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When Does Exeter Finance Repo Cars?

Sarah Edwards | February 09, 2024

Edited by Hannah Locklear

Summary: Exeter Finance offers high-interest car loans to people with bad credit. While repossession laws vary by state, Exeter Finance is likely to repossess your car if you go 3-5 months without paying. SoloSettle can help you settle a debt with Exeter Finance and move on with your life.

If you’ve recently financed a car, you may find that Exeter Finance holds your loan. Exeter Finance partners with thousands of auto dealerships nationwide, helping people buy cars even if they have poor credit or minimal income.

While Exeter Finance can help you obtain a vehicle when finding a lender is nearly impossible, you can expect high interest rates that increase the cost of your monthly payments.

If you find yourself drowning in debt as a result of high-interest loans with Exeter Finance, debt settlement may be your way out.

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What to know about Exeter Finance

Exeter Finance is a popular auto financier — it has over 12,000 partnerships with dealerships nationwide. Most companies that Exeter Finance partners with are independent dealers, although a few are franchises. Exeter Finance aims to help dealers sell more vehicles by providing loans to people who typically wouldn’t qualify due to poor credit scores or low income.

The company is the fourth-largest non-prime auto lender in the U.S. It will lend to people with no credit and will finance up to $50,000 per car. Automobile dealerships benefit from a partnership with Exeter Finance since they can push more vehicles off their lots.

Let’s consider an example.

Example: Harry needs a new car but has a low credit score. He visits a local used car dealer and finds a Nissan Versa for $15,000. Harry applies for financing with the dealership, and Exeter Finance offers him a loan with a $500 down payment and 28% APR. Since Harry knows it will be difficult to find a conventional auto loan with a lower interest rate, he accepts the offer.


When does Exeter Finance repo cars?

It depends on where you live and the terms of your contract, but usually Exeter Finance will repo cars after 3-5 months of missed payments on an auto loan.

We called Exeter Finance to ask them when they repossess cars, and the Exeter agent made it very clear that there isn’t a clear answer to this question because many factors influence the timing of Exeter Finance repossession. However, the agent did advise that consumers will receive a notice in the mail stating the date of their last chance to make a payment on a vehicle before it will be repossessed.

Avoid an Exeter Finance repossession

Avoiding a repossession from Exeter Finance, or any auto loan lender, primarily involves managing your loan payments effectively and maintaining open communication with the lender. Here are some strategies to help avoid an Exeter Finance repossession:

  • Make your payments on time, online.
  • Call an Exeter Finance agent to talk about setting up a new payment plan that works with your budget.
  • Discuss financial assistance options with an Exeter Finance agent.
  • Consider voluntary repossession.

No matter how you decide to avoid a car repo, taking action early can help prevent the stress and credit damage associated with a repossession.

Read Exeter Finance reviews online

Before deciding to take out a loan from a company you’re unfamiliar with, it’s always a good idea to check its customer reviews. The BBB is a great source to learn more about lenders and their practices.

Exeter Finance has a profile with the BBB, but it isn’t BBB-accredited. As of 2024, it has a score of 1.14 stars out of 5. This score is based on more than 100 reviews posted on the BBB site. Out of nearly 300 Google reviews, Exeter Finance has an average rating of 1.6 out of 5 stars.

The reviews of Exeter Finance follow the same themes. Numerous customers complain of excessive interest rates and poor communication with staff. One customer indicated they paid nearly $30,000 for a car worth only $17,000 due to interest and fees.

Another customer made $16,000 in auto payments over three years but still owes $14,000 on an initial $15,000 loan — illustrating just how high the interest is on Exeter’s loans.

Read some real Exeter Finance reviews below:

Is Exeter Finance suing you for unpaid auto debt? Use SoloSettle to settle your debt today. Check out this video to learn more about how to settle a debt:

Exeter Finance Corp has received many complaints

Many cars that Exeter finances are used vehicles; they may not last as long as new vehicles and will require more repairs. Some customers complain that the cars they buy are lemons — costing them thousands of dollars in repairs in addition to the interest and fees they incur with Exeter Finance.

In the past three years, more than 600 people filed complaints against Exeter Finance through the BBB. Most complaints relate to poor customer service, unexpected payment withdrawals, high interest rates, and repossessions. Even worse, the Consumer Financial Protection Bureau reported more than 2,000 complaints against Exeter in the same time period.

One person spoke of putting a $10,500 downpayment on a $24,000 vehicle, only to receive a loan with a 28% APR and $533 monthly payments for 66 months. The consumer tried doubling the payments to reduce the total interest paid, but the company charges daily interest, which makes it hard to pay down the principal.

In an unfortunate case, the family of a deceased person who had an auto loan with Exeter faced several headaches. The company tried to repossess the vehicle, but it wouldn’t provide the family with a receipt of repossession.

An attorney advised the family not to accept the offer because Exeter could hold the deceased’s estate liable for the remaining loan balance. The family decided to sell the car to another buyer, who agreed to repay the loan. According to the family, Exeter falsely claimed it repossessed the vehicle to obtain a refund on the vehicle’s warranty for $3,000.

Exeter Finance is likely to repossess your car if you don’t stay on top of your payments. Several consumers complain of unexpected repossessions. Once Exeter repossesses a car, it charges thousands of dollars to return it. According to the complaints, most repossessions occur after three to four months of nonpayment.

Sometimes, a car just isn’t worth it

If you’re finding it difficult to obtain an auto loan because of poor credit, don’t let Exeter Finance take advantage of your desperation.

While being without wheels is hard, especially when you have a commute and family responsibilities, sometimes it’s better to work on your credit than to take on a commitment you can’t afford. You can improve your credit score and obtain a better loan with some effort.

Don’t let Exeter Finance garnish your wages. Settle your debt with SoloSettle’s help.

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