Exeter Finance Corporation or EFC is a is a subprime auto lending company, which receives a lot of consumer complaints to our law firm for debt harassment. Find out who they are, why they might be calling, and how you can stop them.
What is Exeter Finance Corporation – EFC?
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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How many complaints are there against Exeter Finance Corporation – EFC?
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.
Who are we? We are Lemberg Law, a Consumer Law Firm
Lemberg Law is a consumer law firm helping victims of collection harassment and abuse. We are ranked A+ by the BBB. We’ve helped more than 15,000 consumers stop harassment and recover money from debt collectors. Harassed? Abused? Misled by a collector? Call our Helpline today! There is no charge unless we win.
Can you help me file a No Fee Lawsuit against Exeter Finance Corporation?
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.”
Federal laws protect you. The Fair Debt Collections Practices Act (FDCPA) regulates the behavior of collection agencies by prohibiting actions such as the use of abusive or threatening language; harassment; or the use of false or misleading information to collect a debt. The FCRA regulates how collection agencies and creditors report delinquent debts to credit reporting agencies. Additional consumer protection laws include the Telephone Consumer Protection Act (TCPA) and the Consumer Financial Protection Act (CFPA).
But here’s the rub: If you want to enforce your rights, or recover money for violations — you need to sue. These laws provide individuals like you with a means to seek monetary damages in court. For example, the FDCPA allows consumers who have been violated to recover damages of up to $1,000, plus attorney fees and court costs.
“When I first contacted Lemberg Law, I was at my wit’s end, not knowing what to do or how to protect myself against the collection agencies. I felt like I was sinking. After sending in my case evaluation, Lemberg Law quickly threw me a lifeline and turned the tide.”
“Thanks to the staff at Lemberg Law, I have peace of mind again. They worked quickly to find the harassing calls ended and were super considerate when I spoke together. I love the hard work!”
“I am so blessed that during this dreadful, frightening encounter, your company was there to help me. I can not thank you enough.”
Can You Help Me Delete Exeter Finance Corporation EFC from My Credit Report?
We can absolutely help. Call us today.
Can Your Firm Help me Deal with Exeter Finance Corporation?
The short answer is yes. Contact us now to find out more.
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About the Author:
Sergei Lemberg is a lawyer whose practice focuses on consumer law, class actions and personal injury litigation. He has been repeatedly recognized as the “most active consumer attorney” in the country. In 2020, Mr. Lemberg represented Noah Duguid in the United States Supreme Court in the case entitled Duguid v. Facebook. He is the author of Defanging Debt Collectors, a book that teaches consumers how to battle debt collectors and win.