Consumer complaint received 2024-11-04 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: AL

Complaint narrative:
I am filing this complaint due to multiple issues in the handling of my account with Exeter Finance. I have not received crucial documentation required under consumer law, and I believe Exeter Finance has failed to follow the necessary steps to notify me appropriately. Additionally, due to these compliance issues, I am requesting removal of this account from my credit report with all three major credit bureaus ( XXXX, XXXX, and XXXX ). 

Lack of Notice of Intent to Sell : I did not receive a legally required " Notice of Intent to Sell '' for my vehicle. There was no certified mailing receipt sent to me, which would indicate that they followed the legal requirements to inform me about the pending sale. This has prevented me from exercising any rights I may have had to redeem the vehicle or explore other options. 

Failure to Provide Notice of Sale Information : Following the sale of my vehicle, Exeter Finance did not send me a " Notice of Sale, '' which is supposed to contain essential information, including the terms for redeeming my personal property within the vehicle. I received no notification through certified mail or any other documented form. Without this information, I was unable to reclaim my personal property left in the vehicle at the time of repossession. 

No Post-Sale Deficiency Notice : Exeter Finance failed to provide me with a " Post-Sale Deficiency Notice. '' I did not receive any certified mailing receipt or communication informing me of the sale price of the vehicle or the amount remaining on the balance, as is required. This lack of transparency has left me without any understanding of my alleged remaining debt and has deprived me of a chance to dispute or address it.

High-Interest Rate on a Depreciating Asset : The vehicle financed was used and had a high interest rate of 18 %, which is well above a fair market rate, especially considering that the vehicle was used and worth less than the financed amount. I argue that this high-interest rate on a rapidly depreciating asset made it nearly impossible to fulfill the payments. Additionally, this rate was far above the state limit of 10 % interest on used vehicle financing, further impacting my ability to repay the loan. 

Personal Property Left in Vehicle : At the time of repossession, the vehicle contained personal property, specifically fuel, which I consider personal assets. Since I received no notice regarding redeeming personal property or reclaiming my items, I was unable to recover the items left in the vehicle, resulting in personal loss. 

Initial Loan Agreement Date : XX/XX/year> Interest Rate : 18 % ( far exceeding state usury cap of 10 % for used vehicles ) Vehicle Repossession Date : XX/XX/year> Required Notices Not Received : Notice of Intent to Sell Notice of Sale with redemption terms for personal property Post-Sale Deficiency Notice with sale details Steps I Have Taken I have repeatedly requested documentation and have not received adequate responses or records. 
I am attempting to resolve this matter by filing a formal complaint with the CFPB to have Exeter Finance fulfill their legal responsibilities and provide the necessary documentation.

Company response to consumer: Closed with explanation