【文章标题】：Here Comes the Repo Man
【文章标题】：收车人来了
【文章正文】： This is not a projection of what might go wrong, its a post-mortem on what already has.
【文章正文】： 这不是对未来可能出问题的预测，而是对已然发生之事的复盘。
Loans originated by the used-car dealer Carvana are going bad, fast. Loans that were packaged into asset-backed securitizations (ABS) and sold to investors over the past four years are realizing pronounced losses. This isn’t just a problem for residual speculators.
二手车经销商Carvana发放的贷款正在快速恶化。过去四年中被打包成资产支持证券（ABS）并出售给投资者的贷款，正在产生显著亏损。这不仅仅是剩余价值投机者的问题。
Traded and rated notes, still valued above par today, are heading for losses.
那些仍在交易、仍有评级、如今价格仍高于面值的票据，正走向亏损。
Credit rating agencies, so far, have only affirmed their ratings while clinging to stale assumptions. Noteholders remain either blissfully unaware or unwilling to prompt a public markdown cascade.
迄今为止，信用评级机构只是在固守过时的假设，维持其评级不变。票据持有人要么浑然不觉，要么不愿引发一场公开的连环下调。
None of this matters.
这一切都无关紧要。
Even if impairments haven’t been recognized
，
即使减值尚未被确认
，
the underlying losses have already occurred.
潜在损失其实已经发生。
The market just has to catch up.
市场只需要赶上现实。
Today, I crawl into the depths of these subprime securitizations to determine which structures will break, and how deep the cracks go.
今天，我将深入这些次级证券化的内部，判断哪些结构会崩溃，裂缝究竟有多深。
Further, what does it mean for Carvana itself?
此外，这对Carvana自身意味着什么？
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