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  "documentTitle": "Apollo Global Management | Investor Day Presentation Deck | 119 slides",
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  "authorName": "Apollo Global Management",
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  "presentationDate": "2023-11-01 00:00:00",
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  "notes": "The slide uses a series of sparkline-like bar charts to show annual charge-off rates in basis points.",
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      "kind": "callout",
      "text": "Credit losses only occur when there is both a customer default and residual value loss on the vehicle. Both of these events are very low probability given (i) customer guarantee from strong credits & (ii) secured collateral",
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      "text": "LeasePlan Charge-Offs (bps)",
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      "text": "Legacy Wheels Charge-Offs (bps)",
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      "text": "Donlen Charge-Offs (bps)",
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      "kind": "disclaimer",
      "text": "Note: Fiscal year for legacy Wheels is August 31 through 2021 and December 31 for 2022 (vs. Donlen & LeasePlan fiscal year is December 31 for all years). 1. TRAC stands for terminal rental adjustment clause.",
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      "text": "PROTECTION #1 Customer Guarantee (Triple Net Lease Obligations) Given ~95% of the Wheels portfolio is open-end TRAC leases, the customer is generally responsible for any residual risk on the vehicle PROTECTION #2 Secured Liquid Collateral Leases are structured to build residual value cushion as they season",
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      "text": "Average charge-offs of less than 1bp since 2006",
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      "kind": "title",
      "text": "Long Track Record Demonstrates De Minimis Credit Loss Experience",
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