Capital One Autorefusal to reaffirm by loan

This review was posted by
a verified customer
Verified customer

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!

Best Regards,

South Florida Consumer


  • Ta
    Tallguynla Mar 02, 2015

    I am in the very beginning stages of a chapter 7. For the first time in my life I have lost control of my fiances, and this is a last resort to gain some ground again. I was reading some of the other statements about re-affirmations, and was wondering id anyone could give me some facts (NOT opinions) about Capital 1 reaffirmation loans. The Bk was and is more than I thought. I was eligible for a 1 month deferment on my Auto loan, so I took advantage i order to come up with part of the lawyers fee to get things rolling. I guess my question is will this hurt my chances? Has anyone gotten the approval form Capital 1 EVEN THOUGH the payment at the time was deferred to the end of the loan?

    2 Votes
  • Pe
    peppy java Jun 03, 2011
    This comment was posted by
    a verified customer
    Verified customer

    The statement of intent is just you informing your creditors of what you want to do. What needed to be filed is a reaffirmation agreement. Unfortunately, creditors may not contact anyone involved in an active bankruptcy without the consent of the debtor's atty. With you not having an atty, there was no way to get you the reaff agreement without you calling and requesting it. The court does not care if you reaffirm debts or not. They can't force a creditor to reaffirm any debt. Also since your loan was not reaffirmed, if you surrender the vehicle back to Capital 1, they can not report anything more than discharged in ch 7 bk and repossessed. The repossession part on the cbr alerts other creditors that you no longer have this bill. Capital One can not pursue you for any deficiency balances or fees. Hope this helps.

    0 Votes
  • Ch
    cheated fl consumer Jun 02, 2011
    This comment was posted by
    a verified customer
    Verified customer


    Your post was very informative. I do have just a couple of questions, given my particular situation.

    1. Since I filed my Chapter 7 without an attorney, but did have the Statement of Affirmation included as filed at the time of discharge, did the court now have to ensure that this Statement of Intention was signed by the finance company before approving the discharge?
    2. If I stop making payments, and Capital 1 repossesses the car, can they add any adverse information to my credit reports, such as repro, etc.?

    Thanks in advance!

    0 Votes
  • Pe
    peppy java Jun 02, 2011
    This comment was posted by
    a verified customer
    Verified customer

    HI. I understand that your statement of intent is to reaffirm, however that intent has to be followed up by an action. In order to properly reaffirm a debt in bankruptcy, a reaffirmation agreement has to be signed by the finance company, debtor and debtor's atty. The reaffirmation agreement is then filed with court prior to discharge, and the court decides (in some districts) if this a viable debt for you yo re-obligate yourself to. If the court does not object to your reaffirmation agreement, then your debt is then removed from the bankruptcy process. The problem is that atty's do not fully understand this concept, explain this correctly, or they choose not to sign the reaff agreement because they are signing that they agree that you can afford this debt. Most atty's do not want to attest to that. (Many atty's that handle bks are not bk attys and only know very basic bk law) How do I know this. I work in bankruptcy, specifically dealing with auto loans. The only way for the finance companies to protect their interest, is this reaffirmation agreement. Without it, the debtor can simply state "this was included in my bk" when they no longer desire to make the payments. (yes, this has happened). As far as continuing payments, as long as you continue to make the payments, you can continue to drive the vehicle, but it is still part of your bk. You are making voluntary payments. At anytime you can decide to return the collateral without owing any deficiency balances. If you pay the account in full, you should still receive the title, but it will not update on your credit. Bk accounts can't report credit. I hope this helps. I do not work for Capital One.

    0 Votes
  • Ba
    Barbara Swem Jul 08, 2009

    my main complaint is that they won't work with you when trying to catch up on payments.many calls to tell me they are going to come and repo my car. I'm self-employed and i am also a diabetic so sometimes i'm sick and can't work.I told them I would send some over the reg. payment but they said okay but the past due is still due.when we are trying to make up payments why can' they help.

    0 Votes

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