Capital One Auto Finance / trying to negotiate a payoff
I finance my car with Capital One Auto finance 3 years ago. My monthly payments are $432.00 and I currently have a balance on the loan of $7200.00. I lost my job a while ago and my unemployment has run out. I sent Capital One a buy out offer of $4500.00 thinking that they would counter offer about $5500.00. The car is 8 years old and the kelly blue book value in good condition is $5200.00. They never responded my offer so I called them to inquire the status of my offer. I was told that I would have to pay $6900.00. I asked how did they come up with that figure and they stated from the kelly blue book which was not true. I explained that if I owe $7200.00 and I paid this months car payment of $432.00 the amount owed would be less than $6900.00. They stated no it would not because the interest is accruing daily on the principle. I explained that I had no further income and was borrowing money from a freind and the most I could come up with is $5500.00 which is more than the kelly blue book. They stated that was their final offer. I asked if I could get the offer in writing and was told because I filed bankruptcy last year they could not send me a letter stating the payoff amount. I was very upset because they was not willing to work with me nor was the willing to put thier offer in writing.
I will tell every person I encounter not to finance threw Capital One, with the economy being what it is today you would think they would be willing to work with someone who pay thier monthly payment on time and has fallen on heard times.
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