0001683168-21-000868 | 10-K | XBRL Viewer | Consumer Portfolio Services INC

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2020	Mar. 03, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Entity File Number	001-14116
Entity Registrant Name	CONSUMER PORTFOLIO SERVICES, INC.
Entity Central Index Key	0000889609
Entity Tax Identification Number	33-0459135
Entity Incorporation, State or Country Code	CA
Entity Address, Address Line One	3800 Howard Hughes Pkwy
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89169
City Area Code	949
Local Phone Number	753-6800
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	CPSS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 46,097,927
Entity Common Stock, Shares Outstanding		22,763,433
ICFR Auditor Attestation Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 13,466	$ 5,295
Restricted cash and equivalents	130,686	135,537
Finance receivables measured at fair value	1,523,726	1,444,038
Finance receivables	492,133	897,530
Less: Allowance for finance credit losses	(80,790)	(11,640)
Finance receivables, net	411,343	885,890
Furniture and equipment, net	828	1,512
Deferred tax assets, net	28,512	15,480
Accrued interest receivable	5,017	11,645
Other assets	32,317	39,852
Total Assets	2,145,895	2,539,249
Liabilities
Accounts payable and accrued expenses	43,112	47,077
Warehouse lines of credit	118,999	134,791
Residual interest financing	25,426	39,478
Securitization trust debt	1,803,673	2,097,728
Subordinated renewable notes	21,323	17,534
Total Liabilities	2,012,533	2,336,608
Shareholders' Equity
Preferred stock	0	0
Common stock, no par value; authorized 75,000,000 shares; 22,737,342 and 22,530,918 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively	72,926	71,257
Retained earnings	69,007	139,805
Accumulated other comprehensive loss	(8,571)	(8,421)
Total stockholders' equity	133,362	202,641
Total liabilities and stockholders' equity	2,145,895	2,539,249
Series A Preferred Stock [Member]
Shareholders' Equity
Preferred stock	0	0
Series B Preferred Stock [Member]
Shareholders' Equity
Preferred stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized	4,998,130	4,998,130
Preferred stock, issued	0	0
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares, Issued	22,737,342	22,530,918
Common Stock, Shares, Outstanding	22,737,342	22,530,918
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, issued	0	0
Series B Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized	1,870	1,870
Preferred stock, issued	0	0

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Interest income	$ 294,982	$ 337,096	$ 380,297
Mark to finance receivables measured at fair value	(29,528)	0	0
Other income	5,707	8,704	9,478
Total revenues	271,161	345,800	389,775
Expenses:
Employee costs	80,198	80,877	79,318
General and administrative	31,981	33,004	31,037
Interest	101,338	110,528	101,466
Provision for credit losses	14,113	85,773	133,080
Sales	14,206	17,893	17,572
Occupancy	7,421	7,487	7,607
Depreciation and amortization	1,784	1,076	992
Total operating expenses	251,041	336,638	371,072
Income before income tax expense (benefit)	20,120	9,162	18,703
Income tax expense (benefit)	(1,557)	3,756	3,841
Net income	$ 21,677	$ 5,406	$ 14,862
Earnings per share:
Basic	$ 0.96	$ 0.24	$ 0.68
Diluted	$ 0.90	$ 0.22	$ 0.59
Number of shares used in computing earnings per share:
Basic	22,611	22,416	21,989
Diluted	24,003	24,064	24,988

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net income	$ 21,677	$ 5,406	$ 14,862
Other comprehensive income (loss); change in funded status of pension plan, net of $55, $330 and $173 in tax for 2020, 2019 and 2018, respectively	(150)	(867)	(372)
Comprehensive income	$ 21,527	$ 4,539	$ 14,490

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Amount of tax expense (benefit) for (increase) decrease in value of benefit obligation	$ 55	$ 330	$ 173

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Dec. 31, 2017	$ 71,582	$ 119,537	$ (7,182)	$ 183,937
Balance at beginning (in shares) at Dec. 31, 2017	21,489
Common stock issued upon exercise of options and warrants	$ 483			483
Common stock issued upon exercise of options and warrants (in shares)	2,315
Repurchase of common stock	$ (5,307)			(5,307)
Repurchase of common stock (in shares)	(1,382)
Other comprehensive income (loss)			(372)	(372)
Stock-based compensation	3,515			3,515
Net income		14,862		14,862
Ending balance, value at Dec. 31, 2018	$ 70,273	134,399	(7,554)	197,118
Balance at end (in shares) at Dec. 31, 2018	22,422
Common stock issued upon exercise of options and warrants	$ 352			352
Common stock issued upon exercise of options and warrants (in shares)	488
Repurchase of common stock	$ (1,440)			(1,440)
Repurchase of common stock (in shares)	(379)
Other comprehensive income (loss)			(867)	(867)
Stock-based compensation	2,072			2,072
Net income		5,406		5,406
Ending balance, value at Dec. 31, 2019	$ 71,257	139,805	(8,421)	202,641
Balance at end (in shares) at Dec. 31, 2019	22,531
Balance, beginning of period (as adjusted after adoption of ASC)	$ 71,257	47,330	(8,421)	110,166
Balance, beginning of period (as adjusted after adoption of ASC) (in shares)	22,531
Adoption of ASC 326		(92,475)		(92,475)
Common stock issued upon exercise of options and warrants	$ 949			949
Common stock issued upon exercise of options and warrants (in shares)	558
Repurchase of common stock	$ (1,215)			(1,215)
Repurchase of common stock (in shares)	(352)
Other comprehensive income (loss)			(150)	(150)
Stock-based compensation	1,935			1,935
Net income		21,677		21,677
Ending balance, value at Dec. 31, 2020	$ 72,926	$ 69,007	$ (8,571)	$ 133,362
Balance at end (in shares) at Dec. 31, 2020	22,737

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 21,677	$ 5,406	$ 14,862
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of deferred acquisition fees and origination costs	1,138	1,757	2,655
Net interest income accretion on fair value receivables	133,771	90,383	26,162
Depreciation and amortization	1,784	1,076	992
Amortization of deferred financing costs	8,102	8,281	8,453
Mark to fair value of finance receivables measured at fair value	29,528	(2,109)	0
Provision for credit losses	14,113	85,773	133,080
Stock-based compensation expense	1,935	2,072	3,515
Changes in assets and liabilities:
Accrued interest receivable	6,628	20,324	14,784
Other assets	2,713	7,464	(4,161)
Deferred tax assets, net	21,493	3,708	13,258
Accounts payable and accrued expenses	(4,115)	(7,351)	2,605
Net cash provided by operating activities	238,767	216,784	216,205
Cash flows from investing activities:
Payments received on finance receivables held for investment	332,296	481,289	605,353
Purchases of finance receivables measured at fair value	(739,734)	(1,004,194)	(914,949)
Payments on receivables portfolio at fair value	496,747	292,948	67,721
Change in repossessions held in inventory	3,746	1,354	757
Purchase of furniture and equipment	(24)	(751)	(1,077)
Net cash provided by (used in) investing activities	93,031	(229,354)	(242,195)
Cash flows from financing activities:
Proceeds from issuance of securitization trust debt	714,543	1,000,501	855,828
Proceeds from issuance of subordinated renewable notes	6,750	5,764	3,175
Payments on subordinated renewable notes	(2,961)	(5,520)	(2,451)
Net advances (repayments) of warehouse lines of credit	(16,271)	(1,300)	23,809
Net advances (repayments) of residual interest financing debt	(14,424)	0	40,000
Repayment of securitization trust debt	(1,009,988)	(966,144)	(876,094)
Payment of financing costs	(5,861)	(8,921)	(8,039)
Purchase of common stock	(1,215)	(1,440)	(5,307)
Exercise of options and warrants	949	352	483
Net cash provided by (used in) financing activities	(328,478)	23,292	31,404
Increase in cash and cash equivalents	3,320	10,722	5,414
Cash and cash equivalents at beginning of year	140,832	130,110	124,696
Cash and cash equivalents at end of year	144,152	140,832	130,110
Cash paid (received) during the period for:
Interest	93,571	101,812	92,405
Income taxes	$ (23,997)	$ (5,156)	$ 417

(1) Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

(1) Summary of Significant Accounting Policies

(1) Summary of Significant Accounting Policies

Description of Business

Consumer Portfolio Services, Inc. ("CPS") was incorporated in California on March 8, 1991. CPS and its subsidiaries (collectively, the "Company") specialize in purchasing and servicing retail automobile installment sale contracts ("Contracts") originated by licensed motor vehicle dealers ("Dealers") located throughout the United States. Dealers located in California, Ohio, Indiana, North Carolina, and Texas represented 13.5%, 11.1%, 5.4%, 5.3% and 5.1%, respectively, of contracts purchased during 2020 compared with 12.6%, 10.8%, 6.3%, 5.4% and 4.2% respectively in 2019. No other state had a concentration in excess of 5.1% in 2020. We specialize in contracts with vehicle purchasers who generally would not be expected to qualify for traditional financing provided by commercial banks or automobile manufacturers’ captive finance companies.

We are subject to various regulations and laws as they relate to the extension of credit in consumer credit transactions. Failure to comply with such laws and regulations could have a material adverse effect on the Company.

Principles of Consolidation

The Consolidated Financial Statements include the accounts of Consumer Portfolio Services, Inc. and its wholly-owned subsidiaries, certain of which are special purpose subsidiaries ("SPS"), formed to accommodate the structures under which we purchase and securitize our contracts. The Consolidated Financial Statements also include the accounts of CPS Leasing, Inc., an 80% owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

Cash and Cash Equivalents

For purposes of the statements of cash flows, we consider all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. Cash equivalents consist of cash on hand and due from banks and money market accounts. Substantially all of our cash is deposited at three financial institutions. We maintain cash due from banks in excess of the banks' insured deposit limits. We do not believe we are exposed to any significant credit risk on these deposits. As part of certain financial covenants related to debt facilities, we are required to maintain a minimum unrestricted cash balance. As of December 31, 2020, our unrestricted cash balance was $13.5 million, which exceeded the minimum amounts required by our financial covenants.

Finance Receivables

Finance receivables, which we have the intent and ability to hold for the foreseeable future or until maturity or payoff, are presented at cost. All finance receivable contracts are held for investment. Interest income is accrued on the unpaid principal balance. Origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the interest method without anticipating prepayments. Generally, payments received on finance receivables are restricted to certain securitized pools, and the related contracts cannot be resold. Finance receivables are charged off pursuant to the controlling documents of certain securitized pools, generally as described below under Charge Off Policy. Management may authorize an extension of payment terms if collection appears likely during the next calendar month.

Our portfolio of finance receivables consists of small-balance homogeneous contracts that are collectively evaluated for impairment on a portfolio basis. We report delinquency on a contractual basis. Once a Contract becomes greater than 90 days delinquent, we do not recognize additional interest income until the obligor under the Contract makes sufficient payments to be less than 90 days delinquent. Any payments received on a Contract that is greater than 90 days delinquent are first applied to accrued interest and then to principal reduction.

Finance Receivables Measured at Fair Value

Effective January 1, 2018, we adopted the fair value method of accounting for finance receivables acquired on or after that date. For each finance receivable acquired after 2017, we consider the price paid on the purchase date as the fair value for such receivable. We estimate the cash to be received in the future with respect to such receivables, based on our experience with similar receivables acquired in the past. We then compute the internal rate of return that results in the present value of those estimated cash receipts being equal to the purchase date fair value. Thereafter, we recognize interest income on such receivables on a level yield basis using that internal rate of return as the applicable interest rate. Cash received with respect to such receivables is applied first against such interest income, and then to reduce the recorded value of the receivables.

We re-evaluate the fair value of such receivables at the close of each measurement period. If the reevaluation were to yield a value materially different from the recorded value, an adjustment would be required. For the period ended December 31, 2020, the Company considered the effect of the pandemic on the portfolio of finance receivables carried at fair value and recorded a mark down to that portfolio of $29.5 million.

Anticipated credit losses are included in our estimation of cash to be received with respect to receivables. Because such credit losses are included in our computation of the appropriate level yield, we do not thereafter make periodic provision for credit losses, as our best estimate of the lifetime aggregate of credit losses is included in that initial computation. Also because we include anticipated credit losses in our computation of the level yield, the computed level yield is materially lower than the average contractual rate applicable to the receivables. Because our initial recorded value is fixed as the price we pay for the receivable, rather than as the contractual principal balance, we do not record acquisition fees as an amortizing asset related to the receivables, nor do we capitalize costs of acquiring the receivables. Rather we recognize the costs of acquisition as expenses in the period incurred.

Allowance for Finance Credit Losses

In order to estimate an appropriate allowance for losses likely incurred on finance receivables, we use a loss allowance methodology commonly referred to as "static pooling," which stratifies the finance receivable portfolio into separately identified pools based on their period of origination, then uses historical performance of seasoned pools to estimate future losses on current pools. Historical loss experience is adjusted as necessary for current economic conditions. We consider our portfolio of finance receivables to be relatively homogenous and consequently we analyze credit performance primarily in the aggregate rather than stratification by any particular credit quality indicator. Using analytical and formula driven techniques, we estimate an allowance for finance credit losses, which we believe is adequate for current expected credit losses that can be reasonably estimated in our portfolio of finance receivable contracts. Net losses incurred on finance receivables are charged to the allowance. We evaluate the adequacy of the allowance by examining current delinquencies, the characteristics of the portfolio, the value of the underlying collateral and historical loss trends. As conditions change, our level of provisioning and/or allowance may change.

Charge Off Policy

Delinquent contracts for which the related financed vehicle has been repossessed are generally charged off at the earliest of (1) the month in which the proceeds from the sale of the financed vehicle are received, (2) the month in which 90 days have passed from the date of repossession or (3) the month in which the Contract becomes seven scheduled payments past due (see Repossessed and Other Assets below). The amount charged off is the remaining principal balance of the Contract, after the application of the net proceeds from the liquidation of the financed vehicle. With respect to delinquent contracts for which the related financed vehicle has not been repossessed, the remaining principal balance is generally charged off no later than the end of the month that the Contract becomes five scheduled payments past due.

Contract Acquisition Fees and Origination Costs

Upon purchase of a Contract from a Dealer, we generally either charge or advance the Dealer an acquisition fee. Dealer acquisition fees and deferred origination costs are applied to the recorded value of finance receivables and are accreted into earnings as an adjustment to the yield over the estimated life of the Contract using the interest method. However, for receivables measured at fair value, we do not record acquisition fees as an amortizing asset related to the receivables, nor do we capitalize costs of acquiring the receivables. Rather we recognize the costs of acquisition as expenses in the period incurred.

Repossessed and Other Assets

If a Contract obligor fails to make or keep promises for payments, or if the obligor is uncooperative or attempts to evade contact or hide the vehicle, a supervisor will review the collection activity relating to the account to determine if repossession of the vehicle is warranted. Generally, such a decision is made between the 60th and 90th day past the obligor’s payment due date, but could occur sooner or later, depending on the specific circumstances. At the time the vehicle is repossessed we stop accruing interest on the Contract, and reclassify the remaining Contract balance to the line item "Other Assets" on our Consolidated Balance Sheet at its estimated fair value less costs to sell. Included in other assets in the accompanying Consolidated Balance Sheets are repossessed vehicles pending sale of $3.8 million and $7.5 million at December 31, 2020 and 2019, respectively.

Treatment of Securitizations

Our term securitization structure has generally been as follows:

We sell contracts we acquire to a wholly-owned SPS, which has been established for the limited purpose of buying and reselling our contracts. The SPS then transfers the same contracts to another entity, typically a statutory trust ("Trust"). The Trust issues interest-bearing asset-backed securities ("Notes"), in a principal amount equal to or less than the aggregate principal balance of the contracts. We typically sell these contracts to the Trust at face value and without recourse, except representations and warranties that we make to the Trust that are similar to those provided to us by the Dealer. One or more investors (the "Noteholders") purchase the Notes issued by the Trust; the proceeds from the sale of the Notes are then used to purchase the contracts from us. We may retain or sell subordinated Notes issued by the Trust. In addition, we have provided "Credit Enhancement" for the benefit of the Noteholders in three forms: (1) an initial cash deposit to a bank account (a "Spread Account") held by the Trust, (2) overcollateralization of the Notes, where the principal balance of the Notes issued is less than the principal balance of the contracts, and (3) in the form of subordinated Notes. The agreements governing the securitization transactions (collectively referred to as the "Securitization Agreements") require that the initial level of Credit Enhancement be supplemented by a portion of collections from the contracts until the level of Credit Enhancement reaches specified levels, which are then maintained. The specified levels are generally computed as a percentage of the principal amount remaining unpaid under the related contracts. The specified levels at which the Credit Enhancement is to be maintained will vary depending on the performance of the portfolios of contracts held by the Trusts and on other conditions. Such levels have increased and decreased from time to time based on performance of the various portfolios, and have also varied from one Trust to another.

Our warehouse securitization structures are similar to the above, except that (i) the SPS that purchases the contracts pledges the contracts to secure promissory notes or loans that it issues, and (ii) no increase in the required amount of Credit Enhancement is contemplated. Upon each sale of contracts in a securitization structured as a secured financing, we retain as assets on our Consolidated Balance Sheet the securitized contracts and record as indebtedness the Notes issued in the transaction.

We have the power to direct the most significant activities of the SPS. In addition, we have the obligation to absorb losses and the rights to receive benefits from the SPS, both of which could be potentially significant to the SPS. These types of securitization structures are treated as secured financings, in which the receivables remain on our Consolidated Balance Sheet, and the debt issued by the SPS is shown as a securitization trust debt on our Consolidated Balance Sheet.

We receive periodic base servicing fees for the servicing and collection of the contracts. In addition, we are entitled to the cash flows from the Trusts that represent collections on the contracts in excess of the amounts required to pay principal and interest on the Notes, the base servicing fees, and certain other fees (such as trustee and custodial fees). Required principal payments on the Notes are generally defined as the payments sufficient to keep the principal balance of the Notes equal to the aggregate principal balance of the related contracts (excluding those contracts that have been charged off), or a pre-determined percentage of such balance. Where that percentage is less than 100%, the related Securitization Agreements require accelerated payment of principal until the principal balance of the Notes is reduced to the specified percentage. Such accelerated principal payment is said to create "overcollateralization" of the Notes.

If the amount of cash required for payment of fees, interest and principal on the senior Notes exceeds the amount collected during the collection period, the shortfall is generally withdrawn from the Spread Account, if any. If the cash collected during the period exceeds the amount necessary for the above allocations plus required principal payments on the subordinated Notes, if any, and there is no shortfall in the related Spread Account or other form of Credit Enhancement, the excess is released to us. If the total Credit Enhancement amount is not at the required level, then the excess cash collected is retained in the Trust until the specified level is achieved. Cash in the Spread Accounts is restricted from our use. Cash held in the various Spread Accounts is invested in high quality, liquid investment securities, as specified in the Securitization Agreements. In all of our term securitizations we have transferred the receivables (through a subsidiary) to the securitization Trust. We report the assets and liabilities of the securitization Trust on our Consolidated Balance Sheet. The Noteholders’ and the related securitization Trusts’ recourse against us for failure of the contract obligors to make payments on a timely basis is limited, in general, to our Finance Receivables, and Spread Accounts.

Servicing

We consider the contractual servicing fee received on our managed portfolio held by non-consolidated subsidiaries to be equal to adequate compensation. Additionally, we consider that these fees would fairly compensate a substitute servicer, should one be required. As a result, no servicing asset or liability has been recognized. Servicing fees received on the managed portfolio held by non-consolidated subsidiaries are reported as income when earned. Servicing fees received on the managed portfolio held by consolidated subsidiaries are included in interest income when earned. Servicing costs are charged to expense as incurred. Servicing fees receivable, which are included in Other Assets in the accompanying Consolidated Balance Sheets, represent fees earned but not yet remitted to us by the trustee.

Furniture and Equipment

Furniture and equipment are stated at cost net of accumulated depreciation. We calculate depreciation using the straight-line method over the estimated useful lives of the assets, which range from three to five years. Assets held under capital leases and leasehold improvements are amortized over the lesser of the estimated useful lives of the assets or the related lease terms. Amortization expense on assets acquired under capital lease is included with depreciation expense on owned assets.

Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of

Long-lived assets and certain identifiable intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of carrying amount or fair value less costs to sell.

Other Income

The following table presents the primary components of Other Income:

Schedule of other income
	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Direct mail revenues	$	3,312	$	4,659	$	5,829
Convenience fee revenue		1,490		2,440		1,700
Recoveries on previously charged-off contracts		111		158		248
Sales tax refunds		748		1,239		887
Other		46		208		814
Other income for the period	$	5,707	$	8,704	$	9,478

On January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers”. The majority of the Company’s revenues come from interest income which is outside the scope of ASC 606. The Company’s services that fall within the scope of ASC 606 are presented within Other Income and are recognized as revenue as the Company satisfies its obligation to the customer. Services within the scope of ASC 606 include revenue associated with direct mail and other related products and services that we offer to our dealers.

Earnings Per Share

Earnings per share were calculated using the weighted average number of shares outstanding for the related period. The following table illustrates the computation of basic and diluted earnings per share:


	Year Ended December 31,
	2020		2019		2018
	(In thousands, except per share data)
Numerator:
Numerator for basic and diluted earnings per share	$	21,677	$	5,406	$	14,862
Denominator:
Denominator for basic earnings per share
- weighted average number of common shares outstanding during the year		22,611		22,416		21,989
Incremental common shares attributable to exercise of outstanding options and warrants		1,392		1,648		2,999
Denominator for diluted earnings per share		24,003		24,064		24,988
Basic earnings per share	$	0.96	$	0.24	$	0.68
Diluted earnings per share	$	0.90	$	0.22	$	0.59

Incremental shares of 13.6 million, 11.3 million and 10.3 million related to stock options and warrants have been excluded from the diluted earnings per share calculation for the years ended December 31, 2020, 2019 and 2018, respectively, because the effect is anti-dilutive.

Deferral and Amortization of Debt Issuance Costs

Costs related to the issuance of debt are deferred and amortized using the interest method over the contractual or expected term of the related debt. Unamortized debt issuance costs are presented as a direct deduction to the carrying amount of the related debt on our Consolidated Balance Sheets.

Income Taxes

The Company and its subsidiaries file a consolidated federal income tax return and combined or stand-alone state franchise tax returns for certain states. We utilize the asset and liability method of accounting for income taxes, under which deferred income taxes are recognized for the future tax consequences attributable to the differences between the financial statement values of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. We estimate a valuation allowance against that portion of the deferred tax asset whose utilization in future periods is not more than likely.

Purchases of Company Stock

We record purchases of our own common stock at cost and treat the shares as retired.

Stock Option Plan

The Company accounts for stock-based compensation in accordance with FASB ASC Topic 718, Compensation—Stock Compensation, that generally requires entities to recognize the cost of employee services received in exchange for awards of stock options, restricted stock or other equity instruments, based on the grant date fair value of those awards. Compensation cost is recognized for awards issued to employees based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options. This cost is recognized over the period which an employee is required to provide services in exchange for the award, generally the vesting period.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, as well as the reported amounts of income and expenses during the reported periods. These are material estimates that could be susceptible to changes in the near term and, accordingly, actual results could differ from those estimates.

Reclassification

Certain amounts for the prior year have been reclassified to conform to the current year’s presentation with no effect on previously reported earnings or shareholders’ equity.

Financial Covenants

Certain of our securitization transactions, our residual interest financing and our warehouse credit facilities contain various financial covenants requiring certain minimum financial ratios and results. Such covenants include maintaining minimum levels of liquidity and net worth and not exceeding maximum leverage levels. In addition, certain securitization and non-securitization related debt contain cross-default provisions that would allow certain creditors to declare a default if a default occurred under a different facility. As of December 31, 2020 we were in compliance with all such financial covenants.

Provision for Contingent Liabilities

We are routinely involved in various legal proceedings resulting from our consumer finance activities and practices, both continuing and discontinued. Our legal counsel has advised us on such matters where, based on information available at the time of this report, there is an indication that it is both probable that a liability has been incurred and the amount of the loss can be reasonably determined.

We have recorded a liability as of December 31, 2020, which represents our estimate of the immaterial aggregate probable incurred losses for legal contingencies. The amount of losses that may ultimately be incurred, over and above such losses as are probable, cannot be estimated with certainty.

Recently Issued Accounting Standards

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification ("ASC")Topic 326, which changes the criteria under which credit losses on financial instruments (such as the Company’s finance receivables) are measured. ASC 326 introduces a new credit reserving model known as the Current Expected Credit Loss (“CECL”) model, which replaces the incurred loss impairment methodology previously used under U.S. GAAP with a methodology that records currently the expected lifetime credit losses on financial instruments. To establish such lifetime credit loss estimates, consideration of a broadened range of reasonable and supportable information to establish credit loss estimates is required. ASC 326 was initially scheduled to become effective for interim and annual reporting periods beginning after December 15, 2019, however on October 16, 2019, the FASB changed the effective date for smaller reporting companies to interim and annual reporting periods beginning after December 15, 2022, with early adoption permitted.

Effective January 1, 2020, the Company adopted the CECL model. The adoption of CECL required that we establish an allowance for the remaining expected lifetime credit losses on the portion of the Company’s receivable portfolio for which the Company was not already using fair value accounting. We refer to that portion, which is those receivables that were originated prior to January 2018, as our “legacy portfolio”. To comply with CECL, the Company recorded an addition to its allowance for finance credit losses of $127.0 million. In accordance with the rules for adopting CECL, the offset to the addition to the allowance for finance credit losses was a tax affected reduction to retained earnings using the modified retrospective method, and not a current period expense.

Coronavirus Pandemic

In December 2019, a new strain of coronavirus (the “COVID-19 virus”) originated in Wuhan, China. Since its discovery, the COVID-19 virus has spread throughout the world, and the outbreak has been declared to be a pandemic by the World Health Organization. We refer from time to time in this report to the outbreak and spread of the COVID-19 virus as “the pandemic.”

Results for the year ended December 31, 2020 include the estimated potential effect on credit performance resulting from the pandemic. We recorded a $14.1 14,113 million charge to the provision for credit losses for the legacy portfolio accounted for under CECL and a $29.5 million mark down to the recorded value of the finance receivables measured at fair value.

We measure our portfolio of finance receivables carried at fair value with consideration for unobservable inputs that reflect our own assumptions about the factors that market participants use in pricing similar receivables and are based on the best information available in the circumstances. They include such inputs as estimates for the magnitude and timing of net charge-offs and the rate of amortization of the portfolio. The pandemic and the adverse effect it may have on the U.S. economy and our obligors may cause us to consider significant changes in any of those inputs, which in turn may have a significant effect on our fair value measurement.

(2) Restricted Cash

12 Months Ended

Dec. 31, 2020

Cash and Cash Equivalents [Abstract]

(2) Restricted Cash

(2) Restricted Cash

Restricted cash consists of cash and cash equivalent accounts relating to our outstanding securitization trusts and credit facilities. The amount of restricted cash on our Consolidated Balance Sheets was $130.7 million and $135.5 million as of December 31, 2020 and 2019, respectively.

Our securitization transactions and one of our warehouse credit facilities require that we establish cash reserves, or spread accounts, as additional credit enhancement. These cash reserves, which are included in restricted cash, were $52.2 million and $54.8 million as of December 31, 2020 and 2019, respectively.

(3) Finance Receivables

12 Months Ended

Dec. 31, 2020

Finance Receivables

(3) Finance Receivables

(3) Finance Receivables

Our portfolio of finance receivables consists of small-balance homogeneous contracts comprising a single segment and class that is collectively evaluated for impairment on a portfolio basis according to delinquency status. Our contract purchase guidelines are designed to produce a homogenous portfolio. For key terms such as interest rate, length of contract, monthly payment and amount financed, there is relatively little variation from the average for the portfolio. We report delinquency on a contractual basis. Once a contract becomes greater than 90 days delinquent, we do not recognize additional interest income until the obligor under the contract makes sufficient payments to be less than 90 days delinquent. Any payments received on a contract that is greater than 90 days delinquent are first applied to accrued interest and then to principal reduction.

In January 2018 the Company adopted the fair value method of accounting for finance receivables acquired after 2017. Finance receivables measured at fair value are recorded separately on the Company’s Balance Sheet and are excluded from all tables in this footnote.

The following table presents the components of finance receivables, net of unearned interest:

Schedule of finance receivables
	December 31,
	2020		2019
Finance receivables	(In thousands)
Automobile finance receivables, net of unearned interest	$	491,307	$	895,566
Unearned acquisition fees, discounts and deferred origination costs, net		826		1,964
Finance receivables	$	492,133	$	897,530

We consider an automobile contract delinquent when an obligor fails to make at least 90% of a contractually due payment by the following due date, which date may have been extended within limits specified in the servicing agreements. The period of delinquency is based on the number of days payments are contractually past due, as extended where applicable. Automobile contracts less than 31 days delinquent are not reported as delinquent. In certain circumstances we will grant obligors one-month payment extensions. The only modification of terms is to advance the obligor’s next due date by one month and extend the maturity date of the receivable by one month. In certain limited cases, a two-month extension may be granted. There are no other concessions, such as a reduction in interest rate, forgiveness of principal or of accrued interest. Accordingly, we consider such extensions to be insignificant delays in payments rather than troubled debt restructurings. The following table summarizes the delinquency status of finance receivables as of December 31, 2020 and 2019:


	December 31,
	2020		2019
	(In thousands)
Delinquency Status
Current	$	406,693	$	698,870
31 - 60 days		56,572		107,951
61 - 90 days		22,660		57,395
91 + days		5,382		31,350
	$	491,307	$	895,566

Finance receivables totaling $5.4 5,400 million and $31.4 31,400 million at December 31, 2020 and 2019, respectively, have been placed on non-accrual status as a result of their delinquency status.

Allowance for Credit Losses – Finance Receivables

The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of finance receivables to present the net amount expected to be collected. Charge offs are deducted from the allowance when management believes that collectability is unlikely.

Management estimates the allowance using relevant available information, from internal and external sources, relating to past events, current conditions and, reasonable and supportable forecasts. We believe our historical credit loss experience provides the best basis for the estimation of expected credit losses. Consequently, we use historical loss experience for older receivables, aggregated into vintage pools based on their calendar quarter of origination, to forecast expected losses for less seasoned quarterly vintage pools.

We measure the weighted average monthly incremental change in cumulative net losses for the vintage pools in the relevant historical period. For the pools in the relevant historical period, we consider each pool’s performance from its inception through the end of the current period. We then apply the results of the historical analysis to less seasoned vintage pools beginning with each vintage pool’s most recent actual cumulative net loss experience and extrapolating from that point based on the historical data. We believe the pattern and magnitude of losses on older vintages allows us to establish a reasonable and supportable forecast of less seasoned vintages.

Our contract purchase guidelines are designed to produce a homogenous portfolio. For key credit characteristics of individual contracts such as obligor credit history, job stability, residence stability and ability to pay, there is relatively little variation from the average for the portfolio. Similarly, for key structural characteristics such as loan-to-value, length of contract, monthly payment and amount financed, there is relatively little variation from the average for the portfolio. Consequently, we do not believe there are significant differences in risk characteristics between various segments of our portfolio.

Our methodology incorporates historical pools that are sufficiently seasoned to capture the magnitude and trends of losses within those vintage pools. Furthermore, the historical period encompasses a substantial volume of receivables over periods that include fluctuations in the competitive landscape, the Company’s rates of growth, size of our managed portfolio and fluctuations in economic growth and unemployment.

In consideration of the depth and breadth of the historical period, and the homogeneity of our portfolio, we generally do not adjust historical loss information for differences in risk characteristics such as credit or structural composition of segments of the portfolio or for changes in environmental conditions such as changes in unemployment rates, collateral values or other factors. Throughout our history we have observed how events such as extreme weather, political unrest, and other qualitative factors have influenced the performance of our portfolio. Consequently, we have considered how such qualitative factors may affect future credit losses and have incorporated our judgement of the effect of those factors into our estimates.

The following table presents the amortized cost basis of our finance receivables by annual vintage as of December 31, 2020 and 2019:

December 31, December 31,

2020 2019

(In thousands)

Annual Vintage Pool

2012 and prior $ 608 $ 2,432

2013 4,483 15,489

2014 23,115 61,290

2015 78,457 162,242

2016 163,677 292,360

2017 220,967 361,753

$ 491,307 $ 895,566

At the adoption of CECL, the Company recorded an addition to its allowance for finance credit losses of $127.0 million. In accordance with the rules for adopting CECL, the offset to the addition to the allowance for finance credit losses was a tax affected reduction to retained earnings using the modified retrospective method.

In consideration of the uncertainty associated with the pandemic, the Company made additional provisions for credit losses on finance receivables for the year ended December 31, 2020 in the amount of $14.1 million.

The following table presents a summary of the activity for the allowance for finance credit losses, for the years ended December 31, 2020, 2019 and 2018:

December 31,

2020 2019 2018

(In thousands)

Balance at beginning of year $ 11,640 $ 67,376 $ 109,187

Impact of adopting ASC 326 127,000 n/a n/a

Provision for credit losses on finance receivables 14,113 85,773 133,080

Charge-offs (90,824 ) (184,449 ) (220,523 )

Recoveries 18,861 42,940 45,632

Balance at end of year $ 80,790 $ 11,640 $ 67,376

Excluded from finance receivables are contracts that were previously classified as finance receivables but were reclassified as other assets because we have repossessed the vehicle securing the Contract. The following table presents a summary of such repossessed inventory together with the allowance for losses on repossessed inventory:

December 31,

2020 2019

(In thousands)

Gross balance of repossessions in inventory $ 15,589 $ 28,933

Allowance for losses on repossessed inventory (11,790 ) (21,389 )

Net repossessed inventory included in other assets $ 3,799 $ 7,544

(4) Furniture and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

(4) Furniture and Equipment

(4) Furniture and Equipment

The following table presents the components of furniture and equipment:

Schedule of furniture and equipment
	December 31,
	2020			2019
	(In thousands)
Furniture and fixtures	$	1,648		$	1,648
Computer and telephone equipment		4,672			6,803
Leasehold improvements		1,507			1,507
		7,827			9,958
Less: accumulated depreciation and amortization		(6,999	)		(8,446	)
	$	828		$	1,512

Depreciation expense totaled $1,784,000, $1,076,000, and $992,000 for the years ended December 31, 2020, 2019 and 2018, respectively. There were $2.2 million in equipment disposals during the year ended December 31, 2020.

(5) Securitization Trust Debt

12 Months Ended

Dec. 31, 2020

Securitization Trust Debt

(5) Securitization Trust Debt

(5) Securitization Trust Debt

We have completed numerous term securitization transactions that are structured as secured borrowings for financial accounting purposes. The debt issued in these transactions is shown on our Consolidated Balance Sheets as “Securitization trust debt,” and the components of such debt are summarized in the following table:

Schedule of securitization trust debt
Series	Final Scheduled Payment Date (1)	Receivables Pledged at December 31, 2020 (2)		Initial Principal		Outstanding Principal at December 31, 2020		Outstanding Principal at December 31, 2019		Weighted Average Contractual Interest Rate at December 31, 2020
	(Dollars in thousands)
CPS 2014-C	December 2021		–		273,000		–		19,758		0.00%
CPS 2014-D	March 2022		–		267,500		–		23,755		0.00%
CPS 2015-A	June 2022		–		245,000		–		26,713		0.00%
CPS 2015-B	September 2022		17,737		250,000		17,984		36,338		6.01%
CPS 2015-C	December 2022		27,788		300,000		28,529		53,579		6.77%
CPS 2016-A	March 2023		35,042		329,460		37,158		71,599		7.24%
CPS 2016-B	June 2023		45,407		332,690		46,079		82,667		7.42%
CPS 2016-C	September 2023		47,358		318,500		47,325		83,696		7.53%
CPS 2016-D	April 2024		38,498		206,325		36,455		65,021		5.81%
CPS 2017-A	April 2024		42,972		206,320		40,619		71,450		5.82%
CPS 2017-B	December 2023		53,753		225,170		39,016		76,201		5.00%
CPS 2017-C	September 2024		56,048		224,825		47,553		80,315		4.82%
CPS 2017-D	June 2024		57,986		196,300		49,297		83,801		4.32%
CPS 2018-A	March 2025		62,902		190,000		53,549		91,258		4.11%
CPS 2018-B	December 2024		75,400		201,823		66,955		111,188		4.51%
CPS 2018-C	September 2025		87,223		230,275		77,345		130,064		4.62%
CPS 2018-D	June 2025		104,155		233,730		88,228		149,470		4.58%
CPS 2019-A	March 2026		131,575		254,400		114,373		186,900		4.38%
CPS 2019-B	June 2026		128,787		228,275		118,982		184,308		3.95%
CPS 2019-C	September 2026		150,637		243,513		142,080		216,650		3.26%
CPS 2019-D	December 2026		190,916		274,313		181,485		265,035		2.80%
CPS 2020-A	March 2027		187,537		260,000		184,944		–		2.80%
CPS 2020-B	June 2027		187,597		202,343		164,403		–		3.09%
CPS 2020-C	November 2027		243,367		252,200		231,961		–		1.67%
		$	1,972,684	$	5,945,962	$	1,814,320	$	2,109,766

_________________________

(1)

The Final Scheduled Payment Date represents final legal maturity of the securitization trust debt. Securitization trust debt is expected to become due and to be paid prior to those dates, based on amortization of the finance receivables pledged to the Trusts. Expected payments, which will depend on the performance of such receivables, as to which there can be no assurance, are $818.4 million in 2021, $450.9 million in 2022, $350.7 million in 2023, $81.1 million in 2024, $83.7 million in 2025, and $18.7 million in 2026.

(2)

Includes repossessed assets that are included in Other Assets on our Consolidated Balance Sheets.

Debt issuance costs of $10.6 million and $12.0 million as of December 31, 2020 and December 31, 2019, respectively, have been excluded from the table above. These debt issuance costs are presented as a direct deduction to the carrying amount of the Securitization trust debt on our Consolidated Balance Sheets.

All of the securitization trust debt was issued in private placement transactions to qualified institutional investors. The debt was issued by our wholly-owned, bankruptcy remote subsidiaries and is secured by the assets of such subsidiaries, but not by any of our other assets.

The terms of the various securitization agreements related to the issuance of the securitization trust debt require that certain delinquency and credit loss criteria be met with respect to the collateral pool, and require that we maintain minimum levels of liquidity and net worth and not exceed maximum leverage levels. We were in compliance with all such covenants as of December 31, 2020.

We are responsible for the administration and collection of the contracts. The securitization agreements also require certain funds be held in restricted cash accounts to provide additional credit enhancement for the Notes or to be applied to make payments on the securitization trust debt. As of December 31, 2020, restricted cash under the various agreements totaled approximately $130.7 million. Interest expense on the securitization trust debt is composed of the stated rate of interest plus amortization of additional costs of borrowing. Additional costs of borrowing include facility fees, insurance premiums, amortization of deferred financing costs, and amortization of discounts required on the notes at the time of issuance. Deferred financing costs related to the securitization trust debt are amortized using the interest method. Accordingly, the effective cost of borrowing of the securitization trust debt is greater than the stated rate of interest.

Our wholly-owned, bankruptcy remote subsidiaries were formed to facilitate the above asset-backed financing transactions. Similar bankruptcy remote subsidiaries issue the debt outstanding under our warehouse line of credit. Bankruptcy remote refers to a legal structure in which it is expected that the applicable entity would not be included in any bankruptcy filing by its parent or affiliates. All of the assets of these subsidiaries have been pledged as collateral for the related debt. All such transactions, treated as secured financings for accounting and tax purposes, are treated as sales for all other purposes, including legal and bankruptcy purposes. None of the assets of these subsidiaries are available to pay any of our other creditors.

(6) Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

(6) Debt

(6) Debt

The terms of our debt outstanding at December 31, 2020 and 2019 are summarized below:

Schedule of debt outstanding
				Amount Outstanding at
				December 31,		December 31,
				2020		2019
				(In thousands)
Description	Interest Rate	Maturity

Warehouse lines of credit	5.50% over one month Libor (Minimum 6.50%)		February 2021	$	42,558	$	40,558

	3.00% over one month Libor (Minimum 3.75%)		December 2022		45,689		96,225

	4.00% over a commercial paper rate (Minimum 5.00%)		December 2021		32,265		–

Residual interest financing	8.60%		January 2026		25,576		40,000

Subordinated renewable notes	Weighted average rate of 10.09% and 9.75% at December 31, 2020 and December 31, 2019, respectively		Weighted average maturity of January 2023 and April 2022 at December 31, 2020 and December 31, 2019, respectively		21,323		17,534

				$	167,411	$	194,317

Debt issuance costs of $1.5 million and $2.0 million as of December 31, 2020 and December 31, 2019, respectively, have been excluded from the table above. These debt issuance costs are presented as a direct deduction to the carrying amount of the Warehouse lines of credit and residual interest financing on our Consolidated Balance Sheets.

On May 11, 2012, we entered into a $100 million one-year warehouse credit line with Citibank, N.A. The facility is structured to allow us to fund a portion of the purchase price of automobile contracts by borrowing from a credit facility to our consolidated subsidiary Page Eight Funding, LLC. The facility provides for effective advances up to 83.0% of eligible finance receivables. The loans under the facility accrue interest at one-month LIBOR plus 3.00% per annum, with a minimum rate of 3.75% per annum. In December 2020, this facility was amended to extend the revolving period to December 2022 and to include an amortization period through December 2023 for any receivables pledged to the facility at the end of the revolving period. At December 31, 2020 there was $45.7 million outstanding under this facility.

On April 17, 2015, we entered into an additional $100 million one-year warehouse credit line with Fortress Investment Group. The facility is structured to allow us to fund a portion of the purchase price of automobile contracts by borrowing from a credit facility to our consolidated subsidiary Page Six Funding, LLC. The facility provides for effective advances up to 88.0% of eligible finance receivables. The loans under the facility accrue interest at one-month LIBOR plus 5.50% per annum, with a minimum rate of 6.50% per annum. In February 2019, this facility was amended to extend the revolving period to February 2021 followed by an amortization period through February 2023 for any receivables pledged to the facility at the end of the revolving period. At December 31, 2020 there was $42.6 million outstanding under this facility. In February 2021, we repaid this facility in full at its maturity date.

On November 24, 2015, we entered into an additional $100 million one-year warehouse credit line with affiliates of Credit Suisse Group and Ares Management LP. The facility is structured to allow us to fund a portion of the purchase price of automobile contracts by borrowing from a credit facility to our consolidated subsidiary Page Nine Funding, LLC. The facility provides for effective advances up to 88.0% of eligible finance receivables. The loans under the facility accrue interest at a commercial paper rate plus 4.00% per annum, with a minimum rate of 5.00% per annum. In December 2019, this facility was amended to extend the revolving period to December 2021 followed by an amortization period through December 2023 for any receivables pledged to the facility at the end of the revolving period. At December 31, 2020 there was $32.3 million outstanding under this facility.

The total outstanding debt on our three warehouse lines of credit was $120.6 million as of December 31, 2020, compared to $136.8 million outstanding as of December 31, 2019.

On May 16, 2018, we completed a $40.0 million securitization of residual interests from previously issued securitizations. In this residual interest financing transaction, qualified institutional buyers purchased $40.0 million of asset-backed notes secured by residual interests in thirteen CPS securitizations consecutively conducted from September 2013 through December 2016, and an 80% interest in a CPS affiliate that owns the residual interests in the four CPS securitizations conducted in 2017. The sold notes (“2018-1 Notes”), issued by CPS Auto Securitization Trust 2018-1, consist of a single class with a coupon of 8.595%.

The agreed valuation of the collateral for the 2018-1 Notes is the sum of the amounts on deposit in the underlying spread accounts for each related securitization and the over-collateralization of each related securitization, which is the difference between the outstanding principal balances of the related receivables less the principal balance of the outstanding notes issued in the related securitization. With respect to the securitizations conducted by CPS in 2017, only 80% of such amounts are included in the collateral. On each monthly payment date, the 2018-1 Notes are entitled to interest at the coupon rate and, if necessary, a principal payment necessary to maintain a specified minimum collateral ratio. At December 31, 2020 there was $25.6 million outstanding under this facility.

Unamortized debt issuance costs of $150,000 have been excluded from the amount reported above for residual interest financing. These debt issuance costs are presented as a direct deduction to the carrying amount of the debt on our Consolidated Balance Sheets.

We must comply with certain affirmative and negative covenants related to debt facilities, which require, among other things, that we maintain certain financial ratios related to liquidity, net worth and capitalization. Further covenants include matters relating to investments, acquisitions, restricted payments and certain dividend restrictions. See the discussion of financial covenants in Note 1.

The following table summarizes the contractual and expected maturity amounts of long term debt as of December 31, 2020:


	Subordinated
Contractual maturity	renewable
date	notes
		(In thousands)
2021	$	9,506
2022		3,350
2023		3,331
2024		1,162
2025		2,322
Thereafter		1,652
Total	$	21,323

(7) Shareholders’ Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

(7) Shareholders’ Equity

(7) Shareholders’ Equity

Common Stock

Holders of common stock are entitled to such dividends as our board of directors, in its discretion, may declare out of funds available, subject to the terms of any outstanding shares of preferred stock and other restrictions. In the event of liquidation of the Company, holders of common stock are entitled to receive, pro rata, all of the assets of the Company available for distribution, after payment of any liquidation preference to the holders of outstanding shares of preferred stock. Holders of the shares of common stock have no conversion or preemptive or other subscription rights and there are no redemption or sinking fund provisions applicable to the common stock.

Stock Purchases

For the year ending December 31, 2020, we purchased 351,926 shares of our common stock at an average price of $3.45. In October 2017 our board of directors authorized the repurchase of up to $10 million of our common stock. There is approximately $5.1 million of board authorization remaining under such plans, which have no expiration date. The table below describes the purchase of our common stock for the twelve-month periods ended December 31, 2020 and 2019:

Schedule of stock purchases	Twelve Months Ended
	December 31, 2020				December 31, 2019
		Shares		Avg. Price		Shares		Avg. Price
Open market purchases		105,017	$	3.60		335,546	$	3.95
Shares redeemed upon net exercise of stock options		46,909		2.86		18,424		3.76
Other		200,000		3.51		24,500		4.20
Total stock purchases		351,926	$	3.45		378,470	$	3.97

Options and Warrants

In 2006, the Company adopted and its shareholders approved the CPS 2006 Long-Term Equity Incentive Plan (the “2006 Plan”) pursuant to which our Board of Directors, or a duly-authorized committee thereof, may grant stock options, restricted stock, restricted stock units and stock appreciation rights to our employees or employees of our subsidiaries, to directors of the Company, and to individuals acting as consultants to the Company or its subsidiaries. In June 2008, May 2012, April 2013, May 2015 and again in July 2018, the shareholders of the Company approved an amendment to the 2006 Plan to increase the maximum number of shares that may be subject to awards under the 2006 Plan to 5,000,000, 7,200,000, 12,200,000, 17,200,000 and 19,200,000, respectively, in each case plus shares authorized under prior plans and not issued. Options that have been granted under the 2006 Plan and a previous plan approved in 1997 have been granted at an exercise price equal to (or greater than) the stock’s fair value at the date of the grant, with terms generally of 7-10 years and vesting generally over 4-5 years.

The per share weighted-average fair value of stock options granted during the years ended December 31, 2020, 2019 and 2018 was $1.33, $1.11 and $1.06, respectively. That fair value was estimated using a binomial option pricing model using the weighted average assumptions noted in the following table. We use historical data to estimate the expected term of each option. The volatility estimate is based on the historical and implied volatility of our stock over the period that equals the expected life of the option. Volatility assumptions ranged from 72% to 80% for 2020, 37% to 39% for 2019, and 31% to 34% for 2018. The risk-free interest rate is based on the yield on a U.S. Treasury bond with a maturity comparable to the expected life of the option. The dividend yield is estimated to be zero based on our intention not to issue dividends for the foreseeable future.


	Year Ended December 31,
	2020		2019		2018
Expected life (years)		4.01		4.02		3.99
Risk-free interest rate		0.25%		1.53%		2.74%
Volatility		73%		37%		34%
Expected dividend yield		–		–		–

For the years ended December 31, 2020, 2019 and 2018, we recorded stock-based compensation costs in the amount of $1.9 1,935 million, $2.1 2,072 million and $3.5 3,515 million, respectively. As of December 31, 2020, the unrecognized stock-based compensation costs to be recognized over future periods was equal to $3.2 million. This amount will be recognized as expense over a weighted-average period of 2.2 years.

At December 31, 2020 and 2019, options outstanding had intrinsic values of $11.9 million and $4.8 million, respectively. At December 31, 2020 and 2019, options exercisable had intrinsic values of $8.2 million and $4.8 million, respectively. The total intrinsic value of options exercised was $1.0 million and $1.4 million for the years ended December 31, 2020 and 2019, respectively. New shares were issued for all options exercised during the year ended December 2020 and cash of $949,000 was received. At December 31, 2020, there were a total of 270,000 additional shares available for grant under the 2006 Plan.

Stock option activity for the year ended December 31, 2020 for stock options under the 2006 and 1997 plans is as follows:

Schedule of option activity
	Number of Shares (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Options outstanding at the beginning of period		15,348		$	4.59	N/A
Granted		1,600			2.47	N/A
Exercised		(558	)		1.70	N/A
Forfeited/Expired		(413	)		5.13	N/A
Options outstanding at the end of period		15,977		$	4.46	2.85 years

Options exercisable at the end of period		12,597		$	4.81	2.15 years

The following table presents the price distribution of stock options outstanding and exercisable for the years ended December 31, 2020 and 2019:


	Number of shares as of December 31, 2020		Number of shares as of December 31, 2019
Range of exercise prices:	Outstanding	Exercisable		Outstanding	Exercisable
	(In thousands)			(In thousands)
$0.95 - $1.99	1,904	1,904		2,436	2,436
$2.00 - $2.99	1,570	180		–	–
$3.00 - $3.99	4,973	3,306		5,145	2,158
$4.00 - $4.99	1,540	1,217		1,547	903
$5.00 - $5.99	–	–		–	–
$6.00 - $6.99	4,770	4,770		4,955	4,955
$7.00 - $7.99	1,220	1,220		1,265	1,265
Total shares	15,977	12,597		15,348	11,717

We did not issue any stock options with an exercise price above or below the market price of the stock on the grant date for the years ended December 31, 2020, 2019 and 2018.

(8) Interest Income and Interest Expense

12 Months Ended

Dec. 31, 2020

(8) Interest Income and Interest Expense

(8) Interest Income and Interest Expense

The following table presents the components of interest income:

Schedule of interest income
	Year Ended December 31,
	2020			2019		2018
	(In thousands)
Interest on finance receivables	$	126,043		$	211,138	$	334,634
Interest on finance receivables at fair value		168,266			123,059		43,863
Mark to finance receivables measured at fair value		(29,528	)		–		–
Other interest income		673			2,899		1,800
Interest income	$	265,454		$	337,096	$	380,297

The following table presents the components of interest expense:

Schedule of interest expense
	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Securitization trust debt	$	88,031	$	96,870	$	89,926
Warehouse lines of credit		7,678		8,402		7,752
Residual interest financing		3,454		3,822		2,343
Subordinated renewable notes		2,175		1,434		1,445
Interest expense	$	101,338	$	110,528	$	101,466

(9) Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

(9) Income Taxes

(9) Income Taxes

Income taxes consist of the following:

Schedule of income tax expense
	Year Ended December 31,
	2020			2019			2018
	(In thousands)
Current federal tax expense	$	(23,576	)	$	(574	)	$	(7,526	)
Current state tax expense		472			105			(2,064	)
Deferred federal tax expense		18,937			2,759			9,074
Deferred state tax expense		2,610			1,466			4,357
Income tax expense	$	(1,557	)	$	3,756		$	3,841

Income tax expense for the years ended December 31, 2020, 2019 and 2018 differs from the amount determined by applying the statutory federal rate to income before income taxes as follows:


	Year Ended December 31,
	2020			2019			2018
	(In thousands)
Expense at federal tax rate	$	4,225		$	1,924		$	3,928
State taxes, net of federal income tax effect		1,505			1,027			1,718
Stock-based compensation		35			169			238
Non-deductible expenses		974			856			824
Net operating loss carryback		(9,435	)		–			–
Effect of change in tax rate		–			–			–
Accounting method change		–			–			(2,100	)
Other		1,139			(220	)		(767	)
income tax expense	$	(1,557	)	$	3,756		$	3,841

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (“CARES”) Act was adopted, providing wide ranging economic relief for individuals and businesses. One component of the CARES Act provides the Company with an opportunity to carry back net operating losses (“NOLs”) arising from 2018, 2019 and 2020 to the prior five tax years. The Company has such NOLs reflected on its balance sheet as a portion of deferred tax assets. The Company has previously valued its NOLs at the federal corporate income tax rate of 21%. However, the provisions of the CARES Act provide for NOL carryback claims to be calculated based on a rate of 35%, which was the federal corporate tax rate in effect for the carryback years. Consequently, the Company has revalued the benefit from its NOLs to reflect a 35% tax rate. The result of the revaluation of NOLs and other tax adjustments is a net tax benefit of $8.8 million, which is reflected in income taxes for the year ended December 31, 2020.

For the year ended December 31, 2018, we recorded income tax expense of $3.8 million 3,841 which include a $2.1 million net tax benefit related to certain tax planning strategies and other adjustments. Without the benefit, income tax expense for 2018 would have been $5.9 million.

The tax effected cumulative temporary differences that give rise to deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows:


	December 31,
	2020			2019
	(In thousands)
Deferred Tax Assets:
Finance receivables	$	10,930		$	–
Accrued liabilities		541			307
NOL carryforwards		7,470			17,240
Built in losses		3,312			4,008
Pension accrual		1,745			1,927
Stock compensation		4,463			4,385
Lease liability		3,843			5,232
Other		46			164
Total deferred tax assets		32,350			33,263

Deferred Tax Liabilities:
Finance receivables	$	–		$	(12,180	)
Deferred loan costs		(205	)		(542	)
Lease right-of-use assets		(3,517	)		(4,855	)
Furniture and equipment		(116	)		(206	)
Total deferred tax liabilities		(3,838	)		(17,783	)

Net deferred tax asset	$	28,512		$	15,480

We acquired certain net operating losses and built-in loss assets as part of our acquisitions of MFN Financial Corp. (“MFN”) in 2002 and TFC Enterprises, Inc. (“TFC”) in 2003. Moreover, both MFN and TFC have undergone an ownership change for purposes of Internal Revenue Code (“IRC”) Section 382. In general, IRC Section 382 imposes an annual limitation on the ability of a loss corporation (that is, a corporation with a net operating loss (“NOL”) carryforward, credit carryforward, or certain built-in losses (“BILs”)) to utilize its pre-change NOL carryforwards or BILs to offset taxable income arising after an ownership change.

In determining the possible future realization of deferred tax assets, we have considered future taxable income from the following sources: (a) reversal of taxable temporary differences; and (b) tax planning strategies that, if necessary, would be implemented to accelerate taxable income into years in which net operating losses might otherwise expire.

Deferred tax assets are recognized subject to management’s judgment that realization is more likely than not. A valuation allowance is recognized for a deferred tax asset if, based on the weight of the available evidence, it is more likely than not that some portion of the deferred tax asset will not be realized. In making such judgements, significant weight is given to evidence that can be objectively verified. Although realization is not assured, we believe that the realization of the recognized net deferred tax asset of $28.5 million 28,512 as of December 31, 2020 is more likely than not based on forecasted future net earnings. Our net deferred tax asset of $28.5 million consists of approximately $17.0 million of net U.S. federal deferred tax assets and $11.5 million of net state deferred tax assets.

As of December 31, 2020, we had net operating loss carryforwards for state income tax purposes of $86.8 million. These state net operating losses begin to expire in 2024.

We recognize a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. We recognize potential interest and penalties related to unrecognized tax benefits as income tax expense. At December 31, 2020, we had no unrecognized tax benefits for uncertain tax positions.

We are subject to taxation in the US and various state jurisdictions. With few exceptions, we are no longer subject to U.S. federal, state, or local examinations by tax authorities for years before 2017.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

(10) Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

(10) Commitments and Contingencies

(10) Commitments and Contingencies

Leases

The Company has operating leases for corporate offices, equipment, software and hardware. The Company has entered into operating leases for the majority of its real estate locations, primarily office space. These leases are generally for periods of three to seven years with various renewal options. The depreciable life of leased assets is limited by the expected lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term.

We determine if a contract contains a lease at contract inception. Right-of-use assets and liabilities are recognized based on the present value of lease payments over the lease term. In determining the present value of lease payments, we use the Company’s incremental borrowing rate. Right-of-use assets are included in other assets and lease liabilities are included in accounts payable and accrued expenses in our Condensed Consolidated Balance Sheet at December 31, 2020.

The following table presents the supplemental balance sheet information related to leases:


	December 31,			December 31,
	2020			2019
	(In thousands)

Operating Leases
Operating lease right-of-use assets	$	23,735		$	23,735
Less: Accumulated amortization right-of-use assets		(12,792	)		(6,600	)
Operating lease right-of-use assets, net	$	10,943		$	17,135

Operating lease liabilities	$	(12,096	)	$	(18,527	)

Finance Leases
Property and equipment, at cost	$	3,407		$	876
Less: Accumulated depreciation		(1,226	)		(150	)
Property and equipment, net	$	2,181		$	726

Finance lease liabilities	$	(2,243	)	$	(718	)

Weighted Average Discount Rate
Operating lease		5.0%			5.0%
Finance lease		6.5%			6.4%

Maturities of leases
Maturities of lease liabilities were as follows:
(In thousands)		Operating			Finance
Year Ending December 31,		Lease			Lease
2021	$	7,458		$	1,229
2022		6,066			1,050
2023		1,397			84
2024		419			26
2025		282			10
Total undiscounted lease payments		15,622			2,399
Less amounts representing interest		(3,526	)		(156	)
Lease Liability	$	12,096		$	2,243

The following table presents the leases expense included in Occupancy, General and administrative on our Condensed Consolidated Statement of Operations:

Schedule of lease cost
	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Operating lease cost	$	7,523	$	7,521	$	7,124
Finance lease cost		1,179		160		–
Total lease cost	$	8,702	$	7,681	$	7,124

The following table presents the supplemental cash flow information related to leases:


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,762	$	7,584	$	6,809
Operating cash flows from finance leases		1,007		133		37
Financing cash flows from finance leases		172		27		9

Legal Proceedings

Consumer Litigation. We are routinely involved in various legal proceedings resulting from our consumer finance activities and practices, both continuing and discontinued. Consumers can and do initiate lawsuits against us alleging violations of law applicable to collection of receivables, and such lawsuits sometimes allege that resolution as a class action is appropriate.

For the most part, we have legal and factual defenses to consumer claims, which we routinely contest or settle (for immaterial amounts) depending on the particular circumstances of each case.

Wage and Hour Claim. On September 24, 2018, a former employee filed a lawsuit against us in the Superior Court of Orange County, California, alleging that we incorrectly classified our sales representatives as outside salespersons exempt from overtime wages, mandatory break periods and certain other employee protective provisions of California and federal law. The complaint seeks injunctive relief, an award of unpaid wages, liquidated damages, and attorney fees and interest. The plaintiff purports to act on behalf of a class of similarly situated employees and ex-employees. As of the date of this report, no motion for class certification has been filed or granted.

We believe that our compensation practices with respect to our sales representatives are compliant with applicable law. Accordingly, we have defended and intend to continue to defend this lawsuit. We have not recorded a liability with respect to this claim on the accompanying consolidated financial statements.

In General. There can be no assurance as to the outcomes of the matters described or referenced above. We record at each measurement date, most recently as of December 31, 2020, our best estimate of probable incurred losses for legal contingencies, including the matters identified above, and consumer claims. The amount of losses that may ultimately be incurred cannot be estimated with certainty. However, based on such information as is available to us, we believe that the total of probable incurred losses for legal contingencies as of December 31, 2020 is immaterial, and that the range of reasonably possible losses for the legal proceedings and contingencies we face, including those described or identified above, as of December 31, 2020 does not exceed $3 million.

Accordingly, we believe that the ultimate resolution of such legal proceedings and contingencies should not have a material adverse effect on our consolidated financial condition. We note, however, that in light of the uncertainties inherent in contested proceedings there can be no assurance that the ultimate resolution of these matters will not be material to our operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of our income for that period.

(11) Employee Benefits

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

(11) Employee Benefits

(11) Employee Benefits

We sponsor a pretax savings and profit sharing plan (the “401(k) Plan”) qualified under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, eligible employees are able to contribute up to the maximum allowed under the law. We may, at our discretion, match 100% of employees’ contributions up to $2,000 per employee per calendar year. Our matching contributions to the 401(k) Plan were $1.4 million, $1.6 million, and $1.5 respectively, for the years ended December 31, 2020, 2019 and 2018.

We also sponsor a defined benefit plan, the MFN Financial Corporation Pension Plan (the “Plan”). The Plan benefits were frozen on June 30, 2001.

The following tables represents a reconciliation of the change in the plan’s benefit obligations, fair value of plan assets, and funded status at December 31, 2020 and 2019:


	December 31,
	2020			2019
	(In thousands)
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year	$	22,997		$	20,085
Service cost		–			–
Interest cost		693			808
Assumption changes		2,418			3,047
Actuarial (gain) loss		(89	)		141
Settlements		–			–
Benefits paid		(1,341	)		(1,084	)
Projected benefit obligation, end of year	$	24,678		$	22,997

Change in Plan Assets
Fair value of plan assets, beginning of year	$	15,910		$	14,368
Return on assets		2,775			3,017
Employer contribution		1,161			–
Expenses		(340	)		(391	)
Settlements		–			–
Benefits paid		(1,341	)		(1,084	)
Fair value of plan assets, end of year	$	18,165		$	15,910

Funded Status at end of year	$	(6,513	)	$	(7,087	)

Additional Information

Weighted average assumptions used to determine benefit obligations and cost at December 31, 2020 and 2019 were as follows:


	December, 31
	2020		2019
Weighted average assumptions used to determine benefit obligations
Discount rate		2.28%		3.07%

Weighted average assumptions used to determine net periodic benefit cost
Discount rate		3.07%		4.11%
Expected return on plan assets		7.25%		7.25%

Our overall expected long-term rate of return on assets is 7.25% per annum as of December 31, 2020. The expected long-term rate of return is based on the weighted average of historical returns on individual asset categories, which are described in more detail below.


	December 31,
	2020			2019			2018
	(In thousands)
Amounts recognized on Consolidated Balance Sheet
Other assets	$	–		$	–		$	–
Other liabilities		(6,513	)		(7,087	)		(5,717	)
Net amount recognized	$	(6,513	)	$	(7,087	)	$	(5,717	)

Amounts recognized in accumulated other comprehensive loss consists of:
Net loss	$	13,297		$	13,092		$	11,896
Unrecognized transition asset		–			–			–
Net amount recognized	$	13,297		$	13,092		$	11,896

Components of net periodic benefit cost
Interest cost	$	693		$	808		$	775
Expected return on assets		(1,150	)		(1,012	)		(1,163	)
Amortization of transition asset		–			–			–
Amortization of net loss		839			376			443
Net periodic benefit cost		382			172			55
Settlement (gain)/loss		–			–			–
Total	$	382		$	172		$	55

Benefit Obligation Recognized in Other Comprehensive Loss (Income)
Net loss (gain)	$	205		$	1,197		$	545
Prior service cost (credit)		–			–			–
Amortization of prior service cost		–			–			–
Net amount recognized in other comprehensive loss (income)	$	205		$	1,197		$	545

The estimated net loss that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2020 is $148,000.

The weighted average asset allocation of our pension benefits at December 31, 2020 and 2019 were as follows:


	December 31,
	2020		2019
Weighted Average Asset Allocation at Year-End
Asset Category
Equity securities		82%		82%
Debt securities		18%		18%
Cash and cash equivalents		0%		0%
Total		100%		100%

Our investment policies and strategies for the pension benefits plan utilize a target allocation of 75% equity securities and 25% fixed income securities (excluding Company stock). Our investment goals are to maximize returns subject to specific risk management policies. We address risk management and diversification by the use of a professional investment advisor and several sub-advisors which invest in domestic and international equity securities and domestic fixed income securities. Each sub-advisor focuses its investments within a specific sector of the equity or fixed income market. For the sub-advisors focused on the equity markets, the sectors are differentiated by the market capitalization, the relative valuation and the location of the underlying issuer. For the sub-advisors focused on the fixed income markets, the sectors are differentiated by the credit quality and the maturity of the underlying fixed income investment. The investments made by the sub-advisors are readily marketable and can be sold to fund benefit payment obligations as they become payable.


Cash Flows

Estimated Future Benefit Payments (In thousands)
2021	$	896
2022		933
2023		957
2024		983
2025		1,026
Years 2026 - 2029		5,678

Anticipated Contributions in 2021	$	522

The fair value of plan assets at December 31, 2020 and 2019, by asset category, is as follows:

Schedule of fair value of plan assets
	December 31, 2020
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Investment Name:	(in thousands)
Company Common Stock	$	3,811	$	–	$	–	$	3,811
Large Cap Value		–		2,523		–		2,523
Mid Cap Index		–		757		–		757
Small Cap Growth		–		765		–		765
Small Cap Value		–		785		–		785
Large Cap Blend		–		691		–		691
Growth		–		2,342		–		2,342
International Growth		–		3,003		–		3,003
Core Bond		–		1,809		–		1,809
High Yield		–		381		–		381
Inflation Protected Bond		–		485		–		485
Money Market		–		813		–		813
Total	$	3,811	$	14,354	$	–	$	18,165

	December 31, 2019
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Investment Name:	(in thousands)
Company Common Stock	$	2,950	$	–	$	–	$	2,950
Large Cap Value		–		2,370		–		2,370
Mid Cap Index		–		658		–		658
Small Cap Growth		–		655		–		655
Small Cap Value		–		674		–		674
Large Cap Blend		–		683		–		683
Growth		–		2,342		–		2,342
International Growth		–		2,667		–		2,667
Core Bond		–		1,909		–		1,909
High Yield		–		386		–		386
Inflation Protected Bond		–		509		–		509
Money Market		–		107		–		107
Total	$	2,950	$	12,960	$	–	$	15,910

________________________

(1)

Company common stock is classified as level 1 and valued using quoted prices in active markets for identical assets.

(2)

All other plan assets in stock, bond and money market funds are classified as level 2 and valued using significant observable inputs.

(3)

There are no plan assets classified as level 3 in the fair value hierarchy as a result of having significant unobservable inputs.

(12) Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

(12) Fair Value Measurements

(12) Fair Value Measurements

ASC 820, "Fair Value Measurements" clarifies the principle that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy.

ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The three levels are defined as follows: level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Effective January 2018 we have elected to use the fair value method to value our portfolio of finance receivables acquired in January 2018 and thereafter.

Our valuation policies and procedures have been developed by our Accounting department in conjunction with our Risk department and with consultation with outside valuation experts. Our policies and procedures have been approved by our Chief Executive and our Board of Directors and include methodologies for valuation, internal reporting, calibration and back testing. Our periodic review of valuations includes an analysis of changes in fair value measurements and documentation of the reasons for such changes. There is little available third-party information such as broker quotes or pricing services available to assist us in our valuation process.

Our level 3, unobservable inputs reflect our own assumptions about the factors that market participants use in pricing similar receivables and are based on the best information available in the circumstances. They include such inputs as estimates for the magnitude and timing of net charge-offs and the rate of amortization of the portfolio of finance receivable. Significant changes in any of those inputs in isolation would have a significant impact on our fair value measurement.

The table below presents a reconciliation of the finance receivables measured at fair value on a recurring basis using significant unobservable inputs:


	Twelve Months Ended
	December 31,

	2020			2019
	(In thousands)
Balance at beginning of period	$	1,444,038		$	821,066
Finance receivables at fair value acquired during period		739,734			1,004,194
Payments received on finance receivables at fair value		(496,747	)		(292,948	)
Net interest income accretion on fair value receivables		(133,771	)		(90,383	)
Mark to fair value		(29,528	)		2,109
Balance at end of period	$	1,523,726		$	1,444,038

The table below compares the fair values of these finance receivables to their contractual balances for the periods shown:


	December 31, 2020				December 31, 2019
	Contractual		Fair		Contractual		Fair
	Balance		Value		Balance		Value
	(In thousands)

Finance receivables measured at fair value	$	1,668,076	$	1,523,726	$	1,492,803	$	1,444,038

The following table provides certain qualitative information about our level 3 fair value measurements:

Schedule of level 3 fair value measurements
Financial Instrument	Fair Values as of					Inputs as of
	December 31,					December 31,
	2020		2019		Unobservable Inputs	2020		2019
	(In thousands)
Assets:
Finance receivables measured at fair value	$	1,523,726	$	1,444,038	Discount rate		10.4% - 11.1%		8.9% - 11.1%
					Cumulative net losses		15.3% - 18.4%		15.0% - 16.1%

The following table summarizes the delinquency status using the contractual balance of these finance receivables measured at fair value as of December 31, 2020 and December 31, 2019:


	December 31,		December 31,
	2020		2019
	(In thousands)
Delinquency Status
Current	$	1,505,486	$	1,344,883
31 - 60 days		96,296		81,262
61 - 90 days		36,436		34,280
91 + days		9,607		15,167
Repo		20,251		17,211
	$	1,668,076	$	1,492,803

Repossessed vehicle inventory, which is included in Other assets on our consolidated balance sheet, is measured at fair value using level 2 assumptions based on our actual loss experience on sale of repossessed vehicles. At December 31, 2020, the finance receivables related to the repossessed vehicles in inventory totaled $15.6 million 15,589. We have applied a valuation adjustment, or loss allowance, of $11.8 million, 11,790 which is based on a recovery rate of approximately 24%, resulting in an estimated fair value and carrying amount of $3.8 3,799 million. The fair value and carrying amount of the repossessed inventory at December 31, 2019 was $7.5 million 7,544 after applying a valuation adjustment of $21.4 million 21,389 .

There were no transfers in or out of level 1 or level 2 assets and liabilities for 2020 and 2019. We have no level 3 assets or liabilities that are measured at fair value on a non-recurring basis.

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


	As of December 31, 2020
Financial Instrument	(In thousands)
	Carrying		Fair Value Measurements Using:
	Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	13,466	$	13,466	$	–	$	–	$	13,466
Restricted cash and equivalents		130,686		130,686		–		–		130,686
Finance receivables, net		411,343		–		–		429,972		429,972
Accrued interest receivable		5,017		–		–		5,017		5,017
Liabilities:
Warehouse lines of credit	$	118,999	$	–	$	–	$	118,999	$	118,999
Accrued interest payable		4,919		–		–		4,919		4,919
Securitization trust debt		1,803,673		–		–		1,862,630		1,862,630
Subordinated renewable notes		21,323		–		–		21,323		21,323


	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
Securitization trust debt		2,097,728		–		–		2,116,520		2,116,520
Subordinated renewable notes		17,534		–		–		17,534		17,534

(13) Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

(13) Subsequent Events

(13) Subsequent Events

On January 27, 2021 we executed our first securitization of 2021. In the transaction, qualified institutional buyers purchased $230.5 million of asset-backed notes secured by $245.0 million in automobile receivables originated by CPS. The sold notes, issued by CPS Auto Receivables Trust 2021-A, consist of five classes. Ratings of the notes were provided by Standard & Poor’s and DBRS Morningstar, and were based on the structure of the transaction, the historical performance of similar receivables and CPS’s experience as a servicer. The weighted average yield on the notes is approximately 1.11%.

The 2021-A transaction has initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance and overcollateralization of 5.90%. The transaction agreements require accelerated payment of principal on the notes to reach overcollateralization of the lesser of 9.30% of the original receivable pool balance, or 32.05% of the then outstanding pool balance. The transaction utilizes a pre-funding structure, in which CPS sold approximately $184.4 million of receivables at inception approximately $60.6 million of additional receivables in February 2021. The transaction was a private offering of securities, not registered under the Securities Act of 1933, or any state securities law.

(1) Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Description of Business

Principles of Consolidation

Cash and Cash Equivalents

Finance Receivables

Finance Receivables Measured at Fair Value

Finance Receivables Measured at Fair Value

Allowance for Finance Credit Losses

Charge Off Policy

Contract Acquisition Fees and Origination Costs

Repossessed and Other Assets

Treatment of Securitizations

Treatment of Securitizations

Our term securitization structure has generally been as follows:

Servicing

Furniture and Equipment

Impairment of Long-Lived Assets and Long-Lived Assets to Be Disposed Of

Other Income

The following table presents the primary components of Other Income:

Schedule of other income
	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Direct mail revenues	$	3,312	$	4,659	$	5,829
Convenience fee revenue		1,490		2,440		1,700
Recoveries on previously charged-off contracts		111		158		248
Sales tax refunds		748		1,239		887
Other		46		208		814
Other income for the period	$	5,707	$	8,704	$	9,478

Earnings Per Share


	Year Ended December 31,
	2020		2019		2018
	(In thousands, except per share data)
Numerator:
Numerator for basic and diluted earnings per share	$	21,677	$	5,406	$	14,862
Denominator:
Denominator for basic earnings per share
- weighted average number of common shares outstanding during the year		22,611		22,416		21,989
Incremental common shares attributable to exercise of outstanding options and warrants		1,392		1,648		2,999
Denominator for diluted earnings per share		24,003		24,064		24,988
Basic earnings per share	$	0.96	$	0.24	$	0.68
Diluted earnings per share	$	0.90	$	0.22	$	0.59

Deferral and Amortization of Debt Issuance Costs

Income Taxes

Purchases of Company Stock

We record purchases of our own common stock at cost and treat the shares as retired.

Stock Option Plan

Use of Estimates

Reclassification

Certain amounts for the prior year have been reclassified to conform to the current year’s presentation with no effect on previously reported earnings or shareholders’ equity.

Financial Covenants

Financial Covenants

Provision for Contingent Liabilities

Provision for Contingent Liabilities

We are routinely involved in various legal proceedings resulting from our consumer finance activities and practices, both continuing and discontinued. Our legal counsel has advised us on such matters where, based on information available at the time of this report, there is an indication that it is both probable that a liability has been incurred and the amount of the loss can be reasonably determined.

We have recorded a liability as of December 31, 2020, which represents our estimate of the immaterial aggregate probable incurred losses for legal contingencies. The amount of losses that may ultimately be incurred, over and above such losses as are probable, cannot be estimated with certainty.

Recently Issued Accounting Standards

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification ("ASC")Topic 326, which changes the criteria under which credit losses on financial instruments (such as the Company’s finance receivables) are measured. ASC 326 introduces a new credit reserving model known as the Current Expected Credit Loss (“CECL”) model, which replaces the incurred loss impairment methodology previously used under U.S. GAAP with a methodology that records currently the expected lifetime credit losses on financial instruments. To establish such lifetime credit loss estimates, consideration of a broadened range of reasonable and supportable information to establish credit loss estimates is required. ASC 326 was initially scheduled to become effective for interim and annual reporting periods beginning after December 15, 2019, however on October 16, 2019, the FASB changed the effective date for smaller reporting companies to interim and annual reporting periods beginning after December 15, 2022, with early adoption permitted.

Effective January 1, 2020, the Company adopted the CECL model. The adoption of CECL required that we establish an allowance for the remaining expected lifetime credit losses on the portion of the Company’s receivable portfolio for which the Company was not already using fair value accounting. We refer to that portion, which is those receivables that were originated prior to January 2018, as our “legacy portfolio”. To comply with CECL, the Company recorded an addition to its allowance for finance credit losses of $127.0 million. In accordance with the rules for adopting CECL, the offset to the addition to the allowance for finance credit losses was a tax affected reduction to retained earnings using the modified retrospective method, and not a current period expense.

Coronavirus Pandemic

In December 2019, a new strain of coronavirus (the “COVID-19 virus”) originated in Wuhan, China. Since its discovery, the COVID-19 virus has spread throughout the world, and the outbreak has been declared to be a pandemic by the World Health Organization. We refer from time to time in this report to the outbreak and spread of the COVID-19 virus as “the pandemic.”

Results for the year ended December 31, 2020 include the estimated potential effect on credit performance resulting from the pandemic. We recorded a $14.1 14,113 million charge to the provision for credit losses for the legacy portfolio accounted for under CECL and a $29.5 million mark down to the recorded value of the finance receivables measured at fair value.

We measure our portfolio of finance receivables carried at fair value with consideration for unobservable inputs that reflect our own assumptions about the factors that market participants use in pricing similar receivables and are based on the best information available in the circumstances. They include such inputs as estimates for the magnitude and timing of net charge-offs and the rate of amortization of the portfolio. The pandemic and the adverse effect it may have on the U.S. economy and our obligors may cause us to consider significant changes in any of those inputs, which in turn may have a significant effect on our fair value measurement.

(1) Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of other income

Schedule of other income
	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Direct mail revenues	$	3,312	$	4,659	$	5,829
Convenience fee revenue		1,490		2,440		1,700
Recoveries on previously charged-off contracts		111		158		248
Sales tax refunds		748		1,239		887
Other		46		208		814
Other income for the period	$	5,707	$	8,704	$	9,478

Schedule of computation of earnings per share


	Year Ended December 31,
	2020		2019		2018
	(In thousands, except per share data)
Numerator:
Numerator for basic and diluted earnings per share	$	21,677	$	5,406	$	14,862
Denominator:
Denominator for basic earnings per share
- weighted average number of common shares outstanding during the year		22,611		22,416		21,989
Incremental common shares attributable to exercise of outstanding options and warrants		1,392		1,648		2,999
Denominator for diluted earnings per share		24,003		24,064		24,988
Basic earnings per share	$	0.96	$	0.24	$	0.68
Diluted earnings per share	$	0.90	$	0.22	$	0.59

(3) Finance Receivables (Tables)

12 Months Ended

Dec. 31, 2020

Finance Receivables

Schedule of finance receivables

Schedule of finance receivables
	December 31,
	2020		2019
Finance receivables	(In thousands)
Automobile finance receivables, net of unearned interest	$	491,307	$	895,566
Unearned acquisition fees, discounts and deferred origination costs, net		826		1,964
Finance receivables	$	492,133	$	897,530

Schedule of amortized cost basis of finance receivables


	December 31,
	2020		2019
	(In thousands)
Delinquency Status
Current	$	406,693	$	698,870
31 - 60 days		56,572		107,951
61 - 90 days		22,660		57,395
91 + days		5,382		31,350
	$	491,307	$	895,566

Schedule of amortized cost basis of finance receivables


	December 31,		December 31,
	2020		2019
	(In thousands)
Annual Vintage Pool
2012 and prior	$	608	$	2,432
2013		4,483		15,489
2014		23,115		61,290
2015		78,457		162,242
2016		163,677		292,360
2017		220,967		361,753
	$	491,307	$	895,566

Schedule of allowance for finance credit losses


	December 31,
	2020			2019			2018
	(In thousands)
Balance at beginning of year	$	11,640		$	67,376		$	109,187
Impact of adopting ASC 326		127,000			n/a			n/a
Provision for credit losses on finance receivables		14,113			85,773			133,080
Charge-offs		(90,824	)		(184,449	)		(220,523	)
Recoveries		18,861			42,940			45,632
Balance at end of year	$	80,790		$	11,640		$	67,376

Schedule of allowance for losses on repossessed inventory


	December 31,
	2020			2019
	(In thousands)
Gross balance of repossessions in inventory	$	15,589		$	28,933
Allowance for losses on repossessed inventory		(11,790	)		(21,389	)
Net repossessed inventory included in other assets	$	3,799		$	7,544

(4) Furniture and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of furniture and equipment

Schedule of furniture and equipment
	December 31,
	2020			2019
	(In thousands)
Furniture and fixtures	$	1,648		$	1,648
Computer and telephone equipment		4,672			6,803
Leasehold improvements		1,507			1,507
		7,827			9,958
Less: accumulated depreciation and amortization		(6,999	)		(8,446	)
	$	828		$	1,512

(5) Securitization Trust Debt (Tables)

12 Months Ended

Dec. 31, 2020

Securitization Trust Debt

Schedule of securitization trust debt

Schedule of securitization trust debt
Series	Final Scheduled Payment Date (1)	Receivables Pledged at December 31, 2020 (2)		Initial Principal		Outstanding Principal at December 31, 2020		Outstanding Principal at December 31, 2019		Weighted Average Contractual Interest Rate at December 31, 2020
	(Dollars in thousands)
CPS 2014-C	December 2021		–		273,000		–		19,758		0.00%
CPS 2014-D	March 2022		–		267,500		–		23,755		0.00%
CPS 2015-A	June 2022		–		245,000		–		26,713		0.00%
CPS 2015-B	September 2022		17,737		250,000		17,984		36,338		6.01%
CPS 2015-C	December 2022		27,788		300,000		28,529		53,579		6.77%
CPS 2016-A	March 2023		35,042		329,460		37,158		71,599		7.24%
CPS 2016-B	June 2023		45,407		332,690		46,079		82,667		7.42%
CPS 2016-C	September 2023		47,358		318,500		47,325		83,696		7.53%
CPS 2016-D	April 2024		38,498		206,325		36,455		65,021		5.81%
CPS 2017-A	April 2024		42,972		206,320		40,619		71,450		5.82%
CPS 2017-B	December 2023		53,753		225,170		39,016		76,201		5.00%
CPS 2017-C	September 2024		56,048		224,825		47,553		80,315		4.82%
CPS 2017-D	June 2024		57,986		196,300		49,297		83,801		4.32%
CPS 2018-A	March 2025		62,902		190,000		53,549		91,258		4.11%
CPS 2018-B	December 2024		75,400		201,823		66,955		111,188		4.51%
CPS 2018-C	September 2025		87,223		230,275		77,345		130,064		4.62%
CPS 2018-D	June 2025		104,155		233,730		88,228		149,470		4.58%
CPS 2019-A	March 2026		131,575		254,400		114,373		186,900		4.38%
CPS 2019-B	June 2026		128,787		228,275		118,982		184,308		3.95%
CPS 2019-C	September 2026		150,637		243,513		142,080		216,650		3.26%
CPS 2019-D	December 2026		190,916		274,313		181,485		265,035		2.80%
CPS 2020-A	March 2027		187,537		260,000		184,944		–		2.80%
CPS 2020-B	June 2027		187,597		202,343		164,403		–		3.09%
CPS 2020-C	November 2027		243,367		252,200		231,961		–		1.67%
		$	1,972,684	$	5,945,962	$	1,814,320	$	2,109,766

_________________________

(1)

(2)

Includes repossessed assets that are included in Other Assets on our Consolidated Balance Sheets.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

(6) Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of debt outstanding

Schedule of debt outstanding
				Amount Outstanding at
				December 31,		December 31,
				2020		2019
				(In thousands)
Description	Interest Rate	Maturity

Warehouse lines of credit	5.50% over one month Libor (Minimum 6.50%)		February 2021	$	42,558	$	40,558

	3.00% over one month Libor (Minimum 3.75%)		December 2022		45,689		96,225

	4.00% over a commercial paper rate (Minimum 5.00%)		December 2021		32,265		–

Residual interest financing	8.60%		January 2026		25,576		40,000

Subordinated renewable notes	Weighted average rate of 10.09% and 9.75% at December 31, 2020 and December 31, 2019, respectively		Weighted average maturity of January 2023 and April 2022 at December 31, 2020 and December 31, 2019, respectively		21,323		17,534

				$	167,411	$	194,317

Schedule of expected maturity amounts for long-term debt


	Subordinated
Contractual maturity	renewable
date	notes
		(In thousands)
2021	$	9,506
2022		3,350
2023		3,331
2024		1,162
2025		2,322
Thereafter		1,652
Total	$	21,323

(7) Shareholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of stock purchases

Schedule of stock purchases	Twelve Months Ended
	December 31, 2020				December 31, 2019
		Shares		Avg. Price		Shares		Avg. Price
Open market purchases		105,017	$	3.60		335,546	$	3.95
Shares redeemed upon net exercise of stock options		46,909		2.86		18,424		3.76
Other		200,000		3.51		24,500		4.20
Total stock purchases		351,926	$	3.45		378,470	$	3.97

Schedule of assumptions for stock options


	Year Ended December 31,
	2020		2019		2018
Expected life (years)		4.01		4.02		3.99
Risk-free interest rate		0.25%		1.53%		2.74%
Volatility		73%		37%		34%
Expected dividend yield		–		–		–

Schedule of option activity

Schedule of option activity
	Number of Shares (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term
Options outstanding at the beginning of period		15,348		$	4.59	N/A
Granted		1,600			2.47	N/A
Exercised		(558	)		1.70	N/A
Forfeited/Expired		(413	)		5.13	N/A
Options outstanding at the end of period		15,977		$	4.46	2.85 years

Options exercisable at the end of period		12,597		$	4.81	2.15 years

Schedule of options outstanding and exercisable


	Number of shares as of December 31, 2020		Number of shares as of December 31, 2019
Range of exercise prices:	Outstanding	Exercisable		Outstanding	Exercisable
	(In thousands)			(In thousands)
$0.95 - $1.99	1,904	1,904		2,436	2,436
$2.00 - $2.99	1,570	180		–	–
$3.00 - $3.99	4,973	3,306		5,145	2,158
$4.00 - $4.99	1,540	1,217		1,547	903
$5.00 - $5.99	–	–		–	–
$6.00 - $6.99	4,770	4,770		4,955	4,955
$7.00 - $7.99	1,220	1,220		1,265	1,265
Total shares	15,977	12,597		15,348	11,717

(8) Interest Income and Interest Expense (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of interest income

Schedule of interest income
	Year Ended December 31,
	2020			2019		2018
	(In thousands)
Interest on finance receivables	$	126,043		$	211,138	$	334,634
Interest on finance receivables at fair value		168,266			123,059		43,863
Mark to finance receivables measured at fair value		(29,528	)		–		–
Other interest income		673			2,899		1,800
Interest income	$	265,454		$	337,096	$	380,297

Schedule of interest expense

Schedule of interest expense
	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Securitization trust debt	$	88,031	$	96,870	$	89,926
Warehouse lines of credit		7,678		8,402		7,752
Residual interest financing		3,454		3,822		2,343
Subordinated renewable notes		2,175		1,434		1,445
Interest expense	$	101,338	$	110,528	$	101,466

(9) Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of income tax expense

Schedule of income tax expense
	Year Ended December 31,
	2020			2019			2018
	(In thousands)
Current federal tax expense	$	(23,576	)	$	(574	)	$	(7,526	)
Current state tax expense		472			105			(2,064	)
Deferred federal tax expense		18,937			2,759			9,074
Deferred state tax expense		2,610			1,466			4,357
Income tax expense	$	(1,557	)	$	3,756		$	3,841

Schedule of reconciliation of income taxes


	Year Ended December 31,
	2020			2019			2018
	(In thousands)
Expense at federal tax rate	$	4,225		$	1,924		$	3,928
State taxes, net of federal income tax effect		1,505			1,027			1,718
Stock-based compensation		35			169			238
Non-deductible expenses		974			856			824
Net operating loss carryback		(9,435	)		–			–
Effect of change in tax rate		–			–			–
Accounting method change		–			–			(2,100	)
Other		1,139			(220	)		(767	)
income tax expense	$	(1,557	)	$	3,756		$	3,841

Schedule of deferred tax assets and liabilities


	December 31,
	2020			2019
	(In thousands)
Deferred Tax Assets:
Finance receivables	$	10,930		$	–
Accrued liabilities		541			307
NOL carryforwards		7,470			17,240
Built in losses		3,312			4,008
Pension accrual		1,745			1,927
Stock compensation		4,463			4,385
Lease liability		3,843			5,232
Other		46			164
Total deferred tax assets		32,350			33,263

Deferred Tax Liabilities:
Finance receivables	$	–		$	(12,180	)
Deferred loan costs		(205	)		(542	)
Lease right-of-use assets		(3,517	)		(4,855	)
Furniture and equipment		(116	)		(206	)
Total deferred tax liabilities		(3,838	)		(17,783	)

Net deferred tax asset	$	28,512		$	15,480

(10) Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Supplemental balance sheet information related to leases


	December 31,			December 31,
	2020			2019
	(In thousands)

Operating Leases
Operating lease right-of-use assets	$	23,735		$	23,735
Less: Accumulated amortization right-of-use assets		(12,792	)		(6,600	)
Operating lease right-of-use assets, net	$	10,943		$	17,135

Operating lease liabilities	$	(12,096	)	$	(18,527	)

Finance Leases
Property and equipment, at cost	$	3,407		$	876
Less: Accumulated depreciation		(1,226	)		(150	)
Property and equipment, net	$	2,181		$	726

Finance lease liabilities	$	(2,243	)	$	(718	)

Weighted Average Discount Rate
Operating lease		5.0%			5.0%
Finance lease		6.5%			6.4%

Maturities of leases

Maturities of leases
Maturities of lease liabilities were as follows:
(In thousands)		Operating			Finance
Year Ending December 31,		Lease			Lease
2021	$	7,458		$	1,229
2022		6,066			1,050
2023		1,397			84
2024		419			26
2025		282			10
Total undiscounted lease payments		15,622			2,399
Less amounts representing interest		(3,526	)		(156	)
Lease Liability	$	12,096		$	2,243

Schedule of lease cost

Schedule of lease cost
	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Operating lease cost	$	7,523	$	7,521	$	7,124
Finance lease cost		1,179		160		–
Total lease cost	$	8,702	$	7,681	$	7,124

Supplemental cash flow information related to leases


	Year Ended December 31,
	2020		2019		2018
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,762	$	7,584	$	6,809
Operating cash flows from finance leases		1,007		133		37
Financing cash flows from finance leases		172		27		9

(11) Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Schedule of reconciliation of the change in the plan's benefit obligations


	December 31,
	2020			2019
	(In thousands)
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year	$	22,997		$	20,085
Service cost		–			–
Interest cost		693			808
Assumption changes		2,418			3,047
Actuarial (gain) loss		(89	)		141
Settlements		–			–
Benefits paid		(1,341	)		(1,084	)
Projected benefit obligation, end of year	$	24,678		$	22,997

Change in Plan Assets
Fair value of plan assets, beginning of year	$	15,910		$	14,368
Return on assets		2,775			3,017
Employer contribution		1,161			–
Expenses		(340	)		(391	)
Settlements		–			–
Benefits paid		(1,341	)		(1,084	)
Fair value of plan assets, end of year	$	18,165		$	15,910

Funded Status at end of year	$	(6,513	)	$	(7,087	)

Schedule of weighted average assumptions used to determine pension benefit obligations


	December, 31
	2020		2019
Weighted average assumptions used to determine benefit obligations
Discount rate		2.28%		3.07%

Weighted average assumptions used to determine net periodic benefit cost
Discount rate		3.07%		4.11%
Expected return on plan assets		7.25%		7.25%

Schedule of components of net periodic benefit cost


	December 31,
	2020			2019			2018
	(In thousands)
Amounts recognized on Consolidated Balance Sheet
Other assets	$	–		$	–		$	–
Other liabilities		(6,513	)		(7,087	)		(5,717	)
Net amount recognized	$	(6,513	)	$	(7,087	)	$	(5,717	)

Amounts recognized in accumulated other comprehensive loss consists of:
Net loss	$	13,297		$	13,092		$	11,896
Unrecognized transition asset		–			–			–
Net amount recognized	$	13,297		$	13,092		$	11,896

Components of net periodic benefit cost
Interest cost	$	693		$	808		$	775
Expected return on assets		(1,150	)		(1,012	)		(1,163	)
Amortization of transition asset		–			–			–
Amortization of net loss		839			376			443
Net periodic benefit cost		382			172			55
Settlement (gain)/loss		–			–			–
Total	$	382		$	172		$	55

Benefit Obligation Recognized in Other Comprehensive Loss (Income)
Net loss (gain)	$	205		$	1,197		$	545
Prior service cost (credit)		–			–			–
Amortization of prior service cost		–			–			–
Net amount recognized in other comprehensive loss (income)	$	205		$	1,197		$	545

Schedule of weighted average asset allocation of our pension benefits


	December 31,
	2020		2019
Weighted Average Asset Allocation at Year-End
Asset Category
Equity securities		82%		82%
Debt securities		18%		18%
Cash and cash equivalents		0%		0%
Total		100%		100%

Schedule of estimated Future Benefit Payments


Cash Flows

Estimated Future Benefit Payments (In thousands)
2021	$	896
2022		933
2023		957
2024		983
2025		1,026
Years 2026 - 2029		5,678

Anticipated Contributions in 2021	$	522

Schedule of fair value of plan assets

Schedule of fair value of plan assets
	December 31, 2020
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Investment Name:	(in thousands)
Company Common Stock	$	3,811	$	–	$	–	$	3,811
Large Cap Value		–		2,523		–		2,523
Mid Cap Index		–		757		–		757
Small Cap Growth		–		765		–		765
Small Cap Value		–		785		–		785
Large Cap Blend		–		691		–		691
Growth		–		2,342		–		2,342
International Growth		–		3,003		–		3,003
Core Bond		–		1,809		–		1,809
High Yield		–		381		–		381
Inflation Protected Bond		–		485		–		485
Money Market		–		813		–		813
Total	$	3,811	$	14,354	$	–	$	18,165

	December 31, 2019
	Level 1 (1)		Level 2 (2)		Level 3 (3)		Total
Investment Name:	(in thousands)
Company Common Stock	$	2,950	$	–	$	–	$	2,950
Large Cap Value		–		2,370		–		2,370
Mid Cap Index		–		658		–		658
Small Cap Growth		–		655		–		655
Small Cap Value		–		674		–		674
Large Cap Blend		–		683		–		683
Growth		–		2,342		–		2,342
International Growth		–		2,667		–		2,667
Core Bond		–		1,909		–		1,909
High Yield		–		386		–		386
Inflation Protected Bond		–		509		–		509
Money Market		–		107		–		107
Total	$	2,950	$	12,960	$	–	$	15,910

________________________

(1)

Company common stock is classified as level 1 and valued using quoted prices in active markets for identical assets.

(2)

All other plan assets in stock, bond and money market funds are classified as level 2 and valued using significant observable inputs.

(3)

There are no plan assets classified as level 3 in the fair value hierarchy as a result of having significant unobservable inputs.

(12) Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

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


	Twelve Months Ended
	December 31,

	2020			2019
	(In thousands)
Balance at beginning of period	$	1,444,038		$	821,066
Finance receivables at fair value acquired during period		739,734			1,004,194
Payments received on finance receivables at fair value		(496,747	)		(292,948	)
Net interest income accretion on fair value receivables		(133,771	)		(90,383	)
Mark to fair value		(29,528	)		2,109
Balance at end of period	$	1,523,726		$	1,444,038

Schedule of finance receivables to their contractual balances


	December 31, 2020				December 31, 2019
	Contractual		Fair		Contractual		Fair
	Balance		Value		Balance		Value
	(In thousands)

Finance receivables measured at fair value	$	1,668,076	$	1,523,726	$	1,492,803	$	1,444,038

Schedule of level 3 fair value measurements

Schedule of level 3 fair value measurements
Financial Instrument	Fair Values as of					Inputs as of
	December 31,					December 31,
	2020		2019		Unobservable Inputs	2020		2019
	(In thousands)
Assets:
Finance receivables measured at fair value	$	1,523,726	$	1,444,038	Discount rate		10.4% - 11.1%		8.9% - 11.1%
					Cumulative net losses		15.3% - 18.4%		15.0% - 16.1%

Schedule of delinquency status of finance receivables measured at fair value


	December 31,		December 31,
	2020		2019
	(In thousands)
Delinquency Status
Current	$	1,505,486	$	1,344,883
31 - 60 days		96,296		81,262
61 - 90 days		36,436		34,280
91 + days		9,607		15,167
Repo		20,251		17,211
	$	1,668,076	$	1,492,803

Schedule of estimated fair values of financial assets and liabilities


	As of December 31, 2020
Financial Instrument	(In thousands)
	Carrying		Fair Value Measurements Using:
	Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	13,466	$	13,466	$	–	$	–	$	13,466
Restricted cash and equivalents		130,686		130,686		–		–		130,686
Finance receivables, net		411,343		–		–		429,972		429,972
Accrued interest receivable		5,017		–		–		5,017		5,017
Liabilities:
Warehouse lines of credit	$	118,999	$	–	$	–	$	118,999	$	118,999
Accrued interest payable		4,919		–		–		4,919		4,919
Securitization trust debt		1,803,673		–		–		1,862,630		1,862,630
Subordinated renewable notes		21,323		–		–		21,323		21,323


	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
Securitization trust debt		2,097,728		–		–		2,116,520		2,116,520
Subordinated renewable notes		17,534		–		–		17,534		17,534

(1) Summary of Significant Accounting Policies (Details - Other income) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other income for the period	$ 5,707	$ 8,704	$ 9,478
Direct Mail Revenues [Member]
Other income for the period	3,312	4,659	5,829
Convenience Fee Revenue [Member]
Other income for the period	1,490	2,440	1,700
Recoveries on previously charged-off contracts [Member]
Other income for the period	111	158	248
Sales Tax Refunds [Member]
Other income for the period	748	1,239	887
Other Income [Member]
Other income for the period	$ 46	$ 208	$ 814

(1) Summary of Significant Accounting Policies (Details - Earning per share) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Numerator for basic and diluted earnings per share	$ 21,677	$ 5,406	$ 14,862
Denominator for basic earnings per share - weighted average number of common shares outstanding during the year	22,611	22,416	21,989
Incremental common shares attributable to exercise of outstanding options and warrants	1,392	1,648	2,999
Denominator for diluted earnings per share	24,003	24,064	24,988
Basic earnings per share	$ 0.96	$ 0.24	$ 0.68
Diluted earnings per share	$ 0.90	$ 0.22	$ 0.59

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

(1) Summary of Significant Accounting Policies (Details Narrative) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($) shares
Product Information [Line Items]
Cash and Cash Equivalents, at Carrying Value	$ 13,466	$ 5,295
[custom:MarkToFinanceReceivablesMeasuredAtFairValue]	29,528	(0)	$ (0)
Other assets	$ 32,317	$ 39,852
Incremental shares excluded from EPS calculation \| shares	13,600	11,300	10,300
Provision for Loan and Lease Losses	$ 14,113	$ 85,773	$ 133,080
Repossessed Vehicles [Member]
Product Information [Line Items]
Other assets	$ 3,800	$ 7,500
Repossessed Vehicles [Member]
Product Information [Line Items]
Ownership percentage in subsidiary	0.80
Dealer concentration [Member] \| Geographic Concentration Risk [Member] \| CALIFORNIA
Product Information [Line Items]
Concentration percentage	13.50%	12.60%
Dealer concentration [Member] \| Geographic Concentration Risk [Member] \| OHIO
Product Information [Line Items]
Concentration percentage	11.10%	10.80%
Dealer concentration [Member] \| Geographic Concentration Risk [Member] \| TEXAS
Product Information [Line Items]
Concentration percentage	5.40%	6.30%
Dealer concentration [Member] \| Geographic Concentration Risk [Member] \| NORTH CAROLINA
Product Information [Line Items]
Concentration percentage	5.30%	5.40%
Dealer concentration [Member] \| Geographic Concentration Risk [Member] \| INDIANA
Product Information [Line Items]
Concentration percentage	5.10%	4.20%

(2) Restricted Cash (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 130,686	$ 135,537
Securitizations and credit facility reserves [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 52,200,000	$ 54,800,000

(3) Finance Receivables (Details - Components of Finance Receivables) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finance receivables
Automobile finance receivables, net of unearned interest	$ 491,307	$ 895,566
Unearned acquisition fees, discounts and deferred origination costs, net	826	1,964
Finance receivables	$ 492,133	$ 897,530

(3) Finance Receivables (Details - Delinquency status) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Total finance receivables with delinquency status	$ 491,307	$ 895,566
Financial Asset, 1 to 29 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables, current	406,693	698,870
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables, past due	56,572	107,951
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables, past due	22,660	57,395
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables, past due	$ 5,382	$ 31,350

(3) Finance Receivables (Details - Amortized Cost Basis) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Nonaccrual [Line Items]
Amortized cost basis	$ 491,307	$ 895,566
Vintage Pool 2012 [Member]
Financing Receivable, Nonaccrual [Line Items]
Amortized cost basis	608	2,432
Vintage Pool 2013 [Member]
Financing Receivable, Nonaccrual [Line Items]
Amortized cost basis	4,483	15,489
Vintage Pool 2014 [Member]
Financing Receivable, Nonaccrual [Line Items]
Amortized cost basis	23,115	61,290
Vintage Pool 2015 [Member]
Financing Receivable, Nonaccrual [Line Items]
Amortized cost basis	78,457	162,242
Vintage Pool 2016 [Member]
Financing Receivable, Nonaccrual [Line Items]
Amortized cost basis	163,677	292,360
Vintage Pool 2017 [Member]
Financing Receivable, Nonaccrual [Line Items]
Amortized cost basis	$ 220,967	$ 361,753

(3) Finance Receivables (Details - Summary of activity) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finance Receivables
Balance at beginning of year	$ 11,640	$ 67,376	$ 109,187
Impact of adopting ASC 326	127,000
Provision for credit losses on finance receivables	14,113	85,773	133,080
Charge-offs	(90,824)	(184,449)	(220,523)
Recoveries	18,861	42,940	45,632
Balance at end of year	$ 80,790	$ 11,640	$ 67,376

(3) Finance Receivables (Details - Repossessed inventory) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finance Receivables
Gross balance of repossessions in inventory	$ 15,589	$ 28,933
Allowance for losses on repossessed inventory	(11,790)	(21,389)
Net repossessed inventory included in other assets	$ 3,799	$ 7,544

(3) Finance Receivables (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finance Receivables
Financing Receivable, Nonaccrual	$ 5,400	$ 31,400

(4) Furniture and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Furniture and equipment, gross	$ 7,827	$ 9,958
Less: accumulated depreciation and amortization	(6,999)	(8,446)
Furniture and equipment, net	828	1,512
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Furniture and equipment, gross	1,648	1,648
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Furniture and equipment, gross	4,672	6,803
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Furniture and equipment, gross	$ 1,507	$ 1,507

(4) Furniture and Equipment (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,784	$ 1,076	$ 992
Equipment disposals	$ 2,200

(5) Securitization Trust Debt (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Receivables Pledged at end of period

^[1]

$ 1,972,684

Initial Principal

5,945,962

Outstanding Principal

1,814,320

$ 2,109,766

Expected finance receivable payments 2021

818,400

Expected finance receivable payments 2022

450,900

Expected finance receivable payments 2023

350,700

Expected finance receivable payments 2024

81,100

Expected finance receivable payments 2025

83,700

Expected finance receivable payments 2026

$ 18,700

CPS 2014-C [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

December 2021

Receivables Pledged at end of period

^[1]

$ 0

Initial Principal

273,000

Outstanding Principal

$ 0

19,758

Weighted Average Contractual Interest Rate

0.00%

CPS 2014-D [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

March 2022

Receivables Pledged at end of period

^[1]

$ 0

Initial Principal

267,500

Outstanding Principal

$ 0

23,755

Weighted Average Contractual Interest Rate

0.00%

CPS 2015-A [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

June 2022

Receivables Pledged at end of period

^[1]

$ 0

Initial Principal

245,000

Outstanding Principal

$ 0

26,713

Weighted Average Contractual Interest Rate

0.00%

CPS 2015-B [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

September 2022

Receivables Pledged at end of period

^[1]

$ 17,737

Initial Principal

250,000

Outstanding Principal

$ 17,984

36,338

Weighted Average Contractual Interest Rate

6.01%

CPS 2015-C [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

December 2022

Receivables Pledged at end of period

^[1]

$ 27,788

Initial Principal

300,000

Outstanding Principal

$ 28,529

53,579

Weighted Average Contractual Interest Rate

6.77%

CPS 2016-A [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

March 2023

Receivables Pledged at end of period

^[1]

$ 35,042

Initial Principal

329,460

Outstanding Principal

$ 37,158

71,599

Weighted Average Contractual Interest Rate

7.24%

CPS 2016-B [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

June 2023

Receivables Pledged at end of period

^[1]

$ 45,407

Initial Principal

332,690

Outstanding Principal

$ 46,079

82,667

Weighted Average Contractual Interest Rate

7.42%

CPS 2016-C [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

September 2023

Receivables Pledged at end of period

^[1]

$ 47,358

Initial Principal

318,500

Outstanding Principal

$ 47,325

83,696

Weighted Average Contractual Interest Rate

7.53%

CPS 2016-D [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

April 2024

Receivables Pledged at end of period

^[1]

$ 38,498

Initial Principal

206,325

Outstanding Principal

$ 36,455

65,021

Weighted Average Contractual Interest Rate

5.81%

CPS 2017-A [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

April 2024

Receivables Pledged at end of period

^[1]

$ 42,972

Initial Principal

206,320

Outstanding Principal

$ 40,619

71,450

Weighted Average Contractual Interest Rate

5.82%

CPS 2017-B [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

December 2023

Receivables Pledged at end of period

^[1]

$ 53,753

Initial Principal

225,170

Outstanding Principal

$ 39,016

76,201

Weighted Average Contractual Interest Rate

5.00%

CPS 2017-C [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

September 2024

Receivables Pledged at end of period

^[1]

$ 56,048

Initial Principal

224,825

Outstanding Principal

$ 47,553

80,315

Weighted Average Contractual Interest Rate

4.82%

CPS 2017-D [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

June 2024

Receivables Pledged at end of period

^[1]

$ 57,986

Initial Principal

196,300

Outstanding Principal

$ 49,297

83,801

Weighted Average Contractual Interest Rate

4.32%

CPS 2018-A [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

March 2025

Receivables Pledged at end of period

^[1]

$ 62,902

Initial Principal

190,000

Outstanding Principal

$ 53,549

91,258

Weighted Average Contractual Interest Rate

4.11%

CPS 2018-B [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

December 2024

Receivables Pledged at end of period

^[1]

$ 75,400

Initial Principal

201,823

Outstanding Principal

$ 66,955

111,188

Weighted Average Contractual Interest Rate

4.51%

CPS 2018-C [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

September 2025

Receivables Pledged at end of period

^[1]

$ 87,223

Initial Principal

230,275

Outstanding Principal

$ 77,345

130,064

Weighted Average Contractual Interest Rate

4.62%

CPS 2018-D [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

June 2025

Receivables Pledged at end of period

^[1]

$ 104,155

Initial Principal

233,730

Outstanding Principal

$ 88,228

149,470

Weighted Average Contractual Interest Rate

4.58%

CPS 2019-A [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

March 2026

Receivables Pledged at end of period

^[1]

$ 131,575

Initial Principal

254,400

Outstanding Principal

$ 114,373

186,900

Weighted Average Contractual Interest Rate

4.38%

CPS 2019-B [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

June 2026

Receivables Pledged at end of period

^[1]

$ 128,787

Initial Principal

228,275

Outstanding Principal

$ 118,982

184,308

Weighted Average Contractual Interest Rate

3.95%

CPS 2019-C [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

September 2026

Receivables Pledged at end of period

^[1]

$ 150,637

Initial Principal

243,513

Outstanding Principal

$ 142,080

216,650

Weighted Average Contractual Interest Rate

3.26%

CPS 2019-D [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

December 2026

Receivables Pledged at end of period

^[1]

$ 190,916

Initial Principal

274,313

Outstanding Principal

$ 181,485

265,035

Weighted Average Contractual Interest Rate

2.80%

CPS 2020-A [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

March 2027

Receivables Pledged at end of period

^[1]

$ 187,537

Initial Principal

260,000

Outstanding Principal

$ 184,944

Weighted Average Contractual Interest Rate

2.80%

CPS 2020-B [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

June 2027

Receivables Pledged at end of period

^[1]

$ 187,597

Initial Principal

202,343

Outstanding Principal

$ 164,403

Weighted Average Contractual Interest Rate

3.09%

CPS 2020-C [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Final Scheduled Payment Date

^[2]

November 2027

Receivables Pledged at end of period

^[1]

$ 243,367

Initial Principal

252,200

Outstanding Principal

$ 231,961

$ 0

Weighted Average Contractual Interest Rate

1.67%

[1]

Includes repossessed assets that are included in Other Assets on our Consolidated Balance Sheets.

[2]

(5) Securitization Trust Debt (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Securitization Trust Debt
Debt issuance costs	$ 10,600	$ 12,000
Restricted cash under various agreements	$ 13,070

(6) Debt (Details - Debt outstanding) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Warehouse lines of credit	$ 118,999	$ 134,791
Residual interest financing	25,426	39,478
Subordinated renewable notes	21,323	17,534
Total debt outstanding	$ 167,411	194,317
Warehouse lines of credit [Member]
Line of Credit Facility [Line Items]
Interest rate	5.50% over one month Libor (Minimum 6.50%)
Maturity date description	February 2021
Warehouse lines of credit	$ 42,558	40,558
Warehouse lines of credit (2) [Member]
Line of Credit Facility [Line Items]
Interest rate	3.00% over one month Libor (Minimum 3.75%)
Maturity date description	December 2022
Warehouse lines of credit	$ 45,689	96,225
Warehouse lines of credit (3) [Member]
Line of Credit Facility [Line Items]
Interest rate	4.00% over a commercial paper rate (Minimum 5.00%)
Maturity date description	December 2021
Warehouse lines of credit	$ 32,265	0
Residual interest financing [Member]
Line of Credit Facility [Line Items]
Maturity date description	January 2026
Interest rate	8.60%
Residual interest financing	$ 25,576	40,000
Subordinated renewable notes [Member]
Line of Credit Facility [Line Items]
Interest rate	Weighted average rate of 10.09% and 9.75% at December 31, 2020 and December 31, 2019, respectively
Maturity date description	Weighted average maturity of January 2023 and April 2022 at December 31, 2020 and December 31, 2019, respectively
Subordinated renewable notes	$ 21,323	$ 17,534

(6) Debt (Details - Debt maturity schedule) - Subordinated renewable notes [Member] $ in Thousands	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
2021	$ 9,506
2022	3,350
2023	3,331
2024	1,162
2025	2,322
Thereafter	1,652
Total	$ 21,323

(6) Debt (Details Narrative) - USD ($) $ in Thousands	5 Months Ended
(6) Debt (Details Narrative) - USD ($) $ in Thousands	May 16, 2018	Dec. 31, 2020	Dec. 31, 2019	Nov. 24, 2015	Apr. 17, 2015	May 11, 2012
Line of Credit Facility [Line Items]
Debt issuance costs		$ 1,500	$ 2,000
Warehouse lines of credit amount outstanding		118,999	134,791
Residual Interest Financings [Member]
Line of Credit Facility [Line Items]
Proceeds from residual interest financings	$ 40,000
Unamortized debt issuance costs		150
2018-1 Notes [Member]
Line of Credit Facility [Line Items]
Line of credit, outstanding balance		25,600
Warehouse Credit Facility [Member] \| Citibank [Member]
Line of Credit Facility [Line Items]
Credit line maximum						$ 100,000
Warehouse lines of credit amount outstanding		45,700
Warehouse Credit Facility [Member] \| Fortress Investment Group [Member]
Line of Credit Facility [Line Items]
Credit line maximum					$ 100,000
Warehouse lines of credit amount outstanding		42,600
Warehouse Credit Facility [Member] \| Credit Suisse AG and Ares Agent Services [Member]
Line of Credit Facility [Line Items]
Credit line maximum				$ 100,000
Warehouse lines of credit amount outstanding		3,230
Expected finance receivable payments 2020
Line of Credit Facility [Line Items]
Warehouse lines of credit amount outstanding		$ 120,600	$ 136,800

(7) Shareholders' Equity (Details - Stock purchases) - Common Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Total stock purchases, shares	351,926	378,470
Total stock purchases, average price per share	$ 3.45	$ 3.97
Open Market Purchases [Member]
Class of Stock [Line Items]
Total stock purchases, shares	105,017	335,546
Total stock purchases, average price per share	$ 3.60	$ 3.95
Shares Redeemed [Member]
Class of Stock [Line Items]
Total stock purchases, shares	46,909	18,424
Total stock purchases, average price per share	$ 2.86	$ 3.76
Other Repurchases [Member]
Class of Stock [Line Items]
Total stock purchases, shares	200,000	24,500
Total stock purchases, average price per share	$ 3.51	$ 4.20

(7) Shareholders' Equity (Details - Assumptions)	12 Months Ended
(7) Shareholders' Equity (Details - Assumptions)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Expected life (years)	4 years 3 days	4 years 7 days	3 years 11 months 26 days
Risk-free interest rate	0.25%	1.53%	2.74%
Volatility	73.00%	37.00%	34.00%
Expected dividend yield	0.00%	0.00%	0.00%

(7) Shareholders' Equity (Details - Option activity) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Options outstanding at the beginning of period	15,348
Options outstanding at the beginning of period	$ 4.59
Granted	1,600
Granted	$ 2.47
Exercised	(558)
Exercised	$ 1.70
Forfeited/Expired	(413)
Forfeited/Expired	$ 5.13
Options outstanding at the end of period	15,977
Options outstanding at the end of period	$ 4.46
Weighted average remaining contractual term, end of period	2 years 10 months 6 days
Options exercisable at the end of period	12,597	11,717
Options exercisable at the end of period	$ 4.81
Weighted average remaining contractual term, exercisable at the end of period	2 years 1 month 24 days

(7) Shareholders' Equity (Details - Options outstanding and exercisable) - shares shares in Thousands	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	15,977	15,348
Number of shares, exercisable	12,597	11,717
$0.95 - $1.99 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	1,904	2,436
Number of shares, exercisable	1,904	2,436
$2.00 - $2.99 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	1,570	0
Number of shares, exercisable	180	0
$3.00 - $3.99 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	4,973	5,145
Number of shares, exercisable	3,306	2,158
$4.00 - $4.99 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	1,540	1,547
Number of shares, exercisable	1,217	903
$5.00 - $5.99 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	0	0
Number of shares, exercisable	0	0
$6.00 - $6.99 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	4,770	4,955
Number of shares, exercisable	4,770	4,955
$7.00 - $7.99 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	1,220	1,265
Number of shares, exercisable	1,220	1,265

(7) Shareholders’ Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Weighted average exercise price of stock options granted per share	$ 1.33	$ 1.11	$ 1.06
Voliatility assumptions, minimum	72.00%	37.00%	31.00%
Voliatility assumptions, maximum	80.00%	39.00%	34.00%
Stock-based compensation expense	$ 1,935	$ 2,072	$ 3,515
Unrecognized stock-based compensation costs	$ 3,200
Weighted-average period for unrecognized costs	2 years 2 months 12 days
Intrinsic value options outstanding	$ 11,900	4,800
Intrinsic value of options exercisable	8,200	4,800
Intrinsic value of options exercised	1,000	$ 1,400
Proceeds from options exercised	$ 949
Authorizations prior to December 31, 2015 [Member]
Class of Stock [Line Items]
Options authorized under plan	19,200,000
Shares available for grant	270,000
Common Stock [Member]
Class of Stock [Line Items]
Stock repurchase program, total shares authorized to be repurchased	$ 10,000
Amount remaining of stock repurchase authorized amount	$ 5,100
Common Stock [Member]
Class of Stock [Line Items]
Repurchase of common stock, shares	351,926	378,470
Average price per share of common stock repurchased (in dollars per share)	$ 3.45	$ 3.97

(8) Interest Income and Interest Expense (Details - Interest income) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest on finance receivables	$ 126,043	$ 211,138	$ 334,634
Interest on finance receivables at fair value	168,266	123,059	43,863
Mark to finance receivables measured at fair value	(29,528)	0	0
Other interest income	673	2,899	1,800
Interest income	$ 265,454	$ 337,096	$ 380,297

(8) Interest Income and Interest Expense (Details - Interest expense) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Obligation with Joint and Several Liability Arrangement [Line Items]
Total interest expense	$ 101,338	$ 110,528	$ 101,466
Securitization Trust Debt [Member]
Obligation with Joint and Several Liability Arrangement [Line Items]
Total interest expense	88,031	96,870	89,926
WarehouseLinesOfCreditMember
Obligation with Joint and Several Liability Arrangement [Line Items]
Total interest expense	7,678	8,402	7,752
Residual interest financing [Member]
Obligation with Joint and Several Liability Arrangement [Line Items]
Total interest expense	3,454	3,822	2,343
Subordinated renewable notes [Member]
Obligation with Joint and Several Liability Arrangement [Line Items]
Total interest expense	$ 2,175	$ 1,434	$ 1,445

(9) Income Taxes (Details - Income tax expense) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Current federal tax expense	$ (23,576)	$ (574)	$ (7,526)
Current state tax expense	472	105	(2,064)
Deferred federal tax expense	18,937	2,759	9,074
Deferred state tax expense	2,610	1,466	4,357
Income tax expense	$ (1,557)	$ 3,756	$ 3,841

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

(9) Income Taxes (Details - Tax rate effect) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Expense at federal tax rate	$ 4,225	$ 1,924	$ 3,928
State taxes, net of federal income tax effect	1,505	1,027	1,718
Stock-based compensation	35	169	238
Non-deductible expenses	974	856	824
Net operating loss carryback	(9,435)	0	0
Effect of change in tax rate	0	0	0
Accounting method change	0	0	(2,100)
Other	1,139	(220)	(767)
Income tax expense	$ (1,557)	$ 3,756	$ 3,841

(9) Income Taxes (Details - Deferred taxes) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets:
Finance receivables	$ 10,930	$ 0
Accrued liabilities	541	307
NOL carryforwards	7,470	17,240
Built in losses	3,312	4,008
Pension accrual	1,745	1,927
Stock compensation	4,463	4,385
Lease liability	3,843	5,232
Other	46	164
Total deferred tax assets	32,350	33,263
Deferred Tax Liabilities:
Finance receivables	0	(12,180)
Deferred loan costs	(205)	(542)
Lease right-of-use assets	(3,517)	(4,855)
Furniture and equipment	(116)	(206)
Total deferred tax liabilities	(3,838)	(17,783)
Net deferred tax asset	$ 28,512	$ 15,480

(9) Income Taxes (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Effective tax rate	35.00%
Current tax benefits	$ 8,800
Income tax expense (benefit)	(1,557)	$ 3,756	$ 3,841
Net deferred tax asset	28,512	$ 15,480
Unrecognized tax benefits	0
Domestic Tax Authority [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Net deferred tax asset	17,000
State and Local Jurisdiction [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Net deferred tax asset	11,500
Net operating loss carryforward	$ 86,800
Tax Planning Strategies [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Income tax expense (benefit)			$ 2,100

(10) Commitments and Contingencies (Details - Supplemental balance sheet information related to leases) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
Operating lease right-of-use assets	$ 23,735	$ 23,735
Less: Accumulated amortization right-of-use assets	(12,792)	(6,600)
Operating lease right-of-use assets, net	10,943	17,135
Operating lease liabilities	(12,096)	(18,527)
Finance Leases
Property and equipment, at cost	3,407	876
Less: Accumulated depreciation	(1,226)	(150)
Property and equipment, net	2,181	726
Finance lease liabilities	$ (2,243)	$ (718)
Operating lease	5.00%	5.00%
Finance lease	6.50%	6.40%

(10) Commitments and Contingencies (Details - Maturities of lease liabilities) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating lease maturing 2021	$ 7,458
Finance lease maturing 2021	1,229
Operating lease maturing 2022	6,066
Finance lease maturing 2022	1,050
Operating lease maturing 2023	1,397
Finance lease maturing 2023	84
Operating lease maturing 2024	419
Finance lease maturing 2024	26
Operating lease maturing 2025	282
Finance lease maturing 2025	10
Total undiscounted operating lease payments	15,622
Total undiscounted finance lease payments	2,399
Less amounts representing interest operating lease	(3,526)
Less amounts representing interest finance lease	(156)
Operating Lease Liability	12,096	$ 18,527
Finance Lease Liability	$ 2,243	$ 718

(10) Commitments and Contingencies (Details - Lease cost) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 7,523	$ 7,521	$ 7,124
Finance lease cost	1,179	160	0
Total lease cost	$ 8,702	$ 7,681	$ 7,124

(10) Commitments and Contingencies (Details - Lease - Cash flow) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 7,762	$ 7,584	$ 6,809
Operating cash flows from finance leases	1,007	133	37
Financing cash flows from finance leases	$ 172	$ 27	$ 9

(11) Employee Benefits (Details - Reconciliation) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year	$ 22,997	$ 20,085
Service cost	0	0
Interest cost	693	808	$ 775
Assumption changes	2,418	3,047
Actuarial (gain) loss	(89)	141
Settlements	0	0
Benefits paid	(1,341)	(1,084)
Projected benefit obligation, end of year	24,678	22,997	20,085
Change in Plan Assets
Fair value of plan assets, beginning of year	15,910	14,368
Return on assets	2,775	3,017
Employer contribution	1,161	0
Expenses	(340)	(391)
Settlements	0	0
Benefits paid	(1,341)	(1,084)
Fair value of plan assets, end of year	18,165	15,910	$ 14,368
Funded Status at end of year	$ (6,513)	$ (7,087)

(11) Employee Benefits (Details - Weighted average assumptions)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Weighted average assumptions used to determine benefit obligations
Discount rate	2.28%	3.07%
Weighted average assumptions used to determine net periodic benefit cost
Discount rate	3.07%	4.11%
Expected return on plan assets	7.25%	7.25%

(11) Employee Benefits (Details - Amounts recognized) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amounts recognized on Consolidated Balance Sheet
Other assets	$ 0	$ 0	$ 0
Other liabilities	(6,513)	(7,087)	(5,717)
Net amount recognized	(6,513)	(7,087)	(5,717)
Amounts recognized in accumulated other comprehensive loss consists of:
Net loss	13,297	13,092	11,896
Unrecognized transition asset	0	0	0
Net amount recognized	13,297	13,092	11,896
Components of net periodic benefit cost
Interest cost	693	808	775
Expected return on assets	(1,150)	(1,012)	(1,163)
Amortization of transition asset	0	0	0
Amortization of net loss	839	376	443
Net periodic benefit cost	382	172	55
Settlement (gain)/loss	0	0	0
Total	382	172	55
Benefit Obligation Recognized in Other Comprehensive Loss (Income)
Net loss (gain)	205	1,197	545
Prior service cost (credit)	0	0	0
Amortization of prior service cost	0	0	0
Net amount recognized in other comprehensive loss (income)	$ 205	$ 1,197	$ 545

(11) Employee Benefits (Details - Asset allocation)	Dec. 31, 2020	Dec. 31, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted Average Asset Allocation at Year-End	100.00%	100.00%
Cash and Cash Equivalents [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted Average Asset Allocation at Year-End	0.00%	0.00%
Equity Securities [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted Average Asset Allocation at Year-End	82.00%	82.00%
Debt Securities [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted Average Asset Allocation at Year-End	18.00%	18.00%

(11) Employee Benefits (Details - Estimated future benefit payments) $ in Thousands	Dec. 31, 2020 USD ($)
Estimated Future Benefit Payments (In thousands)
2021	$ 896
2022	933
2023	957
2024	983
2025	1,026
Years 2026 - 2029	5,678
Anticipated Contributions in 2021	$ 522

(11) Employee Benefits (Details - Fair value of plan assets) - USD ($)
$ in Thousands

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

$ 18,165

$ 15,910

$ 14,368

Company Common Stock [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

3,811

2,950

Large Cap Value [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

2,523

2,370

Mid Cap Index [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

757

658

Small Cap Growth [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

765

655

Small Cap Value [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

785

674

Large Cap Blend [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

691

683

Growth [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

2,342

International Growth [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

3,003

2,667

Core Bond [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

1,809

1,909

High Yield [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

381

386

Inflation Protected Bond [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

485

509

Money Market [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

813

107

Fair Value, Inputs, Level 1 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

3,811

2,950

Fair Value, Inputs, Level 1 [Member] | Company Common Stock [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

3,811

2,950

Fair Value, Inputs, Level 1 [Member] | Large Cap Value [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Fair Value, Inputs, Level 1 [Member] | Mid Cap Index [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Fair Value, Inputs, Level 1 [Member] | Small Cap Growth [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Fair Value, Inputs, Level 1 [Member] | Small Cap Value [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Fair Value, Inputs, Level 1 [Member] | Large Cap Blend [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Fair Value, Inputs, Level 1 [Member] | Growth [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Fair Value, Inputs, Level 1 [Member] | International Growth [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Fair Value, Inputs, Level 1 [Member] | Core Bond [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Fair Value, Inputs, Level 1 [Member] | High Yield [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Fair Value, Inputs, Level 1 [Member] | Inflation Protected Bond [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Fair Value, Inputs, Level 1 [Member] | Money Market [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[1]

Fair Value, Inputs, Level 2 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

14,354

12,960

Fair Value, Inputs, Level 2 [Member] | Company Common Stock [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

Fair Value, Inputs, Level 2 [Member] | Large Cap Value [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

2,523

2,370

Fair Value, Inputs, Level 2 [Member] | Mid Cap Index [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

757

658

Fair Value, Inputs, Level 2 [Member] | Small Cap Growth [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

765

655

Fair Value, Inputs, Level 2 [Member] | Small Cap Value [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

785

674

Fair Value, Inputs, Level 2 [Member] | Large Cap Blend [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

691

683

Fair Value, Inputs, Level 2 [Member] | Growth [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

2,342

Fair Value, Inputs, Level 2 [Member] | International Growth [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

3,003

2,667

Fair Value, Inputs, Level 2 [Member] | Core Bond [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

1,809

1,909

Fair Value, Inputs, Level 2 [Member] | High Yield [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

381

386

Fair Value, Inputs, Level 2 [Member] | Inflation Protected Bond [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

485

509

Fair Value, Inputs, Level 2 [Member] | Money Market [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[2]

813

107

Fair Value, Inputs, Level 3 [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Fair Value, Inputs, Level 3 [Member] | Company Common Stock [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Fair Value, Inputs, Level 3 [Member] | Large Cap Value [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Fair Value, Inputs, Level 3 [Member] | Mid Cap Index [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Fair Value, Inputs, Level 3 [Member] | Small Cap Growth [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Fair Value, Inputs, Level 3 [Member] | Small Cap Value [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Fair Value, Inputs, Level 3 [Member] | Large Cap Blend [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Fair Value, Inputs, Level 3 [Member] | Growth [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Fair Value, Inputs, Level 3 [Member] | International Growth [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Fair Value, Inputs, Level 3 [Member] | Core Bond [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Fair Value, Inputs, Level 3 [Member] | High Yield [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Fair Value, Inputs, Level 3 [Member] | Inflation Protected Bond [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

Fair Value, Inputs, Level 3 [Member] | Money Market [Member]

Defined Benefit Plan Disclosure [Line Items]

Fair value of plan assets

^[3]

$ 0

[1]	Company common stock is classified as level 1 and valued using quoted prices in active markets for identical assets.
[2]	All other plan assets in stock, bond and money market funds are classified as level 2 and valued using significant observable inputs.
[3]	There are no plan assets classified as level 3 in the fair value hierarchy as a result of having significant unobservable inputs.

(11) Employee Benefits (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
401(k) plan contributions	$ 1,400	$ 1,600	$ 1,500
Expected long term rate of return	7.25%	7.25%
Estimated net loss amortized into net periodic benefit cost	$ 148

(12) Fair Value Measurements (Details - Reconciliation of Finance Receivables) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Balance at beginning of period	$ 1,444,038	$ 821,066
Finance receivables at fair value acquired during period	739,734	1,004,194	$ 914,949
Payments received on finance receivables at fair value	(496,747)	(292,948)
Net interest income accretion on fair value receivables	(133,771)	(90,383)	(26,162)
Mark to fair value	(29,528)	2,109
Balance at end of period	$ 1,523,726	$ 1,444,038	$ 821,066

(12) Fair Value Measurements (Details - Finance Receivables to Their Contractual Balances) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables measured at fair value	$ 1,523,726	$ 1,444,038	$ 821,066
Portion at Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables measured at fair value	1,523,726	1,444,038
Contractual Balance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables measured at fair value	$ 1,668,076	$ 1,492,803

(12) Fair Value Measurements (Details - Level 3 Fair Value Measurements) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Finance receivables measured at fair value	$ 1,523,726	$ 1,444,038	$ 821,066
Portion at Fair Value Measurement [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Finance receivables measured at fair value	1,523,726	1,444,038
Portion at Fair Value Measurement [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Finance receivables measured at fair value	$ 1,523,726	$ 1,444,038
Portion at Fair Value Measurement [Member] \| Fair Value, Inputs, Level 3 [Member] \| Measurement Input, Discount Rate [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants	10.40%	8.90%
Portion at Fair Value Measurement [Member] \| Fair Value, Inputs, Level 3 [Member] \| Measurement Input, Discount Rate [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants	11.10%	11.10%
Portion at Fair Value Measurement [Member] \| Fair Value, Inputs, Level 3 [Member] \| Measurement Input Cumulative Net Lossese [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants	15.30%	15.00%
Portion at Fair Value Measurement [Member] \| Fair Value, Inputs, Level 3 [Member] \| Measurement Input Cumulative Net Lossese [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants	18.40%	16.10%

(12) Fair Value Measurements (Details - Delinquency status) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Finance receivables measured at fair value current	$ 1,505,486	$ 1,344,883
Finance receivables measured at fair value	1,668,076	1,492,803
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables measured at fair value	96,296	81,262
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables measured at fair value	36,436	34,280
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables measured at fair value	9,607	15,167
Repossessed Vehicles [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables measured at fair value	$ 20,251	$ 17,211

(12) Fair Value Measurements (Details - Fair values) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 13,466	$ 5,295
Restricted cash and equivalents	130,686	135,537
Finance receivables, net	429,972	841,160
Accrued interest receivable	5,017	11,645
Liabilities:
Warehouse lines of credit	118,999	134,791
Accrued interest payable	4,919	5,254
Securitization trust debt	1,862,630	2,116,520
Subordinated renewable notes	21,323	17,534
Carrying Value [Member]
Assets:
Cash and cash equivalents	13,466	5,295
Restricted cash and equivalents	130,686	135,537
Finance receivables, net	411,343	885,890
Accrued interest receivable	5,017	11,645
Liabilities:
Warehouse lines of credit	118,999	134,791
Accrued interest payable	4,919	5,254
Securitization trust debt	1,803,673	2,097,728
Subordinated renewable notes	21,323	17,534
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and cash equivalents	13,466	5,295
Restricted cash and equivalents	130,686	135,537
Finance receivables, net	0	0
Accrued interest receivable	0	0
Liabilities:
Warehouse lines of credit	0	0
Accrued interest payable	0	0
Securitization trust debt	0	0
Subordinated renewable notes	0	0
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash and cash equivalents	0	0
Restricted cash and equivalents	0	0
Finance receivables, net	0	0
Accrued interest receivable	0	0
Liabilities:
Warehouse lines of credit	0	0
Accrued interest payable	0	0
Securitization trust debt	0	0
Subordinated renewable notes	0	0
Fair Value, Inputs, Level 3 [Member]
Assets:
Cash and cash equivalents	0	0
Restricted cash and equivalents	0	0
Finance receivables, net	429,972	841,160
Accrued interest receivable	5,017	11,645
Liabilities:
Warehouse lines of credit	118,999	134,791
Accrued interest payable	4,919	5,254
Securitization trust debt	1,862,630	2,116,520
Subordinated renewable notes	$ 21,323	$ 17,534

(12) Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Gross balance of repossessions in inventory	$ 15,589	$ 28,933
Allowance for losses on repossessed inventory	$ 11,790	21,389
Recovery rate	(24.00%)
Net repossessed inventory included in other assets	$ (3,799)	$ (7,544)