Appreciate what's happened in the US and not having a dig at all but keen to understand where the 10% default rate came from on car loans?
If the assumption of a 10% default rate on car loans is right, that doesn't necessarily mean 10% of the book is entirely written off unless you have some insight on LGD? Recovery and sale of the asset obviously carries a cost but hard to imagine a scenario where there is $0 recovered from all secured loans that default.
DYOR and GLTAH
Appreciate what's happened in the US and not having a dig at all...
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