The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These installment sale contracts, which originate at interest rates ranging from 6.0% to 20.3%, are collateralized by the vehicle sold and typically provide for payments over periods ranging from 11 months to 70 months. The Company’s finance receivables are defined as one segment and one class of loans, which is sub-prime consumer automobile contracts. As of the fourth quarter of fiscal year 2025, the Company maintains two distinct loan pools for the purpose of estimating expected credit losses under the CECL model in accordance with ASC 326. These pools are grouped based on origination method and are managed collectively under a unified credit risk management framework. Although not considered separate segments under applicable disclosure rules, each pool is evaluated separately for expected credit losses, and the allowance


	As of April 30,
(In thousands)	2026		2025

Gross contract amount	$	1,821,480	$	1,946,042
Less unearned finance charges	(408,421)		(436,887)
Principal balance	$	1,413,059	$	1,509,155
Less: estimated insurance receivables for APP claims	(2,149)		(2,910)
Less: allowance for APP claims	(2,420)		(3,135)
Less allowance for credit losses	(329,901)		(323,100)
Finance receivables, net	$	1,078,589	$	1,180,010
Loan origination costs	578		663
Finance receivables, net, including loan origination costs	$	1,079,167	$	1,180,673


	As of April 30,
(In thousands)	2026		2025		2024

Balance at beginning of period	$	1,180,010	$	1,097,931	$	1,062,760
Finance receivable originations	952,451		1,075,080		1,079,946
Finance receivable collections	(477,730)		(469,379)		(455,828)
Provision for credit losses	(419,230)		(374,559)		(423,406)
Losses on claims for accident protection plan	(36,276)		(34,525)		(34,504)
Inventory acquired in repossession and accident protection plan claims	(120,636)		(114,538)		(131,037)

Balance at end of period	$	1,078,589	$	1,180,010	$	1,097,931


	Years Ended April 30,
(In thousands)	2026		2025		2024

Balance at beginning of period	$	323,100	$	331,260	$	299,608
Provision for credit losses	419,230		374,559		423,406
Charge-offs	(534,561)		(499,887)		(525,634)
Recovered collateral	122,132		117,168		133,880

Balance at end of period	$	329,901	$	323,100	$	331,260

Earlier, in fiscal year 2025, the Company reduced the allowance for credit losses due to improved performance from contracts initiated under tighter underwriting standards. The allowance was further reduced to 23.25% in the fourth quarter, following refinements to the Company's CECL methodology and continued strong collections performance.


(Dollars in thousands)	April 30, 2026				April 30, 2025

	Principal Balance		Percent of Portfolio		Principal Balance		Percent of Portfolio
Current	$	1,090,757	77.19	%	$	1,208,330	80.06	%
3 - 29 days past due	264,121		18.69	%	249,263		16.52	%
30 - 60 days past due	39,541		2.80	%	34,407		2.28	%
61 - 90 days past due	11,676		0.83	%	11,461		0.76	%
> 90 days past due	6,964		0.49	%	5,694		0.38	%
Total	$	1,413,059	100.00	%	$	1,509,155	100.00	%

Accounts one and two days past due, as well as bankruptcy accounts, are considered current for this analysis, due to the varying payment dates and variation in the day of the week at each period end. The Company suspends its standard collections practices following a customer’s bankruptcy filing and treats these accounts as being administered by the bankruptcy trustee rather than the customer, conducting all account-related communications, payment processing, and modification activities with the trustee in accordance with the bankruptcy plan and applicable bankruptcy law. Delinquencies may vary from period to period based on the average age of the portfolio, seasonality within the calendar year, the day of the week and overall economic factors. The above categories are consistent with internal operational measures used by the Company to monitor credit results.

Substantially all of the Company’s installment sale contracts involve contracts made to individuals with impaired or limited credit histories, or higher debt-to-income ratios than permitted by traditional lenders. Contracts made with buyers who are restricted in their ability to obtain financing from traditional lenders generally entail a higher risk of delinquency, default and repossession, and higher losses than contracts made with buyers with better credit. The Company monitors customer scores, contract term length, payment to income, down payment percentages, and collections for credit quality indicators.


	Years ended, April 30,
	2026			2025

Average total collected per active customer per month	$	591		$	575
Principal collected as a percent of average finance receivables	31.9		%	31.8		%
Average down-payment percentage	5.1		%	5.5		%
Average originating contract term (in months)	45.1			44.4

When customers apply for financing, the Company’s proprietary scoring models rely on the customers’ credit histories and certain application information to evaluate and rank their risk. The Company obtains credit histories and other credit data that includes information such as number of different addresses, age of oldest record, high risk credit activity, job time, time at residence and other factors. The application information that is used includes income, collateral value and down payment. The scoring models yield credit grades that represent the relative likelihood of repayment. The Company has historically utilized a six-point scorecard for credit evaluation. In May 2024, a new seven-point scorecard was introduced, offering greater granularity and improving the accuracy of loss ratio projections. Under this enhanced scoring model, customers with the highest probability of repayment are 7-rated customers. Customers assigned to a lower grade are determined to have a lower probability of repayment. For loans that are approved, the credit grade influences the terms of the agreement, such as the maximum amount financed, term length and minimum down payment. After origination, credit grades are generally not updated.


	As of April 30, 2026

(Dollars in thousands)	Customer Score by Fiscal Year of Origination										Prior to
Customer Rating	2026		2025		2024		2023		2022		2022		Total		%
1-2	$	81,189	$	14,093	$	3,349	$	1,210	$	143	$	10	$	99,994	7.1	%
3-4	189,904		120,255		48,506		11,118		1,806		353		371,942		26.3	%
5-7	458,844		286,935		133,766		49,532		11,001		1,045		941,123		66.6	%
Total	$	729,937	$	421,283	$	185,621	$	61,860	$	12,950	$	1,408	$	1,413,059	100.0	%

Charge-offs	$	119,519	$	249,473	$	114,246	$	40,960	$	9,243	$	1,120	$	534,561


	As of April 30, 2025

(Dollars in thousands)	Customer Score by Fiscal Year of Origination										Prior to
Customer Rating	2025		2024		2023		2022		2021		2021		Total		%
1-2	$	46,422	$	13,367	$	4,584	$	743	$	45	$	45	$	65,206	4.3	%
3-4	284,265		131,084		44,141		9,241		826		219		469,776		31.1	%
5-7	509,740		277,865		138,342		42,843		4,856		527		974,173		64.6	%
Total	$	840,427	$	422,316	$	187,067	$	52,827	$	5,727	$	791	$	1,509,155	100.0	%

Charge-offs	$	120,995	$	237,829	$	109,105	$	28,518	$	2,842	$	598	$	499,887

During the preparation of the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, management identified that our previously issued financial statements contained material omissions of required disclosures under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 310-10-50-42 through 50-44 related to loan modifications for borrowers experiencing financial difficulty. The previously issued financial statements for fiscal year ended April 30, 2024 have been restated to include such disclosures.

The Company identifies and discloses modifications made to customers experiencing financial difficulty after the origination date. Due to the subprime nature and limited financial resources of the majority of the Company’s customers, all modifications that result in a term extension are identified by the Company as modifications made to customers experiencing financial difficulty and therefore included in the related disclosures. These modifications are made with the intent to support customers while preserving asset value and minimizing credit losses.

The following tables present the aggregate outstanding principal balance of contracts that have been modified during the fiscal year, categorized by type of modification. These modifications represent management’s efforts to work with customers experiencing financial difficulty to help them maintain their vehicle ownership while preserving asset value for the Company. The percentages shown represent the portion of the total gross finance receivables portfolio as of the end of the fiscal year that has been modified at least once during the year.


	Contract Modifications by Type
(Dollars in thousands)	April 30, 2026				April 30, 2025				April 30, 2024 (Restated)
Type of Modification	Principal Balance		% of Portfolio		Principal Balance		% of Portfolio		Principal Balance		% of Portfolio

Term extension	$	416,389	29.5	%	$	425,791	28.2	%	$	462,992	32.2	%
Combination(1)	10,633		0.8	%	10,350		0.7	%	10,929		0.8	%
Total	$	427,022	30.3	%	$	436,141	28.9	%	$	473,921	33.0	%

(1)These modifications result from customer bankruptcy filings and have been made in accordance with bankruptcy court requirements. They generally consist of a reduction in the contractual interest rate and/or an extension of the contract term as part of the customer’s court-approved payment restructuring plan.

Type of Modification

Fiscal Year 2026

Fiscal Year 2025

Fiscal Year 2024 (Restated)

Term extension

Added a weighted average of 1.9 months to the life of contracts, which reduced monthly payment amounts to borrowers.

Added a weighted average of 2.2 months to the life of contracts, which reduced monthly payment amounts to borrowers.

Added a weighted average of 2.3 months to the life of contracts, which reduced monthly payment amounts to borrowers.

Combination

Added a weighted average of 21.3 months to the life of contracts, which reduced monthly payment amounts to borrowers and/or reduced interest rates to a weighted average of 7.76%.

Added a weighted average of 21.5 months to the life of contracts, which reduced monthly payment amounts to borrowers and/or reduced interest rates to a weighted average of 9.16%.

Added a weighted average of 18.6 months to the life of contracts, which reduced monthly payment amounts to borrowers and/or reduced interest rates to a weighted average of 8.81%.

The Company closely monitors the performance of the contracts that are modified to understand the effectiveness of its modification efforts. The following table depicts the status of contracts that have term modifications in the applicable fiscal year:


	Payment Status (Principal Balance)
(In thousands)	Total		Current		3-29 Days Past Due		30-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due

For Fiscal Year 2026	$	416,389	$	297,413	$	98,286	$	16,302	$	3,694	$	694
For Fiscal Year 2025	425,791		304,859		100,554		14,149		3,900		2,329
For Fiscal Year 2024 (Restated)	462,992		326,937		117,390		13,890		2,724		2,051


	Payment Status (Principal Balance)
(In thousands)	Total		Payment Received in Last 30 Days		Payment Received in Last 31-60 Days		Payment Received in Last 61-90 Days		Payment Received in Last 90+ Days

For Fiscal Year 2026	$	10,633	$	5,107	$	1,342	$	741	$	3,443
For Fiscal Year 2025	10,350		5,864		1,596		843		2,047
For Fiscal Year 2024 (Restated)	10,929		5,528		1,808		1,366		2,227

As of April 30, 2026, customer contracts with an aggregate principal balance of $131.0 million were charged off within 12 months following contract modifications. For comparative purposes, as of April 30, 2025 and April 30, 2024, customer contracts with aggregate principal balances of $133.0 million and $153.9 million, respectively, were charged off within 12 months following contract modifications.