Consumer Portfolio Services (CPSS) 10-Q 10 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	1-11416
Entity Registrant Name	CONSUMER PORTFOLIO SERVICES, INC.
Entity Central Index Key	0000889609
Entity Tax Identification Number	33-0459135
Entity Incorporation, State or Country Code	CA
Entity Address, Address Line One	3800 Howard Hughes Parkway
Entity Address, Address Line Two	Suite 1400
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89169
City Area Code	(949)
Local Phone Number	753-6800
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	CPSS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,073,571

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 28,799	$ 13,466
Restricted cash and equivalents	144,966	130,686
Finance receivables measured at fair value	1,667,193	1,523,726
Finance receivables	282,640	492,133
Less: Allowance for finance credit losses	(68,724)	(80,790)
Finance receivables, net	213,916	411,343
Furniture and equipment, net	1,121	828
Deferred tax assets, net	25,366	28,512
Accrued interest receivable	2,930	5,017
Other assets	22,308	32,317
Total asset	2,106,599	2,145,895
Liabilities
Accounts payable and accrued expenses	51,921	43,112
Warehouse lines of credit	97,768	118,999
Residual interest financing	64,589	25,426
Securitization trust debt	1,703,465	1,803,673
Subordinated renewable notes	27,462	21,323
Total liabilities	1,945,205	2,012,533
COMMITMENTS AND CONTINGENCIES
Shareholders' Equity
Preferred Stock, Value, Issued	0	0
Common stock, no par value; authorized 75,000,000 shares; 23,000,200 and 22,737,342 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	72,399	72,926
Retained earnings	97,566	69,007
Accumulated other comprehensive loss	(8,571)	(8,571)
Total stockholders’ equity	161,394	133,362
Total liability and stockholder’ equity	2,106,599	2,145,895
Series A Preferred Stock [Member]
Shareholders' Equity
Preferred Stock, Value, Issued	0	0
Series B Preferred Stock [Member]
Shareholders' Equity
Preferred Stock, Value, Issued	$ 0	$ 0

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized	4,998,130	4,998,130
Preferred stock, issued	0	0
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares, Issued	23,000,200	22,737,342
Common Stock, Shares, Outstanding	23,000,200	22,737,342
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, issued	0	0
Series B Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized	1,870	1,870
Preferred stock, issued	0	0

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Interest income	$ 67,018	$ 72,582	$ 198,551	$ 227,271
Mark to finance receivables measured at fair value	0	(3,152)	(4,417)	(23,051)
Other income	1,547	1,239	4,312	4,508
Total revenues	68,565	70,669	198,446	208,728
Expenses:
Employee costs	18,170	19,155	57,777	60,826
General and administrative	7,455	7,846	23,034	24,352
Interest	18,334	24,901	58,260	78,377
Provision for credit losses	(1,590)	7,400	(1,590)	14,113
Sales	4,288	3,202	12,475	10,710
Occupancy	1,952	1,838	5,870	5,362
Depreciation and amortization	409	438	1,254	1,344
Total operating expenses	49,018	64,780	157,080	195,084
Income before income tax expense (benefit)	19,547	5,889	41,366	13,644
Income tax expense (benefit)	5,864	2,121	12,807	(3,888)
Net income	$ 13,683	$ 3,768	$ 28,559	$ 17,532
Earnings per share:
Basic	$ 0.59	$ 0.17	$ 1.25	$ 0.77
Diluted	$ 0.52	$ 0.16	$ 1.12	$ 0.74
Number of shares used in computing earnings per share:
Basic	23,011	22,666	22,866	22,630
Diluted	26,218	23,908	25,439	23,825

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net income	$ 13,683	$ 3,768	$ 28,559	$ 17,532
Other comprehensive income/(loss); change in funded status of pension plan	0	0	0	0
Comprehensive income	$ 13,683	$ 3,768	$ 28,559	$ 17,532

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 28,559	$ 17,532
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of deferred acquisition fees and origination costs	651	910
Net interest income accretion on fair value receivables	100,676	98,060
Depreciation and amortization	1,254	1,344
Amortization of deferred financing costs	5,360	6,128
Mark to finance receivables measured at fair value	4,417	23,051
Provision for credit losses	(1,590)	14,113
Stock-based compensation expense	1,265	1,437
Purchases of finance receivables held-for-sale	(23,700)
Sale of finance receivables held-for-sale	23,513
Changes in assets and liabilities:
Accrued interest receivable	2,087	5,354
Deferred tax assets, net	3,146	18,985
Other assets	8,629	1,673
Accounts payable and accrued expenses	8,809	1,979
Net cash provided by operating activities	163,076	190,566
Cash flows from investing activities:
Payments received on finance receivables held for investment	198,366	260,804
Purchases of finance receivables measured at fair value	(795,457)	(572,938)
Payments received on finance receivables at fair value	546,897	354,910
Change in repossessions held in inventory	1,567	3,435
Purchase of furniture and equipment	(1,547)	(820)
Net cash provided by (used in) investing activities	(50,174)	45,391
Cash flows from financing activities:
Proceeds from issuance of securitization trust debt	761,545	714,543
Proceeds from issuance of subordinated renewable notes	7,416	5,120
Payments on subordinated renewable notes	(1,277)	(2,412)
Repayments of warehouse lines of credit	(22,089)	(104,685)
Net Proceeds from (repayment of) residual interest financing debt	39,705	(7,757)
Repayment of securitization trust debt	(861,045)	(764,075)
Payment of financing costs	(5,752)	(4,861)
Purchase of common stock	(3,959)	(967)
Exercise of options and warrants	2,167	470
Net cash used in financing activities	(83,289)	(164,624)
Increase in cash and cash equivalents	29,613	71,333
Cash and restricted cash  at beginning of period	144,152	140,832
Cash and restricted cash at end of period	173,765	212,165
Cash paid (received) during the period for:
Interest	53,931	72,565
Income taxes	$ 8,997	$ (17,561)

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, beginning of period, Shares at Dec. 31, 2019	22,531
Common stock issued upon exercise of options and warrants, Shares	269
Repurchase of common stock, Shares	(291)
Balance, end of period, Shares at Sep. 30, 2020	22,509
Balance, beginning of period at Dec. 31, 2019	$ 71,257	$ 139,805	$ (8,421)
Common stock issued upon exercise of options and warrants	470
Repurchase of common stock	(967)
Cumulative change in accounting principle		(92,469)
Balance, beginning of period (as adjusted for change in accounting principle)		47,336
Pension benefit obligation				0
Stock-based compensation	1,437
Net income		17,532		17,532
Balance at end at Sep. 30, 2020	$ 72,197	64,868	(8,421)	128,644
Balance, beginning of period, Shares at Jun. 30, 2020	22,715
Common stock issued upon exercise of options and warrants, Shares	13
Repurchase of common stock, Shares	(219)
Balance, end of period, Shares at Sep. 30, 2020	22,509
Balance, beginning of period at Jun. 30, 2020	$ 72,402	61,100	(8,421)
Common stock issued upon exercise of options and warrants	18
Repurchase of common stock	(762)
Cumulative change in accounting principle
Balance, beginning of period (as adjusted for change in accounting principle)		61,100
Pension benefit obligation				0
Stock-based compensation	539
Net income		3,768		3,768
Balance at end at Sep. 30, 2020	$ 72,197	64,868	(8,421)	128,644
Balance, beginning of period, Shares at Dec. 31, 2020	22,737
Common stock issued upon exercise of options and warrants, Shares	1,055
Repurchase of common stock, Shares	(792)
Balance, end of period, Shares at Sep. 30, 2021	23,000
Balance, beginning of period at Dec. 31, 2020	$ 72,926	69,007	(8,571)	133,362
Common stock issued upon exercise of options and warrants	2,167
Repurchase of common stock	(3,959)
Cumulative change in accounting principle
Balance, beginning of period (as adjusted for change in accounting principle)		69,007
Pension benefit obligation				0
Stock-based compensation	1,265
Net income		28,559		28,559
Balance at end at Sep. 30, 2021	$ 72,399	97,566	(8,571)	161,394
Balance, beginning of period, Shares at Jun. 30, 2021	23,055
Common stock issued upon exercise of options and warrants, Shares	379
Repurchase of common stock, Shares	(434)
Balance, end of period, Shares at Sep. 30, 2021	23,000
Balance, beginning of period at Jun. 30, 2021	$ 73,204	83,884	(8,571)
Common stock issued upon exercise of options and warrants	1,042
Repurchase of common stock	(2,377)
Cumulative change in accounting principle
Balance, beginning of period (as adjusted for change in accounting principle)		83,884
Pension benefit obligation				0
Stock-based compensation	530
Net income		13,683		13,683
Balance at end at Sep. 30, 2021	$ 72,399	$ 97,566	$ (8,571)	$ 161,394

(1) Summary of Significant Acco

(1) Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
(1) Summary of Significant Accounting Policies	(1) Summary of Significant Accounting Policies Description of Business We were formed in California on March 8, 1991. We specialize in purchasing and servicing retail automobile installment sale contracts (“automobile contracts” or “finance receivables”) originated by licensed motor vehicle dealers located throughout the United States (“dealers”) in the sale of new and used automobiles, light trucks and passenger vans. Through our purchases, we provide indirect financing to dealer customers for borrowers with limited credit histories or past credit problems (“sub-prime customers”). We serve as an alternative source of financing for dealers, allowing sales to customers who otherwise might not be able to obtain financing. In addition to purchasing installment purchase contracts directly from dealers, we have also (i) lent money directly to consumers for loans secured by vehicles, (ii) purchased immaterial amounts of vehicle purchase money loans from non-affiliated lenders, and (iii) acquired installment purchase contracts in four merger and acquisition transactions. In this report, we refer to all of such contracts and loans as "automobile contracts." Basis of Presentation Our Unaudited Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America, with the instructions to Form 10-Q and with Article 10 of Regulation S-X of the Securities and Exchange Commission, and include all adjustments that are, in management’s opinion, necessary for a fair presentation of the results for the interim periods presented. All such adjustments are, in the opinion of management, of a normal recurring nature. Results for the nine-month period ended September 30, 2021 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, 2020. 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. There are no adjustments to the carrying value of the portion of the receivables portfolio accounted for at fair value in the third quarter of 2021. Results for the third quarter of 2020 include a $3.2 million mark down. Mark downs of $4.4 million and $23.1 million were included in the results for the nine months ending September 30, 2021 and 2020, respectively. The mark down is an estimate based on our evaluation of the appropriate fair value and future earnings rate of existing receivables compared to recently acquired receivables and our assessment of potential additional future net losses. Mark downs are reflected as a reduction in revenue. Anticipated credit losses are included in our estimation of cash to be received with respect to receivables. Because such credit losses are included in our computation of the appropriate level yield, we do not thereafter make periodic provision for credit losses, as our best estimate of the lifetime aggregate of credit losses is included in that initial computation. Also, because we include anticipated credit losses in our computation of the level yield, the computed level yield is materially lower than the average contractual rate applicable to the receivables. Because our initial recorded value is fixed as the price we pay for the receivable, rather than as the contractual principal balance, we do not record acquisition fees as an amortizing asset related to the receivables, nor do we capitalize costs of acquiring the receivables. Rather we recognize the costs of acquisition as expenses in the period incurred. Other Income The following table presents the primary components of Other Income for the three-month and nine-month periods ending September 30, 2021 and 2020: Schedule of other income Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Direct mail revenues $ 779 $ 760 $ 2,648 $ 2,444 Convenience fee revenue 120 280 540 1,340 Recoveries on previously charged-off contracts 18 4 78 79 Sales tax refunds 134 192 423 601 Other 496 3 623 44 Other income for the period $ 1,547 $ 1,239 $ 4,312 $ 4,508 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 September 30, December 31, 2021 2020 (In thousands) Operating Leases Operating lease right-of-use assets $ 25,820 $ 23,735 Less: Accumulated amortization right-of-use assets (16,238 ) (12,792 ) Operating lease right-of-use assets, net $ 9,582 $ 10,943 Operating lease liabilities $ (10,471 ) $ (12,096 ) Finance Leases Property and equipment, at cost $ 3,407 $ 3,407 Less: Accumulated depreciation (2,069 ) (1,226 ) Property and equipment, net $ 1,338 $ 2,181 Finance lease liabilities $ (1,408 ) $ (2,243 ) Weighted Average Discount Rate Operating lease 5.0 5.0 Finance lease 6.5 6.5 Maturities of leases Maturities of lease liabilities were as follows: (In thousands) Operating Finance Year Ending December 31, Lease Lease 2021 (excluding the nine months ended September 30, 2021) $ 1,811 $ 305 2022 6,433 1,050 2023 1,888 84 2024 921 26 2025 794 9 Thereafter 1,661 – Total undiscounted lease payments 13,508 1,474 Less amounts representing interest (3,037 ) (66 ) Lease Liability $ 10,471 $ 1,408 The following table presents the lease expense included in General and administrative and Occupancy expense on our Unaudited Condensed Consolidated Statement of Operations: Lease information Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Operating lease cost $ 1,768 $ 1,885 $ 5,398 $ 5,654 Finance lease cost 308 299 924 871 Total lease cost $ 2,076 $ 2,184 $ 6,322 $ 6,525 The following table presents the supplemental cash flow information related to leases: Supplemental cash flow information related to leases Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: (In thousands) (In thousands) Operating cash flows from operating leases $ 1,840 $ 1,945 $ 5,662 $ 5,803 Operating cash flows from finance leases 283 256 834 737 Financing cash flows from finance leases 25 42 90 133 Stock-based Compensation We recognize compensation costs in the financial statements for all share-based payments based on the grant date fair value estimated in accordance with the provisions of ASC 718 “Stock Compensation”. For the three and nine months ended September 30, 2021, we recorded stock-based compensation costs in the amount of $ 530,000 1.3 539,000 1.4 5.6 2.5 The following represents stock option activity for the nine months ended September 30, 2021: Share-based Payment Arrangement, Option, Activity Weighted Number of Weighted Average Shares Average Remaining (in thousands) Exercise Price Contractual Term Options outstanding at the beginning of period 15,977 $ 4.46 N/A Granted 1,460 4.95 N/A Exercised (1,055 ) 2.06 N/A Forfeited (2,071 ) 6.31 N/A Options outstanding at the end of period 14,311 $ 4.42 2.89 Options exercisable at the end of period 10,916 $ 4.61 1.97 The following table presents the price distribution of stock options outstanding and exercisable for the years ended September 30, 2021 and December 31, 2020: Schedule of stock options outstanding and exercisable Number of shares as of Number of shares as of September 30, 2021 December 31, 2020 Outstanding Exercisable Outstanding Exercisable Range of exercise prices: (In thousands) (In thousands) $0.95 - $1.99 1,257 1,257 1,904 1,904 $2.00 - $2.99 1,525 497 1,570 180 $3.00 - $3.99 4,479 3,572 4,973 3,306 $4.00 - $4.99 2,925 1,465 1,540 1,217 $5.00 - $5.99 – – – – $6.00 - $6.99 2,935 2,935 4,770 4,770 $7.00 - $7.99 1,190 1,190 1,220 1,220 Total shares 14,311 10,916 15,977 12,597 At September 30, 2021 the aggregate intrinsic value of options outstanding and exercisable was $ 24.1 17.4 1,054,541 269,100 1.1 308,000 881,000 Purchases of Company Stock The table below describes the purchase of our common stock for the nine-month ended September 30, 2021 and 2020: Schedule of purchases of company stock Nine Months Ended September 30, 2021 September 30, 2020 Shares Avg. Price Shares Avg. Price Open market purchases 734,700 $ 5.03 44,247 $ 2.94 Shares redeemed upon net exercise of stock options 56,983 4.47 46,909 2.86 Other purchases – – 200,000 3.51 Total stock purchases 791,683 $ 4.99 291,156 $ 3.32 Reclassifications Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on net income or shareholders’ equity. Financial Covenants Certain of our securitization transactions, our warehouse credit facilities and our residual interest financing contain various financial covenants requiring minimum financial ratios and results. Such covenants include maintaining minimum levels of liquidity and net worth and not exceeding maximum leverage levels. As of September 30, 2021, 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. 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.” 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 significant 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	9 Months Ended
	Sep. 30, 2021
Finance Receivables
(2) Finance Receivables	(2) Finance Receivables Our portfolio of finance receivables consists of small-balance homogeneous contracts comprising a single segment and class that is collectively evaluated for impairment on a portfolio basis according to delinquency status. Our contract purchase guidelines are designed to produce a homogenous portfolio. For key terms such as interest rate, length of contract, monthly payment and amount financed, there is relatively little variation from the average for the portfolio. We report delinquency on a contractual basis. Once a contract becomes greater than 90 days delinquent, we do not recognize additional interest income until the obligor under the contract makes sufficient payments to be less than 90 days delinquent. Any payments received on a contract that is greater than 90 days delinquent are first applied to accrued interest and then to principal reduction. In January 2018 the Company adopted the fair value method of accounting for finance receivables acquired after 2017. Finance receivables measured at fair value are recorded separately on the Company’s Balance Sheet and are excluded from all tables in this footnote. The following table presents the components of Finance Receivables, net of unearned interest: Schedule of finance receivables September 30, December 31, 2021 2020 Finance receivables (In thousands) Automobile finance receivables, net of unearned interest $ 282,744 $ 491,307 Unearned acquisition fees and originations costs (104 ) 826 Finance receivables $ 282,640 $ 492,133 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 September 30, 2021 and December 31, 2020: Schedule of delinquency status of finance receivables September 30, December 31, 2021 2020 (In thousands) Delinquency Status Current $ 234,782 $ 406,693 31 - 60 days 33,929 56,572 61 - 90 days 11,734 22,660 91 + days 2,299 5,382 $ 282,744 $ 491,307 Finance receivables totaling $ 2.3 5.4 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. For the pools in the relevant historical period, we consider each pool’s performance from its inception through the end of the current period. We then apply the results of the historical analysis to less seasoned vintage pools beginning with each vintage pool’s most recent actual cumulative net loss experience and extrapolating from that point based on the historical data. We believe the pattern and magnitude of losses on older vintages allows us to establish a reasonable and supportable forecast of less seasoned vintages. Our contract purchase guidelines are designed to produce a homogenous portfolio. For key credit characteristics of individual contracts such as obligor credit history, job stability, residence stability and ability to pay, there is relatively little variation from the average for the portfolio. Similarly, for key structural characteristics such as loan-to-value, length of contract, monthly payment and amount financed, there is relatively little variation from the average for the portfolio. Consequently, we do not believe there are significant differences in risk characteristics between various segments of our portfolio. Our methodology incorporates historical pools that are sufficiently seasoned to capture the magnitude and trends of losses within those vintage pools. Furthermore, the historical period encompasses a substantial volume of receivables over periods that include fluctuations in the competitive landscape, the Company’s rates of growth, size of our managed portfolio and fluctuations in economic growth and unemployment. In consideration of the depth and breadth of the historical period, and the homogeneity of our portfolio, we generally do not adjust historical loss information for differences in risk characteristics such as credit or structural composition of segments of the portfolio or for changes in environmental conditions such as changes in unemployment rates, collateral values or other factors. However, we have considered how certain qualitative factors may affect future credit losses and have incorporated our judgement of the effect of such factors into our estimates. Effective January 1, 2020, the Company adopted Accounting Standards Codification ("ASC") 326, which changes the criteria under which credit losses on financial instruments (such as the Company’s finance receivables) are measured. ASC 326 introduced 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. 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 The following table presents the amortized cost basis of our finance receivables by annual vintage as of September 30, 2021 and December 31, 2020. Schedule of amortized cost basis of finance receivables September 30, December 31, 2021 2020 (In thousands) Annual Vintage Pool 2012 and prior $ 203 $ 608 2013 1,575 4,483 2014 9,382 23,115 2015 38,397 78,457 2016 94,092 163,677 2017 139,095 220,967 $ 282,744 $ 491,307 The following table presents a summary of the activity for the allowance for finance credit losses for the three-month and nine-month periods ended September 30, 2021 and 2020: Schedule of allowance for finance credit losses Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Balance at beginning of period $ 72,242 $ 98,602 $ 80,790 $ 11,640 Early adoption of CECL – – – 127,000 Provision for credit losses on finance receivables (1,590 ) 7,400 (1,590 ) 14,113 Charge-offs (6,336 ) (15,574 ) (25,157 ) (73,096 ) Recoveries 4,408 3,790 14,681 14,561 Balance at end of period $ 68,724 $ 94,218 $ 68,724 $ 94,218 For the three and nine months ended September 30, 2021, we recorded a reduction to provision for credit losses on finance receivables in the amount of $ 1.6 7.4 14.1 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 September 30, December 31, 2021 2020 (In thousands) Gross balance of repossessions in inventory $ 4,642 $ 15,589 Allowance for losses on repossessed inventory (2,410 ) (11,790 ) Net repossessed inventory included in other assets $ 2,232 $ 3,799

(3) Securitization Trust Debt

(3) Securitization Trust Debt	9 Months Ended
	Sep. 30, 2021
Securitization Trust Debt
(3) Securitization Trust Debt	(3) Securitization Trust Debt We have completed many securitization transactions that are structured as secured borrowings for financial accounting purposes. The debt issued in these transactions is shown on our Unaudited Condensed Consolidated Balance Sheets as “Securitization trust debt,” and the components of such debt are summarized in the following table: Schedule of Long-term Debt Instruments Weighted Average Final Receivables Outstanding Outstanding Contractual Scheduled Pledged at Principal at Principal at Interest Rate at Payment September 30, Initial September 30, December 31, September 30, Series Date (1) 2021 (2) Principal 2021 2020 2021 (Dollars in thousands) CPS 2016-A March 2023 – 329,460 – 37,158 – CPS 2016-B June 2023 – 332,690 – 46,079 – CPS 2016-C September 2023 26,578 318,500 25,373 47,325 8.39% CPS 2016-D April 2024 22,636 206,325 19,402 36,455 6.86 CPS 2017-A April 2024 25,943 206,320 22,163 40,619 6.84% CPS 2017-B December 2023 32,980 225,170 17,592 39,016 5.75% CPS 2017-C September 2024 35,175 224,825 30,272 47,553 5.40% CPS 2017-D June 2024 36,323 196,300 31,136 49,297 4.77% CPS 2018-A March 2025 40,366 190,000 34,447 53,549 4.54% CPS 2018-B December 2024 49,034 201,823 42,028 66,955 4.98% CPS 2018-C September 2025 55,619 230,275 49,803 77,345 5.14% CPS 2018-D June 2025 67,792 233,730 57,940 88,228 4.98% CPS 2019-A March 2026 84,896 254,400 72,357 114,373 4.76% CPS 2019-B June 2026 83,881 228,275 72,804 118,982 4.42% CPS 2019-C September 2026 98,171 243,513 88,668 142,080 3.62% CPS 2019-D December 2026 126,247 274,313 115,544 181,485 3.09% CPS 2020-A March 2027 121,595 260,000 117,252 184,944 3.18% CPS 2020-B June 2027 127,469 202,343 104,048 164,403 4.18% CPS 2020-C November 2027 172,254 252,200 162,049 231,961 2.11% CPS 2021-A March 2028 186,415 230,545 171,918 – 0.88% CPS 2021-B June 2028 211,244 240,000 203,796 – 1.14% CPS 2021-C September 2028 286,516 291,000 276,228 – 1.04% $ 1,891,134 $ 5,372,007 $ 1,714,820 $ 1,767,807 _________________ (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 $ 208.3 606.7 516.1 129.9 146.5 73.9 21.5 (2) Includes repossessed assets that are included in Other assets on our Unaudited Condensed Consolidated Balance Sheet. Debt issuance costs of $ 11.4 10.6 All of the securitization trust debt was sold in private placement transactions to qualified institutional buyers. The debt was issued through our wholly-owned bankruptcy remote subsidiaries and is secured by the assets of such subsidiaries, but not by our other assets. The terms of the securitization agreements related to the issuance of the securitization trust debt and the warehouse credit facilities require that we meet certain delinquency and credit loss criteria with respect to the pool of receivables, and certain of the agreements require that we maintain minimum levels of liquidity and not exceed maximum leverage levels. As of September 30, 2021, we were in compliance with all such covenants. We are responsible for the administration and collection of the automobile contracts. The securitization agreements also require certain funds be held in restricted cash accounts to provide additional collateral for the borrowings, to be applied to make payments on the securitization trust debt or as pre-funding proceeds from a term securitization prior to the purchase of additional collateral. As of September 30, 2021, restricted cash under the various agreements totaled approximately $ 145.0 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	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
(4) Debt	(4) Debt The terms and amounts of our other debt outstanding at September 30, 2021 and December 31, 2020 are summarized below: Schedule of debt outstanding Amount Outstanding at September December 31, 2021 2020 (In thousands) Description Interest Rate Maturity Warehouse lines of credit 5.50% over one month Libor (Minimum 6.50%) N/A $ – $ 42,558 3.00% over one month Libor (Minimum 3.75%) December 2022 60,713 45,689 4.00% over a commercial paper rate (Minimum 5.00%) December 2021 37,710 32,265 Residual interest financing 8.60% January 2026 15,281 25,576 7.86% June 2026 50,000 – Subordinated renewable notes Weighted average rate of 9.35% and 10.09% at September 30, 2021 and December 31, 2020, respectively Weighted average maturity of October 2023 and January 2023 at September 30, 2021 and December 31, 2020, respectively 27,462 21,323 $ 191,166 $ 167,411 As of December 31, 2020, we had short-term funding capacity of $ 300 200 Unamortized debt issuance costs of $ 692,000 150,000 655,000 1.5

(5) Interest Income and Interes

(5) Interest Income and Interest Expense	9 Months Ended
	Sep. 30, 2021
Interest Income (Expense), Net [Abstract]
(5) Interest Income and Interest Expense	(5) Interest Income and Interest Expense The following table presents the components of interest income: Schedule of interest income Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Interest on finance receivables $ 16,062 $ 29,753 $ 56,652 $ 101,333 Interest on finance receivables at fair value 50,951 42,808 141,882 125,273 Mark to finance receivables measured at fair value – (3,152 ) (4,417 ) (23,051 ) Other interest income 5 21 17 665 Interest income $ 67,018 $ 69,430 $ 194,134 $ 204,220 The following table presents the components of interest expense: Schedule of interest expense Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Securitization trust debt $ 15,292 $ 21,605 $ 50,568 $ 67,770 Warehouse lines of credit 929 1,856 3,264 6,294 Residual interest financing 1,413 876 2,446 2,734 Subordinated renewable notes 700 564 1,982 1,579 Interest expense $ 18,334 $ 24,901 $ 58,260 $ 78,377

(6) Earnings Per Share

(6) Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share, Basic and Diluted [Abstract]
(6) Earnings Per Share	(6) Earnings Per Share Earnings per share for the three-month and nine-month periods ended September 30, 2021 and 2020 were calculated using the weighted average number of shares outstanding for the related period. The following table reconciles the number of shares used in the computations of basic and diluted earnings per share for the three-month and nine-month periods ended September 30, 2021 and 2020: Computation of earnings per share Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Weighted average number of common shares outstanding during the period used to compute basic earnings per share 23,011 22,666 22,866 22,630 Incremental common shares attributable to exercise of outstanding options and warrants 3,207 1,242 2,573 1,195 Weighted average number of common shares used to compute diluted earnings per share 26,218 23,908 25,439 23,825 If the anti-dilutive effects of common stock equivalents were considered, shares included in the diluted earnings per share calculation for the three-month and nine-month periods ended September 30, 2021 would have included an additional 5.6 5.8 14.2 13.5

(7) Income Taxes

(7) Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
(7) Income Taxes	(7) Income Taxes We file numerous consolidated and separate income tax returns with the United States and with many states. With few exceptions, we are no longer subject to U.S. federal, state, or local examinations by tax authorities for years before 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 As of September 30, 2021, and December 31, 2020, 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 $ 25.4 14.6 10.8 Income tax expense was $ 5.9 12.8 30 31 2.1 3.9

(8) Legal Proceedings

(8) Legal Proceedings	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
(8) Legal Proceedings	(8) Legal Proceedings 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. There are as of the date of this report two civil actions that could possibly result in a material liability, if resolved adversely and on a class basis, as the respective plaintiffs allege would be appropriate. Following our filing of a complaint for a deficiency judgment in the Superior Court at Waterbury, Connecticut, the defendant filed a cross-claim alleging that our deficiency notices were not compliant with Connecticut law, and seeking relief on behalf of a class of Connecticut obligors whose vehicles we had repossessed. The defendant’s contract provides for resolution of disputes exclusively by arbitration, and exclusively on an individual basis, not a class basis. In August 2021, the court denied our motion to compel arbitration, without opinion. As of the date of this report, no motion for certification of a class has been filed or granted. Also in August 2021, an obligor in Florida filed a complaint in the Circuit Court of Miami-Dade County, alleging that our assessment and computation of late fees was deceptive and unfair, and also alleging that resolution on a class basis would be appropriate. The plaintiff is bound by an agreement to arbitrate all claims, and to resolve claims on an individual basis and not on a class basis. The Company has removed the case to the federal district court, and plans to file a motion to compel arbitration, on an individual basis in accordance with the terms of the plaintiff’s agreement. 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	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
(9) Fair Value Measurements	(9) Fair Value Measurements ASC 820, "Fair Value Measurements" clarifies the principle that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. Under the standard, fair value measurements would be separately disclosed by level within the fair value hierarchy. ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The three levels are defined as follows: level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. Effective January 2018 we have elected to use the fair value method to value our portfolio of finance receivables acquired in January 2018 and thereafter. Our valuation policies and procedures have been developed by our Accounting department in conjunction with our Risk department and with consultation with outside valuation experts. Our policies and procedures have been approved by our Chief Executive and our Board of Directors and include methodologies for valuation, internal reporting, calibration and back testing. Our periodic review of valuations includes an analysis of changes in fair value measurements and documentation of the reasons for such changes. There is little available third-party information such as broker quotes or pricing services available to assist us in our valuation process. Our level 3, unobservable inputs reflect our own assumptions about the factors that market participants use in pricing similar receivables and are based on the best information available in the circumstances. They include such inputs as estimates for the magnitude and timing of net charge-offs and the rate of amortization of the portfolio of finance receivable. Significant changes in any of those inputs in isolation would have a significant effect on our fair value measurement. For the quarter ended September 30, 2021, the Company evaluated the appropriate fair value and future earnings rate of existing receivables compared to recently acquired receivables and our assessment of potential additional future net losses on the portfolio of finance receivables carried at fair value and did not record a mark down to that portfolio. The table below presents a reconciliation of the finance receivables measured at fair value on a recurring basis using significant unobservable inputs: Schedule of reconciliation of the finance receivables measured at fair value on a recurring basis Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Balance at beginning of period $ 1,582,175 $ 1,537,649 $ 1,523,726 $ 1,444,038 Finance receivables at fair value acquired during period 310,340 173,209 795,457 572,938 Payments received on finance receivables at fair value (191,458 ) (132,847 ) (546,897 ) (354,910 ) Net interest income accretion on fair value receivables (33,864 ) (33,904 ) (100,676 ) (98,060 ) Mark to fair value – (3,152 ) (4,417 ) (23,051 ) Balance at end of period $ 1,667,193 $ 1,540,955 $ 1,667,193 $ 1,540,955 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 September 30, 2021 December 31, 2020 Contractual Fair Contractual Fair Balance Value Balance Value (In thousands) Finance receivables measured at fair value $ 1,874,111 $ 1,667,193 $ 1,668,076 $ 1,523,726 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 September 30, December 31, September 30, December 31, 2021 2020 Unobservable Inputs 2021 2020 (In thousands) Assets: Finance receivables measured at fair value $ 1,667,193 $ 1,523,726 Discount rate 10.9 11.3 10.4 11.1 Cumulative net losse 10.3 18.4 15.3 18.4 The following table summarizes the delinquency status of these finance receivables measured at fair value as of September 30, 2021 and December 31, 2020: Schedule of delinquency status of finance receivables measured at fair value June 30, December 31, 2021 2020 (In thousands) Delinquency Status Current $ 1,722,619 $ 1,505,486 31 - 60 days 93,723 96,296 61 - 90 days 31,221 36,436 91 + days 9,445 9,607 Repo 17,103 20,251 $ 1,874,111 $ 1,668,076 Repossessed vehicle inventory, which is included in Other assets on our unaudited condensed consolidated balance sheet, is measured at fair value using level 2 assumptions based on our actual loss experience on sale of repossessed vehicles. At September 30, 2021 the finance receivables related to the repossessed vehicles in inventory totaled $ 4.6 2.4 2.2 3.8 11.8 There were no transfers in or out of level 1, level 2 or level 3 assets and liabilities for the nine months ended September 30, 2021 and 2020. The estimated fair values of financial assets and liabilities at September 30, 2021 and December 31, 2020, were as follows: Schedule of estimated fair values of financial assets and liabilities As of September 30, 2021 Financial Instrument (In thousands) Carrying Fair Value Measurements Using: Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 28,799 $ 28,799 $ – $ – $ 28,799 Restricted cash and equivalents 144,966 144,966 – – 144,966 Finance receivables, net 213,916 – – 219,530 219,530 Accrued interest receivable 2,930 – – 2,930 2,930 Liabilities: Warehouse lines of credit $ 97,768 $ – $ – $ 97,768 $ 97,768 Accrued interest payable 3,888 – – 3,888 3,888 Securitization trust debt 1,703,465 – – 1,445,461 1,445,461 Subordinated renewable notes 27,462 – – 27,462 27,462 As of December 31, 2020 Financial Instrument (In thousands) Carrying Fair Value Measurements Using: Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 13,466 $ 13,466 $ – $ – $ 13,466 Restricted cash and equivalents 130,686 130,686 – – 130,686 Finance receivables, net 411,343 – – 429,972 429,972 Accrued interest receivable 5,017 – – 5,017 5,017 Liabilities: Warehouse lines of credit $ 118,999 $ – $ – $ 118,999 $ 118,999 Accrued interest payable 4,919 – – 4,919 4,919 Securitization trust debt 1,803,673 – – 1,862,630 1,862,630 Subordinated renewable notes 21,323 – – 21,323 21,323

(10) Subsequent Events

(10) Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
(10) Subsequent Events	(10) Subsequent Events On October 20, 2021, the Company purchased 1,999,995 shares of its stock for a purchase price of $12.5 million. The shares were acquired by the seller in 2018 upon the exercise of a warrant that the Company issued to its lender upon the 2008 amendment and partial repayment of outstanding debt under a residual interest financing. The shares purchased, which represent approximately 8.7% of the common shares outstanding prior to the transaction, have been cancelled and retired.

(1) Summary of Significant Ac_2

(1) Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
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 nine-month period ended September 30, 2021 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, 2020.
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. There are no adjustments to the carrying value of the portion of the receivables portfolio accounted for at fair value in the third quarter of 2021. Results for the third quarter of 2020 include a $3.2 million mark down. Mark downs of $4.4 million and $23.1 million were included in the results for the nine months ending September 30, 2021 and 2020, respectively. The mark down is an estimate based on our evaluation of the appropriate fair value and future earnings rate of existing receivables compared to recently acquired receivables and our assessment of potential additional future net losses. Mark downs are reflected as a reduction in revenue. Anticipated credit losses are included in our estimation of cash to be received with respect to receivables. Because such credit losses are included in our computation of the appropriate level yield, we do not thereafter make periodic provision for credit losses, as our best estimate of the lifetime aggregate of credit losses is included in that initial computation. Also, because we include anticipated credit losses in our computation of the level yield, the computed level yield is materially lower than the average contractual rate applicable to the receivables. Because our initial recorded value is fixed as the price we pay for the receivable, rather than as the contractual principal balance, we do not record acquisition fees as an amortizing asset related to the receivables, nor do we capitalize costs of acquiring the receivables. Rather we recognize the costs of acquisition as expenses in the period incurred.
Other Income	Other Income The following table presents the primary components of Other Income for the three-month and nine-month periods ending September 30, 2021 and 2020: Schedule of other income Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Direct mail revenues $ 779 $ 760 $ 2,648 $ 2,444 Convenience fee revenue 120 280 540 1,340 Recoveries on previously charged-off contracts 18 4 78 79 Sales tax refunds 134 192 423 601 Other 496 3 623 44 Other income for the period $ 1,547 $ 1,239 $ 4,312 $ 4,508
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 September 30, December 31, 2021 2020 (In thousands) Operating Leases Operating lease right-of-use assets $ 25,820 $ 23,735 Less: Accumulated amortization right-of-use assets (16,238 ) (12,792 ) Operating lease right-of-use assets, net $ 9,582 $ 10,943 Operating lease liabilities $ (10,471 ) $ (12,096 ) Finance Leases Property and equipment, at cost $ 3,407 $ 3,407 Less: Accumulated depreciation (2,069 ) (1,226 ) Property and equipment, net $ 1,338 $ 2,181 Finance lease liabilities $ (1,408 ) $ (2,243 ) Weighted Average Discount Rate Operating lease 5.0 5.0 Finance lease 6.5 6.5 Maturities of leases Maturities of lease liabilities were as follows: (In thousands) Operating Finance Year Ending December 31, Lease Lease 2021 (excluding the nine months ended September 30, 2021) $ 1,811 $ 305 2022 6,433 1,050 2023 1,888 84 2024 921 26 2025 794 9 Thereafter 1,661 – Total undiscounted lease payments 13,508 1,474 Less amounts representing interest (3,037 ) (66 ) Lease Liability $ 10,471 $ 1,408 The following table presents the lease expense included in General and administrative and Occupancy expense on our Unaudited Condensed Consolidated Statement of Operations: Lease information Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Operating lease cost $ 1,768 $ 1,885 $ 5,398 $ 5,654 Finance lease cost 308 299 924 871 Total lease cost $ 2,076 $ 2,184 $ 6,322 $ 6,525 The following table presents the supplemental cash flow information related to leases: Supplemental cash flow information related to leases Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: (In thousands) (In thousands) Operating cash flows from operating leases $ 1,840 $ 1,945 $ 5,662 $ 5,803 Operating cash flows from finance leases 283 256 834 737 Financing cash flows from finance leases 25 42 90 133
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 nine months ended September 30, 2021, we recorded stock-based compensation costs in the amount of $ 530,000 1.3 539,000 1.4 5.6 2.5 The following represents stock option activity for the nine months ended September 30, 2021: Share-based Payment Arrangement, Option, Activity Weighted Number of Weighted Average Shares Average Remaining (in thousands) Exercise Price Contractual Term Options outstanding at the beginning of period 15,977 $ 4.46 N/A Granted 1,460 4.95 N/A Exercised (1,055 ) 2.06 N/A Forfeited (2,071 ) 6.31 N/A Options outstanding at the end of period 14,311 $ 4.42 2.89 Options exercisable at the end of period 10,916 $ 4.61 1.97 The following table presents the price distribution of stock options outstanding and exercisable for the years ended September 30, 2021 and December 31, 2020: Schedule of stock options outstanding and exercisable Number of shares as of Number of shares as of September 30, 2021 December 31, 2020 Outstanding Exercisable Outstanding Exercisable Range of exercise prices: (In thousands) (In thousands) $0.95 - $1.99 1,257 1,257 1,904 1,904 $2.00 - $2.99 1,525 497 1,570 180 $3.00 - $3.99 4,479 3,572 4,973 3,306 $4.00 - $4.99 2,925 1,465 1,540 1,217 $5.00 - $5.99 – – – – $6.00 - $6.99 2,935 2,935 4,770 4,770 $7.00 - $7.99 1,190 1,190 1,220 1,220 Total shares 14,311 10,916 15,977 12,597 At September 30, 2021 the aggregate intrinsic value of options outstanding and exercisable was $ 24.1 17.4 1,054,541 269,100 1.1 308,000 881,000
Purchases of Company Stock	Purchases of Company Stock The table below describes the purchase of our common stock for the nine-month ended September 30, 2021 and 2020: Schedule of purchases of company stock Nine Months Ended September 30, 2021 September 30, 2020 Shares Avg. Price Shares Avg. Price Open market purchases 734,700 $ 5.03 44,247 $ 2.94 Shares redeemed upon net exercise of stock options 56,983 4.47 46,909 2.86 Other purchases – – 200,000 3.51 Total stock purchases 791,683 $ 4.99 291,156 $ 3.32
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 September 30, 2021, 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.
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.” 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 significant 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)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of other income	Schedule of other income Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Direct mail revenues $ 779 $ 760 $ 2,648 $ 2,444 Convenience fee revenue 120 280 540 1,340 Recoveries on previously charged-off contracts 18 4 78 79 Sales tax refunds 134 192 423 601 Other 496 3 623 44 Other income for the period $ 1,547 $ 1,239 $ 4,312 $ 4,508
Supplemental balance sheet information related to leases	Supplemental balance sheet information related to leases September 30, December 31, 2021 2020 (In thousands) Operating Leases Operating lease right-of-use assets $ 25,820 $ 23,735 Less: Accumulated amortization right-of-use assets (16,238 ) (12,792 ) Operating lease right-of-use assets, net $ 9,582 $ 10,943 Operating lease liabilities $ (10,471 ) $ (12,096 ) Finance Leases Property and equipment, at cost $ 3,407 $ 3,407 Less: Accumulated depreciation (2,069 ) (1,226 ) Property and equipment, net $ 1,338 $ 2,181 Finance lease liabilities $ (1,408 ) $ (2,243 ) Weighted Average Discount Rate Operating lease 5.0 5.0 Finance lease 6.5 6.5
Maturities of leases	Maturities of leases Maturities of lease liabilities were as follows: (In thousands) Operating Finance Year Ending December 31, Lease Lease 2021 (excluding the nine months ended September 30, 2021) $ 1,811 $ 305 2022 6,433 1,050 2023 1,888 84 2024 921 26 2025 794 9 Thereafter 1,661 – Total undiscounted lease payments 13,508 1,474 Less amounts representing interest (3,037 ) (66 ) Lease Liability $ 10,471 $ 1,408
Lease information	Lease information Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Operating lease cost $ 1,768 $ 1,885 $ 5,398 $ 5,654 Finance lease cost 308 299 924 871 Total lease cost $ 2,076 $ 2,184 $ 6,322 $ 6,525
Supplemental cash flow information related to leases	Supplemental cash flow information related to leases Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: (In thousands) (In thousands) Operating cash flows from operating leases $ 1,840 $ 1,945 $ 5,662 $ 5,803 Operating cash flows from finance leases 283 256 834 737 Financing cash flows from finance leases 25 42 90 133
Share-based Payment Arrangement, Option, Activity	Share-based Payment Arrangement, Option, Activity Weighted Number of Weighted Average Shares Average Remaining (in thousands) Exercise Price Contractual Term Options outstanding at the beginning of period 15,977 $ 4.46 N/A Granted 1,460 4.95 N/A Exercised (1,055 ) 2.06 N/A Forfeited (2,071 ) 6.31 N/A Options outstanding at the end of period 14,311 $ 4.42 2.89 Options exercisable at the end of period 10,916 $ 4.61 1.97
Schedule of stock options outstanding and exercisable	Schedule of stock options outstanding and exercisable Number of shares as of Number of shares as of September 30, 2021 December 31, 2020 Outstanding Exercisable Outstanding Exercisable Range of exercise prices: (In thousands) (In thousands) $0.95 - $1.99 1,257 1,257 1,904 1,904 $2.00 - $2.99 1,525 497 1,570 180 $3.00 - $3.99 4,479 3,572 4,973 3,306 $4.00 - $4.99 2,925 1,465 1,540 1,217 $5.00 - $5.99 – – – – $6.00 - $6.99 2,935 2,935 4,770 4,770 $7.00 - $7.99 1,190 1,190 1,220 1,220 Total shares 14,311 10,916 15,977 12,597
Schedule of purchases of company stock	Schedule of purchases of company stock Nine Months Ended September 30, 2021 September 30, 2020 Shares Avg. Price Shares Avg. Price Open market purchases 734,700 $ 5.03 44,247 $ 2.94 Shares redeemed upon net exercise of stock options 56,983 4.47 46,909 2.86 Other purchases – – 200,000 3.51 Total stock purchases 791,683 $ 4.99 291,156 $ 3.32

(2) Finance Receivables (Tables

(2) Finance Receivables (Tables)	9 Months Ended
	Sep. 30, 2021
Finance Receivables
Schedule of finance receivables	Schedule of finance receivables September 30, December 31, 2021 2020 Finance receivables (In thousands) Automobile finance receivables, net of unearned interest $ 282,744 $ 491,307 Unearned acquisition fees and originations costs (104 ) 826 Finance receivables $ 282,640 $ 492,133
Schedule of delinquency status of finance receivables	Schedule of delinquency status of finance receivables September 30, December 31, 2021 2020 (In thousands) Delinquency Status Current $ 234,782 $ 406,693 31 - 60 days 33,929 56,572 61 - 90 days 11,734 22,660 91 + days 2,299 5,382 $ 282,744 $ 491,307
Schedule of amortized cost basis of finance receivables	Schedule of amortized cost basis of finance receivables September 30, December 31, 2021 2020 (In thousands) Annual Vintage Pool 2012 and prior $ 203 $ 608 2013 1,575 4,483 2014 9,382 23,115 2015 38,397 78,457 2016 94,092 163,677 2017 139,095 220,967 $ 282,744 $ 491,307
Schedule of allowance for finance credit losses	Schedule of allowance for finance credit losses Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Balance at beginning of period $ 72,242 $ 98,602 $ 80,790 $ 11,640 Early adoption of CECL – – – 127,000 Provision for credit losses on finance receivables (1,590 ) 7,400 (1,590 ) 14,113 Charge-offs (6,336 ) (15,574 ) (25,157 ) (73,096 ) Recoveries 4,408 3,790 14,681 14,561 Balance at end of period $ 68,724 $ 94,218 $ 68,724 $ 94,218
Schedule of allowance for losses on repossessed inventory	Schedule of allowance for losses on repossessed inventory September 30, December 31, 2021 2020 (In thousands) Gross balance of repossessions in inventory $ 4,642 $ 15,589 Allowance for losses on repossessed inventory (2,410 ) (11,790 ) Net repossessed inventory included in other assets $ 2,232 $ 3,799

(3) Securitization Trust Debt (

(3) Securitization Trust Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Securitization Trust Debt
Schedule of Long-term Debt Instruments	Schedule of Long-term Debt Instruments Weighted Average Final Receivables Outstanding Outstanding Contractual Scheduled Pledged at Principal at Principal at Interest Rate at Payment September 30, Initial September 30, December 31, September 30, Series Date (1) 2021 (2) Principal 2021 2020 2021 (Dollars in thousands) CPS 2016-A March 2023 – 329,460 – 37,158 – CPS 2016-B June 2023 – 332,690 – 46,079 – CPS 2016-C September 2023 26,578 318,500 25,373 47,325 8.39% CPS 2016-D April 2024 22,636 206,325 19,402 36,455 6.86 CPS 2017-A April 2024 25,943 206,320 22,163 40,619 6.84% CPS 2017-B December 2023 32,980 225,170 17,592 39,016 5.75% CPS 2017-C September 2024 35,175 224,825 30,272 47,553 5.40% CPS 2017-D June 2024 36,323 196,300 31,136 49,297 4.77% CPS 2018-A March 2025 40,366 190,000 34,447 53,549 4.54% CPS 2018-B December 2024 49,034 201,823 42,028 66,955 4.98% CPS 2018-C September 2025 55,619 230,275 49,803 77,345 5.14% CPS 2018-D June 2025 67,792 233,730 57,940 88,228 4.98% CPS 2019-A March 2026 84,896 254,400 72,357 114,373 4.76% CPS 2019-B June 2026 83,881 228,275 72,804 118,982 4.42% CPS 2019-C September 2026 98,171 243,513 88,668 142,080 3.62% CPS 2019-D December 2026 126,247 274,313 115,544 181,485 3.09% CPS 2020-A March 2027 121,595 260,000 117,252 184,944 3.18% CPS 2020-B June 2027 127,469 202,343 104,048 164,403 4.18% CPS 2020-C November 2027 172,254 252,200 162,049 231,961 2.11% CPS 2021-A March 2028 186,415 230,545 171,918 – 0.88% CPS 2021-B June 2028 211,244 240,000 203,796 – 1.14% CPS 2021-C September 2028 286,516 291,000 276,228 – 1.04% $ 1,891,134 $ 5,372,007 $ 1,714,820 $ 1,767,807 _________________ (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 $ 208.3 606.7 516.1 129.9 146.5 73.9 21.5 (2) Includes repossessed assets that are included in Other assets on our Unaudited Condensed Consolidated Balance Sheet.

(4) Debt (Tables)

(4) Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of debt outstanding	Schedule of debt outstanding Amount Outstanding at September December 31, 2021 2020 (In thousands) Description Interest Rate Maturity Warehouse lines of credit 5.50% over one month Libor (Minimum 6.50%) N/A $ – $ 42,558 3.00% over one month Libor (Minimum 3.75%) December 2022 60,713 45,689 4.00% over a commercial paper rate (Minimum 5.00%) December 2021 37,710 32,265 Residual interest financing 8.60% January 2026 15,281 25,576 7.86% June 2026 50,000 – Subordinated renewable notes Weighted average rate of 9.35% and 10.09% at September 30, 2021 and December 31, 2020, respectively Weighted average maturity of October 2023 and January 2023 at September 30, 2021 and December 31, 2020, respectively 27,462 21,323 $ 191,166 $ 167,411

(5) Interest Income and Inter_2

(5) Interest Income and Interest Expense (Tables)	9 Months Ended
	Sep. 30, 2021
Interest Income (Expense), Net [Abstract]
Schedule of interest income	Schedule of interest income Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Interest on finance receivables $ 16,062 $ 29,753 $ 56,652 $ 101,333 Interest on finance receivables at fair value 50,951 42,808 141,882 125,273 Mark to finance receivables measured at fair value – (3,152 ) (4,417 ) (23,051 ) Other interest income 5 21 17 665 Interest income $ 67,018 $ 69,430 $ 194,134 $ 204,220
Schedule of interest expense	Schedule of interest expense Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Securitization trust debt $ 15,292 $ 21,605 $ 50,568 $ 67,770 Warehouse lines of credit 929 1,856 3,264 6,294 Residual interest financing 1,413 876 2,446 2,734 Subordinated renewable notes 700 564 1,982 1,579 Interest expense $ 18,334 $ 24,901 $ 58,260 $ 78,377

(6) Earnings Per Share (Tables)

(6) Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share, Basic and Diluted [Abstract]
Computation of earnings per share	Computation of earnings per share Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Weighted average number of common shares outstanding during the period used to compute basic earnings per share 23,011 22,666 22,866 22,630 Incremental common shares attributable to exercise of outstanding options and warrants 3,207 1,242 2,573 1,195 Weighted average number of common shares used to compute diluted earnings per share 26,218 23,908 25,439 23,825

(9) Fair Value Measurements (Ta

(9) Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
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 Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Balance at beginning of period $ 1,582,175 $ 1,537,649 $ 1,523,726 $ 1,444,038 Finance receivables at fair value acquired during period 310,340 173,209 795,457 572,938 Payments received on finance receivables at fair value (191,458 ) (132,847 ) (546,897 ) (354,910 ) Net interest income accretion on fair value receivables (33,864 ) (33,904 ) (100,676 ) (98,060 ) Mark to fair value – (3,152 ) (4,417 ) (23,051 ) Balance at end of period $ 1,667,193 $ 1,540,955 $ 1,667,193 $ 1,540,955
Schedule of finance receivables to their contractual balances	Schedule of finance receivables to their contractual balances September 30, 2021 December 31, 2020 Contractual Fair Contractual Fair Balance Value Balance Value (In thousands) Finance receivables measured at fair value $ 1,874,111 $ 1,667,193 $ 1,668,076 $ 1,523,726
Schedule of level 3 fair value measurements	Schedule of level 3 fair value measurements Financial Instrument Fair Values as of Inputs as of September 30, December 31, September 30, December 31, 2021 2020 Unobservable Inputs 2021 2020 (In thousands) Assets: Finance receivables measured at fair value $ 1,667,193 $ 1,523,726 Discount rate 10.9 11.3 10.4 11.1 Cumulative net losse 10.3 18.4 15.3 18.4
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, 2021 2020 (In thousands) Delinquency Status Current $ 1,722,619 $ 1,505,486 31 - 60 days 93,723 96,296 61 - 90 days 31,221 36,436 91 + days 9,445 9,607 Repo 17,103 20,251 $ 1,874,111 $ 1,668,076
Schedule of estimated fair values of financial assets and liabilities	Schedule of estimated fair values of financial assets and liabilities As of September 30, 2021 Financial Instrument (In thousands) Carrying Fair Value Measurements Using: Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 28,799 $ 28,799 $ – $ – $ 28,799 Restricted cash and equivalents 144,966 144,966 – – 144,966 Finance receivables, net 213,916 – – 219,530 219,530 Accrued interest receivable 2,930 – – 2,930 2,930 Liabilities: Warehouse lines of credit $ 97,768 $ – $ – $ 97,768 $ 97,768 Accrued interest payable 3,888 – – 3,888 3,888 Securitization trust debt 1,703,465 – – 1,445,461 1,445,461 Subordinated renewable notes 27,462 – – 27,462 27,462 As of December 31, 2020 Financial Instrument (In thousands) Carrying Fair Value Measurements Using: Value Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 13,466 $ 13,466 $ – $ – $ 13,466 Restricted cash and equivalents 130,686 130,686 – – 130,686 Finance receivables, net 411,343 – – 429,972 429,972 Accrued interest receivable 5,017 – – 5,017 5,017 Liabilities: Warehouse lines of credit $ 118,999 $ – $ – $ 118,999 $ 118,999 Accrued interest payable 4,919 – – 4,919 4,919 Securitization trust debt 1,803,673 – – 1,862,630 1,862,630 Subordinated renewable notes 21,323 – – 21,323 21,323

(1) Summary of Significant Ac_4

(1) Summary of Significant Accounting Policies (Details - Other income) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other income for the period	$ 1,547	$ 1,239	$ 4,312	$ 4,508
Direct Mail Revenues [Member]
Other income for the period	779	760	2,648	2,444
Convenience Fee Revenue [Member]
Other income for the period	120	280	540	1,340
Recoveries on previously charged-off contracts [Member]
Other income for the period	18	4	78	79
Sales Tax Refunds [Member]
Other income for the period	134	192	423	601
Other Income [Member]
Other income for the period	$ 496	$ 3	$ 623	$ 44

(1) Summary of Significant Ac_5

(1) Summary of Significant Accounting Policies (Details - Supplemental balance sheet information related to leases) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Operating Leases
Operating lease right-of-use assets	$ 25,820	$ 23,735
Less: Accumulated amortization right-of-use assets	16,238	12,792
Operating lease right-of-use assets, net	9,582	10,943
Operating lease liabilities	(10,471)	(12,096)
Finance Leases
Property and equipment, at cost	3,407	3,407
Less: Accumulated depreciation	2,069	1,226
Property and equipment, net	1,338	2,181
Finance lease liabilities	$ (1,408)	$ (2,243)
Operating lease	5.00%	5.00%
Finance lease	6.50%	6.50%

(1) Summary of Significant Ac_6

(1) Summary of Significant Accounting Policies (Details - Maturities of lease liabilities) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Lease Liability	$ 10,471	$ 12,096
Lease Liability	1,408	$ 2,243
Operating Lease [Member]
2021 (excluding the nine months ended September 30, 2021)	1,811
2022	6,433
2023	1,888
2024	921
2025	794
Thereafter	1,661
Total undiscounted lease payments	13,508
Less amounts representing interest	(3,037)
Lease Liability	10,471
Finance Lease [Member]
2021 (excluding the nine months ended September 30, 2021)	305
2022	1,050
2023	84
2024	26
2025	9
Thereafter
Total undiscounted lease payments	1,474
Less amounts representing interest	(66)
Lease Liability	$ 1,408

(1) Summary of Significant Ac_7

(1) Summary of Significant Accounting Policies (Details - Lease cost) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Operating lease cost	$ 1,768	$ 1,885	$ 5,398	$ 5,654
Finance lease cost	308	299	924	871
Total lease cost	$ 2,076	$ 2,184	$ 6,322	$ 6,525

(1) Summary of Significant Ac_8

(1) Summary of Significant Accounting Policies (Details - Cash flow) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,840	$ 1,945	$ 5,662	$ 5,803
Operating cash flows from finance leases	283	256	834	737
Financing cash flows from finance leases	$ 25	$ 42	$ 90	$ 133

(1) Summary of Significant Ac_9

(1) Summary of Significant Accounting Policies (Details - Option activity) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding at the beginning of period	15,977,000
Exercised	(1,054,541)	(269,100)
Options outstanding at the end of period	14,311,000
Options exercisable at the end of period	10,916,000		12,597,000
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding at the beginning of period	15,977,000
Options outstanding at the beginning of period	$ 4.46
Granted	1,460,000
Granted	$ 4.95
Exercised	(1,055,000)
Exercised	$ 2.06
Forfeited	(2,071,000)
Forfeited	$ 6.31
Options outstanding at the end of period	14,311,000
Options outstanding at the end of period	$ 4.42
Options Outstanding, Weighted Average Remaining Contractual Term	2 years 10 months 20 days
Options exercisable at the end of period	10,916,000
Options exercisable at the end of period	$ 4.61
Options Exercisable, Weighted Average Remaining Contractual Term	1 year 11 months 19 days

(1) Summary of Significant A_10

(1) Summary of Significant Accounting Policies (Details - Options outstanding and exercisable) - shares shares in Thousands	Sep. 30, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	14,311	15,977
Number of shares, exercisable	10,916	12,597
$0.95 - $1.99 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	1,257	1,904
Number of shares, exercisable	1,257	1,904
$2.00 - $2.99 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	1,525	1,570
Number of shares, exercisable	497	180
$3.00 - $3.99 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	4,479	4,973
Number of shares, exercisable	3,572	3,306
$4.00 - $4.99 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	2,925	1,540
Number of shares, exercisable	1,465	1,217
$5.00 - $5.99 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	0	0
Number of shares, exercisable	0	0
$6.00 - $6.99 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	2,935	4,770
Number of shares, exercisable	2,935	4,770
$7.00 - $7.99 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares, outstanding	1,190	1,220
Number of shares, exercisable	1,190	1,220

(1) Summary of Significant A_11

(1) Summary of Significant Accounting Policies (Details - Stock purchases) - Common Stock [Member] - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
StockPurchasesLineItems [Line Items]
Total stock purchases, shares	791,683	291,156
Total stock purchases, average price per share	$ 4.99	$ 3.32
Open Market Purchases[Member]
StockPurchasesLineItems [Line Items]
Total stock purchases, shares	734,700	44,247
Total stock purchases, average price per share	$ 5.03	$ 2.94
Shares Redeemed [Member]
StockPurchasesLineItems [Line Items]
Total stock purchases, shares	56,983	46,909
Total stock purchases, average price per share	$ 4.47	$ 2.86
Other Purchases [Member]
StockPurchasesLineItems [Line Items]
Total stock purchases, shares	0	200,000
Total stock purchases, average price per share	$ 0	$ 3.51

(1) Summary of Significant A_12

(1) Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Stock-based compensation	$ 530	$ 539	$ 1,300	$ 1,400
Unrecognized stock-based compensation costs	5,600		$ 5,600
Weighted-average period for unrecognized costs			2 years 6 months
Intrinsic value options outstanding	24,100		$ 24,100
Intrinsic value of options exercisable	$ 17,400		$ 17,400
Options exercised			1,054,541	269,100
Intrinsic value of options exercised			$ 1,100	$ 308
Shares available for grant	881,000		881,000

(2) Finance Receivables (Detail

(2) Finance Receivables (Details - Components of Finance Receivables) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finance receivables
Automobile finance receivables, net of unearned interest	$ 282,744	$ 491,307
Unearned acquisition fees and originations costs	(104)	826
Finance receivables	$ 282,640	$ 492,133

(2) Finance Receivables (Deta_2

(2) Finance Receivables (Details - Delinquency status) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total finance receivables with delinquency status	$ 282,744	$ 491,307
Financial Asset, 1 to 29 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables	234,782	406,693
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables	33,929	56,572
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables	11,734	22,660
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Finance receivables	$ 2,299	$ 5,382

(2) Finance Receivables (Deta_3

(2) Finance Receivables (Details - Amortized Cost Basis) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Securities Financing Transaction [Line Items]
Amortized cost basis	$ 282,744	$ 491,307
Vintage Pool 2012 [Member]
Securities Financing Transaction [Line Items]
Amortized cost basis	203	608
Vintage Pool 2013 [Member]
Securities Financing Transaction [Line Items]
Amortized cost basis	1,575	4,483
Vintage Pool 2014 [Member]
Securities Financing Transaction [Line Items]
Amortized cost basis	9,382	23,115
Vintage Pool 2015 [Member]
Securities Financing Transaction [Line Items]
Amortized cost basis	38,397	78,457
Vintage Pool 2016 [Member]
Securities Financing Transaction [Line Items]
Amortized cost basis	94,092	163,677
Vintage Pool 2017 [Member]
Securities Financing Transaction [Line Items]
Amortized cost basis	$ 139,095	$ 220,967

(2) Finance Receivables (Deta_4

(2) Finance Receivables (Details - Summary of activity) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Finance Receivables
Balance at beginning of period	$ 72,242	$ 98,602	$ 80,790	$ 11,640
Early adoption of CECL	0	0	0	127,000
Provision for credit losses on finance receivables	(1,590)	7,400	(1,590)	14,113
Charge-offs	(6,336)	(15,574)	(25,157)	(73,096)
Recoveries	4,408	3,790	14,681	14,561
Balance at end of period	$ 68,724	$ 94,218	$ 68,724	$ 94,218

(2) Finance Receivables (Deta_5

(2) Finance Receivables (Details - Repossessed inventory) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finance Receivables
Gross balance of repossessions in inventory	$ 4,642	$ 15,589
Allowance for losses on repossessed inventory	(2,410)	(11,790)
Net repossessed inventory included in other assets	$ 2,232	$ 3,799

(2) Finance Receivables (Deta_6

(2) Finance Receivables (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Finance Receivables
Finance receivables, non accrual status	$ 2,300		$ 2,300		$ 5,400
Allowance for finance credit losses	127,000		127,000
Credit losses on finance receivables	$ 1,600	$ 7,400	$ 1,600	$ 14,100

(3) Securitization Trust Debt_2

(3) Securitization Trust Debt (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2021	Dec. 31, 2020
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Receivables Pledged at end of period	[1]	$ 1,891,134
Initial Principal		5,372,007
Outstanding Principal		1,714,820	$ 1,767,807
Expected finance receivable payments 2021		208,300
Expected finance receivable payments 2022		606,700
Expected finance receivable payments 2023		516,100
Expected finance receivable payments 2024		129,900
Expected finance receivable payments 2025		146,500
Expected finance receivable payments 2026		73,900
Expected finance receivable payments 2027		$ 21,500
CPS 2016-A [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	March 2023
Receivables Pledged at end of period	[1]	$ 0
Initial Principal		329,460
Outstanding Principal		$ 0	37,158
Weighted Average Contractual Interest Rate		0.00%
CPS 2016-B [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	June 2023
Receivables Pledged at end of period	[1]	$ 0
Initial Principal		332,690
Outstanding Principal		$ 0	46,079
Weighted Average Contractual Interest Rate		0.00%
CPS 2016-C [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	September 2023
Receivables Pledged at end of period	[1]	$ 26,578
Initial Principal		318,500
Outstanding Principal		$ 25,373	47,325
Weighted Average Contractual Interest Rate		8.39%
CPS 2016-D [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	April 2024
Receivables Pledged at end of period	[1]	$ 22,636
Initial Principal		206,325
Outstanding Principal		$ 19,402	36,455
Weighted Average Contractual Interest Rate		6.86%
CPS 2017-A [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	April 2024
Receivables Pledged at end of period	[1]	$ 25,943
Initial Principal		206,320
Outstanding Principal		$ 22,163	40,619
Weighted Average Contractual Interest Rate		6.84%
CPS 2017-B [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	December  2023
Receivables Pledged at end of period	[1]	$ 32,980
Initial Principal		225,170
Outstanding Principal		$ 17,592	39,016
Weighted Average Contractual Interest Rate		5.75%
CPS 2017-C [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	September 2024
Receivables Pledged at end of period	[1]	$ 35,175
Initial Principal		224,825
Outstanding Principal		$ 30,272	47,553
Weighted Average Contractual Interest Rate		5.40%
CPS 2017-D [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	June 2024
Receivables Pledged at end of period	[1]	$ 36,323
Initial Principal		196,300
Outstanding Principal		$ 31,136	49,297
Weighted Average Contractual Interest Rate		4.77%
CPS 2018-A [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	March 2025
Receivables Pledged at end of period	[1]	$ 40,366
Initial Principal		190,000
Outstanding Principal		$ 34,447	53,549
Weighted Average Contractual Interest Rate		4.54%
CPS 2018-B [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	December  2024
Receivables Pledged at end of period	[1]	$ 49,034
Initial Principal		201,823
Outstanding Principal		$ 42,028	66,955
Weighted Average Contractual Interest Rate		4.98%
CPS 2018-C [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	September 2025
Receivables Pledged at end of period	[1]	$ 55,619
Initial Principal		230,275
Outstanding Principal		$ 49,803	77,345
Weighted Average Contractual Interest Rate		5.14%
CPS 2018-D [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	June 2025
Receivables Pledged at end of period	[1]	$ 67,792
Initial Principal		233,730
Outstanding Principal		$ 57,940	88,228
Weighted Average Contractual Interest Rate		4.98%
CPS 2019-A [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	March 2026
Receivables Pledged at end of period	[1]	$ 84,896
Initial Principal		254,400
Outstanding Principal		$ 72,357	114,373
Weighted Average Contractual Interest Rate		4.76%
CPS 2019-B [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	June 2026
Receivables Pledged at end of period	[1]	$ 83,881
Initial Principal		228,275
Outstanding Principal		$ 72,804	118,982
Weighted Average Contractual Interest Rate		4.42%
CPS 2019-C [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	September 2026
Receivables Pledged at end of period	[1]	$ 98,171
Initial Principal		243,513
Outstanding Principal		$ 88,668	142,080
Weighted Average Contractual Interest Rate		3.62%
CPS 2019-D [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	December  2026
Receivables Pledged at end of period	[1]	$ 126,247
Initial Principal		274,313
Outstanding Principal		$ 115,544	181,485
Weighted Average Contractual Interest Rate		3.09%
CPS 2020-A [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	March 2027
Receivables Pledged at end of period	[1]	$ 121,595
Initial Principal		260,000
Outstanding Principal		$ 117,252	184,944
Weighted Average Contractual Interest Rate		3.18%
CPS 2020-B [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	June 2027
Receivables Pledged at end of period	[1]	$ 127,469
Initial Principal		202,343
Outstanding Principal		$ 104,048	164,403
Weighted Average Contractual Interest Rate		4.18%
CPS 2020-C [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	November 2027
Receivables Pledged at end of period	[1]	$ 172,254
Initial Principal		252,200
Outstanding Principal		$ 162,049	231,961
Weighted Average Contractual Interest Rate		2.11%
CPS 2021-A [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	March 2028
Receivables Pledged at end of period	[1]	$ 186,415
Initial Principal		230,545
Outstanding Principal		$ 171,918	0
Weighted Average Contractual Interest Rate		0.88%
CPS 2021-B
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	June 2028
Receivables Pledged at end of period	[1]	$ 211,244
Initial Principal		240,000
Outstanding Principal		$ 203,796	0
Weighted Average Contractual Interest Rate		1.14%
C P S 2021 C [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Final Scheduled Payment Date	[2]	September 2028
Receivables Pledged at end of period	[1]	$ 286,516
Initial Principal		291,000
Outstanding Principal		$ 276,228	$ 0
Weighted Average Contractual Interest Rate		1.04%
[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 $ 208.3 606.7 516.1 129.9 146.5 73.9 21.5

(3) Securitization Trust Debt_3

(3) Securitization Trust Debt (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Securitization Trust Debt
Debt issuance costs	$ 11,400	$ 10,600
Restricted cash under various agreements	$ 145,000

(4) Debt (Details - Debt outsta

(4) Debt (Details - Debt outstanding) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Warehouse lines of credit	$ 97,768	$ 118,999
Residual interest financing	64,589	25,426
Subordinated renewable notes	27,462	21,323
Total debt outstanding	$ 191,166	167,411
Warehouse Lines Of Credit 1 [Member]
Line of Credit Facility [Line Items]
Interest rate	5.50% over one month Libor (Minimum 6.50%)
Warehouse lines of credit	$ 0	42,558
Warehouse Lines Of Credit 2 [Member]
Line of Credit Facility [Line Items]
Interest rate	3.00% over one month Libor (Minimum 3.75%)
Warehouse lines of credit	$ 60,713	45,689
Maturity date description	December 2022
Warehouse Lines Of Credit 3 [Member]
Line of Credit Facility [Line Items]
Interest rate	4.00% over a commercial paper rate (Minimum 5.00%)
Warehouse lines of credit	$ 37,710	32,265
Maturity date description	December 2021
Residual interest financing [Member]
Line of Credit Facility [Line Items]
Maturity date description	January 2026
Interest rate	8.60%
Residual interest financing	$ 15,281	25,576
Residual Interest Financing 1 [Member]
Line of Credit Facility [Line Items]
Maturity date description	June 2026
Interest rate	7.86%
Residual interest financing	$ 50,000	0
Subordinated renewable notes [Member]
Line of Credit Facility [Line Items]
Interest rate	Weighted average rate of 9.35% and 10.09% at September 30, 2021 and December 31, 2020, respectively
Maturity date description	Weighted average maturity of  October 2023 and  January 2023 at September 30, 2021 and December 31, 2020, respectively
Subordinated renewable notes	$ 27,462	$ 21,323

(4) Debt (Details Narrative)

(4) Debt (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Short term credit facility	$ 200,000	$ 300,000
Warehouse Lines Of Credit [Member]
Line of Credit Facility [Line Items]
Unamortized debt issuance costs	655	1,500
Residual Interest Financings [Member]
Line of Credit Facility [Line Items]
Unamortized debt issuance costs	$ 692	$ 150

(5) Interest Income and Inter_3

(5) Interest Income and Interest Expense (Details - Interest income) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest Income (Expense), Net [Abstract]
Interest on finance receivables	$ 16,062	$ 29,753	$ 56,652	$ 101,333
Interest on finance receivables at fair value	50,951	42,808	141,882	125,273
Mark to finance receivables measured at fair value	0	(3,152)	(4,417)	(23,051)
Other interest income	5	21	17	665
Interest income	$ 67,018	$ 69,430	$ 194,134	$ 204,220

(5) Interest Income and Inter_4

(5) Interest Income and Interest Expense (Details - Interest expense) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Securities Financing Transaction [Line Items]
Total interest expense	$ 18,334	$ 24,901	$ 58,260	$ 78,377
Securitization Trust Debt [Member]
Securities Financing Transaction [Line Items]
Total interest expense	15,292	21,605	50,568	67,770
Warehouse Lines Of Credit [Member]
Securities Financing Transaction [Line Items]
Total interest expense	929	1,856	3,264	6,294
Residual interest financing [Member]
Securities Financing Transaction [Line Items]
Total interest expense	1,413	876	2,446	2,734
Subordinated renewable notes [Member]
Securities Financing Transaction [Line Items]
Total interest expense	$ 700	$ 564	$ 1,982	$ 1,579

(6) Earnings Per Share (Details

(6) Earnings Per Share (Details - Earnings Per Share) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share, Basic and Diluted [Abstract]
Weighted average number of common shares outstanding during the period used to compute basic earnings per share	23,011	22,666	22,866	22,630
Incremental common shares attributable to exercise of outstanding options and warrants	3,207	1,242	2,573	1,195
Weighted average number of common shares used to compute diluted earnings per share	26,218	23,908	25,439	23,825

(6) Earnings Per Share (Detai_2

(6) Earnings Per Share (Details Narrative) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share, Basic and Diluted [Abstract]
Antidilutive shares	5,600	14,200	5,800	13,500

(7) Income Taxes (Details Narra

(7) Income Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
IncomeTaxLineItems [Line Items]
Current tax benefit				$ 8,800
Unrecognized Tax Benefits	$ 0		$ 0		$ 0
Net deferred tax asset	25,400		25,400
Current income tax expense	$ 5,900	$ 2,100	$ 12,800
Effective Income Tax Rate Reconciliation, Percent	30.00%		31.00%
Current income tax benefit				$ 3,900
Domestic Tax Authority [Member]
IncomeTaxLineItems [Line Items]
Net deferred tax asset	$ 14,600		$ 14,600
State and Local Jurisdiction [Member]
IncomeTaxLineItems [Line Items]
Net deferred tax asset	$ 10,800		$ 10,800

(9) Fair Value Measurements (D

(9) Fair Value Measurements (Details - Reconciliation of Finance Receivables) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Balance at beginning of period	$ 1,582,175	$ 1,537,649	$ 1,523,726	$ 1,444,038
Finance receivables at fair value acquired during period	310,340	173,209	795,457	572,938
Payments received on finance receivables at fair value	(191,458)	(132,847)	(546,897)	(354,910)
Net interest income accretion on fair value receivables	(33,864)	(33,904)	(100,676)	(98,060)
Mark to fair value	0	(3,152)	(4,417)	(23,051)
Balance at end of period	$ 1,667,193	$ 1,540,955	$ 1,667,193	$ 1,540,955

(9) Fair Value Measurements (De

(9) Fair Value Measurements (Details - Finance Receivables to Their Contractual Balances) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables measured at fair value	$ 1,667,193	$ 1,582,175	$ 1,523,726	$ 1,540,955	$ 1,537,649	$ 1,444,038
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables measured at fair value	1,874,111		1,668,076
Portion at Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Finance receivables measured at fair value	$ 1,667,193		$ 1,523,726

(9) Fair Value Measurements (_2

(9) Fair Value Measurements (Details - Level 3 Fair Value Measurements) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Finance receivables measured at fair value	$ 1,667,193	$ 1,582,175	$ 1,523,726	$ 1,540,955	$ 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	$ 1,667,193		$ 1,523,726
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	10.90%		10.40%
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	11.30%		11.10%
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input Cumulative Net Losses [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	10.30%		15.30%
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input Cumulative Net Losses [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Inputs	18.40%		18.40%

(9) Fair Value Measurements (_3

(9) Fair Value Measurements (Details - Delinquency status) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Initial Principal	$ 1,874,111	$ 1,668,076
Financial Asset, Not Past Due [Member]
Financing Receivable, Past Due [Line Items]
Initial Principal	1,722,619	1,505,486
Financial Asset, 30 to 59 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Initial Principal	93,723	96,296
Financial Asset, 60 to 89 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Initial Principal	31,221	36,436
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Initial Principal	9,445	9,607
Repossessed Vehicles [Member]
Financing Receivable, Past Due [Line Items]
Initial Principal	$ 17,103	$ 20,251

(9) Fair Value Measurements (_4

(9) Fair Value Measurements (Details - Fair values) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	$ 28,799	$ 13,466
Restricted cash and equivalents	144,966	130,686
Finance receivables, net	219,530	429,972
Accrued interest receivable	2,930	5,017
Warehouse lines of credit	97,768	118,999
Accrued interest payable	3,888	4,919
Securitization trust debt	1,445,461	1,862,630
Subordinated renewable notes	27,462	21,323
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	28,799	13,466
Restricted cash and equivalents	144,966	130,686
Finance receivables, net	0	0
Accrued interest receivable	0	0
Warehouse lines of credit	0	0
Accrued interest payable	0	0
Securitization trust debt	0	0
Subordinated renewable notes	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	0	0
Restricted cash and equivalents	0	0
Finance receivables, net	0	0
Accrued interest receivable	0	0
Warehouse lines of credit	0	0
Accrued interest payable	0	0
Securitization trust debt	0	0
Subordinated renewable notes	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	0	0
Restricted cash and equivalents	0	0
Finance receivables, net	219,530	429,972
Accrued interest receivable	2,930	5,017
Warehouse lines of credit	97,768	118,999
Accrued interest payable	3,888	4,919
Securitization trust debt	1,445,461	1,862,630
Subordinated renewable notes	27,462	21,323
Carrying Value [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents	28,799	13,466
Restricted cash and equivalents	144,966	130,686
Finance receivables, net	213,916	411,343
Accrued interest receivable	2,930	5,017
Warehouse lines of credit	97,768	118,999
Accrued interest payable	3,888	4,919
Securitization trust debt	1,703,465	1,803,673
Subordinated renewable notes	$ 27,462	$ 21,323

(9) Fair Value Measurements (_5

(9) Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Inventory [Line Items]
Gross balance of repossessions in inventory	$ 4,642	$ 15,589
Allowance for losses on repossessed inventory	2,410	11,790
Net repossessed inventory included in other assets	2,200
Repossessed Vehicles [Member]
Inventory [Line Items]
Gross balance of repossessions in inventory	4,600
Allowance for losses on repossessed inventory	$ 2,400	11,800
Net repossessed inventory included in other assets		$ 3,800