Bad debts were at 3.5% at Dec 30 which is apparently at low end of 3.5-4.5% targeted range. I'd be very suprised if the bad debts don't tick up. A big chunk of the loan book is sub prime auto lending for used cars. There is a bit of security there, but would be kidding ourselves thinking the company won't be hit in some form by the cost of living crunch on lower income renters. Solvar do have a big in house collections team and have plenty of experience, so that is one positive.
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