Exeter Finance: A Controversial Lender Under the Microscope


Remember that used car you bought with a sky-high interest rate? The one that felt like a financial sinkhole, dragging you deeper with each desperate payment? Well, for some folks, that car and that crushing debt might be linked to Exeter Finance, a subprime auto lender that’s faced its fair share of legal heat.

But what exactly is the deal with Exeter Finance? Are they just another run-of-the-mill loan shark, preying on the financially vulnerable? Or is there more to the story? Buckle up, friends, because we’re about to take a deep dive into the murky waters of Exeter Finance and its legal controversies.

Loan Shark or Legitimate Lender?

Exeter Finance specializes in subprime auto loans, meaning they lend to borrowers with less-than-stellar credit. This opens the door for people who might otherwise struggle to get financing, but it also comes with some hefty risks. Subprime loans typically have higher interest rates and shorter terms, making them a ticking financial time bomb for some borrowers.

Now, Exeter Finance isn’t the only player in the subprime game. But they’ve attracted attention for their involvement in several legal battles, raising questions about their lending practices.

Facing the Music in Court

One major controversy erupted in 2020 when the Massachusetts Attorney General accused Exeter Finance of “predatory lending.” The AG alleged that Exeter knowingly financed unfair auto loans with sky-high interest rates, trapping borrowers in a cycle of debt. The result? A hefty $5.5 million settlement, with Exeter providing relief to affected borrowers and cleaning up credit reports. Yikes!

That wasn’t Exeter’s only tango with the legal system. Individual borrowers have also filed lawsuits against the company, alleging deceptive practices, unfair terms, and even predatory debt collection tactics. While some cases have been dismissed, others are still playing out in court, casting a long shadow over Exeter’s business practices.

So, what does this mean for you?

If you’re considering a loan from Exeter Finance, proceed with caution. Do your research, compare rates, and understand the terms of the loan thoroughly before signing on the dotted line. Remember, a high-interest subprime loan can quickly become a financial anchor, dragging you down with each payment.

The Bottom Line:

Exeter Finance’s legal track record raises some serious red flags. While they may offer financing to those with shaky credit, the potential risks can be significant. Before diving into an Exeter loan, consider exploring other options and weigh the potential consequences carefully. Your financial future might just depend on it.


Is Exeter Finance a scam?

Not necessarily a scam, but their lending practices have been deemed unfair by some legal authorities.

What are the risks of taking out a loan from Exeter Finance?

High interest rates, short terms, and potential debt collection issues.

Are there safer alternatives to Exeter Finance?

Yes, consider credit unions, banks, or online lenders with better track records.
What should I do if I have a problem with my Exeter Finance loan? Contact the company directly and explore legal options if necessary.

Have any class action lawsuits been filed against Exeter Finance?

Yes, there have been several class action lawsuits alleging unfair lending practices.

Where can I find more information about Exeter Finance and their legal history?

Check the websites of the Massachusetts Attorney General and the Consumer Financial Protection Bureau.

Remember, knowledge is power when it comes to your finances. Stay informed, make smart choices, and steer clear of lenders with questionable reputations. Your financial future is worth it!



Michael Agruss


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