Consumer complaint received 2024-07-03 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Repossession — Account reinstatement or redemption after repossession
Company: Exeter Finance, LLC.
State: NC

Complaint narrative:
On XX/XX/XXXX and XX/XX/XXXX the following letter was sent the Indentured Trustee XXXX XXXX, registered mail # RE XXXX, and CEO  XXXX XXXX Exeter Finance , LLC . Certified mail # XXXX XXXX XXXX XXXX XXXX Rescinded security interest in this contract and discharged the debt. Additionally, I requested that the account be placed in a do not pay, do not collect status and that I want to get my XXXX title releasing the vehicle. 
******This vehicle ( VIN # XXXX ) has been conveyed to a trust account. ****** RE : Remittance VIN # XXXX I hope this letter finds you well. I wish to inform you that I recently filed a 1099-A form with the Internal Revenue Service , it was accepted by the IRS discharging XXXX debt of {$45000.00}. A copy of the XXXX was mailed on XX/XX/XXXX, to Exeter Finance LLC , Attn : XXXX XXXX , XXXX XXXX XXXX XXXX XXXX XXXX , Texas XXXX . I have enclosed my copy B of 1099 A for your records. I would like to know when I can expect to receive my copy B from EXETER FINANCE LLC showing that the debt has been properly discharged. In addition, please provide me an original copy of my XXXX title for my vehicle. 
I understand that as the Chief Financial Officer / Indentured Trustee for Exeter Financing XXXX Exeter Finance LLC EXETER AUTOMOBILE RECEIVABLES TRUST 2021-3, Exeter Automobile Receivables Trust 2021-3 , as issuer, XXXX XXXX., you are responsible for ensuring that the financial transactions are conducted in compliance with the relevant law, and regulations for which you serve as the trustee. 

Pursuant to HJR 192 the request to discharge this alleged debt, as all debts, including obligations arising from indenture agreements, are pre-paid under HJR 192. As such, they must be discharged using proper forms to meet the obligations set forth by the law. 

Therefore, I kindly request that you take the following actions : 1. **Discharge of Alleged Debt** : I demand that you discharge the alleged debt immediately, as per the provisions set forth under HJR 192 and applicable laws. As all debts are pre-paid, there is no valid claim for any further payments. 

2. **Refund of Owed Securities** : In accordance with the debt discharge, I request a full refund of all past, present, and current securities that were provided as collateral under the indenture agreement. These securities must be refunded to me without delay. 

3. **Stop All Collections and Payment Requests** : I demand that you immediately cease all collections efforts, requests for payments, or any other forms of debt enforcement. The alleged debt has been discharged and is no longer valid. 

4. **Bill in " Do Not Pay, Do Not Collect '' Status** : I request that you place the alleged debt in " Do Not Pay, Do Not Collect '' status, indicating that it has been discharged and is not to be pursued further. 
5. Remove all liens on my vehicle as well and provide me with my XXXX Title. 
Pursuant to UCC 3-603 and UCC 3-604 , Acceptance in relation to remittances is a crucial component of any financial transactions. As these laws are designed to protect both parties involved in the transaction by ensuring that the senders funds are received by the intended recipient, and the financial transactions are conducted in compliance with the relevant laws ; and regulations in accordance with the terms and conditions governed by the principles of the law applicable to tender of payment under the contract. 
I am rescinding the security interest clause listed on the RETAIL INSTALLMENT CONTRACT effective the date of this letter. Per the EFTA ( Electronic Funds Transfer Act 15 USC 1693a ( 7 ) ), remit my interest coupon dividends every month for the past, present, and future to my XXXX  Routing # XXXX Account # XXXX. 
I would like to remind you that failure to comply with this request may result in legal action to protect my rights under the applicable laws. 

Yours Sincerely, XXXX XXXX XXXX On Monday XX/XX/XXXX the vehicle was repossessed. I reached out to the finance company and was advised that the account has been charged off and I need to speak with the collection department. I was then transferred to the collection department and was given the phone number to XXXX XXXX XXXX XXXX. I reached out to XXXX  XXXX XXXX  and was told that I would have to get a loan in the amount of {$70000.00} to satisfy the loan and retrieve the vehicle. I explained to that lady on the phone that the loan has already been satisfied and that this was an illegal repossession and that my property was conveyed to a trust and need to be returned within 5 calendar days ( end date XX/XX/XXXX ). I was advised that I can collect my belongings from the vehicle on Friday XX/XX/XXXX.

Company response to consumer: Closed with explanation