Exhibit 99.2

U.S. Auto Finance, Inc.

U.S. Auto Funding Trust 2019-1

Consulting Report

February 14, 2019

This Report Is For CLIENT’S Internal Use Only And Should Not Be Relied Upon By Any Third Party

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

U.S. Auto Finance, Inc.

Consulting Engagement

Company Contact: Mr. Jay Putnam, Chief Financial Officer

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

February 14, 2019

PRIVATE & CONFIDENTIAL

Mr. Jay Putnam

1855 Satellite Blvd.

Suite 100

Duluth, GA 30097

Dear Mr. Putnam:

Please find our enclosed Administrator Agent Report (“the Report”) which was prepared at the request of to U.S. Auto Finance, Inc., Inc., as Sponsor and Seller, USASF Servicing LLC as Servicer, U.S. Auto Receivables Financing LLC as Depositor and U.S. Auto Funding Trust 2019-1 (“Issuer,” “U.S. Auto 2019-1”, “SPV” or “the Company”) (collectively, the “Specified Parties” and “Client”) as it relates to the U.S. Auto Funding Trust 2019-1 transaction (“Transaction”) as of the same date as the Preliminary Offering Memorandum, in accordance with the terms of our Engagement Letter dated February 11, 2019.

Client Acknowledgements

By acceptance of the Report, you acknowledge that (1) you have determined that the procedures we performed are the procedures that you requested us to perform, that you are solely responsible for the sufficiency of such procedures for your purposes, and that you do not require us to perform any further procedures, (2) we make no representations and express no opinion as to the sufficiency of the procedures for your purposes and had we performed additional procedures, other matters might have come to our attention that would have been reported to you, (3) the procedures that we performed should not be taken to supplant additional inquiries and procedures that you should undertake in your evaluation of the Transaction, (4) you have made available to us all financial records and related data that you received from the Company that you believe are necessary for us to complete our procedures, and (5) the decision whether to consummate the Transaction lies solely with you, and neither our work nor our findings shall in any way constitute a recommendation whether you should or should not consummate the Transaction, or on what terms.

Limitations of Procedures

The procedures we performed do not constitute, in accordance with generally accepted auditing or other applicable professional standards, (1) an audit, review, or compilation of the Company’s historical financial statements or specified elements, accounts or items thereof as per the attestation standards established by the American Institute of Certified Public Accountants, (2) an examination or compilation of the Company’s prospective financial information, (3) an appraisal of the Company or of any of the Company’s assets or liabilities or (4) an examination of the Company’s internal controls, and, accordingly, we express no opinion, limited assurance or any other form of assurance thereon and our work cannot be relied upon to disclose errors, fraud or illegal acts that may exist.

The Report contains a description of the following:

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

None of the engagement Scope Procedures or Report was intended to address, nor did they address, the following:

We have not verified the information we obtained or presented in the Report, unless specified therein.

Use of the Report

This letter and the Report are solely for your information and internal use and to assist you in the evaluation of the Transaction. You agree that without the prior written consent of CBIZ MHM, LLC (“CBIZ”), you will not circulate, quote or otherwise refer to this Report or a copy of all or any portion thereof. Notwithstanding the foregoing, you may provide copies of the Report in accordance with the terms and conditions set forth in the Engagement Letter dated February 11, 2019 and to your legal representatives or other professional advisors solely for their informational use in connection with the Transaction provided that (1) this letter shall be attached at the front of the Report at the time of disclosure, and (2) any such legal representative or other professional advisor has agreed to keep the Report confidential and fully releases CBIZ from any liability arising out of, or in reliance upon, this Report.

Updating the Report

We have no responsibility to update this letter or the Report for events or circumstances occurring after the date of this letter.

Very truly yours,

CBIZ MHM, LLC

By:          /s/ M. Michael Aquino                                                            

M. Michael Aquino, Lead Managing Director

CBIZ MHM, LLC

This Report Is For CLIENT’S Internal Use Only And Should Not Be Relied Upon By Any Third Party

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

Legal Notice

This Report is provided solely to Client for its internal use and information, pursuant to our Engagement Letter dated February 11, 2019 with no third party beneficiaries being created thereby, and is subject in all respects to the terms and conditions of that letter, including restrictions on disclosure of this Report to third parties.

If this Report is received by anyone other than Client, the recipient is placed on notice that the attached Report has been prepared solely for Client for their internal use and this Report and its contents may not be shared with or disclosed to anyone without the express written consent of Client and CBIZ MHM, LLC. CBIZ MHM, LLC shall have no liability, and shall pursue all available legal and equitable remedies against recipient, for the unauthorized use or distribution of this Report to third parties.

Legal Representation

Client acknowledges and agrees that it is responsible for its own legal representation and guidance related to the Transaction and that it will consult its own legal resources before acting upon any deliverables CBIZ MHM, LLC provides under this Agreement. Client further acknowledges and agrees CBIZ MHM, LLC is not a law firm and is not providing legal advice or analysis and that CBIZ MHM, LLC has not engaged legal counsel with respect to the services, and that matters of legal interpretation are beyond the scope of the Services. CBIZ MHM, LLC expressly disclaims any and all responsibility for the accuracy, adequacy, completeness or appropriateness of any legal document, relating to the Transaction or otherwise, reviewed during the performance of Services as outlined herein.

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

General Information

During this engagement, CBIZ MHM LLC held discussions with the following individuals (collectively referred to as “management” in the report unless otherwise specified):

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TABLE OF CONTENTS

EXHIBITS

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

STATEMENT OF WORK

PURSUANT TO THE ENGAGEMENT LETTER

DATED FEBRUARY 12, 2019 BY AND BETWEEN

CBIZ MHM, LLC (“CBIZ”)

AND

U.S. AUTO FINANCE, INC., AS SPONSOR AND SELLER, USASF SERVICING LLC AS SERVICER, U.S. AUTO RECEIVABLES FINANCING LLC as DEPOSITOR AND U.S. Auto Funding Trust 2019-1 (“ISSUER,” “U.S. AUTO 2019-1”, “SPV” OR THE “COMPANY”) (COLLECTIVELY THE, THE “SPECIFIED PARTIES” AND “CLIENT”)

Relevant Entities:

U.S. Auto Finance, Inc., Inc., as Sponsor and Seller, USASF Servicing LLC as Servicer, U.S. Auto Receivables Financing LLC as Depositor and U.S. Auto Funding Trust 2019-1 as Issuer (“Issuer,” “U.S. Auto 2019-1”, “SPV” or “the Company”) (collectively, the “Specified Parties” and “Client”)

Time Periods to be tested:

See the below Scope of Services

Location:

Duluth, GA

Additional Request:

Document all discussions with and inquiries of management.

Note: All samples are judgmentally selected unless specified by the Client.

Consultant report should provide for glossary of defined terms which will serve as a point of reference for all capitalized terms found in the consulting report.

Consultant report should provide for a table listing individuals at the Company that provided assistance and/or are referenced in the consultant report. Table should provide for the following: name, title, phone number, affiliation, and tenure.

Consultant report should separately identify material weaknesses from observations made that may represent improvements to the Company’s processes.

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

SCOPE OF SERVICES

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

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U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

Underwriting Guidelines/Policies and Procedures

The Company provided a copy of the Underwriting Guidelines dated September 2014 and the Underwriting Policy and Procedures Manual dated September 30, 2013 and modified on September 30, 2017. Management stated that no material changes occurred in the last twelve months.

Underwriting Guidelines cover the general information necessary for granting credit. Underwriting management must approve any exceptions on a case-by-case basis prior to granting credit.

The following is a summary of the baseline criteria required on the application; however, the Underwriting Department may approve exceptions. The Treasurer has stated that exceptions may only be approved by the Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), or Chief Credit Officer (“CCO”):

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

The outstanding balance of the existing loan is not rolled into the new loan on Insurance Replacements and the new vehicle may not be discounted. The deductible must have been paid when/where required.

According to the Company’s Underwriting Policy and Procedures, the mission is to provide customers with the opportunity to drive a safe, reliable vehicle while building or re-establishing their credit. The role of the Underwriting Department is to identify risk and place customers in the most appropriate vehicle and deal structure to mitigate that risk and loss severity. US Auto uses a proprietary credit-scoring model that generates a numerical score. For simplicity sake, the system translates the score into a letter grade of either A, B, C+, C, D+, or D. Management informed the consultants that they will potentially add a new grade (B+) during 2019, due to the volume of current borrowers that are currently in the B grade. The system generates a list of qualified vehicles to provide the opportunity for a successful sales experience for the customer.

Underwriting Policies and Procedures are broken into the following five sections:

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

The Company’s Motor Vehicle Retail Installment Sales Contracts includes the Federal Truth-In-Lending Disclosure stating the annual percentage rate, finance charge, amount financed, total of payments, down payment, total sales price, number and amount of payments, payment terms, and conditions affecting late fees and other charges. Additionally, this document includes a detailed itemization of the amount financed including the sales price, add-ons, and down payments and, where applicable, net trade-in. If a trade is in deficit (more owed than vehicle value), the negative balance is added to the financing amount.

US Auto offers a standard 30-day service warranty contract with an extended service warranty contract and GAP insurance coverage at an additional fee. Per the loan file sample, approximately 80% of customers utilize such products. The Company charged an administrative services fee of $499 on all contracts through July 31, 2016. Subsequent to that time these charges are no longer administered on contracts. If a borrower does not have proof of insurance they are force placed with GAP insurance at a fee of $399.

Per inquiry, US Auto places Passtime GPS with ignition interrupt on all vehicles prior to sale. US Auto advises customer of the unit prior to sale and will utilize the ignition cut-off feature for collection purposes; however, the Company verifies that the vehicle is stationary and not running when activated. Twenty accounts were judgmentally sampled noting the number and type of contract attempts prior to initiating action on cutting off the vehicle’s ignition. In each case, the Company will initiate a chime when the key is inserted into the ignition at the point a payment is past due. There will be one chime for each day the account is past due up to five chimes on the fifth day. On the fifth day, the device will receive a shutoff notification which is usually done at 3am and when the car is not in motion. The customer also receives a remote and an “override code” that allows the customer to enable use of the vehicle for another 24 hours. Additionally, US Auto may run a dialer campaign and/or send a text message (if opted at the time of signing the contract) when payment is due. Based on the delinquency of the loan, the Company will attempt to contact the customer from one to three times daily. No complaints or incidences of improper shut-off has been noted.

The Company recognizes revenues from the sale of service contracts ratably over the service contract period; with service contract revenues included in sales and related expenses included in cost of sales.

The consultants selected a judgmental sample of 125 loans included in the eligible pool as of December 31, 2018 month-end and noted that 101 out of the 125 loans (80.8%) included service contracts. Additionally, 95 out of 125 (76.0%) included GAP insurance.

Management provided the consultants with monthly look-to-book statistics for the period January 1, 2018 through December 31, 2018. The breakdown is below:

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

The Company’s credit process for loan originations commences with the sales staff located at the related party dealerships. Per inquiry, there were no changes to US Auto’s Underwriting Guidelines or Underwriting Policy and Procedures Manual since last year; however, per Management, terms are up to 72 months instead of 70 months as per the written policy.

Through December 31, 2017, the Company used Deutsche Bank (“DB”) as a custodian for original titles and original contracts; however, beginning January 1, 2018, US Auto moved custodial services to Wells Fargo (“WF”). Titles and contracts previously submitted and currently held by DB remain in their custody through the life of the contract. Per management, WF provides a monthly exception report for review and monitoring. The consultants inquired and observed that copies of documents are held electronically in the computer Vault.

Per inquiry and observation, the Company uses quality control reviews and checklists throughout the sales, underwriting, and collection functions. According to counsel, there have been no operational audits performed by third parties during the previous 12 months. Management stated that that the Company writes loans in accordance with established policies. Per inquiry, the Company does not use any internal reports to monitor any credit exceptions on an ongoing basis.

The consultants selected a judgmental sample of 125 loans included in the eligible pool of the data tape as of December 31, 2018 month-end (“Loan File Test Sample”). For the selected loans, the consultants performed the following procedures (with testing as follows):

Data File Integrity Test

The client provided a loan data file tape as of December 31, 2018 for all loans in the portfolio. For this data integrity test, the consultants were asked to judgmentally select 125 loans (100 judgmental and 25 delinquent) included in the eligible pool as of December 31, 2018 month-end. All 125 loans were tested in accordance with the requested scope procedures (See Exhibit A.1).

The client provided the consultants with direct access to the Company’s operating systems (“AutoStar Fusion”, “AutoStar CollectorPro”, and “Visual Vault”), collectively “AutoStar”. The original application is done either manually or online and boarded to the AutoStar operating system.

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

Not all of the items required to be tested were available or received by the consultants.

The consultants addressed each item below as part of the Data File Integrity Testing:

Notes

The consultants either “confirmed”, “compared” or both for the testing noted in the table above.

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Compared the date of contract, first payment date, and maturity date on the data tape to the underlying system of record, AutoStar with the exception of one file.

Compared the original contract financed amount on the data tape to the underlying system of record, AutoStar without exception.

Compared the original contract term on the data tape to the underlying system of record, AutoStar without exception.

Compared the contract interest rate (APR) on the data tape to the underlying system of record, AutoStar without exception.

Compared the monthly payment amount and frequency of payment on the data tape to the underlying system of record, AutoStar without exception.

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

Compared the VIN on the data tape to the underlying system of record, AutoStar without exception.

The consultants noted that the Company processes payments to the related party dealerships by journal entry concurrently with the funding of the loan. The consultants noted no exceptions.

The following is a summary of the consultants’ exceptions and observations from the data integrity and credit file information provided:

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For the judgmental sample of loans selected above, the consultants tested for Eligibility per the term sheet for the proposed Facility. All loans tested met the eligibility criteria for the proposed facility.

The Company used Deutsche Bank as a custodian for original titles and original contracts through December 31, 2017; however, Wells Fargo began custodial services on January 1, 2018.

Per management, the Company’s internal systems use investor codes to ensure that collateral is not pledged more than one time.

Management stated that the Company has adequate segregation of duties. For example, personnel responsible for loan collection and customer service functions are not involved in the underwriting and approval, cash application, and they do not have the ability to change the ongoing records relating to the status of loans. An Underwriting Manager and four other analysts, which management deemed adequately equipped to handle the loan application volume, staff the credit department.

For the 125 accounts that were selected and tested above the consultants reviewed data appearing on the Company’s system in comparison to information appearing in the sampled account files for accuracy (file to system review). All data appearing in the sampled account files was accurately reflected in the system with no exceptions noted.

Based on the consultants’ review, the top 10 obligors accounted of 0.06% of the portfolio as of December 31, 2018.

The following is a list of concentrations by various data tape criteria:

Vehicle Model Year

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Amount Financed

Interest Rate

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Term

Geography

In addition to the delinquency and charge-off statistical reports, the consultants reviewed a monthly trends report that provided an indication as to the level and trend of the loan’s portfolio quality. This report reflected monthly originations data and on a monthly basis showed trending of various factors such as average payments, term, FICO, down payments, pick-up payments, trade-in, sales price, car cost, added expenses, mileage, breakeven, warranty, amount financed, interest rate and ad valorem sales tax. This report reflected statistics and provided associated graphs.

The Company does not purchase loans at a discount. They purchase loans from captive lots at a reduced price. This is booked as a journal entry at the time of purchase in the system of record.

Additionally, the consultants noted the following averages, minimums, and maximums within the Data Integrity File Test Sample:

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

The ten largest US Auto dealerships as of December 31, 2018 were Lawrenceville, Union City, Lithia Springs, Marietta, Forest Park, Jacksonville, FL, Columbia, SC, Memorial, Macon, and Centerville.

Collection Policy and Procedures

Management provided the USAF Collection Policy and Procedures dated April 24, 2013.  Per management, there have been no changes in the past 12 months and they anticipate no significant changes in the next 12 months.  Details of the current policies and procedures are presented below. 

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

US Auto’s system of record is AutoStar.  The Company underwrites and originates new accounts in AutoStar under company 01 (Sales).  After credit approval and vehicle delivery, the account is sold to Company 02 (US Auto active accounts).

Testing

Aging Test

The consultants judgmentally selected a sample of 50 accounts totaling $1,060M from the December 31, 2018 data tape report and included the 10 largest 60+ day past due loans. The consultants’ aging of these 50 accounts agreed with the AutoStar system aging without exception. The consultants reviewed the system collection notes and observed staff making frequent customer contact. The contact is documented in a concise manner on the system, which provides an adequate level of detail. Based upon the review, the Company’s collection policies and procedures are being followed. Based on the consultants’ review and discussions with management, the Company is diligent in its collection of past due accounts.

The substituting of loans does not apply to the current lending facility.

Aging Shift Test

The consultants also performed an aging shift test on a judgmentally selected sample of 15 accounts totaling $$161M from the portfolio between the months of November and December 2018, with all 15 accounts shifting and aging correctly.

Modifications

The Company provided a report of all amendments, due date changes and extensions applied to loans in the 12 month period from January through December 2018.

The modifications by month are presented below:

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

The number of modifications granted each month remained relatively consistent throughout the period tested. The higher number in the month of January was noted to be the result of an increase in delinquent accounts related to the use of part-time collectors and changes in management.

The consultants selected a judgmental sample of 50 modifications, including 11 amendments, 15 due date changes, and 24 extensions. The consultants testing noted the following:

The collections policy does not specify the level of approval required for each type of modification. It is suggested the Company add approval levels to its policy.

Per management, the Company does not have any annual or special modification programs.

Fees and Finance Charges Posting Test

The consultants judgmentally selected five accounts from the delinquency samples to test for proper posting of fees and finance charges. The consultants observed the posting of interest with each payment and occasional late charges. The Company does not charge fees associated with repossessions. No exceptions were noted.

U.S. Auto Finance, Inc. - U.S. Auto Funding Trust 2019-1 February 14, 2019

Paid Ahead Testing

The consultants sampled 15 accounts with paid ahead status totaling $79M, or 2.0% of the total of $4,008M in paid ahead accounts as of December 31, 2018. This sample was taken from the largest balances in the “Paid Ahead” column (column CD) from the Data Tape. This column includes all accounts where any payments in excess of the required amount are shown. The reasons for the tested paid ahead accounts are illustrated as follows:

Two customers were noted to be making extra payments or payments in excess of their contracted payment on a regular basis. Four accounts were declared total losses by the insurance company, and were awaiting GAP checks prior to charge off. An additional three accounts were declared total losses by the insurance company, but were awaiting settlements with the insurance companies prior to determining whether a charge off was necessary. The remaining sampled items were settled in full with the insurance company.