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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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  "notes": "Uses a 'quote-and-critique' structure to expose potential regulatory and financial liability.",
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      "text": "As Carvana has already been forced to repurchase receivables in the past for misrepresenting them to buyers, we do not take this risk lightly. We believe that the Company’s apparent misrepresentations of the status of its vehicles to customers, in addition to its aggressive VSC sales practices, may violate state or federal law and thus precipitate significant loan reassignments.",
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      "text": "Violating state or federal law regarding the sale of extended vehicle warranties or GAP waiver coverage could expose Carvana to serious loan reassignment risk, which could cripple the Company given its strained financial situation. Failing to conduct sufficient vehicle inspections, recondition vehicles as needed, and disclose the state of the vehicle to the buyer would also likely run afoul of state or federal law, amplifying this risk. We encourage Carvana’s financing partners – including Ally and all other involved parties – to investigate these matters before conducting further business with Carvana.",
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      "kind": "quote",
      "text": "We make certain representations concerning the automotive finance receivables we sell. If those representations are not correct, we could be required to repurchase the receivables. Any significant required repurchases could have an adverse effect upon our ability to operate and fund our business.",
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      "text": "We generally seek to sell automotive finance receivables to third parties. If these receivables do not meet the specified representations, we have in the past been, and may in the future be, forced to repurchase these receivables. If we sell a significant amount of receivables that do not meet the predetermined representations, we may be required to use cash on hand or to obtain alternative financing in order to repurchase them. Any significant repurchases could have a material adverse effect on our business, results of operations and financial condition.",
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      "kind": "title",
      "text": "Aggressive Sales Practices Generate Lucrative Service Revenue From Unknowing Customers",
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      "text": "CVNA FY 2017 10-K",
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