You can see from the Datium chart that MNY customers who bought...

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.