Exeter Finance Corp Complaints

Exeter Finance Corp, a subprime auto lender, has faced numerous complaints regarding its lending practices, customer service, and repossession procedures. These complaints are scattered across various platforms including the Better Business Bureau (BBB), Consumer Financial Protection Bureau (CFPB), and online forums.

Common Complaint Themes:

High Interest Rates and Fees:

A recurring theme is the exorbitant interest rates charged on auto loans. Many borrowers allege that they were not fully informed about the high interest rates and associated fees before signing loan agreements. These rates, often exceeding 20%, can significantly increase the overall cost of the vehicle and make it difficult for borrowers to manage their payments. Hidden or unexpected fees related to late payments, processing, and other administrative services also contribute to borrower dissatisfaction.

Predatory Lending Practices:

Some complaints accuse Exeter Finance of engaging in predatory lending practices. Borrowers claim they were approved for loans they could not realistically afford, based on inflated income or misrepresented creditworthiness. This can lead to a cycle of debt and ultimately, vehicle repossession.

Repossession Issues:

Repossession is another frequent source of complaints. Borrowers often report that vehicles were repossessed without proper notice, sometimes even when they were only a few days late on payments. There are also allegations of aggressive or improper repossession tactics employed by agents working on behalf of Exeter Finance. Some borrowers dispute the validity of the repossession itself, claiming they were not in default or had made arrangements for payment.

Customer Service Problems:

Poor customer service is a prevalent complaint. Borrowers report difficulty reaching customer service representatives, long wait times, and unhelpful or misleading information provided by representatives. Many express frustration with the inability to resolve issues effectively or obtain clear explanations of their loan terms and account status. Some customers say they’ve experienced rude or dismissive behavior from customer service staff.

Reporting Errors and Credit Damage:

Incorrect credit reporting is another area of concern. Borrowers allege that Exeter Finance has reported inaccurate information to credit bureaus, negatively impacting their credit scores. These inaccuracies can include reporting late payments when payments were made on time, or failing to update account statuses after a debt has been settled. This can make it difficult for borrowers to obtain future loans or credit.

Addressing Complaints:

Consumers who have experienced problems with Exeter Finance Corp are encouraged to file complaints with the BBB and the CFPB. These agencies can investigate the complaints and potentially mediate a resolution. Additionally, borrowers may consider seeking legal advice from an attorney specializing in consumer protection law. Documentation is crucial when pursuing a complaint; keeping records of loan agreements, payment history, and communication with Exeter Finance is essential.

While Exeter Finance may argue that it provides necessary financing options for individuals with limited credit options, the volume and nature of complaints suggest a need for greater transparency, responsible lending practices, and improved customer service.