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  "documentTitle": "Carvana Co. (CVNA)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-03-01 00:00:00",
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  "notes": "The slide uses a forensic accounting approach to derive loan sale returns from cash flow statement line items.",
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      "text": "Since Q1 FY16, Carvana has generated a weighted-average gain on loan sale as a percentage of principal balances sold of 4.0%. In other words, it sells its finance receivables – largely subprime loans – for 104 par in aggregate.",
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      "text": "Gain on loan sales as a % of principal balances sold: 4.0%",
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      "text": "Carvana does not explicitly discuss its return on loan sales. However, we can deduce its returns from the Company's financial statements...",
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      "text": "What Kind Of Returns Does Carvana Generate On Its Loan Sales?",
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