Exeter Finance Corporation (Exeter) is a leading consumer finance company that works with individuals to refinance car loans and provide other types of financing. Exeter is one of the largest and most trusted consumer finance companies in the United States and provides a wide range of financing options to individuals with all types of credit scores.
When it comes to repossessing a vehicle, the process is fairly straightforward. Exeter will typically send a letter to the consumer that indicates the loan default and outlines the options available to them. If the consumer does not respond to the letter and does not make the necessary payments, Exeter has the right to repossess the vehicle. This process is regulated by state law, so it is important to understand the specific rules in your state.
When Does Exeter Finance Repo Your Car?
The exact timeline for a repo from Exeter depends on the individual situation, but typically the process can take anywhere from 30 to 120 days. When a consumer defaults on their car loan, Exeter will typically send a letter indicating the default. This letter will also outline the options for the consumer to avoid repossession. It is important to promptly respond to this letter and make the necessary payments to avoid an eventual repossession.
If the consumer does not make the payments outlined in the letter, Exeter will typically attempt to contact them in order to discuss the situation and find a way to resolve the debt. If the consumer does not respond, the repo process can begin. In most cases, the repo process can take anywhere from 30 to 120 days depending on the individual situation.
What Are the Repossession Laws in Your State?
The repossession laws in each state vary and it is important to understand the specific rules in your state. Generally speaking, a lender must first attempt to contact the borrower before initiating the repo process. Additionally, a repossession may only occur during daylight hours. In some states, the lender must provide the borrower with a notice of the repossession before it occurs. It is also important to note that a repossession cannot be conducted on private property without the permission of the owner.
In some states, lenders are required to have a court order before the repo process can begin. Additionally, some states have laws that limit the amount of money that can be charged to the borrower for repossession fees. It is important to understand the specific repossession laws in your state before entering into any agreement with Exeter.
What Happens After Repossession?
Once a vehicle has been repossessed, Exeter will typically attempt to sell the vehicle in order to recoup the remaining balance on the loan. If the sale of the vehicle does not cover the remaining balance, the borrower may still be responsible for any remaining balance. It is important to understand that the borrower may still be responsible for any remaining balance even after the repo process has been completed.
If the borrower does not pay the remaining balance, Exeter may take further action to collect the remaining balance. This may include legal action or wage garnishment in some cases. Additionally, the repo will usually be reported to the major credit bureaus and can have a negative impact on the borrower's credit score.
How to Avoid Repossession
The best way to avoid repossession is to make timely payments on your loan. Exeter will typically attempt to contact the borrower prior to initiating the repo process in order to find an alternate solution. If you are having difficulty making payments, it is important to contact Exeter and discuss possible options. Exeter may be able to work with you to lower your monthly payments or come up with a payment plan that works for both parties.
It is also important to understand the repossession laws in your state. Knowing the specific laws can help you understand your rights and may prevent repossession from occurring. Additionally, it is important to understand that repossession can have a negative impact on your credit score and may make it more difficult to obtain financing in the future.
Frequently Asked Questions
What is Exeter Finance?
Exeter Finance Corporation (Exeter) is a leading consumer finance company that works with individuals to refinance car loans and provide other types of financing. Exeter is one of the largest and most trusted consumer finance companies in the United States and provides a wide range of financing options to individuals with all types of credit scores.
What is the process for repossession?
When a consumer defaults on their car loan, Exeter will typically send a letter indicating the default. This letter will also outline the options for the consumer to avoid repossession. If the consumer does not respond to the letter and does not make the necessary payments, Exeter has the right to repossess the vehicle. This process is regulated by state law, so it is important to understand the specific rules in your state.
How long does the repo process take?
The exact timeline for a repo from Exeter depends on the individual situation, but typically the process can take anywhere from 30 to 120 days.
What are the repossession laws in my state?
The repossession laws in each state vary and it is important to understand the specific rules in your state. Generally speaking, a lender must first attempt to contact the borrower before initiating the repo process. Additionally, a repossession may only occur during daylight hours. In some states, the lender must provide the borrower with a notice of the repossession before it occurs. It is also important to note that a repossession cannot be conducted on private property without the permission of the owner.
What happens after repossession?
Once a vehicle has been repossessed, Exeter will typically attempt to sell the vehicle in order to recoup the remaining balance on the loan. If the sale of the vehicle does not cover the remaining balance, the borrower may still be responsible for any remaining balance. It is important to understand that the borrower may still be responsible for any remaining balance even after the repo process has been completed.
How can I avoid repossession?
The best way to avoid repossession is to make timely payments on your loan. Exeter will typically attempt to contact the borrower prior to initiating the repo process in order to find an alternate solution. If you are having difficulty making payments, it is important to contact Exeter and discuss possible options. Exeter may be able to work with you to lower your monthly payments or come up with a payment plan that works for both parties.
Does repossession affect my credit score?
Yes, repossession can have a negative impact on your credit score and may make it more difficult to obtain financing in the future.
What is the best way to contact Exeter?
The best way to contact Exeter is to call their customer service number at 1-800-498-3274. Additionally, Exeter can be reached via email at customerservice@exeterfinance.com.
What happens if I can’t pay the remaining balance after repossession?
If the borrower does not pay the remaining balance, Exeter may take further action to collect the remaining balance. This may include legal action or wage garnishment in some cases.