Exeter Finance Corporation or EFC is a third-party auto loan agency based in Texas. EFC has received consumer complaints alleging violations such as improper communication tactics and sharing of information. If you have been contacted by EFC, make sure you understand your rights before taking action.
According to the Better Business Bureau (BBB), Exeter Finance Corporation was founded and incorporated in 2006. The BBB established its profile page in 2009. Exeter is listed as a financial services and loan company.
According to its website, Exeter Finance Corporation works “with thousands of franchised dealers nationwide to make vehicle ownership possible for everyone.” The dealers Exeter represents “enjoy personalized service from dedicated buyers who help them find the right financing solutions for customers facing credit challenges.” For car buyers, Exeter acts as a “trusted partner in car ownership – one who guides them along the way…and provides tools to keep them informed.”
Exeter’s website provides information for car dealers and information for car buyers. Their dealer pages inform site visitors that partnerships with auto dealers have made Exeter “a leading subprime auto lender.” The Dealer FAQ page indicates that Exeter works with franchise car dealerships but not independent dealerships. Dealer packets and loan servicing information is available by contacting Exeter.
The car buyer pages encourage site visitors to purchase a car as “a positive step toward establishing a payment history that can impact your credit score.” Exeter provides “credit tips” such as paying bills on time, keeping balances low, and budgeting. They also offer a free, online Financial Improvement Training (FIT) resource. The FAQ page answers questions about account access, payments, insurance, payoffs, and titles.
The EFC website does not provide a lot of detailed information about its business practices or compliance policies. They do include standard, legally mandated information about information privacy and security.
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The BBB has closed 447 complaints against Exeter Finance Corporation in the past three years, with 91 closed in the past 12 months. Most of those complaints allege problems with billing and collections. Many complaints also allege problems with customer service. Since March 2015, the Consumer Financial Protection Bureau (CFPB) has received 145 complaints about EFC. Justia lists at least 12 cases of civil litigation involving EFC.
Absolutely. Here are some Sample Cases against Exeter Finance Corporation.
According to the BBB, complaints against Exeter Finance Corporation “are regarding billing issues, customer service issues and collection issues. Specifically, consumers complain that they are unable to resolve loan payment problems even after following the direction of company employees. Additionally, consumers complain about aggressive collection tactics.” The 26 negative reviews on Exeter’s BBB profile support these allegations.
In August 2017, a complainant indicated the Exeter Finance Corporation engages in “very predatory lending” practices. She alleged that EFC debited her bank account 4 times in one month even though only two payments had been authorized, resulting in an account overdraft. Despite having contacted EFC, she did not receive any response. She also indicated EFC applied payments unevenly toward interest rather than principle, making it very difficult to escape the loan and find other financing. She concluded by stating that EFC “is not very ethical and their customer service lacks. I find it strange they have an A+ rating with so many negative reviews from consumers.”
Also in August 2017, a complainant indicated her belief that the “A+ rating and stars do not accurately reflect consumer feedback on Exeter.” She alleged that Exeter Finance Corporation“ reports incorrect information to all credit bureaus repeatedly, consistently throughout the life of the loan.” They allegedly send inaccurate, conflicting, and inconsistent billing and accounting information, and sometimes even “bill incorrectly, overcharge, and do not resolve your account.” She also complained that EFC’s business model is designed to set up car buyers for failure, alleging that Exeter Finance Corporation pushes “loans for $35,000 on cars that are worth $9,000… and provides a different answer every time you call… to ask about a standard business process.” The complainant concluded by stating her belief that EFC is “in the business of making money off of a vulnerable population and repossessing cars… and that her concern is not only Exeter, it’s also for the BBB for supporting this business and a practice that is doing great harm to… their borrowers.” The complainant also sent “a copy of this posting to state and federal agencies.”
Exeter Finance Corporation
P.O. Box 166008
Irving, TX 75016
Telephone: (800) 321-9637
Understanding Your Debt Collection Rights
Consumers are protected from abusive debt collectors from the Fair Debt Collection Practices Act (FDCPA). By way of instance, the debt collector must identify himself or herself, who they’re working for, and what debt they’re collecting. The FDCPA claims that debt collectors can’t use any deceptive or misleading representation, like implying the debt is secured by the USA or any particular state. Additionally, they can’t use a badge or uniform to pretend they’re a government employee collecting a debt. Misrepresentation is a violation of the FDCPA and could be reported as such.
In case you’ve been a victim of a debt collector’s wrongdoing, then you can search for justice under the FDCPA. You have the right to pursue a claim against the debt collector; if you prevail, you can collect up to $1,000, plus attorney fees and court costs.
Your debt harassment checklist:
- You are receiving multiple calls per week from third party collection agencies
- You are receiving early morning or late night calls from debt collectors
- You are recieving calls at work from a debt collection agency
- Debt collectors are calling your friends, neighbors, or coworkers
- Collectors are threatening you with violence, a lawsuit, or arrest
- A debt collector attempts to collect more than you owe
- You are being threatened with negative credit reporting
- A debt collector attempts to intimidate you
- Criminal accusations are being made towards you
- Use of obscene language during an attempt to collect
- Automated robocalls are being made to your phone in an attempt to collect
If you’ve been harassed by debt collectors and even one of these has happened to you, we can help. We will fight for your rights.
The Lemberg Law legal team is committed to holding debt collectors accountable, so complete our form for a FREE case evaluation, or call 844-685-9200.
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