RE:RE:Market MoversIf you read the update from the CEO during the quarterly release you would also know this:
“While we plan to update our long-term forecast given the effects of COVID-19, we remain confident in the resilience of our business during an economic downturn and our portfolio continues to perform well. During the month of April our average delinquency rate was 5.1%, down slightly from last year, and we collected 93% of the payments we would normally collect in a typical month. As a result, we expect our net charge off rate in the second quarter to also decline from the prior year and finish below 13%,” Mr. Mullins concluded, “The first phase of our response was to prioritize the health and safety of our team and focus on taking care of our customers.