Consumer complaint received 2024-10-29
Product: Checking or savings account — Checking account
Issue: Managing an account — Problem making or receiving payments
Company: Exeter Finance, LLC. (TX)

I am filing this complaint against Exeter Finance LLC due to their failure to properly manage a secured debt account related to a retail installment contract for my XXXX XXXX XXXX This complaint pertains to Exeters unlawful handling of the security interest, violations of UCC provisions, and neglect in fulfilling their legal obligations following the issuance of a 1099-A and 1099-C. Despite repeated attempts to resolve this matter, Exeter Finance LLC has failed to respond appropriately, leading to substantial financial harm and ongoing legal concerns. 

Complaint Details : 1. Unlawful Security Interest and Failure to Release Collateral In XX/XX/XXXX, I formally submitted a cease-and-desist letter to Exeter Finance LLC, revoking all security interests related to this account. In that letter, I demanded Exeter release any liens, encumbrances, and claims over my vehicle and related proceeds, pursuant to Uniform Commercial Code ( UCC ) 2-209, UCC 3-306 , UCC 2-312, and UCC 2-711. To date, Exeter has failed to comply with this lawful request, retaining an unauthorized security interest that I have clearly revoked.

Additionally, I have filed a UCC-1 Financing Statement on the vehicle in ques
tion, asserting my secured interest and placing Exeter on further notice of my rights and priority claim. Exeters refusal to release their claim despite my valid UCC-1 filing constitutes a breach of fiduciary duty and appears to infringe upon rights protected under the UCC and other contract laws.

2. Failure to Address and Correct Reporting with IRS ( 1099-A and 1099-C ) In addition, a 1099-A and 1099-C have been filed concerning this account, signifying the abandonment of secured property and cancellation of debt. Exeter Finance LLC has not provided me with the necessary documentation and records to substantiate these filings or to demonstrate any resolution of the outstanding debt and security interests. Their failure to comply with tax and reporting obligations has created significant confusion and potential tax liabilities, as well as ongoing damage to my credit and financial standing.

3. Demand for Financial Reconciliation and Accounting Statements Despite my request, Exeter has yet to provide a detailed accounting statement for all transactions related to the asset-backed securities and insurance claims associated with this account. This information is crucial for verifying the legitimacy of charges and determining if excess proceeds exist that should have been remitted to me. Exeters refusal to provide transparency in this matter constitutes an attempt to conceal possible accounting misrepresentations and may involve securities fraud, as per UCC 9-210.

4. Failure to Cure Default Exeter has failed to take appropriate steps to cure defaults related to their breaches of fiduciary duty, mismanagement of funds, and unauthorized use of security interests. Despite my notice, Exeter has neither acknowledged nor addressed their contractual failures within the 14-day cure period, as outlined in my XX/XX/XXXX letter. This non-response further validates Exeters disregard for contractual and legal obligations.