Does Carvana mitigate that risk with this forward sale agreement? Where they don't actually have to deal with the three months of seasoning or whatever it would be to complete a securitization or... What is the nuance?

The way it works is Carvana, each quarter, sends a tape to Ally of loans they want Ally to purchase under that forward flow. Ally examines that tape and tries to mimic its own buy box. In a nutshell, it's roughly 10% for 620 and below, the majority from 620 to 700, and a bigger chunk from 700 to 750. Ally treats Carvana loans almost like a regular dealer, saying this is the buy box we accept from any dealer, and we will buy in bulk. There's some give and take, but it's a reliable source for Carvana to offload a bunch of loans.