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To: robert b furman who wrote (54776)	1/15/2022 11:16:01 AM
From: E_K_S	Read Replies (1) \| Respond to of 69835

Are you seeing the same reduction in leases? Are/will customers turn in their leased own vehicles sooner if the economy slows and how is this unwound at the dealership? Do these vehicles immediately go into the used car pool and/or are liquidated at auction? Who owns the lease paper and/or does the dealership charge a fee to unwind the deal? Who takes that loss if any? Does JPM have a subsidiary company that processes/services and owns these leases? ------------------------------------------------------------------ It's interesting because it's a huge cog in the pipeline if/when there is a disruption and it has to be unwound. Because the used market is seeing record prices, I suspect lease returns are wanted and will actually result in larger net income after everything is unwound.