Consumer complaint received 2023-04-18
Company: CAPITAL ONE FINANCIAL CORPORATION
State: GA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Loan balance remaining after the vehicle is repossessed and sold

Complaint:
On XX/XX/XXXX a bill of exchange was sent to Capital One through certified mail, documents received XXXX Second notice sent XX/XX/XXXX with bill of exchange payment, Power of Attorney and tender accepting all titles, rights, interest, and equity owed to XXXX XXXX and transfer principal balance to the principal account for {$2700.00}. If not honored Capital One was required to apply the entire payoff balance ( {$24000.00} ) to the principal account, send vehicle and title to the agent acting on behalf of the principal. Third notice sent XXXX  with tender to transfer the principal balance to principal account and was giving five business days. With no response Capital One is now in a breach of contract. Capital One sent documents showing information pertaining to the principal account of fraudulent activity. Copies of the agreement between XXXX XXXX and the dealership ( XXXX XXXX XXXX are different from the contract sent from Capital One. I did not sign any paperwork with Capital One and the copy does not match, my signature was forged, and paperwork was typed in. Also, the price given at the dealership is not the same on paper, a warranty was added to the vehicle without my acknowledgement or signature. Capital One Auto Finance not only breached the contract by not honoring their duties as the Federal Reserve Act Section 16 they also committed fraud ( identity theft ). This has really ruined my life because I have been unbale to go to work. According to Federal Reserve Act section 29 ( a ) First Tier. Any member bank which, and any institution-affiliated party ( within the meaning of section 3 ( u ) of the Federal Deposit Insurance Act ) with respect to such member bank who, violates any provision of section 22, 23A, or 23B, or any regulation issued pursuant thereto, shall forfeit and pay a civil penalty of not more than {$5000.00} for each day during which such violation continues ( b ) Second Tier. Notwithstanding subsection ( a ), any member bank which, and any institution-affiliated party ( within the meaning of section 3 ( u ) of the Federal Deposit Insurance Act ) with respect to such member bank who A. commits any violation described in subsection ( a ) ; B. recklessly engages in an unsafe or unsound practice in conducting the affairs of such member bank ; or C. breaches any fiduciary duty ; 2. which violation, practice, or breach A. is part of a pattern of misconduct ; B. causes or is likely to cause more than a minimal loss to such member bank ; or XXXX results in pecuniary gain or other benefit to such party, shall forfeit and pay a civil penalty of not more than {$25000.00} for each day during which such violation, practice, or breach continues. ( c ) Third Tier. Notwithstanding subsections ( a ) and ( b ), any member bank which, and any institution-affiliated party ( within the meaning of section 3 ( u ) of the Federal Deposit Insurance Act ) with respect to such member bank who 1. knowingly A. commits any violation described in subsection ( a ) ; B. engages in any unsafe or unsound practice in conducting the affairs of such credit union ; or C. breaches any fiduciary duty ; and 2. knowingly or recklessly causes a substantial loss to such credit union or a substantial pecuniary gain or other benefit to such party by reason of such violation, practice, or breach, shall forfeit and pay a civil penalty in an amount not to exceed the applicable maximum amount determined under subsection ( d ) for each day during which such violation, practice, or breach continues. ( d ) Maximum Amounts of Penalties for Any Violation Described in Subsection ( c ). The maximum daily amount of any civil penalty which may be assessed pursuant to subsection ( c ) for any violation, practice, or breach described in such subsection is 1. in the case of any person other than a member bank, an amount to not exceed {>= $1,000,000} ; and 2. in the case of a member bank, an amount not to exceed the lesser of A. {>= $1,000,000} ; or B. 1 percent of the total assets of such member bank

Company response to consumer: Closed with explanation