There is no reason why this structured financing entity would sell a put (taking on a liability) without an offsetting asset, the loan receivable. Nobody wants to be in the cash and carry downside vol business with an unhedgeable underlying.
Well, may be offer this options for a price or something.
They did bet that resale value will be higher than certain amount. Moreover, if it's higher, than what stops you from selling yourself and just returning the loan? I.e. it seems that they are not going to benefit from upside, but will suffer from downside - if resale value is lower, all people having this option will execute it.
On other hand if enough buyers will buy this option, this will effectively set the market price of the used car (as lease does for 3yo BMWs, for example).
Anyway, it seems they punish current cash buyers if this option is not available for them.
