Exeter Finance, a US auto lender, faces criticism for adding hidden costs to loan deferrals, increasing debt and leading to defaults.

Exeter Finance, a major US auto lender focusing on high-interest loans for subprime borrowers, has been criticized for adding hidden costs to loans when borrowers defer payments. An investigation by ProPublica revealed that these practices can significantly increase debt without clear disclosure, leading many customers to default and face repossession. Critics label Exeter’s approach as predatory, while the company claims to maintain transparency in its lending.

September 12, 2024
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