20 unchanged sentences
To mitigate, but not eliminate, the long-term risk relating to interest
−Removed: rates payable by us in securitizations, we have usually structured our term securitization transactions to include pre-funding structures,
+Added: rates payable by us in securitizations, we may structure our term securitization transactions to include pre-funding structures,
whereby the amount of notes issued exceeds the amount of contracts initially sold to the trusts.
−Removed: We may continue to use pre-funding structures
−Removed: in our securitizations.
In pre-funding, the proceeds from the pre-funded portion are held in an escrow account until we sell the additional
5 unchanged sentences
The amount of such expense may vary.
−Removed: Despite these mitigation strategies, an increase in prevailing interest rates would cause us to receive
−Removed: less excess spread cash flows on automobile contracts, and thus could adversely affect our earnings and cash flows.
+Added: Despite these mitigation strategies, an increase in prevailing interest rates would cause us to
+Added: receive less excess spread cash flows on automobile contracts, and thus could adversely affect our earnings and cash flows.
Financial Statements and Supplementary Data
6 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.