When Does Exeter Finance Repo Cars? Timeline & How to Avoid It
Exeter Finance typically repossesses vehicles after 3 to 5 months of missed payments, though timing varies by state and contract terms. You'll receive written notice before repossession occurs. Contact Exeter Finance immediately if you're struggling with payments to explore payment plans, or consider debt settlement to resolve the balance and avoid losing your car.
Settle Exeter DebtExeter Finance financed your car loan. Now you’re worried about repossession.
You’re not alone. Exeter Finance partners with thousands of dealerships to provide high-interest loans to people with poor credit. The company charges steep interest rates that make monthly payments difficult to afford.
Stop Exeter Finance Repossession Before It's Too Late
Exeter Finance repos cars after 3-5 missed payments. Don't wait until they tow your vehicle. Settle your auto loan debt now and protect your transportation.
Negotiate Settlement NowMissing payments can lead to repossession. Understanding when Exeter Finance repos cars helps you protect your vehicle and financial future.
What You Need to Know About Exeter Finance
Exeter Finance operates as the fourth-largest non-prime auto lender in America. The company maintains partnerships with over 12,000 dealerships nationwide.
Most partners are independent dealers. A few are franchises. Exeter Finance specializes in loans for people with low credit scores or limited income.
The company finances up to $50,000 per vehicle. They’ll lend to people with no credit history at all.
Dealerships benefit from these partnerships. They sell more cars to customers who can’t qualify elsewhere.
How Exeter Finance Loans Work
Here’s a typical scenario. You need a car but have bad credit. You find a used vehicle for $15,000 at a local dealer.
The dealership runs your application. Exeter Finance approves you with a $500 down payment and 28% APR.
You accept because finding another lender seems impossible. Your monthly payments are high, but you have transportation.
The problem? Those interest rates add up fast.
When Does Exeter Finance Repossess Vehicles?
Exeter Finance typically repos cars after 3-5 months of missed payments.
We contacted Exeter Finance directly. Their agent confirmed that repossession timing varies based on multiple factors.
State laws affect the timeline. Your contract terms matter too. Your payment history plays a role.
You’ll receive written notice before repossession. The notice states your deadline to catch up on payments. Missing that deadline means losing your car.
Factors That Influence Repossession Timing
Several elements determine when Exeter Finance takes action:
- Your state’s repossession laws and regulations
- How many payments you’ve missed consecutively
- Your communication history with Exeter Finance
- Whether you’ve made partial payments
- Your overall account history with the company
Exeter Finance moves faster in some states than others. Some states require specific notice periods. Others allow immediate repossession after one missed payment.
How to Prevent Exeter Finance Repossession
Avoiding repossession requires proactive steps. Don’t wait until you’re months behind.
Make payments on time through Exeter Finance’s online portal. Set up automatic payments if possible.
Contact Exeter Finance immediately if you can’t make a payment. Call their customer service line. Explain your situation honestly.
Payment Assistance Options
Exeter Finance may offer solutions:
- Modified payment plans that fit your budget
- Temporary payment deferrals during hardship
- Extended loan terms to reduce monthly amounts
- Financial assistance programs for qualified borrowers
You might also consider voluntary repossession. Voluntary surrender causes less credit damage than forced repossession.
If Exeter Finance is threatening to repo your car, our partner Solo can help you negotiate a settlement and keep your vehicle.
Exeter Finance Customer Reviews Reveal Problems
Customer reviews paint a troubling picture. Exeter Finance holds a 1.14-star rating on the Better Business Bureau.
The BBB rating comes from over 100 customer reviews. Google reviews show a 1.6 out of 5-star average across nearly 300 reviews.
Common complaints include:
- Excessive interest rates on all loans
- Poor communication from customer service staff
- Difficulty reaching representatives by phone
- Unexpected payment withdrawals from bank accounts
- Aggressive repossession practices
Real Customer Experiences
One customer paid nearly $30,000 for a car worth only $17,000. Interest and fees created the massive difference.
Another borrower made $16,000 in payments over three years. They still owe $14,000 on an original $15,000 loan. The high interest rate barely touched the principal balance.
These examples show how Exeter Finance loans trap customers in debt. You pay for years but barely reduce what you owe.
Complaints Against Exeter Finance Continue to Mount
More than 600 people filed BBB complaints against Exeter Finance in three years. The Consumer Financial Protection Bureau received over 2,000 complaints in the same period.
Many financed vehicles are used cars. These vehicles need more repairs than new ones. Some customers report buying lemons that cost thousands in repairs.
You’re paying high interest while fixing a broken car. The financial strain becomes overwhelming.
Repossession Horror Stories
One borrower put $10,500 down on a $24,000 vehicle. Exeter Finance approved them at 28% APR with $533 monthly payments for 66 months.
The customer tried doubling payments to reduce interest. Exeter Finance charges daily interest, making it nearly impossible to pay down principal faster.
Family members of deceased borrowers face additional problems. One family dealt with repossession threats after their relative passed away.
Exeter Finance wouldn’t provide repossession receipts. An attorney advised against accepting their offers. The company could hold the estate liable for the remaining balance.
The family sold the car to a buyer who agreed to repay the loan. Exeter Finance falsely claimed they repossessed it anyway. They collected a $3,000 warranty refund on a vehicle they never actually possessed.
Consider Alternatives Before Accepting High-Interest Loans
Poor credit makes car financing difficult. Don’t let desperation push you into an unaffordable loan.
Being without a vehicle creates challenges. Commuting and family responsibilities require transportation. But sometimes improving your credit makes more financial sense.
Working on your credit score takes time. You can qualify for better loan terms with patience and effort.
Better Paths Forward
Consider these alternatives:
- Use public transportation temporarily while building credit
- Purchase an inexpensive cash vehicle to avoid loans
- Ask family or friends for short-term transportation help
- Work with a credit counselor to improve your score
- Save for a larger down payment to reduce loan amounts
If you’re already struggling with Exeter Finance debt, settlement offers a way out. Negotiating a reduced balance stops repossession threats and wage garnishment.
Settle Your Exeter Finance Debt and Move Forward
Exeter Finance debt doesn’t have to control your life. Debt settlement provides an exit strategy.
Settlement involves negotiating a reduced payoff amount. You pay less than you owe. Exeter Finance agrees to close the account.
The process requires careful negotiation. You need documentation of all agreements. Payment transfers must happen securely.
Professional help makes settlement easier and more successful. You avoid common mistakes that derail negotiations.
Take control of your Exeter Finance situation today. Don’t wait until repossession destroys your credit and transportation options.