I think you've read a bit to much into the car sales data with...

I think you've read a bit to much into the car sales data with regard to MNY. Luxury car sales, and car sales in general, are heavily leveraged to the housing cycle. As MNY's target customers are often not homeowners, that 'wealth effect' correlation would be diminished.

Even if there was an effect on MNY's market, ironically there are also benefits from the tightening of credit going on from the mainstream lenders which is in fact, causing the housing downturn. More borrowers on the margin may find themselves talking to MNY and alike, when previously mainstream lenders would have lent to them. If you combine this structural benefit with MNY's modest market share, even if car sales fell significantly I think this wouldn't have a big impact on the ability to grow.

However, I'd say there is the indirect impact of the slowing housing market. Dare I say that a lot of MNY's customers would be in construction (male), and retail (female) which is leveraged to the housing cycle. So, despite not being directly impacted, a severe downturn could translate to less shifts/jobs in those industries and higher arrears.