- Report: #781901
Report - Rebuttal - Arbitrate
Complaint Review: Capital One Auto Finance
Capital One Auto FinanceCity of Industry, California United States of America
Capital One Auto Finance Federal Government passes HR 1054 1992 formerly Rule 78 [predatory lending] City of Industry, California
*Consumer Comment: Your thinking is most likely incorrect.
*Consumer Comment: Bull!
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After months of not understanding why my principal wasnt going down I did some research via internet. I found that my loan was a Rule 78 loan where they collect the majority of the interest within the first 2-3 years. Also, 1992 the Federal GOvernment pass HR 1054 which only allows this type of loan on 61 month loans it cannot be applied to a 72 mo. loan of which I have.
I called Cap One and spoke to a Cassy and brought this up to her and after putting me on hold...came back and said they still carried these types of loans she really didn't know what to tell me other than to contact an attorney.
I was informed by another source that back when HR 1054 was passed General Motors almost went bankrupt refunding their clients interest they had paid in full.
If anyone knows of an attorney I may contact.............I anxiously await your reply. I am not going to let this go.
This report was posted on Ripoff Report on 09/27/2011 11:10 AM and is a permanent record located here: http://www.ripoffreport.com/r/Capital-One-Auto-Finance/City-of-Industry-California-91716-051/Capital-One-Auto-Finance-Federal-Government-passes-HR-1054-1992-formerly-Rule-78-pred-781901. 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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