5 unchanged sentences
however, the pandemic has adversely affected, and it is likely that the pandemic will continue to adversely affect, our business, team members, current and potential consumers, automobile dealers, and vendors, as well as our financial condition, liquidity, and results of operations.
−Removed: In an attempt to contain COVID-19, state governments have implemented social distancing guidelines, travel bans and restrictions, quarantines, stay-at-home orders and shutdowns of non-essential businesses.
−Removed: These actions have caused economic hardship in the areas in which they have been implemented and have led to an increase in unemployment and resulted in many consumers delaying payments or re-allocating resources, leading to a decrease in our realized collections.
−Removed: While the prevalence, severity and impact of such restrictions have lessened and unemployment rates have improved, uncertainty remains as to when economic conditions will return to normalcy and whether further restrictions may be required.
−Removed: We have worked with our consumers to provide relief where possible, including the temporary suspension of involuntary vehicle repossessions, late fees and suit starts.
−Removed: Additionally, many automobile dealers have been required to temporarily close or restrict their operations, and even for dealerships that remained open, consumer demand has deteriorated.
+Added: In an attempt to contain COVID-19, certain state governments implemented social distancing guidelines, travel bans and restrictions, quarantines, stay-at-home orders and shutdowns of non-essential businesses.
+Added: These actions caused economic hardship in the areas in which they were implemented.
+Added: While the prevalence, severity and impact of such restrictions have lessened, uncertainty remains as to when economic conditions will return to normalcy.
+Added: Many automobile dealers were required to temporarily close or restrict their operations.
+Added: Additionally, there have been supply chain disruptions in the automotive industry, which have resulted in low dealer inventories and elevated used vehicle prices.
As a result, we have experienced a significant decline in Consumer Loan assignments.
−Removed: The COVID-19 pandemic has also caused us to modify our business practices in an effort to increase team member safety, including reconfiguring workstations to increase physical distance between team members, where permitted, allowing team members to work remotely, limiting travel, and canceling physical participation in meetings and events, and we may take further actions as required by government authorities or that we determine are in the best interests of our team members.
+Added: We have worked with our consumers to provide relief where possible, including the temporary suspension of involuntary vehicle repossessions, late fees and suit starts.
+Added: The COVID-19 pandemic has also caused us to modify our business practices in an effort to increase team member safety, including allowing team members to work remotely, reconfiguring workstations to increase physical distance between team members, where permitted, limiting travel, and canceling physical participation in meetings and events, and we may take further actions as required by government authorities or that we determine are in the best interests of our team members.
Our business operations may be disrupted further if significant portions of our workforce are unable to work effectively, including because of illness, quarantines, or other restrictions in connection with the COVID-19 pandemic.
1 unchanged sentence
While the duration and potential future impact of the COVID-19 pandemic on the U.S.
−Removed: economy and our industry in particular are difficult to assess or predict, the pandemic has resulted in disruption of financial markets, which may reduce our ability to access capital or our consumers’ ability to repay past or future Consumer Loans, and could negatively affect our liquidity and results of operations.
+Added: economy, and the automotive industry and our industry in particular, are difficult to assess or predict, the pandemic has resulted in disruption of financial markets, which may reduce our ability to access capital or our consumers’ ability to repay past or future Consumer Loans, and could negatively affect our liquidity and results of operations.
In addition, a recession or further financial market correction resulting from the COVID-19 pandemic could adversely affect demand for used vehicles.
A continued disruption in our workforce, decrease in collections from our consumers or decline in Consumer Loan assignments could cause a material adverse effect on our financial position, liquidity, and results of operations.
−Removed: The COVID-19 pandemic continues to evolve, and we will continue to monitor the situation closely.
+Added: The COVID-19 pandemic continues to evolve, and we continue to monitor the situation closely.
The ultimate impact of this pandemic or a similar health epidemic is highly uncertain and subject to change.
The extent of the impact of the COVID-19 pandemic on our operational and financial performance will depend on future developments, including, but not limited to, the duration of the pandemic, its severity, the actions to contain the disease or mitigate its impact, related restrictions on travel, additional federal stimulus measures and enhanced unemployment benefits, if any, and the duration, timing and severity of the impact on consumer behavior, including any recession resulting from the pandemic, all of which are uncertain and cannot be predicted.
−Removed: An extended period of economic disruption as a result of the COVID-19 pandemic could have a material negative impact on our business, financial position, liquidity, and results of operations, though the full extent and duration is uncertain.
+Added: An extended period of economic and supply chain disruptions as a result of the COVID-19 pandemic could have a material negative impact on our business, financial position, liquidity, and results of operations, though the full extent and duration is uncertain.
The COVID-19 pandemic may also intensify the risks described in the other risk factors disclosed in this Form 10-K.
30 unchanged sentences
We are dependent on our senior management and the loss of any of these individuals or an inability to hire additional team members could adversely affect our ability to operate profitably.
−Removed: Our senior management average o ver 16 years of experience with us.
+Added: Our senior management average over 16 years of experience with us.
Our success is dependent upon the management and the leadership skills of this team.
36 unchanged sentences
During periods of economic slowdown or recession, delinquencies, defaults, repossessions and losses may increase on our Consumer Loans and Consumer Loan prepayments may decline.
−Removed: These periods are also typically accompanied by decreased consumer demand for automobiles and declining values of automobiles securing outstanding Consumer Loans, which weakens collateral coverage and increases the amount of a loss in the event of default.
+Added: These periods are also typically accompanied by decreased consumer demand for automobiles and declining values of automobiles securing outstanding Consumer Loans, which weakens collateral coverage and increases the amount of loss in the event of default.
Significant increases in the inventory of used automobiles during periods of economic recession may also depress the prices at which repossessed automobiles may be sold or delay the timing of these sales.
−Removed: Additionally, higher gasoline prices, declining stock market values, unstable real estate values, resets of adjustable rate mortgages to higher interest rates, increasing unemployment levels, general availability of consumer credit or other factors that impact consumer confidence or disposable income could increase loss frequency and decrease consumer demand for automobiles as well as weaken collateral values of automobiles.
+Added: Additionally, higher gasoline prices, increased focus on climate-related initiatives and regulation, declining stock market values, unstable real estate values, resets of adjustable rate mortgages to higher interest rates, increasing unemployment levels, general availability of consumer credit or other factors that impact consumer confidence or disposable income could increase loss frequency and decrease consumer demand for automobiles as well as weaken collateral values of automobiles.
Because our business is focused on consumers who do not qualify for conventional automobile financing, the actual rates of delinquencies, defaults, repossessions and losses on our Consumer Loans could be higher than those experienced in the general automobile finance industry, and could be more dramatically affected by a general economic downturn.
7 unchanged sentences
Decreased consumer demand for automobiles could negatively impact demand for our financing programs as well as weaken collateral values of automobiles, which could materially adversely affect our financial position, liquidity and results of operations.
−Removed: Natural disasters, acts of war, terrorist attacks and threats or the escalation of military activity in response to these attacks or otherwise may negatively affect our business, financial condition and results of operations.
−Removed: Natural disasters, acts of war, terrorist attacks and the escalation of military activity in response to these attacks or otherwise may have negative and significant effects, such as imposition of increased security measures, changes in applicable laws, market disruptions and job losses.
+Added: Natural disasters, climate change, acts of war, terrorist attacks and threats or the escalation of military activity in response to these attacks or otherwise may negatively affect our business, financial condition and results of operations.
+Added: Natural disasters, climate change, acts of war, terrorist attacks and the escalation of military activity in response to these attacks or otherwise may have negative and significant effects, such as imposition of increased security measures, changes in applicable laws, market disruptions and job losses.
These events may have an adverse effect on the economy in general.
1 unchanged sentence
The effect of any of these events or threats could have a material adverse effect on our business, financial condition and results of operations.
+Added: Governmental or market responses to climate change and related environmental issues could have a material adverse effect on our business.
+Added: Governments have become increasingly focused on the effects of climate change and related environmental issues.
+Added: How governments act to mitigate climate and related environmental risks, as well as associated changes in the behavior and preferences of businesses and consumers, could have an adverse effect on our business and results of operations.
+Added: We could, for example, experience decreased consumer demand for gasoline-powered automobiles and declining values of gasoline-powered automobiles securing outstanding Consumer Loans, which would weaken collateral coverage and increase the amount of loss in the event of default.
+Added: Further, we may be compelled to change our business practices or our operational processes, and we could have less access to capital or face a higher cost of capital, because of climate- or environmental-driven changes in applicable law or due to related political, social or market pressure.
+Added: It is possible as well that changes in climate and related environmental risks, perceptions of them, and governmental responses to them may occur more rapidly than our ability to adapt without disrupting our business which could have a material adverse effect on our financial position and results of operations.
A small number of our shareholders have the ability to significantly influence matters requiring shareholder approval and such shareholders have interests which may conflict with the interests of our other security holders.
54 unchanged sentences
Our profitability and liquidity could be materially adversely affected during any period of higher interest rates.
−Removed: We monitor the interest rate environment and employ strategies designed to mitigate the impact of increases in interest rates.
+Added: We monitor the interest rate environment and employ strategies designed to partially mitigate the impact of increases in interest rates.
We can provide no assurance, however, that our strategies will mitigate the impact of increases in interest rates.
3 unchanged sentences
It is unclear whether new methods of calculating LIBOR will be established or if alternative rates or benchmarks will be adopted.
−Removed: Our revolving secured line of credit, certain of our Warehouse facilities, and our interest rate cap agreements utilize LIBOR as a benchmark for calculating the applicable interest rates.
+Added: Our revolving secured line of credit, certain of our Warehouse facilities, one of our Term ABS financings and our interest rate cap agreements utilize LIBOR as a benchmark for calculating the applicable interest rates.
We have entered into amendments for certain of those LIBOR-based facilities to provide for transitioning to a LIBOR alternative.
85 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.