Capital One Auto Finance Total Ripoff Philadelphia, Plano Texas

Don't waste your time with long emails trying to explain yourself. I don't really care what you think about the situation or me. Who died and left you GOD! Maybe for a change you could try minding your own business. Since you are so adamant about defending a company that you no longer work for, what's your cut? Either way this will be my last comment to you no matter what you say. You really like reading your words, try writing a book. The only person I have to answer to is GOD and I trust His words. As for you .... no hard feelings. Let go, and let GOD handle my situation.

Most auto loans these days are simple interest loans. You may run into the same problem with your new loan, but here is an explanation of why Cap1 said you still owe money.

No where does any paperwork explain how simple interest loans work, only that your loan is a simple interest loan. Here's my understanding of how they work. I am not a financial advisor, or in the business, but I think I have the general gist of it.

Say your payment is $400 per month and $300 this month is supposed to go to interest and $100 towards principal. $300 = $10 per day interest (your company may use exact days such as 31 days or 28 days, but this is the general idea. Say they post this payment 30 days after your last one. You will be charged $10 per day interest, just like it's supposed to be.

Now, say you make your next payment 45 days after the last one (only 15 days late). You will be chared 45 days of interest ($450, or a few cents off because the last payment reduced your principal balance). Out of your $400 payment, none goes to principal and you are now behind $50 in interest charges. You are also now behind in your amortization.

Say your next payment is only 15 days after the last one (this one is ontime). $150 goes to interest, plus the $50 you were over last month, and $200 goes to principal.

This does not take into account any additional late fees added because you are more than a certain amount of days late.

Now, say you ask for a deferment. They put the payment on the end of the loan. However, the next payment you make is now charged for 60 days of interest ($600). You make your $400 payment and none goes towards principal and you are now $200 behind in interest. You then make your next payment 30 days later so the $300 goes to interest, plus the $200 behind in interest, leaving you still behind $100 for interest. So, that month, you had no money going to principal either, all to interest. Same with the next month. And this is only if you are ontime! At least three months of payments wasted, all going to interest and none towards principal. Now you are way behind in your amortization.

Many companies do not allow you to extend your contract ending date when you request a deferment, but many people don't realize this. When you request a deferment, ask if they can extend your contract end date too.

As for them telling you that you were late 34 of your payments, with simple interest loans, even 1 day late is late, and incurs the late interest taken out of your payment that does not go towards your principal that month. If you have too many months where some of your payment goes to extra interest, and not to principal, you will owe a balance at the end of your term. Once you are late, your loan does not amortize correctly.

To the person upset about my comments. I think you should look to yourself and realize you have no idea what YOU are talking about. Also do not preach about accusations and then assume I was fired.

Dealing with this situation and tese accounts for sometime you learn to hear the same type of stories and excuses and can tell what the situation was. Like my title says, "I'm willing to bet I'm correct." I can guarantee her credit was not that great from the beginning. I think most people that worked at Capital one can look at what this "rip-off" report says and can see what went on. Anyone with common sense atleast. She was complaining about the 500.00 a month payment.

Now anyone with good credit would've received a low enough int. rate to actually have low enough payments for the price of the car they purchased. Again your credit rating is what decides you int. rate and how high you payments will be. If she had good credit to start then she would've never even mentioned how high her payments are. Yes, I agree capital one does charge high int. rates, but that is because they give credit to mainly sub-prime customers(Bad credit).

Now as far as contactin the attorney general and recording calls. For what. Capital one did not mislead her. She received THREE defr., what did she think was going to happen with those payments. And even if she received the six maximum defr. with Cap1 she still could've paid that loan off on time. I guarantee if she wasn't still late a lot after those defr. she would've paid off that loan on time if late only by a month if that. Given that she paid a little more on her monthly payments even a little. If they told her that her loan matured in Feb that really mean that her laon originally should've ended around Dec. but it was exended three extra months +meaning she really had 75 months + to pay this off. she was 34 out 72 payments late with three defer. payments.

Come on. I'm not trying to be high and might here. I'm saying don't complain cause if you are late that many time even without the defr you offset your loan to go past the maturity date. You had 72 months of scheduled payments which you threw off by 34 late payments and had three or four months extra to pay off tis loan and still had a balance. That is not Capital ones fault. Nobody was misled.

I can also guarantee you ere called a million times (And we all know they call a million times)and you ignored the calls that would've advised you of how late you were and what was going on. I in no way really meant to bash you and I do apologize but I don't see how you can be upset wih the company for one , giving you a loan, two giving you defr and three still allowing you to even keep the car after the loan matured . Again I do hope everything has gotten better for you and you now know what happens if you pay late or get a defr. on a loan.

"I purchased my car in 2002 for 6 years, with a monthly payment of ($500 - sound familiar?)."
Sound Familar - Yes depending on several factors such as how much did you finance, what was your credit at THAT time, did you have them payoff your previous vehicle? For example, if you are financing $30,000 at just 6% the payments are going to be $500. Obviously you felt it was decent terms at that time or you would have looked for another loan.

"I expected to pay my car off in May of 2008...I thought that everything was up to date and I only had three payments left...I had made all the 72 required payments"
This is a bit confusing. If you expected your car to be paid off in May 2008, but in March thinking everything was up to date and having only 3 payments left how could you have made all 72 payments by then?

So it seems as if the "deferred payments" are causing you the issues. When a bank defers a loan they do not just let you forget those payments, they add them to the end of the loan. As such they generally will not extend the original terms, instead they require a lump sum payment at the end(i.e. Balloon Payment). It seems that the loan(if you never deferred it) would have been paid off in Feb. So they then required you to pay the 3 deferred payments in one payment. Also, they do not stop acruing interest so depending on when the deferments were done the interest could add up to be quite a bit after a few years. I do not know if this is your situation, but it is a very common case/misunderstanding with deferments.

Now, if you still have issues about you being late. What you need to do is get a detailed statement from them of your entire account. On that it will show the date they posted each payment. Tracing this back you should be able to see where they claimed all of this and find either your confusion or their mistake.

"My requirements to my car dealership was to pay off the rip off artists, lower my payments (which they did), and I told that that I would not purchase another car if it was with this company."
Of course this dealer lowered your payment. But again it all depends on the situation. Such as did your credit improve, or are you financing less.

I am not saying that Capital One is right, but you would have to do a lot of research into your account history to either find the mistake(on their end or yours).

Since you evidently don't know me, you can't really comment on my circumstances or what transpired between COAF. Where you there? Did I talk to you? Probably not. What I described happened to many other individuals. So do we all have bad credit? Do you? None of my business, right? Well it is none yours. I sent this to warn individuals so they would not go through the same situation. I am talking about a company that does not notify individuals of activity on their account, but up miscellaneous fees without prior notification. Is that too hard a pill to swallow. Would you want to be notified? I forgot, you are walking around with 750+ credit and don't have a care in the world. 750+ credit? See what happens when you assume. You make an a__ out of you, not me. Hopefully in life you won't be confronted with circumstances beyond your control and not have compassionate people in your life to give you support. What am I saying, with your perfect credit you can buy people too.

I read this report when I accessed the website and saw that they were profiling this report on the home page. I read the report and the ex-employee's rude comments......no wonder they are a "ex-employee"....they probably got fired for treating people rudely and not knowing what the He!! they are talking about.

I can not believe that you make accusations that this woman's credit is "bad" without even seeing her account history. You are simply making rude and uneducated remarks, showing nothing more than your ignorance. You are quick to defend a company you "claim" you no longer work for (saying you are a "ex employee") but how can you say ANYTHING about this lady's account without knowing (or seeing for that matter) her account info? It would be like me saying your phone got shut off cause you're a dead beat and didn't have good credit. THINK before you post!!!!

To the Original Poster:
My advice would be to contact the Consumer Credit Commisioner and file a report. You can also choose to contact the Attorney General.

I do not know if your credit is "good" or "bad", but from what I read and what you are saying, I think Capital 1 has mislead you. My advice is also to get a recording device (Walmart) and a phone connector (Radio Shack) and get whatever you can on tape. And if anyone tells you anything, make sure to tell them you live in a "One Party Law" state, which does not require ANYONE'S permission to record the call. Get whatever evidence against this company you can. I wish you the best of luck..................

Either way you look at it, you made it to that point WITHOUT being repo'd so that says A LOT for your character. Why this idiot would get on here and talk trash about you just having bad credit is UNBELIEVEABLE!!!

I read this report when I accessed the website and saw that they were profiling this report on the home page. I read the report and the ex-employee's rude comments......no wonder they are a "ex-employee"....they probably got fired for treating people rudely and not knowing what the He!! they are talking about.

I can not believe that you make accusations that this woman's credit is "bad" without even seeing her account history. You are simply making rude and uneducated remarks, showing nothing more than your ignorance. You are quick to defend a company you "claim" you no longer work for (saying you are a "ex employee") but how can you say ANYTHING about this lady's account without knowing (or seeing for that matter) her account info? It would be like me saying your phone got shut off cause you're a dead beat and didn't have good credit. THINK before you post!!!!

To the Original Poster:
My advice would be to contact the Consumer Credit Commisioner and file a report. You can also choose to contact the Attorney General.

I do not know if your credit is "good" or "bad", but from what I read and what you are saying, I think Capital 1 has mislead you. My advice is also to get a recording device (Walmart) and a phone connector (Radio Shack) and get whatever you can on tape. And if anyone tells you anything, make sure to tell them you live in a "One Party Law" state, which does not require ANYONE'S permission to record the call. Get whatever evidence against this company you can. I wish you the best of luck..................

Either way you look at it, you made it to that point WITHOUT being repo'd so that says A LOT for your character. Why this idiot would get on here and talk trash about you just having bad credit is UNBELIEVEABLE!!!

I read this report when I accessed the website and saw that they were profiling this report on the home page. I read the report and the ex-employee's rude comments......no wonder they are a "ex-employee"....they probably got fired for treating people rudely and not knowing what the He!! they are talking about.

I can not believe that you make accusations that this woman's credit is "bad" without even seeing her account history. You are simply making rude and uneducated remarks, showing nothing more than your ignorance. You are quick to defend a company you "claim" you no longer work for (saying you are a "ex employee") but how can you say ANYTHING about this lady's account without knowing (or seeing for that matter) her account info? It would be like me saying your phone got shut off cause you're a dead beat and didn't have good credit. THINK before you post!!!!

To the Original Poster:
My advice would be to contact the Consumer Credit Commisioner and file a report. You can also choose to contact the Attorney General.

I do not know if your credit is "good" or "bad", but from what I read and what you are saying, I think Capital 1 has mislead you. My advice is also to get a recording device (Walmart) and a phone connector (Radio Shack) and get whatever you can on tape. And if anyone tells you anything, make sure to tell them you live in a "One Party Law" state, which does not require ANYONE'S permission to record the call. Get whatever evidence against this company you can. I wish you the best of luck..................

Either way you look at it, you made it to that point WITHOUT being repo'd so that says A LOT for your character. Why this idiot would get on here and talk trash about you just having bad credit is UNBELIEVEABLE!!!

I read this report when I accessed the website and saw that they were profiling this report on the home page. I read the report and the ex-employee's rude comments......no wonder they are a "ex-employee"....they probably got fired for treating people rudely and not knowing what the He!! they are talking about.

I can not believe that you make accusations that this woman's credit is "bad" without even seeing her account history. You are simply making rude and uneducated remarks, showing nothing more than your ignorance. You are quick to defend a company you "claim" you no longer work for (saying you are a "ex employee") but how can you say ANYTHING about this lady's account without knowing (or seeing for that matter) her account info? It would be like me saying your phone got shut off cause you're a dead beat and didn't have good credit. THINK before you post!!!!

To the Original Poster:
My advice would be to contact the Consumer Credit Commisioner and file a report. You can also choose to contact the Attorney General.

I do not know if your credit is "good" or "bad", but from what I read and what you are saying, I think Capital 1 has mislead you. My advice is also to get a recording device (Walmart) and a phone connector (Radio Shack) and get whatever you can on tape. And if anyone tells you anything, make sure to tell them you live in a "One Party Law" state, which does not require ANYONE'S permission to record the call. Get whatever evidence against this company you can. I wish you the best of luck..................

Either way you look at it, you made it to that point WITHOUT being repo'd so that says A LOT for your character. Why this idiot would get on here and talk trash about you just having bad credit is UNBELIEVEABLE!!!

To begin, the $500.00 a month payments have nothing to do with caoital one doing anthing close to a rip-off. This has to do with your credit rating. I'm not saying you had bad credit but you wouldn't be mentioning that if you didn't have a high int. rate do to a bad credit rating. But your issue is that they were going to take your vehicle after all of this. What actually happens is you extended your loan three months when you got your deferments. the reason they can't accept any more payment plans from you is because your loan was matured. (meaning your contract expired and the bal must be paid in full cause they can't roll the due dates or offer you any more defr. payments. You said you received three deferments and you were still behind.

If they reported that you were 34 out of 72 payments late then it's most likely correct. I really never saw any that weren't accurate. If it was then it was off by one or two. The defr. weren't the only reason you had the balance left over. It is because you paid so many time late you were never able to catch up on all the int you built up. You were probably having the majority of your payments going to Int. (into Capital one's pocket per the contract you signed) sucks I know but everyone has to deal with it. Nothing here is a rip off its just the simple fact that you paid late late and late again to the point that Cap1 couldn't bail you out with a defr.

You can't expect to pay exactly what you originally purchased the car for if you pay late over 30 time and received three defr. It says in the contract that you accrue int. on late payments per day. That is a lot of int. you pretty much paid double for that car if not more then you paid it off allowing capital one to get all off their money and putting yourself in another 5 0r 6 year battle. We all know bad things happen to good peope but I can see this is just a situation of a person that has a history of bad debt. Good luck to you