Finance receivables, net consist of the retail loan and the dealer products portfolio segments, which includes accrued interest and deferred fees and costs, net of the allowance for credit losses and deferred income. Finance receivables, net also includes securitized retail receivables, which represent retail receivables that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements, as discussed further in Note 8 – Variable Interest Entities. Cash flows from these securitized retail receivables are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors.

	September 30,			March 31,
	2019			2019
Retail receivables	$	44,063		$	42,621
Securitized retail receivables		12,539			11,318
Dealer financing		17,331			17,696
		73,933			71,635

Deferred origination (fees) and costs, net		831			695
Deferred income		(1,271	)		(1,314	)
Allowance for credit losses
Retail and securitized retail receivables		(317	)		(304	)
Dealer financing		(188	)		(195	)
Total allowance for credit losses		(505	)		(499	)
Finance receivables, net	$	72,988		$	70,517

We are exposed to credit risk on our finance receivables. Credit risk is the risk of loss arising from the failure of customers or dealers to meet the terms of their contracts with us or otherwise fail to perform as agreed.

The retail loan portfolio segment consists of one class of finance receivables. While we use various credit quality metrics to develop our allowance for credit losses on the retail loan portfolio segment, we primarily utilize the aging of the individual accounts to monitor the credit quality of these finance receivables. Based on our experience, the payment status of borrowers is the strongest indicator of the credit quality of the underlying receivables. Payment status also impacts charge-offs.

Individual borrower accounts within the retail loan portfolio segment are segregated into aging categories based on the number of days past due. The aging for each class of finance receivables is updated monthly.

For the three classes of finance receivables within the dealer products portfolio segment (wholesale, real estate and working capital), all loans outstanding for an individual dealer or dealer group, which includes affiliated entities, are aggregated and evaluated collectively by dealer or dealer group. This reflects the interconnected nature of financing provided to our individual dealer and dealer group customers, and their affiliated entities.

When assessing the credit quality of the finance receivables within the dealer products portfolio segment, we segregate the finance receivables account balances into four categories representing distinct credit quality indicators based on internal risk assessments. The internal risk assessments for all finance receivables within the dealer products portfolio segment are updated on a monthly basis.

The tables below present each credit quality indicator by class of finance receivables:

	Retail Loan
	September 30,		March 31,
	2019		2019
Aging of finance receivables:
Current	$	55,565	$	53,047
30-59 days past due		754		657
60-89 days past due		194		162
90 days or greater past due		89		73
Total	$	56,602	$	53,939

	Wholesale				Real Estate				Working Capital
	September 30,		March 31,		September 30,		March 31,		September 30,		March 31,
	2019		2019		2019		2019		2019		2019
Credit quality indicators:
Performing	$	8,992	$	9,155	$	4,152	$	4,019	$	2,548	$	2,448
Credit Watch		873		1,127		380		554		69		70
At Risk		126		152		83		84		60		63
Default		20		6		23		14		5		4
Total	$	10,011	$	10,440	$	4,638	$	4,671	$	2,682	$	2,585

Substantially all finance receivables do not involve recourse to the dealer in the event of customer default. Finance receivables include contracts in bankruptcy and contracts greater than 120 days past due, which are recorded at the fair value of collateral less estimated costs to sell. Contracts for which vehicles have been repossessed are excluded.

	September 30, 2019
	30 - 59 Days Past Due		60 - 89 Days Past Due		90 Days or Greater Past Due		Total Past Due		Current		Total Finance Receivables		90 Days or Greater Past Due and Accruing
Retail loan	$	754	$	194	$	89	$	1,037	$	55,565	$	56,602	$	60
Wholesale		-		-		-		-		10,011		10,011		-
Real estate		-		1		-		1		4,637		4,638		-
Working capital		-		-		4		4		2,678		2,682		-
Total	$	754	$	195	$	93	$	1,042	$	72,891	$	73,933	$	60

	March 31, 2019
	30 - 59 Days Past Due		60 - 89 Days Past Due		90 Days or Greater Past Due		Total Past Due		Current		Total Finance Receivables		90 Days or Greater Past Due and Accruing
Retail loan	$	657	$	162	$	73	$	892	$	53,047	$	53,939	$	47
Wholesale		-		-		1		1		10,439		10,440		-
Real estate		-		-		-		-		4,671		4,671		-
Working capital		-		-		4		4		2,581		2,585		-
Total	$	657	$	162	$	78	$	897	$	70,738	$	71,635	$	47

The following table summarizes the information related to our impaired loans by class of finance receivables:

	Impaired				Individually Evaluated
	Finance Receivables				Allowance
	September 30,		March 31,		September 30,		March 31,
	2019		2019		2019		2019

Impaired account balances individually evaluated for impairment with an allowance:
Wholesale	$	115	$	161	$	22	$	28
Real estate		101		93		10		11
Working capital		64		67		58		60
Total	$	280	$	321	$	90	$	99

Impaired account balances individually evaluated for impairment without an allowance:
Wholesale	$	161	$	130
Real estate		149		152
Working capital		20		20
Total	$	330	$	302

Impaired account balances aggregated and evaluated for impairment:
Retail loan	$	243	$	231

Total impaired account balances:
Retail loan	$	243	$	231
Wholesale		276		291
Real estate		250		245
Working capital		84		87
Total	$	853	$	854

The primary source of interest income recognized on the loans in the table above is from performing troubled debt restructurings within the dealer products portfolio segment. Interest income on impaired finance receivables and interest income recognized using a cash-basis method of accounting during the three and six months ended September 30, 2019 and 2018 were not significant. As of September 30, 2019 and March 31, 2019, the impaired finance receivables balance for accounts in the dealer products portfolio segment that were on nonaccrual status was $323 million and $329 million, respectively, and there were no charge-offs against the allowance for credit losses for these finance receivables. Therefore, the impaired finance receivables balance is equal to the unpaid principal balance.

As of September 30, 2019 and March 31, 2019, impaired finance receivables in the retail loan portfolio segment recorded at the fair value of the collateral less estimated selling costs were not significant and therefore excluded from the table above. Refer to Note 5 – Allowance for Credit Losses for details related to the retail loan portfolio segment’s impaired account balances which are aggregated and evaluated for impairment when determining the allowance for credit losses.

For accounts not under bankruptcy protection, the amount of finance receivables modified as a troubled debt restructuring during the three and six months ended September 30, 2019 and 2018 was not significant for each class of finance receivables. Troubled debt restructurings for accounts not under bankruptcy protection within the retail loan class of finance receivables are comprised exclusively of contract term extensions that reduce the monthly payment due from the customer. For the three classes of finance receivables within the dealer products portfolio segment, troubled debt restructurings include contract term extensions, interest rate adjustments, waivers of loan covenants, or any combination of the three. Troubled debt restructurings of accounts not under bankruptcy protection did not include forgiveness of principal or interest rate adjustments during the three and six months ended September 30, 2019 and 2018.

We consider finance receivables under bankruptcy protection within the retail loan class to be troubled debt restructurings as of the date we receive notice of a customer filing for bankruptcy protection, regardless of the ultimate outcome of the bankruptcy proceedings. The bankruptcy court may impose modifications as part of the proceedings, including interest rate adjustments and forgiveness of principal. For the three and six months ended September 30, 2019 and 2018, the financial impact of troubled debt restructurings related to finance receivables under bankruptcy protection was not significant to our Consolidated Statements of Income and Consolidated Balance Sheets.