I have been reading some of the other reports about Capital One Auto Finance. We have a loan with this company and currently have been having problems dealing with them. I first want to say that I understand that they are in business to make money, and they don't make money by letting people drive their cars for free. I understand that when a loan is secured, it can be reposessed and that is the lein holders right. What I take issue with is their horrific collection practices and self defeating tactics. Here is my experience with them.
We have had a loan with them since early 2005. I got laid off from my job in late December and in March my husband got laid off from his job. We struggled to pay all of our bills but managed to keep our COAF payment paid within 30 days. Our May payment was late and when I called COAF they said if we did a check by phone at that time, they would allow us to skip the June payment and tack it on to the end of our loan. I gave the authorization and we were relieved to get a breather.in June of my husband was given an opportunity to interview for a good job in another state. We had the expense of traveling to the job location 800 miles away and back. He got the job and we decided that he would start his new job within 2 weeks which meant we would have another travel expense, hotel expense etc, on top of our current bills at home. It was tight but the fact that he had a great new job was comforting.
My husband started his new job July 10th and we had to start looking for a house to live in in the new state. He was paying 190 per week for a room at the cheapest hotel we could find, and our lease in our home state was to be up August 31st, so we had to make sure we had the money to secure a new house and pay for our moving truck and fuel for it AND our financed vehicle. Due to this concern that I had, I contacted COAF and told them the situation we were in. We did not pay our July payment because we absolutely HAD to have the money for a roof and our truck or we would not make it to go live with my husband, who had found a great new job - and be homeless and stuck.
COAF told me to collect cans or give blood to make my payment. Well, I told them I make money and so does my husband so it is not that we are not now making money, but that we just were in this situation that would soon be resolved and over. I tried to explain a series of payments that I had devised that I knew I would be able to make to get caught up very quickly. I was told that it was not good enough that if I did not pay in full, they would not accept a partial payment. I told them that was the best I could do and so I did not make a payment.
August: August comes and I am now getting concerned but I also know that we will soon be moved and back on track. Before our move I call COAF and tell them I want to make a payment. I give them authorization to take a payment out of my account on a certain day near the end of August. I am relieved. At this point I am thinking I am behind one payment because June was waived, I missed July but was paying August. I'm thinking I can pay the 1 back payment and September payment once I get moved, and be all caught up. Now comes the tricky part.
We get moved and once I get my computer set up and check my account online (around September 5th) I see that the August payment had not been deducted from my account. I immediately called COAF and ask them why. They tell me that according to their records our account had been paid. I say are you sure as I don't see the debit from my account. They say that it shows paid and that is all they know. A few days later I call back to give them our new addy & phone # as I could not remember if I had done so the last time I spoke to them. At this time they tell me our account is 4 months behind and I must have over $1500.00 by Friday or they will repo. I am shocked and ask why. They say the payment did not go through for August and because of that they added the waived June payment back on! I tell them why did they not get the payment, the money was there in my account. They say that it could have been they punched the account numbers in wrong when they went to debit the account. I said well how is that my fault, lol, like I had control over that! They started getting nasty and say they want $1500 immediately!
I begin to tell them that I WILL make one payment on FRIDAY and could be completely caught up (June, July, August and current) by mid - October, that we had moved and money is starting to flow again. They tell me not good enough, borrow money, get a cash advance all the things I would have already done if I could have. I try furiously to come up with the cash by the deadline but still have not. We had already used up all of our resources when my husband had been laid off and for the move.
At this point, we had come so far and gone through so much, we are totally stressed out! We did not come up with the total by the deadline, and they call and scream and yell at us.
Shortly after, I get my mail and find a letter from COAF dated 9/5 stating that if we pay one payment by October 5th, they quote "will allow us to continue with the terms and conditions of our contract as though we were not late." WHAT THE HECK!!! Why did they not tell me this on the phone??? I did receive this letter late because it was "forwarded" from my old address but I have spoke to them several times since 9/5!! They never even told me this and still saying we had to pay $1500 to avoid repo!!! If they had told me this on the phone I would have paid the payment on the 11th by wire and been all caught up!!!
So basically thier letter says "pay 1 payment and we'll forgive you and your caught up" and thier telling me on the phone "pay 1500 now or were coming to take your auto."
So when I get this letter I call COAF and ask them whats up. I tell them I just received this letter and if this was true, why were they threatining me and telling me not to send a single payment when the letter said send a single payment and it's all good???!!!
They tell me that that was before I was late on my September payment! I said they told me not to send a single payment! Lol! Call over.
At this point I am like if I had not listened to these people in the first place, I would not be so far behind! I need to send a payment whether they like it or not! So I run up to the store and wire a payment! I then come home and call them to tell them I wired a payment. The lady says I need to pay more money, I said I know but I sent you a payment and I want you to know that. She says when can you send the total in. I say I can send another payment in on payday. She says not good enough, needs a promise for full amount by Wednsday. I say I am not making a promise I can't for sure keep, it makes me look even worse to the bank then I do already AND that if I did not listen to them in the first place and just sent them money, I would not be as far behind as I am. THEN SHE SAYS SHE NEEDS $281.95 BY WEDNSDAY OR WE GOING TO REPO!!!
Get this straight! I told her I could pay a full payment ($500) on Friday. Thats not good enough she needs $281.95 by Wednsday!!! Who is being difficult!!! I am comitting to pay more money on payday, but they want to be difficult and insist on a day when they know we don't get paid! And what happened to the $1500 or else deal???
I have been and am trying to work with this company. I have finally realised that I just need to wire them money and not listen to anything they say, at least it shows I am trying to pay!
I appreciate that we got a decent loan on a decent vehicle, but I have 2 things to say.
#1. Pay what you have when you have it, even if they say you can't. They wont turn your money away, and it shows you are trying and thats what counts in black and white and
#2. Captital One Auto Finance, your collection tactics are self defeating. I don't know if you like to reposess vehicles or what, but I truly believe that you would be alot more profitable if you did NOT tell people to NOT send in single payments!!! You want your money but you tell people not to send it in?
Bottom line, when I told the rep the above she said "oh, so it's our fault you are behind on your payments?" and I said "no, it is my fault I listened to you people and did not send in what I could." She then said "well I am glad you sent in a payment, it shows you are trying!!!"
I hope to be caught up on all payments in the next couple weeks (3 more to go!) wish me luck as I do not trust anything they say until I am completely current on my account.
One last note: For those mean posters who have no sympathy for people who have financial bumps, not EVERYONE is a deadbeat and some people CAN get caught up very quickly if just given a chance, and working out a plan with a REASONABLE bank.
Frustrated
Las Vegas, Nevada
U.S.A.
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