Mason, Ohio-based Security National Automotive Acceptance Company, a specialty finance company, has announced that it will be closing its operations in Mason, Ohio office and laying off 150 workers commencing in the next week or so, with a complete closure of the company by the end of 2019. The company purchases and services retail sales finance contracts, protection plans, insurance coverage, and roadside assistance plans. According to company president and CEO Grant Skeens, “The shutdown is due to an unforeseen and unprecedented downturn in business."
According to a company spokesperson, “SNAAC will discontinue purchasing contracts and will liquidate its portfolio. SNAAC said it will continue to accept credit applications through August 19, 2019. We thank our dealers, borrowers, and vendors for their years of support and business. While SNAAC’s portfolio continues to outperform the industry with declining delinquency and losses, due to diminished profitable growth opportunities within SNAAC’s key market segment, SNAAC’s board of directors has elected to wind down SNAAC’s operations and cease purchasing contract. The risk-adjusted returns in today’s market do not meet the thresholds SNAAC had set to ensure profitable and sustained growth which led us to this decision.” The company will continue to service its portfolio into the middle of September, 2019 after which the servicing will be transferred to a third-party servicer as the portfolio is liquidated.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?