"We do not expect life to return to pre-2008 'normal' until well into 2012.
"We will manage MTF in the prudent fashion that has ensured our survival," he said.
MTF reported a tax-paid profit of $5.3 million for the year, down on the $8.8 million reported in the previous corresponding period.
New loans were down at $267 million ($288 million last year), reflecting lower motor vehicle sales.
Assets were down by 13.8% to $462 million as a consequence of that.
Net interest income, as a percentage of average loans under administration, increased to 7.9%.
Mr Bradshaw said profit before commission paid to transacting shareholders had remained steady at $32.7 million despite reducing finance receivables and increased bad-debt expense.
"This is a reflection of improved interest margins as the company has encouraged transacting shareholders to charge interest rates that more accurately reflect individual credit risk."
Since 1995, MTF had sourced the bulk of its funding from asset-backed securitisation through the issue of euro commercial paper by MTF Securities Ltd.
Investors deserted the asset commercial paper market at the end of 2008.
Since then, MTF had been working with its bankers and professional advisers to implement a funding structure to replace the securitisation programme, he said.
MTF, along with Trustees Executors, Commonwealth Bank of Australia and Westpac, completed the establishment of MTF Warehouse Trust and the MTF Settlement Trust on November 4.
"This is a significant milestone in the history of MTF and provides a funding platform that will enable the board and management to drive the company forward as a market leader in vehicle finance."
Arrears management had been a primary focus of the company and its shareholders, Mr Bradshaw said.
At the end of the financial year, 31-plus day arrears were 1.7% (2.47% last year).
Provisions for specifically impaired assets were $2.7 million ($3.3 million).
MTF had written off $2.8 million of loans ($1.9 million) it could not recover from borrowers or shareholders.
New loans had bottomed out in August 2009 and since then MTF had seen improving sales activities, Mr Bradshaw said.
Used-car finance was improving and new-car finance had seen "reasonable growth".
MTF expected some pressure on motorcycle financing for recreational bikes and farm bikes, both of which had an element of discretionary spending.
The direct franchise continued to grow by the number of franchises and the volume of business generated, he said.
MTF would continue to doubt the economic forecasters until the recovery was reflected in the confidence and actions of the real economy, Mr Bradshaw said.
That would be characterised by small to medium-sized businesses and the rural producers that provided New Zealand's export revenue.
