The Delaware Department of Justice has reached a $550,000 settlement with a company accused of marketing subprime auto loans to hundreds of Delaware car buyers, Attorney General Kathy Jennings announced Monday.
The DOJ said in a statement that Exeter Finance LLC had signed a cease and desist agreement, after a larger investigation revealed that it had facilitated car loans to consumers with poor credit. Under the agreement, which also included the Massachusetts Attorney General’s Office, Texas-based Exeter will pay the state of Delaware $50,000 and ask major credit bureaus to wipe all trade lines on the credit reports of affected consumers, the department said.
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