Short Answer: Exeter Finance generally begins car repossession procedures after two missed payments, but it handles all repossessions individually. If Exeter Finance repossesses your car, you may be able to get it back by making all back payments and paying the associated fees. For more on Exeter Finance’s repossession policy, see below.
Exeter Finance Repossession Policy
Exeter Finance does not publicize much information about its repossession policies. However, we spoke with customer service representatives at Exeter Finance who told us that in general, the company will begin repossession procedures after two consecutive missed payments.
The representatives also told us that Exeter Finance typically handles repossessions on a case-by-case basis, depending on the customer’s specific loan agreement and payment history with the company. Exeter Finance begins contacting customers by phone and email after the first missed payment, customer service representatives said. Representatives were unable to share how many times Exeter Finance would attempt to contact a customer before physically repossessing the vehicle.
If you think you may be late on your upcoming payments, you should contact Exeter Finance immediately. Additionally, keep in mind that how quickly Exeter Finance repossesses your car will depend on where you live and the state laws regarding repossession.
Recovering a Car After Repossession
You may be able to get your car back after Exeter Finance repossesses it, but this ability will vary based on your loan agreement and payment history.
In some cases, you will need to pay the full balance you owe along with any associated fees — including late fees, towing, and processing fees — to reinstate your loan and have your vehicle returned. Depending on your specific contract and loan terms, however, you may have to pay the full balance of the car loan to get your car back after Exeter Finance repossesses it.
Note that several customer reports on the Better Business Bureau website have indicated problems with excessive fees, issues making and receiving payments, misapplication of loan payments, and issues with paying off the loan in full while working with Exeter Finance.
If you’re wondering about the repossession policies of other auto finance companies, you can check out our articles about the repossession policies at Ally Financial, TD Auto Finance, Santander, and Capital One.