Consumer complaint received 2025-05-05 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with the interest rate
Company: Exeter Finance, LLC.
State: PA

Complaint narrative:
NOTICE OF EXCESS STATE XXXX XXXX INTEREST RATE It has come to my attention that you EXETER FINANCE LLC are charging me an excess amount of interest rate that exceeds my state maximum usury law. 
The XXXX of PENNSYLVANIA XXXX XXXX XXXX on interest rate is 6 % ( XXXX. XXXX XXXX, XXXX ). 
On XX/XX/XXXX I opened an Auto Loan with your institution and I was charged an interest rate of 18 % paying 526 monthly I am not sure if you Willfully or Fraudulently or if this was an honest mistake but you have charged way in excess of my XXXX XXXX allowable interest rate of ( 6 % ). XXXX not required to pay amount over legal rate and XXXX recover triple the amount in excess ; attorney 's fees XXXX be awarded and an intentional violation is XXXX degree misdemeanor ( XXXX. XXXX XXXX, et seq. ) I am hereby seeking full remedy in excess of my state usury Maximum allowable interest of ( 6 % ) All payments made in excess of my state USURY of 6 % from the first payment to current I want back in full via Certified check or money order sent directly to my address listed above. Also Subject : Demand for the Return of Cash Down Payment and Alleged Violations of Consumer Credit Laws I hope this letter finds you well. I am writing to address a matter of utmost concern related to my recent experience with your dealership. On XX/XX/XXXX I entered into consumer credit transaction with your dealership to purchase a XXXX XXXX XXXX with a cash down payment of XXXX. Unfortunately, I am compelled to bring to your attention that I believe my cash down payment was unlawfully taken, and this transaction may have violated several provisions of federal consumer credit protection laws. 
Based on my investigation and the information available to me, it appears that my down payment may have been unlawfully taken in violation of 15 U.S. Code 1605, 15 U.S. Code 1662b, and potentially other relevant consumer credit protection laws, including the Gramm-Leach-Bliley Act. These statutes are in place to safeguard consumers like myself from unfair and deceptive practices in consumer goods and consumer credit transactions, to ensure full disclosure of finance charges and related fees.

Specifically, 15 U.S. Code 1605 defines the determination of the finance charge, stating that the finance charge must include all charges imposed directly or indirectly by the creditor as an incident to the extension of credit. However, the finance charge should not include charges of atype payable in a comparable cash transaction. It appears that my cash down payment, which is comparable to a cash transaction, should not have been included in the finance charge. 
Moreover, 15 U.S. Code 1635, known as the " right of rescission, " grants consumers the right to rescind certain credit transactions secured by their principal dwelling. If my transaction falls under the scope of this provision, I may be entitled to a right of rescission, which allows me to cancel the credit transaction within a specified period after the transaction was completed.

15 U.S. Code 1662 - Advertising of downpayments and installments No advertisement to aid, promote, or assist directly or indirectly any extension of consumer credit may state ( 1 ) that a specific periodic consumer credit amount or installment amount can be arranged, unless the creditor usually and customarily arranges credit payments or installments for that period and in that amount.

( 2 ) that a specified downpayment is required in connection with any extension of consumer credit, unless the creditor usually and customarily arranges downpayments in that amount.

Additionally, I believe that your dealership and its assignee may have violated the " holders rule, " which is designed to protect consumers ' rights against assignees who acquire credit contracts with actual knowledge of violations committed by the original creditor.

In light of these alleged violations, I hereby demand the immediate return of my cash down payment in full. I also request a detailed explanation of the charges included in my finance agreement and an itemized breakdown of any fees associated with the transaction.

Please be advised that if this matter is not resolved satisfactorily within [ reasonable time frame, e.g., 14 days ] from the date of receipt of this letter, I may be left with no choice but to take appropriate legal actions. Such actions may include filing complaints with the appropriate regulatory authorities and seeking redress through the courts.

I believe that an amicable resolution to this matter is in the best interest of all parties involved. 
Therefore, I kindly request your prompt attention to this issue to avoid any further escalation. 
Please respond to this letter in writing and provide the requested information within [ reasonable time frame, e.g., 14 days ] from the date of receipt.

Company response to consumer: Closed with explanation