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  "documentTitle": "Carvana Co. (CVNA)",
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  "presentationDate": "2019-03-01 00:00:00",
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  "notes": "The slide uses a comparison table and document excerpts to contrast MPSA (Ally) and MTA (Trust) agreements.",
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      "text": "Sales to Ally and \"Non-Ally parties\" through a trust, per the FY18 Master Transfer Agreement",
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      "text": "Direct Loan sales to Ally, per the Master Purchase and Sale Agreement",
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      "text": "However, management is reluctant to discuss the source of the non-Ally funding behind the trust.",
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      "text": "Carvana 101 - Explainer on Recent Refinancing Transactions content",
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      "text": "According to the Master Transfer Agreement, the “third-party purchaser” – the trust to which Carvana sells its receivables – is now called “Sonoran Auto Receivables Trust” (“Sonoran”). As discussed, with Ally the only other party currently purchasing Carvana loans, we deduce that Sonoran is buying the Company’s subprime loans at a premium.",
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      "text": "Note that, according to management’s recent “Explainer on Recent Refinancing Transactions,” Sonoran is funded both by Ally and “non-Ally parties.” However, management is reluctant to discuss the source of the non-Ally funding behind the trust.",
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      "text": "The two separate agreements are designed to meet the risk, return, and regulatory preferences of our partners. Loans sold under the MPSA tend to have higher credit scores and lower losses than loans sold under the MTA. — Carvana 101 - Explainer on Recent Refinancing Transactions",
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      "text": "The Third-Party Purchaser: \"Sonoran Auto Receivables Trust\"",
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