Capital One Auto — refusal to reaffirm by loan
Hi, I want to also voice my issues with Capital One Auto -- they are horrible and I cannot stress enough to other consumers never to sign an auto loan with this organization as you will find yourself having the biggest nightmare of your life!
I took out a car loan with them in July, 2008 when I purchased my car from CarMax in Pompano Beach, FL. I have made each and every car payment before due in full and have my bank records to prove it. About two years after taking out my car loan with Capital One Auto, I lost my high paying job and had to file Chapter 7 bankruptcy. However, I reaffirmed my Capital One Loan (excluded it from the bankruptcy proceedings) and my bankruptcy was discharged as such.
Since the inception of my bankruptcy proceedings, I was in contact with Capital One Auto letting them know that I was not including my car loan in the bankruptcy and continued to make each payment on time, in full. To date, I continue to make every payment on time, in full.
Capital One Auto refuses, both verbally and in writing, to acknowledge and accept my reaffirmation and has instead reported to all three credit bureaus that my car loan with them was discharged due to bankruptcy and account closed. I have even enlisted the services of an attorney who sent them a very detailed account of every payment made on time, copy of my statement of reaffirmation, and communicating the negative damage they are inflicting on my credit reports because of this incorrect reporting on their part.
They never responded to my attorney's letter. When I send them a letter, and believe me I have sent many of them, I receive a form letter back from them, basically denying any wrongdoing and confirming that my loan is at a $0 balance and discharged at time of bankruptcy. I have included copy after copy of the Statement of Intent with each letter and they still maintain the position that "I have not reaffirmed my loan with Capital One Auto".
The definition of reaffirm, is to acknowledge the allegiance to a country, obligation, etc. which I have done repeatedly.
I also registered a BBB complaint with the Richmond VA and to date, their representatives continue to assert that I have never reaffirmed my loan!
My attorney has advised that my only option is to file a civil case and that could cost thousands of dollars!
To top it off, I receive monthly account statements showing the remaining balance on my car loan from them, showing last payment made (on time!) and next payment due and the amount. The principal continues to decrease with each new statement.
I also sent them a letter telling them that I would like to surrender the car to them if they will not correct their reporting of my loan to the credit bureaus. They do not even respond to these letters!
So, at this point I am between a rock and a hard place. This company will not acknowledge, nor correctly report my loan to the credit bureaus, and I can't help but wonder if I send in the remaining amount due, just to get rid of this headache, whether they will send me the car title, or just take the car back!
Please do yourself a favor, and never sign for an auto loan with Capital One Auto -- it will be the biggest headache of your life!
South Florida Consumer