Consumer complaint received 2020-11-30
Company: Exeter Finance Corp.
State: TN
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
This is not a duplicate complaint but a complaint addressing the latest attempt at the shell game by this deceitful and incompetent company. They lie and below is proof. On XX/XX/XXXX they respond to my complaint and say " Any partial payment received between now and XX/XX/XXXX will continue to be applied as a principal reduction. As such, any partial payments received after XX/XX/XXXX will be applied as principal and interest payments until the XX/XX/XXXX payment has been completed. Once the XX/XX/XXXX payment has been completed, any additional monies received will be applied towards the principal reduction. If the account continues to be paid ahead by three payments, the principal reduction will continue. '' I made a {$10.00} payment to see if they would follow through and they DID NOT! I complained again and they tell me this on XX/XX/XXXX : Exeter would like to thank you for the opportunity to address your concerns regarding the payment allocation regarding your account. Exeter has thoroughly investigated your complaint, responded to the CFPB and made the determination set forth below. On XX/XX/XXXX, Exeter responded to your complaint filed through the Consumer Financial Protection Bureau ( CFPB ) regarding the same/similar matters presented in this complaint. On XX/XX/XXXX, Exeters records reflect that you inquired about making principal reduction payments. In response, Exeter advised that in order to have the full amount of the payment applied as a principal reduction, the account must be paid ahead three months. Your due date has been advanced to XX/XX/XXXX. As of XX/XX/XXXX, you are 88 days current. This is a simple interest contract, which means that you will continue to accrue interest each day there is a balance owed. Each payment that you make will be applied as follows ; first to the accrued interest, second to payments due, then to any outstanding fees on the account. Any additional monies will be applied to the principal balance. As of XX/XX/XXXX, your interest owed is {$310.00} and your interest accrued per day is {$13.00}. A payment ( regardless of amount ) received by Exeter will be applied to the account and will follow the standard payment allocation method as follows : 1. Unpaid accrued interest 2. Principal 3. Miscellaneous Fees if present ( i.e., repossession fees, NSF fee for a returned payment, etc. ) 4. Late Fees ( if present ) 5. Any additional funds will be applied to principal The due date will advance up to 3 months into the future and will then cease to advance until the account does not show to be 3 months ahead. The above payment allocation will be used regardless of the due date. Any payment amounts sufficient to cover the unpaid accrued interest and principal amount for the next-due payment will advance the due date. Interest accrues daily at the contract rate on the outstanding principal balance and is paid with each payment as described above. Exeter tried to make phone contact with you on several occasions, but you refused to answer or return our calls. Regardless, Exeter acknowledges that we failed to provide the best-in-class customer service and we sincerely apologize for the inconvenience this may have caused. Exeters success is based on customer satisfaction with our products and services, so the issues presented in this complaint are taken seriously and every effort is made to provide a prompt and equitable response. If you have any questions about these or any other concerns, Exeter encourages you to contact the Office of the President at XXXX. Sincerely, Office of the President Exeter Finance These people are CROOKS! They put it IN WRITING that I can be 3-months ahead and have all payment made while being 3-months ahead being fully applied to the principal balance. 

Can this company not be held accountable for the documented lies that they tell?

Company response to consumer: Closed with explanation