Jeff Brown: Yes. The only thing, Moshe, maybe I would add just a couple of things on €“ it’s really Slide 30. We didn’t spend a ton of time drilling into what we did in the quarter, but you will see auto originations. We pared back fairly considerably in the fourth quarter from where we had been running. And I would say that was probably driven two-fold. One, just being ever more deliberate on credit management and as Brad talked about trimming some of those micro segments and things like that. But you also saw a decent pop in what we are doing in the new space. And part of this, we just think it’s a function, and I talked about it at one of the industry conferences in December as you get to kind of a 10% type of yield on new consumer originations, you hit a bit of a saturation point with the consumer. So, part of that €“ all those factors sort of drove into kind of lower volumes and maybe a little less risk appetite in the fourth quarter as well.
Operator: Thank you. One moment for our next question and it comes from Ryan Nash with Goldman Sachs. Please proceed.
Ryan Nash: Hey. Good morning guys and thanks for all the additional disclosure. Brad, to Moshe’s question, you outlined what you expect to drive credit losses in the near-term. Can you maybe just expand upon what’s included in the allowance from a macro perspective? I know you said 5% unemployment by the end of the year. And just how are you thinking about future reserve build here given the fact that you are expecting a modest recession in the near-term? Thanks.
Brad Brown: Hi. Good morning Ryan. Sure. So, I guess I would start by saying we did mention the macroeconomic. It certainly has evolved since third quarter, right. And we pointed that out, you did as well, GDP contraction as well as higher unemployment by the end of the year, approaching 5%. I would start with by saying we €“ and J.B. pointed this out, right. We continue to be really generally conservative in our overall reserving methodology that includes the assumptions that we make in our CECL framework as well when you think about our 12-month supportable and then the 24-month reversion as well and the look back there, which includes the Great Recession, to kind of get into that kind of reversion mean of 6.3% in unemployment.
So, when we kind of think about 3.6% coverage versus that range of 1.6% to 1.8%, and my kind of simple broad mass when you think about even the high end of that range, if you allocate that annualized number over our weighted average life of auto, which is 22 months or so, you will see that we are really well covered even at the higher end of that range.
Ryan Nash: Got it. Thanks for the color. And then J.B., maybe a question for you on capital, so, the slides note that you don’t expect to repurchase any shares here. And given slower than last year’s balance sheet growth, I think it’s pretty clear you are going to build capital this year. So, maybe you could just talk about, given the uncertainty in the environment where you would like to run capital ratios at? And then maybe what would it take for you to turn repurchases for the company back on? Thanks.
