User 183867

Harley Davidson Financing Leading the Pack

For those with the patience to power through the above article, here is where the smoke and mirrors comes in:

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Uh, net charge-offs ran at 0.6% of the on-balance sheet portfolio and loan loss provisions ran at 226% of net charge-offs. These are annualized numbers, so dividend by four for the quarterly rate. Loan loss allowances at the end of the quarter were equal to 157% of the annualized net charge-off rate. Given these numbers (look it up in the Q), I wonder about what kind of smoke and mirrors Mallarde is using.