![]() ![]() Healey went on to mention Exeter also allegedly mishandled servicing and collecting activities in violation of Massachusetts’ debt collection regulations. Officials explained courts have held that lending is unlawful under the statute if finance companies do not have a basis for believing that borrowers will be able to repay their loans in normal course. “Our office will continue to investigate the subprime auto lenders to ensure that Delaware consumers receive a fair deal when they are extended credit to finance a purchase,” Jennings went on to say.īoth AG offices alleged that Exeter facilitated the origination of auto financing in Massachusetts and Delaware that the company knew or should have known were unfair and in violation of the state consumer protection laws. Today’s settlement with Exeter provides monetary relief to Delaware borrowers and repairs damaged credit. Jennings added, “Protecting consumers from unfair lending practices is extremely important. Our office will continue to investigate the subprime lenders, financiers and securitizers, and protect consumers.” “Today’s settlement with Exeter provides millions of dollars in relief and repairs damaged credit. ![]() “This company’s loans put Massachusetts car buyers in economic danger,” Healey said. Delaware attorney general Kathleen Jennings announced her state’s settlement with Exeter includes $550,000 to provide relief to customers in Delaware.Īnd like in Massachusetts, Jennings indicated Exeter will also be waiving deficiencies on certain subprime installment contracts and will be asking the major credit bureaus to wipe all trade lines for involved contracts on those consumers’ credit reports. Healey said her office worked collaboratively with the Delaware attorney general’s office on this investigation. Healey also said Exeter will also waive deficiencies on certain installment contracts and will ask the major credit bureaus to wipe all trade lines for involved installment contracts on consumers’ credit reports. ![]() Healey explained this assurance of discontinuance, filed in Suffolk Superior Court, includes $4.675 million that will be available to provide relief to harmed borrowers and an $825,000 payment to the state. ![]()
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