10. Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

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

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2018			2017		2018			2017
	(In thousands)					(In thousands)
Balance at beginning of period	$	209,847		$	–	$	–		$	–
Finance receivables at fair value acquired during period		218,001			–		430,611			–
Payments received on finance receivables at fair value		(10,331	)		–		(12,973	)		–
Net interest income accretion on fair value receivables		(4,622	)		–		(4,743	)		–
Mark to fair value		–			–		–			–
Balance at end of period	$	412,895		$	–	$	412,895		$	–

Schedule of finance receivables to their contractual balances

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

	June 30, 2018				December 31, 2017
	Contractual		Fair		Contractual		Fair
	Balance		Value		Balance		Value
	(In thousands)
Finance receivables measured at fair value	$	412,001	$	412,895	$	–	$	–

Schedule of level 3 fair value measurements

Financial Instrument	Fair Values as of					Inputs as of
	June 30,		December 31,		Unobservable	June 30,		December 31,
	2018		2017		Inputs	2018		2017
	(In thousands)
Assets:
Finance receivables measured at fair value	$	412,895	$	–	Discount rate Cumulative net losses		9.2% - 10.7% 16.0%		n/a n/a

Schedule of delinquency status of finance receivables measured at fair value

The following table summarizes the delinquency status of these finance receivables measured at fair value as of June 30, 2018 and December 31, 2017:

	June 30,		December 31,
	2018		2017
	(In thousands)
Delinquency Status
Current	$	404,908	$	–
31 - 60 days		4,621		–
61 - 90 days		1,945		–
91 + days		527		–
	$	412,001	$	–

Schedule of estimated fair values of financial assets and liabilities

The estimated fair values of financial assets and liabilities at June 30, 2018 and December 31, 2017, were as follows:

	As of June 30, 2018
Financial Instrument	(In thousands)
	Carrying		Fair Value Measurements Using:
	Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	17,435	$	17,435	$	–	$	–	$	17,435
Restricted cash and equivalents		119,940		119,940		–		–		119,940
Finance receivables, net		1,793,154		–		–		1,800,111		1,800,111
Finance receivables measured at fair value		412,895		–		–		412,895		412,895
Accrued interest receivable		37,517		–		–		37,517		37,517
Liabilities:
Warehouse lines of credit	$	137,930	$	–	$	–	$	137,930	$	137,930
Accrued interest payable		4,614		–		–		4,614		4,614
Securitization trust debt		2,030,705		–		–		2,031,704		2,031,704
Subordinated renewable notes		15,831		–		–		15,831		15,831

	As of December 31, 2017
Financial Instrument	(In thousands)
	Carrying		Fair Value Measurements Using:
	Value		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	12,731	$	12,731	$	–	$	–	$	12,731
Restricted cash and equivalents		111,965		111,965		–		–		111,965
Finance receivables, net		2,195,797		–		–		2,171,846		2,171,846
Accrued interest receivable		46,753		–		–		46,753		46,753
Liabilities:
Warehouse lines of credit	$	112,408	$	–	$	–	$	112,408	$	112,408
Accrued interest payable		4,212		–		–		4,212		4,212
Securitization trust debt		2,083,215		–		–		2,089,678		2,089,678
Subordinated renewable notes		16,566		–		–		16,566		16,566