Consumer complaint received 2017-01-23
Company: CAPITAL ONE FINANCIAL CORPORATION
State: FL
Product: Consumer Loan
Sub-product: Vehicle loan
Issue: Managing the loan or lease

Complaint:
I deposited {$4000.00} cash into my XXXX XXXX account on Sun, XXXX/XXXX/17. I went online and paid off my autoloan for Capital One Auto Finance, direct debit from my XXXX Bank account on XXXX/XXXX/17. I called Capital One on XXXX/XXXX/17 to find out how long to get the title for my car and was told because I used " uncertified payment '' -- bank account it would take 15 days. I was told if I use my debit card to make payment, it would take 5 days. I asked Capital One to cancel payment and I would use my debit card, so I could get my title 10 days sooner. XXXX Bank would not approve the transaction, though I had over XXXX in my checking account, statting I ; m only allowed maxium of XXXX for day for purchases. I asked if they could make an exception for this one time payment, explaining I sold my car and need to pay off loan and get title ASAP. They still refused stating the cash I deposited 2 days prior still has not been processed. I called the next day Wed ( XXXX/XXXX/17 ), they still refused to allow me to pay off my loan with one time payment of approx {$3900.00}. This time there was no reason the cash I deposited should not be processed by now, but the person from XXXX Bank old me all my money still was not processed. I called Capital One asking them what other ways can I make the payment so I can get titlte in 5 days -- XXXX XXXX ( was was charging a {$110.00} service fee ). It occurred to me I should be able to pay {$2000.00} to Capital One, as this is below XXXX limit for purchases. When I called capital one auto finace they told me though I made payment that day, because it was after XXXX, the payment would not post until next day -- XXXX/XXXX/17. I was told by capital one I can not call on XXXX/XXXX/17, the next day and make an additional payment because I am only allowed to make XXXX payment per day -- so I was unable to called them on XXXX/XXXX/17 and make a payment due to this ridiculous policy. When I called Capital One Auto finance on Friday XXXX/XXXX/17 to pay the remaining balance on my auto loan, using my XXXX XXXX card -- approx XXXX, I was told the payment which I made prior to XXXX, would not be processed until Monday. This really upset me because there was no valid reason why the payment could not be processed the same day. I was told becasue the weekend was coming up the payment would not be processed until Monday XXXX/XXXX/17, and they would not count the 5 days to get my title from Friday XXXX when I made payment, but would could 5 days from Monday XXXX. Though they told me I should see payment post in my account over the weekend, when I checked on Sunday XXXX, I noted nothing was done, no XXXX payment was pending from my checking account. I called XXXX Bank to find out if Capital One processed any such payment and was told No. I also noted in my account -- -- when I made $ XXXX to Capital One Auto Finance on XXXX/XXXX/17, the payment was not processed by them until Friday XXXX/XXXX/17. These practices made by Capital One Auto Finace to delay my payemnt and what it seems to collect more interest on my loan is VERY DECEPTIVE PRACTICE. I had more than enough money to pay my loan in one day and be done, but XXXX Bank wanted to dictate to me how much of my own money I can spend in a given day which is so ridiculous. Thanks to both these institutions, there is now a delay in getting the title for my car and selling it to my buyer. This also causes a delay in me purchasing a new car, because I was going to use profit from money I get from seller to put a downpayment towards an new car. Banks and financial institutions should never have such dictatorship & power over consumers. When this mess is finally cleared I will no longer do business with XXXX Bank and definitely not with Capital One Auto Finance ever again.

Company response to consumer: Closed with explanation