Old Market Capital (OMCC) 10-Q 10 Feb 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Dec. 31, 2013	Jan. 31, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'NICHOLAS FINANCIAL INC	'
Entity Central Index Key	'0001000045	'
Trading Symbol	'nick	'
Current Fiscal Year End Date	'--03-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock Shares Outstanding	'	12,217,574
Document Type	'10-Q	'
Document Period End Date	31-Dec-13	'
Amendment Flag	'false	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Mar. 31, 2013
Assets	'	'
Cash	$4,089,466	$2,797,716
Finance receivables, net	261,254,324	249,825,801
Assets held for resale	1,758,171	1,203,664
Income taxes receivable	276,823	102,999
Prepaid expenses and other assets	711,834	736,746
Property and equipment, net	765,198	741,581
Interest rate swap agreements	181,976	'
Deferred income taxes	7,048,360	8,426,961
Total assets	276,086,152	263,835,468
Liabilities and shareholders' equity	'	'
Line of credit	127,000,000	125,500,000
Drafts payable	1,570,755	2,096,311
Accounts payable and accrued expenses	6,677,051	7,405,579
Interest rate swap agreements	4,839	504,852
Deferred revenues	2,018,582	1,363,630
Total liabilities	137,271,227	136,870,372
Shareholders' equity	'	'
Preferred stock, no par: 5,000,000 shares authorized; none issued	'	'
Common stock, no par: 50,000,000 shares authorized; 12,208,719 and 12,154,069 shares issued and outstanding, respectively	30,888,690	30,031,548
Retained earnings	107,926,235	96,933,548
Total shareholders' equity	138,814,925	126,965,096
Total liabilities and shareholders' equity	$276,086,152	$263,835,468

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parentheticals) (USD $)	Dec. 31, 2013	Mar. 31, 2013
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value (in dollars per share)	'	'
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	'	'
Common stock, par value (in dollars per share)	'	'
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	12,208,719	12,154,069
Common stock, shares outstanding	12,208,719	12,154,069

Consolidated_Statements_of_Inc

Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Revenue:	'	'	'	'
Interest and fee income on finance receivables	$20,756,034	$20,594,614	$62,168,567	$61,708,812
Sales	5,196	10,247	17,322	29,196
Total Revenue	20,761,230	20,604,861	62,185,889	61,738,008
Expenses:	'	'	'	'
Cost of sales	2,125	3,895	6,961	9,067
Marketing	350,408	362,159	1,109,997	1,091,989
Salaries and employee benefits	4,859,897	4,451,546	14,542,906	13,539,636
Professional fees	1,060,863	187,220	2,012,249	639,032
Administrative	2,223,531	2,046,004	6,607,094	5,960,778
Provision for credit losses	4,183,035	3,484,811	10,797,930	9,849,798
Dividend taxes	'	1,286,694	142,557	1,419,152
Depreciation	78,755	69,998	230,909	212,718
Interest expense	1,441,175	1,275,015	4,288,979	3,717,386
Change in fair value of interest rate swap agreements	-98,346	-37,348	-681,989	645,772
Total operating expenses	14,101,443	13,129,994	39,057,593	37,085,328
Operating income before income taxes	6,659,787	7,474,867	23,128,296	24,652,680
Income tax expense	2,833,019	2,878,811	9,284,483	9,499,030
Net income	$3,826,768	$4,596,056	$13,843,813	$15,153,650
Earnings per share:	'	'	'	'
Basic (in dollars per share)	$0.32	$0.38	$1.15	$1.27
Diluted (in dollars per share)	$0.31	$0.38	$1.13	$1.24
Dividends declared per share (in dollars per share)	'	$2.12	$0.24	$2.34

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities	'	'
Net income	$13,843,813	$15,153,650
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation	230,909	212,718
Gain on sale of property and equipment	-21,800	-5,615
Provision for credit losses	10,797,930	9,849,798
Amortization of dealer discounts	-9,911,725	-8,797,978
Deferred income taxes	1,378,601	900,165
Share-based compensation	405,264	658,707
Change in fair value of interest rate swap agreements	-681,989	645,772
Changes in operating assets and liabilities:	'	'
Prepaid expenses and other assets	24,912	52,644
Accounts payable and accrued expenses	-728,528	-1,093,360
Income taxes receivable	-173,824	-899,926
Deferred revenues	654,952	25,237
Net cash provided by operating activities	15,818,515	16,701,812
Cash flows from investing activities	'	'
Purchase and origination of finance receivables	-111,941,584	-100,603,313
Principal payments received	99,626,856	95,471,545
Increase in assets held for resale	-554,507	-392,302
Purchase of property and equipment	-273,507	-212,808
Proceeds from sale of property and equipment	40,781	6,670
Net cash used in investing activities	-13,101,961	-5,730,208
Cash flows from financing activities	'	'
Net draws on line of credit	1,500,000	18,500,000
Change in drafts payable	-525,556	150,802
Payment of cash dividends	-2,851,126	-28,383,040
Proceeds from exercise of stock options	275,772	422,400
Excess tax benefits from exercise of stock options and vesting of other share awards	176,106	201,836
Net cash provided (used) by financing activities	-1,424,804	-9,108,002
Net increase in cash	1,291,750	1,863,602
Cash, beginning of period	2,797,716	2,803,054
Cash, end of period	$4,089,466	$4,666,656

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation Of Financial Statements [Abstract]	'
Basis of Presentation	'
	1. Basis of Presentation
	The accompanying consolidated balance sheet as of March 31, 2013, which has been derived from audited financial statements, and the accompanying unaudited interim consolidated financial statements of Nicholas Financial, Inc. (including its subsidiaries, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q pursuant to the Securities and Exchange Act of 1934, as amended in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements, although the Company believes that the disclosures made are adequate to ensure the information is not misleading. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year ending March 31, 2014. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2013 as filed with the Securities and Exchange Commission on June 14, 2013. The March 31, 2013 consolidated balance sheet included herein has been derived from the March 31, 2013 audited consolidated balance sheet included in the aforementioned Form 10-K.
	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses on finance receivables and the fair value of interest rate swap agreements.
	As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended March 31, 2013, the Company made error corrections for departures from U.S. GAAP and revised previously reported amounts. One of the corrections is related to the accounting treatment for dealer discounts. A dealer discount represents the difference between the amount of a finance receivable, net of unearned interest, based on the terms of a Contract with the borrower, and the amount of money the Company actually pays the dealer for the Contract. Prior to the correction, Contracts were recorded at the net initial investment with the gross Contract balance recorded offset by the dealer discounts which were recorded as an allowance for credit losses for the acquired Contracts. The Company determined that this accounting treatment was incorrect as U.S. GAAP prohibits carrying over valuation allowances in the initial accounting for acquired loans. Accordingly, the Company has now applied an acceptable method under U.S. GAAP, deferring and netting dealer discounts against finance receivables as unearned discounts, and recognizing dealer discounts into income as an adjustment to yield over the life of the loan using the interest method.
	The allowance for loan losses is now established solely through charges to earnings through the provision for credit losses. The Company has evaluated the significance of the departure from U.S. GAAP to the consolidated financial statements. Under both the former accounting policy and U.S. GAAP, the dealer discount remains a reduction of gross finance receivables in arriving at the carrying amount of finance receivables, net. Accordingly, finance receivables continue to be initially recorded at the net initial investment at the time of purchase. Subsequently, the allowance for credit losses is maintained at an amount that reduces the net carrying amount of finance receivables. The change in this accounting presentation does not result in a change to the net carrying amount of finance receivables or to net income as historical losses incurred, and estimated incurred losses as of the balance sheet date, are generally in excess of the original dealer discount. The removal of the dealer discount from the allowance requires an equal replacement of provision expense as that portion of the allowance is necessary to absorb probable incurred losses. This correction also did not have an impact on previously reported assets, liabilities, working capital, equity, earnings, or cash flows.
	The second correction related to the accounting treatment and presentation of certain fees charged to dealers and costs incurred in purchasing loans from dealers. The costs related principally to evaluating borrowers subject to Contracts in relation to the Company’s underwriting guidelines in making a determination to acquire Contracts. Prior to the correction, fees charged to dealers were reduced by certain costs incurred to purchase Contracts, deferred on a net basis and then amortized into income over the lives of the loans using the interest method. Under U.S. GAAP, the fees charged to dealers are considered to be a part of the unearned dealer discount as they are a determinant of the net amount of cash paid to the dealer. Further, U.S. GAAP specifies that costs incurred in connection with acquiring purchased loans or committing to purchase loans shall be charged to expense as incurred. Such costs do not qualify as origination costs to be deferred as the Contracts have already been originated by the dealers.
	The Company evaluated the significance of the departures from U.S. GAAP to the consolidated financial statements. After an adjustment to beginning equity and the opening balance of unearned dealer discounts, net of tax, for the initial period presented, there is a limited effect on earnings and no impact on cash flows.
	The changes to consolidated financial statement captions and earnings per share, if any, are as follows:
	Consolidated Balance Sheet	December 31,			Correction			December 31,
		2012 as Reported						2012 as Corrected
	Finance receivables, net	$	246,342,674		$	(1,009,292	)	$	245,333,382
	Deferred income taxes		7,836,774			386,358			8,223,132
	Retained earnings, December 31, 2012		94,230,663			(622,934	)		93,607,729
	Consolidated Statement of Income – Three months ended	Three months ended			Correction			Three months ended
	December 31, 2012	December 31,						December 31,
		2012 as Reported						2012 as Corrected
	Interest and fee income on finance receivables	$	17,878,745		$	2,715,869		$	20,594,614
	Provision for credit losses		818,903			2,665,908			3,484,811
	Operating income		7,424,906			49,961			7,474,867
	Income tax expense		2,859,686			19,125			2,878,811
	Net income		4,565,220			30,836			4,596,056
	Earnings per share - basic		0.38			—			0.38
	Earnings per share - diluted		0.37			0.01			0.38
	Consolidated Statement of Income – Nine months ended December 31,	Nine months ended			Correction			Nine months ended
	2012	December 31,						December 31,
		2012 as Reported						2012 as Corrected
	Interest and fee income on finance receivables	$	52,910,831		$	8,797,981		$	61,708,812
	Provision for credit losses		1,137,615			8,712,183			9,849,798
	Operating income		24,566,882			85,798			24,652,680
	Income tax expense		9,466,187			32,843			9,499,030
	Net income		15,100,695			52,955			15,153,650
	Earnings per share - basic		1.26			0.01			1.27
	Earnings per share - diluted		1.24			—			1.24
	Consolidated Statements of Cash Flows (Operating Activities)	Nine months ended			Correction			Nine months ended
		December 31,						December 31,
		2012 as Reported						2012 as Corrected
	Net income	$	15,100,695		$	52,955		$	15,153,650
	Provision for credit losses		1,137,615			8,712,183			9,849,798
	Deferred income taxes		867,325			32,840			900,165
	Amortization of dealer discounts		—			(8,797,978	)		(8,797,978	)
	Net cash provided by operating activities		16,701,812			—			16,701,812
	In addition the Company has corrected these errors in the finance receivables disclosure in Note 4. The following table sets forth a reconciliation of the changes in the allowance for credit losses on Contracts:
		Three months ended			Correction			Three months ended
		December 31,						December 31,
		2012 as Reported						2012 as Corrected
	Balance at beginning of year	$	34,100,661		$	(15,743,844	)	$	18,356,817
	Discounts acquired on new volume		2,485,560			(2,485,560	)		—
	Provision for credit losses		757,347			2,665,908			3,423,255
	Losses absorbed		(5,571,903	)		—			(5,571,903	)
	Recoveries		786,891			—			786,891
	Discounts accreted		(404,994	)		404,994			—
	Balance at end of year	$	32,153,562		$	(15,158,502	)	$	16,995,060
		Nine months ended			Correction			Nine months ended
		December 31,						December 31,
		2012 as Reported						2012 as Corrected
	Balance at beginning of year	$	35,495,684		$	(15,996,476	)	$	19,499,208
	Discounts acquired on new volume		8,469,382			(8,469,382	)		—
	Provision for credit losses		971,746			8,712,183			9,683,929
	Losses absorbed		(14,527,271	)		—			(14,527,271	)
	Recoveries		2,339,194			—			2,339,194
	Discounts accreted		(595,173	)		595,173			—
	Balance at end of year	$	32,153,562		$	(15,158,502	)	$	16,995,060

Revenue_Recognition

Revenue Recognition	9 Months Ended
	Dec. 31, 2013
Deferred Revenue Disclosure [Abstract]	'
Revenue Recognition	'
	2. Revenue Recognition
	Finance receivables consist of automobile finance installment contracts (“Contracts”) and direct consumer loans (“Direct Loans”). Interest income on finance receivables is recognized using the interest method. Accrual of interest income on finance receivables is suspended when a loan is contractually delinquent for 60 days or more or the collateral is repossessed, whichever is earlier.
	When the Company receives a payment for a loan that was contractually delinquent for more than 60 days, the payment is posted to the account. At the time of the payment, the interest that was paid is recorded as income by the Company and the loan is no longer considered over 60 days contractually delinquent; therefore, the accruing of interest is resumed. As of December 31, 2013 and March 31, 2013 the amount of gross finance receivables not accruing interest was approximately $10,478,000 and $4,132,000, respectively, as discussed further in Note 4.
	A dealer discount represents the difference between the finance receivable, net of unearned interest, of a Contract, and the amount of money the Company actually pays for the Contract. The discount negotiated by the Company is a function of the lender, the wholesale value of the vehicle and competition in any given market. In making decisions regarding the purchase of a particular Contract the Company considers the following factors related to the borrower: place and length of residence; current and prior job status; history in making installment payments for automobiles; current income; and credit history. In addition, the Company examines its prior experience with Contracts purchased from the dealer from which the Company is purchasing the Contract, and the value of the automobile in relation to the purchase price and the term of the Contract. The entire amount of discount is amortized as an adjustment to yield using the interest method over the life of the loan. The average dealer discount associated with new volume for the nine months ended December 31, 2013 and 2012 was 8.47% and 8.59%, respectively in relation to gross finance receivables.
	The amount of future unearned income is computed as the product of the Contract rate, the Contract term, and the Contract amount. Deferred revenues consist primarily of commissions received from the sale of ancillary products. These products include automobile warranties, roadside assistance programs, accident and health insurance, credit life insurance and forced placed automobile insurance. These commissions are amortized over the life of the contract using the interest method.
	Sales relate principally to telephone support agreements and the sale of business forms to small businesses located primarily in the Southeastern United States. The aforementioned sales of the Nicholas Data Services, Inc. subsidiary, (“NDS”) represent less than 1% of the Company’s consolidated revenues.

Earnings_Per_Share

Earnings Per Share	9 Months Ended
	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	3. Earnings Per Share
	Basic earnings per share is calculated by dividing the reported net income for the period by the weighted average number of shares of common stock outstanding. Diluted earnings per share includes the effect of dilutive options and other share awards. Basic and diluted earnings per share have been computed as follows:
		Three months ended				Nine months ended
		December 31,				December 31,
		2013		2012		2013		2012
	Numerator for earnings per share – net income	$	3,826,768	$	4,596,056	$	13,843,813	$	15,153,650
	Denominator:
	Denominator for basic earnings per share – weighted average shares		12,108,988		11,981,627		12,088,835		11,961,886
	Effect of dilutive securities:
	Stock options and other share awards		225,191		211,831		197,136		229,895
	Denominator for diluted earnings per share		12,334,179		12,193,458		12,285,971		12,191,781
	Earnings per share:
	Basic	$	0.32	$	0.38	$	1.15	$	1.27
	Diluted	$	0.31	$	0.38	$	1.13	$	1.24
	For the three months ended December 31, 2013 and 2012, potential common stock from stock options totaling 10,000 and 114,500, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive. For the nine months ended December 31, 2013 and 2012 potential common stock from stock options totaling 10,000 and 114,500, respectively, were not included in the diluted earnings per share calculation because their effect is anti-dilutive.

Finance_Receivables

Finance Receivables	9 Months Ended
	Dec. 31, 2013
Receivables [Abstract]	'
Finance Receivables	'
	4. Finance Receivables
	Finance receivables consist of automobile finance installment Contracts and Direct Loans and are detailed as follows:
		December 31,			March 31,
		2013			2013
	Finance receivables, gross contract	$	411,105,001		$	395,721,730
	Unearned interest		(119,523,851	)		(112,922,191	)
	Finance receivables, net of unearned interest		291,581,150			282,799,539
	Unearned dealer discounts		(16,708,367	)		(16,415,169	)
	Finance receivables, net of unearned interest and unearned dealer discounts		274,872,783			266,384,370
	Allowance for credit losses		(13,618,459	)		(16,558,569	)
	Finance receivables, net	$	261,254,324		$	249,825,801
	The terms of the Contracts range from 12 to 72 months and the Direct Loans range from 6 to 48 months. The Contracts and Direct Loans bear a weighted average effective interest rate of 23.12% and 26.33% as of December 31, 2013, respectively and 23.31% and 25.84% as of March 31, 2013, respectively.
	Finance receivables consist of Contracts and Direct Loans, each of which comprises a portfolio segment. Each portfolio segment consists of smaller balance homogeneous loans which are collectively evaluated for impairment.
	The following table sets forth a reconciliation of the changes in the allowance for credit losses on Contracts:
		Three months ended						Nine months ended
		December 31,						December 31,
		2013			2012			2013			2012
	Balance at beginning of period	$	13,479,022		$	18,356,817		$	16,090,652		$	19,499,208
	Current period provision		4,157,616			3,423,255			10,525,262			9,683,929
	Losses absorbed		(5,540,334	)		(5,571,903	)		(16,218,673	)		(14,527,271	)
	Recoveries		884,373			786,891			2,583,436			2,339,194
	Balance at end of period	$	12,980,677		$	16,995,060		$	12,980,677		$	16,995,060
	The Company purchases Contracts from automobile dealers at a negotiated price that is less than the original principal amount being financed by the purchaser of the automobile. The Contracts are predominately for used vehicles. As of December 31, 2013, the average model year of vehicles collateralizing the portfolio was a 2006 vehicle. The average loan to value ratio, which expresses the amount of the Contract as a percentage of the value of the automobile, is approximately 94%. The Company utilizes a static pool approach to track portfolio performance. If the allowance for credit losses is determined to be inadequate for a static pool, then an additional charge to income through the provision is used to maintain adequate reserves based on management’s evaluation of the risk inherent in the loan portfolio, the composition of the portfolio, and current economic conditions. Such evaluation, considers among other matters, the estimated net realizable value or the fair value of the underlying collateral, economic conditions, historical loan loss experience, management’s estimate of probable credit losses and other factors that warrant recognition in providing for an adequate allowance for credit losses. In determining the provision and allowance for credit losses, we consider the reduction in the net carrying amount of finance receivables resulting from dealer discounts.
	The following table sets forth a reconciliation of the changes in the allowance for credit losses on Direct Loans:
		Three months ended						Nine months ended
		December 31,						December 31,
		2013			2012			2013			2012
	Balance at beginning of period	$	659,615		$	531,101		$	467,917		$	492,184
	Current period provision		25,419			61,556			272,668			165,869
	Losses absorbed		(56,424	)		(57,006	)		(126,997	)		(131,201	)
	Recoveries		9,172			6,739			24,194			15,538
	Balance at end of period	$	637,782		$	542,390		$	637,782		$	542,390
	Direct Loans are originated directly between the Company and the consumer. These loans are typically for amounts ranging from $1,000 to $8,000 and are generally secured by a lien on an automobile, watercraft or other permissible tangible personal property. The majority of Direct Loans are originated with current or former customers under the Company’s automobile financing program. The typical Direct Loan represents a significantly better credit risk than our typical Contract due to the customer’s historical payment history with the Company. In deciding whether or not to make a loan, the Company considers the individual’s credit history, job stability, income and impressions created during a personal interview with a Company loan officer. Additionally, because most of Direct Loans made by the Company to date have been made to borrowers under Contracts previously purchased by the Company, the payment history of the borrower under the Contract is a significant factor in making the loan decision. As of December 31, 2013, loans made by the Company pursuant to its Direct Loan program constituted approximately 3% of the aggregate principal amount of the Company’s loan portfolio.
	Changes in the allowance for credit losses for both Contracts and Direct Loans were driven by current economic conditions and trends over several reporting periods which are useful in estimating future losses and overall portfolio performance.
	A performing account is defined as an account that is less than 61 days past due. A non-performing account is defined as an account that is contractually delinquent for 61 days or more and the accrual of interest income is suspended. When an account is 120 days contractually delinquent, the account is written off. Effective April 1, 2013, the Company changed its policy in regards to bankrupt accounts. Prior to April 1, 2013 the Company would charge-off the entire principal balance of a bankrupt account in the month following confirmation from the bankruptcy court. Subsequent to the charge-off the Company would collect monthly payments from the bankruptcy court recording the recovery payments and reducing charge-off totals in the month collected. Under the new method, the Company no longer charges off the entire principal balance at the time of bankruptcy. Upon notification of a bankruptcy, an account is monitored for collection with other bankrupt accounts. In the event the debtors balance has been reduced by the bankruptcy court, the Company will record a loss equal to the amount of principal balance reduction. The remaining balance will be reduced as payments are received by the bankruptcy court. In the event an account is dismissed from bankruptcy, the Company will decide, based on several factors, to begin repossession proceedings to allow the customer to begin making regularly scheduled payments. This approach to bankrupt accounts aligns the Company with typical industry practice.
	The following table is an assessment of the credit quality by creditworthiness:
		December 31,						March 31,
		2013						2013
		Contracts			Direct Loans			Contracts			Direct Loans
	Non-bankrupt accounts	$	395,782,832		$	11,301,076		$	386,324,594		$	5,721,768
	Bankrupt accounts		4,002,282			18,811			615,499			—
	Total	$	399,785,114		$	11,319,887		$	386,940,093		$	5,721,768
	Performing accounts	$	389,390,841		$	11,236,408		$	382,843,130		$	5,685,981
	Non-performing accounts		10,394,273			83,479			4,096,963			35,787
	Total	$	399,785,114		$	11,319,887		$	386,940,093		$	5,721,768
	The following tables present certain information regarding the delinquency rates experienced by the Company with respect to Contracts and under its Direct Loans:
					Delinquencies
	Contracts	Gross Balance			31 – 60 days			61 – 90 days			Over 90 days			Total
		Outstanding
	December 31, 2013	$	399,785,114		$	18,740,543		$	5,200,159		$	5,194,114		$	29,134,816
						4.69	%		1.3	%		1.3	%		7.29	%
	December 31, 2012	$	380,519,395		$	17,287,813		$	4,529,766		$	2,254,123		$	24,071,702
						4.54	%		1.19	%		0.59	%		6.32	%
	Direct Loans	Gross Balance			31 – 60 days			61 – 90 days			Over 90 days			Total
		Outstanding
	December 31, 2013	$	11,319,887		$	176,446		$	40,887		$	42,592		$	259,925
						1.56	%		0.36	%		0.38	%		2.3	%
	December 31, 2012	$	8,861,098		$	116,251		$	29,295		$	22,501		$	168,047
						1.31	%		0.33	%		0.25	%		1.89	%

Line_of_Credit

Line of Credit	9 Months Ended
	Dec. 31, 2013
Line Of Credit Facility [Abstract]	'
Line of Credit	'
	5. Line of Credit
	The Company has an agreement with its consortium of lenders for a line of credit facility (the “Line”) for an amount of $150,000,000. In December 2012, the Company executed an amendment to the Line that extends the maturity date to November 30, 2014. The pricing of the Line is 300 basis points above 30-day LIBOR with a 1% floor on LIBOR (4.00% at December 31, 2013 and March 31, 2013). Pledged as collateral for this credit facility are all of the assets of the Company. The outstanding amount of the credit facility was approximately $127,000,000 and $125,500,000 as of December 31, 2013 and March 31, 2013, respectively. The amount available under the line of credit was approximately $23,000,000 and $24,500,000 as of December 31, 2013 and March 31, 2013, respectively.
	The facility requires compliance with certain financial ratios and covenants and satisfaction of specified financial tests, including maintenance of asset quality and performance tests. Dividends do not require consent in writing by the agent and majority lenders under the new facility as long as the Company is in compliance with a net income covenant. As of December 31, 2013, the Company was in full compliance with all debt covenants.

Interest_Rate_Swap_Agreements

Interest Rate Swap Agreements	9 Months Ended
	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Interest Rate Swap Agreements	'
	6. Interest Rate Swap Agreements
	The Company utilizes interest rate swap agreements to manage exposure to variability in expected cash flows attributable to interst rate risk. The interest rate swap agreements convert a portion of the floating rate debt to a fixed rate, more closely matching the interest rate characteristics of finance receivables.
	The following table summarizes the activity in the notional amounts of interest rate swap agreements:
		Nine months ended December 31,
		2013				2012
	Notional amounts at April 1	$	50,000,000			$	—
	New contracts		—				50,000,000
	Matured contracts		—				—
	Notional amounts at December 31	$	50,000,000			$	50,000,000
	Interest rate swap agreements effective as of December 31, 2013 and during the three and nine months ended December 31, 2013 and 2012 are detailed as follows:
	Date Entered	Effective Date		Notional Amount				Fixed Rate				Maturity Date
								Of Interest
	June 1, 2012	June 13, 2012		$	25,000,000				1	%		June 13, 2017
	July 30, 2012	August 13, 2012		$	25,000,000				0.87	%		August 14, 2017
	The interest rate swap agreements are not designated as hedges. The changes in the fair value of interest of interest rate swaps (unrealized gains and losses) are recorded in earnings. The Company does not use interst rate swap agreements for speculative purposes. Such instruments continue to be intended for use as ecomonic hedges.
	The locations and amounts of (gains) losses in income are as follows:
		Three months ended								Nine months ended
		December 31,								December 31,
		2013				2012				2013			2012
	Periodic change in fair value of interest rate swap agreements	$	(98,346	)		$	(37,348	)		$	(681,989	)	$	645,772
	Periodic settlement differentials included in interest expense		95,641				91,468				284,680			184,892
	Total	$	(2,705	)		$	54,120			$	(397,309	)	$	830,664
	The Company recorded realized losses from the swap agreements in the interest expense line item of the consolidated statement of income. The following table summarizes the variable rate received and fixed rate paid under the swap agreements.
		Three months ended								Nine months ended
		December 31,								December 31,
		2013				2012				2013			2012
	Variable rate received		0.17	%			0.21	%			0.18	%		0.24	%
	Fixed rate paid		0.94	%			0.94	%			0.94	%		0.95	%

Fair_Value_Disclosures

Fair Value Disclosures	9 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures	'
	7. Fair Value Disclosures
	The Company measures specific assets and liabilities at fair value, which is an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When applicable, the Company utilizes market data or assumptions that market participants would use in pricing the asset or liability under a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions.
	Assets and Liabilities Recorded at Fair Value on a Recurring Basis
	The Company estimates the fair value of interst rate swap agreements based on the estimated net present value of the future cash flows using a forward interest rate yield curve in effect as of the measurement period, adjusted for nonperformance risk, if any, including a quantitative and qualitative evaluation of both the Company’s credit risk and the counterparty’s credit risk. Accordingly, the Company classifies interest rate swap agreements as Level 2.
		Fair Value Measurement Using
	Description	Level 1		Level 2			Level 3		Fair Value
	Interest rate swap agreements:
	December 31, 2013: 12
	Effective June 13, 20	$	—	$	181,976		$	—	$	181 976
	Effective August 13, 2012	$	—	$	(4,839	)	$	—	$	(4,839	)
	31-Mar-13	$	—	$	(504,852	)	$	—	$	(504,852	)
	Financial Instruments Not Measured at Fair Value
	The Company’s financial instruments consist of finance receivables and the Line. For each of these financial instruments the carrying value approximates fair value.
	Finance receivables, net approximates fair value based on the price paid to acquire indirect loans. The price paid reflects competitive market interest rates and purchase discounts for the Company’s chosen credit grade in the economic environment. This market is highly liquid as the Company acquires individual loans on a daily basis from dealers. The initial terms of the Contracts range from 12 to 72 months. The initial terms of the Direct Loans range from 6 to 48 months. In addition, there have been minimal changes in interest rates and purchase discounts related to these types of loans. If liquidated outside of the normal course of business, the amount received may not be the carrying value.
	The Line was amended within the quarter ended December 31, 2012. Based on current market conditions, any new or renewed credit facility would contain pricing that approximates the Company’s current Line. Based on these market conditions, the fair value of the Line as of December 31, 2013 was estimated to be equal to the book value. The interest rate for the Line is a variable rate based on LIBOR pricing options.
		Fair Value Measurement Using
	Description	Level 1		Level 2			Level 3		Fair
									Value
	Finance receivables:
	December 31, 2013	$	—	$	—		$	261,254,000	$	261,254,000
	March 31, 2013	$	—	$	—		$	249,826,000	$	249,826,000
	Line of credit:
	December 31, 2013	$	—	$	127,000,000		$	—	$	127,000,000
	March 31, 2013	$	—	$	125,500,000		$	—	$	125,500,000
	Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis
	The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a nonrecurring basis. The Company does not currently have any assets or liabilities measured at fair value on a nonrecurring basis.

Cash_Dividend

Cash Dividend	9 Months Ended
	Dec. 31, 2013
Dividends [Abstract]	'
Cash Dividend	'
	8. Cash Dividend
	Dividends recorded during the nine months ended December 31, 2013 and 2012 were declared and paid as follows. On May 7, 2013 the Board of Directors announced a quarterly cash dividend equal to $0.12 per common share, to be paid on June 28, 2013 to shareholders of record as of June 21, 2013. On August 13, 2013 the Board of Directors announced a quarterly cash dividend equal to $0.12 per common share, to be paid on September 27, 2013 to shareholders of record as of September 20, 2013. On May 2, 2012, the Company’s Board of Directors announced a quarterly cash dividend of $0.10 to be paid on June 6, 2012. On August 7, 2012 the Board of Directors declared a quarterly dividend equal to $0.12 per common share, to be paid on September 6, 2012 to shareholders of record as of August 30, 2012.
	Payment of cash dividends results in a 5% withholding tax payable by the Company under the Canada-United States Income Tax Convention which is included in earnings under the caption of dividend tax.

Arrangement_Agreement

Arrangement Agreement	9 Months Ended
	Dec. 31, 2013
Arrangement Agreement [Abstract]	'
Arrangement Agreement	'
	9. Arrangement Agreement
	On December 17, 2013, the Company entered into an Arrangement Agreement (the “Arrangement Agreement”) whereby the Company has agreed to sell all of its issued and outstanding Common Shares to an indirect wholly-owned subsidiary of Prospect Capital Corporation (“Prospect”) pursuant to a plan of arrangement (the “Arrangement”) under the Business Corporations Act (British Columbia).

Contingencies

Contingencies	9 Months Ended
	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Contingencies	'
	10. Contingencies
	The following is a brief summary of litigation filed against the Company related to the Arrangement Agreement:
	Jason Simpson v. Nicholas Financial, Inc., et al., Case No. 13-011726-CI (Circuit Court, Pinellas County, Florida), filed December 24, 2013; Gabriella Rago v. Nicholas Financial, Inc., et al., Case No. 8:13-cv-03261-VMC-TGW (U.S. District Court, Tampa, Florida), filed December 30, 2013; Matthew John Leonard v. Nicholas Financial, Inc., et al., Case No. 13-011811-CI (Circuit Court, Pinellas County, Florida), filed December 31, 2013; Michelangelo Lombardo v. Nicholas Financial, Inc., et al., Case No. 14-000095-CI (Circuit Court, Pinellas County, Florida), filed January 3, 2014; and Edward Opton v. Stephen Bragin, et al., Case No. 14-000139-CI (Circuit Court, Pinellas County, Florida), filed January 6, 2014. The five pending, substantially similar lawsuits were filed in connection with the Arrangement contemplated by the Arrangement Agreement. Each plaintiff purports to represent a class of all of the Company’s shareholders other than the defendants and any person or entity related to or affiliated with any defendant. Four of the lawsuits name as defendants the Company, the Company’s directors, Prospect, and the Prospect affiliates that are parties to the Arrangement Agreement (collectively, Prospect and such affiliates are referred to as the “Prospect Parties”). The fifth lawsuit names those same parties as defendants, with the exception of two of the Prospect Parties. Each plaintiff alleges that the consideration to be paid for the Company’s Common Shares is inadequate and that certain terms of the Arrangement Agreement are contrary to the interests of the Company’s public shareholders. Each plaintiff asserts a breach of fiduciary duty claim against the Company’s directors, and an aiding and abetting claim against the Company and/or certain of the Prospect Parties. The plaintiff to the U.S. District Court action also asserts claims under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 against the Company, the Company’s directors and/or Prospect, alleging that the Registration Statement on Form N-14 filed by Prospect on January 13, 2014 misrepresents and omits certain material information related to the proposed transaction. Each plaintiff seeks declaratory relief, injunctive relief, other equitable relief and/or damages with respect to the proposed transaction, and an award of attorneys’ fees. The Prospect Parties, the Company and the Company’s directors do not believe that there is any merit to any of the pending actions, and they intend to defend vigorously against such actions.

Basis_of_Presentation_Tables

Basis of Presentation (Tables)	9 Months Ended
	Dec. 31, 2013
Schedule of error corrections and prior period adjustments	'
	Consolidated Balance Sheet	December 31,			Correction			December 31,
		2012 as Reported						2012 as Corrected
	Finance receivables, net	$	246,342,674		$	(1,009,292	)	$	245,333,382
	Deferred income taxes		7,836,774			386,358			8,223,132
	Retained earnings, December 31, 2012		94,230,663			(622,934	)		93,607,729
	Consolidated Statement of Income – Three months ended	Three months ended			Correction			Three months ended
	December 31, 2012	December 31,						December 31,
		2012 as Reported						2012 as Corrected
	Interest and fee income on finance receivables	$	17,878,745		$	2,715,869		$	20,594,614
	Provision for credit losses		818,903			2,665,908			3,484,811
	Operating income		7,424,906			49,961			7,474,867
	Income tax expense		2,859,686			19,125			2,878,811
	Net income		4,565,220			30,836			4,596,056
	Earnings per share - basic		0.38			—			0.38
	Earnings per share - diluted		0.37			0.01			0.38
	Consolidated Statement of Income – Nine months ended December 31,	Nine months ended			Correction			Nine months ended
	2012	December 31,						December 31,
		2012 as Reported						2012 as Corrected
	Interest and fee income on finance receivables	$	52,910,831		$	8,797,981		$	61,708,812
	Provision for credit losses		1,137,615			8,712,183			9,849,798
	Operating income		24,566,882			85,798			24,652,680
	Income tax expense		9,466,187			32,843			9,499,030
	Net income		15,100,695			52,955			15,153,650
	Earnings per share - basic		1.26			0.01			1.27
	Earnings per share - diluted		1.24			—			1.24
	Consolidated Statements of Cash Flows (Operating Activities)	Nine months ended			Correction			Nine months ended
		December 31,						December 31,
		2012 as Reported						2012 as Corrected
	Net income	$	15,100,695		$	52,955		$	15,153,650
	Provision for credit losses		1,137,615			8,712,183			9,849,798
	Deferred income taxes		867,325			32,840			900,165
	Amortization of dealer discounts		—			(8,797,978	)		(8,797,978	)
	Net cash provided by operating activities		16,701,812			—			16,701,812
Reconciliation Allowance For Credit Loss | Contracts	'
Schedule of error corrections and prior period adjustments	'
		Three months ended			Correction			Three months ended
		December 31,						December 31,
		2012 as Reported						2012 as Corrected
	Balance at beginning of year	$	34,100,661		$	(15,743,844	)	$	18,356,817
	Discounts acquired on new volume		2,485,560			(2,485,560	)		—
	Provision for credit losses		757,347			2,665,908			3,423,255
	Losses absorbed		(5,571,903	)		—			(5,571,903	)
	Recoveries		786,891			—			786,891
	Discounts accreted		(404,994	)		404,994			—
	Balance at end of year	$	32,153,562		$	(15,158,502	)	$	16,995,060
		Nine months ended			Correction			Nine months ended
		December 31,						December 31,
		2012 as Reported						2012 as Corrected
	Balance at beginning of year	$	35,495,684		$	(15,996,476	)	$	19,499,208
	Discounts acquired on new volume		8,469,382			(8,469,382	)		—
	Provision for credit losses		971,746			8,712,183			9,683,929
	Losses absorbed		(14,527,271	)		—			(14,527,271	)
	Recoveries		2,339,194			—			2,339,194
	Discounts accreted		(595,173	)		595,173			—
	Balance at end of year	$	32,153,562		$	(15,158,502	)	$	16,995,060

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	9 Months Ended
	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Schedule of computation of basic and diluted earnings per share	'
		Three months ended				Nine months ended
		December 31,				December 31,
		2013		2012		2013		2012
	Numerator for earnings per share – net income	$	3,826,768	$	4,596,056	$	13,843,813	$	15,153,650
	Denominator:
	Denominator for basic earnings per share – weighted average shares		12,108,988		11,981,627		12,088,835		11,961,886
	Effect of dilutive securities:
	Stock options and other share awards		225,191		211,831		197,136		229,895
	Denominator for diluted earnings per share		12,334,179		12,193,458		12,285,971		12,191,781
	Earnings per share:
	Basic	$	0.32	$	0.38	$	1.15	$	1.27
	Diluted	$	0.31	$	0.38	$	1.13	$	1.24

Finance_Receivables_Tables

Finance Receivables (Tables)	9 Months Ended
	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Schedule of finance receivables consisting of automobile finance installment	'
		December 31,			March 31,
		2013			2013
	Finance receivables, gross contract	$	411,105,001		$	395,721,730
	Unearned interest		(119,523,851	)		(112,922,191	)
	Finance receivables, net of unearned interest		291,581,150			282,799,539
	Unearned dealer discounts		(16,708,367	)		(16,415,169	)
	Finance receivables, net of unearned interest and unearned dealer discounts		274,872,783			266,384,370
	Allowance for credit losses		(13,618,459	)		(16,558,569	)
	Finance receivables, net	$	261,254,324		$	249,825,801
Schedule of the credit quality by creditworthiness	'
		December 31,						March 31,
		2013						2013
		Contracts			Direct Loans			Contracts			Direct Loans
	Non-bankrupt accounts	$	395,782,832		$	11,301,076		$	386,324,594		$	5,721,768
	Bankrupt accounts		4,002,282			18,811			615,499			—
	Total	$	399,785,114		$	11,319,887		$	386,940,093		$	5,721,768
	Performing accounts	$	389,390,841		$	11,236,408		$	382,843,130		$	5,685,981
	Non-performing accounts		10,394,273			83,479			4,096,963			35,787
	Total	$	399,785,114		$	11,319,887		$	386,940,093		$	5,721,768
Schedule of information regarding delinquency rates	'
					Delinquencies
	Contracts	Gross Balance			31 – 60 days			61 – 90 days			Over 90 days			Total
		Outstanding
	December 31, 2013	$	399,785,114		$	18,740,543		$	5,200,159		$	5,194,114		$	29,134,816
						4.69	%		1.3	%		1.3	%		7.29	%
	December 31, 2012	$	380,519,395		$	17,287,813		$	4,529,766		$	2,254,123		$	24,071,702
						4.54	%		1.19	%		0.59	%		6.32	%
	Direct Loans	Gross Balance			31 – 60 days			61 – 90 days			Over 90 days			Total
		Outstanding
	December 31, 2013	$	11,319,887		$	176,446		$	40,887		$	42,592		$	259,925
						1.56	%		0.36	%		0.38	%		2.3	%
	December 31, 2012	$	8,861,098		$	116,251		$	29,295		$	22,501		$	168,047
						1.31	%		0.33	%		0.25	%		1.89	%
Contracts	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Schedule of reconciliation of the changes in the allowance for credit losses	'
		Three months ended						Nine months ended
		December 31,						December 31,
		2013			2012			2013			2012
	Balance at beginning of period	$	13,479,022		$	18,356,817		$	16,090,652		$	19,499,208
	Current period provision		4,157,616			3,423,255			10,525,262			9,683,929
	Losses absorbed		(5,540,334	)		(5,571,903	)		(16,218,673	)		(14,527,271	)
	Recoveries		884,373			786,891			2,583,436			2,339,194
	Balance at end of period	$	12,980,677		$	16,995,060		$	12,980,677		$	16,995,060
Direct Loans	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Schedule of reconciliation of the changes in the allowance for credit losses	'
		Three months ended						Nine months ended
		December 31,						December 31,
		2013			2012			2013			2012
	Balance at beginning of period	$	659,615		$	531,101		$	467,917		$	492,184
	Current period provision		25,419			61,556			272,668			165,869
	Losses absorbed		(56,424	)		(57,006	)		(126,997	)		(131,201	)
	Recoveries		9,172			6,739			24,194			15,538
	Balance at end of period	$	637,782		$	542,390		$	637,782		$	542,390

Interest_Rate_Swap_Agreements_

Interest Rate Swap Agreements (Tables)	9 Months Ended
	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Schedule of notional amounts of interest rate swaps	'
		Nine months ended December 31,
		2013				2012
	Notional amounts at April 1	$	50,000,000			$	—
	New contracts		—				50,000,000
	Matured contracts		—				—
	Notional amounts at December 31	$	50,000,000			$	50,000,000
Schedule of interest rate swap agreements effective date	'
	Date Entered	Effective Date		Notional Amount				Fixed Rate				Maturity Date
								Of Interest
	June 1, 2012	June 13, 2012		$	25,000,000				1	%		June 13, 2017
	July 30, 2012	August 13, 2012		$	25,000,000				0.87	%		August 14, 2017
Schedule of locations and amounts of (gains) losses recognized in income	'
		Three months ended								Nine months ended
		December 31,								December 31,
		2013				2012				2013			2012
	Periodic change in fair value of interest rate swap agreements	$	(98,346	)		$	(37,348	)		$	(681,989	)	$	645,772
	Periodic settlement differentials included in interest expense		95,641				91,468				284,680			184,892
	Total	$	(2,705	)		$	54,120			$	(397,309	)	$	830,664
Schedule of variable rates received and average fixed rates paid under the swap agreements	'
		Three months ended								Nine months ended
		December 31,								December 31,
		2013				2012				2013			2012
	Variable rate received		0.17	%			0.21	%			0.18	%		0.24	%
	Fixed rate paid		0.94	%			0.94	%			0.94	%		0.95	%

Fair_Value_Disclosures_Tables

Fair Value Disclosures (Tables)	9 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Schedule of assets and liabilities recorded at fair value on a recurring basis	'
		Fair Value Measurement Using
	Description	Level 1		Level 2			Level 3		Fair Value
	Interest rate swap agreements:
	December 31, 2013: 12
	Effective June 13, 20	$	—	$	181,976		$	—	$	181 976
	Effective August 13, 2012	$	—	$	(4,839	)	$	—	$	(4,839	)
	31-Mar-13	$	—	$	(504,852	)	$	—	$	(504,852	)
Schedule of financial instruments not measured at fair value	'
		Fair Value Measurement Using
	Description	Level 1		Level 2			Level 3		Fair
									Value
	Finance receivables:
	December 31, 2013	$	—	$	—		$	261,254,000	$	261,254,000
	March 31, 2013	$	—	$	—		$	249,826,000	$	249,826,000
	Line of credit:
	December 31, 2013	$	—	$	127,000,000		$	—	$	127,000,000
	March 31, 2013	$	—	$	125,500,000		$	—	$	125,500,000

Basis_of_Presentation_Summary_

Basis of Presentation - Summary of change to consolidated balance sheet (Details) (USD $)	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Consolidated Balance Sheet	'	'	'
Finance receivables, net	$261,254,324	$249,825,801	$245,333,382
Deferred income taxes	7,048,360	8,426,961	8,223,132
Retained earnings	107,926,235	96,933,548	93,607,729
Reported	'	'	'
Consolidated Balance Sheet	'	'	'
Finance receivables, net	'	'	246,342,674
Deferred income taxes	'	'	7,836,774
Retained earnings	'	'	94,230,663
Correction	'	'	'
Consolidated Balance Sheet	'	'	'
Finance receivables, net	'	'	-1,009,292
Deferred income taxes	'	'	386,358
Retained earnings	'	'	($622,934)

Basis_of_Presentation_Summary_1

Basis of Presentation - Summary of change to consolidated statements of income (Details 1) (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Consolidated Statements of Income	'	'	'	'
Interest and fee income on finance receivables	$20,756,034	$20,594,614	$62,168,567	$61,708,812
Provision for credit losses	4,183,035	3,484,811	10,797,930	9,849,798
Operating income	6,659,787	7,474,867	23,128,296	24,652,680
Income tax expense	2,833,019	2,878,811	9,284,483	9,499,030
Net income	3,826,768	4,596,056	13,843,813	15,153,650
Earnings per share - basic (in dollars per share)	$0.32	$0.38	$1.15	$1.27
Earnings per share - diluted (in dollars per share)	$0.31	$0.38	$1.13	$1.24
Reported	'	'	'	'
Consolidated Statements of Income	'	'	'	'
Interest and fee income on finance receivables	'	17,878,745	'	52,910,831
Provision for credit losses	'	818,903	'	1,137,615
Operating income	'	7,424,906	'	24,566,882
Income tax expense	'	2,859,686	'	9,466,187
Net income	'	4,565,220	'	15,100,695
Earnings per share - basic (in dollars per share)	'	$0.38	'	$1.26
Earnings per share - diluted (in dollars per share)	'	$0.37	'	$1.24
Correction	'	'	'	'
Consolidated Statements of Income	'	'	'	'
Interest and fee income on finance receivables	'	2,715,869	'	8,797,981
Provision for credit losses	'	2,665,908	'	8,712,183
Operating income	'	49,961	'	85,798
Income tax expense	'	19,125	'	32,843
Net income	'	$30,836	'	$52,955
Earnings per share - basic (in dollars per share)	'	'	'	$0.01
Earnings per share - diluted (in dollars per share)	'	$0.01	'	'

Basis_of_Presentation_Summary_2

Basis of Presentation - Summary of change to consolidated statements of cash flows (operating activities) (Details 2) (USD $)	3 Months Ended	9 Months Ended
	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Consolidated Statements of Cash Flows (Operating Activities)	'	'	'
Net income	$4,596,056	$13,843,813	$15,153,650
Provision for credit losses	3,484,811	10,797,930	9,849,798
Deferred income taxes	'	1,378,601	900,165
Amortization of dealer discounts	'	-9,911,725	-8,797,978
Net cash provided by operating activities	'	15,818,515	16,701,812
Reported	'	'	'
Consolidated Statements of Cash Flows (Operating Activities)	'	'	'
Net income	4,565,220	'	15,100,695
Provision for credit losses	818,903	'	1,137,615
Deferred income taxes	'	'	867,325
Amortization of dealer discounts	'	'	'
Net cash provided by operating activities	'	'	16,701,812
Correction	'	'	'
Consolidated Statements of Cash Flows (Operating Activities)	'	'	'
Net income	30,836	'	52,955
Provision for credit losses	2,665,908	'	8,712,183
Deferred income taxes	'	'	32,840
Amortization of dealer discounts	'	'	-8,797,978
Net cash provided by operating activities	'	'	'

Basis_of_Presentation_Reconcil

Basis of Presentation - Reconciliation of changes in allowance for credit losses on contracts (Details 3) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Reported

Reported

Correction

Correction

Finance receivables

Finance receivables

Finance receivables

Finance receivables

Finance receivables

Finance receivables

Finance receivables

Finance receivables

Finance receivables

Finance receivables

Contracts

Contracts

Contracts

Contracts

Contracts

Contracts

Contracts

Contracts

Reported

Reported

Correction

Correction

Financing Receivable, Allowance for Credit Losses [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance at beginning of period

'

'

'

'

'

'

'

'

$13,618,459

$16,558,569

$13,479,022

$18,356,817

$16,090,652

$19,499,208

$34,100,661

$35,495,684

($15,743,844)

($15,996,476)

Discounts acquired on new volume

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,485,560

8,469,382

-2,485,560

-8,469,382

Provision for credit losses

4,183,035

3,484,811

10,797,930

9,849,798

818,903

1,137,615

2,665,908

8,712,183

'

'

4,157,616

3,423,255

10,525,262

9,683,929

757,347

971,746

2,665,908

8,712,183

Losses absorbed

'

'

'

'

'

'

'

'

'

'

-5,540,334

-5,571,903

-16,218,673

-14,527,271

-5,571,903

-14,527,271

'

'

Recoveries

'

'

'

'

'

'

'

'

'

'

884,373

786,891

2,583,436

2,339,194

786,891

2,339,194

'

'

Discounts accreted

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-404,994

-595,173

404,994

595,173

Balance at end of period

'

'

'

'

'

'

'

'

$13,618,459

$16,558,569

$12,980,677

$16,995,060

$12,980,677

$16,995,060

$32,153,562

$32,153,562

($15,158,502)

($15,158,502)

Revenue_Recognition_Detail_Tex

Revenue Recognition (Detail Textuals) (USD $)	9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2013
Deferred Revenue Arrangement [Line Items]	'	'	'
Average dealer discount associated with new volume	8.47%	8.59%	'
Minimum term of suspension on finance receivables	'60 days	'	'
Amount of gross finance receivables not accruing interest	$10,478,000	'	$4,132,000
Nicholas Data Services, Inc.	'	'	'
Deferred Revenue Arrangement [Line Items]	'	'	'
Percentage of revenues	1.00%	'	'

Earnings_Per_Share_Basic_and_d

Earnings Per Share - Basic and diluted earnings per share (Details) (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share [Abstract]	'	'	'	'
Numerator for earnings per share - net income	$3,826,768	$4,596,056	$13,843,813	$15,153,650
Denominator:	'	'	'	'
Denominator for basic earnings per share - weighted average shares	12,108,988	11,981,627	12,088,835	11,961,886
Effect of dilutive securities:	'	'	'	'
Stock options and other share awards	225,191	211,831	197,136	229,895
Denominator for diluted earnings per share	12,334,179	12,193,458	12,285,971	12,191,781
Earnings per share:	'	'	'	'
Basic (in dollars per share)	$0.32	$0.38	$1.15	$1.27
Diluted (in dollars per share)	$0.31	$0.38	$1.13	$1.24

Earnings_Per_Share_Detail_Text

Earnings Per Share (Detail Textuals) (Stock options)	3 Months Ended		9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Stock options	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Potential common stock from stock options not included in the diluted earnings per share calculation	10,000	114,500	10,000	114,500

Finance_Receivables_Summary_of

Finance Receivables - Summary of contracts included in finance receivables (Details) (USD $)	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Finance receivables, net	$261,254,324	$249,825,801	$245,333,382
Finance receivables	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Finance receivables, gross contract	411,105,001	395,721,730	'
Unearned interest	-119,523,851	-112,922,191	'
Finance receivables, net of unearned interest	291,581,150	282,799,539	'
Unearned dealer discounts	-16,708,367	-16,415,169	'
Finance receivables, net of unearned interest and unearned dealer discounts	274,872,783	266,384,370	'
Allowance for credit losses	-13,618,459	-16,558,569	'
Finance receivables, net	$261,254,324	$249,825,801	'

Finance_Receivables_Summary_of1

Finance Receivables - Summary of reconciliation of changes in allowance for credit losses on contracts (Details 1) (USD $)	3 Months Ended		9 Months Ended				3 Months Ended		9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
					Finance receivables	Finance receivables	Finance receivables	Finance receivables	Finance receivables	Finance receivables
							Contracts	Contracts	Contracts	Contracts
Financing Receivable, Allowance for Credit Losses [Roll Forward]	'	'	'	'	'	'	'	'	'	'
Balance at beginning of period	'	'	'	'	$13,618,459	$16,558,569	$13,479,022	$18,356,817	$16,090,652	$19,499,208
Current period provision	4,183,035	3,484,811	10,797,930	9,849,798	'	'	4,157,616	3,423,255	10,525,262	9,683,929
Losses absorbed	'	'	'	'	'	'	-5,540,334	-5,571,903	-16,218,673	-14,527,271
Recoveries	'	'	'	'	'	'	884,373	786,891	2,583,436	2,339,194
Balance at end of period	'	'	'	'	$13,618,459	$16,558,569	$12,980,677	$16,995,060	$12,980,677	$16,995,060

Finance_Receivables_Reconcilia

Finance Receivables - Reconciliation of changes in allowance for credit losses on direct loans (Details 2) (USD $)	3 Months Ended		9 Months Ended				3 Months Ended		9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
					Finance receivables	Finance receivables	Finance receivables	Finance receivables	Finance receivables	Finance receivables
							Direct Loans	Direct Loans	Direct Loans	Direct Loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]	'	'	'	'	'	'	'	'	'	'
Balance at beginning of period	'	'	'	'	$13,618,459	$16,558,569	$659,615	$531,101	$467,917	$492,184
Current period provision	4,183,035	3,484,811	10,797,930	9,849,798	'	'	25,419	61,556	272,668	165,869
Losses absorbed	'	'	'	'	'	'	-56,424	-57,006	-126,997	-131,201
Recoveries	'	'	'	'	'	'	9,172	6,739	24,194	15,538
Balance at end of period	'	'	'	'	$13,618,459	$16,558,569	$637,782	$542,390	$637,782	$542,390

Finance_Receivables_Assessment

Finance Receivables - Assessment of credit quality by creditworthiness (Details 3) (Finance receivables, USD $)	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Total	$411,105,001	$395,721,730	'
Contracts	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Total	399,785,114	386,940,093	380,519,395
Contracts | Non-bankrupt accounts	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Total	395,782,832	386,324,594	'
Contracts | Bankrupt accounts	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Total	4,002,282	615,499	'
Contracts | Performing accounts	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Total	389,390,841	382,843,130	'
Contracts | Non-performing accounts	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Total	10,394,273	4,096,963	'
Direct Loans	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Total	11,319,887	5,721,768	8,861,098
Direct Loans | Non-bankrupt accounts	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Total	11,301,076	5,721,768	'
Direct Loans | Bankrupt accounts	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Total	18,811	'	'
Direct Loans | Performing accounts	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Total	11,236,408	5,685,981	'
Direct Loans | Non-performing accounts	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Total	$83,479	$35,787	'

Finance_Receivables_Informatio

Finance Receivables - Information regarding delinquency rates with respect to contracts and direct loans (Details 4) (Finance receivables, USD $)	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Gross Balance Outstanding	$411,105,001	$395,721,730	'
Contracts	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Gross Balance Outstanding	399,785,114	386,940,093	380,519,395
31 - 60 days	18,740,543	'	17,287,813
31 - 60 days (in percentage)	4.69%	'	4.54%
61 - 90 days	5,200,159	'	4,529,766
61 - 90 days (in percentage)	1.30%	'	1.19%
Over 90 days	5,194,114	'	2,254,123
Over 90 days (in percentage)	1.30%	'	0.59%
Total	29,134,816	'	24,071,702
Total (in percentage)	7.29%	'	6.32%
Direct Loans	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Gross Balance Outstanding	11,319,887	5,721,768	8,861,098
31 - 60 days	176,446	'	116,251
31 - 60 days (in percentage)	1.56%	'	1.31%
61 - 90 days	40,887	'	29,295
61 - 90 days (in percentage)	0.36%	'	0.33%
Over 90 days	42,592	'	22,501
Over 90 days (in percentage)	0.38%	'	0.25%
Total	$259,925	'	$168,047
Total (in percentage)	2.30%	'	1.89%

Finance_Receivables_Detail_Tex

Finance Receivables (Detail Textuals) (USD $)

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Finance receivables

Finance receivables

Finance receivables

Finance receivables

Finance receivables

Finance receivables

Finance receivables

Finance receivables

Finance receivables

Finance receivables

Contracts

Contracts

Contracts

Contracts

Direct Loans

Direct Loans

Direct Loans

Direct Loans

Minimum

Maximum

Minimum

Maximum

Accounts, Notes, Loans and Financing Receivable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Initial term of the indirect finance receivables

'

'

'

'

'

'

'

'12 months

'72 months

'

'

'

'

Initial term of the direct finance receivables

'

'

'

'

'

'

'

'

'

'

'

'6 months

'48 months

Weighted average interest rate of receivables

'

'

'

'

'

23.12%

23.31%

'

'

26.33%

25.84%

'

'

Finance receivables, net

$261,254,324

$249,825,801

$245,333,382

$261,254,324

$249,825,801

'

'

'

'

'

'

$1,000

$8,000

Percentage of direct loan to the total loan portfolio

'

'

'

'

'

'

'

'

'

3.00%

'

'

'

Finance_Receivables_Detail_Tex1

Finance Receivables (Detail Textuals 1) (Finance receivables, Contracts)	9 Months Ended
	Dec. 31, 2013
Finance receivables | Contracts	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'
Percentage of average wholesale value of automobile	94.00%

Finance_Receivables_Detail_Tex2

Finance Receivables (Detail Textuals 2)	9 Months Ended
	Dec. 31, 2013
Receivables [Abstract]	'
Maximum criteria for receivable to be a performing account	'61 days
Minimum criteria for receivable to be a non-performing account	'61 days
Criteria for receivable to be delinquent account	'120 days

Line_of_Credit_Detail_Textuals

Line of Credit (Detail Textuals) (Line of credit facility, USD $)	9 Months Ended
	Dec. 31, 2013	Mar. 31, 2013
Line of credit facility	'	'
Line of Credit Facility [Line Items]	'	'
Line of credit facility amount	$150,000,000	'
Debt instrument basis spread on variable rate	3.00%	'
Debt instrument description of variable rate basis	'30-day LIBOR	'
Floor on LIBOR rate	1.00%	'
Interest rate	4.00%	4.00%
Outstanding amount of the credit facility	127,000,000	125,500,000
Amount available under the line of credit	$23,000,000	$24,500,000

Interest_Rate_Swap_Agreements_1

Interest Rate Swap Agreements - Summary of activity in company's notional amounts of interest rate swap agreements (Details) (Interest Rate Swap, USD $)	9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Interest Rate Swap	'	'
Derivatives Fair Value [Roll Forward]	'	'
Notional amounts at April 1	$50,000,000	'
New contracts	'	50,000,000
Matured contracts	'	'
Notional amounts at December 31	$50,000,000	$50,000,000

Interest_Rate_Swap_Agreements_2

Interest Rate Swap Agreements - Summary of interest rate swap agreements (Details 1) (Interest Rate Swap, USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Fixed rate of interest 1.00%	'	'	'	'
Derivatives, Fair Value [Line Items]	'	'	'	'
Date Entered	1-Jun-12	1-Jun-12	1-Jun-12	1-Jun-12
Effective Date	13-Jun-12	13-Jun-12	13-Jun-12	13-Jun-12
Notional Amount	$25,000,000	$25,000,000	$25,000,000	$25,000,000
Fixed Rate Of Interest	1.00%	1.00%	1.00%	1.00%
Maturity Date	13-Jun-17	13-Jun-17	13-Jun-17	13-Jun-17
Fixed rate of interest 0.87%	'	'	'	'
Derivatives, Fair Value [Line Items]	'	'	'	'
Date Entered	30-Jul-12	30-Jul-12	30-Jul-12	30-Jul-12
Effective Date	13-Aug-12	13-Aug-12	13-Aug-12	13-Aug-12
Notional Amount	$25,000,000	$25,000,000	$25,000,000	$25,000,000
Fixed Rate Of Interest	0.87%	0.87%	0.87%	0.87%
Maturity Date	14-Aug-17	14-Aug-17	14-Aug-17	14-Aug-17

Interest_Rate_Swap_Agreements_3

Interest Rate Swap Agreements - Summary of locations and amounts of gains (losses) in income (Details 2) (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'	'	'	'
Periodic change in fair value of interest rate swap agreements	($98,346)	($37,348)	($681,989)	$645,772
Periodic settlement differentials included in interest expense	95,641	91,468	284,680	184,892
Total	($2,705)	$54,120	($397,309)	$830,664

Interest_Rate_Swap_Agreements_4

Interest Rate Swap Agreements - Summary of variable rates received and fixed rates paid under swap (Details 3) (Interest Rate Swap)	3 Months Ended		9 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Interest Rate Swap	'	'	'	'
Derivative [Line Items]	'	'	'	'
Variable rate received	0.17%	0.21%	0.18%	0.24%
Fixed rate paid	0.94%	0.94%	0.94%	0.95%

Fair_Value_Disclosures_Assets_

Fair Value Disclosures - Assets and liabilities recorded at fair value on recurring basis (Details) (Recurring Basis, USD $)	Mar. 31, 2013	Aug. 13, 2012	Jun. 13, 2012
Level 1	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Interest rate swap agreements	'	'	'
Level 2	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Interest rate swap agreements	-504,852	-4,839	181,976
Level 3	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Interest rate swap agreements	'	'	'
Fair Value	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Interest rate swap agreements	($504,852)	($4,839)	$181,976

Fair_Value_Disclosures_Summary

Fair Value Disclosures - Summary of financial instruments not measured at fair value (Details 1) (USD $)	Dec. 31, 2013	Mar. 31, 2013
Level 1	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Finance receivables	'	'
Line of credit	'	'
Level 2	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Finance receivables	'	'
Line of credit	127,000,000	125,500,000
Level 3	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Finance receivables	261,254,000	249,826,000
Line of credit	'	'
Fair Value	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Finance receivables	261,254,000	249,826,000
Line of credit	$127,000,000	$125,500,000

Fair_Value_Disclosures_Detail_

Fair Value Disclosures (Detail Textuals) (Finance receivables)	9 Months Ended
	Dec. 31, 2013
Contracts | Minimum	'
Financial Instruments Not Measured At Fair Value [Line Items]	'
Initial term of the indirect finance receivables	'12 months
Contracts | Maximum	'
Financial Instruments Not Measured At Fair Value [Line Items]	'
Initial term of the indirect finance receivables	'72 months
Direct Loans | Minimum	'
Financial Instruments Not Measured At Fair Value [Line Items]	'
Initial term of the direct finance receivables	'6 months
Direct Loans | Maximum	'
Financial Instruments Not Measured At Fair Value [Line Items]	'
Initial term of the direct finance receivables	'48 months

Cash_Dividend_Detail_Textuals

Cash Dividend (Detail Textuals) (USD $)	0 Months Ended				9 Months Ended
	Aug. 13, 2013	7-May-13	Aug. 07, 2012	2-May-12	Dec. 31, 2013
Dividends [Abstract]	'	'	'	'	'
Dividend paid in cash (in dollars per share)	$0.12	$0.12	$0.12	$0.10	'
Withholding tax payable percentage	'	'	'	'	5.00%
Dividends payable, date declared	13-Aug-13	7-May-13	7-Aug-12	2-May-12	'
Dividends payable, date to be paid	27-Sep-13	28-Jun-13	6-Sep-12	6-Jun-12	'
Dividends payable, date of record	20-Sep-13	21-Jun-13	30-Aug-12	'	'

Contingencies_Detail_Textuals

Contingencies (Detail Textuals) (Arrangement agreement, Pending lawsuit)	Dec. 17, 2013
	Lawsuit
Arrangement agreement | Pending lawsuit	'
Loss Contingencies [Line Items]	'
Number of pending lawsuits	5