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Open original source ↗@CedarReseach @hadov_bear @HindenburgRes Remember that DriveTime was formerly Ugly Duckling, ESG II’s first subprime auto finance company in the late-90’s. It blew-up when the first subprime lending bubble burst in 1998(LTCM), narrowly avoiding bankruptcy. One of the culprits? Gain-on-sale accounting on loan sales.