In February of I could only pay a partial payment on my car loan due to unemployment. I offered to pay $350.00 and then pay the remaining $247.66 within 2 weeks. The representative that I was discussing this with offered "something better" she said. She offered to take the remaining balance of $247.66 and split it out amoungst the next four months so that it wouldn't be a burden trying to come up w / the full amount. I said okay that works and I paid every single agreement payment in full and on time. Just last week I decided to look at my credit report since it had been awhile and I was working really hard to keep my score up. I was sincerely surprised to see that my Capital One Auto Finance account showed 30 days late each month since Feb! I called Capital One thinking that surely there was a mistake since I had a payment arrangement w / them. They then explained that the split up payments were applied as a full payment to the late month first and then the remaining was applied to the current month therefore since the remaining payment was short it made the current month late. First of all, why didn't the rep tell me this at the time of setting this up. I would then have the option to deny the offer and pay the $247.66 as soon as possible and sustained only one 30 day late notification? This was very unfair to me as a consumer and my credit is now under a 500 score because of it! And, I should mention that there were times when Cap One sent me whatever the original partial payment outstanding balance was and I called each time to see if I should pay it and was told everytime not to worry about it because I had payment arrangements. Never did they tell me that my credit would be affected as it was.
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