Exeter Finance is an authorized company that facilitates loans for cars and repossesses them due to missed payments. However, it is a trustworthy financing company that facilitates lenient policies and avoids frequent recoveries.
When Does Exeter Finance Repo Your Car? Exeter finance can repo your car after 4 to 6 months with consecutive 3 to 4 missed payments by hiring a recovery company, tracking the car with built-in devices, deactivating it automatically, and repossessing the vehicle from the parking location. Exeter provides a grace period of 8 to 16 days, contact the lender after 35 to 65 days and stop the car’s repossession by rescheduling the loan. However, you have to pay an additional towing fee and charges of repossession procedure with the actual loan, and you cannot apply for a new vehicle within 11 to 13 months of repossession.
You can protect the recovery by evaluating the paperwork, calculating the pending loan, and arranging money before the last date.
Also, secure your credibility with timely payments and purchase an automobile without any challenge.
- 1 What is Exeter Finance?
- 2 What does repo a car means?
- 3 How long does Exeter finance take to repo your car?
- 4 What is the grace period of Exeter finance?
- 5 Can you stop the repossession of your car by Exeter finance?
- 6 Do you have to pay additional charges to release your repossessed car?
- 7 Can you buy a car after repossession?
What is Exeter Finance?
It is an auto finance cooperation providing loans to vehicle owners, investors, and dealers. It is present in the Texas United States and owned by Warburg Pincus.
It provides a loan of more than $6000, but it depends on your financial information like bank statements.
It is a famous company for its reliable policies, high performance, and quick service. It has facilitated around 1.2 million customers since 2006.
Moreover, Exeter finance currently works with around 12000 dealers in different states of the USA. It works with several franchises nationwide and makes the ownership of a car possible for several people.
The company can retrieve the automobile after consecutive missed payments. The lending cooperation has a specific loan policy with a written agreement.
The company does not accept continuous missed payments because it affects their business. However, it provides several installment policies to the customers with variable retrieval rules across the USA.
The representatives contact the customer through phone calls and emails.
Non-responsive conditions result in the retrieval of vehicles, and you can release the automobile with a complex documented procedure. Also, the customer loses credibility, and the company cuts the agreement.
What does repo a car means?
The leasing company hires a recovery organization that removes your automobile from the parking spot due to missed loan payments.
However, the company contacts the owner 20 to 30 days before the recovery. Then, the lender hires the recovering company from your state, and they can take away the automobile in 2 to 3 hours.
However, the speed of taking away the vehicle depends on your vehicle’s location.
The companies can perform these activities by placing GPS trackers in the vehicles.
They can locate them anywhere, and it makes the auto-recovery quick. Several lending dealerships do not notify their customers according to state laws.
But, Exeter has a sorted recovery policy with multiple notifications. However, you can contact Exeter before the payment date and explain your problems.
The representatives can split the payments for their customers, which avoids recovery.
How long does Exeter finance take to repo your car?
Exeter finance takes around 4 to 6 months to retrieve your automobile. Also, it happens when the owner stops consecutive 3 to 4 payments.
However, the laws of retrieval vary from one state to another across the USA. But, Exeter has specific policies, and it never comprises over the rules.
Also, missing the loan affects your credit card, and the company marks the customer as a non-payer.
Finally, the company takes action against such owners and automatically deactivates the vehicles through the built-in software and devices.
However, the policy has standard rules, but you can communicate with the finance representatives.
They can hold the recovery for more than five months according to the payment history of a customer.
However, you have to pay the entire loan within the given time. It depends on the credibility of customers who have paid all the loans continuously.
The company trusts such customers and extends the policy for them. It provides installation policies for these owners and recovers all the money without any retrieval.
What is the grace period of Exeter finance?
The lending company and its bank give a late payment policy to their customers. According to the agreement, the bank counts late payments after a grace period of around 8 to 16 days.
However, the period depends on the type of bank with its current policies.
A few lending companies offer a specific grace period due to credible customers and online payment methods.
However, it is a margin to comfort the customer, and the finance company recovers the payment without pressurizing the customer.
The average grace period of several banks is around 11 to 12 days, and they can extend it to 14 to 16 days.
After the grace period, the company and its bank mark the automobile owner as a late payer.
They do not contact such customers and directly recover the vehicles. Instead, the customers get a notification or email about the retrieval.
Can you stop the repossession of your car by Exeter finance?
Exeter finance never informs the customers on the retrieval day because it is against their policies.
However, you can stop this activity by communicating with your lending company after 35 to 65 days of late payment. Then, the company can settle the agreement and adjust the amount in installments.
It avoids repossessions until the customer vanishes for more than three months.
You can save your vehicle by using the deferment program that can add late payments at the end of your loan.
The lending company has different ways and policies to stop the retrieval because it is a time-consuming and costly procedure. Also, reschedule the payment method by consulting a representative of the company.
You can use the refinancing technique and save around $740 to $750 annually. Also, you can have an extra $35 to $40 per month by lowering the installment of the loan.
You can adjust the loan with refinancing by explaining your financial challenges and submitting an application to split the actual amount into installments.
In addition, sell the current automobile privately and change it with a less expensive vehicle.
Moreover, refinancing lowers the total interest rate on your loan, and you can preserve multiple dollars every year.
It can change a similar loan into a new and modified loan agreement.
As a result, you can pay a smaller monthly amount and save the car from sudden retrieval.
In this way, you can get a new loan that pays the old loan.
Also, you can get extended payment dates for the new amount.
However, it solves the current problem of your recovery but traps you in another lengthy process. Pay the loan through the bank instantly and save your vehicle.
Do you have to pay additional charges to release your repossessed car?
The company retrieves the automobiles but provides different methods to release them.
As a customer of Exeter finance, you can release your vehicle after the repossession, but it is a complex activity.
The customer’s credibility, payment records, bank statements, and behavior determine the time of vehicle release.
The payment history indicates that the customer is not a late-paying person. However, you have to pay an additional fee with the actual loan.
The company charges the customer for the cost of retrieval and towing fee and releases the vehicle from repossession.
Also, Exeter returns the car according to the type of contract and conditions of the agreement.
It frustrates the car owner because he has to pay the loan immediately.
However, additional charges fail to satisfy the customer and result in several complaints on their websites. But, you cannot get your vehicle back without paying these charges to the lending company.
People prefer to pay all loan installments and secure themselves from the risks of vehicle recovery.
Can you buy a car after repossession?
You cannot buy a car instantly after repossession because of a complex recovery procedure.
The loan lenders check the customer’s payment method with the records of past months.
A few loan lending companies do not work with a consecutive late payer. But, it never disappoints its customers and makes alternative ways.
However, the company does not provide a new vehicle within 11 to 13 months of repossession.
But, they record the information of these applicants and provide a date to reapply for a vehicle.
You can contact the company after 15 to 16 months and apply for it.
The company deals with these customers with loan policies and does not consider repossession.
Also, you have to provide every detail about the repossession and enroll in a written agreement.
The customers with a twice or thrice repossession are suspicious of the loan lender.
They schedule the loan amount in small parts and make the payment convenient.