Finance Receivables (Tables)

6 Months Ended

Sep. 30, 2020

Receivables [Abstract]

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

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

	(In thousands)
	September 30, 2020			March 31, 2020			September 30, 2019
Finance receivables	$	198,168		$	219,366		$	222,320
Accrued interest receivable		2,817			3,164			3,046
Unearned dealer discounts		(7,411	)		(8,056	)		(8,995	)
Unearned insurance and fee commissions		(2,460	)		(2,616	)		(2,741	)
Purchase price discount		(610	)		(915	)		(676	)
Finance receivables, net of unearned		190,504			210,943			212,954
Allowance for credit losses		(11,469	)		(11,162	)		(13,502	)
Finance receivables, net	$	179,035		$	199,781		$	199,452

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 September 30,
Contract Portfolio	2020			2019
Average APR		22.7	%		22.7	%
Average discount		7.6	%		7.7	%
Average term (months)		51			52
Number of active contracts		24,656			27,294

	As of September 30,
Direct Loan Portfolio	2020			2019
Average APR		27.7	%		26.5	%
Average term (months)		27			27
Number of active contracts		3,673			2,921

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 September 30, 2020 and 2019:

	Three months ended September 30, 2020									Six months ended September 30, 2020
	Contracts			Direct Loans			Consolidated			Contracts			Direct Loans			Consolidated
Balance at beginning of    period	$	10,651		$	597		$	11,248		$	10,433		$	729		$	11,162
Provision for credit losses		3,050			0			3,050			6,350			0			6,350
Charge-offs		(4,073	)		(142	)		(4,215	)		(8,407	)		(298	)		(8,705	)
Recoveries		1,349			37			1,386			2,601			61			2,662
Balance at September 30, 2020	$	10,977		$	492		$	11,469		$	10,977		$	492		$	11,469
	Three months ended September 30, 2019									Six months ended September 30, 2019
	Contracts			Direct Loans			Consolidated			Contracts			Direct Loans			Consolidated
Balance at beginning of    period	$	15,494		$	618		$	16,112		$	16,575		$	357		$	16,932
Provision for credit losses		3,600			400			4,000			7,580			805			8,385
Charge-offs		(8,140	)		(182	)		(8,322	)		(14,675	)		(339	)		(15,014	)
Recoveries		1,698			14			1,712			3,172			27			3,199
Balance at September 30, 2019	$	12,652		$	850		$	13,502		$	12,652		$	850		$	13,502

Schedule of an assessment of the credit quality by creditworthiness

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

	(In thousands)
	September 30, 2020						September 30, 2019
	Contracts		Direct Loans		Total		Contracts		Direct Loans		Total
Performing accounts	$	179,723	$	12,509	$	192,232	$	205,458	$	9,309	$	214,767
Non-performing accounts		5,564		211		5,775		6,938		171		7,109
Total		185,287		12,720		198,007		212,396		9,480		221,876
Chapter 13 bankruptcy accounts		161		0		161		436		8		444
Finance receivables	$	185,448	$	12,720	$	198,168	$	212,832	$	9,488	$	222,320

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
September 30, 2020	$	185,287	$	10,232		$	3,962		$	1,560		$	42		$	15,796
				5.52	%		2.14	%		0.84	%		0.02	%		8.53	%
March 31, 2020		207,247		14,977			4,290			1,893			19			21,179
				7.23	%		2.07	%		0.91	%		0.01	%		10.22	%
September 30, 2019	$	212,396	$	13,981		$	4,950		$	1,946		$	42		$	20,919
				6.58	%		2.33	%		0.92	%		0.02	%		9.85	%

	Direct Loans
	Balance Outstanding		30 – 59 days			60 – 89 days			90 – 119 days			120+		Total
September 30, 2020	$	12,720	$	349		$	159		$	52		$	—	$	560
				2.74	%		1.25	%		0.41	%		—		4.40	%
March 31, 2020		11,844		344			136			59			—		539
				2.90	%		1.15	%		0.50	%		—		4.55	%
September 30, 2019	$	9,480	$	219		$	115		$	56		$	—	$	390
				2.31	%		1.21	%		0.59	%		—		4.11	%