Consumer Portfolio Services (CPSS) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Jul. 24, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
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	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,704,868

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 7,475	$ 5,295
Restricted cash and equivalents	139,191	135,537
Finance receivables measured at fair value	1,537,649	1,444,038
Finance receivables	669,772	897,530
Less: Allowance for finance credit losses	(98,602)	(11,640)
Finance receivables, net	571,170	885,890
Furniture and equipment, net	1,266	1,512
Deferred tax assets, net	33,442	15,480
Accrued interest receivable	7,229	11,645
Other assets	40,038	39,852
Total Assets	2,337,460	2,539,249
Liabilities
Accounts payable and accrued expenses	47,415	47,077
Warehouse lines of credit	56,668	134,791
Residual interest financing	37,544	39,478
Securitization trust debt	2,051,172	2,097,728
Subordinated renewable notes	19,580	17,534
Total Liabilities	2,212,379	2,336,608
Shareholders' Equity
Preferred stock	0	0
Common stock, no par value; authorized 75,000,000 shares; 22,715,496 and 22,530,918 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	72,402	71,257
Retained earnings	61,100	139,805
Accumulated other comprehensive loss	(8,421)	(8,421)
Total stockholders’ equity	125,081	202,641
Total liabilities and stockholders’ equity	2,337,460	2,539,249
Series A Preferred Stock [Member]
Shareholders' Equity
Preferred stock	0	0
Series B Preferred Stock [Member]
Shareholders' Equity
Preferred stock	$ 0	$ 0

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized	4,998,130	4,998,130
Preferred stock, issued	0	0
Preferred stock, outstanding	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, issued	22,715,496	22,530,918
Common stock, outstanding	22,715,496	22,530,918
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	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
Preferred stock, outstanding	0	0

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Interest income	$ 75,552	$ 84,449	$ 154,689	$ 170,294
Mark to finance receivables measured at fair value	(9,549)	0	(19,899)	0
Other income	1,289	1,876	3,269	4,261
Total revenues	67,292	86,325	138,059	174,555
Expenses:
Employee costs	19,828	19,706	41,671	38,779
General and administrative	7,837	8,750	16,506	16,924
Interest	26,485	27,703	53,476	54,993
Provision for credit losses	3,100	20,489	6,713	44,445
Sales	3,079	4,634	7,508	9,470
Occupancy	1,833	2,011	3,524	3,985
Depreciation and amortization	487	262	906	513
Total operating expenses	62,649	83,555	130,304	169,109
Income before income tax expense (benefit)	4,643	2,770	7,755	5,446
Income tax expense (benefit)	1,671	970	(6,009)	1,907
Net income	$ 2,972	$ 1,800	$ 13,764	$ 3,539
Earnings per share:
Basic	$ 0.13	$ 0.08	$ 0.61	$ 0.16
Diluted	$ 0.13	$ 0.08	$ 0.58	$ 0.15
Number of shares used in computing earnings per share:
Basic	22,685	22,362	22,612	22,302
Diluted	23,687	23,978	23,783	24,119

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Net income	$ 2,972	$ 1,800	$ 13,764	$ 3,539
Other comprehensive income/(loss); change in funded status of pension plan	0	0	0	0
Comprehensive income	$ 2,972	$ 1,800	$ 13,764	$ 3,539

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 13,764	$ 3,539
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of deferred acquisition fees and origination costs	641	952
Net interest income accretion on fair value receivables	64,156	39,822
Depreciation and amortization	906	513
Amortization of deferred financing costs	4,127	4,127
Mark to finance receivables measured at fair value	19,899	0
Provision for credit losses	6,713	44,445
Stock-based compensation expense	898	1,119
Changes in assets and liabilities:
Accrued interest receivable	4,416	15,575
Deferred tax assets, net	16,569	2,069
Other assets	(3,074)	(142)
Accounts payable and accrued expenses	338	399
Net cash provided by operating activities	129,353	112,418
Cash flows from investing activities:
Payments received on finance receivables held for investment	180,366	261,723
Purchases of finance receivables measured at fair value	(399,729)	(494,626)
Payments received on finance receivables at fair value	222,063	117,505
Change in repossessions held in inventory	2,888	425
Purchase of furniture and equipment	(660)	(404)
Net cash provided by (used in) investing activities	4,928	(115,377)
Cash flows from financing activities:
Proceeds from issuance of securitization trust debt	462,343	482,675
Proceeds from issuance of subordinated renewable notes	3,450	1,613
Payments on subordinated renewable notes	(1,404)	(4,535)
Net advances of warehouse lines of credit	(78,843)	2,677
Repayment of residual interest financing debt	(2,120)	0
Repayment of securitization trust debt	(508,942)	(468,874)
Payment of financing costs	(3,178)	(4,383)
Purchase of common stock	(205)	(1,440)
Exercise of options and warrants	452	347
Net cash provided by (used in) financing activities	(128,447)	8,080
Increase in cash and cash equivalents	5,834	5,121
Cash and restricted cash at beginning of period	140,832	130,110
Cash and restricted cash at end of period	146,666	135,231
Cash paid (received) during the period for:
Interest	49,372	50,417
Income taxes	(17,580)	(3,227)
Non-cash financing activities:
Right-of-use asset, net	0	(21,869)
Lease liability	0	23,327
Deferred office rent	$ 0	$ (1,458)

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance at beginning (in shares) at Dec. 31, 2018	22,422
Common stock issued upon exercise of options and warrants (in shares)	483
Repurchase of common stock (in shares)	(379)
Balance at end (in shares) at Jun. 30, 2019	22,526
Balance at beginning at Dec. 31, 2018	$ 70,273	$ 134,399	$ (7,554)
Common stock issued upon exercise of options and warrants	347
Repurchase of common stock	(1,440)
Cumulative change in accounting principle		0
Balance, beginning of period (as adjusted for change in accounting principle)		134,399
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax			0	$ 0
Stock-based compensation	1,119
Net Income		3,539		3,539
Balance at end at Jun. 30, 2019	$ 70,299	137,938	(7,554)	200,683
Balance at beginning (in shares) at Mar. 31, 2019	22,134
Common stock issued upon exercise of options and warrants (in shares)	405
Repurchase of common stock (in shares)	(13)
Balance at end (in shares) at Jun. 30, 2019	22,526
Balance at beginning at Mar. 31, 2019	$ 69,544	136,138	(7,554)
Common stock issued upon exercise of options and warrants	274
Repurchase of common stock	0
Cumulative change in accounting principle		0
Balance, beginning of period (as adjusted for change in accounting principle)		136,138
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax			0	0
Stock-based compensation	481
Net Income		1,800		1,800
Balance at end at Jun. 30, 2019	$ 70,299	137,938	(7,554)	200,683
Balance at beginning (in shares) at Dec. 31, 2019	22,531
Common stock issued upon exercise of options and warrants (in shares)	256
Repurchase of common stock (in shares)	(72)
Balance at end (in shares) at Jun. 30, 2020	22,715
Balance at beginning at Dec. 31, 2019	$ 71,257	139,805	(8,421)	202,641
Common stock issued upon exercise of options and warrants	452
Repurchase of common stock	(205)
Cumulative change in accounting principle		(92,469)
Balance, beginning of period (as adjusted for change in accounting principle)		47,336
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax			0	0
Stock-based compensation	898
Net Income		13,764		13,764
Balance at end at Jun. 30, 2020	$ 72,402	61,100	(8,421)	125,081
Balance at beginning (in shares) at Mar. 31, 2020	22,559
Common stock issued upon exercise of options and warrants (in shares)	228
Repurchase of common stock (in shares)	(72)
Balance at end (in shares) at Jun. 30, 2020	22,715
Balance at beginning at Mar. 31, 2020	$ 71,792	58,128	(8,421)	0
Common stock issued upon exercise of options and warrants	404
Repurchase of common stock	(205)
Cumulative change in accounting principle		0
Balance, beginning of period (as adjusted for change in accounting principle)		58,128
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax			0	0
Stock-based compensation	411
Net Income		2,972		2,972
Balance at end at Jun. 30, 2020	$ 72,402	$ 61,100	$ (8,421)	$ 125,081

(1) Summary of Significant Acco

(1) Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	(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 six-month period ended June 30, 2020 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, 2019. 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 second quarter include the estimated potential effect on credit performance resulting from the COVID-19 pandemic. We recorded a $9.5 million mark down to the recorded value of the portion of the receivables portfolio accounted for at fair value in the second quarter and $10.4 million in the first quarter. The mark down is reflected as a reduction in revenue for each period. 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 six-month periods ending June 30, 2020 and 2019: Schedule of other income Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) (In thousands) Direct mail revenues $ 501 $ 1,051 $ 1,684 $ 2,387 Convenience fee revenue 530 570 1,060 1,270 Recoveries on previously charged-off contracts 50 45 75 102 Sales tax refunds 208 204 409 431 Other – 6 41 71 Other income for the period $ 1,289 $ 1,876 $ 3,269 $ 4,261 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: Supplemental balance sheet information related to leases June 30, December 31, 2020 2019 (In thousands) Operating Leases Operating lease right-of-use assets $ 23,735 $ 23,735 Less: Accumulated amortization right-of-use assets (9,729 ) (6,600 ) Operating lease right-of-use assets, net $ 14,006 $ 17,135 Operating lease liabilities $ (15,308 ) $ (18,527 ) Finance Leases Property and equipment, at cost $ 3,224 $ 876 Less: Accumulated depreciation (672 ) (150 ) Property and equipment, net $ 2,552 $ 726 Finance lease liabilities $ (2,586 ) $ (718 ) Weighted Average Discount Rate Operating lease 5.0 % 5.0 % Finance lease 6.6 % 6.4 % Maturities of lease liabilities were as follows: Maturities of leases (In thousands) Operating Finance Year Ending December 31, Lease Lease 2020 (excluding the six months ended June 30, 2020) $ 3,903 $ 587 2021 7,458 1,170 2022 6,066 992 2023 1,397 42 2024 419 14 Thereafter 282 – Total undiscounted lease payments 19,525 2,805 Less amounts representing interest (4,524 ) (219 ) Lease Liability $ 15,308 $ 2,586 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 Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) (In thousands) Operating lease cost $ 1,885 $ 1,886 $ 3,769 $ 3,775 Finance lease cost 293 44 572 44 Total lease cost $ 2,178 $ 1,930 $ 4,341 $ 3,819 The following table presents the supplemental cash flow information related to leases: Supplemental cash flow information related to leases Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: (In thousands) (In thousands) Operating cash flows from operating leases $ 1,932 $ 1,890 $ 3,858 $ 3,776 Operating cash flows from finance leases 248 36 481 36 Financing cash flows from finance leases 45 8 91 8 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 six months ended June 30, 2020, we recorded stock-based compensation costs in the amount of $ 412,000 898,000 481,000 1.1 1,119 4.2 2.6 The following represents stock option activity for the six months ended June 30, 2020: Schedule of stock option activity Number of Shares (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term Options outstanding at the beginning of period 15,348 $ 4.59 N/A Granted 1,600 2.47 N/A Exercised (256 ) 1.76 N/A Forfeited (164 ) 5.48 N/A Options outstanding at the end of period 16,528 $ 4.42 3.31 Options exercisable at the end of period 12,535 $ 4.81 2.45 At June 30, 2020, the aggregate intrinsic value of options outstanding and exercisable was $ 3.5 3.0 256,600 482,500 285,000 1.4 21,000 Purchases of Company Stock The table below describes the purchase of our common stock for the six-month ended June 30, 2020 and 2019: Schedule of purchases of company stock Six Months Ended June 30, 2020 June 30, 2019 Shares Avg. Price Shares Avg. Price Open market purchases 25,113 $ 2.85 335,546 $ 3.95 Shares redeemed upon net exercise of stock options 46,909 2.86 18,424 3.76 Other purchases – – 24,500 4.20 Total stock purchases 72,022 $ 2.85 378,470 $ 3.97 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 June 30, 2020, 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. Adoption of New Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2016-13, which changes the criteria under which credit losses on financial instruments (such as the Company’s finance receivables) are measured. ASU 2016-3 introduces a new credit reserving model known as the Current Expected Credit Loss (“CECL”) model, which replaces the incurred loss impairment methodology previously used under U.S. GAAP with a methodology that records currently the expected lifetime credit losses on financial instruments. To establish such lifetime credit loss estimates, consideration of a broadened range of reasonable and supportable information to establish credit loss estimates is required. ASU 2016-13 was initially scheduled to become effective for interim and annual reporting periods beginning after December 15, 2019, however on October 16, 2019, the FASB changed the effective date for smaller reporting companies to interim and annual reporting periods Effective January 1, 2020, the Company adopted the CECL model. The adoption of CECL required that we establish an allowance for the remaining expected lifetime credit losses on the portion of the Company’s receivable portfolio for which the Company was not already using fair value accounting. We refer to that portion, which is those receivables that were originated prior to January 2018, as our “legacy portfolio”. To comply with CECL, the Company recorded an addition to its allowance for finance credit losses of $127.0 million. In accordance with the rules for adopting CECL, the offset to the addition to the allowance for finance credit losses was a tax affected reduction to retained earnings using the modified retrospective method, and not a current period expense. Coronavirus Pandemic In December 2019, a new strain of coronavirus (the “COVID-19 virus”) originated in Wuhan, China. Since its discovery, the COVID-19 virus has spread throughout the world, and the outbreak has been declared to be a pandemic by the World Health Organization. We refer from time to time in this report to the outbreak and spread of the COVID-19 virus as “the pandemic.” Results for the six-month period ending June 30, 2020 include the estimated potential effect on credit performance resulting from the pandemic. We recorded a $6.7 million charge to the provision for credit losses for the legacy portfolio accounted for under CECL and a $19.9 million mark down to the recorded value of the finance receivables measured at fair value. The pandemic itself, if sufficient numbers of people were to be afflicted, could cause obligors under our automobile contracts to be unable to pay their contractual obligations. As the future course of the COVID-19 pandemic is as yet unknown, its direct effect on future obligor payments is likewise uncertain. The mandatory shutdown of large portions of the United States economy pursuant to emergency restrictions has impaired and will impair the ability of obligors under our automobile contracts to pay their contractual obligations. The extent to which that ability will be impaired, and the extent to which public ameliorative measures such as stimulus payments and enhanced unemployment benefits may restore such ability, cannot be estimated. We measure our portfolio of finance receivables carried at fair value with consideration for unobservable inputs that reflect our own assumptions about the factors that market participants use in pricing similar receivables and are based on the best information available in the circumstances. They include such inputs as estimates for the magnitude and timing of net charge-offs and the rate of amortization of the portfolio. The pandemic and the adverse effect it may have on the U.S. economy and our obligors may cause us to consider s ignificant changes in any of those inputs, which in turn may have a significant effect on our fair value measurement.

(2) Finance Receivables

(2) Finance Receivables	6 Months Ended
	Jun. 30, 2020
Finance Receivables
[custom:FinanceReceivableTextBlock]	(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. The following table presents the components of Finance Receivables, net of unearned interest: Schedule of finance receivables June 30, December 31, 2020 2019 (In thousands) Finance receivables Automobile finance receivables, net of unearned interest $ 668,449 $ 895,566 Unearned acquisition fees and originations costs 1,323 1,964 Finance receivables $ 669,772 $ 897,530 We consider an automobile contract delinquent when an obligor fails to make at least 90% of a contractually due payment by the following due date, which date may have been extended within limits specified in the servicing agreements. The period of delinquency is based on the number of days payments are contractually past due, as extended where applicable. Automobile contracts less than 31 days delinquent are not 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. The following table summarizes the delinquency status of finance receivables as of June 30, 2020 and December 31, 2019: Schedule of delinquency status of finance receivables June 30, December 31, 2020 2019 (In thousands) Delinquency Status Current $ 553,523 $ 669,937 31 - 60 days 55,498 107,951 61 - 90 days 23,199 57,395 91 + days 8,464 31,350 Repo 27,765 28,933 $ 668,449 $ 895,566 Finance receivables totaling $ 8.5 31.4 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. The data reflect the effect on vintage pools of past events as well as more recent events reflecting current conditions. 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 June 30, 2020 and December 31, 2019. Schedule of amortized cost basis of finance receivables June 30, December 31, 2020 2019 (In thousands) Annual Vintage Pool 2012 $ 1,312 $ 2,432 2013 9,057 15,489 2014 41,225 61,290 2015 122,363 162,242 2016 228,234 292,360 2017 266,258 361,753 $ 668,449 $ 895,566 At the adoption of CECL, the Company recorded an addition to its allowance for finance credit losses of $127.0 million. In accordance with the rules for adopting CECL, the offset to the addition to the allowance for finance credit losses was a tax affected reduction to retained earnings using the modified retrospective method. In consideration of the uncertainty associated with the pandemic, the Company made additional provision for credit losses on finance receivables for the for the three-month and six-month periods ended June 30, 2020, in the amounts of $3.1 million and $6.7 million, respectively. The following table presents a summary of the activity for the allowance for finance credit losses for the three-month and six-month periods ended June 30, 2020 and 2019: Schedule of allowance for finance credit losses Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) (In thousands) Balance at beginning of period $ 114,073 $ 48,196 $ 11,640 $ 67,376 Early adoption of CECL – n/a 127,000 n/a Provision for credit losses on finance receivables 3,100 20,489 6,713 44,445 Charge-offs (23,308 ) (50,409 ) (57,522 ) (102,919 ) Recoveries 4,737 14,388 10,771 23,762 Balance at end of period $ 98,602 $ 32,664 $ 98,602 $ 32,664 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: Schedule of allowance for losses on repossessed inventory June 30, December 31, 2020 2019 (In thousands) Gross balance of repossessions in inventory $ 27,765 $ 28,933 Allowance for losses on repossessed inventory (23,109 ) (21,389 ) Net repossessed inventory included in other assets $ 4,656 $ 7,544

(3) Securitization Trust Debt

(3) Securitization Trust Debt	6 Months Ended
	Jun. 30, 2020
Securitization Trust Debt
[custom:SecuritizationTrustDebtTextBlock]	(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 securitization trust debt Weighted Average Final Receivables Outstanding Outstanding Contractual Scheduled Pledged at Principal at Principal at Interest Rate at Payment June 30, Initial June 30, December 31, June 30, Series Date (1) 2020 (2) Principal 2020 2019 2020 (Dollars in thousands) CPS 2014-C December 2021 – 273,000 – 19,758 – CPS 2014-D March 2022 17,002 267,500 15,647 23,755 5.82 % CPS 2015-A June 2022 18,894 245,000 17,301 26,713 5.87 % CPS 2015-B September 2022 26,444 250,000 26,142 36,338 5.45 % CPS 2015-C December 2022 39,594 300,000 39,739 53,579 6.17 % CPS 2016-A March 2023 50,410 329,460 53,801 71,599 6.55 % CPS 2016-B June 2023 62,854 332,690 62,967 82,667 7.08 % CPS 2016-C September 2023 64,356 318,500 63,748 83,696 7.12 % CPS 2016-D April 2024 51,487 206,325 49,635 65,021 5.31 % CPS 2017-A April 2024 57,147 206,320 54,980 71,450 5.26 % CPS 2017-B December 2023 70,008 225,170 56,243 76,201 4.57 % CPS 2017-C September 2024 72,442 224,825 61,597 80,315 4.45 % CPS 2017-D June 2024 74,749 196,300 64,292 83,801 4.01 % CPS 2018-A March 2025 80,427 190,000 70,616 91,258 3.85 % CPS 2018-B December 2024 94,479 201,823 86,861 111,188 4.25 % CPS 2018-C September 2025 111,494 230,275 100,415 130,064 4.36 % CPS 2018-D June 2025 131,159 233,730 115,229 149,470 4.35 % CPS 2019-A March 2026 164,744 254,400 147,634 186,900 4.15 % CPS 2019-B June 2026 159,841 228,275 150,112 184,308 3.74 % CPS 2019-C September 2026 186,160 243,513 177,905 216,650 3.12 % CPS 2019-D December 2026 232,484 274,313 223,234 265,035 2.68 % CPS 2020-A March 2027 232,307 260,000 228,045 – 2.66 % CPS 2020-B June 2027 216,306 202,343 197,023 – 2.77 % $ 2,214,788 $ 5,693,762 $ 2,063,166 $ 2,109,766 _________________ (1) The Final Scheduled Payment Date represents final legal maturity of the securitization trust debt. Securitization trust debt is expected to become due and to be paid prior to those dates, based on amortization of the finance receivables pledged to the trusts. Expected payments, which will depend on the performance of such receivables, as to which there can be no assurance, are $ 418.1 664.0 450.7 369.3 80.9 65.2 3.0 (2) Includes repossessed assets that are included in Other assets on our Unaudited Condensed Consolidated Balance Sheet. Debt issuance costs of $ 12.0 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 June 30, 2020, 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 June 30, 2020, restricted cash under the various agreements totaled approximately $ 146.7 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

(4) Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	(4) Debt The terms and amounts of our other debt outstanding at June 30, 2020 and December 31, 2019 are summarized below: Schedule of debt outstanding Amount Outstanding at June 30, December 31, 2020 2019 (In thousands) Description Interest Rate Maturity Warehouse lines of credit 5.50% over one month Libor (Minimum 6.50%) February 2021 $ 15,871 $ 40,558 3.00% over one month Libor (Minimum 3.75%) September 2020 28,563 96,225 4.00% over a commercial paper rate (Minimum 5.00%) December 2021 13,507 – Residual interest financing 8.60% January 2026 37,881 40,000 Subordinated renewable notes Weighted average rate of 10.36% and 9.75% at June 30, 2020 and December 31, 2019 , respectively Weighted average maturity of July 2022 and April 2022 at June 30, 2020 and December 31, 2019, respectively 19,580 17,534 $ 115,402 $ 194,317 Unamortized debt issuance costs of $ 429,000 522,000 1.3 2.0

(5) Interest Income and Interes

(5) Interest Income and Interest Expense	6 Months Ended
	Jun. 30, 2020
Interest Income and Interest Expense Disclosure [Text Block]	(5) Interest Income and Interest Expense The following table presents the components of interest income: Schedule of interest income Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) (In thousands) Interest on finance receivables $ 33,773 $ 55,660 $ 71,580 $ 117,950 Interest on finance receivables at fair value 41,659 27,978 82,465 50,793 Mark to finance receivables measured at fair value (9,549 ) – (19,899 ) – Other interest income 120 811 644 1,551 Interest income $ 66,003 $ 84,449 $ 134,790 $ 170,294 The following table presents the components of interest expense: Schedule of interest expense Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) (In thousands) Securitization trust debt $ 22,367 $ 24,466 $ 46,165 $ 48,454 Warehouse lines of credit 2,675 1,960 4,437 3,980 Residual interest financing 920 955 1,857 1,911 Subordinated renewable notes 523 322 1,017 648 Interest expense $ 26,485 $ 27,703 $ 53,476 $ 54,993

(6) Earnings Per Share

(6) Earnings Per Share	6 Months Ended
	Jun. 30, 2020
Earnings per share:
Earnings Per Share [Text Block]	(6) Earnings Per Share Earnings per share for the three-month and six-month periods ended June 30, 2020 and 2019 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 six-month periods ended June 30, 2020 and 2019: Computation of earnings per share Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) (In thousands) Weighted average number of common shares outstanding during the period used to compute basic earnings per share 22,685 22,362 22,612 22,302 Incremental common shares attributable to exercise of outstanding options and warrants 1,002 1,616 1,171 1,817 Weighted average number of common shares used to compute diluted earnings per share 23,687 23,978 23,783 24,119 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 six-month periods ended June 30, 2020 would have included an additional 13.3 13.1 10.7 10.5

(7) Income Taxes

(7) Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	(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 2013. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (“CARES”) Act was adopted, providing wide ranging economic relief for individuals and businesses. One component of the CARES Act provides the Company with an opportunity to carry back net operating losses (“NOLs”) arising from 2018, 2019 and 2020 to the prior five tax years. The Company has such NOLs reflected on its balance sheet as a portion of deferred tax assets. The Company has previously valued its NOLs at the federal corporate income tax rate of 21%. However, the provisions of the CARES Act provide for NOL carryback claims to be calculated based on a rate of 35%, which was the federal corporate tax rate in effect for the carryback years. Consequently, the Company has revalued the benefit from its NOLs to reflect a 35% tax rate. The result of the revaluation of NOLs and other tax adjustments is a net tax benefit of $8.8 million, which is reflected in income taxes for the six-month period ending June 30, 2020. As of June 30, 2020, and December 31, 2019, we had no 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 $33.4 million as of June 30, 2020 is more likely than not based on forecasted future net earnings. Our net deferred tax asset of $ 33.4 22.1 11.3 Income tax expense was $ 1.7 1,671 6.0 (6,009) 36 970,000 1.9 1,907 35

(8) Legal Proceedings

(8) Legal Proceedings	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Legal Matters and Contingencies [Text Block]	(8) Consumer Litigation For the most part, we have legal and factual defenses to consumer claims, which we routinely contest or settle (for immaterial amounts) depending on the particular circumstances of each case. Wage and Hour Claim. We believe that our compensation practices with respect to our sales representatives are compliant with applicable law. Accordingly, we have defended and intend to continue to defend this lawsuit. We have not recorded a liability with respect to this claim on the accompanying consolidated financial statements . In General. 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) Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]	(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 period ended June 30, 2020, the Company considered the effect of the pandemic on the portfolio of finance receivables carried at fair value and recorded a mark down to that portfolio of $19.9 million. The table below presents a reconciliation of the finance receivables measured at fair value on a recurring basis using significant unobservable inputs: 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, 2020 2019 2020 2019 (In thousands) (In thousands) Balance at beginning of period $ 1,559,697 $ 997,552 $ 1,444,038 $ 821,066 Finance receivables at fair value acquired during period 134,447 249,873 399,729 494,626 Payments received on finance receivables at fair value (112,505 ) (68,005 ) (222,063 ) (117,505 ) Net interest income accretion on fair value receivables (34,441 ) (21,055 ) (64,156 ) (39,822 ) Mark to fair value (9,549 ) – (19,899 ) – Balance at end of period $ 1,537,649 $ 1,158,365 $ 1,537,649 $ 1,158,365 The table below compares the fair values of these finance receivables to their contractual balances for the periods shown: Schedule of finance receivables to their contractual balances June 30, 2020 December 31, 2019 Contractual Fair Contractual Fair Balance Value Balance Value (In thousands) Finance receivables measured at fair value $ 1,631,731 $ 1,537,649 $ 1,492,803 $ 1,444,038 The following table provides certain qualitative information about our level 3 fair value measurements: Schedule of level 3 fair value measurements Financial Instrument Fair Values as of Inputs as of June 30, December 31, June 30, December 31, 2020 2019 Unobservable Inputs 2020 2019 (In thousands) Assets: Finance receivables measured at fair value $ 1,537,649 $ 1,444,038 Discount rate 10.0 11.1 8.9 11.1 Cumulative net losses 15.3 18.4 15.0% 16.1 The following table summarizes the delinquency status of these finance receivables measured at fair value as of June 30, 2020 and December 31, 2019: Schedule of delinquency status of finance receivables measured at fair value June 30, December 31, 2020 2019 (In thousands) Delinquency Status Current $ 1,523,495 $ 1,344,883 31 - 60 days 62,675 81,262 61 - 90 days 22,246 34,280 91 + days 8,127 15,167 Repo 15,188 17,211 $ 1,631,731 $ 1,492,803 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 June 30, 2020 the finance receivables related to the repossessed vehicles in inventory totaled $27.8 million. We have applied a valuation adjustment, or loss allowance, of $23.1 million, which is based on a recovery rate of approximately 17%, resulting in an estimated fair value and carrying amount of $4.7 million. The fair value and carrying amount of the repossessed inventory at December 31, 2019 was $7.5 million after applying a valuation adjustment of $21.4 million. There were no transfers in or out of level 1, level 2 or level 3 assets and liabilities for the three months ended June 30, 2020 and 2019. The estimated fair values of financial assets and liabilities at June 30, 2020 and December 31, 2019, were as follows: Schedule of estimated fair values of financial assets and liabilities As of June 30, 2020 Financial Instrument (In thousands) Carrying Fair Value Measurements Using: Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 7,475 $ 7,475 $ – $ – $ 7,475 Restricted cash and equivalents 139,191 139,191 – – 139,191 Finance receivables, net 571,170 – – 526,888 526,888 Accrued interest receivable 7,229 – – 7,229 7,229 Liabilities: Warehouse lines of credit $ 56,668 $ – $ – $ 56,668 $ 56,668 Accrued interest payable 5,231 – – 5,231 5,231 Residual interest financing 37,544 – – 37,544 37,544 Securitization trust debt 2,051,172 – – 2,034,363 2,034,363 Subordinated renewable notes 19,580 – – 19,580 19,580 As of December 31, 2019 Financial Instrument (In thousands) Carrying Fair Value Measurements Using: Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 5,295 $ 5,295 $ – $ – $ 5,295 Restricted cash and equivalents 135,537 135,537 – – 135,537 Finance receivables, net 885,890 – – 841,160 841,160 Accrued interest receivable 11,645 – – 11,645 11,645 Liabilities: Warehouse lines of credit $ 134,791 $ – $ – $ 134,791 $ 134,791 Accrued interest payable 5,254 – – 5,254 5,254 Residual interest financing 39,478 – – 39,478 39,478 Securitization trust debt 2,097,728 – – 2,116,520 2,116,520 Subordinated renewable notes 17,534 – – 17,534 17,534

(1) Summary of Significant Ac_2

(1) Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Description of Business	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	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 six-month period ended June 30, 2020 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, 2019.
Use of Estimates	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	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 second quarter include the estimated potential effect on credit performance resulting from the COVID-19 pandemic. We recorded a $9.5 million mark down to the recorded value of the portion of the receivables portfolio accounted for at fair value in the second quarter and $10.4 million in the first quarter. The mark down is reflected as a reduction in revenue for each period. 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	Other Income The following table presents the primary components of Other Income for the three-month and six-month periods ending June 30, 2020 and 2019: Schedule of other income Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) (In thousands) Direct mail revenues $ 501 $ 1,051 $ 1,684 $ 2,387 Convenience fee revenue 530 570 1,060 1,270 Recoveries on previously charged-off contracts 50 45 75 102 Sales tax refunds 208 204 409 431 Other – 6 41 71 Other income for the period $ 1,289 $ 1,876 $ 3,269 $ 4,261
Leases	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: Supplemental balance sheet information related to leases June 30, December 31, 2020 2019 (In thousands) Operating Leases Operating lease right-of-use assets $ 23,735 $ 23,735 Less: Accumulated amortization right-of-use assets (9,729 ) (6,600 ) Operating lease right-of-use assets, net $ 14,006 $ 17,135 Operating lease liabilities $ (15,308 ) $ (18,527 ) Finance Leases Property and equipment, at cost $ 3,224 $ 876 Less: Accumulated depreciation (672 ) (150 ) Property and equipment, net $ 2,552 $ 726 Finance lease liabilities $ (2,586 ) $ (718 ) Weighted Average Discount Rate Operating lease 5.0 % 5.0 % Finance lease 6.6 % 6.4 % Maturities of lease liabilities were as follows: Maturities of leases (In thousands) Operating Finance Year Ending December 31, Lease Lease 2020 (excluding the six months ended June 30, 2020) $ 3,903 $ 587 2021 7,458 1,170 2022 6,066 992 2023 1,397 42 2024 419 14 Thereafter 282 – Total undiscounted lease payments 19,525 2,805 Less amounts representing interest (4,524 ) (219 ) Lease Liability $ 15,308 $ 2,586 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 Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) (In thousands) Operating lease cost $ 1,885 $ 1,886 $ 3,769 $ 3,775 Finance lease cost 293 44 572 44 Total lease cost $ 2,178 $ 1,930 $ 4,341 $ 3,819 The following table presents the supplemental cash flow information related to leases: Supplemental cash flow information related to leases Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: (In thousands) (In thousands) Operating cash flows from operating leases $ 1,932 $ 1,890 $ 3,858 $ 3,776 Operating cash flows from finance leases 248 36 481 36 Financing cash flows from finance leases 45 8 91 8
Stock-based Compensation	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 six months ended June 30, 2020, we recorded stock-based compensation costs in the amount of $ 412,000 898,000 481,000 1.1 1,119 4.2 2.6 The following represents stock option activity for the six months ended June 30, 2020: Schedule of stock option activity Number of Shares (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term Options outstanding at the beginning of period 15,348 $ 4.59 N/A Granted 1,600 2.47 N/A Exercised (256 ) 1.76 N/A Forfeited (164 ) 5.48 N/A Options outstanding at the end of period 16,528 $ 4.42 3.31 Options exercisable at the end of period 12,535 $ 4.81 2.45 At June 30, 2020, the aggregate intrinsic value of options outstanding and exercisable was $ 3.5 3.0 256,600 482,500 285,000 1.4 21,000
Purchases of Company Stock	Purchases of Company Stock The table below describes the purchase of our common stock for the six-month ended June 30, 2020 and 2019: Schedule of purchases of company stock Six Months Ended June 30, 2020 June 30, 2019 Shares Avg. Price Shares Avg. Price Open market purchases 25,113 $ 2.85 335,546 $ 3.95 Shares redeemed upon net exercise of stock options 46,909 2.86 18,424 3.76 Other purchases – – 24,500 4.20 Total stock purchases 72,022 $ 2.85 378,470 $ 3.97
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 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 June 30, 2020, 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	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.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2016-13, which changes the criteria under which credit losses on financial instruments (such as the Company’s finance receivables) are measured. ASU 2016-3 introduces a new credit reserving model known as the Current Expected Credit Loss (“CECL”) model, which replaces the incurred loss impairment methodology previously used under U.S. GAAP with a methodology that records currently the expected lifetime credit losses on financial instruments. To establish such lifetime credit loss estimates, consideration of a broadened range of reasonable and supportable information to establish credit loss estimates is required. ASU 2016-13 was initially scheduled to become effective for interim and annual reporting periods beginning after December 15, 2019, however on October 16, 2019, the FASB changed the effective date for smaller reporting companies to interim and annual reporting periods Effective January 1, 2020, the Company adopted the CECL model. The adoption of CECL required that we establish an allowance for the remaining expected lifetime credit losses on the portion of the Company’s receivable portfolio for which the Company was not already using fair value accounting. We refer to that portion, which is those receivables that were originated prior to January 2018, as our “legacy portfolio”. To comply with CECL, the Company recorded an addition to its allowance for finance credit losses of $127.0 million. In accordance with the rules for adopting CECL, the offset to the addition to the allowance for finance credit losses was a tax affected reduction to retained earnings using the modified retrospective method, and not a current period expense.
Coronavirus Pandemic	Coronavirus Pandemic In December 2019, a new strain of coronavirus (the “COVID-19 virus”) originated in Wuhan, China. Since its discovery, the COVID-19 virus has spread throughout the world, and the outbreak has been declared to be a pandemic by the World Health Organization. We refer from time to time in this report to the outbreak and spread of the COVID-19 virus as “the pandemic.” Results for the six-month period ending June 30, 2020 include the estimated potential effect on credit performance resulting from the pandemic. We recorded a $6.7 million charge to the provision for credit losses for the legacy portfolio accounted for under CECL and a $19.9 million mark down to the recorded value of the finance receivables measured at fair value. The pandemic itself, if sufficient numbers of people were to be afflicted, could cause obligors under our automobile contracts to be unable to pay their contractual obligations. As the future course of the COVID-19 pandemic is as yet unknown, its direct effect on future obligor payments is likewise uncertain. The mandatory shutdown of large portions of the United States economy pursuant to emergency restrictions has impaired and will impair the ability of obligors under our automobile contracts to pay their contractual obligations. The extent to which that ability will be impaired, and the extent to which public ameliorative measures such as stimulus payments and enhanced unemployment benefits may restore such ability, cannot be estimated. We measure our portfolio of finance receivables carried at fair value with consideration for unobservable inputs that reflect our own assumptions about the factors that market participants use in pricing similar receivables and are based on the best information available in the circumstances. They include such inputs as estimates for the magnitude and timing of net charge-offs and the rate of amortization of the portfolio. The pandemic and the adverse effect it may have on the U.S. economy and our obligors may cause us to consider s ignificant changes in any of those inputs, which in turn may have a significant effect on our fair value measurement.

(1) Summary of Significant Ac_3

(1) Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of other income	Schedule of other income Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) (In thousands) Direct mail revenues $ 501 $ 1,051 $ 1,684 $ 2,387 Convenience fee revenue 530 570 1,060 1,270 Recoveries on previously charged-off contracts 50 45 75 102 Sales tax refunds 208 204 409 431 Other – 6 41 71 Other income for the period $ 1,289 $ 1,876 $ 3,269 $ 4,261
Supplemental balance sheet information related to leases	Supplemental balance sheet information related to leases June 30, December 31, 2020 2019 (In thousands) Operating Leases Operating lease right-of-use assets $ 23,735 $ 23,735 Less: Accumulated amortization right-of-use assets (9,729 ) (6,600 ) Operating lease right-of-use assets, net $ 14,006 $ 17,135 Operating lease liabilities $ (15,308 ) $ (18,527 ) Finance Leases Property and equipment, at cost $ 3,224 $ 876 Less: Accumulated depreciation (672 ) (150 ) Property and equipment, net $ 2,552 $ 726 Finance lease liabilities $ (2,586 ) $ (718 ) Weighted Average Discount Rate Operating lease 5.0 % 5.0 % Finance lease 6.6 % 6.4 %
Maturities of leases	Maturities of leases (In thousands) Operating Finance Year Ending December 31, Lease Lease 2020 (excluding the six months ended June 30, 2020) $ 3,903 $ 587 2021 7,458 1,170 2022 6,066 992 2023 1,397 42 2024 419 14 Thereafter 282 – Total undiscounted lease payments 19,525 2,805 Less amounts representing interest (4,524 ) (219 ) Lease Liability $ 15,308 $ 2,586
Lease information	Lease information Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) (In thousands) Operating lease cost $ 1,885 $ 1,886 $ 3,769 $ 3,775 Finance lease cost 293 44 572 44 Total lease cost $ 2,178 $ 1,930 $ 4,341 $ 3,819
Supplemental cash flow information related to leases	Supplemental cash flow information related to leases Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: (In thousands) (In thousands) Operating cash flows from operating leases $ 1,932 $ 1,890 $ 3,858 $ 3,776 Operating cash flows from finance leases 248 36 481 36 Financing cash flows from finance leases 45 8 91 8
Schedule of stock option activity	Schedule of stock option activity Number of Shares (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term Options outstanding at the beginning of period 15,348 $ 4.59 N/A Granted 1,600 2.47 N/A Exercised (256 ) 1.76 N/A Forfeited (164 ) 5.48 N/A Options outstanding at the end of period 16,528 $ 4.42 3.31 Options exercisable at the end of period 12,535 $ 4.81 2.45
Schedule of purchases of company stock	Schedule of purchases of company stock Six Months Ended June 30, 2020 June 30, 2019 Shares Avg. Price Shares Avg. Price Open market purchases 25,113 $ 2.85 335,546 $ 3.95 Shares redeemed upon net exercise of stock options 46,909 2.86 18,424 3.76 Other purchases – – 24,500 4.20 Total stock purchases 72,022 $ 2.85 378,470 $ 3.97

(2) Finance Receivables (Tables

(2) Finance Receivables (Tables)	6 Months Ended
	Jun. 30, 2020
Finance Receivables
Schedule of finance receivables	Schedule of finance receivables June 30, December 31, 2020 2019 (In thousands) Finance receivables Automobile finance receivables, net of unearned interest $ 668,449 $ 895,566 Unearned acquisition fees and originations costs 1,323 1,964 Finance receivables $ 669,772 $ 897,530
Schedule of amortized cost basis of finance receivables	Schedule of delinquency status of finance receivables June 30, December 31, 2020 2019 (In thousands) Delinquency Status Current $ 553,523 $ 669,937 31 - 60 days 55,498 107,951 61 - 90 days 23,199 57,395 91 + days 8,464 31,350 Repo 27,765 28,933 $ 668,449 $ 895,566 Finance receivables totaling $ 8.5 31.4 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. The data reflect the effect on vintage pools of past events as well as more recent events reflecting current conditions. 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 June 30, 2020 and December 31, 2019. Schedule of amortized cost basis of finance receivables June 30, December 31, 2020 2019 (In thousands) Annual Vintage Pool 2012 $ 1,312 $ 2,432 2013 9,057 15,489 2014 41,225 61,290 2015 122,363 162,242 2016 228,234 292,360 2017 266,258 361,753 $ 668,449 $ 895,566
Schedule of amortized cost basis of finance receivables	Schedule of amortized cost basis of finance receivables June 30, December 31, 2020 2019 (In thousands) Annual Vintage Pool 2012 $ 1,312 $ 2,432 2013 9,057 15,489 2014 41,225 61,290 2015 122,363 162,242 2016 228,234 292,360 2017 266,258 361,753 $ 668,449 $ 895,566
Schedule of allowance for finance credit losses	Schedule of allowance for finance credit losses Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) (In thousands) Balance at beginning of period $ 114,073 $ 48,196 $ 11,640 $ 67,376 Early adoption of CECL – n/a 127,000 n/a Provision for credit losses on finance receivables 3,100 20,489 6,713 44,445 Charge-offs (23,308 ) (50,409 ) (57,522 ) (102,919 ) Recoveries 4,737 14,388 10,771 23,762 Balance at end of period $ 98,602 $ 32,664 $ 98,602 $ 32,664
Schedule of allowance for losses on repossessed inventory	Schedule of allowance for losses on repossessed inventory June 30, December 31, 2020 2019 (In thousands) Gross balance of repossessions in inventory $ 27,765 $ 28,933 Allowance for losses on repossessed inventory (23,109 ) (21,389 ) Net repossessed inventory included in other assets $ 4,656 $ 7,544

(3) Securitization Trust Debt (

(3) Securitization Trust Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Securitization Trust Debt
Schedule of securitization trust debt	Schedule of securitization trust debt Weighted Average Final Receivables Outstanding Outstanding Contractual Scheduled Pledged at Principal at Principal at Interest Rate at Payment June 30, Initial June 30, December 31, June 30, Series Date (1) 2020 (2) Principal 2020 2019 2020 (Dollars in thousands) CPS 2014-C December 2021 – 273,000 – 19,758 – CPS 2014-D March 2022 17,002 267,500 15,647 23,755 5.82 % CPS 2015-A June 2022 18,894 245,000 17,301 26,713 5.87 % CPS 2015-B September 2022 26,444 250,000 26,142 36,338 5.45 % CPS 2015-C December 2022 39,594 300,000 39,739 53,579 6.17 % CPS 2016-A March 2023 50,410 329,460 53,801 71,599 6.55 % CPS 2016-B June 2023 62,854 332,690 62,967 82,667 7.08 % CPS 2016-C September 2023 64,356 318,500 63,748 83,696 7.12 % CPS 2016-D April 2024 51,487 206,325 49,635 65,021 5.31 % CPS 2017-A April 2024 57,147 206,320 54,980 71,450 5.26 % CPS 2017-B December 2023 70,008 225,170 56,243 76,201 4.57 % CPS 2017-C September 2024 72,442 224,825 61,597 80,315 4.45 % CPS 2017-D June 2024 74,749 196,300 64,292 83,801 4.01 % CPS 2018-A March 2025 80,427 190,000 70,616 91,258 3.85 % CPS 2018-B December 2024 94,479 201,823 86,861 111,188 4.25 % CPS 2018-C September 2025 111,494 230,275 100,415 130,064 4.36 % CPS 2018-D June 2025 131,159 233,730 115,229 149,470 4.35 % CPS 2019-A March 2026 164,744 254,400 147,634 186,900 4.15 % CPS 2019-B June 2026 159,841 228,275 150,112 184,308 3.74 % CPS 2019-C September 2026 186,160 243,513 177,905 216,650 3.12 % CPS 2019-D December 2026 232,484 274,313 223,234 265,035 2.68 % CPS 2020-A March 2027 232,307 260,000 228,045 – 2.66 % CPS 2020-B June 2027 216,306 202,343 197,023 – 2.77 % $ 2,214,788 $ 5,693,762 $ 2,063,166 $ 2,109,766 _________________ (1) The Final Scheduled Payment Date represents final legal maturity of the securitization trust debt. Securitization trust debt is expected to become due and to be paid prior to those dates, based on amortization of the finance receivables pledged to the trusts. Expected payments, which will depend on the performance of such receivables, as to which there can be no assurance, are $ 418.1 664.0 450.7 369.3 80.9 65.2 3.0 (2) Includes repossessed assets that are included in Other assets on our Unaudited Condensed Consolidated Balance Sheet.

(4) Debt (Tables)

(4) Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of debt outstanding	Schedule of debt outstanding Amount Outstanding at June 30, December 31, 2020 2019 (In thousands) Description Interest Rate Maturity Warehouse lines of credit 5.50% over one month Libor (Minimum 6.50%) February 2021 $ 15,871 $ 40,558 3.00% over one month Libor (Minimum 3.75%) September 2020 28,563 96,225 4.00% over a commercial paper rate (Minimum 5.00%) December 2021 13,507 – Residual interest financing 8.60% January 2026 37,881 40,000 Subordinated renewable notes Weighted average rate of 10.36% and 9.75% at June 30, 2020 and December 31, 2019 , respectively Weighted average maturity of July 2022 and April 2022 at June 30, 2020 and December 31, 2019, respectively 19,580 17,534 $ 115,402 $ 194,317

(5) Interest Income and Inter_2

(5) Interest Income and Interest Expense (Tables)	6 Months Ended
	Jun. 30, 2020
Schedule of interest income	Schedule of interest income Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) (In thousands) Interest on finance receivables $ 33,773 $ 55,660 $ 71,580 $ 117,950 Interest on finance receivables at fair value 41,659 27,978 82,465 50,793 Mark to finance receivables measured at fair value (9,549 ) – (19,899 ) – Other interest income 120 811 644 1,551 Interest income $ 66,003 $ 84,449 $ 134,790 $ 170,294
Schedule of interest expense	Schedule of interest expense Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) (In thousands) Securitization trust debt $ 22,367 $ 24,466 $ 46,165 $ 48,454 Warehouse lines of credit 2,675 1,960 4,437 3,980 Residual interest financing 920 955 1,857 1,911 Subordinated renewable notes 523 322 1,017 648 Interest expense $ 26,485 $ 27,703 $ 53,476 $ 54,993

(6) Earnings Per Share (Tables)

(6) Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings per share:
Computation of earnings per share	Computation of earnings per share Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) (In thousands) Weighted average number of common shares outstanding during the period used to compute basic earnings per share 22,685 22,362 22,612 22,302 Incremental common shares attributable to exercise of outstanding options and warrants 1,002 1,616 1,171 1,817 Weighted average number of common shares used to compute diluted earnings per share 23,687 23,978 23,783 24,119

(9) Fair Value Measurements (Ta

(9) Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of reconciliation of the finance receivables measured at fair value on a recurring basis	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, 2020 2019 2020 2019 (In thousands) (In thousands) Balance at beginning of period $ 1,559,697 $ 997,552 $ 1,444,038 $ 821,066 Finance receivables at fair value acquired during period 134,447 249,873 399,729 494,626 Payments received on finance receivables at fair value (112,505 ) (68,005 ) (222,063 ) (117,505 ) Net interest income accretion on fair value receivables (34,441 ) (21,055 ) (64,156 ) (39,822 ) Mark to fair value (9,549 ) – (19,899 ) – Balance at end of period $ 1,537,649 $ 1,158,365 $ 1,537,649 $ 1,158,365
Schedule of finance receivables to their contractual balances	Schedule of finance receivables to their contractual balances June 30, 2020 December 31, 2019 Contractual Fair Contractual Fair Balance Value Balance Value (In thousands) Finance receivables measured at fair value $ 1,631,731 $ 1,537,649 $ 1,492,803 $ 1,444,038
Schedule of level 3 fair value measurements	Schedule of level 3 fair value measurements Financial Instrument Fair Values as of Inputs as of June 30, December 31, June 30, December 31, 2020 2019 Unobservable Inputs 2020 2019 (In thousands) Assets: Finance receivables measured at fair value $ 1,537,649 $ 1,444,038 Discount rate 10.0 11.1 8.9 11.1 Cumulative net losses 15.3 18.4 15.0% 16.1
Schedule of delinquency status of finance receivables measured at fair value	Schedule of delinquency status of finance receivables measured at fair value June 30, December 31, 2020 2019 (In thousands) Delinquency Status Current $ 1,523,495 $ 1,344,883 31 - 60 days 62,675 81,262 61 - 90 days 22,246 34,280 91 + days 8,127 15,167 Repo 15,188 17,211 $ 1,631,731 $ 1,492,803
Schedule of estimated fair values of financial assets and liabilities	Schedule of estimated fair values of financial assets and liabilities As of June 30, 2020 Financial Instrument (In thousands) Carrying Fair Value Measurements Using: Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 7,475 $ 7,475 $ – $ – $ 7,475 Restricted cash and equivalents 139,191 139,191 – – 139,191 Finance receivables, net 571,170 – – 526,888 526,888 Accrued interest receivable 7,229 – – 7,229 7,229 Liabilities: Warehouse lines of credit $ 56,668 $ – $ – $ 56,668 $ 56,668 Accrued interest payable 5,231 – – 5,231 5,231 Residual interest financing 37,544 – – 37,544 37,544 Securitization trust debt 2,051,172 – – 2,034,363 2,034,363 Subordinated renewable notes 19,580 – – 19,580 19,580 As of December 31, 2019 Financial Instrument (In thousands) Carrying Fair Value Measurements Using: Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 5,295 $ 5,295 $ – $ – $ 5,295 Restricted cash and equivalents 135,537 135,537 – – 135,537 Finance receivables, net 885,890 – – 841,160 841,160 Accrued interest receivable 11,645 – – 11,645 11,645 Liabilities: Warehouse lines of credit $ 134,791 $ – $ – $ 134,791 $ 134,791 Accrued interest payable 5,254 – – 5,254 5,254 Residual interest financing 39,478 – – 39,478 39,478 Securitization trust debt 2,097,728 – – 2,116,520 2,116,520 Subordinated renewable notes 17,534 – – 17,534 17,534

(1) Summary of Significant Ac_4

(1) Summary of Significant Accounting Policies (Details - Other income) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other income for the period	$ 1,289	$ 1,876	$ 3,269	$ 4,261
Direct Mail Revenues [Member]
Other income for the period	501	1,051	1,684	2,387
Convenience Fee Revenue [Member]
Other income for the period	530	570	1,060	1,270
Recoveries on previously charged-off contracts [Member]
Other income for the period	50	45	75	102
Sales Tax Refunds [Member]
Other income for the period	208	204	409	431
Other Income [Member]
Other income for the period	$ 0	$ 6	$ 41	$ 71

(1) Summary of Significant Ac_5

(1) Summary of Significant Accounting Policies (Details - Supplemental balance sheet information related to leases) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating Leases
Operating lease right-of-use assets	$ 23,735	$ 23,735
Less: Accumulated amortization right-of-use assets	(9,729)	(6,600)
Operating lease right-of-use assets, net	14,006	17,135
Operating lease liabilities	(15,308)	(18,527)
Finance Leases
Property and equipment, at cost	3,224	876
Less: Accumulated depreciation	(672)	(150)
Property and equipment, net	2,552	726
Finance lease liabilities	$ (2,586)	$ (718)
Operating lease	5.00%	5.00%
Finance lease	6.60%	6.40%

(1) Summary of Significant Ac_6

(1) Summary of Significant Accounting Policies (Details - Maturities of lease liabilities) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
2020	$ 3,903
2020	587
2021	7,458
2021	1,170
2022	6,066
2022	992
2023	1,397
2023	42
2024	419
2024	14
Thereafter	282
Thereafter	0
Total undiscounted lease payments	19,525
Total undiscounted lease payments	2,805
Less amounts representing interest	(4,524)
Less amounts representing interest	(219)
Lease Liability	15,308	$ 18,527
Lease Liability	$ 2,586	$ 718

(1) Summary of Significant Ac_7

(1) Summary of Significant Accounting Policies (Details - Lease cost) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Operating lease cost	$ 1,885	$ 1,886	$ 3,769	$ 3,775
Finance lease cost	293	44	572	44
Total lease cost	$ 2,178	$ 1,930	$ 4,341	$ 3,819

(1) Summary of Significant Ac_8

(1) Summary of Significant Accounting Policies (Details - Cash flow) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,932	$ 1,890	$ 3,858	$ 3,776
Operating cash flows from finance leases	248	36	481	36
Financing cash flows from finance leases	$ 45	$ 8	$ 91	$ 8

(1) Summary of Significant Ac_9

(1) Summary of Significant Accounting Policies (Details - Option activity) - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercised	(256,600)	(482,500)
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding at the beginning of period	15,348
Options outstanding at the beginning of period	$ 4.59
Granted	1,600
Granted	$ 2.47
Exercised	(256)
Exercised	$ 1.76
Forfeited/Expired	(164)
Forfeited/Expired	$ 5.48
Options outstanding at the end of period	15,348		16,528
Options outstanding at the end of period	$ 4.42
Weighted average remaining contractual term, end of period	3 years 3 months 21 days
Options exercisable at the end of period			12,535
Options exercisable at the end of period			$ 4.81
Weighted average remaining contractual term, exercisable at the end of period	2 years 5 months 12 days

(1) Summary of Significant A_10

(1) Summary of Significant Accounting Policies (Details - Stock purchases) - Common Stock [Member] - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Schedule of Capitalization, Equity [Line Items]
Total stock purchases, shares	72,022	378,470
Total stock purchases, average price per share	$ 2.85	$ 3.97
Large Cap Value [Member]
Schedule of Capitalization, Equity [Line Items]
Total stock purchases, shares	25,113	335,546
Total stock purchases, average price per share	$ 2.85	$ 3.95
Shares Redeemed [Member]
Schedule of Capitalization, Equity [Line Items]
Total stock purchases, shares	46,909	18,424
Total stock purchases, average price per share	$ 2.86	$ 3.76
Securitization Trust Debt [Member]
Schedule of Capitalization, Equity [Line Items]
Total stock purchases, shares	0	24,500
Total stock purchases, average price per share	$ 0	$ 4.20

(1) Summary of Significant A_11

(1) Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Stock-based compensation	$ 412	$ 481	$ 898	$ 1,119
Unrecognized stock-based compensation costs	4,200		$ 4,200
Weighted-average period for unrecognized costs			2 years 7 months 6 days
Intrinsic value options outstanding	3,500		$ 3,500
Intrinsic value of options exercisable	$ 3,000		$ 3,000
Options exercised			256,600	482,500
Intrinsic value of options exercised			$ 285	$ 1,400
Shares available for grant	21,000		21,000

(2) Finance Receivables (Detail

(2) Finance Receivables (Details - Components of Finance Receivables) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finance receivables
Automobile finance receivables, net of unearned interest	$ 668,449	$ 895,566
Unearned acquisition fees and originations costs	1,323	1,964
Finance receivables	$ 669,772	$ 897,530

(2) Finance Receivables (Deta_2

(2) Finance Receivables (Details - Delinquency status) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Total finance receivables with delinquency status	$ 668,449	$ 895,566
Financial Asset, 1 to 29 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables, current	553,523	669,937
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables, past due	55,498	107,951
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables, past due	23,199	57,395
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables, past due	8,464	31,350
Repossessed Vehicles [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables, past due	$ 27,765	$ 28,933

(2) Finance Receivables (Deta_3

(2) Finance Receivables (Details - Amortized Cost Basis) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Nonaccrual [Line Items]
Amortized cost basis	$ 668,449	$ 895,566
Vintage Pool 2012 [Member]
Financing Receivable, Nonaccrual [Line Items]
Amortized cost basis	1,312	2,432
Vintage Pool 2013 [Member]
Financing Receivable, Nonaccrual [Line Items]
Amortized cost basis	9,057	15,489
Vintage Pool 2014 [Member]
Financing Receivable, Nonaccrual [Line Items]
Amortized cost basis	41,225	61,290
Vintage Pool 2015 [Member]
Financing Receivable, Nonaccrual [Line Items]
Amortized cost basis	122,363	162,242
Vintage Pool 2016 [Member]
Financing Receivable, Nonaccrual [Line Items]
Amortized cost basis	228,234	292,360
Vintage Pool 2017 [Member]
Financing Receivable, Nonaccrual [Line Items]
Amortized cost basis	$ 266,258	$ 361,753

(2) Finance Receivables (Deta_4

(2) Finance Receivables (Details - Summary of activity) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Finance Receivables
Balance at beginning of period	$ 114,073	$ 48,196	$ 11,640	$ 67,376
Accounts Receivable, Change in Method, Credit Loss Expense (Reversal)	0		127,000
Provision for credit losses on finance receivables	3,100	20,489	6,713	44,445
Charge-offs	(23,308)	(50,409)	(57,522)	(102,919)
Recoveries	4,737	14,388	10,771	23,762
Balance at end of period	$ 98,602	$ 32,664	$ 98,602	$ 32,664

(2) Finance Receivables (Deta_5

(2) Finance Receivables (Details - Repossessed inventory) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Finance Receivables
Gross balance of repossessions in inventory	$ 27,765	$ 28,933
Allowance for losses on repossessed inventory	(23,109)	(21,389)
Net repossessed inventory included in other assets	$ 4,656	$ 7,544

(2) Finance Receivables (Deta_6

(2) Finance Receivables (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finance Receivables
Finance receivables, non accrual status	$ 8,500	$ 31,400

(3) Securitization Trust Debt_2

(3) Securitization Trust Debt (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2020	Dec. 31, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Receivables Pledged at end of period	[1]	$ 2,214,788
Initial Principal		5,693,762
Outstanding Principal		2,063,166	$ 2,109,766
Expected finance receivable payments 2020		418,100
Expected finance receivable payments 2021		664,000
Expected finance receivable payments 2022		450,700
Expected finance receivable payments 2023		369,300
Expected finance receivable payments 2024		80,900
Expected finance receivable payments 2025		65,200
Expected finance receivable payments 2026		$ 3,000
CPS 2014-C [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	December 2021
Receivables Pledged at end of period	[1]	$ 0
Initial Principal		273,000
Outstanding Principal		$ 0	19,758
Weighted Average Contractual Interest Rate		0.00%
CPS 2014-D [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	March 2022
Receivables Pledged at end of period	[1]	$ 17,002
Initial Principal		267,500
Outstanding Principal		$ 15,647	23,755
Weighted Average Contractual Interest Rate		5.82%
CPS 2015-A [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	June 2022
Receivables Pledged at end of period	[1]	$ 18,894
Initial Principal		245,000
Outstanding Principal		$ 17,301	26,713
Weighted Average Contractual Interest Rate		5.87%
CPS 2015-B [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	September 2022
Receivables Pledged at end of period	[1]	$ 26,444
Initial Principal		250,000
Outstanding Principal		$ 26,142	36,338
Weighted Average Contractual Interest Rate		5.45%
CPS 2015-C [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	December 2022
Receivables Pledged at end of period	[1]	$ 39,594
Initial Principal		300,000
Outstanding Principal		$ 39,739	53,579
Weighted Average Contractual Interest Rate		6.17%
CPS 2016-A [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	March 2023
Receivables Pledged at end of period	[1]	$ 50,410
Initial Principal		329,460
Outstanding Principal		$ 53,801	71,599
Weighted Average Contractual Interest Rate		6.55%
CPS 2016-B [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	June 2023
Receivables Pledged at end of period	[1]	$ 62,854
Initial Principal		332,690
Outstanding Principal		$ 62,967	82,667
Weighted Average Contractual Interest Rate		7.08%
CPS 2016-C [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	September 2023
Receivables Pledged at end of period	[1]	$ 64,356
Initial Principal		318,500
Outstanding Principal		$ 63,748	83,696
Weighted Average Contractual Interest Rate		7.12%
CPS 2016-D [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	April 2024
Receivables Pledged at end of period	[1]	$ 51,487
Initial Principal		206,325
Outstanding Principal		$ 49,635	65,021
Weighted Average Contractual Interest Rate		5.31%
CPS 2017-A [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	April 2024
Receivables Pledged at end of period	[1]	$ 57,147
Initial Principal		206,320
Outstanding Principal		$ 54,980	71,450
Weighted Average Contractual Interest Rate		5.26%
CPS 2017-B [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	December 2023
Receivables Pledged at end of period	[1]	$ 70,008
Initial Principal		225,170
Outstanding Principal		$ 56,243	76,201
Weighted Average Contractual Interest Rate		4.57%
CPS 2017-C [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	September 2024
Receivables Pledged at end of period	[1]	$ 72,442
Initial Principal		224,825
Outstanding Principal		$ 61,597	80,315
Weighted Average Contractual Interest Rate		4.45%
CPS 2017-D [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	June 2024
Receivables Pledged at end of period	[1]	$ 74,749
Initial Principal		196,300
Outstanding Principal		$ 64,292	83,801
Weighted Average Contractual Interest Rate		4.01%
CPS 2018-A [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	March 2025
Receivables Pledged at end of period	[1]	$ 80,427
Initial Principal		190,000
Outstanding Principal		$ 70,616	91,258
Weighted Average Contractual Interest Rate		3.85%
CPS 2018-B [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	December 2024
Receivables Pledged at end of period	[1]	$ 94,479
Initial Principal		201,823
Outstanding Principal		$ 86,861	111,188
Weighted Average Contractual Interest Rate		4.25%
CPS 2018-C [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	September 2025
Receivables Pledged at end of period	[1]	$ 111,494
Initial Principal		230,275
Outstanding Principal		$ 100,415	130,064
Weighted Average Contractual Interest Rate		4.36%
CPS 2018-D [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	June 2025
Receivables Pledged at end of period	[1]	$ 131,159
Initial Principal		233,730
Outstanding Principal		$ 115,229	149,470
Weighted Average Contractual Interest Rate		4.35%
CPS 2019-A [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	March 2026
Receivables Pledged at end of period	[1]	$ 164,744
Initial Principal		254,400
Outstanding Principal		$ 147,634	186,900
Weighted Average Contractual Interest Rate		4.15%
CPS 2019-B [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	June 2026
Receivables Pledged at end of period	[1]	$ 159,841
Initial Principal		228,275
Outstanding Principal		$ 150,112	184,308
Weighted Average Contractual Interest Rate		3.74%
CPS 2019-C [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	September 2026
Receivables Pledged at end of period	[1]	$ 186,160
Initial Principal		243,513
Outstanding Principal		$ 177,905	216,650
Weighted Average Contractual Interest Rate		3.12%
CPS 2019-D [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	December 2026
Receivables Pledged at end of period	[1]	$ 232,484
Initial Principal		274,313
Outstanding Principal		$ 223,234	265,035
Weighted Average Contractual Interest Rate		2.68%
CPS 2020-A [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	March 2027
Receivables Pledged at end of period	[1]	$ 232,307
Initial Principal		260,000
Outstanding Principal		$ 228,045	0
Weighted Average Contractual Interest Rate		2.66%
CPS 2020-B [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Final Scheduled Payment Date	[2]	June 2027
Receivables Pledged at end of period	[1]	$ 216,306
Initial Principal		202,343
Outstanding Principal		$ 197,023	$ 0
Weighted Average Contractual Interest Rate		2.77%
[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 $ 418.1 664.0 450.7 369.3 80.9 65.2 3.0

(3) Securitization Trust Debt_3

(3) Securitization Trust Debt (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Securitization Trust Debt
Debt issuance costs	$ 12,000	$ 12,000
Restricted cash under various agreements	$ 146,700

(4) Debt (Details - Debt outsta

(4) Debt (Details - Debt outstanding) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Warehouse lines of credit	$ 56,668	$ 134,791
Residual interest financing	37,544	39,478
Subordinated renewable notes	19,580	17,534
Total debt outstanding	$ 115,402	194,317
Warehouse lines of credit [Member]
Line of Credit Facility [Line Items]
Interest rate	5.50% over one month Libor (Minimum 6.50%)
Maturity date description	February 2021
Warehouse lines of credit	$ 15,871	40,558
Warehouse lines of credit (2) [Member]
Line of Credit Facility [Line Items]
Interest rate	3.00% over one month Libor (Minimum 3.75%)
Maturity date description	September 2020
Warehouse lines of credit	$ 28,563	96,225
Warehouse lines of credit (3) [Member]
Line of Credit Facility [Line Items]
Interest rate	4.00% over a commercial paper rate (Minimum 5.00%)
Maturity date description	December 2021
Warehouse lines of credit	$ 13,507	0
Residual interest financing [Member]
Line of Credit Facility [Line Items]
Maturity date description	January 2026
Interest rate	8.60%
Residual interest financing	$ 37,881	40,000
Subordinated renewable notes [Member]
Line of Credit Facility [Line Items]
Interest rate	Weighted average rate of 10.36% and 9.75% at June 30, 2020 and December 31, 2019 , respectively
Maturity date description	Weighted average maturity of July 2022 and April 2022 at June 30, 2020 and December 31, 2019, respectively
Subordinated renewable notes	$ 19,580	$ 17,534

(4) Debt (Details Narrative)

(4) Debt (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Three Warehouse Lines Of Credit [Member]
Line of Credit Facility [Line Items]
Unamortized debt issuance costs	$ 1,300	$ 2,000
Allowance for losses on repossessed inventory
Line of Credit Facility [Line Items]
Unamortized debt issuance costs	$ 429	$ 522

(5) Interest Income and Inter_3

(5) Interest Income and Interest Expense (Details - Interest income) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest on finance receivables	$ 33,773	$ 55,660	$ 71,580	$ 117,950
Interest on finance receivables at fair value	41,659	27,978	82,465	50,793
Mark to finance receivables measured at fair value	(9,549)	0	(19,899)	0
Other interest income	120	811	644	1,551
Interest income	$ 66,003	$ 84,449	$ 134,790	$ 170,294

(5) Interest Income and Inter_4

(5) Interest Income and Interest Expense (Details - Interest expense) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Obligation with Joint and Several Liability Arrangement [Line Items]
Total interest expense	$ 26,485	$ 27,703	$ 53,476	$ 54,993
Securitization Trust Debt [Member]
Obligation with Joint and Several Liability Arrangement [Line Items]
Total interest expense	22,367	24,466	46,165	48,454
Warehouse Lines Of Credit [Member]
Obligation with Joint and Several Liability Arrangement [Line Items]
Total interest expense	2,675	1,960	4,437	3,980
Residual interest financing [Member]
Obligation with Joint and Several Liability Arrangement [Line Items]
Total interest expense	920	955	1,857	1,911
Subordinated renewable notes [Member]
Obligation with Joint and Several Liability Arrangement [Line Items]
Total interest expense	$ 523	$ 322	$ 1,017	$ 648

(6) Earnings Per Share (Details

(6) Earnings Per Share (Details - Earnings Per Share) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings per share:
Weighted average number of common shares outstanding during the period used to compute basic earnings per share	22,685	22,362	22,612	22,302
Incremental common shares attributable to exercise of outstanding options and warrants	1,002	1,616	1,171	1,817
Weighted average number of common shares used to compute diluted earnings per share	23,687	23,978	23,783	24,119

(6) Earnings Per Share (Detai_2

(6) Earnings Per Share (Details Narrative) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings per share:
Antidilutive shares	13,300	10,700	13,100	10,500

(7) Income Taxes (Details Narra

(7) Income Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 0		$ 0		$ 0
Net deferred tax asset	33,400		33,400
Income Tax Expense (Benefit)	1,671	$ 970	$ (6,009)	$ 1,907
Effective tax rate			36.00%	35.00%
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Net deferred tax asset	22,100		$ 22,100
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net deferred tax asset	$ 11,300		$ 11,300

(9) Fair Value Measurements (De

(9) Fair Value Measurements (Details - Reconciliation of Finance Receivables) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Balance at beginning of period	$ 1,559,697	$ 997,552	$ 1,444,038	$ 821,066
Finance receivables at fair value acquired during period	134,447	249,873	399,729	494,626
Payments received on finance receivables at fair value	(112,505)	(68,005)	(222,063)	(117,505)
Net interest income accretion on fair value receivables	(34,441)	(21,055)	(64,156)	(39,822)
Mark to fair value	(9,549)	0	(19,899)	0
Balance at end of period	$ 1,537,649	$ 1,158,365	$ 1,537,649	$ 1,158,365

(9) Fair Value Measurements (_2

(9) Fair Value Measurements (Details - Finance Receivables to Their Contractual Balances) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables measured at fair value	$ 1,537,649	$ 1,559,697	$ 1,444,038	$ 1,158,365	$ 997,552	$ 821,066
Portion at Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables measured at fair value	1,537,649		1,444,038
Recovery rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables measured at fair value	$ 1,631,731		$ 1,492,803

(9) Fair Value Measurements (_3

(9) Fair Value Measurements (Details - Level 3 Fair Value Measurements) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Finance receivables measured at fair value	$ 1,537,649	$ 1,559,697	$ 1,444,038	$ 1,158,365	$ 997,552	$ 821,066
Portion at Fair Value Measurement [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Finance receivables measured at fair value	1,537,649		1,444,038
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Finance receivables measured at fair value	$ 1,537,649		$ 1,444,038
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	10.00%		8.90%
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	11.10%		11.10%
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | CPS 2014-C [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	15.30%		15.00%
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | CPS 2014-C [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	18.40%		16.10%

(9) Fair Value Measurements (_4

(9) Fair Value Measurements (Details - Delinquency status) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Finance receivables measured at fair value current	$ 1,523,495	$ 1,344,883
Finance receivables measured at fair value	1,631,731	1,492,803
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables measured at fair value	62,675	81,262
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables measured at fair value	22,246	34,280
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables measured at fair value	8,127	15,167
Repossessed Vehicles [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables measured at fair value	$ 15,188	$ 17,211

(9) Fair Value Measurements (_5

(9) Fair Value Measurements (Details - Fair values) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 7,475	$ 5,295
Restricted cash and equivalents	139,191	135,537
Finance receivables, net	526,888	841,160
Accrued interest receivable	7,229	11,645
Liabilities:
Warehouse lines of credit	56,668	134,791
Accrued interest payable	5,231	5,254
Residual interest financing	37,544	39,478
Securitization trust debt	2,034,363	2,116,520
Subordinated renewable notes	19,580	17,534
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and cash equivalents	7,475	5,295
Restricted cash and equivalents	139,191	135,537
Finance receivables, net	0	0
Accrued interest receivable	0	0
Liabilities:
Warehouse lines of credit	0	0
Accrued interest payable	0	0
Residual interest financing	0	0
Securitization trust debt	0	0
Subordinated renewable notes	0	0
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash and cash equivalents	0	0
Restricted cash and equivalents	0	0
Finance receivables, net	0	0
Accrued interest receivable	0	0
Liabilities:
Warehouse lines of credit	0	0
Accrued interest payable	0	0
Residual interest financing	0	0
Securitization trust debt	0	0
Subordinated renewable notes	0	0
Fair Value, Inputs, Level 3 [Member]
Assets:
Cash and cash equivalents	0	0
Restricted cash and equivalents	0	0
Finance receivables, net	526,888	841,160
Accrued interest receivable	7,229	11,645
Liabilities:
Warehouse lines of credit	56,668	134,791
Accrued interest payable	5,231	5,254
Residual interest financing	37,544	39,478
Securitization trust debt	2,034,363	2,116,520
Subordinated renewable notes	19,580	17,534
Carrying Value [Member]
Assets:
Cash and cash equivalents	7,475	5,295
Restricted cash and equivalents	139,191	135,537
Finance receivables, net	571,170	885,890
Accrued interest receivable	7,229	11,645
Liabilities:
Warehouse lines of credit	56,668	134,791
Accrued interest payable	5,231	5,254
Residual interest financing	37,544	39,478
Securitization trust debt	2,051,172	2,097,728
Subordinated renewable notes	$ 19,580	$ 17,534