Consumer complaint received 2025-02-10 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: Exeter Finance, LLC.
State: AL

Complaint narrative:
I am writing to file a formal complaint regarding the car loan I have with Exeter finance LLC. Despite making payments totaling {$20000.00} over the past two years, my loan balance has not decreased and has actually increased due to excessive late fees and other charges. Below are the details of my loan : * Loan Amount at Start : {$32000.00} * Current Loan Balance : {$35000.00} * Car 's Current Value : {$17000.00} * Interest Rate : 26.18 % APR * Payments Made : {$20000.00} paid over 2 years Despite my efforts to make regular payments, I have been told that my loan balance has not decreased because of late fees that are continuously added. The lender claims that my payments were late every time, but I have not been clearly informed about why this was the case, nor have I received adequate explanations regarding the application of fees. As a result, my loan balance has increased, and I am now in a situation where the loan exceeds the cars current value. 
I have serious concerns about the fairness of the fees and the loan servicing practices, as it seems I am being trapped in a cycle of debt. I have already paid {$20000.00}, yet the loan balance has not reduced as expected. I am now left with a car worth far less than the remaining loan balance and no clear path forward.

Specific Concerns : 1. Excessive Late Fees : The loan balance has increased due to recurring late fees despite my attempts to pay on time. The fees seem excessive and unfairly applied.

2. Lack of Clear Communication : I have not received adequate explanation from the lender regarding the late fees or why my payments are being considered late. This lack of clarity is financially harmful. 
3. Loan Balance vs. Car Value : My car is currently worth {$17000.00}, yet my loan balance is {$35000.00}. This has left me upside down on the loan, making it nearly impossible to pay off the remaining balance through regular payments.

4. Financial Hardship and No Path Forward : Given that Ive already paid {$20000.00}, yet the loan has not decreased as expected, I am struggling to see a reasonable way out of this debt. I feel that my efforts to pay off the loan have been undermined by excessive fees.

Request for Resolution : I would like the CFPB to investigate the lenders practices and help facilitate a reasonable resolution. Specifically, I request : * A full breakdown of my payments, loan balance, and a detailed explanation of any fees assessed, including the reason why my payments were considered late. 
* A review of whether the lenders fees and practices are fair and in compliance with consumer protection laws. 
* Facilitation of a reasonable payoff amount, considering I have already paid {$20000.00}, and the current loan balance is not reflective of my cars value. I would like a fair opportunity to settle the loan and close this account without being burdened by an unreasonably high balance. 
I have attached relevant documents, including loan statements, payment records. I would greatly appreciate your assistance in resolving this issue in a fair and timely manner.

Company response to consumer: Closed with explanation