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 23.0% are collateralized by the vehicle sold and typically provide for payments over periods ranging from 14 months to 82 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 current expected credit loss (“CECL”) model in accordance with ASC Topic 326, Financial Instruments—Credit Losses. 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


	As of
(In thousands)	July 31, 2026		April 30, 2026

Gross contract amount	$	1,519,915	$	1,821,480
Less unearned finance charges	(328,965)		(408,421)
Principal balance	1,190,950		1,413,059
Less: estimated insurance receivables for accident protection plan claims	(2,147)		(2,149)
Less: allowance for accident protection plan claims	(2,495)		(2,420)
Less allowance for credit losses	(276,952)		(329,901)
Finance receivables, net	909,356		1,078,589
Loan origination costs	441		578
Finance receivables, net, including loan origination costs	$	909,797	$	1,079,167


	As of July 31,
(In thousands)	2026		2025

Balance at beginning of period	$	1,078,589	$	1,180,010
Finance receivable originations	40,976		262,746
Finance receivable collections	(108,810)		(118,720)
Provision for credit losses	(71,559)		(103,036)
Losses on claims for accident protection plan	(7,132)		(8,595)
Inventory acquired in repossession and accident protection plan claims	(22,708)		(29,616)

Balance at end of period	$	909,356	$	1,182,789


	Three Months Ended July 31,
(In thousands)	2026		2025

Balance at beginning of period	$	329,901	$	323,100
Provision for credit losses	71,559		103,036
Charge-offs	(147,143)		(128,876)
Recovered collateral	22,635		28,810

Balance at end of period	$	276,952	$	326,070

Amounts recovered from previously written-off accounts were approximately $1.2 million and $0.9 million for the three months ended July 31, 2026 and 2025, respectively. These amounts are netted against recovered collateral in the table above.


(Dollars in thousands)	July 31, 2026				April 30, 2026				July 31, 2025

	Principal Balance		Percent of Portfolio		Principal Balance		Percent of Portfolio		Principal Balance		Percent of Portfolio
Current	$	929,249	78.02	%	$	1,090,757	77.19	%	$	1,206,214	79.58	%
3 - 29 days past due	207,564		17.43	%	264,121		18.69	%	247,549		16.33	%
30 - 60 days past due	35,956		3.02	%	39,541		2.80	%	42,080		2.78	%
61 - 90 days past due	9,710		0.82	%	11,676		0.83	%	12,007		0.79	%
> 90 days past due	8,471		0.71	%	6,964		0.49	%	7,831		0.52	%
Total	$	1,190,950	100.00	%	$	1,413,059	100.00	%	$	1,515,681	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. See Note C for further discussion of customer accounts in bankruptcy. 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.


	Three Months Ended July 31,
	2026			2025
Average total collected per active customer per month	$	594		$	585
Principal collected as a percent of average finance receivables	8.3		%	7.9		%
Average down-payment percentage	5.4		%	4.9		%
Average originating contract term (in months)	47.0			44.9

Total dollars collected per active customer increased 1.5% year over year and principal collections as a percentage of average finance receivables increased slightly by 40 basis points compared to prior year. The portfolio weighted average contract term increased from the prior year quarter and increased slightly compared to April 30, 2026. Average originating term has increased slightly from the prior year quarter primarily due to the Company’s focus on addressing affordability for the highest risk customers by slightly increasing the maximum terms over the last year and an increase in the percentage of sales made to higher credit quality customers that qualify for longer terms.

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. Beginning in fiscal 2026, a new seven-rank scorecard was fully implemented, 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 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 July 31, 2026

(Dollars in thousands)	Fiscal Year of Origination
											Prior to
Customer Rating	2027		2026		2025		2024		2023		2023		Total		%
1-2	$	2,927	$	59,511	$	16,790	$	3,701	$	708	$	78	$	83,715	7.0	%
3-4	6,049		156,079		105,197		40,730		7,559		1,552		317,166		26.7	%
5-7	16,868		400,055		225,659		102,223		36,872		8,392		790,069		66.3	%
Total	$	25,844	$	615,645	$	347,646	$	146,654	$	45,139	$	10,022	$	1,190,950	100.0	%

Charge-offs	$	732	$	76,478	$	47,692	$	17,045	$	4,286	$	910	$	147,143


	As of July 31, 2025

(Dollars in thousands)	Fiscal Year of Origination
											Prior to
Customer Rating	2026		2025		2024		2023		2022		2022		Total		%
1-2	$	32,567	$	24,592	$	12,365	$	3,742	$	552	$	65	$	73,883	4.9	%
3-4	71,617		183,952		102,214		32,313		6,218		768		397,082		26.2	%
5-7	151,763		510,742		237,276		109,996		31,229		3,710		1,044,716		68.9	%
Total	$	255,947	$	719,286	$	351,855	$	146,051	$	37,999	$	4,543	$	1,515,681	100.0	%

Charge-offs	$	2,241	$	69,568	$	37,819	$	15,307	$	3,586	$	355	$	128,876

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 are 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 three months ended July 31, 2026 and 2025, 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 July 31, 2026 and 2025 that has been modified at least once during the period.


	Contract Modifications by Type
(Dollars in thousands)	July 31, 2026				July 31, 2025
Type of Modification	Principal Balance		% of Portfolio		Principal Balance		% of Portfolio
Term extension	$	145,631	12.2	%	$	192,122	12.7	%
Combination (1)	3,298		0.3	%	2,818		0.2	%
Total	$	148,929	12.5	%	$	194,940	12.9	%

(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

Three Months Ended
July 31, 2026

Three Months Ended
July 31, 2025

Term extension

Added a weighted average of 1.3 months to the life of contracts, which reduced monthly payment amounts to borrowers.

Added a weighted average of 1.4 months to the life of contracts, which reduced monthly payment amounts to borrowers.

Combination

Added a weighted average of 20.8 months to the life of contracts, which reduced monthly payment amounts to borrowers and/or reduced interest rates to a weighted average of 9.3%.

Added a weighted average of 22.9 months to the life of contracts, which reduced monthly payment amounts to borrowers and/or reduced interest rates to a weighted average of 8.1%.

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 three months ended July 31:


	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 Three Months Ended July 31, 2026	$	145,631	$	109,743	$	31,079	$	4,521	$	288	$	—
For Three Months Ended July 31, 2025	$	192,122	$	143,015	$	42,693	$	5,745	$	669	$	—


	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 Three Months Ended July 31, 2026	$	3,298	$	994	$	696	$	810	$	798
For Three Months Ended July 31, 2025	$	2,818	$	772	$	753	$	605	$	688

For the three months ended July 31, 2026 and 2025, customer contracts with an aggregate principal balance of $3.9 million and $4.6 million, respectively, were charged off within 12 months following contract modifications.