Consumer complaint received 2023-01-06
Company: CAPITAL ONE FINANCIAL CORPORATION
State: NJ
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
I went to purchase a vehicle at a dealership in XXXX New Jersey, and did all the paperwork got it all finalized gave them the down payment and then the dealership wasnt doing with this post supposed to do with the ad said they were going to do so I backed out of that deal. Cancel that deal with agreement by the owner and manager, they agreed to cancel it as well upon a mutual agreement they had no problem with it and they refunded me my down payment now the loan was already approved and the approval would last for the next 30 days from the time of approval which was XX/XX/XXXX. The loan approval and terms were good for 30days. If I found another vehicle within 30 days, that loan would just carryover to the new found vehicle, and the loan terms would be the same I didnt need to apply again and doing all of that on the application. The application was good for 30 days. Well a couple days later I found another vehicle, the same vehicle, the same state, same area, but a different color and the same price. I was supposed to get the loan terms that I was still valid with for 30 days because its only been a few days and they did another application auto loan, as if the first one had expired it didnt it was still affect. Capital One decided to ignore the first loan that I already had in place which I was supposed to be using to open up a new one so to their system it looks like I have an order loan out already I just got and now Im going to another one which would be a second all alone for the same thing so my interest rate almost doubled because its a higher risk and the payment almost doubled. It went from {$380.00} for 48 months to {$530.00} for 66 months and all because they knew that applying for another loan would make the interest rate higher and make the payment higher. No I was told by the dealership and buy them that they would adjust it when they call me at home theyre gon na call me and theyll take care of it then, they never called. So I called them in the act like they didnt know what I was talking about so I got stuck with a higher interest rate almost double a year and six months more of payments a payment wouldnt half times the amount of the first original payment which I shouldve been keeping because it was the same vehicle same price just different dealerships in the states and within a weeks time so they kept the first one on there so that they could charge me a higher interest rate for the second loan, when I did really didnt have a first know because the first loan fell off and expired in 30 days and they knew this before they did it but they wouldnt fix it because they knew they did it on purpose and I got ripped off, set up to play pay double with the car cost and just interest rate and payment length in amount and I want my money back that I paid all that interest because I was promised a loan that was already proved and in effect, and they choose to deliberately process another auto loan as if I was keeping the first truck and they know that the first one was canceled and by the dealership and by the owner and the sales manager we all agreed on it. I never took delivery of the vehicle at all. I never drove. It never moved it. Its the second vehicle I got a few days later it shouldve been under the first loan thats what the whole purpose of me finding one before 30 days was about but then they just added it as its the second one so now Im paying for having a car loan that I really dont have but just in their system and they wouldnt change it, because they make an XXXX money offer me my interest rate went from 13 % to mid to high 20s! And payment but almost doubled all because they were applying me over again knowing I didnt have another auto loan that was the only one they wont be refinance a vehicle thats against the law but they get it anyway and Im still paying for it now. When should Ive been paid for I end up paying {$15000.00} more interest on a {$15000.00} car total and over {$32000.00}.!

Company response to consumer: Closed with explanation