Consumer complaint received 2023-09-27
Company: CAPITAL ONE FINANCIAL CORPORATION
State: MD
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:
On XXXX XXXX, 2023, a negotiable instrument was written to Capital One Auto Finance in order to pay off my car loan. This payment order was mailed by certified mail on XX/XX/2023, and received by Capital One Auto Finance at XXXXXXXX XXXX. on XX/XX/2023 as evidenced by certified mail # XXXX. You had until midnight XX/XX/2023 to put this instrument through ( which you did ), or dishonor the instrument, citing any possible defects of the instrument, which you didnt do. Since the EFT was accepted and not dishonored, the debt is discharged. XXXX XXXX XXXX XXXX. 

The very next day on XX/XX/2023, I checked my online account with Capital One Auto Finance. I have received a Congratulations! Youve paid off your Capital One Auto Loan! Along, with a XXXX ( XXXX ) balance display proving that you have processed the instrument and my account has been satisfied. In addition, I have received a letter dated XX/XX/2023 from XXXX XXXX of Capital One Auto Finance also confirming that my account was paid in full as of XX/XX/2023 ( please see the enclosed documents I have received from Capital One Auto Finance ). 

Furthermore, I have received more correspondence dated XX/XX/2023 from Capital One Auto Finance indicating Validation of Debt and that my letter was forwarded to the Office of the President for response. This letter also validates a XXXX balance on my account as it is written in page two ( 2 ) of first paragraph ( Please see attached proof of same ). 

On XX/XX/2023, I received gap insurance cancellation form from XXXX XXXX. Process Number : XXXX. The instruction on letter indicated to sign so I may receive my gap insurance refund for my PAID IN FULL vehicle and this form also validates a PAID IN FULL status of the said account. 

My Capital One Auto Finance online account has had many errors since the debt has been satisfied. One of the screen shots I have showed that my account was past due and that I still owed the principal balance. However, Capital One Auto Finance recent screenshots show that I have a balance of {$450.00} even after debt has been satisfied. I am continuously violated by Capital One Auto Finance and will sue for damages if this account is not fixed to XXXX balance and that my vehicle title is released immediately. I have called and spoke to several agents and nothing has been done to release of my property. 

You have also violated your oath of office as a banker by not sending me the proper accounting on this account showing a XXXX balance. This letter also serves as a notice that your accounting contains errors on this account as my EFT # _________ paid off the debt of {$38000.00} on XX/XX/2023 and you have not sent me the FREE & CLEAR title in timely notice of the accounting of the debt paid in full. Let me remind you of this law contained at 15 USC Section 1693 a-f which basically says that I am entitled to triple damages if I show that your bank is operating in bad faith by not crediting my account timely with an EFT payment. 

15 USC Section 1693 a-f ( a ) Notification to financial institution of error -- If a financial institution, within sixty days after having transmitted to a consumer documentation pursuant to section 1693d ( a ), ( c ), or ( d ) of this title or notification pursuant to section 1693d ( b ) of this title, receives oral or written notice in which the consumer ( 1 ) sets forth or otherwise enables the financial institution to identify the name and account number of the consumer ; ( 2 ) indicates the consumers belief that the documentation, or, in the case of notification pursuant to section 1693d ( b ) of this title, the consumers account, contains an error and the amount of such error; and ( 3 ) sets forth the reasons for the consumers belief ( where applicable ) that an error has occurred, the financial institution shall investigate the alleged error, determine whether an error has occurred, and report or mail the results of such investigation and determination to the consumer within ten business days. The financial institution may require written confirmation to be provided to it within ten business days of an oral notification of error if, when the oral notification is made, the consumer is advised of such requirement and the address to which such confirmation should be sent. A financial institution which requires written confirmation in accordance with the previous sentence need not provisionally recredit a consumers account in accordance with subsection ( c ) of this section, nor shall the financial institution be liable under subsection ( e ) of this section if the written confirmation is not received within the ten-day period referred to in the previous sentence.

( e ) Treble damages -- If in any action under section 1693m [ 1 ] of this title, the court finds that ( 1 ) the financial institution did not provisionally recredit a consumers account within the ten-day period specified in subsection ( c ) of this section, and the financial institution ( A ) did not make a good faith investigation of the alleged error, or ( B ) did not have a reasonable basis for believing that the consumers account was not in error; or ( 2 ) the financial institution knowingly and willfully concluded that the consumers account was not in error when such conclusion could not reasonably have been drawn from the evidence available to the financial institution at the time of its investigation, then the consumer shall be entitled to treble damages determined under section 1693m ( a ) ( 1 ) [ 1 ] of this title.

( f ) Acts constituting error For the purpose of this section, an error consists of ( 3 ) the omission from a periodic statement of an electronic fund transfer affecting the consumers account which should have been included ;

Company response to consumer: Closed with explanation