alt Hacker NewsSee my reply to @rtpg. The short answer is that it is believed they are selling high-risk loans to a company they control, making it look like the publicly traded Carvana is some kind of miracle in the car industry while offloading the risk to anonymous shell companies.
Time will tell if it’s a ponzi or not. I am not fully convinced but it will be interesting to see, the family dynamic is always a bit suspicious and especially how they were at the end of a rope post Covid.