ProPublica: “…Exeter is one of the largest auto lenders in the nation, specializing in high-interest loans to people with histories of not paying bills or defaulting on debt, a practice known as subprime lending. The company, which has more than 500,000 active loans and a partnership agreement with CarMax, the country’s largest used car retailer, casts itself as a provider of second chances. “We’re here to help,” it says on its website. In reality, Exeter’s practices often do the opposite. When the company allows a borrower to skip payments, it typically adds thousands of dollars in new interest charges to the customer’s debt. Dozens of customers told ProPublica that Exeter didn’t tell them about the added costs. When it’s time to make their final payment, many are faced with a huge bill, which they often can’t afford to pay..

• Hidden Costs: Exeter Finance allows borrowers to defer payments when they run into trouble. But the practice typically adds thousands of dollars in interest charges.
• High-Risk Loans: The company makes high-interest loans to customers with poor credit — and then offers them extensions when they can’t keep up.
• Banking on Failure: In some cases, Exeter makes more money on loans that default than on ones in which borrowers pay on time, ProPublica found.”