Fraud truffle hound @bgrahamdisciple has been digging deep into $TSLA RVG

Some points on RVG:
A friend leased a Jag for $550/mo, was looking to buy it out at the end of the term.
Buyout is $44k, car wholesales at $27k

Chase, the captive lender takes data found mainly through Manheim to determine the current value.

Lenders look at the most liquid market which are the auctions, NOT retail list prices.
With an RVG, JLR must eat that $17k delta

This data also determines future lease terms. Now that same model Jag leases for $880/Mo 
Lower residual value, higher payments = less sales

$TSLA sells a lot of S/X through dealer auctions, (brutal for values) but will not sell the M3.
This is to control the values.

Independent dealers are selling trade-in 3s so the marketplace has determined their values 
It's why there is no residual on the M3 lease

I suspect using $CVNA to show overpriced 3s is to keep the fable of appreciating assets alive to the investors of the M3 lease ABS & public