Finance Receivables (Tables)

9 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Schedule of finance receivables consisting of automobile finance installment Contracts and Direct Loans

Finance Receivables Portfolio

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

	(In thousands)
	December 31, 2019			March 31, 2019			December 31, 2018
Finance receivables	$	211,813		$	228,994		$	250,279
Accrued interest receivable		3,088			2,889			2,421
Unearned dealer discounts		(8,436	)		(10,083	)		(10,757	)
Unearned insurance and fee commissions		(2,644	)		(2,826	)		(2,758	)
Finance receivables, net of unearned		203,821			218,974			239,185
Purchase price discount		(222	)		—			—
Allowance for credit losses		(13,272	)		(16,932	)		(19,975	)
Finance receivables, net	$	190,327		$	202,042		$	219,210

Schedule of selected information on entire comprise portfolio

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

	As of December 31,
Contract Portfolio	2019			2018
Average APR		22.7	%		22.7	%
Average discount		7.7	%		7.5	%
Average term (months)		51			53
Number of active contracts		25,995			29,061

	As of December 31,
Direct Loan Portfolio	2019			2018
Average APR		27.0	%		26.0	%
Average term (months)		26			27
Number of active contracts		3,376			2,641

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

The following table sets forth a reconciliation of the changes in the allowance for credit losses on Contracts and Direct Loans for the three months ended December 31, 2019 and 2018:

	Three months ended December 31, 2019									Nine months ended December 31, 2019
	Contracts			Direct Loans			Consolidated			Contracts			Direct Loans			Consolidated
Balance at beginning of    period	$	12,680		$	850		$	13,530		$	16,575		$	357		$	16,932
Provision for credit losses		4,597			-			4,597			12,177			805			12,982
Charge-offs		(7,350	)		(144	)		(7,494	)		(22,057	)		(483	)		(22,540	)
Recoveries		2,626			13			2,639			5,858			40			5,898
Balance at December 31, 2019	$	12,553		$	719		$	13,272		$	12,553		$	719		$	13,272
	Three months ended December 31, 2018									Nine months ended December 31, 2018
	Contracts			Direct Loans			Consolidated			Contracts			Direct Loans			Consolidated
Balance at beginning of    period	$	18,692		$	484		$	19,176		$	19,433		$	833		$	20,266
Provision for credit losses		7,743			127			7,870			21,655			15			21,670
Charge-offs		(7,337	)		(103	)		(7,440	)		(22,965	)		(357	)		(23,322	)
Recoveries		359			10			369			1,334			27			1,361
Balance at December 31, 2018	$	19,457		$	518		$	19,975		$	19,457		$	518		$	19,975

Schedule of an assessment of the credit quality by creditworthiness

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

	(In thousands)
	December 31, 2019						December 31, 2018
	Contracts		Direct Loans		Total		Contracts		Direct Loans		Total
Performing accounts	$	191,773	$	11,229	$	203,002	$	224,248	$	8,272	$	232,520
Non-performing accounts		8,319		194		8,513		13,935		198		14,133
Total		200,092		11,423		211,515		238,183		8,470		246,653
Chapter 13 bankruptcy accounts		289		9		298		3,564		62		3,626
Finance receivables	$	200,381	$	11,432	$	211,813	$	241,747	$	8,532	$	250,279

Schedule of information regarding delinquency rates

The following tables present certain information regarding the delinquency rates experienced by the Company with respect to Contracts and Direct Loans, excluding Chapter 13 bankruptcy accounts:

	Contracts
	(In thousands, except percentages)
	Balance Outstanding		30 – 59 days			60 – 89 days			90 – 119 days			120+			Total
December 31, 2019	$	200,092	$	16,748		$	5,993		$	2,279		$	47		$	25,067
				8.37	%		3.00	%		1.14	%		0.02	%		12.53	%
December 31, 2018	$	238,183	$	19,552		$	7,577		$	3,919		$	2,439		$	33,487
				8.21	%		3.18	%		1.65	%		1.02	%		14.06	%

	Direct Loans
	Balance Outstanding		30 – 59 days			60 – 89 days			90 – 119 days			120+			Total
December 31, 2019	$	11,423	$	331		$	123		$	68		$	3		$	525
				2.90	%		1.08	%		0.60	%		0.03	%		4.60	%
December 31, 2018	$	8,470	$	189		$	95		$	35		$	68		$	387
				2.23	%		1.12	%		0.41	%		0.80	%		4.57	%