Exeter focused on being a prestigious auto finance company and desired a lender known for its performance, people, and service. They partner up with thousands of franchised and independent dealers across the country to make vehicle ownership accessible to everyone. Apart from the captive CarMax Auto Finance, Exeter is one of seven companies that provide credit facilities to the dealership chain’s used-car buyers; American Credit Acceptance, Capital One Auto Finance, Santander Consumer USA, Wells Fargo Auto, and Westlake Financial Services are the others. Exeter Finance, headquartered in Irving, Texas, is a medium-sized finance firm with 500 employees and a $22.0M revenue. To provide superior value to their stakeholders by providing financial solutions through the development of exceptional customer, dealer, and partner relationships while demonstrating a Culture of Excellence. Let us know more about that the Exeter Finance Repo Policy-Know More.
Exeter Finance Repo Policy
Exeter Finance Repo Policy is a repossession car policy where individuals who fail to pay back payments for two consecutive years have to give away their cars. Basically, they don’t reveal much about the repossession policies to the public. They have a certain grace period, failure to follow this deadline results in losing away their cars. Since it is a legal auto finance company that makes lending vehicle loans possible, these loans are guided and governed by certain rules and policies. These policies are called repo policies.
What is Exeter Finance Repo Policy?
Exeter Finance does not reveal any relevant data about its repossession policies available to the general public. However, it is found from the Exeter Finance customer service representatives, who briefed that the company will generally initiate the repossession process after two consecutive missed payments. Each of these possession processes is carried out individually after repetitively verifying the payments and documents. This Repo policy consists of repossessing the vehicle due to two non-payments by the borrower. The procedures of repossessing are initiated after the passage of the grace period, which is basically 7 to 15 days.
Failure of payment
First Default
If the repayment is failed for the first time, then the Exeter Finance customer service will send messages and emails to remind them that they have defaulted. In no response to the above methods, they will call the defaulters and ask them to repay it within the next few days. This depends upon the type of loan agreement the defaulter is into. Due to certain circumstances, if the individual cannot repay the loan amount, they should immediately contact Exeter Finance and inform them.
Second Default
The representatives of Exeter Finance stated that repossessions are generally handled on the basis of the customer’s specific loan agreement and payment history with the company, which varies from case to case. According to their customer service representatives, if an individual misses the first payment, the representatives of Exeter Finance start contacting the defaulters by phone and email. Exeter Finance representatives could not say how many times they would contact a purchaser before physically confiscating the vehicle. If one feels that the person will be late on their upcoming payments, they should contact Exeter Finance immediately. Furthermore, keep in mind that the speed with which Exeter Finance repossesses your vehicle is determined by where you live and state repossession laws.
Recovering the car after repossessing
Users may be able to restore their vehicle after Exeter Finance repossess it, but only if they have a decent loan agreement and payment history. To restore the loan and the vehicle which was returned, users may need to pay the full amount owed plus any fees associated, such as late charges, hauling, and processing fees. However, depending on the specific contract and loan terms, one may be required to pay the entire loan balance in order to get your car back after Exeter Finance repossess it.
Is it a good idea to take a loan from Exeter Finance?
This is a debatable topic. Exeter Finance provides a wide variety of loan agreements, some are for the long term, and some are short term and are made available at the ease of its customer’s needs. The problem lies in that few reports and complaints indicate that they charge high fees, people have experienced difficulties making and receiving payments, misapplication of loan payments, and difficulties paying off the loan in full. They have both pros and cons, and the borrower needs to weigh them properly.
Conclusion
Exeter Finance repo policy provides a wide range of car loan agreements which makes every household own their personal car. Although this scheme looks lucrative yet failed to make the repayment of the loan may land the borrower in trouble. The repo policy follows a simple rule that clarifies that failure to repay two consecutive payments leads the Finance company to repossess the vehicle. They abide by the repossession policy of the state where the car is lent. After the first default, they will give frequent reminders using mediums like messages, emails, and even calls. The cars can be recovered after clearing all the debts and the charges
