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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": "Includes a diagram of the loan sale process and a direct excerpt from the S-1 filing.",
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      "text": "We note that, interestingly, this decision came just as Ally’s auto finance president and DriveTime/Carvana supporter Tim Russi resigned from Ally in April 2018, shortly after DriveTime’s losses reportedly surged.",
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      "text": "Flow of loans from Customer to Carvana to Ally/Third Parties",
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      "text": "In Dec 2016, Carvana announced an agreement with Ally under which Ally would provide up to $375M in financing for Carvana's auto loans. In a concurrent agreement, Carvana secured another $292.2M of financing from “certain third party purchasers.”",
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      "text": "In December 2016, the Company entered into a master purchase and sale agreement... pursuant to which it sells finance receivables meeting certain underwriting criteria to certain third party purchasers, including Ally Bank and Ally Financial (the “Ally Parties”). — CVNA S-1 (Apr 23, 2018), Pg. F-24",
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      "text": "DriveTime's losses were reportedly surging, Jan 2018. Ally's auto finance president and DriveTime supporter, Tim Russi, later left Ally in April 2018",
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      "text": "Excerpt from CVNA S-1 (Apr 23, 2018), Pg. F-24 regarding Master Purchase and Sale Agreement",
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      "kind": "title",
      "text": "Who Purchases Carvana's Loans Now? 2016-18: Ally And \"Certain Third Party Purchasers\"",
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