“Net losses and gross charge-offs were understated” – Oopsie?
By Wolf Richter for WOLF STREET.
U.S. Auto Sales, a dealer chain owned by a private equity firm and focused on selling and financing lower-end older used vehicles to subprime-rated customers, suddenly “temporarily” shut its 39 dealerships in six southern states today, with a terse announcement on its website:
Attention U.S. Auto Customers. We have temporarily closed our dealerships and are working on a solution to re-open them as soon as possible. But don’t worry, we aren’t going anywhere! U.S. Auto’s affiliated loan servicing company (USASF Servicing LLC) is still open to accept your payments and assist in servicing your account. Please continue to make your payments as scheduled and reach out to us with any account questions.
Sincerely, -The U.S. Auto Team