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  "documentTitle": "Carvana Co. (CVNA)",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-01 00:00:00",
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  "pageNumber": 55,
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  "notes": "The slide uses screenshots of Reddit threads as evidence of customer complaints regarding GAP coverage.",
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      "kind": "callout",
      "text": "Charging more to customers who do not elect GAP coverage to make up for loss of 100% gross margin revenue?",
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      "text": "Carvana offers GAP waiver coverage in addition to its extended warranty. What the Company doesn't tell you is that it is licensed to provide GAP coverage in only 14 states (as of Sept 2018). We have found numerous instances of customers purchasing GAP coverage from Carvana only to find out later, whether through independent research or reading the post-sale fine print, that Carvana is not licensed to sell GAP coverage in their respective states. We are highly confident that Carvana has illegally sold GAP coverage to countless more customers in non-qualifying states, as it says nothing about state-by-state restrictions on its protection plan website. It appears that Carvana is doing all that it can to maximize its 100% gross margin VSC revenue.",
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      "text": "Why were these customers offered GAP coverage in the first place? Shouldn't Carvana's system have known that they were in states in which it doesn't offer GAP coverage? Is Carvana just hoping that customers don't do their homework and end up buying GAP coverage anyways? What happens when a Carvana customer who purchased illegally-sold GAP coverage ends up putting in a claim?",
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      "text": "Undisclosed Gaps In GAP Coverage Suggests Aggressive VSC Sales",
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