Finance Receivables (Tables)

3 Months Ended

Jun. 30, 2020

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)
	June 30, 2020			March 31, 2020			June 30, 2019
Finance receivables	$	208,808		$	219,366		$	235,931
Accrued interest receivable		3,035			3,164			3,158
Unearned dealer discounts		(7,944	)		(8,056	)		(9,533	)
Unearned insurance and fee commissions		(2,557	)		(2,616	)		(2,715	)
Purchase price discount		(766	)		(915	)		(1,303	)
Finance receivables, net of unearned		200,576			210,943			225,538
Allowance for credit losses		(11,248	)		(11,162	)		(16,112	)
Finance receivables, net	$	189,328		$	199,781		$	209,426

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 June 30,
Contract Portfolio	2020			2019
Average APR		22.6	%		22.6	%
Average discount		7.6	%		7.7	%
Average term (months)		51			52
Number of active contracts		25,931			28,631

	As of June 30,
Direct Loan Portfolio	2020			2019
Average APR		27.4	%		26.2	%
Average term (months)		27			27
Number of active contracts		3,412			2,763

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 June 30, 2020 and 2019:

	Three months ended June 30, 2020
	Contracts			Direct Loans			Consolidated
Balance at beginning of    period	$	10,433		$	729		$	11,162
Provision for credit losses		3,300			-			3,300
Charge-offs		(4,334	)		(155	)		(4,489	)
Recoveries		1,252			23			1,275
Balance at June 30, 2020	$	10,651		$	597		$	11,248
	Three months ended June 30, 2019
	Contracts			Direct Loans			Consolidated
Balance at beginning of    period	$	16,575		$	357		$	16,932
Provision for credit losses		3,980			405			4,385
Charge-offs		(6,811	)		(157	)		(6,968	)
Recoveries		1,750			13			1,763
Balance at June 30, 2019	$	15,494		$	618		$	16,112

Schedule of an assessment of the credit quality by creditworthiness

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

	(In thousands)
	June 30, 2020						June 30, 2019
	Contracts		Direct Loans		Total		Contracts		Direct Loans		Total
Performing accounts	$	191,988	$	11,524	$	203,512	$	219,772	$	8,549	$	228,321
Non-performing accounts		4,955		160		5,115		6,939		149		7,088
Total		196,943		11,684		208,627		226,711		8,698		235,409
Chapter 13 bankruptcy accounts		181		0		181		519		3		522
Finance receivables	$	197,124	$	11,684	$	208,808	$	227,230	$	8,701	$	235,931

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
June 30, 2020	$	196,943	$	9,584		$	3,595		$	1,334		$	26		$	14,539
				4.87	%		1.83	%		0.68	%		0.01	%		7.39	%
June 30, 2019	$	226,711	$	13,566		$	5,302		$	1,627		$	10		$	20,505
				5.98	%		2.34	%		0.72	%		0.00	%		9.04	%

	Direct Loans
	Balance Outstanding		30 – 59 days			60 – 89 days			90 – 119 days			120+		Total
June 30, 2020	$	11,684	$	244		$	81		$	79		$	—	$	404
				2.09	%		0.69	%		0.68	%		—		3.46	%
June 30, 2019	$	8,698	$	228		$	103		$	46		$	—	$	377
				2.62	%		1.18	%		0.53	%		—		4.33	%