mallarde

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:

" Managed retail loans include loans held by HDFS as well as those sold through securitization transactions. "

So based on my reading, the loan losses did not increase all that much (to 4.65%). HOWEVER, the loan losses that make up that figure include losses from the loans that HOG packaged and sold to third-parties.

Hmmm... Wonder if the loans HOG was able to package and sell differ in any way from those it was forced to keep on its books... And if there is a difference, wonder if the loan loss ratio will start to creep into the double-digits for loans HOG still holds.