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A chain of used-car dealerships that welcomes customers with low credit scores has temporarily closed all 39 of its locations in six Southern states, including its store in Athens.
Callers to U.S. Auto Sales, at 2705 Atlanta Highway, were greeted with a voice-messaging system that routed calls to a recording announcing an unspecified “system error.”
The national website offered a bit more information for customers who still carry auto loans with the company.
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“We have temporarily closed our dealerships and are working on a solution to re-open them as soon as possible,” a pop-up banner on the website read. “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.”
Business and financial publications have pointed to U.S. Auto Sales’ recent poor performance in the bonds market. The company packaged its subprime car loans as marketable, asset-backed securities offered for sale to institutional investors. When customers fell behind in their payments, the bonds performed poorly, prompting the financial services company Moody’s to slash U.S. Auto’s credit rating.
U.S. Auto Sales operated dealerships in Georgia, Florida, South Carolina, North Carolina, Alabama and Tennessee.
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