Consumer complaint received 2017-08-11
Company: CAPITAL ONE FINANCIAL CORPORATION
State: DE
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
this is the copy of the letter I sent to XXXX XXXX XXXX, I applied for a refinance with capital one auto finance for a refinance on my XXXX XXXX XXXX on XX/XX/XXXX, in which was approved. I was sent confirmation documents of my agreed payment of XXXX/month for approximately 54 months@15.390 % Apr. I received several documents confirming this, down to the contract page w/my electronic signature. I was on a 3 way call with Capital One and my previous lender XXXX to get a payoff, in which the woman advised her how much it would be. I asked a question about a payment made on XX/XX/XXXX in which the XXXX XXXX XXXX associate agreed it was credited to the account. The Capital One associate asked the XXXX representative if the amount given was per diem, and the rep said yes. When the Capital one associate disconnected from the call, I inquired as to when the check would go out, she advised me and thanked me for my business then disconnected the call. Today while checking XXXX XXXX XXXX website, I noticed the payoff payment had posted. I called Capital one and found out THEN that my payment had been changed to XXXX. I spoke with one associate that advised me that I could go back to my other creditor, and I would except now I would have to reapply and gain another pull against my credit, which would lower my score. I would also be subject to new loan fees and cost. I spoke with another associate who advised that the bottom print states that if there is more than a 5 % difference in the payoff total from what I provided and what the finance company provided that my payment may differ ; however the additional verbiage advises that I would be contacted about the change, to provide the ability to opt-out if I choose to, before the check and changes would have been made, NONE OF THAT HAPPENED! I spoke with another gentleman, who advised me changes, and apologized that things had been handled this way ; however my lunch was over, and because I was beyond angry, talking was no longer something I wanted to do. I advised him that I will reach out to the better business bureau because this is a violation of the Truth in Lending Act I have reported this to the BBB, XXXX, XXXX, Consumer Financial Protection Bureau, and you so far. I feel I was done an extreme disservice. I should have been contacted, at the very least, about a change in my monthly payments. I should have had the option to opt out, because truly a {$4.00} difference in my payment isnt worth paying titling and loan fees. I feel like your company sought me out for my business, and once they got it, said XXXX me with this action. I have over 20 years of banking experience, and I work for your competitor, you I gave your bank my credit card and loan business, which speaks volumes to my expectation of your service. I have struggled to rebuild, and was able to get a car loan with XXXX XXXX. I worked hard to raise my credit score enough to get a low-line credit card with you which I revolve and pay responsibly. I know you may not be able to relate, but Im a single mom, who is on a budget. If I knew you would give me this payment option, I would have opted to stay with XXXX XXXX XXXX. I feel extremely taken advantage of, and for that, I will share this story about how your company did me with every person I see, ever website available to review, and ever social media site available. PS I received a call from XXXX from the presidents office. He wanted to know what happened. I am laughing now, because after all of the talking thats been done in the past week, his response was that there was nothing they could do about the contract. Wow, is all I can say!

Company response to consumer: Closed with explanation