Consumer complaint received 2021-04-16
Company: CAPITAL ONE FINANCIAL CORPORATION
State: AR
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problems at the end of the loan or lease
Sub-issue: Unable to receive car title or other problem after the loan is paid off

Complaint:
In XXXX of XXXX Capital One Auto Finance company contacted me about a vehicle that I purchased in XX/XX/XXXX. Capital One Auto Finance was the financing company for a 6 year lease, In XXXX I fell behind on my car payment as a result of unforeseen health related implications. I contacted Capital One Auto Finance in XXXX and entered a settlement offer of {$3100.00}, the terms agreed upon was to pay {$450.00} for six months with XX/XX/XXXX being the final payment. All payments were made on time by a debit card to Capital One as agreed. On XX/XX/XXXX I received a notification via text stating that the car was repossessed. I contacted this company and spoke with a representative name XXXX that transferred me to the reinstatement department where I spoke with XXXX, XXXX XXXX XXXX stated that my car was in the shop for repairs and the owner contacted Capital One and stated that I had an unpaid balance for repairs and urged them to come and get the automobile. There was a payment made on XX/XX/XXXX of the XXXX with XXXX, ID XXXX XXXX code XXXX. XXXX failed to inform me that XXXX 's Garage the repair shop notified the XXXX company that they were in possession of the car. I was not informed of the notification or the balance by either parties and XXXX mentioned that Capital One was initially contacted on XX/XX/XXXX. XXXX repossessed the car on XX/XX/XXXX and stated that I had to pay a balance of {$14000.00} which includes the past due balance of {$9000.00}, {$3600.00} for the repairs, {$290.00} for the repossession fee. I questioned XXXX about the outlandish balance and asked about the existing settlement that I was in good standing on and he said that didn't matter. My last payment would have been on XX/XX/XXXX. My problem is that I kept the arrangement by making the payments on time, I had one payment left of 452.50 and would have owned the vehicle. Capital One Auto Finance was unwilling to acknowledge or honor the settlement terms. Unfortunately, due to the economic hardships related to the effects of COVID 19 I am currently unable to make a payment of almost {$15000.00}. XXXX 's garage was closed for months also because of the effects of COVID 19. The settlement should still remain as agreed as payments were made. It is unfair that this company is able to recant on an settlement that was legally binding. XXXX transferred to the escalations department where I spoke with XXXX, XXXX XXXX  and he stated that COAF repossessed the vehicle because they did not want to chance a lien. I asked why wasn't I notified of the changes and given the opportunity to resolve the balance before the car was repossessed and I received no answer. This is unethical and a rip off! Just because the country has opened back up doesn't mean that I have the means to pay high balances! This is a get rich quick scheme by a Fortune 500 company and no one is trying to help! This company is taking advantage of their consumers and should not be able to assess these outrages fees because they can! I am helpless with my bad up against the wall!

Company response to consumer: Closed with explanation