When dealing with vehicle repossessions, one common question from borrowers is, “What towing company does Exeter Finance use?” Understanding the repossession process and the entities involved is crucial for anyone managing an auto loan financed by Exeter Finance. This guide explains the details of repossession, potential towing companies, and borrower rights during the process.
How Does Exeter Finance Handle Repossessions?
Like other auto lenders, Exeter Finance employs repossession as a last resort when a borrower fails to meet payment obligations. The process involves engaging professional repossession agencies to recover the vehicle, often coordinating with local towing companies.
Steps in the Repossession Process:
- Missed Payments: After a borrower misses several payments, Exeter Finance may issue notices urging payment to avoid repossession.
- Engagement of Repossession Agencies: If payments remain unresolved, Exeter Finance contracts with licensed repossession agencies to recover the vehicle.
- Vehicle Recovery: The repossession agency typically partners with local towing companies to retrieve the vehicle.
- Notification and Resolution: Borrowers are notified about the repossession and given options to reclaim their vehicle by settling their outstanding balance or fees.
Towing Companies and Repossession Agencies
Exeter Finance does not publicly disclose the specific towing companies or repossession agencies it uses. However, it often collaborates with national or regional repossession management firms. These agencies then subcontract to local towing companies to handle vehicle recovery.
Examples of Potential Repossession and Towing Agencies:
| Company Name | Services Provided | Coverage Area |
|---|---|---|
| American Recovery Service | National repossession services, asset recovery, and vehicle remarketing. | Nationwide |
| ARS National Services | Asset recovery and liquidation services with a network of towing companies. | United States |
| Recovery Database Network (RDN) | Connects lenders like Exeter Finance to local towing and repossession agencies for seamless vehicle recovery. | Nationwide with local reach |
Note: While these agencies represent common industry players, they may not specifically partner with Exeter Finance.
Borrower Concerns: Why Knowing the Towing Company Matters
Borrowers often want to know the towing company involved for the following reasons:
- Retrieving Personal Belongings: Repossessed vehicles may contain personal items that borrowers need to recover.
- Resolving Issues: Borrowers may need to contact the towing company directly to understand next steps or logistics.
- Local Regulations: Some jurisdictions require the towing company to provide specific notifications or adhere to certain procedures.
Borrower Rights During the Repossession Process
Key Rights and Considerations:
| Right | Explanation |
|---|---|
| Notice of Default | Borrowers may be entitled to a notice before repossession, depending on state laws. |
| Protection from Breach of Peace | Repossession must occur without breaking into locked areas or disturbing the peace. |
| Recovery of Personal Items | Borrowers have the right to retrieve personal belongings from the vehicle after repossession. |
| Right to Redemption | Borrowers can pay the outstanding loan balance plus fees to reclaim the vehicle before it is sold or auctioned. |
Tips for Borrowers Facing Repossession
- Communicate with Exeter Finance: Contact their customer service team to explore payment plans or loan restructuring to avoid repossession.
- Stay Informed: Understand your loan agreement and local laws related to repossession.
- Retrieve Belongings Promptly: If your vehicle is repossessed, act quickly to recover personal items by contacting the repossession agency or towing company.
- Consider Legal Advice: If you believe repossession procedures were violated, consult with an attorney.
Conclusion
Exeter Finance works with professional repossession agencies that often subcontract to local towing companies for vehicle recovery. While the exact towing company may vary depending on location and circumstances, borrowers can expect licensed and regulated entities to handle the process. If your vehicle has been repossessed, understanding your rights and contacting Exeter Finance promptly can help you resolve the situation efficiently.