William Lipovsky
It’s important to note that Exeter Finance handles all repossessions individually, so the exact timing will vary by customer and contract.[1]
If Exeter Finance repossesses your car, you may be able to recover it by paying all outstanding payments and fees.[1]
Find out more about Exeter Finance’s repossession policy below, including its grace period, deferred payments, and how to recover a repossessed vehicle.
Exeter Finance Repossession Policy
Exeter Finance handles late payment penalties and repossessions on a case-by-case basis, depending on the customer’s specific loan agreement, payment history with the company, and state laws.[1]
Exeter Finance doesn’t publicize its repossession policies. However, I spoke with corporate customer service representatives to find out more about the repossession process.
Grace Period
Exeter Finance offers a grace period following the payment due date before it charges a late fee. The exact grace period varies depending on state laws.[1]
The company begins contacting customers by phone and email after the first missed payment and may begin a repossession when you become three or four months behind on payments.[1]
Keep in mind that repossession laws vary by state and may impact the timeline of a repossession. See more on the vehicle repossession laws by state.
Repossession Process
Once Exeter Finance initiates a repossession, the only way to stop it is to catch up on all late payments and associated fees, including late fees.[1]
If you don’t pay the amount that you owe, a repossession agent can tow the vehicle from almost any location — your home, your workplace, or a parking lot. See more on how car repossession works.
Recovering a Repossessed Vehicle
You may be able to get your car back after Exeter Finance repossesses it.[1]
In most cases, you’ll need to make all missed payments and pay any fees associated with the repossession process. These include late fees, towing, storage, and processing fees.[1] (See more about repossession fees.)
If you make these payments, Exeter Finance may reinstate your loan and return the vehicle.[1]
However, this can vary by state and how much time has passed since the repossession. For example, you can’t get a vehicle back once Exeter Finance has auctioned it off.[1]
Alternatives
To help you avoid repossession, Exeter Finance may offer deferred payments or deadline extensions if you contact the company before missing a payment.[2][3][1]
You can find out if you’re eligible by calling (800) 321-9637. Note that you can request a payment deferral up to eight times throughout the duration of the loan.[1]
Be aware that interest will still accrue and deferred payments will prolong your loan repayment schedule by the length of the extension.[2][3][1]
Tip: Before missing a payment, you might also want to consider refinancing your loan, which can help lower your monthly payment and interest charges and allow you to pay off the loan faster.[4] You can’t refinance directly with Exeter Finance, but various banks and credit unions (including Capital One, Bank of America, Ally Bank, and more) offer refinancing loans.[2][5][6][7]
FAQ
Exeter Finance reports late payments to the credit bureau at the end of each month.[2][1]
No, the consequences are the same for both voluntary and involuntary repossession.[1]
No, Exeter Finance only handles the financing of vehicles. It doesn’t put trackers on them.[1]
In Summary
Exeter Finance’s grace period and late payment time frames and penalties vary by customer, contract, and state laws.[1]
However, if you missed payments for three or four months, it may repossess your vehicle.[1]
You may be able to get a vehicle back after repossession by taking care of all late payments and associated repossession fees.[1]
You may also want to consider refinancing your loan if you feel this is your best option to help lower payments and interest rates.[8][4]
Be sure to share any questions or comments you have about Exeter Finance’s repossession policy in the comments section below.
