Consumer complaint received 2023-01-20
Company: CAPITAL ONE FINANCIAL CORPORATION
State: OR
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Changes in terms mid-deal or after closing

Complaint:
I applied for an extension of my Credit thru Capital One Bank on Saturday XX/XX/XXXX. I was informed that I Pre-qualified for an amount up to {$41000.00} for the purpose of an Auto loan. I was then instructed to upload proof of income to finalize the qualification process thru Capital One XXXX XXXX website which i did. I then carefully reviewed the terms and conditions, of this contract to identify any deceptive, misleading, confusing or potentially fraudulent details of our new Contract. I was given the option to wait for my documents to be verified from Capital one, or to speed up the process, present proof of income, pre-qualification letter, Identification, and proof of insurance at a Car Dealership and Negotiate the details of the financing with Dealer, come to a mutual agreement of Contract and as a result of negotiations, the monthly payment and APR, would then be finalized thru Car Dealer. That evening I went XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Oregon. I chose a vehicle negotiated terms of a XXXX Down Payment, i verbally agreed to Allow the Trustee, at XXXX XXXX XXXX XXXX to choose final terms, Monthly Payment Amount and APR at their discretion and i would agree to any terms they felt necessary to conclude our business together as long as those terms were not to exceed the amount of consumer credit I qualified for, my only stipulation was that there would be no talk of a down payment as a condition to access my exemptions for this Trust Negotiation. They agreed. I was given a purchase order to sign, and they insured me with confidence they would fulfill their fiduciary obligation for my benefit. After a short time waiting in the lobby said Dealer informed me, they could not contact Capital One to receive my APR at that time and I would have to come back the next morning at XXXX XXXX and they had confidence in finalizing the deal under our terms they just simply needed the APR and deal was done. I returned that next morning and they stated they still could not get in contact with Capital One and could not proceed until doing so. It is my belief that the public servants at XXXX XXXX XXXX XXXX had good faith intentions to Honor our agreement in Contract but did not. Tuesday XX/XX/XXXX, i returned to XXXX XXXX XXXX XXXX, and at that time the Dealer then informed me Capital One Bank approved my documents and, in the process, raised my credit limit to {$47000.00} but was now Demanding that I would need a {$7000.00} Down Payment in order to secure any financing on that particular automobile. They tried again with a different less expensive automobile and had the same requirement of now {$5000.00} XXXX XXXX to proceed, they took notice of my personal motorcycle parked in front and asked if I still wanted to trade that in and that might help this deal go through. I inform them I had never any intention of this and that was not part of the negotiation. I then informed Dealer that they were in breach of truth and lending Act and that U.S. Code 15 USC 1662 ( b ) protected my rights from unfair deceiving practice and unlawful collection of the down payment in order to receive an extension of my credit. They said they did not recognize that code and that Capital One would not either and my only option was again choosing a different automobile and see if they could find a better result or provide the down payment. I informed them the demanded Money Down would put my family into a great hardship, financial situation. I was forced once again to leave without a good resolution. I then called Capital One I spoke to an agent explain the situation and he informed me that they were demanding a down payment as a new condition to my qualification and that the dealer was the one that required the money down. They also confirmed my income documents were fully verified and approved, and the only step remaining was agreeing to terms with the dealer BUT THEY could not supply me with an APR, but the dealer would establish that term. This could not be further from the truth. The dealer denied being involved with requiring a down payment and they insisted that Capital One was to blame for this breach of contract. I informed Dealer again that federal law covered Within truth in Lending Act specifically but not limited to 15 USC 1662 ( b ) was being violated and that I felt I was having my rights violated with extreme prejudice. They again said it was not in their hands and was nothing they could do. The next day Wednesday XX/XX/XXXX, I contacted XXXX XXXX in Washington State, I asked them if they participate in truth in Lending their message response back to me was of course. I said great if you will honor 15 us code 1662b in our negotiation then I will be there to conduct business. They're representative replied and said they absolutely would remain lawful and protect my rights under the truth and lending requirements. We came to an agreement much like at the previous dealer and had the same results now demanding {$10000.00} down payment. But as a option it was their belief that if we chose a vehicle in the {$37000.00} range, they could get the deal done. We proceeded to find that vehicle agreed to move forward with the business, and I would have been satisfied with that purchase and they felt like that was going to be the answer to this nightmare. At that point Capital One came back with a {$7000.00} required down payment. At this point, it was becoming clear that Capital One was the main problem in this deceptive, unlawful, extremely Stressful and embarrassing Behavior. But the dealer said their hands were tied. At that point I told them I was going to step outside and call Capital One myself and try to clear this matter so we could conclude our business and have a peaceful resolution. I called Capital One and they confirmed this down payment but now a requirement and refluxate on the vehicle I chose. I asked them if they participated in truth in Lending, she said yes, I then informed her they were violating federal law 15 USC 1662 ( b ) and several other truths in Lending Act Laws designed to prevent this exact situation and that they were on the wrong side of the law causing major harm to this man. I was transferred to a supervisor and explain the same to her, she and I spoke for close to 40 minutes I estimate, and I I tried over and over to point out my rights being violated and that they were breaking the law and I continued encouraging that they take this opportunity to do the right thing and make this right. She declined adamantly and it clearly was not going to happen. I cautioned her there would be legal action and consequences for their unlawful deceptive fraudulent Behavior and they would be liable for the harm they had caused to this man. I encouraged that she immediately consults her legal department before she made a legal determination that could be very negative for her business. She told me I could write her legal department a letter if I did not like her decision. I still tried to explain the significance of her actions without Consulting legal counsel but she left me no option and once again my business was unfinished I was forced to go home empty-handed with another day wasted because of this unlawful unethical fraudulent Corporation that does not think it has any Duty to " We the people '' proved thru their behavior and actions showing they believe, federal law, civil law, rules of trade in Commerce do not apply to them. There is pure willingness to disregard contract law and with a bully type mentality leave me no option to assume they do business as if they are above the laws that control Commerce and they were going to discriminate upon me, Knowingly, willingly without regards to law violate my rights and have no problem breaking the law regardless to the consequences. All of this is not to mention there was yet two more deal agreed to between myself and a Dealership with again demand for down payment at a location in XXXX, Oregon which was negotiated over the phone. The names of these public servants have been left out for this message but are available upon request and will be included in my claim.

Company response to consumer: Closed with explanation