Consumer complaint received 2024-12-09 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Repossession — Loan balance remaining after the vehicle is repossessed and sold
Company: Exeter Finance, LLC.
State: OH

Complaint narrative:
. Misrepresentation or Inaccurate Reporting ( FCRA Violation ) Under the Fair Credit Reporting Act ( FCRA ), creditors must report accurate and consistent information to credit reporting agencies. 
Inconsistency in Balance Reporting : If the account balance was originally {$12000.00} and Exeter Finance claims the account was charged off ( meaning they wrote off the debt as a loss for accounting purposes ) but continues to report a remaining past due balance of {$10000.00}, this could constitute false or misleading reporting. 
A charge-off typically reflects that the creditor considers the debt uncollectible. Reporting both a charge-off and a past-due balance for the same account raises questions of accuracy and fairness. 
Creditors can not continually claim a charged-off debt remains outstanding or overdue without reconciling the accounting. 
Repeated Charge-Off Reporting : Reporting an account as a charge-off monthly since XX/XX/year> may also violate FCRA provisions. 
A charge-off is a one-time event for accounting purposes, not an ongoing condition. Repeatedly reporting the same charge-off each month inflates the perceived delinquency and harms the debtors credit score unfairly. 
This could be deemed duplicative or misleading reporting, which violates the FCRAs requirement that creditors furnish accurate information. 

2. Improper Debt Collection Practices ( FDCPA Violation ) Under the Fair Debt Collection Practices Act ( FDCPA ), creditors or debt collectors are prohibited from engaging in unfair, deceptive, or abusive practices when attempting to collect a debt.

False Balance Representation : If Exeter Finance has written off {$12000.00} but is still claiming {$10000.00} as past due, this may constitute a false representation of the debt under FDCPA Section 807. 
A creditor can not demand payment of amounts that have already been written off for accounting or tax purposes. 
Such practices could be interpreted as an attempt to collect more than what is legally owed, constituting unfair or deceptive collection activity. 
Double Reporting of the Same Debt : By reporting the charge-off repeatedly, Exeter Finance may be creating the illusion of multiple delinquencies when there is only one. This misrepresentation could violate FDCPA Section 808, which prohibits misleading communications or actions that unfairly harm the debtor.

3. Potential Tax or Accounting Irregularities A charge-off allows the creditor to write off the debt as a loss and claim tax benefits. However : If Exeter Finance has claimed a tax deduction on the full {$12000.00} but continues to demand payment for {$10000.00}, this could constitute double recovery, which is legally questionable. 
This may also indicate improper accounting practices that violate state or federal regulations governing business practices.

4. State Consumer Protection Laws Ohio law also prohibits unfair and deceptive practices in commerce under the Ohio Consumer Sales Practices Act ( CSPA ) : If Exeter Finances reporting or collection practices are found to mislead or harm consumers, it may constitute a violation of the CSPA, entitling you to damages or remedies under state law.

Summary of Legal Issues 1. FCRA Violations : Reporting inconsistent balances. Repeatedly reporting the same charge-off, inflating perceived delinquency. 2. FDCPA Violations : Misrepresentation of the balance
due.

Attempting to collect amounts already written off.

3. Potential Tax or Accounting Irregularities : Improper claiming of tax benefits while pursuing collection.

4. State Law Violations : Misleading or unfair practices under Ohios consumer protection statutes.

Company response to consumer: Closed with explanation