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Capital One  - scam and cheating!

J
Author of the complaint
7:42 pm
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Since the onset of my Capital One Auto Loan (March 2005) I have made monthly payments ($587.23) on time, never late. Actually, I’ve always paid at least 2-3 week prior to the scheduled due date. On 8/27/07, I made the 9/22/07 payment. Then, on 9/25/07, I decided to make an additional payment ($5,000) as a principal only pay-down. I called Capital One Payment Processing Center to verify the correct address for this additional payment. The $5,000 was sent according to their instructions. Since Capital One had ceased to mail out monthly statements to me, I went online to verify the payment had posted to my account. My account reflected the extra $5,000 had been applied to my account as principal only. On 10/11/07, I made my usual monthly payment ($587.23) due 10/22/07. On 11/16/07, I made my usual monthly payment ($587.23) due 11/22/07. On 11/17/07, I decided to check my account activity online. Assuming that all would be in order, I got the shock of my life. Capital One had reversed the $5,000 pay-down and applied it toward (2) so called past due late payments and the difference was applied as interest. I went to the local Capital One bank seeking an explanation and was told it appeared to be an error but that they could not fix the error. The bank clerk told me it could only be fixed by customer service via the payment processing center which can only be contacted by phone. Since 11/17/07, I have made numerous calls trying to get my account corrected and have been told a different explanation each time. First, it was a computer error which would be corrected within 2-3 business days. Nothing happened. Then I was told I didn't €™t mail the $5,000 to the correct address which probably caused the confusion but that the error would be fixed within 72 hours. Still, nothing has changed. All of my payments were made via on-line bill pay through a checking account I have at another bank, I called my bank and they looked into the matter and also found the error to be with Capital One as they had sent in all payments as directed. My checking account reflects the same. My bank contacted Capital One and was told the error had been corrected as of 11/16/07. Of course this was not true as I am still trying to get my account fixed as of date, 12/19/07. I have a print out from Capital One with dates (9/25 thru 11/16/07) showing back and forward reversals (debits and credits) of my regular monthly payments including the $5,000 principal pay-down. Capital One has totally taken advantage of my principal pay-down amount and are now stating they have an extra monthly payment amount floating around which they are trying to figure out where to apply the funds but that my account still shows I have (2) past due amounts. Now, as of date, Capital One has finally told me there are no errors on my account and it stands as shown. This is unbelievable and illegal as my payments have never been late and the $5,000 pay-down is gone with the wind. As a high school history teacher, Capital One has caused me and still causing me to be under extreme stress do to this problem.

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43 comments
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L
Jan 20, 2008 7:42 pm

Company still owes me money. Agreed to a lower interest rate by .5 points in exchange for allowing C1 to automatically withdraw monthly payments from the account. In 7 of the 11 months I did business with them they "oops" forgot to withdraw funds from the account on the 25th of the month as agreed. This permitted c1 to collect more in interest than due. When I would contact them, it was typical for the person over the phone not to be able to locate my account. Then once located they would ask me if I wanted to make a payment for a fee of $8.95. I would explain to the person that I was on "auto-debit", they had my checking info, and was not going to pay a fee, and they needed to backdate my payment to the 25th. They also would take monthly payments out of your principle only payments. The stress and strain finally became to much, I refinanced with a credit union. Because they took a monthly payment twice on my last month, once from my principle only and again from my accout, I and the credit union contacted them to correct, and apply the full balance of the principle only to my balance. To date they still owe me money, they never corrected their errors, although they promised to do so on several occassions. The credit union also informed me that they regualarly see clients that have had their credit destroyed by capital one. This company is corrupt. Oh yeah, and they sent my checking information in the mail, full checking account and routing number with contact information in the mail. I think they go to federal prisons and select people convicted of fraud and extortion and ask them to come work for them. I am not kidding, this company is a bully, and is breaking the law. I am just waiting for them to p-off the right person that will sue them into the ground.

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D
Jan 08, 2008 7:42 pm

I am in the same boat!

Capital One Auto Finance has great problems with monthly statement when the loan gets close to the end. I am having problems getting statements and now I learned they have me two months behind! You call their customer service and you get transferred to collections.

They are okay from the beginning to the middle but SUCKS and a SCAM near the end.

My one answer is they want late fees, and or put your car into repo to get it and resell it.

BEWARE!

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725 complaints
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Capital One contacts

(added by reviewer)
15000 Capital One Dr., Virginia United States
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