Learn About Exeter Finance Auto Loan Payments

Understanding Exeter Finance and Their Auto Loan Services

Exeter Finance is a company that purchases auto loans from dealerships and other lenders. When you buy a car through a dealership, the dealership may sell your loan to Exeter Finance shortly after the purchase. This means Exeter Finance becomes your loan servicer—the company that collects your monthly payments and manages your account.

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The company was founded in 2006 and is based in Salt Lake City, Utah. Exeter Finance specializes in purchasing loans for people who may have had challenges with credit in the past. Many borrowers who work with Exeter Finance are subprime borrowers, meaning they have credit scores below 620. However, Exeter Finance also services loans for borrowers with varying credit profiles.

As a loan servicer, Exeter Finance handles the administrative side of your auto loan. This includes processing your payments, sending statements, managing account information, and handling customer service inquiries. They do not determine whether you receive a loan—that decision was made by the original lender or dealership before your loan was sold to Exeter Finance.

It's important to understand that if your auto loan is serviced by Exeter Finance, you have a contractual obligation to make monthly payments according to the terms outlined in your loan agreement. The original loan terms, including your interest rate, loan amount, and payment due date, were established before Exeter Finance became involved. Exeter Finance's role is to manage the ongoing payment collection and account maintenance.

Exeter Finance handles a significant volume of auto loans. According to industry reports, the company services hundreds of thousands of vehicle loans. Understanding how they operate and what to expect when making payments can help you manage your account more effectively.

Practical Takeaway: If you have an auto loan serviced by Exeter Finance, recognize that they are your loan servicer, not your lender. Your original loan terms remain the same regardless of who services the account. Keep your loan documents in a safe place to reference your specific payment terms.

How to Make Payments on Your Exeter Finance Auto Loan

Exeter Finance offers several methods to make your monthly auto loan payment. The most common payment methods include online payment through their website, automatic bank withdrawals, phone payments, and mail payments. Each method has different timelines for when your payment will be processed and posted to your account.

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Online payments can typically be made through Exeter Finance's customer portal. To access this portal, you'll need to create an account with your loan information. Online payments often process within one to two business days. The portal usually shows your current balance, payment history, and the amount due.

Automatic payments, also called automatic draft or autopay, allow Exeter Finance to withdraw your payment directly from your bank account on a scheduled date each month. This method can help ensure you never miss a payment deadline. To set up automatic payments, you typically provide your bank account information through the online portal or by contacting customer service. Many borrowers find automatic payments convenient because they happen without requiring action each month.

Phone payments allow you to make a payment by calling Exeter Finance's customer service line and providing payment information. This method typically processes within one business day. Phone payments may involve a small fee depending on the payment method you use.

Mail payments involve sending a check or money order to Exeter Finance's payment processing address. This method takes longer to process—typically seven to ten business days from the time Exeter Finance receives your payment. When sending payment by mail, include your loan number on the check to ensure the payment is properly credited to your account.

Your loan agreement specifies when your payment is due each month. Payments received after this due date may be considered late. Most loan servicers, including Exeter Finance, allow a grace period of approximately ten to fifteen days before reporting a late payment to credit reporting agencies. However, you may incur late fees during this grace period.

Practical Takeaway: Set up automatic payments or calendar reminders for your monthly due date. Choose a payment method that works with your banking schedule. If you anticipate difficulty making a payment, contact Exeter Finance before the due date to discuss options.

Understanding Your Payment Amount and Loan Terms

Your monthly payment amount is determined by several factors: the original loan amount, your interest rate, and your loan term. The loan term typically ranges from 36 to 84 months for auto loans. A longer loan term means lower monthly payments but higher total interest paid over the life of the loan. A shorter loan term means higher monthly payments but less interest paid overall.

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For example, if you borrowed $15,000 at 9.9% interest over 60 months, your monthly payment would be approximately $317. The same $15,000 borrowed at 9.9% interest over 84 months would result in a monthly payment of approximately $247. The difference in monthly payment is $70, but over the life of the loan, you would pay significantly more interest in the longer-term loan.

Interest rates for auto loans vary based on credit profile, loan term, vehicle type, and down payment amount. According to Experian data from 2023, the average interest rate for used car loans was around 10.5% for borrowers with subprime credit (scores below 620). Rates for borrowers with prime credit (scores above 660) averaged around 6.5%. Exeter Finance primarily works with borrowers who may have higher interest rates due to credit considerations.

Your loan documents should contain an amortization schedule or payment breakdown. This schedule shows how much of each payment goes toward interest and how much goes toward principal (the actual borrowed amount). Early in the loan, most of your payment covers interest. As the loan progresses, increasingly more of your payment goes toward principal.

Some Exeter Finance loans may include additional terms such as required insurance coverage, title holding restrictions, or specific mileage limits. Review your loan agreement carefully to understand all conditions. If you have questions about any terms, contact Exeter Finance's customer service department to request clarification.

You have the right to pay off your loan early without penalty on most Exeter Finance loans. If you choose to make extra payments or pay off the loan before the term ends, contact Exeter Finance to confirm that extra payments are applied to principal and not held as a credit toward future payments.

Practical Takeaway: Request a copy of your loan agreement and amortization schedule if you don't have them. Understanding your interest rate, loan term, and how payments are applied helps you plan for your loan payoff and identify opportunities to pay principal faster.

Managing Payment Difficulties and Hardship Options

If you experience financial difficulties and cannot make your regular Exeter Finance payment, you have options available. The key is to contact Exeter Finance as soon as you know payment will be difficult. Waiting until after you've missed a payment makes options more limited.

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Exeter Finance may offer a temporary payment deferment in certain situations. A deferment allows you to skip one or more monthly payments and add that amount to the end of your loan. This extends your loan term but provides temporary relief. Deferments are typically available only once per loan term and only in specific circumstances such as job loss or medical hardship.

Loan modification or restructuring may be possible. This involves changing the terms of your existing loan—potentially extending the term to lower the monthly payment, adjusting the interest rate, or modifying the loan in other ways. Not all loan modifications are available, and Exeter Finance evaluates each request based on your specific situation.

Some borrowers may be able to refinance their loan through another lender. This means taking out a new loan with a different company to pay off the Exeter Finance loan. Refinancing makes sense if you can obtain a lower interest rate or better terms. However, refinancing requires that another lender be willing to extend credit to you.

If you cannot resolve payment difficulties, your loan may go into default. This typically occurs after 120 to 150 days of missed payments, though the specific timeline depends on your loan agreement. Once in default, Exeter Finance may initiate repossession of the vehicle. Understanding this risk underscores the importance of communicating with your servicer early.

Some states have specific consumer protection laws regarding auto loans. For example, some states require lenders to attempt to work with borrowers before repossessing a vehicle. Research your state's laws or consult with a local consumer protection agency to understand your rights and protections.

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