#Does exeter finance repo cars drivers#

The AG’s Office also obtained $12.9 million under settlements with Westlake Financial Services, American Credit Acceptance, and Santander over allegations that the companies charged usurious interest rates on auto loans.īorrowers eligible for relief under today’s settlement will be contacted by the AG’s Office. Her office previously secured a similar settlement with Santander requiring the company to pay $22 million and provide over $7 million in debt relief to Massachusetts borrowers. In 2019, she reached a $5.5 million settlement with Exeter Finance for its alleged role in financing unfair subprime auto loans. AG Healey has been a national leader in holding subprime auto lenders accountable. The AG’s action against CAC is part of her Office’s ongoing industry-wide review of securitization practices in the subprime auto loan market. The AG’s lawsuit also contained allegations that CAC failed to inform investors that it topped off securitization loan pools with higher-risk loans. The complaint also alleged that some CAC borrowers were subject to hidden finance charges, which resulted in violations of the state’s 21 percent usury cap and that CAC engaged in unlawful collection practices. The AG’s lawsuit noted that while the company profited from these loans, borrowers experienced credit harm, and, in some instances, lost their vehicles or down payments. Specifically, the lawsuit alleged that CAC made high-interest subprime auto loans that it knew or should have known many borrowers would be unable to repay. The AG’s Office sued CAC in August 2020 over the company’s practices relating to the origination, collection, and securitization of subprime auto loans. Through our ongoing, extensive investigation into the subprime auto industry, we have a proven record of taking action and getting results for our residents who have been exploited by unscrupulous lenders.” Predatory car loans, like predatory student loans or mortgages, hurt families and communities.

#Does exeter finance repo cars drivers#

“With this significant $27 million settlement, eligible Massachusetts drivers who have been suffering under the weight of a crushing car loan due to CAC’s deceptive practices will be able to receive relief and avoid new defaults. “Thousands of Massachusetts consumers, many of them first-time car buyers, put their faith in CAC to help them with an auto loan, but were instead lured into high-cost loans, fell deeper in debt, and even lost their vehicles,” said AG Healey. The settlement also requires CAC to make changes to its loan handling practices. Over 3,000 borrowers across the state are expected to be eligible for settlement funds, including many residents of marginalized communities in Springfield, Boston, Worcester, and Brockton.

The settlement, which was filed today in Suffolk Superior Court, requires CAC to pay a total of $27.2 million, and provide debt relief and credit repair to thousands of Massachusetts borrowers. I will be filing a FTC complaint today for fraudulent business practices.BOSTON - In the largest settlement of its kind, national subprime auto lender Credit Acceptance Corporation (CAC) will pay more than $27 million to settle a lawsuit brought by Massachusetts Attorney General Maura Healey over a variety of alleged unfair practices relating to the company’s role in the origination, collection, and securitization of subprime auto loans. All I want is an explanation that not a lie or my credit. She asked for a call back but they call back during business hours and I work so I didn't want that. When asked to escalate to Chole's Manager I was told the Manager left the building. Then 3 months of payments showed up in there system in April. 1st I had a payment applied to January but January was paid already. She clearly didn't understand what she was talking about. The supervisor Chloe whose manager is Lisa lies to so many times. I've called customer service to get this resolved or at least explained.

After I fixed the contact no money was credited to my account for the months I payed. I payed the late payment and continued paying from there.

This lead to me believing I didn't have to pay. The have wrong information that lead to a contract not being done right. This company is actively trying to steal 974 dollars of my money.