Consumer complaint received 2023-07-25
Company: CAPITAL ONE FINANCIAL CORPORATION
State: NY
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
I am in a predatory upside down loan with Capital One Auto Financing that violates the NY civil usury law. I purchased a used car on XX/XX/XXXX from XXXX XXXX of XXXX XXXX XXXX XXXX XXXX XXXX at XXXX XXXX XXXX on XX/XX/XXXX. XXXX XXXX of XXXX XXXX XXXX also located within the dealership procured the loan for me. She did not fully and transparently explain the terms to me. I paid a {$1000.00} deposit. 

The terms of the Capital One loan are {$20000.00} ( as they also included a 2 year XXXX agreement for {$2500.00} in the loan ) at an interest rate of 21.15 % for 66 months at a monthly payment of {$490.00} for a total loan of {$32000.00}, {$33000.00} including the {$1000.00} deposit. A few days later when money was withdrawn from my bank account I called my bank to see what it was for and they said your auto loan. I then called Capital One to tell them that I can not afford this loan and to please help me. They flatly refused and told me to call the dealership. I tried calling XXXX XXXX persistently and she kept avoiding my calls. I finally got her on the phone and she also flatly refused to do anything. 

Second issue with the loan. I never received the XXXX agreement included in the loan. I had my friend on my behalf ( as I XXXX XXXX XXXX  for a living and on the XXXX XXXX XXXX XXXX ), email XXXX XXXX on Sunday XX/XX/XXXX. She never heard back from them by Monday afternoon so she called to ask about the XXXX. She spoke with a XXXX XXXX who said that there was nothing in their system under either the application number or the VIN number. She asked are you sure, can you double check? He did and said no, there was nothing in their system. He also stipulated that it would be attached to the VIN # if it was in the system, which it was not. XXXX then emailed XXXX XXXX to tell them that there was no XXXX in their system and that was a problem because it was included in the loan which now made the loan fraudulent. XXXX XXXX has agreed to refund Capital One the {$2500.00}. A more detailed explanation is in the termination letter attached. 

I ( and XXXX were both on the call which they were aware of ) have spoken with the office of the president at Capital One ( a woman named XXXX who refused to give her last name ) and explained that they violated NY civil usury and that the XXXX include in the loan is fraudulent and therefore the entire loan is void and Capital One once again has refused to do anything. This was their second chance to rectify their unlawful behavior and they doubled down and flatly refused both times. I recorded these phone calls. I am now 2 months behind in my loan payments because I can not afford this predatory loan. 

XXXX has also sent XXXX XXXX and XXXX XXXX at the dealership an email including a signed letter from me explaining all of the above stating that the loan is null and void because it violates NY civil usury and that the XXXX included in the loan is fraudulent. That I want to return the vehicle and get my {$1000.00} deposit back and also get damages as they knowingly and with intent defrauded me. They have not responded. 

I just want out of this loan, out of this sales transaction, return the car to the dealership and get my {$1000.00} deposit money refunded from the dealership and the money I have paid to Capital One so far refunded as well as the loan is fraudulent. I can not sell the car as it's owned by Capital One and the loan is worth for more than the value of the vehicle. The above parties all acted knowingly and with intent to defraud me out of {$33000.00} All of the below were involved in this and should be held accountable : Dealership : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX Salesperson : XXXX XXXX XXXX XXXX XXXX  ( located within the dealership ) XXXX XXXX XXXX ( President ) T : XXXX Capitol One Auto Financing Acct # XXXX Tel : XXXX XXXX XXXX XXXX : XXXX

Company response to consumer: Closed with explanation