Report: #471234

Complaint Review: Capital One

  • Submitted: Sun, July 19, 2009
  • Updated: Sun, July 19, 2009
  • Reported By: Far rockaway New York
  • Capital One

Capital One Underhanded Practices by CAPITAL ONE AUTO LOAN DEPARTMENT New YORK New York Internet

*Consumer Comment: It's legal..

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I bought my vehicle through capital one in October 2006, it is never late, paid on time every month, i was caught up in the forclosure crisis and decided to file for chapter 7 in 2009. I always paid my auto loan on line and for a few months I noticed that when i signed on my balance was saying zero I thought nothing of it and paid it at a local branch, however i decided to call Capital One 7/18/2009 and learned through the automated system that my loan was transferred to Ascension Capital without notification or cause, since the car was not included in the chapter 7 nor was I ever late, my lawyer indicated if i wanted to keep the car just maintain my payments. Is this move legal by Cap One???

Far rockaway, New York

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#1 Consumer Comment

It's legal..

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

It's not only legal it is standard practice and not a RipOff. Your laywer should have explained this process a bit better.

When you filed BK you had three choices. To turn your car in, to continue to pay on your car without a reafirmation agreement, or continue to pay on your car with a reafirmation agreement. The one exception to this is that I believe with the Bankruptcy Reform of 2005 you were required to sign the reafirmation agreement to keep the car. This may or may not actully be the case and your lawyer would know for sure.

In Bankruptcy your loan got transfered to a different division, "Capital One" no longer maintains your loan. You should receive a letter in the mail stating if you need to send your payments to a new address. As long as you continue to pay on the car when it is paid off per your loan agreement you will get the title. Being included in Bankruptcy does not mean that you have to turn the car in. So, whether or not you know it your car was included in Bankruptcy, again this falls on your lawyer for explaining the process. If it wasn't you would have been in violation of several regulations of the Bankruptcy Code and could have ended up in court for Bankrutpcy fraud.

Because it was included in your BK, your credit report will list it with a $0 balance and a statement that it was "Included in a Ch.7 Bankruptcy". Until you sign a reafirmation agreement any payments you are making will not appear on your credit report, because the loan is still "in Bankruptcy".
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