The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These installment sale contracts, which originate at interest rates ranging from 12.00% to 23.00% are collateralized by the vehicle sold and typically provide for payments over periods ranging from 18 months to 79 months. The Company’s finance receivables are defined as one segment and one class of loans, which is sub-prime consumer automobile contracts. As of January 31, 2026, the Company maintains two distinct loan pools for the purpose of estimating expected credit losses under the CECL model in accordance with ASC 326. These pools are grouped based on origination method and are managed collectively under a unified credit risk management framework. Although not considered separate segments under applicable disclosure rules, each pool is evaluated separately for expected credit losses, and the allowance for credit losses is determined accordingly.


(In thousands)	January 31, 2026		April 30, 2025

Gross contract amount	$	1,882,656	$	1,946,042
Less: unearned finance charges	(415,737)		(436,887)
Principal balance	1,466,919		1,509,155
Less: estimated insurance receivables for accident protection plan claims	(2,510)		(2,910)
Less: allowance for accident protection plan claims	(2,777)		(3,135)
Less: allowance for credit losses	(347,565)		(323,100)
Finance receivables, net	1,114,067		1,180,010
Loan origination costs	605		663
Finance receivables, net, including loan origination costs	$	1,114,672	$	1,180,673


	Nine Months Ended January 31,
(In thousands)	2026		2025

Balance at beginning of period	$	1,180,673	$	1,097,931
Finance receivable originations	730,861		779,013
Finance receivable collections	(351,754)		(338,736)
Provision for credit losses	(327,317)		(281,597)
Losses on claims for accident protection plan	(27,765)		(25,013)
Inventory acquired in repossession and accident protection plan claims	(90,631)		(86,031)

Balance at end of period	$	1,114,067	$	1,145,567


(Dollars in thousands)	January 31, 2026				April 30, 2025				January 31, 2025

	Principal Balance		Percent of Portfolio		Principal Balance		Percent of Portfolio		Principal Balance		Percent of Portfolio
Current	$	1,182,760	80.63	%	$	1,208,330	80.06	%	$	1,241,566	83.55	%
3 - 29 days past due	220,239		15.01	%	249,263		16.52	%	189,842		12.78	%
30 - 60 days past due	44,435		3.03	%	34,407		2.28	%	36,159		2.43	%
61 - 90 days past due	11,561		0.79	%	11,461		0.76	%	11,372		0.77	%
> 90 days past due	7,924		0.54	%	5,694		0.38	%	7,042		0.47	%
Total	$	1,466,919	100.00	%	$	1,509,155	100.00	%	$	1,485,981	100.00	%

Accounts one and two days past due, as well as bankruptcy accounts, are considered current for this analysis, due to the varying payment dates and variation in the day of the week at each period end. The Company suspends its standard collections practices following a customer’s bankruptcy filing and treats these accounts as being administered by the bankruptcy trustee rather than the customer, conducting all account-related communications, payment processing, and modification activities with the trustee in accordance with the bankruptcy plan and applicable bankruptcy law. See Note B for further discussion of customer accounts in bankruptcy. Delinquencies may vary from period to period based on the average age of the portfolio, seasonality within the calendar year, the day of the week and overall economic factors. The above categories are consistent with internal operational measures used by the Company to monitor credit results.

At January 31, 2026, the Company's delinquency metrics were negatively impacted by a winter storm affecting the South-Central United States, which encompasses the Company's entire geographic footprint. Temporary dealership closures and disruptions to customer mobility resulted in delayed collections during the affected period. The Company has observed a normalization of these metrics subsequent to quarter end.

Substantially all of the Company’s installment sale contracts involve contracts made to individuals with impaired or limited credit histories, or higher debt-to-income ratios than permitted by traditional lenders. Contracts made with buyers who are restricted in their ability to obtain financing from traditional lenders generally entail a higher risk of delinquency, default and repossession, and higher losses than contracts made with buyers with better credit. The Company monitors customer scores, contract term length, payment to income, down payment percentages, and collections for credit quality indicators.


	Nine Months Ended January 31,
	2026			2025

Average total collected per active customer per month	$	582		$	563
Principal collected as a percent of average finance receivables	23.5		%	23.1		%
Average down-payment percentage	4.8		%	5.2		%
Average originating contract term (in months)	44.9			44.4

Total dollars collected per active customer increased 3.3% year over year and principal collections as a percentage of average finance receivables increased slightly by 40 basis points compared to prior year. The portfolio weighted average contract term increased slightly from the prior year quarter and year-ended April 30, 2025. Average originating term has increased slightly from the prior year due to a couple of factors including: 1) the Company's focus on addressing affordability for the highest risk customers by slightly increasing the maximum terms over the last year and 2) the Company booking a higher percentage of better quality customers that qualify for longer terms.

When customers apply for financing, the Company’s proprietary scoring models rely on the customers’ credit histories and certain application information to evaluate and rank their risk. The Company obtains credit histories and other credit data that includes information such as number of different addresses, age of oldest record, high risk credit activity, job time, time at residence and other factors. The application information that is used includes income, collateral value and down payment. The scoring models yield credit grades that represent the relative likelihood of repayment. The Company has historically utilized a six-point scorecard for credit evaluation. In May 2025, a new seven-rank scorecard was fully implemented, offering greater granularity and improving the accuracy of loss ratio projections. Under this enhanced scoring model, customers with the highest probability of repayment are 7-rated customers. Customers assigned a lower grade are determined to have a lower probability of repayment. For loans that are approved, the credit grade influences the terms of the agreement, such as the maximum amount financed, interest rate, term length and minimum down payment. After origination, credit grades are generally not updated.


	As of January 31, 2026

(Dollars in thousands)	Fiscal Year of Origination										Prior to
Customer Rating	2026		2025		2024		2023		2022		2022		Total		%
1-2	$	64,003	$	19,504	$	5,063	$	1,874	$	217	$	20	$	90,681	6.2	%
3-4	159,890		153,983		64,464		16,843		2,711		412		398,303		27.2	%
5-7	387,683		340,757		165,705		66,241		15,893		1,656		977,935		66.7	%
Total	$	611,576	$	514,244	$	235,232	$	84,958	$	18,821	$	2,088	$	1,466,919	100.0	%

Charge-offs	$	62,019	$	194,384	$	93,448	$	34,692	$	8,123	$	932	$	393,598


	As of January 31, 2025

(Dollars in thousands)	Fiscal Year of Origination										Prior to
Customer Rating	2025		2024		2023		2022		2021		2021		Total		%
1-2	$	42,886	$	22,136	$	6,330	$	1,189	$	69	$	50	$	72,660	4.9	%
3-4	234,245		171,447		59,807		13,628		1,228		279		480,634		32.3	%
5-6	373,199		322,146		172,832		56,862		6,915		733		932,687		62.8	%
Total	$	650,330	$	515,729	$	238,969	$	71,679	$	8,212	$	1,062	$	1,485,981	100.0	%

Charge-offs	$	62,044	$	188,736	$	89,615	$	24,130	$	2,562	$	467	$	367,554

During the preparation of the Company's Annual Report on Form 10-K for the year ended April 30, 2025, management identified material omissions of required disclosures under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 310-10-50-42 through 50-44 related to loan modifications for borrowers experiencing financial difficulty. The previously issued financial statements have been restated to include such disclosures.

The Company identifies and discloses modifications made to customers experiencing financial difficulty after the origination date. Due to the subprime nature and limited financial resources of the majority of the Company’s customers, all modifications that result in a term extension are identified by the Company as modifications made to customers experiencing financial difficulty and are therefore included in the related disclosures. These modifications are made with the intent to support customers while preserving asset value and minimizing credit losses.

The following tables present the aggregate outstanding principal balance of contracts that have been modified during the nine months ended January 31, 2026 and 2025, categorized by type of modification. These modifications represent management’s efforts to work with customers experiencing financial difficulty to help them maintain their vehicle ownership while preserving asset value for the Company. The percentages shown represent the portion of the total gross finance receivables portfolio as of January 31, 2026 and 2025 that has been modified at least once during the period.


(Dollars in thousands)	Contract Modifications by Type
	Three Months Ended January 31, 2026				Three Months Ended January 31, 2025 (Restated)
Type of Modification	Principal Balance		% of Portfolio		Principal Balance		% of Portfolio

Term extension	$	194,053	13.2	%	$	191,054	12.9	%


Combination (1)	2,359		0.2	%	2,954		0.1	%
Total	$	196,412	13.4	%	$	194,008	13.0	%


(Dollars in thousands)	Contract Modifications by Type
	Nine Months Ended January 31, 2026				Nine Months Ended January 31, 2025 (Restated)
Type of Modification	Principal Balance		% of Portfolio		Principal Balance		% of Portfolio

Term extension	$	352,995	24.0	%	$	357,025	24.0	%


Combination (1)	8,586		0.6	%	8,669		0.6	%
Total	$	361,581	24.6	%	$	365,694	24.6	%

(1)These modifications result from customer bankruptcy filings and have been made in accordance with bankruptcy court requirements. They generally consist of a reduction in the contractual interest rate and/or an extension of the contract term as part of the customer’s court-approved payment restructuring plan.

Type of Modification

Three Months Ended January 31, 2026

Three Months Ended January 31, 2025 (Restated)

Nine Months Ended January 31, 2026

Nine Months Ended January 31, 2025 (Restated)

Term extension

Added a weighted average of 1.37 months to the life of contracts, which reduced monthly payment amounts to borrowers.

Added a weighted average of 1.59 months to the life of contracts, which reduced monthly payment amounts to borrowers.

Added a weighted average of 1.75 months to the life of contracts, which reduced monthly payment amounts to borrowers.

Added a weighted average of 1.99 months to the life of contracts, which reduced monthly payment amounts to borrowers.

Combination

Added a weighted average of 20.43 months to the life of contracts, which reduced monthly payment amounts to borrowers and/or reduced interest rates to a weighted average of 9.28%.

Added a weighted average of 20.96 months to the life of contracts, which reduced monthly payment amounts to borrowers and/or reduced interest rates to a weighted average of 8.76%.

Added a weighted average of 20.91 months to the life of contracts, which reduced monthly payment amounts to borrowers and/or reduced interest rates to a weighted average of 9.02%

Added a weighted average of 21.26 months to the life of contracts, which reduced monthly payment amounts to borrowers and/or reduced interest rates to a weighted average of 8.43%.


	Payment Status (Principal Balance)

(In thousands)	Total		Current		3-29 Days Past Due		30-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due

For Three Months Ended January 31, 2026	$	194,053	$	147,604	$	39,218	$	6,553	$	678	$	-
For Three Months Ended January 31, 2025 (Restated)	191,054		150,835		34,321		5,385		513		-
For Nine Months Ended January 31, 2026	352,995		257,999		73,529		16,914		4,027		526
For Nine Months Ended January 31, 2025 (Restated)	357,025		264,933		71,318		14,557		4,235		1,981


	Payment Status (Principal Balance)
(In thousands)	Total		Payment Received in Last 30 Days		Payment Received in Last 31-60 Days		Payment Received in Last 61-90 Days		Payment Received in Last 90+ Days

For Three Months Ended January 31, 2026	$	2,359	$	610	$	637	$	623	$	489
For Three Months Ended January 31, 2025 (Restated)	2,954		850		703		795		606
For Nine Months Ended January 31, 2026	8,586		3,417		1,651		844		2,674
For Nine Months Ended January 31, 2025 (Restated)	8,669		3,454		1,698		1,073		2,444

For the three months ended January 31, 2026 and 2025, customer contracts with an aggregate principal balance of $4.1 million and $3.4 million, respectively, were charged off within the period following contract modifications. For the nine months ended January 31, 2026 and 2025, customer contracts with an aggregate principal balance of $76.4 million and $76.2 million, respectively, were charged off within the period following contract modifications.