Balance at end of year	$	34,100,661		$	(15,743,844	)	$	18,356,817

	Six months ended September 30, 2012 as Reported			Correction			Six months ended September 30, 2012 as Corrected
Balance at beginning of year	$	35,495,684		$	(15,996,476	)	$	19,499,208
Discounts acquired on new volume		5,944,320			(5,944,320	)		—
Provision for credit losses		214,400			6,046,274			6,260,674
Losses absorbed		(8,955,368	)		—			(8,955,368	)
Recoveries		1,552,303			—			1,552,303
Discounts accreted		(150,678	)		150,678			—
Balance at end of year	$	34,100,661		$	(15,743,844	)	$	18,356,817

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Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities
Net income	$ 10,017,045	$ 10,557,594
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	152,154	142,720
Gain on sale of property and equipment	(21,800)	(5,615)
Provision for credit losses	6,614,895	6,364,987
Amortization of dealer discounts	(6,108,055)	(6,082,112)
Deferred income taxes	1,215,453	628,705
Share-based compensation	261,444	575,404
Change in fair value of interest rate swap agreements	(583,643)	683,120
Changes in operating assets and liabilities:
Prepaid expenses and other assets	58,596	201,685
Accounts payable and accrued expenses	(596,685)	408,383
Income taxes receivable	(744,168)	(785,353)
Deferred revenues	506,462	46,861
Net cash provided by operating activities	10,771,698	12,736,379
Cash flows from investing activities
Purchase and origination of finance receivables	(78,220,371)	(71,122,887)
Principal payments received	67,045,251	64,080,392
Increase in assets held for resale	(808,697)	(268,649)
Purchase of property and equipment	(178,912)	(149,566)
Proceeds from sale of property and equipment	40,781	6,670
Net cash used in investing activities	(12,121,948)	(7,454,040)
Cash flows from financing activities
Net draws on or repayment from line of credit	5,500,000	(2,000,000)
Change in drafts payable	22,590	(37,216)
Payment of cash dividends	(2,851,126)	(2,649,163)
Proceeds from exercise of stock options	217,673	220,136
Excess tax benefits from exercise of stock options and vesting of other share awards	137,079	103,400
Net cash provided (used) by financing activities	3,026,216	(4,362,843)
Net increase in cash	1,675,966	919,496
Cash, beginning of period	2,797,716	2,803,054
Cash, end of period	$ 4,473,682	$ 3,722,550

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Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Mar. 31, 2013
Assets
Cash	$ 4,473,682	$ 2,797,716
Finance receivables, net	260,494,081	249,825,801
Assets held for resale	2,012,361	1,203,664
Income taxes receivable	847,167	102,999
Prepaid expenses and other assets	678,150	736,746
Property and equipment, net	749,358	741,581
Interest rate swap agreements	135,245
Deferred income taxes	7,211,508	8,426,961
Total assets	276,601,552	263,835,468
Liabilities and shareholders' equity
Line of credit	131,000,000	125,500,000
Drafts payable	2,118,901	2,096,311
Accounts payable and accrued expenses	6,808,894	7,405,579
Interest rate swap agreements	56,454	504,852
Deferred revenues	1,870,092	1,363,630
Total liabilities	141,854,341	136,870,372
Shareholders' equity
Preferred stock, no par: 5,000,000 shares authorized; none issued
Common stock, no par: 50,000,000 shares authorized; 12,198,279 and 12,154,069 shares issued and outstanding, respectively	30,647,744	30,031,548
Retained earnings	104,099,467	96,933,548
Total shareholders' equity	134,747,211	126,965,096
Total liabilities and shareholders' equity	$ 276,601,552	$ 263,835,468

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Finance Receivables - Assessment of credit quality by creditworthiness (Details 3) (Finance receivables, USD $)	Sep. 30, 2013	Mar. 31, 2013	Sep. 30, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 410,717,491	$ 395,721,730
Contracts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	400,093,559	386,940,093	388,783,924
Contracts | Non-bankrupt accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	397,098,910	386,324,594
Contracts | Bankrupt accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	2,994,649	615,499
Contracts | Performing accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	393,086,994	382,843,130
Contracts | Non-performing accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	7,006,565	4,096,963
Direct Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	10,623,932	5,721,768	8,075,902
Direct Loans | Non-bankrupt accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	10,614,301	5,721,768
Direct Loans | Bankrupt accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	9,631
Direct Loans | Performing accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	10,555,451	5,685,981
Direct Loans | Non-performing accounts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 68,481	$ 35,787

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Revenue Recognition (Detail Textuals) (USD $)	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Mar. 31, 2013
Deferred Revenue Arrangement [Line Items]
Average dealer discount associated with new volume	8.43%	8.57%
Minimum term of suspension on finance receivables	60 days
Amount of gross finance receivables not accruing interest	$ 7,075,000		$ 4,132,000
Nicholas Data Services, Inc.
Deferred Revenue Arrangement [Line Items]
Percentage of revenues	1.00%

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Fair Value Disclosures - Assets and liabilities recorded at fair value on recurring basis (Details) (Recurring Basis, USD $)	Mar. 31, 2013	Aug. 13, 2012	Jun. 13, 2012
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements	(504,852)	(56,454)	135,245
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements	$ (504,852)	$ (56,454)	$ 135,245

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Interest Rate Swap Agreements - Summary of activity in company's notional amounts of interest rate swap agreements (Details) (Interest Rate Swap, USD $)	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Interest Rate Swap
Derivatives Fair Value [Roll Forward]
Notional amounts at April 1	$ 50,000,000
New contracts		50,000,000
Matured contracts
Notional amounts at September 30	$ 50,000,000	$ 50,000,000

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Interest Rate Swap Agreements - Summary of interest rate swap agreements (Details 1) (Interest Rate Swap, USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Fixed rate of interest 1.00%
Derivatives, Fair Value [Line Items]
Date Entered	Jun. 01, 2012	Jun. 01, 2012	Jul. 01, 2012	Jun. 01, 2012
Effective Date	Jun. 13, 2012	Jun. 13, 2012	Jun. 13, 2012	Jun. 13, 2012
Notional Amount	$ 25,000,000	$ 25,000,000	$ 25,000,000	$ 25,000,000
Fixed Rate Of Interest	1.00%	1.00%	1.00%	1.00%
Maturity Date	Jun. 13, 2017	Jun. 13, 2017	Jun. 13, 2017	Jun. 13, 2017
Fixed rate of interest 0.87%
Derivatives, Fair Value [Line Items]
Date Entered	Jul. 30, 2012	Jul. 30, 2012	Jul. 30, 2012	Jul. 30, 2012
Effective Date	Aug. 13, 2012	Aug. 13, 2012	Aug. 13, 2012	Aug. 13, 2012
Notional Amount	$ 25,000,000	$ 25,000,000	$ 25,000,000	$ 25,000,000
Fixed Rate Of Interest	0.87%	0.87%	0.87%	0.87%
Maturity Date	Aug. 14, 2017	Aug. 14, 2017	Aug. 14, 2017	Aug. 14, 2017

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Cash Dividend

6 Months Ended

Sep. 30, 2013

Dividends [Abstract]

Cash Dividend

8. Cash Dividend

Dividends recorded during the six months ended September 30, 2013 and 2012 were declared and paid as follows. On May 7, 2013 the Board of Directors announced a quarterly cash dividend equal to $0.12 per common share, to be paid on June 28, 2013 to shareholders of record as of June 21, 2013. On August 13, 2013 the Board of Directors announced a quarterly cash dividend equal to $0.12 per common share, to be paid on September 27, 2013 to shareholders of record as of September 20, 2013. On May 2, 2012, the Company’s Board of Directors announced a quarterly cash dividend of $0.10 to be paid on June 6, 2012. On August 7, 2012 the Board of Directors declared a quarterly dividend equal to $0.12 per common share, to be paid on September 6, 2012 to shareholders of record as of August 30, 2012.

Payment of cash dividends results in a 5% withholding tax payable by the Company under the Canada-United States Income Tax Convention which is included in earnings under the caption of dividend tax.

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Finance Receivables - Information regarding delinquency rates with respect to contracts and direct loans (Details 4) (Finance receivables, USD $)	Sep. 30, 2013	Mar. 31, 2013	Sep. 30, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Balance Outstanding	$ 410,717,491	$ 395,721,730
Contracts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Balance Outstanding	400,093,559	386,940,093	388,783,924
31 - 60 days	15,756,362		15,310,139
31 - 60 days (in percentage)	3.94%		3.94%
61 - 90 days	3,239,528		3,879,087
61 - 90 days (in percentage)	0.81%		1.00%
Over 90 days	3,767,037		1,739,015
Over 90 days (in percentage)	0.94%		0.44%
Total	22,762,927		20,928,241
Total (in percentage)	5.69%		5.38%
Direct Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross Balance Outstanding	10,623,932	5,721,768	8,075,902
31 - 60 days	104,983		94,770
31 - 60 days (in percentage)	0.99%		1.17%
61 - 90 days	37,604		6,822
61 - 90 days (in percentage)	0.35%		0.08%
Over 90 days	30,877		11,024
Over 90 days (in percentage)	0.29%		0.14%
Total	$ 173,464		$ 112,616
Total (in percentage)	1.63%		1.39%

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Cash Dividend (Detail Textuals) (USD $)	0 Months Ended				6 Months Ended
	Aug. 13, 2013	May 07, 2013	Aug. 07, 2012	May 02, 2012	Sep. 30, 2013
Dividends [Abstract]
Dividend paid in cash (in dollars per share)	$ 0.12	$ 0.12	$ 0.12	$ 0.10
Withholding tax payable percentage					5.00%
Dividends payable, date declared	Aug. 13, 2013	May 07, 2013	Aug. 07, 2012	May 02, 2012
Dividends payable, date to be paid	Sep. 27, 2013	Jun. 28, 2013	Sep. 06, 2012	Jun. 06, 2012
Dividends payable, date of record	Sep. 20, 2013	Jun. 21, 2013	Aug. 30, 2012

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Finance Receivables (Tables)

6 Months Ended

Sep. 30, 2013

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of finance receivables consisting of automobile finance installment

	September 30,			March 31,
	2013			2013
Finance receivables, gross contract	$	410,717,491		$	395,721,730
Unearned interest		(119,230,463	)		(112,922,191	)
Finance receivables, net of unearned interest		291,487,028			282,799,539
Unearned dealer discounts		(16,854,310	)		(16,415,169	)
Finance receivables, net of unearned interest and unearned dealer discounts		274,632,718			266,384,370
Allowance for credit losses		(14,138,637	)		(16,558,569	)
Finance receivables, net	$	260,494,081		$	249,825,801

Schedule of the credit quality by creditworthiness

	September 30, 2013				March 31, 2013
	Contracts		Direct Loans		Contracts		Direct Loans
Non-bankrupt accounts	$	397,098,910	$	10,614,301	$	386,324,594	$	5,721,768
Bankrupt accounts		2,994,649		9,631		615,499		—
Total	$	400,093,559	$	10,623,932	$	386,940,093	$	5,721,768
Performing accounts	$	393,086,994	$	10,555,451	$	382,843,130	$	5,685,981
Non-performing accounts		7,006,565		68,481		4,096,963		35,787
Total	$	400,093,559	$	10,623,932	$	386,940,093	$	5,721,768

Schedule of information regarding delinquency rates

			Delinquencies
Contracts	Gross Balance Outstanding		31 – 60 days			61 – 90 days			Over 90 days			Total
September 30, 2013	$	400,093,559	$	15,756,362		$	3,239,528		$	3,767,037		$	22,762,927
				3.94	%		0.81	%		0.94	%		5.69	%
September 30, 2012	$	388,783,924	$	15,310,139		$	3,879,087		$	1,739,015		$	20,928,241
				3.94	%		1.00	%		0.44	%		5.38	%

Direct Loans	Gross Balance Outstanding		31 – 60 days			61 – 90 days			Over 90 days			Total
September 30, 2013	$	10,623,932	$	104,983		$	37,604		$	30,877		$	173,464
				0.99	%		0.35	%		0.29	%		1.63	%
September 30, 2012	$	8,075,902	$	94,770		$	6,822		$	11,024		$	112,616
				1.17	%		0.08	%		0.14	%		1.39	%

Contracts

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of reconciliation of the changes in the allowance for credit losses

	Three months ended September 30,						Six months ended September 30,
	2013			2012			2013			2012
Balance at beginning of period	$	14,811,173		$	19,641,656		$	16,090,652		$	19,499,208
Current period provision		3,873,216			3,246,998			6,367,646			6,260,674
Losses absorbed		(6,029,363	)		(5,295,524	)		(10,678,339	)		(8,955,368	)
Recoveries		823,996			763,687			1,699,063			1,552,303
Balance at end of period	$	13,479,022		$	18,356,817		$	13,479,022		$	18,356,817

Direct Loans

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of reconciliation of the changes in the allowance for credit losses

	Three months ended September 30,						Six months ended September 30,
	2013			2012			2013			2012
Balance at beginning of period	$	591,881		$	561,803		$	467,917		$	492,184
Current period provision		99,888			14,723			247,249			104,313
Losses absorbed		(42,987	)		(49,103	)		(70,573	)		(74,195	)
Recoveries		10,833			3,678			15,022			8,799
Balance at end of period	$	659,615		$	531,101		$	659,615		$	531,101

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Fair Value Disclosures

6 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures

7. Fair Value Disclosures

The Company measures specific assets and liabilities at fair value, which is an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When applicable, the Company utilizes market data or assumptions that market participants would use in pricing the asset or liability under a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The Company estimates the fair value of interest rate swap agreements based on the estimated net present value of the future cash flows using a forward interest rate yield curve in effect as of the measurement period, adjusted for nonperformance risk, if any, including a quantitative and qualitative evaluation of both the Company’s credit risk and the counterparty’s credit risk. Accordingly, the Company classifies interest rate swap agreements as Level 2.

	Fair Value Measurement Using
Description	Level 1		Level 2			Level 3		Fair Value
Interest rate swap agreements:
September 30, 2013:
Effective June 13, 2012	$	—	$	135,245		$	—	$	135,245
Effective August 13, 2012	$	—	$	(56,454	)	$	—	$	(56,454	)
March 31, 2013	$	—	$	(504,852	)	$	—	$	(504,852	)

Financial Instruments Not Measured at Fair Value

The Company’s financial instruments consist of finance receivables and the Line. For each of these financial instruments the carrying value approximates fair value.

Finance receivables, net approximates fair value based on the price paid to acquire indirect loans. The price paid reflects competitive market interest rates and purchase discounts for the Company’s chosen credit grade in the economic environment. This market is highly liquid as the Company acquires individual loans on a daily basis from dealers. The initial terms of the Contracts range from 12 to 72 months. The initial terms of the Direct Loans range from 6 to 48 months. In addition, there have been minimal changes in interest rates and purchase discounts related to these types of loans. If liquidated outside of the normal course of business, the amount received may not be the carrying value.

The Line was amended within the quarter ended December 31, 2012. Based on current market conditions, any new or renewed credit facility would contain pricing that approximates the Company’s current Line. Based on these market conditions, the fair value of the Line as of September 30, 2013 was estimated to be equal to the book value. The interest rate for the Line is a variable rate based on LIBOR pricing options.

	Fair Value Measurement Using
Description	Level 1		Level 2		Level 3		Fair Value
Finance receivables:
September 30, 2013	$	—	$	—	$	260,494,000	$	260,494,000
March 31, 2013	$	—	$	—	$	249,826,000	$	249,826,000
Line of credit:
September 30, 2013	$	—	$	131,000,000	$	—	$	131,000,000
March 31, 2013	$	—	$	125,500,000	$	—	$	125,500,000

Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis

The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a nonrecurring basis. The Company does not currently have any assets or liabilities measured at fair value on a nonrecurring basis.

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Revenue Recognition

6 Months Ended

Sep. 30, 2013

Deferred Revenue Disclosure [Abstract]

Revenue Recognition

2. Revenue Recognition

Finance receivables consist of automobile finance installment contracts (“Contracts”) and direct consumer loans (“Direct Loans”). Interest income on finance receivables is recognized using the interest method. Accrual of interest income on finance receivables is suspended when a loan is contractually delinquent for 60 days or more or the collateral is repossessed, whichever is earlier.

When the Company receives a payment for a loan that was contractually delinquent for more than 60 days, the payment is posted to the account. At the time of the payment, the interest that was paid is recorded as income by the Company and the loan is no longer considered over 60 days contractually delinquent; therefore, the accruing of interest is resumed. As of September 30, 2013 and March 31, 2013 the amount of gross finance receivables not accruing interest was approximately $7,075,000 and $4,132,000, respectively.

A dealer discount represents the difference between the finance receivable, net of unearned interest, of a Contract, and the amount of money the Company actually pays for the Contract. The discount negotiated by the Company is a function of the lender, the wholesale value of the vehicle and competition in any given market. In making decisions regarding the purchase of a particular Contract the Company considers the following factors related to the borrower: place and length of residence; current and prior job status; history in making installment payments for automobiles; current income; and credit history. In addition, the Company examines its prior experience with Contracts purchased from the dealer from which the Company is purchasing the Contract, and the value of the automobile in relation to the purchase price and the term of the Contract. The entire amount of discount is amortized as an adjustment to yield using the interest method over the life of the loan. The average dealer discount associated with new volume for the six months ended September 30, 2013 and 2012 was 8.43% and 8.57%, respectively in relation to gross finance receivables.

The amount of future unearned income is computed as the product of the Contract rate, the Contract term, and the Contract amount. Deferred revenues consist primarily of commissions received from the sale of ancillary products. These products include automobile warranties, roadside assistance programs, accident and health insurance, credit life insurance and forced placed automobile insurance. These commissions are amortized over the life of the contract using the interest method.

Sales relate principally to telephone support agreements and the sale of business forms to small businesses located primarily in the Southeastern United States. The aforementioned sales of the Nicholas Data Services, Inc. subsidiary, (“NDS”) represent less than 1% of the Company’s consolidated revenues.

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Finance Receivables (Detail Textuals 2)	6 Months Ended
	Sep. 30, 2013
Receivables [Abstract]
Maximum criteria for receivable to be a performing account	61 days
Minimum criteria for receivable to be a non-performing account	61 days
Criteria for receivable to be delinquent account	120 days

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Basis of Presentation - Summary of change to consolidated balance sheet (Details) (USD $)	Sep. 30, 2013	Mar. 31, 2013	Sep. 30, 2012
Consolidated Balance Sheet
Finance receivables, net	$ 260,494,081	$ 249,825,801	$ 248,013,051
Deferred income taxes	7,211,508	8,426,961	8,494,595
Retained earnings	104,099,467	96,933,548	114,745,550
Reported
Consolidated Balance Sheet
Finance receivables, net			249,072,304
Deferred income taxes			8,089,112
Retained earnings			115,399,320
Correction
Consolidated Balance Sheet
Finance receivables, net			(1,059,253)
Deferred income taxes			405,483
Retained earnings			$ (653,770)

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Earnings Per Share (Tables)

6 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted earnings per share

	Three months ended September 30,				Six months ended September 30,
	2013		2012		2013		2012
Numerator for earnings per share – net income	$	4,316,552	$	5,150,138	$	10,017,045	$	10,557,594
Denominator:
Denominator for basic earnings per share – weighted average shares		12,092,246		11,963,596		12,078,703		11,956,362
Effect of dilutive securities:
Stock options and other share awards		222,995		218,469		194,879		232,939
Denominator for diluted earnings per share		12,315,241		12,182,065		12,273,582		12,189,301
Earnings per share:
Basic	$	0.36	$	0.43	$	0.83	$	0.88
Diluted	$	0.35	$	0.42	$	0.82	$	0.87

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Basis of Presentation - Reconciliation of changes in allowance for credit losses on contracts (Details 3) (USD $)	3 Months Ended		6 Months Ended		3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended			3 Months Ended		6 Months Ended		3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2012 Reported	Sep. 30, 2012 Reported	Sep. 30, 2012 Correction	Sep. 30, 2012 Correction	Sep. 30, 2013 Finance receivables	Mar. 31, 2013 Finance receivables	Sep. 30, 2013 Finance receivables Contracts	Sep. 30, 2012 Finance receivables Contracts	Sep. 30, 2013 Finance receivables Contracts	Sep. 30, 2012 Finance receivables Contracts	Sep. 30, 2012 Finance receivables Contracts Reported	Sep. 30, 2012 Finance receivables Contracts Reported	Sep. 30, 2012 Finance receivables Contracts Correction	Sep. 30, 2012 Finance receivables Contracts Correction
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period									$ 14,138,637	$ 16,558,569	$ 14,811,173	$ 19,641,656	$ 16,090,652	$ 19,499,208	$ 35,645,655	$ 35,495,684	$ (16,003,999)	$ (15,996,476)
Discounts acquired on new volume															2,843,382	5,944,320	(2,843,382)	(5,944,320)
Provision for credit losses	3,973,104	3,261,721	6,614,895	6,364,987	308,340	318,712	2,953,381	6,046,275			3,873,216	3,246,998	6,367,646	6,260,674	293,618	214,400	2,953,380	6,046,274
Losses absorbed											(6,029,363)	(5,295,524)	(10,678,339)	(8,955,368)	(5,295,524)	(8,955,368)
Recoveries											823,996	763,687	1,699,063	1,552,303	763,687	1,552,303
Discounts accreted															(150,157)	(150,678)	150,157	150,678
Balance at end of period									$ 14,138,637	$ 16,558,569	$ 13,479,022	$ 18,356,817	$ 13,479,022	$ 18,356,817	$ 34,100,661	$ 34,100,661	$ (15,743,844)	$ (15,743,844)

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Basis of Presentation - Summary of change to consolidated statements of income (Details 1) (USD $)	3 Months Ended		6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Consolidated Statements of Income
Interest and fee income on finance receivables	$ 20,943,161	$ 20,696,241	$ 41,412,533	$ 41,114,198
Provision for credit losses	3,973,104	3,261,721	6,614,895	6,364,987
Operating income	7,203,036	8,388,596	16,468,509	17,177,813
Income tax expense	2,886,484	3,238,458	6,451,464	6,620,219
Net income	4,316,552	5,150,138	10,017,045	10,557,594
Earnings per share - basic (in dollars per share)	$ 0.36	$ 0.43	$ 0.83	$ 0.88
Earnings per share - diluted (in dollars per share)	$ 0.35	$ 0.42	$ 0.82	$ 0.87
Reported
Consolidated Statements of Income
Interest and fee income on finance receivables		17,761,998		35,032,086
Provision for credit losses		308,340		318,712
Operating income		8,407,734		17,141,976
Income tax expense		3,245,784		6,606,501
Net income		5,161,950		10,535,475
Earnings per share - basic (in dollars per share)		$ 0.43		$ 0.88
Earnings per share - diluted (in dollars per share)		$ 0.42		$ 0.86
Correction
Consolidated Statements of Income
Interest and fee income on finance receivables		2,934,243		6,082,112
Provision for credit losses		2,953,381		6,046,275
Operating income		(19,138)		35,837
Income tax expense		(7,326)		13,718
Net income		$ (11,812)		$ 22,119
Earnings per share - basic (in dollars per share)
Earnings per share - diluted (in dollars per share)				$ 0.01

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Document and Entity Information	6 Months Ended
	Sep. 30, 2013	Nov. 01, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	NICHOLAS FINANCIAL INC
Entity Central Index Key	0001000045
Trading Symbol	nick
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Common Stock Shares Outstanding		12,203,769
Document Type	10-Q
Document Period End Date	Sep. 30, 2013
Amendment Flag	false
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2

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Basis of Presentation - Summary of change to consolidated statements of cash flows (operating activities) (Details 2) (USD $)	3 Months Ended	6 Months Ended
	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Consolidated Statements of Cash Flows (Operating Activities)
Net income	$ 5,150,138	$ 10,017,045	$ 10,557,594
Provision for credit losses	3,261,721	6,614,895	6,364,987
Deferred income taxes		1,215,453	628,705
Amortization of dealer discounts		(6,108,055)	(6,082,112)
Net cash provided by operating activities		10,771,698	12,736,379
Reported
Consolidated Statements of Cash Flows (Operating Activities)
Net income	5,161,950		10,535,475
Provision for credit losses	308,340		318,712
Deferred income taxes			614,987
Amortization of dealer discounts
Net cash provided by operating activities			12,736,379
Correction
Consolidated Statements of Cash Flows (Operating Activities)
Net income	(11,812)		22,119
Provision for credit losses	2,953,381		6,046,275
Deferred income taxes			13,718
Amortization of dealer discounts			(6,082,112)
Net cash provided by operating activities