Consumer complaint received 2026-05-26 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — High-pressure sales tactics
Company: Exeter Finance, LLC.
State: TX

Complaint narrative:
I am filing a complaint regarding what I believe was a deceptive and misleading auto loan transaction involving XXXX XXXX XXXX in Arizona. I contacted the state attorney general after 1 month of having the vehicle when I found out I was a victim of deceptive business practices. XXXX XXXX On XX/XX/year>, I purchased a vehicle and was approved for financing with a 28 % APR loan. During the sales process, I was verbally told by dealership staff that this high interest rate was temporary and part of a special program, and that after approximately 6 months of on-time payments, the interest rate would automatically decrease or be adjusted downward. This representation was a major factor in my decision to move forward with the purchase and accept the extremely high monthly payment of approximately {$820.00} per month on a loan balance of about {$25000.00}. After the purchase, I later discovered that there was no automatic rate reduction program attached to my financing agreement, and my APR remains at 28 %. I believe I was misled into signing a loan under false or deceptive pretenses. At the time of purchase, I relied on the dealerships statements and believed the loan terms would become more affordable after the initial 6-month period. Had I known the 28 % APR was permanent, I would not have agreed to the transaction under those terms. Victim of : * Misrepresentation The dealership made false or misleading statements about the loan terms, specifically that the 28 % APR was temporary and would automatically decrease after 6 months. * Deceptive Sales Practices I was persuaded into signing the contract based on information that did not match the actual financing agreement. * Predatory Lending Practices A very high-interest loan may have been placed without clear and honest disclosure of the long-term financial impact. * False Promise of Future Refinancing or Rate Reduction I was led to believe there was a special program or automatic adjustment that did not exist in the signed contract. * Failure to Clearly Disclose Material Terms Important loan details, including the permanence of the 28 % APR, may not have been adequately explained before signing. * Unfair and Deceptive Acts or Practices ( UDAP ) The conduct falls under Arizona consumer protection laws prohibiting unfair or deceptive business practices in vehicle sales and financing. * Financial Inducement Through Verbal Misrepresentation The dealership allegedly used verbal assurances about future affordability to induce you into accepting unaffordable loan terms. * Possible Yo-Yo Financing / Spot Delivery Concerns If financing terms changed, were unclear, or pressure tactics were used after signing, this could raise concerns related to spot delivery or yo-yo financing practices. * Unconscionable Lending Terms Depending on the circumstances, the combination of extremely high APR, payment amount, and alleged misleading statements may support claims that the transaction was excessively one-sided or exploitative. * Consumer Fraud If the dealership knowingly made false statements to secure the sale, the conduct could potentially constitute consumer fraud under state consumer protection laws

Company response to consumer: Closed with explanation