I. Introduction
Exeter Finance is a leading auto lender in the United States, providing financing options for both new and used vehicles. The company was founded in 2006 and has since grown to become a major player in the auto lending industry. Exeter Finance specializes in providing financing for customers who may not qualify for traditional car loans through banks or credit unions.
II. History of Exeter Finance
Exeter Finance was founded in 2006 by a group of experienced auto finance executives. The company’s goal from the start was to provide financing options for customers who may not qualify for traditional car loans. Over the years, Exeter Finance has expanded its operations and now serves customers in all 50 states. The company has also diversified its product offering to include both new and used car loans, as well as refinancing options. One of the key milestones for the company was the acquisition of the Santander Consumer USA portfolio in 2017, which significantly expanded its customer base.
III. Products and Services
Exeter Finance offers a variety of auto loan options to meet the needs of different customers. The company provides financing for both new and used vehicles, with loan terms ranging from 24 to 72 months. Customers can choose from a variety of interest rates and loan amounts, depending on their credit history and the value of the vehicle they are purchasing. In addition to traditional car loans, Exeter Finance also offers refinancing options for customers who already have a car loan but want to lower their monthly payments or interest rate. The company also offers a lease-to-own program for customers who are not quite ready to make a full purchase.
The application process for a loan with Exeter Finance is relatively straightforward. Customers can apply online or by phone, and the process typically takes about 15 minutes to complete. To qualify for a loan, customers must meet certain requirements, such as having a valid driver’s license, a steady source of income, and a minimum credit score.
IV. Reputation and Customer Reviews
Exeter Finance has generally received positive feedback from customers, with many praising the company’s easy application process and flexible loan options. However, the company has also faced some negative reviews and controversies. Some customers have complained about high-interest rates and hidden fees, while others have reported difficulty in getting their loans approved. In terms of its reputation, the company has been involved in several lawsuits and controversies. In 2019, the Consumer Financial Protection Bureau ordered Exeter to pay a $3.75 million fine for violating the prohibition on discriminatory pricing and for failing to properly disclose financing terms to customers.
V. Conclusion
Exeter Finance is a leading auto lender in the United States that provides financing options for customers who may not qualify for traditional car loans. The company has a wide range of loan options, including new and used car loans, refinancing options, and a lease-to-own program. While the company has generally received positive feedback from customers, it has also faced some negative reviews and controversies. Overall, Exeter Finance is a viable option for customers looking for car financing options but it is important to carefully read and understand the terms and conditions before signing up for a loan.