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Capital One

Capital One review: scam and cheating! 43

J
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12:00 am EST
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Since the onset of my Capital One Auto Loan (March 2005) I have made monthly payments ($587.23) on time, never late. Actually, I’ve always paid at least 2-3 week prior to the scheduled due date. On 8/27/07, I made the 9/22/07 payment. Then, on 9/25/07, I decided to make an additional payment ($5,000) as a principal only pay-down. I called Capital One Payment Processing Center to verify the correct address for this additional payment. The $5,000 was sent according to their instructions. Since Capital One had ceased to mail out monthly statements to me, I went online to verify the payment had posted to my account. My account reflected the extra $5,000 had been applied to my account as principal only. On 10/11/07, I made my usual monthly payment ($587.23) due 10/22/07. On 11/16/07, I made my usual monthly payment ($587.23) due 11/22/07. On 11/17/07, I decided to check my account activity online. Assuming that all would be in order, I got the shock of my life. Capital One had reversed the $5,000 pay-down and applied it toward (2) so called past due late payments and the difference was applied as interest. I went to the local Capital One bank seeking an explanation and was told it appeared to be an error but that they could not fix the error. The bank clerk told me it could only be fixed by customer service via the payment processing center which can only be contacted by phone. Since 11/17/07, I have made numerous calls trying to get my account corrected and have been told a different explanation each time. First, it was a computer error which would be corrected within 2-3 business days. Nothing happened. Then I was told I didn't €™t mail the $5,000 to the correct address which probably caused the confusion but that the error would be fixed within 72 hours. Still, nothing has changed. All of my payments were made via on-line bill pay through a checking account I have at another bank, I called my bank and they looked into the matter and also found the error to be with Capital One as they had sent in all payments as directed. My checking account reflects the same. My bank contacted Capital One and was told the error had been corrected as of 11/16/07. Of course this was not true as I am still trying to get my account fixed as of date, 12/19/07. I have a print out from Capital One with dates (9/25 thru 11/16/07) showing back and forward reversals (debits and credits) of my regular monthly payments including the $5,000 principal pay-down. Capital One has totally taken advantage of my principal pay-down amount and are now stating they have an extra monthly payment amount floating around which they are trying to figure out where to apply the funds but that my account still shows I have (2) past due amounts. Now, as of date, Capital One has finally told me there are no errors on my account and it stands as shown. This is unbelievable and illegal as my payments have never been late and the $5,000 pay-down is gone with the wind. As a high school history teacher, Capital One has caused me and still causing me to be under extreme stress do to this problem.

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Tamala Hagedorn
US
5 comments
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Nov 13, 2016 3:45 am EST

Thank you for perhaps the most level headed thing I have read today. I had a good experience filling forms online and happy to share it with you. Try PDFfiller to fill CA DoF STD.204 here https://goo.gl/hzvZLG It allows you to to fill out PDF files.

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sheryl coker
US
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Jun 13, 2017 5:19 pm EDT

From the day we got the car hardly none of our payment go toward the car but toward principle cannot pay car off never and they wont let me out the loan.

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Max Madison
US
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May 20, 2019 11:23 am EDT
Replying to comment of sheryl coker

Hi Sheryl,

I think you may be confused about everything you touched on in your comment.

Principal is the part of the loan repayments that goes toward the car, so I think you mean to say most of your payment goes toward the interest.

If so, this is the standard method for amortization of loans. But even if scheduled a loan where you pay all of the principal first and then pay the interest, it would NOT change how much you pay overall. The practice of classifying portions of payments into principal and interest is mostly for bookkeeping. You can search for an amortization calculator or videos on amortization to see how this works.

You should eventually pay the loan off. When you signed up for the loan, there should have been a fixed term like 60 months. That would mean after 60 months of payments, you’d be done with the loan.

I’m also not sure what you mean when you say they won’t let you out of the loan. Are you suggesting they should forgive the debt? In other words, why would they let you keep the car if you haven’t paid them back yet?

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