0001683168-22-007602 | 10-Q | XBRL Viewer | Consumer Portfolio Services INC

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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Nov. 07, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	1-11416
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 Parkway
Entity Address, Address Line Two	Suite 1400
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,438,986

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 12,944	$ 29,928
Restricted cash and equivalents	159,762	146,620
Finance receivables measured at fair value	2,343,253	1,749,098
Finance receivables	117,686	232,390
Less: Allowance for finance credit losses	(27,996)	(56,206)
Finance receivables, net	89,690	176,184
Furniture and equipment, net	1,700	1,129
Deferred tax assets, net	14,570	19,575
Accrued interest receivable	776	2,269
Other assets	27,829	34,775
Total Assets	2,650,524	2,159,578
Liabilities
Accounts payable and accrued expenses	55,982	43,648
Warehouse lines of credit	242,449	105,610
Residual interest financing	49,560	53,682
Securitization trust debt	2,057,100	1,759,972
Subordinated renewable notes	27,249	26,459
Total liabilities	2,432,340	1,989,371
COMMITMENTS AND CONTINGENCIES
Shareholders' Equity
Common stock, no par value; authorized 75,000,000 shares; 20,607,286 and 21,143,764 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	31,427	55,298
Retained earnings	188,379	116,531
Accumulated other comprehensive loss	(1,622)	(1,622)
Total stockholders’ equity	218,184	170,207
Total liability and stockholder’ equity	2,650,524	2,159,578
Preferred Stock [Member]
Shareholders' Equity
Preferred Stock, Value, Issued	0	0
Series A Preferred Stock [Member]
Shareholders' Equity
Preferred Stock, Value, Issued	0	0
Series B Preferred Stock [Member]
Shareholders' Equity
Preferred Stock, Value, Issued	$ 0	$ 0

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
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	20,607,286	21,143,764
Common Stock, Shares, Outstanding	20,607,286	21,143,764
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

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Interest income	$ 79,817	$ 67,018	$ 225,547	$ 198,551
Mark to finance receivables measured at fair value	8,183	0	15,283	(4,417)
Other income	2,305	1,547	5,859	4,312
Total revenues	90,305	68,565	246,689	198,446
Expenses:
Employee costs	20,671	18,170	63,414	57,777
General and administrative	9,408	7,455	25,920	23,034
Interest	23,483	18,334	58,654	58,260
Provision for credit losses	(6,000)	(1,590)	(23,400)	(1,590)
Sales	5,962	4,288	17,186	12,475
Occupancy	2,031	1,952	5,820	5,870
Depreciation and amortization	406	409	1,207	1,254
Total operating expenses	55,961	49,018	148,801	157,080
Income before income tax expense	34,344	19,547	97,888	41,366
Income tax expense	8,931	5,864	26,040	12,807
Net income	$ 25,413	$ 13,683	$ 71,848	$ 28,559
Earnings per share:
Basic	$ 1.22	$ 0.59	$ 3.39	$ 1.25
Diluted	$ 0.95	$ 0.52	$ 2.61	$ 1.12
Number of shares used in computing earnings per share:
Basic	20,911	23,011	21,166	22,866
Diluted	26,654	26,218	27,512	25,439

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net income	$ 25,413	$ 13,683	$ 71,848	$ 28,559
Other comprehensive income/(loss); change in funded status of pension plan	0	0	0	0
Comprehensive income	$ 25,413	$ 13,683	$ 71,848	$ 28,559

- 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

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 71,848	$ 28,559
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of deferred acquisition fees and origination costs	0	651
Net interest income accretion on fair value receivables	97,462	100,676
Depreciation and amortization	1,207	1,254
Amortization of deferred financing costs	5,860	5,360
Mark to finance receivables measured at fair value	(15,283)	4,417
Provision for credit losses	(23,400)	(1,590)
Stock-based compensation expense	2,966	1,265
Purchases of finance receivables held-for-sale	0	(23,700)
Sale of finance receivables held-for-sale	0	23,513
Changes in assets and liabilities:
Accrued interest receivable	1,493	2,087
Deferred tax assets, net	5,005	3,146
Other assets	5,252	8,629
Accounts payable and accrued expenses	12,334	8,809
Net cash provided by operating activities	164,744	163,076
Cash flows from investing activities:
Payments received on finance receivables held for investment	109,894	198,366
Purchases of finance receivables measured at fair value	(1,311,735)	(795,457)
Payments received on finance receivables at fair value	635,401	546,897
Change in repossessions held in inventory	1,694	1,567
Purchase of furniture and equipment	(1,778)	(1,547)
Net cash used in investing activities	(566,524)	(50,174)
Cash flows from financing activities:
Proceeds from issuance of securitization trust debt	1,104,000	761,545
Proceeds from issuance of subordinated renewable notes	4,004	7,416
Payments on subordinated renewable notes	(3,214)	(1,277)
Net proceeds from (repayments of) warehouse lines of credit	139,477	(22,089)
Net Proceeds from (repayment of) residual interest financing debt	(4,311)	39,705
Repayment of securitization trust debt	(804,774)	(861,045)
Payment of financing costs	(10,407)	(5,752)
Purchase of common stock	(41,535)	(3,959)
Exercise of options and warrants	14,698	2,167
Net cash provided by (used in) financing activities	397,938	(83,289)
Increase (decrease) in cash and cash equivalents	(3,842)	29,613
Cash and restricted cash at beginning of period	176,548	144,152
Cash and restricted cash at end of period	172,706	173,765
Supplemental disclosure of cash flow information:
Interest	51,300	53,931
Income taxes	$ 13,977	$ 8,997

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance, beginning of period, Shares at Dec. 31, 2020	22,737
Balance, beginning of period at Dec. 31, 2020	$ 72,926	$ 69,007	$ (8,571)	$ 0
Pension benefit obligation				0
Common stock issued upon exercise of options and warrants, Shares	1,055
Common stock issued upon exercise of options and warrants	$ 2,167
Repurchase of common stock, Shares	(792)
Repurchase of common stock	$ (3,959)
Stock-based compensation	$ 1,265
Net income		28,559		28,559
Balance, end of period, Shares at Sep. 30, 2021	23,000
Balance, end of period at Sep. 30, 2021	$ 72,399	97,566	(8,571)	161,394
Balance, beginning of period, Shares at Jun. 30, 2021	23,055
Balance, beginning of period at Jun. 30, 2021	$ 73,204	83,884	(8,571)	0
Pension benefit obligation				0
Common stock issued upon exercise of options and warrants, Shares	379
Common stock issued upon exercise of options and warrants	$ 1,042
Repurchase of common stock, Shares	(434)
Repurchase of common stock	$ (2,377)
Stock-based compensation	$ 530
Net income		13,683		13,683
Balance, end of period, Shares at Sep. 30, 2021	23,000
Balance, end of period at Sep. 30, 2021	$ 72,399	97,566	(8,571)	161,394
Balance, beginning of period, Shares at Dec. 31, 2021	21,144
Balance, beginning of period at Dec. 31, 2021	$ 55,298	116,531	(1,622)	170,207
Pension benefit obligation				0
Common stock issued upon exercise of options and warrants, Shares	2,974
Common stock issued upon exercise of options and warrants	$ 14,698
Repurchase of common stock, Shares	(3,511)
Repurchase of common stock	$ (41,535)
Stock-based compensation	$ 2,966
Net income		71,848		71,848
Balance, end of period, Shares at Sep. 30, 2022	20,607
Balance, end of period at Sep. 30, 2022	$ 31,427	188,379	(1,622)	218,184
Balance, beginning of period, Shares at Jun. 30, 2022	21,207
Balance, beginning of period at Jun. 30, 2022	$ 36,947	162,966	(1,622)	170,207
Pension benefit obligation
Common stock issued upon exercise of options and warrants, Shares	79
Common stock issued upon exercise of options and warrants	$ 282
Repurchase of common stock, Shares	(679)
Repurchase of common stock	$ (7,250)
Stock-based compensation	$ 1,448
Net income		25,413		25,413
Balance, end of period, Shares at Sep. 30, 2022	20,607
Balance, end of period at Sep. 30, 2022	$ 31,427	$ 188,379	$ (1,622)	$ 218,184

- Definition

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

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

(1) Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

(1) Summary of Significant Accounting Policies

(1) Summary of Significant Accounting Policies

Description of Business

We were formed in California on March 8, 1991. We specialize in purchasing and servicing retail automobile installment sale contracts (“automobile contracts” or “finance receivables”) originated by licensed motor vehicle dealers located throughout the United States (“dealers”) in the sale of new and used automobiles, light trucks and passenger vans. Through our purchases, we provide indirect financing to dealer customers for borrowers with limited credit histories or past credit problems (“sub-prime customers”). We serve as an alternative source of financing for dealers, allowing sales to customers who otherwise might not be able to obtain financing. In addition to purchasing installment purchase contracts directly from dealers, we have also (i) lent money directly to consumers for loans secured by vehicles, (ii) purchased immaterial amounts of vehicle purchase money loans from non-affiliated lenders, and (iii) acquired installment purchase contracts in four merger and acquisition transactions. In this report, we refer to all of such contracts and loans as "automobile contracts."

Basis of Presentation

Our Unaudited Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America, with the instructions to Form 10-Q and with Article 10 of Regulation S-X of the Securities and Exchange Commission, and include all adjustments that are, in management’s opinion, necessary for a fair presentation of the results for the interim periods presented. All such adjustments are, in the opinion of management, of a normal recurring nature. Results for the nine-month period ended September 30, 2022 are not necessarily indicative of the operating results to be expected for the full year.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from these Unaudited Condensed Consolidated Financial Statements. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2021.

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.

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. Results for the three-month and nine-month periods ending September 30, 2022 include a $8.2 million and $15.3 million positive mark to the carrying value of the portion of the receivables portfolio accounted for at fair value. Mark downs of $4.4 million were included in the results for the nine months ending September 30, 2021. Mark downs are reflected as a reduction in revenue.

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.

Other Income

The following table presents the primary components of Other Income for the three-month and nine-month periods ending September 30, 2022 and 2021:

Schedule of other income
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Origination and servicing fees from third party receivables	$	2,016	$	495	$	4,268	$	611
Direct mail revenues		–		779		774		2,648
Convenience fee revenue		50		120		170		540
Recoveries on previously charged-off contracts		10		18		54		78
Sales tax refunds		209		134		512		423
Other		20		1		81		12
Other income for the period	$	2,305	$	1,547	$	5,859	$	4,312

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.

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


	September 30,			December 31,
	2022			2021
	(In thousands)
Operating Leases
Operating lease right-of-use assets	$	25,819		$	25,819
Less: Accumulated amortization right-of-use assets		(21,599	)		(17,624	)
Operating lease right-of-use assets, net	$	4,220		$	8,195
		$
Operating lease liabilities	$	(4,749	)	$	(9,058	)
		$
Finance Leases		$
Property and equipment, at cost		3,407			3,407
Less: Accumulated depreciation		(3,086	)		(2,348	)
Property and equipment, net	$	321		$	1,059
		$
Finance lease liabilities	$	(348	)	$	(1,124	)
		$
Weighted Average Discount Rate
Operating lease		5.0%			5.0%
Finance lease		6.5%			6.5%

Maturities of lease liabilities were as follows:


(In thousands)	Operating			Finance
Year Ending September 30,	Lease			Lease
2022	$	817		$	238
2023		1,888			84
2024		921			26
2025		794			9
2026		501			–
Thereafter		1,160			–
Total undiscounted lease payments		6,081			357
Less amounts representing interest		(1,332	)		(9	)
Lease Liability	$	4,749		$	348

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

Lease information
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Operating lease cost	$	1,767	$	1,768	$	5,288	$	5,398
Finance lease cost		257		308		813		924
Total lease cost	$	2,024	$	2,076	$	6,101	$	6,322

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:	(In thousands)				(In thousands)
Operating cash flows from operating leases	$	1,921	$	1,840	$	5,616	$	5,662
Operating cash flows from finance leases	$	249	$	283	$	776	$	834
Financing cash flows from finance leases	$	8	$	25	$	36	$	90

Stock-based Compensation

We recognize compensation costs in the financial statements for all share-based payments based on the grant date fair value estimated in accordance with the provisions of ASC 718 “Stock Compensation”.

For the three and nine months ended September 30, 2022, we recorded stock-based compensation costs in the amount of $1.4 million and $3.0 million, respectively. These stock-based compensation costs were $530,000 and $1.3 million for the three and nine months ended September 30, 2021. As of September 30, 2022, unrecognized stock-based compensation costs to be recognized over future periods equaled $10.9 million. This amount will be recognized as expense over a weighted-average period of 2.6 years.

The following represents stock option activity for the nine months ended September 30, 2022:


						Weighted
	Number of			Weighted		Average
	Shares			Average		Remaining
	(in thousands)			Exercise Price		Contractual Term
Options outstanding at the beginning of period		13,075		$	4.54	N/A
Granted		1,710			10.28	N/A
Exercised		(2,975	)		4.94	N/A
Forfeited		(520	)		7.26	N/A
Options outstanding at the end of period		11,290		$	5.18	3.29 years

Options exercisable at the end of period		7,708		$	4.39	2.13 years

The following table presents the price distribution of stock options outstanding and exercisable as of September 30, 2022 and December 31, 2021:


	Number of shares as of				Number of shares as of
	September 30, 2022				December 31, 2021
	Outstanding		Exercisable		Outstanding		Exercisable
Range of exercise prices:	(In thousands)				(In thousands)
$0.95 - $1.99		–		–		577		577
$2.00 - $2.99		1,445		775		1,517		489
$3.00 - $3.99		3,933		3,638		4,285		3,382
$4.00 - $4.99		2,738		1,801		2,870		1,410
$5.00 - $5.99		–		–		–		–
$6.00 - $6.99		746		746		2,651		2,652
$7.00 - $7.99		748		748		1,175		1,175
$8.00 - $11.00		1,680		–		–		–

Total shares		11,290		7,708		13,075		9,685

At September 30, 2022 the aggregate intrinsic value of options outstanding and exercisable was $29.2 million and $22.7 million, respectively. There were 2,974,223 million options exercised for the nine months ended September 30, 2022 compared to 1,054,541 for the comparable period in 2021. The total intrinsic value of options exercised was $23.1 million and $3.0 million for the nine-month periods ended September 30, 2022 and 2021. There were 2,691,000 shares available for future stock option grants under existing plans as of September 30, 2022.

Purchases of Company Stock

The table below describes the purchase of our common stock for the nine-month ended September 30, 2022 and 2021:

Schedule of purchases of company stock
	Nine Months Ended
	September 30, 2022				September 30, 2021
	Shares		Avg. Price		Shares		Avg. Price
Open market purchases		2,617,548	$	11.20		734,700	$	5.03
Shares redeemed upon net exercise of stock options		893,153		13.56		56,983		4.47
Total stock purchases		3,510,701	$	11.80		791,683	$	4.99

Reclassifications

Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on net income or shareholders’ equity.

Financial Covenants

Certain of our securitization transactions, our warehouse credit facilities and our residual interest financing contain various financial covenants requiring minimum financial ratios and results. Such covenants include maintaining minimum levels of liquidity and net worth and not exceeding maximum leverage levels. As of September 30, 2022, we were in compliance with all such covenants. In addition, certain of our debt agreements other than our term securitizations contain cross-default provisions. Such cross-default provisions would allow the respective creditors to declare a default if an event of default occurred with respect to other indebtedness of ours, but only if such other event of default were to be accompanied by acceleration of such other indebtedness.

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.

(2) Finance Receivables

9 Months Ended

Sep. 30, 2022

Finance Receivables

(2) Finance Receivables

(2) 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.

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 included. In certain circumstances we will grant obligors one-month payment extensions to assist them with temporary cash flow problems. 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. Automobile finance receivables, net of unearned interest was $116.7 million and $232.4 million as of September 30, 2022 and December 31, 2021, respectively. The following table summarizes the delinquency status of finance receivables as of September 30, 2022 and December 31, 2021:


	September 30,		December 31,
	2022		2021
	(In thousands)
Deliquency Status
Current	$	89,041	$	186,625
31 - 60 days		18,090		30,980
61 - 90 days		8,047		12,070
91 + days		2,508		2,715
	$	117,686	$	232,390

Finance receivables totaling $2.5 million and $2.7 million at September 30, 2022 and December 31, 2021, respectively, including all receivables greater than 90 days delinquent, 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. However, we have considered how certain qualitative factors may affect future credit losses and have incorporated our judgement of the effect of such factors into our estimates.

The following table presents the amortized cost basis of our finance receivables by annual vintage as of September 30, 2022 and December 31, 2021.


	September 30,		December 31,
	2022		2021
	(In thousands)
Annual Vintage Pool
2012 and prior	$	39	$	131
2013		335		1,091
2014		2,349		6,881
2015		11,987		29,695
2016		37,268		76,728
2017		65,708		117,864
	$	117,686	$	232,390

The following table presents a summary of the activity for the allowance for finance credit losses for the three-month and nine-month periods ended September 30, 2022 and 2021:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2022			2021			2022			2021
	(In thousands)						(In thousands)
Balance at beginning of period	$	35,672		$	72,242		$	56,206		$	80,790
Provision for credit losses on finance receivables		(6,000	)		(1,590	)		(23,400	)		(1,590	)
Charge-offs		(4,375	)		(6,336	)		(14,181	)		(25,157	)
Recoveries		2,699			4,408			9,371			14,681
Balance at end of period	$	27,996		$	68,724		$	27,996		$	68,724

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 in repossessed inventory that is not included in the allowance for finance credit losses:


	September 30,			December 31,
	2022			2021
	(In thousands)
Gross balance of repossessions in inventory	$	2,250		$	4,341
Allowance for losses on repossessed inventory		(1,474	)		(1,871	)
Net repossessed inventory included in other assets	$	776		$	2,470

(3) Securitization Trust Debt

9 Months Ended

Sep. 30, 2022

Securitization Trust Debt

(3) Securitization Trust Debt

(3) Securitization Trust Debt

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

Schedule of Long-term Debt Instruments
										Weighted
										Average
	Final	Receivables				Outstanding		Outstanding		Contractual Debt
	Scheduled	Pledged at				Principal at		Principal at		Interest Rate at
	Payment	September 30,		Initial		September 30,		December 31,		September 30,
Series	Date (1)	2022 (2)		Principal		2022		2021		2022
	(Dollars in thousands)
CPS 2017-A	April 2024		–		206,320		–		17,644		–
CPS 2017-B	December 2023		–		225,170		–		12,491		–
CPS 2017-C	September 2024		–		224,825		–		25,846		–
CPS 2017-D	June 2024		17,526		196,300		13,892		26,744		5.30%
CPS 2018-A	March 2025		20,221		190,000		16,770		29,518		5.17%
CPS 2018-B	December 2024		24,742		201,823		21,179		36,092		5.61%
CPS 2018-C	September 2025		29,131		230,275		24,879		42,765		5.90%
CPS 2018-D	June 2025		35,386		233,730		30,545		49,634		5.61%
CPS 2019-A	March 2026		44,846		254,400		38,693		62,667		5.32%
CPS 2019-B	June 2026		46,255		228,275		39,622		61,730		5.15%
CPS 2019-C	September 2026		54,352		243,513		48,110		75,065		4.19%
CPS 2019-D	December 2026		69,792		274,313		61,562		98,625		3.58%
CPS 2020-A	March 2027		64,894		260,000		60,828		99,485		3.83%
CPS 2020-B	June 2027		72,574		202,343		47,591		87,048		5.87%
CPS 2020-C	November 2027		97,439		252,200		84,204		138,899		3.03%
CPS 2021-A	March 2028		103,253		230,545		86,058		147,516		1.29%
CPS 2021-B	June 2028		127,433		240,000		116,429		179,856		1.71%
CPS 2021-C	September 2028		183,844		291,000		168,163		250,003		1.50%
CPS 2021-D	December 2028		249,729		349,202		236,820		330,325		1.70%
CPS 2022-A	April 2029		266,687		316,800		247,530		–		2.04%
CPS 2022-B	October 2029		384,556		395,600		356,044		–		4.05%
CPS 2022-C	April 2030		420,885		391,600		372,262		–		5.17%
		$	2,313,545	$	5,638,234	$	2,071,179	$	1,771,953

_________________

(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 $213.6 million in 2022, $967.3 million in 2023, $302.1 million in 2024, $283.2 million in 2025, $165.3 million in 2026, $101.6 million in 2027, and $23.9 million in 2028.

(2)	Includes repossessed assets that are included in Other assets on our Unaudited Condensed Consolidated Balance Sheet.

Debt issuance costs of $14.1 million and $12.0 million as of September 30, 2022 and December 31, 2021, 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 sold in private placement transactions to qualified institutional buyers. The debt was issued through our wholly-owned bankruptcy remote subsidiaries and is secured by the assets of such subsidiaries, but not by our other assets.

The terms of the securitization agreements related to the issuance of the securitization trust debt and the warehouse credit facilities require that we meet certain delinquency and credit loss criteria with respect to the pool of receivables, and certain of the agreements require that we maintain minimum levels of liquidity and not exceed maximum leverage levels. As of September 30, 2022, we were in compliance with all such covenants.

We are responsible for the administration and collection of the automobile contracts. The securitization agreements also require certain funds be held in restricted cash accounts to provide additional collateral for the borrowings, to be applied to make payments on the securitization trust debt or as pre-funding proceeds from a term securitization prior to the purchase of additional collateral. As of September 30, 2022, restricted cash under the various agreements totaled approximately $159.8 million. Interest expense on the securitization trust debt consists of the stated rate of interest plus amortization of additional costs of borrowing. Additional costs of borrowing include facility fees, amortization of deferred financing costs and discounts on notes sold. Deferred financing costs and discounts on notes sold related to the securitization trust debt are amortized using a level yield method. Accordingly, the effective cost of the securitization trust debt is greater than the contractual rate of interest disclosed above.

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 credit facilities. 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 other creditors.

(4) Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

(4) Debt

(4) Debt

The terms and amounts of our other debt outstanding at September 30, 2022 and December 31, 2021 are summarized below:

Schedule of debt outstanding
			Amount Outstanding at
			September 30,		December 31,
			2022		2021
			(In thousands)
Description	Interest Rate	Maturity

Warehouse lines of credit	3.00% over one month Libor (Minimum 3.75%)	July 2024	$	138,596	$	70,590

	4.15% over a commercial paper rate (Minimum 5.15%)	January 2024		106,891		35,420

Residual interest financing	8.60%	January 2026		–		4,311

Residual interest financing	7.86%	June 2026		50,000		50,000

Subordinated renewable notes	Weighted average rate of 7.67% and 8.93% at September 30, 2022 and December 31, 2021, respectively	Weighted average maturity of July 2024 and January 2024 at September 30, 2022 and December 31, 2021, respectively		27,249		26,459

			$	322,736	$	186,780

On February 2, 2022, we renewed our two-year revolving credit agreement with Ares Agent Services, L.P. There was $106.9 million outstanding under this facility at September 30, 2022. On June 28, 2022, we increased the capacity of its credit agreement with Ares Agent Services, L.P. from $100 million to $200 million. The revolving period for this facility was extended to January 2024 followed by an amortization period through January 2028 for any receivables pledged at the end of the revolving period.

On July 15, 2022, we renewed our two-year revolving credit agreement with Citibank, N.A., and doubled the capacity from $100 million to $200 million. There was $138.6 million outstanding under this facility at September 30, 2022. The revolving period for this facility was extended to July 2024 followed by an amortization period through July 2025 for any receivables pledged at the end of the revolving period

Unamortized debt issuance costs of $440,000 and $629,000 as of September 30, 2022 and December 31, 2021, respectively, have been excluded from the amount reported above for residual interest financing. Similarly, unamortized debt issuance costs of $3.0 million and $400,000 as of September 30, 2022 and December 31, 2021, respectively, have been excluded from the Warehouse lines of credit amounts in the table above. These debt issuance costs are presented as a direct deduction to the carrying amount of the debt on our Unaudited Condensed Consolidated Balance Sheets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

(5) Interest Income and Interest Expense

9 Months Ended

Sep. 30, 2022

Interest Income And Interest Expense

(5) Interest Income and Interest Expense

(5) Interest Income and Interest Expense

The following table presents the components of interest income:

Schedule of interest income
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Interest on finance receivables	$	7,620	$	16,062	$	28,766	$	56,652
Interest on finance receivables at fair value		71,734		50,951		196,204		141,882
Other interest income		463		5		577		17
		$
Interest income	$	79,817	$	67,018	$	225,547	$	198,551

The following table presents the components of interest expense:

Schedule of interest expense
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Securitization trust debt	$	18,519	$	15,292	$	47,792	$	50,568
Warehouse lines of credit		3,342		929		5,887		3,264
Residual interest financing		1,050		1,413		3,193		2,446
Subordinated renewable notes		572		700		1,782		1,982
		$
Interest expense	$	23,483	$	18,334	$	58,654	$	58,260

(6) Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings per share:

(6) Earnings Per Share

(6) Earnings Per Share

Earnings per share for the three-month and nine-month periods ended September 30, 2022 and 2021 were calculated using the weighted average number of shares outstanding for the related period. The following table reconciles the number of shares used in the computations of basic and diluted earnings per share for the three-month and nine-month periods ended September 30, 2022 and 2021:

Computation of earnings per share
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Weighted average number of common shares outstanding during the period used to compute basic earnings per share		20,911		23,011		21,166		22,866

Incremental common shares attributable to exercise of outstanding options and warrants		5,743		3,207		6,346		2,573

Weighted average number of common shares used to compute diluted earnings per share		26,654		26,218		27,512		25,439

If the anti-dilutive effects of common stock equivalents were considered, shares included in the diluted earnings per share calculation for the three-month and nine-month periods ended September 30, 2022 would have included an additional 1.7 million and 1.0 million shares, respectively, attributable to the exercise of outstanding options and warrants. For the three-month and nine-month periods ended September 30, 2021, an additional 5.6 million and 5.8 million shares, respectively, would be included in the diluted earnings per share calculation.

(7) Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

(7) Income Taxes

(7) Income Taxes

We file numerous consolidated and separate income tax returns with the United States and with many states. With few exceptions, we are no longer subject to U.S. federal, state, or local examinations by tax authorities for years before 2015.

As of September 30, 2022, and December 31, 2021, we had no unrecognized tax benefits for uncertain tax positions. We do not anticipate that total unrecognized tax benefits will significantly change due to any settlements of audits or expirations of statutes of limitations over the next 12 months.

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.

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 judgments, 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 $14.6 million as of September 30, 2022 is more likely than not based on forecasted future net earnings. Our net deferred tax asset of $14.6 million consists of approximately $8.3 million of net U.S. federal deferred tax assets and $6.3 million of net state deferred tax assets.

Income tax expense was $8.9 million and $26.0 million for the three months and nine months ended September 30, 2022, representing effective income tax rates of 26% and 27%, respectively, compared to income tax expense of $5.9 million and $12.8 million for the three months and nine months ended September 30, 2021, and represents an effective income tax rates of 30% and 31% respectively.

- 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

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+ Details

(8) Legal Proceedings

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

(8) Legal Proceedings

(8) 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. There are as of the date of this report two civil actions that could possibly result in a material liability, if resolved adversely and on a class basis, as the respective plaintiffs allege would be appropriate.

Following our filing of a complaint for a deficiency judgment in the Superior Court at Waterbury, Connecticut, the defendant filed a cross-claim alleging that our deficiency notices were not compliant with Connecticut law, and seeking relief on behalf of a class of Connecticut obligors whose vehicles we had repossessed. The defendant’s contract provided for resolution of disputes exclusively by arbitration, and exclusively on an individual basis, not a class basis. Nevertheless, in August 2021, the court denied our motion to compel arbitration, without opinion. In April 2022, a motion for certification of a class was filed but has not been ruled upon. It is reasonable to expect that resolution of these claims will be on a class basis.

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.

Massachusetts Civil Investigative Demand. In September 2021, we received a civil investigative demand from the Office of the Attorney General of the Commonwealth of Massachusetts relating to the Company’s communications with and repossession notices sent to Massachusetts customers. We are cooperating with the inquiry. At this time, it is not possible to determine any amount of loss that is probable and measurable.

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 September 30, 2022, 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 September 30, 2022 is $3.4 million, and that the range of reasonably possible losses for the legal proceedings and contingencies we face, including those described or identified above, as of September 30, 2022 does not exceed $11.3 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.

(9) Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

(9) 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 would be 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 effect on our fair value measurement.

For the quarter ended September 30, 2022, the Company evaluated the appropriate fair value and future earnings rate of existing receivables compared to recently acquired receivables and our assessment of potential additional future net losses on the portfolio of finance receivables carried at fair value and did not record a mark down to that portfolio.

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2022			2021			2022			2021
	(In thousands)						(In thousands)
Balance at beginning of period	$	2,174,133		$	1,582,175		$	1,749,098		$	1,523,726
Finance receivables at fair value acquired during period		407,260			310,340			1,311,735			795,457
Payments received on finance receivables at fair value		(209,627	)		(191,458	)		(635,401	)		(546,897	)
Net interest income accretion on fair value receivables		(36,696	)		(33,864	)		(97,462	)		(100,676	)
Mark to fair value		8,183			–			15,283			(4,417	)
Balance at end of period	$	2,343,253		$	1,667,193		$	2,343,253		$	1,667,193

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


	September 30, 2022				December 31, 2021
	Contractual		Fair		Contractual		Fair
	Balance		Value		Balance		Value
	(In thousands)

Finance receivables measured at fair value	$	2,567,372	$	2,343,253	$	1,972,699	$	1,749,098

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

Financial Instrument Fair Values as of Inputs as of

September 30, December 31, September 30, December 31,

2022 2021 Unobservable Inputs 2022 2021

(In thousands)

Assets:

Finance receivables measured at fair value $ 2,343,253 $ 1,749,098 Discount rate 8.9% - 11.3% 8.9% - 11.3%

Cumulative net losses 10.0% - 18.4% 10.0% - 18.4%

The following table summarizes the delinquency status of these finance receivables measured at fair value as of September 30, 2022 and December 31, 2021:

September 30, December 31,

2022 2021

(In thousands)

Delinquency Status

Current $ 2,306,615 $ 1,787,641

31 - 60 days 152,622 115,924

61 - 90 day 57,888 38,999

91 + days 22,018 11,564

Repo 28,229 18,571

$ 2,567,372 $ 1,972,699

Repossessed vehicle inventory, which is included in Other assets on our unaudited condensed consolidated balance sheet, is measured at fair value using level 2 assumptions based on our actual loss experience on sale of repossessed vehicles. At September 30, 2022 the finance receivables related to the repossessed vehicles in inventory totaled $2.3 million. We have applied a valuation adjustment, or loss allowance, of $1.5 million, which is based on a recovery rate of approximately 34%, resulting in an estimated fair value and carrying amount of $776,000. The fair value and carrying amount of the repossessed inventory at December 31, 2021 was $2.4 million after applying a valuation adjustment of $1.9 million.

There were no transfers in or out of level 1, level 2 or level 3 assets and liabilities for the three months ended September 30, 2022 and 2021.

The estimated fair values of financial assets and liabilities at September 30, 2022 and December 31, 2021, were as follows:

As of September 30, 2022

Financial Instrument (In thousands)

Carrying Fair Value Measurements Using:

Value Level 1 Level 2 Level 3 Total

Assets:

Cash and cash equivalents $ 12,944 $ 12,944 $ – $ – $ 12,944

Restricted cash and equivalents 159,762 159,762 – – 159,762

Finance receivables, net 89,690 – – 79,700 79,700

Accrued interest receivable 776 – – 776 776

Liabilities:

Warehouse lines of credit $ 242,449 $ – $ – $ 242,449 $ 242,449

Residual interest financing 49,560 49,560 49,560

Accrued interest payable 5,063 – – 5,063 5,063

Securitization trust debt 2,057,100 – – 1,969,599 1,969,599

Subordinated renewable notes 27,249 – – 27,249 27,249

As of December 31, 2021

Financial Instrument (In thousands)

Carrying Fair Value Measurements Using:

Value Level 1 Level 2 Level 3 Total

Assets:

Cash and cash equivalents $ 29,928 $ 29,928 $ – $ – $ 29,928

Restricted cash and equivalents 146,620 146,620 – – 146,620

Finance receivables, net 176,184 – – 178,795 178,795

Accrued interest receivable 2,269 – – 2,269 2,269

Liabilities:

Warehouse lines of credit $ 105,610 $ – $ – $ 105,610 $ 105,610

Residual interest financing 53,682 53,682 53,682

Accrued interest payable 3,568 – – 3,568 3,568

Securitization trust debt 1,759,972 – – 1,740,901 1,740,901

Subordinated renewable notes 26,459 – – 26,459 26,459

(10) Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

(10) Subsequent Events

On August 3, 2022 we executed our third securitization of 2022. In the transaction, qualified institutional buyers purchased $391.6 million of asset-backed notes secured by $440.0 million in automobile receivables originated by CPS. The sold notes, issued by CPS Auto Receivables Trust 2022-C, 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 6.02%.

The 2022-C transaction has initial credit enhancement consisting of a cash deposit equal to 1.00% of the original receivable pool balance and overcollateralization of 11.00%. The transaction agreements require accelerated payment of principal on the notes to reach overcollateralization of the lesser of 13.00% of the original receivable pool balance, or 31.50% of the then outstanding pool balance. The transaction utilizes a pre-funding structure, in which CPS sold approximately $368.0 million of receivables at inception and plans to sell approximately $72.0 million of additional receivables in August 2022. 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)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Description of Business

Description of Business

Basis of Presentation

Basis of Presentation

Use of Estimates

Use of Estimates

Finance Receivables Measured at Fair Value

Finance Receivables Measured at Fair Value

Other Income

Other Income

The following table presents the primary components of Other Income for the three-month and nine-month periods ending September 30, 2022 and 2021:

Schedule of other income
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Origination and servicing fees from third party receivables	$	2,016	$	495	$	4,268	$	611
Direct mail revenues		–		779		774		2,648
Convenience fee revenue		50		120		170		540
Recoveries on previously charged-off contracts		10		18		54		78
Sales tax refunds		209		134		512		423
Other		20		1		81		12
Other income for the period	$	2,305	$	1,547	$	5,859	$	4,312

Leases

Leases

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


	September 30,			December 31,
	2022			2021
	(In thousands)
Operating Leases
Operating lease right-of-use assets	$	25,819		$	25,819
Less: Accumulated amortization right-of-use assets		(21,599	)		(17,624	)
Operating lease right-of-use assets, net	$	4,220		$	8,195
		$
Operating lease liabilities	$	(4,749	)	$	(9,058	)
		$
Finance Leases		$
Property and equipment, at cost		3,407			3,407
Less: Accumulated depreciation		(3,086	)		(2,348	)
Property and equipment, net	$	321		$	1,059
		$
Finance lease liabilities	$	(348	)	$	(1,124	)
		$
Weighted Average Discount Rate
Operating lease		5.0%			5.0%
Finance lease		6.5%			6.5%

Maturities of lease liabilities were as follows:


(In thousands)	Operating			Finance
Year Ending September 30,	Lease			Lease
2022	$	817		$	238
2023		1,888			84
2024		921			26
2025		794			9
2026		501			–
Thereafter		1,160			–
Total undiscounted lease payments		6,081			357
Less amounts representing interest		(1,332	)		(9	)
Lease Liability	$	4,749		$	348

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

Lease information
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Operating lease cost	$	1,767	$	1,768	$	5,288	$	5,398
Finance lease cost		257		308		813		924
Total lease cost	$	2,024	$	2,076	$	6,101	$	6,322

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:	(In thousands)				(In thousands)
Operating cash flows from operating leases	$	1,921	$	1,840	$	5,616	$	5,662
Operating cash flows from finance leases	$	249	$	283	$	776	$	834
Financing cash flows from finance leases	$	8	$	25	$	36	$	90

Stock-based Compensation

Stock-based Compensation

The following represents stock option activity for the nine months ended September 30, 2022:


						Weighted
	Number of			Weighted		Average
	Shares			Average		Remaining
	(in thousands)			Exercise Price		Contractual Term
Options outstanding at the beginning of period		13,075		$	4.54	N/A
Granted		1,710			10.28	N/A
Exercised		(2,975	)		4.94	N/A
Forfeited		(520	)		7.26	N/A
Options outstanding at the end of period		11,290		$	5.18	3.29 years

Options exercisable at the end of period		7,708		$	4.39	2.13 years

The following table presents the price distribution of stock options outstanding and exercisable as of September 30, 2022 and December 31, 2021:


	Number of shares as of				Number of shares as of
	September 30, 2022				December 31, 2021
	Outstanding		Exercisable		Outstanding		Exercisable
Range of exercise prices:	(In thousands)				(In thousands)
$0.95 - $1.99		–		–		577		577
$2.00 - $2.99		1,445		775		1,517		489
$3.00 - $3.99		3,933		3,638		4,285		3,382
$4.00 - $4.99		2,738		1,801		2,870		1,410
$5.00 - $5.99		–		–		–		–
$6.00 - $6.99		746		746		2,651		2,652
$7.00 - $7.99		748		748		1,175		1,175
$8.00 - $11.00		1,680		–		–		–

Total shares		11,290		7,708		13,075		9,685

Purchases of Company Stock

Purchases of Company Stock

The table below describes the purchase of our common stock for the nine-month ended September 30, 2022 and 2021:

Schedule of purchases of company stock
	Nine Months Ended
	September 30, 2022				September 30, 2021
	Shares		Avg. Price		Shares		Avg. Price
Open market purchases		2,617,548	$	11.20		734,700	$	5.03
Shares redeemed upon net exercise of stock options		893,153		13.56		56,983		4.47
Total stock purchases		3,510,701	$	11.80		791,683	$	4.99

Reclassifications

Reclassifications

Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on net income or shareholders’ equity.

Financial Covenants

Financial Covenants

Provision for Contingent Liabilities

Provision for Contingent Liabilities

(1) Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Schedule of other income

Schedule of other income
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Origination and servicing fees from third party receivables	$	2,016	$	495	$	4,268	$	611
Direct mail revenues		–		779		774		2,648
Convenience fee revenue		50		120		170		540
Recoveries on previously charged-off contracts		10		18		54		78
Sales tax refunds		209		134		512		423
Other		20		1		81		12
Other income for the period	$	2,305	$	1,547	$	5,859	$	4,312

Supplemental balance sheet information related to leases


	September 30,			December 31,
	2022			2021
	(In thousands)
Operating Leases
Operating lease right-of-use assets	$	25,819		$	25,819
Less: Accumulated amortization right-of-use assets		(21,599	)		(17,624	)
Operating lease right-of-use assets, net	$	4,220		$	8,195
		$
Operating lease liabilities	$	(4,749	)	$	(9,058	)
		$
Finance Leases		$
Property and equipment, at cost		3,407			3,407
Less: Accumulated depreciation		(3,086	)		(2,348	)
Property and equipment, net	$	321		$	1,059
		$
Finance lease liabilities	$	(348	)	$	(1,124	)
		$
Weighted Average Discount Rate
Operating lease		5.0%			5.0%
Finance lease		6.5%			6.5%

Schedule of maturities of lease liabilities


(In thousands)	Operating			Finance
Year Ending September 30,	Lease			Lease
2022	$	817		$	238
2023		1,888			84
2024		921			26
2025		794			9
2026		501			–
Thereafter		1,160			–
Total undiscounted lease payments		6,081			357
Less amounts representing interest		(1,332	)		(9	)
Lease Liability	$	4,749		$	348

Lease information

Lease information
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Operating lease cost	$	1,767	$	1,768	$	5,288	$	5,398
Finance lease cost		257		308		813		924
Total lease cost	$	2,024	$	2,076	$	6,101	$	6,322

Supplemental cash flow information related to leases


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:	(In thousands)				(In thousands)
Operating cash flows from operating leases	$	1,921	$	1,840	$	5,616	$	5,662
Operating cash flows from finance leases	$	249	$	283	$	776	$	834
Financing cash flows from finance leases	$	8	$	25	$	36	$	90

Share-based payment arrangement option activity


						Weighted
	Number of			Weighted		Average
	Shares			Average		Remaining
	(in thousands)			Exercise Price		Contractual Term
Options outstanding at the beginning of period		13,075		$	4.54	N/A
Granted		1,710			10.28	N/A
Exercised		(2,975	)		4.94	N/A
Forfeited		(520	)		7.26	N/A
Options outstanding at the end of period		11,290		$	5.18	3.29 years

Options exercisable at the end of period		7,708		$	4.39	2.13 years

Schedule of stock options outstanding and exercisable


	Number of shares as of				Number of shares as of
	September 30, 2022				December 31, 2021
	Outstanding		Exercisable		Outstanding		Exercisable
Range of exercise prices:	(In thousands)				(In thousands)
$0.95 - $1.99		–		–		577		577
$2.00 - $2.99		1,445		775		1,517		489
$3.00 - $3.99		3,933		3,638		4,285		3,382
$4.00 - $4.99		2,738		1,801		2,870		1,410
$5.00 - $5.99		–		–		–		–
$6.00 - $6.99		746		746		2,651		2,652
$7.00 - $7.99		748		748		1,175		1,175
$8.00 - $11.00		1,680		–		–		–

Total shares		11,290		7,708		13,075		9,685

Schedule of purchases of company stock

Schedule of purchases of company stock
	Nine Months Ended
	September 30, 2022				September 30, 2021
	Shares		Avg. Price		Shares		Avg. Price
Open market purchases		2,617,548	$	11.20		734,700	$	5.03
Shares redeemed upon net exercise of stock options		893,153		13.56		56,983		4.47
Total stock purchases		3,510,701	$	11.80		791,683	$	4.99

(2) Finance Receivables (Tables)

9 Months Ended

Sep. 30, 2022

Finance Receivables

Schedule of delinquency status of finance receivables


	September 30,		December 31,
	2022		2021
	(In thousands)
Deliquency Status
Current	$	89,041	$	186,625
31 - 60 days		18,090		30,980
61 - 90 days		8,047		12,070
91 + days		2,508		2,715
	$	117,686	$	232,390

Schedule of amortized cost basis of finance receivables


	September 30,		December 31,
	2022		2021
	(In thousands)
Annual Vintage Pool
2012 and prior	$	39	$	131
2013		335		1,091
2014		2,349		6,881
2015		11,987		29,695
2016		37,268		76,728
2017		65,708		117,864
	$	117,686	$	232,390

Schedule of allowance for finance credit losses


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2022			2021			2022			2021
	(In thousands)						(In thousands)
Balance at beginning of period	$	35,672		$	72,242		$	56,206		$	80,790
Provision for credit losses on finance receivables		(6,000	)		(1,590	)		(23,400	)		(1,590	)
Charge-offs		(4,375	)		(6,336	)		(14,181	)		(25,157	)
Recoveries		2,699			4,408			9,371			14,681
Balance at end of period	$	27,996		$	68,724		$	27,996		$	68,724

Schedule of allowance for losses on repossessed inventory


	September 30,			December 31,
	2022			2021
	(In thousands)
Gross balance of repossessions in inventory	$	2,250		$	4,341
Allowance for losses on repossessed inventory		(1,474	)		(1,871	)
Net repossessed inventory included in other assets	$	776		$	2,470

(3) Securitization Trust Debt (Tables)

9 Months Ended

Sep. 30, 2022

Securitization Trust Debt

Schedule of Long-term Debt Instruments

Schedule of Long-term Debt Instruments
										Weighted
										Average
	Final	Receivables				Outstanding		Outstanding		Contractual Debt
	Scheduled	Pledged at				Principal at		Principal at		Interest Rate at
	Payment	September 30,		Initial		September 30,		December 31,		September 30,
Series	Date (1)	2022 (2)		Principal		2022		2021		2022
	(Dollars in thousands)
CPS 2017-A	April 2024		–		206,320		–		17,644		–
CPS 2017-B	December 2023		–		225,170		–		12,491		–
CPS 2017-C	September 2024		–		224,825		–		25,846		–
CPS 2017-D	June 2024		17,526		196,300		13,892		26,744		5.30%
CPS 2018-A	March 2025		20,221		190,000		16,770		29,518		5.17%
CPS 2018-B	December 2024		24,742		201,823		21,179		36,092		5.61%
CPS 2018-C	September 2025		29,131		230,275		24,879		42,765		5.90%
CPS 2018-D	June 2025		35,386		233,730		30,545		49,634		5.61%
CPS 2019-A	March 2026		44,846		254,400		38,693		62,667		5.32%
CPS 2019-B	June 2026		46,255		228,275		39,622		61,730		5.15%
CPS 2019-C	September 2026		54,352		243,513		48,110		75,065		4.19%
CPS 2019-D	December 2026		69,792		274,313		61,562		98,625		3.58%
CPS 2020-A	March 2027		64,894		260,000		60,828		99,485		3.83%
CPS 2020-B	June 2027		72,574		202,343		47,591		87,048		5.87%
CPS 2020-C	November 2027		97,439		252,200		84,204		138,899		3.03%
CPS 2021-A	March 2028		103,253		230,545		86,058		147,516		1.29%
CPS 2021-B	June 2028		127,433		240,000		116,429		179,856		1.71%
CPS 2021-C	September 2028		183,844		291,000		168,163		250,003		1.50%
CPS 2021-D	December 2028		249,729		349,202		236,820		330,325		1.70%
CPS 2022-A	April 2029		266,687		316,800		247,530		–		2.04%
CPS 2022-B	October 2029		384,556		395,600		356,044		–		4.05%
CPS 2022-C	April 2030		420,885		391,600		372,262		–		5.17%
		$	2,313,545	$	5,638,234	$	2,071,179	$	1,771,953

- 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
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

(4) Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of debt outstanding

Schedule of debt outstanding
			Amount Outstanding at
			September 30,		December 31,
			2022		2021
			(In thousands)
Description	Interest Rate	Maturity

Warehouse lines of credit	3.00% over one month Libor (Minimum 3.75%)	July 2024	$	138,596	$	70,590

	4.15% over a commercial paper rate (Minimum 5.15%)	January 2024		106,891		35,420

Residual interest financing	8.60%	January 2026		–		4,311

Residual interest financing	7.86%	June 2026		50,000		50,000

Subordinated renewable notes	Weighted average rate of 7.67% and 8.93% at September 30, 2022 and December 31, 2021, respectively	Weighted average maturity of July 2024 and January 2024 at September 30, 2022 and December 31, 2021, respectively		27,249		26,459

			$	322,736	$	186,780

(5) Interest Income and Interest Expense (Tables)

9 Months Ended

Sep. 30, 2022

Interest Income And Interest Expense

Schedule of interest income

Schedule of interest income
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Interest on finance receivables	$	7,620	$	16,062	$	28,766	$	56,652
Interest on finance receivables at fair value		71,734		50,951		196,204		141,882
Other interest income		463		5		577		17
		$
Interest income	$	79,817	$	67,018	$	225,547	$	198,551

Schedule of interest expense

Schedule of interest expense
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Securitization trust debt	$	18,519	$	15,292	$	47,792	$	50,568
Warehouse lines of credit		3,342		929		5,887		3,264
Residual interest financing		1,050		1,413		3,193		2,446
Subordinated renewable notes		572		700		1,782		1,982
		$
Interest expense	$	23,483	$	18,334	$	58,654	$	58,260

(6) Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings per share:

Computation of earnings per share

Computation of earnings per share
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Weighted average number of common shares outstanding during the period used to compute basic earnings per share		20,911		23,011		21,166		22,866

Incremental common shares attributable to exercise of outstanding options and warrants		5,743		3,207		6,346		2,573

Weighted average number of common shares used to compute diluted earnings per share		26,654		26,218		27,512		25,439

(9) Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

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


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2022			2021			2022			2021
	(In thousands)						(In thousands)
Balance at beginning of period	$	2,174,133		$	1,582,175		$	1,749,098		$	1,523,726
Finance receivables at fair value acquired during period		407,260			310,340			1,311,735			795,457
Payments received on finance receivables at fair value		(209,627	)		(191,458	)		(635,401	)		(546,897	)
Net interest income accretion on fair value receivables		(36,696	)		(33,864	)		(97,462	)		(100,676	)
Mark to fair value		8,183			–			15,283			(4,417	)
Balance at end of period	$	2,343,253		$	1,667,193		$	2,343,253		$	1,667,193

Finance receivables fair and contractual balances


	September 30, 2022				December 31, 2021
	Contractual		Fair		Contractual		Fair
	Balance		Value		Balance		Value
	(In thousands)

Finance receivables measured at fair value	$	2,567,372	$	2,343,253	$	1,972,699	$	1,749,098

Schedule of level 3 fair value measurements


Financial Instrument	Fair Values as of					Inputs as of
	September 30,		December 31,			September 30,	December 31,
	2022		2021		Unobservable Inputs	2022	2021
	(In thousands)
Assets:
Finance receivables measured at fair value	$	2,343,253	$	1,749,098	Discount rate	8.9% - 11.3%	8.9% - 11.3%
					Cumulative net losses	10.0% - 18.4%	10.0% - 18.4%

Schedule of delinquency status of finance receivables measured at fair value


	September 30,		December 31,
	2022		2021
	(In thousands)
Delinquency Status
Current	$	2,306,615	$	1,787,641
31 - 60 days		152,622		115,924
61 - 90 day		57,888		38,999
91 + days		22,018		11,564
Repo		28,229		18,571
	$	2,567,372	$	1,972,699

Schedule of estimated fair values of financial assets and liabilities


	As of September 30, 2022
Financial Instrument	(In thousands)
	Carrying		Fair Value Measurements Using:
	Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	12,944	$	12,944	$	–	$	–	$	12,944
Restricted cash and equivalents		159,762		159,762		–		–		159,762
Finance receivables, net		89,690		–		–		79,700		79,700
Accrued interest receivable		776		–		–		776		776
Liabilities:
Warehouse lines of credit	$	242,449	$	–	$	–	$	242,449	$	242,449
Residual interest financing		49,560						49,560		49,560
Accrued interest payable		5,063		–		–		5,063		5,063
Securitization trust debt		2,057,100		–		–		1,969,599		1,969,599
Subordinated renewable notes		27,249		–		–		27,249		27,249


	As of December 31, 2021
Financial Instrument	(In thousands)
	Carrying		Fair Value Measurements Using:
	Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	29,928	$	29,928	$	–	$	–	$	29,928
Restricted cash and equivalents		146,620		146,620		–		–		146,620
Finance receivables, net		176,184		–		–		178,795		178,795
Accrued interest receivable		2,269		–		–		2,269		2,269
Liabilities:
Warehouse lines of credit	$	105,610	$	–	$	–	$	105,610	$	105,610
Residual interest financing		53,682						53,682		53,682
Accrued interest payable		3,568		–		–		3,568		3,568
Securitization trust debt		1,759,972		–		–		1,740,901		1,740,901
Subordinated renewable notes		26,459		–		–		26,459		26,459

(1) Summary of Significant Accounting Policies (Details - Other income) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Operating Income	$ 2,305	$ 1,547	$ 5,859	$ 4,312
Origination And Servicing Fees [Member]
Other Operating Income	2,016	495	4,268	611
Direct Mail Revenues [Member]
Other Operating Income	0	779	774	2,648
Convenience Fee [Member]
Other Operating Income	50	120	170	540
Recoveries [Member]
Other Operating Income	10	18	54	78
Sales Tax Refunds [Member]
Other Operating Income	209	134	512	423
Other Income [Member]
Other Operating Income	$ 20	$ 1	$ 81	$ 12

(1) Summary of Significant Accounting Policies (Details - Supplemental balance sheet information related to leases) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating Leases
Operating lease right-of-use assets	$ 25,819	$ 25,819
Less: Accumulated amortization right-of-use assets	(21,599)	(17,624)
Operating lease right-of-use assets, net	4,220	8,195
Operating lease liabilities	(4,749)	(9,058)
Finance Leases
Property and equipment, at cost	3,407	3,407
Less: Accumulated depreciation	(3,086)	(2,348)
Property and equipment, net	321	1,059
Finance lease liabilities	$ (348)	$ (1,124)
Operating Lease, Weighted Average Discount Rate, Percent	5.00%	5.00%
Finance Lease, Weighted Average Discount Rate, Percent	6.50%	6.50%

(1) Summary of Significant Accounting Policies (Details - Maturities of lease liabilities) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Lease Liability	$ 4,749	$ 9,058
Lease Liability	348	$ 1,124
Operating Lease [Member]
2022	817
2023	1,888
2024	921
2025	794
2026	501
Thereafter	1,160
Total undiscounted lease payments	6,081
Less amounts representing interest	(1,332)
Lease Liability	4,749
Finance Lease [Member]
2022	238
2023	84
2024	26
2025	9
2026	0
Thereafter	0
Total undiscounted lease payments	357
Less amounts representing interest	(9)
Lease Liability	$ 348

(1) Summary of Significant Accounting Policies (Details - Lease cost) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounting Policies [Abstract]
Operating lease cost	$ 1,767	$ 1,768	$ 5,288	$ 5,398
Finance lease cost	257	308	813	924
Total lease cost	$ 2,024	$ 2,076	$ 6,101	$ 6,322

(1) Summary of Significant Accounting Policies (Details - Cash flow) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,921	$ 1,840	$ 5,616	$ 5,662
Operating cash flows from finance leases	249	283	776	834
Financing cash flows from finance leases	$ 8	$ 25	$ 36	$ 90

(1) Summary of Significant Accounting Policies (Details - Option activity) - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding	13,075
Options outstanding	11,290
Options exercisable at the end of period	7,708	9,685
Equity Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding	13,075
Options outstanding, per share	$ 4.54
Granted	1,710
Granted, per share	$ 10.28
Exercised	(2,975)
Exercised, per share	$ 4.94
Forfeited	(520)
Forfeited, per share	$ 7.26
Options outstanding	11,290
Options outstanding, per share	$ 5.18
Options Outstanding, Weighted Average Remaining Contractual Term	3 years 3 months 14 days
Options exercisable at the end of period	7,708
Options exercisable at the end of period	$ 4.39
Options Exercisable, Weighted Average Remaining Contractual Term	2 years 1 month 17 days

(1) Summary of Significant Accounting Policies (Details - Options outstanding and exercisable) - shares shares in Thousands	Sep. 30, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	11,290	13,075
Number of shares, exercisable	7,708	9,685
$0.95 - $1.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	0	577
Number of shares, exercisable	0	577
$2.00 - $2.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	1,445	1,517
Number of shares, exercisable	775	489
$3.00 - $3.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	3,933	4,285
Number of shares, exercisable	3,638	3,382
$4.00 - $4.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	2,738	2,870
Number of shares, exercisable	1,801	1,410
$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	746	2,651
Number of shares, exercisable	746	2,652
$7.00 - $7.99 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	748	1,175
Number of shares, exercisable	748	1,175
$8.00 - $11.00 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	1,680	0
Number of shares, exercisable	0	0

(1) Summary of Significant Accounting Policies (Details - Stock purchases) - Common Stock [Member] - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Equity, Class of Treasury Stock [Line Items]
Total stock purchases, shares	3,510,701	791,683
Total stock purchases, average price per share	$ 11.80	$ 4.99
Open Market Purchases[Member]
Equity, Class of Treasury Stock [Line Items]
Total stock purchases, shares	2,617,548	734,700
Total stock purchases, average price per share	$ 11.20	$ 5.03
Shares Redeemed [Member]
Equity, Class of Treasury Stock [Line Items]
Total stock purchases, shares	893,153	56,983
Total stock purchases, average price per share	$ 13.56	$ 4.47

(1) Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Portfolio value	$ 8,200,000		$ 15,300,000	$ 4,400,000
Stock-based compensation	1,400,000	$ 530,000	3,000,000.0	1,300,000
Unrecognized stock-based compensation costs	10,900,000		$ 10,900,000
Weighted-average period for unrecognized costs			2 years 7 months 6 days
Intrinsic value options outstanding	29,200,000		$ 29,200,000
Intrinsic value of options exercisable	$ 22,700,000		22,700,000
Intrinsic value of options exercised			$ 23,100,000	$ 3,000,000.0
Shares available for grant	2,691,000		2,691,000
Options Exercised [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options exercised			2,974,223	1,054,541

(2) Finance Receivables (Details - Delinquency status) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Finance receivables	$ 117,686	$ 232,390
Financial Asset, 1 to 29 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables	89,041	186,625
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables	18,090	30,980
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables	8,047	12,070
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables	$ 2,508	$ 2,715

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 79
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922352-210448

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 45
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=124255206&loc=SL82895884-210446

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 80
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922355-210448

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph (a)

+ Details

(2) Finance Receivables (Details - Amortized Cost Basis) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Amortized cost basis	$ 117,686	$ 232,390
Vintage Pool 2012 [Member]
Financing Receivable, Past Due [Line Items]
Amortized cost basis	39	131
Vintage Pool 2013 [Member]
Financing Receivable, Past Due [Line Items]
Amortized cost basis	335	1,091
Vintage Pool 2014 [Member]
Financing Receivable, Past Due [Line Items]
Amortized cost basis	2,349	6,881
Vintage Pool 2015 [Member]
Financing Receivable, Past Due [Line Items]
Amortized cost basis	11,987	29,695
Vintage Pool 2016 [Member]
Financing Receivable, Past Due [Line Items]
Amortized cost basis	37,268	76,728
Vintage Pool 2017 [Member]
Financing Receivable, Past Due [Line Items]
Amortized cost basis	$ 65,708	$ 117,864

(2) Finance Receivables (Details - Summary of activity) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Finance Receivables
Balance at beginning of period	$ 35,672	$ 72,242	$ 56,206	$ 80,790
Provision for credit losses on finance receivables	(6,000)	(1,590)	(23,400)	(1,590)
Charge-offs	(4,375)	(6,336)	(14,181)	(25,157)
Recoveries	2,699	4,408	9,371	14,681
Financing Receivable, Allowance for Credit Loss, Ending Balance	$ 27,996	$ 68,724	$ 27,996	$ 68,724

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

(2) Finance Receivables (Details - Repossessed inventory) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finance Receivables
Gross balance of repossessions in inventory	$ 2,250	$ 4,341
Allowance for losses on repossessed inventory	(1,474)	(1,871)
Net repossessed inventory included in other assets	$ 776	$ 2,470

(2) Finance Receivables (Details Narrative) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Finance Receivables
Interest Receivable	$ 116,700,000		$ 232,400,000
Finance receivables, non accrual status	$ 2,500,000	$ 2,700,000

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

9 Months Ended

Sep. 30, 2022

Dec. 31, 2021

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Receivables Pledged at end of period

^[1]

$ 2,313,545

Initial Principal

5,638,234

Outstanding Principal

2,071,179

$ 1,771,953

Securitization Trust Debt, payable in 2022

213,600,000

Securitization Trust Debt, payable in 2023

967,300,000

Securitization Trust Debt, payable in 2024

302,100,000

Securitization Trust Debt, payable in 2025

283,200,000

Securitization Trust Debt, payable in 2026

165,300,000

Securitization Trust Debt, payable in 2027

101,600,000

Securitization Trust Debt, payable in 2028

$ 23,900,000

CPS 2017-A [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

April 2024

Receivables Pledged at end of period

^[1]

$ 0

Initial Principal

206,320

Outstanding Principal

$ 0

17,644

Weighted Average Contractual Interest Rate

0.00%

CPS 2017-B [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

December 2023

Receivables Pledged at end of period

^[1]

$ 0

Initial Principal

225,170

Outstanding Principal

$ 0

12,491

Weighted Average Contractual Interest Rate

0.00%

CPS 2017-C [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

September 2024

Receivables Pledged at end of period

^[1]

$ 0

Initial Principal

224,825

Outstanding Principal

$ 0

25,846

Weighted Average Contractual Interest Rate

0.00%

CPS 2017-D [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

June 2024

Receivables Pledged at end of period

^[1]

$ 17,526

Initial Principal

196,300

Outstanding Principal

$ 13,892

26,744

Weighted Average Contractual Interest Rate

5.30%

CPS 2018-A [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

March 2025

Receivables Pledged at end of period

^[1]

$ 20,221

Initial Principal

190,000

Outstanding Principal

$ 16,770

29,518

Weighted Average Contractual Interest Rate

5.17%

CPS 2018-B [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

December 2024

Receivables Pledged at end of period

^[1]

$ 24,742

Initial Principal

201,823

Outstanding Principal

$ 21,179

36,092

Weighted Average Contractual Interest Rate

5.61%

CPS 2018-C [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

September 2025

Receivables Pledged at end of period

^[1]

$ 29,131

Initial Principal

230,275

Outstanding Principal

$ 24,879

42,765

Weighted Average Contractual Interest Rate

5.90%

CPS 2018-D [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

June 2025

Receivables Pledged at end of period

^[1]

$ 35,386

Initial Principal

233,730

Outstanding Principal

$ 30,545

49,634

Weighted Average Contractual Interest Rate

5.61%

CPS 2019-A [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

March 2026

Receivables Pledged at end of period

^[1]

$ 44,846

Initial Principal

254,400

Outstanding Principal

$ 38,693

62,667

Weighted Average Contractual Interest Rate

5.32%

CPS 2019-B [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

June 2026

Receivables Pledged at end of period

^[1]

$ 46,255

Initial Principal

228,275

Outstanding Principal

$ 39,622

61,730

Weighted Average Contractual Interest Rate

5.15%

CPS 2019-C [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

September 2026

Receivables Pledged at end of period

^[1]

$ 54,352

Initial Principal

243,513

Outstanding Principal

$ 48,110

75,065

Weighted Average Contractual Interest Rate

4.19%

CPS 2019-D [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

December 2026

Receivables Pledged at end of period

^[1]

$ 69,792

Initial Principal

274,313

Outstanding Principal

$ 61,562

98,625

Weighted Average Contractual Interest Rate

3.58%

CPS 2020-A [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

March 2027

Receivables Pledged at end of period

^[1]

$ 64,894

Initial Principal

260,000

Outstanding Principal

$ 60,828

99,485

Weighted Average Contractual Interest Rate

3.83%

CPS 2020-B [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

June 2027

Receivables Pledged at end of period

^[1]

$ 72,574

Initial Principal

202,343

Outstanding Principal

$ 47,591

87,048

Weighted Average Contractual Interest Rate

5.87%

CPS 2020-C [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

November 2027

Receivables Pledged at end of period

^[1]

$ 97,439

Initial Principal

252,200

Outstanding Principal

$ 84,204

138,899

Weighted Average Contractual Interest Rate

3.03%

CPS 2021-A [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

March 2028

Receivables Pledged at end of period

^[1]

$ 103,253

Initial Principal

230,545

Outstanding Principal

$ 86,058

147,516

Weighted Average Contractual Interest Rate

1.29%

CPS 2021-B [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

June 2028

Receivables Pledged at end of period

^[1]

$ 127,433

Initial Principal

240,000

Outstanding Principal

$ 116,429

179,856

Weighted Average Contractual Interest Rate

1.71%

CPS 2021 C [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

September 2028

Receivables Pledged at end of period

^[1]

$ 183,844

Initial Principal

291,000

Outstanding Principal

$ 168,163

250,003

Weighted Average Contractual Interest Rate

1.50%

CPS 2021 D [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

December 2028

Receivables Pledged at end of period

^[1]

$ 249,729

Initial Principal

349,202

Outstanding Principal

$ 236,820

330,325

Weighted Average Contractual Interest Rate

1.70%

CPS 2022 A [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

April 2029

Receivables Pledged at end of period

^[1]

$ 266,687

Initial Principal

316,800

Outstanding Principal

$ 247,530

Weighted Average Contractual Interest Rate

2.04%

CPS 2022 B [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

October 2029

Receivables Pledged at end of period

^[1]

$ 384,556

Initial Principal

395,600

Outstanding Principal

$ 356,044

Weighted Average Contractual Interest Rate

4.05%

CPS 2022 C [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Final Scheduled Payment Date

^[2]

April 2030

Receivables Pledged at end of period

^[1]

$ 420,885

Initial Principal

391,600

Outstanding Principal

$ 372,262

$ 0

Weighted Average Contractual Interest Rate

5.17%

[1]

Includes repossessed assets that are included in Other assets on our Unaudited Condensed Consolidated Balance Sheet.

[2]

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 $213.6 million in 2022, $967.3 million in 2023, $302.1 million in 2024, $283.2 million in 2025, $165.3 million in 2026, $101.6 million in 2027, and $23.9 million in 2028.

(3) Securitization Trust Debt (Details Narrative) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Securitization Trust Debt
Debt issuance costs	$ 14,100,000	$ 12,000,000.0
Restricted cash under various agreements	$ 159,800,000

(4) Debt (Details - Debt outstanding) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Warehouse lines of credit	$ 242,449	$ 105,610
Residual interest financing	49,560	53,682
Subordinated renewable notes	27,249	26,459
Total debt outstanding	$ 322,736	$ 186,780
Subordinated renewable notes [Member]
Line of Credit Facility [Line Items]
Maturity date description	July 2024	January 2024
Debt Instrument, Interest Rate Terms	7.67	8.93
Warehouse Lines Of Credit 1 [Member]
Line of Credit Facility [Line Items]
Interest rate	3.00% over one month Libor (Minimum 3.75%)
Maturity date description	July 2024
Warehouse lines of credit	$ 138,596	$ 70,590
Warehouse Lines Of Credit 2 [Member]
Line of Credit Facility [Line Items]
Interest rate	4.15% over a commercial paper rate (Minimum 5.15%)
Maturity date description	January 2024
Warehouse lines of credit	$ 106,891	35,420
Residual interest financing [Member]
Line of Credit Facility [Line Items]
Maturity date description	January 2026
Interest rate	8.60%
Residual interest financing		4,311
Residual Interest Financing 1 [Member]
Line of Credit Facility [Line Items]
Maturity date description	June 2026
Interest rate	7.86%
Residual interest financing	$ 50,000	50,000
Subordinated renewable notes [Member]
Line of Credit Facility [Line Items]
Subordinated renewable notes	$ 27,249	$ 26,459

(4) Debt (Details Narrative) - USD ($)	9 Months Ended
(4) Debt (Details Narrative) - USD ($)	Sep. 30, 2022	Jul. 15, 2022	Jun. 28, 2022	Dec. 31, 2021
Warehouse Lines Of Credit [Member]
Short-Term Debt [Line Items]
Unamortized debt issuance costs	$ 440,000			$ 629,000
Warehouse Lines Of Credit 5 [Member]
Short-Term Debt [Line Items]
Unamortized debt issuance costs	3,000,000.0			$ 400,000
Agent Services L P [Member]
Short-Term Debt [Line Items]
Line of credit outstanding facility amount	106,900,000
Agent Services L P [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Line of credit maximum amount			$ 100,000,000
Agent Services L P [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Line of credit maximum amount			$ 200,000,000
Citibank N A [Member]
Short-Term Debt [Line Items]
Line of credit outstanding facility amount	$ 138,600,000
Citibank N A [Member] \| Minimum [Member]
Short-Term Debt [Line Items]
Line of credit maximum amount		$ 100,000,000
Citibank N A [Member] \| Maximum [Member]
Short-Term Debt [Line Items]
Line of credit maximum amount		$ 200,000,000

(5) Interest Income and Interest Expense (Details - Interest income) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest Income And Interest Expense
Interest on finance receivables	$ 7,620	$ 16,062	$ 28,766	$ 56,652
Interest on finance receivables at fair value	71,734	50,951	196,204	141,882
Other interest income	463	5	577	17
Interest income	$ 79,817	$ 67,018	$ 225,547	$ 198,551

(5) Interest Income and Interest Expense (Details - Interest expense) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Total interest expense	$ 23,483	$ 18,334	$ 58,654	$ 58,260
Securitization Trust Debt [Member]
Debt Instrument [Line Items]
Total interest expense	18,519	15,292	47,792	50,568
Warehouse Lines Of Credit [Member]
Debt Instrument [Line Items]
Total interest expense	3,342	929	5,887	3,264
Residual interest financing [Member]
Debt Instrument [Line Items]
Total interest expense	1,050	1,413	3,193	2,446
Subordinated renewable notes [Member]
Debt Instrument [Line Items]
Total interest expense	$ 572	$ 700	$ 1,782	$ 1,982

(6) Earnings Per Share (Details - Earnings Per Share) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings per share:
Weighted average number of common shares outstanding during the period used to compute basic earnings per share	20,911	23,011	21,166	22,866
Incremental common shares attributable to exercise of outstanding options and warrants	5,743	3,207	6,346	2,573
Weighted average number of common shares used to compute diluted earnings per share	26,654	26,218	27,512	25,439

(6) Earnings Per Share (Details Narrative) - shares	3 Months Ended		9 Months Ended
(6) Earnings Per Share (Details Narrative) - shares	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings per share:
Antidilutive shares	1,700,000	5,600,000	1,000,000.0	5,800,000

(7) Income Taxes (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
(7) Income Taxes (Details Narrative) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Loss Carryforwards [Line Items]
Net deferred tax asset	$ 14,600,000		$ 14,600,000
Current income tax expense	$ 8,900,000	$ 5,900,000	$ 26,000,000.0	$ 12,800,000
Effective Income Tax Rate Reconciliation, Percent	26.00%	30.00%	27.00%	31.00%
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Net deferred tax asset	$ 8,300,000		$ 8,300,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net deferred tax asset	$ 6,300,000		$ 6,300,000

(9) Fair Value Measurements (Details - Reconciliation of Finance Receivables) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Balance at beginning of period	$ 2,174,133	$ 1,582,175	$ 1,749,098	$ 1,523,726
Finance receivables at fair value acquired during period	407,260	310,340	1,311,735	795,457
Payments received on finance receivables at fair value	(209,627)	(191,458)	(635,401)	(546,897)
Net interest income accretion on fair value receivables	(36,696)	(33,864)	(97,462)	(100,676)
Mark to fair value	8,183		15,283	(4,417)
Receivables, Fair Value Disclosure	$ 2,343,253	$ 1,667,193	$ 2,343,253	$ 1,667,193

(9) Fair Value Measurements (Details - Finance Receivables to Their Contractual Balances) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Finance receivables contractual balance	$ 2,567,372		$ 1,972,699
Receivables, Fair Value Disclosure	$ 2,343,253	$ 2,174,133	$ 1,749,098	$ 1,667,193	$ 1,582,175	$ 1,523,726

(9) Fair Value Measurements (Details - Level 3 Fair Value Measurements) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, Fair Value Disclosure	$ 2,343,253	$ 1,749,098	$ 2,174,133	$ 1,667,193	$ 1,582,175	$ 1,523,726
Discount Rate on Finance Receivables	8.9% - 11.3%	8.9% - 11.3%
Cumulative Net Losses (Percent) on Finance Receivables	10.0% - 18.4%	10.0% - 18.4%
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, Fair Value Disclosure	$ 2,343,253	$ 1,749,098

(9) Fair Value Measurements (Details - Delinquency status) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Initial Principal	$ 2,567,372	$ 1,972,699
Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Initial Principal	2,306,615	1,787,641
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Initial Principal	152,622	115,924
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Initial Principal	57,888	38,999
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Initial Principal	22,018	11,564
Repossessed Vehicles [Member]
Financing Receivable, Past Due [Line Items]
Initial Principal	$ 28,229	$ 18,571

(9) Fair Value Measurements (Details - Fair values) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	$ 12,944	$ 29,928
Restricted cash and equivalents	159,762	146,620
Finance receivables, net	79,700	178,795
Accrued interest receivable	776	2,269
Warehouse lines of credit	242,449	105,610
Residual interest financing	49,560	53,682
Accrued interest payable	5,063	3,568
Securitization trust debt	1,969,599	1,740,901
Subordinated renewable notes	27,249	26,459
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	12,944	29,928
Restricted cash and equivalents	159,762	146,620
Finance receivables, net	0	0
Accrued interest receivable	0	0
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]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	0	0
Restricted cash and equivalents	0	0
Finance receivables, net	0	0
Accrued interest receivable	0	0
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]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	0	0
Restricted cash and equivalents	0	0
Finance receivables, net	79,700	178,795
Accrued interest receivable	776	2,269
Warehouse lines of credit	242,449	105,610
Residual interest financing	49,560	53,682
Accrued interest payable	5,063	3,568
Securitization trust debt	1,969,599	1,740,901
Subordinated renewable notes	27,249	26,459
Carrying Value [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	12,944	29,928
Restricted cash and equivalents	159,762	146,620
Finance receivables, net	89,690	176,184
Accrued interest receivable	776	2,269
Warehouse lines of credit	242,449	105,610
Residual interest financing	49,560	53,682
Accrued interest payable	5,063	3,568
Securitization trust debt	2,057,100	1,759,972
Subordinated renewable notes	$ 27,249	$ 26,459