Finance Receivables (Tables)

12 Months Ended

Mar. 31, 2021

Receivables [Abstract]

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

Contracts and Direct Loans included in finance receivables are detailed as follows as of fiscal years ended March 31:

	(In thousands)
	2021			2020
Finance receivables	$	184,237		$	219,366
Accrued interest receivable		2,285			3,164
Unearned dealer discounts		(7,290	)		(8,056	)
Unearned purchase price discount		(364	)		(915	)
Unearned insurance and fee commissions		(2,396	)		(2,616	)
Finance receivables, net of unearned		176,472			210,943
Allowance for credit losses		(6,154	)		(11,162	)
Finance receivables, net	$	170,318		$	199,781

Schedule of activity in allowance for credit losses

The following presents the activity in our allowance for credit losses:

	For the year ended March 31, 2021
	(In thousands)
	Indirect			Direct			Total
Balance at beginning of year	$	10,433		$	729		$	11,162
Provision for credit losses		7,250			-			7,250
Charge-offs		(17,141	)		(682	)		(17,823	)
Recoveries		5,459			106			5,565
Balance at end of year	$	6,001		$	153		$	6,154

	For the year ended March 31, 2020
	(In thousands)
	Indirect			Direct			Total
Balance at beginning of year	$	16,575		$	357		$	16,932
Provision for credit losses		16,096			805			16,901
Charge-offs		(29,174	)		(663	)		(29,837	)
Recoveries*		6,936			230			7,166
Balance at end of year	$	10,433		$	729		$	11,162
*For the year ended March 31, 2020, the Company completed bulk sales of charge-off accounts, which included $1.6 million of bankruptcy accounts and $0.1 million of non-performing accounts.

Schedule of an assessment of the credit quality by creditworthiness

The following table is an assessment of the credit quality by creditworthiness as of March 31:

	(In thousands)
	2021						2020
	Contracts		Direct Loans		Total		Contracts		Direct Loans		Total
Performing accounts	$	166,828	$	13,717	$	180,545	$	201,045	$	11,649	$	212,694
Non-performing accounts		3,367		192		3,559		6,202		195		6,397
Total		170,195		13,909		184,104		207,247		11,844		219,091
Chapter 13 bankruptcy		123		10		133		274		1		275
Finance receivables	$	170,318	$	13,919	$	184,237	$	207,521	$	11,845	$	219,366

Schedule of information regarding delinquency rates

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

	(In thousands)
Contracts	Balance Outstanding		30 – 59 days			60 –89 days			90-119 days			120+ days			Total
March 31, 2021	$	170,195	$	6,289		$	2,430		$	896		$	42		$	9,657
				3.70	%		1.43	%		0.53	%		0.02	%		5.67	%
March 31, 2020	$	207,247	$	14,977		$	4,290		$	1,893		$	19		$	21,179
				7.23	%		2.07	%		0.91	%		0.01	%		10.22	%

Direct Loans	Balance Outstanding		30 – 59 days			60 –89 days			90-119 days			120+ days			Total
March 31, 2021	$	13,909	$	253		$	101		$	81			10		$	445
				1.82	%		0.73	%		0.58	%		0.07	%		3.20	%
March 31, 2020	$	11,844	$	344		$	136		$	59		$	-		$	539
				2.90	%		1.15	%		0.50	%		0.00	%		4.55	%