Ann: Update - Notification of buy-back - MNY, page-9

You can see from the Datium chart that MNY customers who bought within the last year may be underwater on thier purchase, but considering the 3 year terms of loans and the fairly rapid amortisation, plus establishment fee, I think it would be hard for MNY to take a bath on the collateral in the event of repossession. However, the CEO also made a good point that if a customer has a used car that declines a few thousand in value, that won't influence repayments, obviously that makes sense. The value of the collateral is a consideration though, and if say prices fell back meaningfully to near pre convid levels in some kind of bust, that would be a bit of a worry if it coincided with lots of fresh loans and unemployment spikes.