Capital One Auto Finance
Refinance Loan Funded for Less Than Contract Amount

On July 6th I refinanced my car loan with Capital One. The Loan and Security Agreement stated that they would refinance me for $7515.00 at 11.95%. With 36 payments of $249.01. That was what I agreed to and I sent them the signed contract papers.

The amount I owe to Toyota Financial is $5217.88. Without notifying me, Capital One only financed that amount. I was expecting a check for the balance in the amount agreed upon.

I applied for the loan through Lending Tree that stated that the loan amount could not be less than $7500.00. Capital One never asked me what the amount was that I owed Toyota Financial.

This is the paragraph that they read off to me denying me a way out of their contract.

In the contract that I signed there is a clause that states:
"Please note that these amounts are based on the information you provided what you owed your current lienholder. If the amount to pay off the lienholder differs from what you told us, and, as a result, the amounts differ by more than 5% from the estimates, you will be notified by phone before the agreement is processed and given a chance to decline the adjusted terms."

They will not let me out of the contract stating that it is only if the amount is higher than 5% that they will notify me. That is not what the above statement says. I had to refinance my loan again to pay off Capital One. Capital One stated they mailed the check to Toyota on July 13. As of today Toyota, still has not received it. They told me it would take 10 days, today they said it would take 20 days.

This has caused me a hardship with my other creditors and a great deal of aggravation. Wells Fargo cannot pay off Capital One until they pay off Toyota. Wells Fargo is going to refinance me for up to $14,000.00.
Capital One is going to charge me extra now because when I got the payoff they said it was good for 7 days. I believe they delay the payment so that they can get the extra charges knowing that customers are going to re-financed after being deceived.

The amount they financed is $5236.49 at 11.9500% with a finance charge of $1016.35 for a total of $6252.64.36 payments of $173.69. I would have never agreed to these terms.

John
Los Angeles, California
U.S.A.

Company: Capital One Auto Finance
Country: USA
State: Ohio
City: Wilmington
Address: 3268 State Route 73s Dept. 2024
Phone: 8009460332

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