Consumer complaint received 2023-08-26
Company: Exeter Finance Corp.
State: FL
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX FL XXXX Lender Name : EXETER FINANCE LLC Lender Address : XXXX XXXX XXXX XXXX OH XXXX RE : Right of Rescission In reference to this vehicle : XXXX XXXX XXXX VIN NUMBER : XXXX EXETER FINANCE LLC was mailed an Official Right to Rescission letter and this letter was received on XX/XX/XXXX at XXXX XXXX. The mailing address of XXXX XXXX XXXX XXXX OH XXXX was provided in my retail installment agreement. The USPS tracking number for this letter was XXXX This is XXXX XXXX XXXX, Pursuant to my rights under the XXXX Florida Statutes and 15 U.S. Code 1635 - Right of rescission as to certain transactions that the Federal laws governing over this retail installment contract or retail purchase agreement I will be terminating and rescinding this agreement between XXXX XXXX XXXX and Exeter Finance LLC. 
I have reason to believe that XXXX XXXX XXXX and EXETER FINANCE LLC on the date of XX/XX/XXXXXXXX  has violated provisions of the Federal Trade Commission Act ( FTC Act ), the Truth in Lending Act ( TILA ), and the Consumer Leasing Act ( CLA ) with the retail installment contract I signed purchasing a XXXX XXXX XXXX - VIN NUMBER : XXXX. 
Pursuant to 15 U.S. Code 1635 - Right of rescission as to certain transactions ( a ) Disclosure of obligors right to rescind Except as otherwise provided in this section, in the case of any consumer credit transaction ( including opening or increasing the credit limit for an open end credit plan ) in which a security interest, including any such interest arising by operation of law, is or will be retained or acquired in any property which is used as the principal dwelling of the person to whom credit is extended, the obligor shall have the right to rescind the transaction until midnight of the third business day following the consummation of the transaction or the delivery of the information and rescission forms required under this section together with a statement containing the material disclosures required under this subchapter, whichever is later, by notifying the creditor, in accordance with regulations of the Bureau, of his intention to do so.

The creditor shall clearly and conspicuously disclose, in accordance with regulations of the Bureau, to any obligor in a transaction subject to this section the rights of the obligor under this section. The creditor shall also provide, in accordance with regulations of the Bureau, appropriate forms for the obligor to exercise his right to rescind any transaction subject to this section. As stated in my email to XXXX XXXX XXXX on XX/XX/XXXX, I informed the Finance Manager, I was coming to the dealership to conduct the business of a consumer credit transaction for a vehicle. 
Pursuant to 15 U.S. Code 1635 - Right of rescission as to certain transactions The creditor shall clearly and conspicuously disclose, in accordance with regulations of the Bureau, to any obligor in a transaction subject to this section the rights of the obligor under this section. 
The creditor shall also provide, in accordance with regulations of the Bureau, appropriate forms for the obligor to exercise his right to rescind any transaction subject to this section. The creditor in this case was XXXX XXXX XXXX, I never received any Truth in Lending Act disclosures, or factory warranty information on this vehicle before I signed the retail installment agreement on XX/XX/XXXXXXXX 
I requested this information via email and also in person with the finance manager. The TILA information request was declined. I wasnt told about the Finance Charge or any information on vehicle. The vehicle factory warranty was out of date because the vehicle had XXXX miles on the dash boarding odometer. The XXXX XXXX XXXX XXXX is highlighted. XXXX XXXX XXXX XXXX XXXX mi basic, XXXX XXXX mi XXXX XXXX XXXX standard warranty for new vehicles includes coverage for 4 years or XXXX miles ; whichever comes first. 
This is a bumper to bumper warranty that will repair or replace any part that is defective in material or workmanship under normal use. Pursuant to 15 U.S. Code 1635 ( b ) - Right of rescission as to certain transactions ( b ) Return of money or property following rescission When an obligor exercises his right to rescind under subsection ( a ), he is not liable for any finance or other charge, and any security interest given by the obligor, including any such interest arising by operation of law, becomes void upon such a rescission. Within 20 days after receipt of a notice of rescission, the creditor shall return to the obligor any money or property given as earnest money, down payment, or otherwise, and shall take any action necessary or appropriate to reflect the termination of any security interest created under the transaction. If the creditor has delivered any property to the obligor, the obligor may retain possession of it. Upon the performance of the creditors obligations under this section, the obligor shall tender the property to the creditor, except that if return of the property in kind would be impracticable or inequitable, the obligor shall tender its reasonable value. Tender shall be made at the location of the property or at the residence of the obligor, at the option of the obligor. If the creditor does not take possession of the property within 20 days after tender by the obligor, ownership of the property vests in the obligor without obligation on his part to pay for it. 
The procedures prescribed by this subsection shall apply except when otherwise ordered by a court. Starting on the date of XX/XX/XXXX the lender EXETER FINANCE LLC has been given the courtesy to tender the property by XXXX XXXX XXXX, XXXX XXXX XXXX, as being the obligor and EXETER FINANCE LLC as being the creditor. Pursuant to 15 U.S. Code 1635 ( b ) - Right of rescission as to certain transactions, the obligor shall tender the property to the creditor, except that if return of the property in kind would be impracticable or inequitable, the obligor shall tender its reasonable value. XXXX shall be made at the location of the property or at the residence of the obligor, at the option of the obligor. Starting from the date of XX/XX/XXXX the rescission letter was received to the date of XX/XX/XXXX I called and have given EXETER FINANCE LLC an opportunity to tender the property at several XXXX locations and to paid them in full for the balance of {$23000.00}. XXXX XXXX XXXX, XXXX XXXX XXXX XXXX, XXXX XXXX XXXX. 
As a point of reference on XX/XX/XXXX and XX/XX/XXXX will be highlighted as Tender shall be at the location of property because Exeter Finance LLC received my letter of rescission on XX/XX/XXXX and on XX/XX/XXXX I received a trade in voucher offer to sell the vehicle outright to XXXX XXXX XXXX and XXXX XXXX XXXX for the total payoff amount of {$23000.00} owed to Exeter Finance LLC. 
EXETER FINANCE LLC was called and made aware of a trade in voucher offer with XXXX XXXX XXXX and XXXX XXXX XXXX on XX/XX/XXXX, EXETER FINANCE LLC didnt provide me with a new financing opportunity to trade in the XXXX XXXX XXXX VIN NUMBER : XXXX. 
I have attached from XXXX the Trade in Voucher Offer as the point of reference confirming, the obligor shall tender its reasonable value. The reasonable value amount was {$23000.00} the full pay off amount. The XXXX XXXX XXXX XXXX and XXXX XXXX XXXX Dealership was the location. XXXX shall be made at the location. My option as the obligor for the location, I XXXX XXXX XXXX selected XXXX XXXX XXXX and XXXX XXXX XXXX to make sure EXETER FINANCE LLC had a fair opportunity to receive reasonable value in the amount of {$23000.00} As the official tender date started on XX/XX/XXXX I, XXXX XXXX XXXX have given EXETER FINANCE LLC a fair opportunity to receive a full pay off in the amount of {$23000.00} as the reasonable value amount as highlighted in 15 U.S. Code 1635 ( b ) - Right of rescission as to certain transactions, the obligor shall tender the property to the creditor, except that if return of the property in kind would be impracticable or inequitable, the obligor shall tender its reasonable value. 
XXXX shall be made at the location of the property or at the residence of the obligor, at the option of the obligor. I, XXXX XXXX XXXX, have fulfilled my obligation on this retail installment agreement with EXETER FINANCE LLC to rescind this agreement by the date of XX/XX/XXXX. Pursuant to 15 U.S. Code 1635 ( b ) - Right of rescission as to certain transactions If the creditor does not take possession of the property within 20 days after tender by the obligor, ownership of the property vests in the obligor without obligation on his part to pay for it. The procedures prescribed by this subsection shall apply except when otherwise ordered by a court. 
The official tender date was XX/XX/XXXX, I submitted documentation by extending my credit in a new consumer credit transaction to the XXXX XXXX explaining I would like to tender this vehicle back to Exeter Finance LLC and I contacted Exeter Finance LLC to inform this company about the location of property. 
This letter dated on XX/XX/XXXX is confirmation that I, XXXX XXXX XXXX Pursuant to 15 U.S. Code 1635 have followed and complied with the Federal law requirements to rescind this retail installment agreement with Exeter Finance LLC. 
Sincerely, XXXX XXXX XXXX Signature : XXXX XXXX XXXX Date : XX/XX/XXXXXXXX XXXX XXXX

Company response to consumer: Closed with explanation