Consumer complaint received 2024-12-03 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: GA

Complaint narrative:
Consumer Financial Protection Bureau ( CFPB ) Subject : Complaint against Exeter Finance for Hidden Finance Charges, Misleading APR, and Repossession Issues To Whom

It May Concern, I am writing to file a complaint against Exeter Finance regarding several issues that I believe constitute unfair and deceptive lending practices.

Hidden Finance Charges Exeter Finance allegedly charges auto dealers a discount fee that is then passed on to consumers through an increased vehicle price without proper disclosure. This hidden fee is not listed as a finance charge, potentially making the loan 's Annual Percentage Rate ( APR ) higher than stated and possibly usurious. In my case, I was not informed of any such charges when I entered into my loan agreement for a XXXX  XXXX XXXX. 
Misleading APR The APR on my loan is stated as 29.99 %, but I believe this does not accurately reflect the true cost of my loan due to undisclosed fees. If these fees were properly disclosed, the APR would be significantly higher and could exceed the 25 % allowable by law. 
Repossession Issues I am also concerned about allegations that Exeter Finance violates the Retail Installment Sales Act ( RISA ) by including full repossession costs in the amount required to reinstate a loan and by selling repossessed vehicles for less than the minimum bid price stated on the notice of sale. 
Details of My Loan Vehicle XXXX XXXX XXXX XXXX Loan Amount : {$24000.00} APR : 29.99 % Monthly Payment : {$720.00} Contract Date : XX/XX/year> State : Georgia Request for Action I request that the CFPB investigate these allegations and take appropriate action to ensure that Exeter Finance complies with all relevant laws and regulations. Specifically, I ask that you : Investigate the practice of charging hidden discount fees and their impact on the APR. 
Ensure all finance charges are disclosed transparently to consumers. 
Review Exeter Finance 's repossession practices for compliance with RISA. 
Thank you for your attention to this matter. 
Contact Information : Name : XXXX XXXX XXXX, XXXX Address : XXXX XXXXXXXX XXXX XXXX XXXX Phone Number : XXXX Email : XXXX Finance Charges and Misleading XXXX In XX/XX/year>, I entered into a retail installment sales contract ( XXXX ) with Exeter Finance to purchase a XXXX XXXX XXXX The contract specified an Annual Percentage Rate ( APR ) of 29.99 % and a total amount financed of {$24000.00}. However, I recently discovered that Exeter Finance allegedly charges auto dealers a discount fee, which is then passed on to consumers through an increased vehicle price without proper disclosure. This hidden fee is not listed as a finance charge, potentially making the APR higher than stated and possibly usurious.

Repossession Issues Although my vehicle has not been repossessed, I am concerned about allegations that Exeter Finance violates the Retail Installment Sales Act ( RISA ) by including full repossession costs in the amount required to reinstate a loan and by selling repossessed vehicles for less than the minimum bid price stated on the notice of sale. This practice could affect me if I were to fall behind on payments.

Specific Details Vehicle XXXX XXXX XXXX XXXX  Amount : {$24000.00} APR : 29.99 % Monthly Payment : {$720.00} Contract Date : XX/XX/year> State : Georgia Actions Taken Discovery of Hidden Fees : I became aware of the hidden discount fees through a class action lawsuit against Exeter Finance.

Review of Contract : Upon reviewing my RISC, I found that the contract does not clearly disclose these fees, which could significantly impact the true APR. 
Attempts to Contact Exeter Finance : I have attempted to contact Exeter Finance to clarify these issues but have not received a satisfactory response.

Request for Action I request that the agency investigate these allegations and take appropriate action to ensure that Exeter Finance complies with all relevant laws and regulations. Specifically, I ask that you : Investigate the practice of charging hidden discount fees and their impact on the APR.

Ensure all finance charges are disclosed transparently to consumers.

Review Exeter Finance 's repossession practices for compliance with RISA.

Dates and Amounts Contract Date : [ Insert
Date ] Loan Amount : {$24000.00} Monthly Payment : {$720.00} APR : 29.99 % Hidden Fee Impact : The exact amount of the hidden fee is not disclosed, but it potentially increases the APR beyond the stated 29.99 %.

Actions by the Company Lack of Disclosure : Exeter Finance has not disclosed the hidden discount fees in my loan agreement.

Timely Responses : While Exeter Finance has provided timely responses to some complaints, they have not addressed the core issues of hidden fees and misleading APRs in my case.

Company response to consumer: Closed with explanation