Consumer complaint received 2024-10-23
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: Exeter Finance, LLC. (GA)

I am filing this formal complaint because of multiple violations and failures by Exeter Finance LLC and XXXX XXXX XXXX XXXX to comply with the law, in connection with a vehicle purchase for which I financed a XXXX XXXX XXXX ( XXXX : XXXX ). I am exercising my Right of Rescission under 15 U.S. Code 1635 and demanding immediate remedy based on multiple violations of consumer rights, fraud, and non-disclosure of critical contract details.

Key Violations and Legal Grounds for Complaint : 1. Non-disclosure of the Right to Rescind the Contract : At the time I entered into the contract, I was not fully informed of my right to rescind the agreement under the Truth in Lending Act ( TILA ), specifically 15 U.S.C. 1635. Exeter Finance LLC and XXXX XXXX XXXX XXXX both failed to provide the mandatory disclosures that would have allowed me to exercise my rescission rights within the required timeframe.

2. Failure to Use Own Funds and Non-disclosure of Material Facts : Exeter Finance LLC did not use its own funds to perform on this contract but rather monetized my promissory note to generate credit for the transaction, which was not disclosed to me. According to 12 U.S.C. 1831n ( a ) ( 2 ) ( A ), Exeter Finance LLC is required to report their financial condition in compliance with generally accepted accounting principles ( GAAP ). Under GAAP, my promissory note was used as a financial asset. This misrepresentation and lack of transparency constitutes a material omission under 12 CFR 226.15 ( Truth in Lending Act disclosure requirements ).

By failing to inform me that the financing was, in fact, created through the monetization of my own note, Exeter Finance LLC breached their obligation to disclose all material terms of the credit agreement. Furthermore, no actual funds were provided by Exeter to execute the purchase. They acted as intermediaries rather than genuine creditors, using my own credit as the true source of funds.

3. Fraudulent Inducement and Misrepresentation of Financial Terms : I was falsely informed that a {$5000.00} down payment was required to secure the vehicle, which was misrepresented as necessary for the purchase. This constitutes fraudulent inducement under 15 U.S.C. 1692e ( False or misleading representations ). Exeter Finance LLC and XXXX XXXX XXXX XXXX have engaged in deceptive practices by failing to disclose that the contract was self-liquidating, meaning that no actual risk was assumed by the lender.

4. Breach of Fiduciary Duty by
Atlanta Best Used Cars : The dealership failed to disclose key financial facts that would have impacted my decision-making process. This lack of transparency violated their fiduciary duty under UCC 1-103 and UCC 1-308 . The fiduciary obligation includes full disclosure, honesty, and the provision of material facts relating to the financial transaction.

5. Failure to Act on the Rescission Notice : On XX/XX/XXXX, I formally exercised my Right of Rescission, notifying both Exeter Finance LLC and XXXX XXXX XXXX XXXX via certified mail ( tracking numbers provided ). In my notice, I requested the following : Full reimbursement of the {$5000.00} down payment.

Immediate removal of any security interest or lien on the vehicle.

Correct reporting of the vehicle as Paid in Full or Pays as Agreed to all relevant credit bureaus, as per 15 U.S. Code 1635 ( b ).

Delivery of a clear title for the vehicle, free from any encumbrances or liens.

Despite this, I have received no response or corrective action from either party. Exeter Finance LLC and XXXX XXXX XXXX XXXX are now in violation of their obligations under the Truth in Lending Act ( TILA ) and the Uniform Commercial Code ( UCC ).

Communication Attempts and Proof of Service : I have made multiple attempts to communicate with Exeter Finance LLC and XXXX XXXX XXXX XXXX regarding this issue. On XX/XX/XXXX, I sent certified notices to both parties, outlining my rescission and requesting remedy ( tracking numbers attached ). Despite proof of delivery, I have yet to receive acknowledgment or action from either party.