Consumer complaint received 2023-02-08
Company: CAPITAL ONE FINANCIAL CORPORATION
State: MI
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Lender trying to repossess or disable the vehicle

Complaint:
1 purchased a vehicle XX/XX/XXXX from XXXX, who had a fresh start program for people that filed bankruptcy. I was approved for a finance loan to purchase the vehicle for the sale price of {$14000.00} My monthly payments were {$370.00}, which did not change until I was forced to agree to a repayment plan that was suggested as the only way to keep possession of my vehicle, in the amount of {$860.00} per month for four months. 
Due to a recent change in my finances, resulting from major vehicle repairs, and on medical leave from work with illness ; I fell behind in payments. I started the payment plan XXXX, XXXX ; and consistently calling to inform of any updates of my situation and hardships : XXXX Id XXXX XXXX ( representative I spoke to ) XX/XX/XXXX payment {$370.00} confirmation number # XXXX XX/XX/XXXX {$430.00} XXXX Id # XXXX confirmation # XXXX XX/XX/XXXX {$430.00} XXXX ID # XXXX confirmation # XXXX paid on XX/XX/XXXX @ XXXX. Missed payments ( XX/XX/XXXX {$430.00}, XX/XX/XXXX {$430.00}, XX/XX/XXXX {$430.00}, & XX/XX/XXXX {$430.00} ). I reached back out to see if I could place a couple of notes to the rear of the loan, or extend the payment arrangement and was told by rep : XXXX ID # XXXX just pay as much as you can towards each one. You now owe from XXXX XXXX. Spoke to XXXX ID # XXXX on Monday XX/XX/XXXX @ XXXX ..if you can get the XXXX payment {$430.00} in by the XX/XX/XXXX, no later than. then you are paying within the 30 day boundary. then you can add more money like {$500.00} to your payment like once a month which will offset what you owe. As long as you are making the minimum of the payments in 30 days. 
Spoke with XXXX ID # XXXX on XX/XX/XXXX @ XXXX vehicle resolutions customer advocacy team @ Capital One not a supervisor, but a hire up representative part of the team i still have my payment plan active, it doesnt mean that my plan wouldnt be broken. But complete the payments for XXXX by XXXX XXXX you should be good on keeping your vehicle and remain active on arrangement. That plan defaulted from a missed payment, threats of repossession has begun. I talked to another representative yesterday XX/XX/XXXX, who was trying to get me into another payment plan. I questioned her about why I am still paying for a vehicle that was only $ XXXX in XXXX. She told me that the interest on the loan is APR XXXX XXXX, and the 10 day Payoff amount {$9400.00}. When I make late payments the interest accrues daily. It almost seems that I will never be able to pay off this vehicle, in my opinion. On XX/XX/XXXX I spoke to another representative who told me the following : Totaled payed {$11000.00} to date on the account. Of that amount {$8800.00} has went to interest and {$3000.00} has gone to principal. My payments for the principal would not end until next year if I get caught up on payments, l 'm assuming. 
My pay off amount would be done XX/XX/XXXX for a total of {$13000.00}. I learned about the predatory lending through a simple online search, which came after talking to a friend who suggested that " they seen me coming from a mile away ''. In the most desperate need for transportation I was just happy to get approved for a vehicle to get back and forth to work. I had no idea this situation would be this way almost 6 years later. I was not even given appropriate time to review the information before signing the contract while looking at new vehicle keys sitting on top of the paperwork. Just wanted to follow up with a professional that could tell me if indeed this was a predatory lending move from Capital One Auto Finance and XXXX XXXX ; and if so what are my options now? Also, after they take the vehicle, what options will I have in settling the debt, if there is debt left? I have paid enough to practically own the vehicle, why allow me to pay for this vehicle twice? Moreover, since having the vehicle I have spent well over {$4000.00} on repairs ; oil leaks ( for example ) in multiple locations that I am sure would be a manufacturer defect, however, no recalls yet. Also, just spent {$1800.00} for major repairs to all the parts that stabilize the vehicle in XXXX, XXXX. I have been off of work in XX/XX/XXXX, due to XXXX illness ; then XXXX truck breaks down. Ever since XX/XX/XXXX, due to another illness, I have been off work. I can not afford {$800.00} a month for my vehicle. However, {$370.00} is more obtainable, which is my original car note. The method of payment has to come from a bank checking account, Capital One Auto doesn't accept credit card payments, or prepaid debit cards. I have not been given anymore options in keeping my vehicle. And just received a text message yesterday that says : MY NAME IN ALL CAPS, This is Capital One. Your auto account ending in XXXX is assigned for repossession. Have you considered voluntary surrender? Call us at XXXX to learn more. Disclosures : XXXX XXXX XXXXXXXX Msg & data rates may apply. Reply STOP to stop. I am going to call and surrender my vehicle, because I will never own it. Capital One Auto Finance, and XXXX XXXX  Vehicle Lot are both listed as predatory lending companies in my opinion.

Company response to consumer: Closed with explanation