Consumer complaint received 2025-02-26 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Problems at the end of the loan or lease — Problem with paying off the loan
Company: Exeter Finance, LLC.
State: FL

Complaint narrative:
I am writing to file a formal complaint regarding what I believe to be predatory lending practices by Exeter Finance and significant issues with a vehicle that I financed through their loan services. The details of my case are outlined below, and I hope you will assist in investigating and resolving this matter.

1. Predatory Lending Practices : I financed a XXXX XXXX XXXX XXXX through Exeter Finance in XXXX for a loan amount of {$13000.00}. The terms of the loan, which I was required to accept, included a high interest rate that I now believe to be predatory. Due to this high rate, I have struggled to keep up with payments, resulting in a damaged credit score.

Despite my efforts to maintain the loan, I am now left with an outstanding balance of approximately $ XXXX is significantly higher than the vehicle 's current market value of around {$3000.00}. The interest rates and loan terms imposed by Exeter Finance have placed me in a position where I owe far more than the vehicle is worth, creating a financial hardship that I am unable to overcome.

This type of loan structure seems to be predatory, as it takes advantage of vulnerable consumers like myself by saddling them with unaffordable debt. Additionally, the high interest rate and loan rollover practices seem to be disproportionate and harmful to borrowers. 
2. Vehicle Recall and Repair Issues : Furthermore, the vehicle I financed has had significant repair issues since purchase. Recently, I was informed that the car was subject to two recalls, which I was not made aware of at the time of purchase. These unresolved recalls have contributed to ongoing mechanical problems. 
I recently had to pay {$3000.00} for repairs at a XXXX XXXX, only to find that one month later, the car will not start, leaving me without reliable transportation. This situation has caused not only financial stress but also considerable inconvenience, as the car is now essentially unusable. 
I feel that Exeter Finance has not fully disclosed the vehicle 's condition at the time of financing, and this, combined with the ongoing repairs and safety issues related to the vehicle recalls, has put me at a severe disadvantage. 
3. Request for Action : I am requesting the CFPBs assistance in addressing the following issues : Investigating the predatory lending practices of Exeter Finance, particularly concerning the unreasonably high interest rate and the loan terms that put me in a financially untenable position. 
Reviewing the disclosure of the vehicles recall status and ensuring that Exeter Finance provided full transparency regarding the condition of the vehicle at the time of purchase.

Investigating whether Exeter Finance engaged in misrepresentation regarding the condition of the vehicle, which may have violated consumer protection laws.

4. Desired Outcome : I am requesting that Exeter Finance be held accountable for its practices and that any potential misrepresentations be addressed. I would appreciate a thorough investigation and any corrective action, including but not limited to : A reduction in the loan balance due to the unfair terms.

Assistance in resolving the repair and recall issues with the vehicle.

Consideration of a fair settlement or restructuring of the loan to reflect the actual market value of the car.

Please let me know if any additional information is needed to assist in your investigation. I would be happy to provide further documentation or details regarding the loan agreement, vehicle issues, and communications with Exeter Finance.

Thank you for your attention to this matter. I look forward to your prompt response. 
Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation