Per my agreement with capital one I am assessed a lower interest rate for my auto loan by agreeing to regular monthly auto debits. Capital one started my loan before the actual loan date. I had to request correction, and refund of fees assessed to interest which should have gone toward principle. Then they closed my account with my knowledge opened a new one and "lost" my auto debit info. Upon discovering that no debit to my account had been made I called capital One. They make additionl money in interest when this occurs. For several months now I have gone back and forth between them losing my info, and requesting a back dated payment to correct the erroneous application of fees, and then they also assess you a fine to make your payment over the phone. I have spent countless hours sending certified letters, phone calls, faxes, alwasy with the promise that the account will be corrected and updated. As of this last month they withdrew from my account twice for different amounts. According to my bank any company with access to your account can make several debits by changing the dollar amount. I suspect that capital one has an electronic system that catches clients that are paying down their principle rapidly as I have, and then drops them from the system. Their response to double billing me was that I simply did not have to pay the following month (of course, this would give them 60 days instead of 30 days of assessed interest on my next payment), or file a dispute with my bank. Nevermind the financial hardship, which could result in default on other loans since they stole my money and wont refund or correct the error. According to my bank consumers have no protection against this practice. And to date C1 has taken more due in interest and applied less toward my prinicple. They even claimed to have lost a $2000 princ payment, fortunately my bank had records! I will never do business with them again. They be put out of business.
0 comments