Exeter Finance Complaints

Exeter Finance, a subprime auto lender specializing in providing financing to individuals with less-than-perfect credit, has faced a significant number of complaints regarding its lending practices and customer service. These complaints span various areas, painting a picture of potential issues in the company’s operational procedures.

Common Complaint Themes

One of the most frequent complaints revolves around high interest rates. Given that Exeter Finance caters to a subprime market, high interest rates are expected to a degree. However, some borrowers allege that the rates charged are excessively high and often not clearly disclosed upfront, leaving them burdened with unaffordable monthly payments and a significantly larger overall loan amount than initially anticipated. This lack of transparency regarding the total cost of the loan is a recurring concern.

Another prevalent issue is related to loan servicing and account management. Borrowers report difficulties in contacting customer service representatives, long wait times, and unhelpful or inaccurate information provided when they do connect. Problems with payment processing, including misapplied payments and unexpected late fees, are also common grievances. Some customers claim that Exeter Finance has reported inaccurate or negative information to credit bureaus, even when payments were made on time, further damaging their credit scores.

Repossession practices have also drawn criticism. Some borrowers allege that Exeter Finance has repossessed vehicles prematurely or unfairly, sometimes even when the borrower was actively working to resolve payment issues. The repossession process itself, including the communication leading up to it and the handling of personal belongings left in the vehicle, is often described as unprofessional and insensitive.

Furthermore, there are complaints about aggressive debt collection tactics. Borrowers report receiving frequent and harassing phone calls from Exeter Finance’s debt collectors, sometimes at inconvenient hours or to their places of employment. Some allege that these collectors have made threats or used abusive language, violating fair debt collection practices.

Impact of Complaints

These complaints highlight potential issues with transparency, customer service, and fair treatment of borrowers. The high interest rates and aggressive collection practices can trap vulnerable individuals in cycles of debt, making it difficult for them to improve their financial situation. The negative credit reporting and repossession practices can have lasting consequences, impacting their ability to secure future loans, rent an apartment, or even obtain employment.

Where to File Complaints

If you have a complaint against Exeter Finance, you have several avenues for seeking resolution. The Consumer Financial Protection Bureau (CFPB) is a federal agency that handles consumer complaints related to financial products and services. Filing a complaint with the CFPB can initiate an investigation and potentially lead to a resolution. You can also file complaints with your state’s Attorney General’s office and the Better Business Bureau (BBB). Seeking legal advice from a consumer protection attorney may also be beneficial, especially if you believe Exeter Finance has violated any laws or regulations.

While Exeter Finance has a right to operate, it’s crucial that they adhere to ethical lending practices and treat their customers fairly. By addressing the issues raised in these complaints, Exeter Finance can improve its reputation and build stronger relationships with its borrowers.