• Report: #244682

Complaint Review: Capital One Auto Finance - Summit Acceptance

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  • Submitted: Wed, April 18, 2007
  • Updated: Sat, August 25, 2007

  • Reported By:Bothell Washington
Capital One Auto Finance - Summit Acceptance
PO Boxe 93016 Long Beach, California U.S.A.

Capital One Auto Finance - Summit Acceptance Ripoff Reported to Credit Bureaus as Bad Credit Write-off even though payments were made regularly ruining my ability to obtain credit Long Beach California

*UPDATE Employee: Repossession??

*Author of original report: Loan paid off, Now reported as a Repossession!

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Car was rolled and totaled in a broadside accident in October 2003 by another vehicle that ran a red light. I was injured and out of work for several months. The other party was uninsured and I had only liability because Capital One didn't demand more coverage and didn't cover their own interest. I continued making payments until February 2004, when my lack of income became a problem. I returned to work in April 2004 and resumed making payments totally catching up in a short time with double and multiple monthly payments.

Then in June 2005 I received a call from 'J' from Capital One demanding I pay loan in full or the account would be written off as bad debt. I had my attorney contact him to talk about the fact that none of my contractual paperwork with Capital One makes any reference to 'bad debt write-off when colateral is destroyed'. My attorney felt he had cleared the matter up and I continued making my regular payments. I attempted to obtain a small loan from my bank in the fall of 2005 to pay off the balance only to be turned down because Capital One had filed with the Credit Bureaus in May 2005 that this was written off as a Bad Debt! This well before the call I received from 'J'.

I filed a complaint with the Credit Bureaus, but they were given bold faced lies in response, so the bad mark remains. The loan has since been satisfied and still the bad mark remains!

After reading all the many complaints written and having experienced the harrassing calls when I was late (as many as 12 a day 7 days a week!), This company should be put out of business! It is unbelievable in this day and age that this kind of treatment is even permitted. I would be very willing to be a participant in a class action suit.

I haven't met or spoken with anyone personally who has anything good to say about Capital One and I Will go out of my way to tell every one to stay clear!

Sharon
Bothell, Washington
U.S.A.

This report was posted on Ripoff Report on 04/18/2007 07:05 PM and is a permanent record located here: http://www.ripoffreport.com/r/Capital-One-Auto-Finance-Summit-Acceptance/Long-Beach-California-90809-3016/Capital-One-Auto-Finance-Summit-Acceptance-Ripoff-Reported-to-Credit-Bureaus-as-Bad-Cre-244682. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE Employee

Repossession??

AUTHOR: Scott - (U.S.A.)

Sharon,
To clear up one question & to add another - COAF purchased Summit Acceptance. So what is in their records is what they put. Are you shure that you wern't told to have full coverage. It seems odd when the law in most staes says for a financed car you must have full coverage. I guess washington is different.

Here is the break down. Whne the car was destroyed if any money was paid to COAF it weould be considered a short pay. Everything else is considered a defiency payment. This is money that was not collected on a loss. All of this money can be charged off as bad debt. Truth of the matter is that there was no collateral anymore due to . There is no wasy that COAF can be sure they will be paid. So they settle or charge off. When you paid of the unit/vehciel it shoould have shown paid off especially if it was within your contract time. If the untit had never been repossed by the company I would challenge that.

If the company took possession of the unit after the & it was not paid off, then it was charged off - that is a repo. The insurance couldn't pay it off, so what was left was taken & sold to some degree or written off.
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#2 Author of original report

Loan paid off, Now reported as a Repossession!

AUTHOR: Sharon - (U.S.A.)

I recently reviewed my credit bureau reports since paying off Capital One Auto a couple of months ago. They now report it as a Repossession! How can a company get away with such dishonesty!
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