[RobPearlman]

Guys we never have said we have a 6 percent default rate. Most people won't admit this publicly but we are an open book. We have an average over 7 years of funding a 13 percent default rate....not sure if people think this is high or low but it's what we are at.

When you say 13 % default rate, is that on the funded amount? or is that 13% on the payback amount?