WRLD
#Not a great deal in depth, but I can give you some kind of general guidelines, because it certainly depends upon the state laws and so forth.
But that mix has continued to change.
The combination of ---+ well, basically, the larger loan portion of our portfolio, including the old sales finance portion that we are no longer ---+ that we're no longer offering that product, but it has risen from 39.2% as of the end of last fiscal year, to 40.5% as of the end of this fiscal year.
So it's still not a dramatic change, but over time, it has ---+ that portion of the portfolio has grown more than the smaller loans.
But as you would expect, the average loan of what we consider kind of ---+ they are all installment loans, but we kind of internally break them out between the differences.
And it's generally geared towards what the state laws allow for loans less than a certain amount will have alternate rates and so forth.
But the average loan in that portfolio, <UNK>ny, is ---+.
In the large portfolio ---+.
The small ---+
It's around $960.
$960.
And in the larger loan portfolio, it's more like ---+.
$3,400 ---+ $3,300.
$3,000.
So obviously, you're ---+ with the larger loan portfolio, you're dealing with a more qualified customer, and you are dealing with a lot lower fees and charges, but you're also dealing with a lot lower loss ratio.
So, the returns are very good for both of these portfolios.
But you are definitely dealing with a different customer.
And it would be hard to specifically give you averages and so forth because of the changes by state and so forth.
But that's ---+ hopefully, that gives you a general picture.
It is not title pawn lending.
There's no balloon payment.
It's a typical installment loan.
It has the same laws, fees, charges and so forth as a product without an automobile pledged as collateral.
However, an automobile, that certainly improves the position.
But we rarely will reprocess an automobile.
I mean, we would much prefer that the customer has the ability to repay us.
And we prefer not to go down that route.
But potentially, yes, we could still make those loans without automobile as a collateral, but it may limit to ---+ in some respects ---+ every positive thing, whether it's collateral, whether it's a person's free cash flow, whether it's net worth or whatever, improves a person's ability to pay.
So, the more the positives, the larger the loan we can make.
I don't know if that answers your question directly, <UNK>, but it's ---+
It's nominal.
I mean, like ---+ the Company as a total probably has less than 300 or 400 repossessions in total across the entire branch network.
So it's just not a very large number.
If it's ---+ any loan in our portfolio that does not have an automobile pledged as collateral, will not fall under the proposed suggested possible rules.
Because the other key ingredient is that you have to have access to the customer's checking account.
And we do not do that on a single loan.
I don't think insurance and other related fees grew faster than interest income.
I think, if anything, it grew a little bit less, because our volume has been down throughout the entire fiscal year because of the changes that took place about a year ago.
It currently has not shown up.
It is not part of the net $16 million that was recognized during the current quarter.
The $16 million was recognized as a gain on sale because of the nature of these previously charged-off accounts.
Beginning in the month of April, and every month going forward for 18 months, we will have a similar sale that will generate approximately, plus or minus, $1 million a month.
And that will be reflected as a reduction to our provision.
We believe that any excess cash flow that the Company has, one of the best uses is the continued repurchase of our stock.
And we intend to continually do that on an ongoing basis as long as we have the liquidity and the availability under our various ---+ with our various lenders to do so, and still have cushion for whatever possible needs might come around.
So this is ---+ the goal is to continue with those repurchases in a very methodical manner, but it'd be subject to a lot of <UNK>ny's projections and assumptions and so forth going forward.
So that's something we have we continue to evaluate on an ongoing basis.
But I will add that, certainly, the fourth quarter, when we have such a large decrease in our outstanding balances because of our customers' excess cash flow that takes place around tax season, will always be a very good quarter for generating those excess cash flows.
Well, there's two pieces.
As we anticipated, when we actually stopped soliciting for those low-dollar renewals, we anticipated it would take us a year before we saw that level off.
And it just so happens that in March of this year, we did experience a leveling off on that renewal volume.
So that's a big plus going forward.
So we don't expect to have the negative aspect of that.
The second thing is, as I stated in our opening comments, that our biggest challenge does, in fact, remain our problem in attracting additional new customers.
We've recognized that our primary marketing effort has been direct mail and it's not been as effective.
And Janet, on the last three quarterly calls, has talked about some of the initiatives that she is doing from online applications to texting to ---+ we're doing some emails now.
You know, so, we're doing some local marketing and calls to potential sources of applicants.
So, we are doing all the things that we believe need to be done.
A couple of quarters ago, it was suggested on the call that maybe we should do some kind of focus groups to determine those customers that are going elsewhere.
We're going to take that individual's suggestion.
And Janet has begun the process to do some of those focus groups, to find out are we missing business for reasons that we are not aware of.
So it is our number one objective.
It's our number one goal.
And we recognize that the lifeblood of this Company is attracting new customers.
So, all of our attention is focused in that direction, and we don't believe it's an insurmountable problem.
Okay.
Yes.
There's not really anything else to add to what we've said in the last quarter.
So we are continuing to evaluate our options.
And we will likely have something in place the next couple of months.
Okay.
There doesn't appear to be any other questions.
I appreciate your interest in World and your joining us today.
Thank you very much.
Have a great day.
