Exeter Finance Repo Policy
The Exeter Finance Repo Policy is a repossession car policy that allows individuals to keep their cars if they make a payment on time for two consecutive years. If they do not, their cars are given away to someone else. The policy is run by Exeter Finance and it is a legal auto finance company. This means that the lending vehicle loans are guided and governed by certain rules and policies. These policies are called repo policies.
What is Exeter Finance Repo Policy?
Exeter Finance does not reveal any relevant data about its repossession policies available to the general public. However, it is found from the Exeter Finance customer service representatives, who briefed that the company will generally initiate the repossession process after two consecutive missed payments. Each of these possession processes is carried out individually after repetitively verifying the payments and documents. This Repo policy consists of repossessing the vehicle due to two non-payments by the borrower. The procedures of repossessing are initiated after the passage of the grace period, which is basically 7 to 15 days.
Failure of payment
First Default
If you have failed to repay a loan from Exeter Finance, the company will try to contact you in various ways. If those methods fail, they will then take legal action. Depending on the type of loan agreement you have with Exeter Finance, they may ask you to repay it within a few days or immediately if you cannot. If you cannot pay back the money, please contact Exeter Finance and let them know as soon as possible. ..
Second Default
Representatives of Exeter Finance stated that repossessions are generally handled on the basis of the customer’s specific loan agreement and payment history with the company, which varies from case to case. According to their customer service representatives, if an individual misses the first payment, Exeter Finance starts contacting the defaulters by phone and email. Representatives of Exeter Finance could not say how many times they would contact a purchaser before physically confiscating the vehicle. If one feels that the person will be late on their upcoming payments, they should contact Exeter Finance immediately. Furthermore, keep in mind that the speed with which Exeter Finance repossesses your vehicle is determined by where you live and state repossession laws. ..
Recovering the car after repossessing
If you have a good loan agreement and payment history, Exeter Finance may be able to restore your car after it is repossessed. However, if you do not have these things, you will need to pay the full amount of the loan plus any fees associated with getting your car back.
Is it a good idea to take a loan from Exeter Finance?
There is some debate surrounding the fees charged by Exeter Finance. While some customers have reported high fees, others have had no problems making or receiving payments, and have found that the loans were applied correctly. It is important to consider both the pros and cons of each loan before making a decision. ..
Conclusion
The Exeter Finance repo policy provides a wide range of car loan agreements which makes every household own their personal car. Although this scheme looks lucrative yet failed to make the repayment of the loan may land the borrower in trouble. The repo policy follows a simple rule that clarifies that failure to repay two consecutive payments leads the Finance company to repossess the vehicle. They abide by the repossession policy of the state where the car is lent. After the first default, they will give frequent reminders using mediums like messages, emails, and even calls. The cars can be recovered after clearing all the debts and the charges
