9. Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of reconciliation of the finance receivables measured at fair value on a recurring basis

	Three Months Ended
	March 31,
	2020			2019
	(In thousands)
Balance at beginning of period	$	1,444,038		$	821,066
Finance receivables at fair value acquired during period		265,282			244,753
Payments received on finance receivables at fair value		(109,558	)		(49,500	)
Net interest income accretion on fair value receivables		(29,715	)		(18,767	)
Mark to fair value		(10,350	)		–
Balance at end of period	$	1,559,697		$	997,552

Schedule of finance receivables to their contractual balances

	March 31, 2020				December 31, 2019
	Contractual		Fair		Contractual		Fair
	Balance		Value		Balance		Value
	(In thousands)
Finance receivables measured at fair value	$	1,628,557	$	1,559,697	$	1,492,803	$	1,444,038

Schedule of level 3 fair value measurements

Financial Instrument	Fair Values as of					Inputs as of
	March 31,		December 31,			March 31,		December 31,
	2020		2019		Unobservable	2020		2019
	(In thousands)
Assets:
Finance receivables measured at fair value	$	1,559,697	$	1,444,038	Discount rate		8.9% - 11.1%		8.9% - 11.1%
					Cumulative net losses		15.0% - 18.4%		15.0% - 16.1%

Schedule of delinquency status of finance receivables measured at fair value

	March 31,		December 31,
	2020		2019
	(In thousands)
Delinquency Status
Current	$	1,498,296	$	1,344,883
31 - 60 days		67,294		81,262
61 - 90 days		29,275		34,280
91 + days		14,470		15,167
Repo		19,222		17,211
	$	1,628,557	$	1,492,803

Schedule of estimated fair values of financial assets and liabilities

The estimated fair values of financial assets and liabilities at March 31, 2020 and December 31, 2019, were as follows:

	As of March 31, 2020
Financial Instrument	(In thousands)
	Carrying		Fair Value Measurements Using:
	Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	4,546	$	4,546	$	–	$	–	$	4,546
Restricted cash and equivalents		137,523		137,523		–		–		137,523
Finance receivables, net		660,403		–		–		606,077		606,077
Accrued interest receivable		8,795		–		–		8,795		8,795
Liabilities:
Warehouse lines of credit	$	141,988	$	–	$	–	$	141,988	$	141,988
Accrued interest payable		5,409		–		–		5,409		5,409
Residual interest financing		37,913		–		–		37,913		37,913
Securitization trust debt		2,091,642		–		–		1,900,451		1,900,451
Subordinated renewable notes		18,322		–		–		18,322		18,322

	As of December 31, 2019
Financial Instrument	(In thousands)
	Carrying		Fair Value Measurements Using:
	Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	5,295	$	5,295	$	–	$	–	$	5,295
Restricted cash and equivalents		135,537		135,537		–		–		135,537
Finance receivables, net		885,890		–		–		841,160		841,160
Accrued interest receivable		11,645		–		–		11,645		11,645
Liabilities:
Warehouse lines of credit	$	134,791	$	–	$	–	$	134,791	$	134,791
Accrued interest payable		5,254		–		–		5,254		5,254
Residual interest financing		39,478		–		–		39,478		39,478
Securitization trust debt		2,097,728		–		–		2,116,520		2,116,520
Subordinated renewable notes		17,534		–		–		17,534		17,534