Consumer complaint received 2016-11-02
Company: CAPITAL ONE FINANCIAL CORPORATION
State: NV
Product: Consumer Loan
Sub-product: Vehicle loan
Issue: Taking out the loan or lease

Complaint:
I 'm XXXX-YEAR old, with XXXX and limited XXXX. 

On XXXX/XXXX/15, I bought XXXX XXXX XXXX at XXXX XXXX ( " XXXX '' ) in XXXX XXXX, NV. I got {$5000.00} dealer discount on it! I LIKED MY CAR VERY MUCH and drove it every day. I put {$15000.00} as a down payment, and XXXX arranged for the 1st CAPITAL ONE AUTO FINANCE ( " COAF '' ) auto loan. The loan balance was {$13000.00} financed at 1.99 % APR/48 MO. with Finance Charge {$550.00}. 

On XXXX, when I came to sign paperwork for a return of XXXX XXXX XXXX, I was PUSHED and MANIPULATED by XXXX floor manager to RETURN XXXX CARS : 1. my XXXX XXXX XXXX ( bought on XXXX ) and 2. the XXXX XXXX XXXX ( the only car I wanted to return and XXXX manager agreed with its return 2 days earlier ) TO WALK OUT WITH XXXX CAR ( XXXX XXXX XXXX ), while getting my {$22000.00} down payments fully accounted for in a new contract. 

Later, XXXX manager changed his mind from a new XXXX XXXX XXXX TO WALK OUT WITH the EXACTLY SAME, EVEN BETTER, XXXX XXXX XXXX, for a SLIGHLTY HIGHER MONTHLY PAYMENT around {$330.00}. ( A comparison to {$280.00} monthly payment on my XXXX XXXX XXXX bought on XXXX ). It was the ONLY FINANCIAL INFORMATION I received on XXXX! 

I was PUSHED and MANIPULATED into entering the contract WITHOUT a FULL DISCLOSURE of all financial terms and details of the transaction. Without seeing any DISCLOSURE MADE IN COMPLIANCE WITH TRUTH IN LENDING ACT, I ended with a misrepresented EXPENSIVE XXXX XXXX XXXX that I never wanted, having the 2nd CAPITAL ONE LOAN. The loan balance jumped to {$25000.00}, financed at 2.90 % APR/72 MO. with Finance Charge {$2300.00}. 

On XXXX, FK PUT my XXXX RETURNED CARS as TRADE-INS into the contract : a ) my 2-month XXXX XXXX XXXX ( bought for almost {$29000.00} ) that I never wanted to return got {$21000.00} TRADE-IN price, and b ) 22-day NEW XXXX XXXX XXXX ( bought for almost {$27000.00} ) got {$17000.00} TRADE-IN price. 

WITHOUT ANY DISCLOSURE of TRADE-INS, XXXX gave me only {$6500.00} ( Net Trade-in ) from my {$22000.00} cash down payments. 

CAPITAL ONE APPROVED the LOAN for XXXX XXXX XXXX with balance {$25000.00} financed at INCREASED 2.90 % APR/72 MO. to PAY OFF a ) COAF loan for XXXX XXXX XXXX with balance {$13000.00} financed at 1.99 % APR/48 MO. ( Capital One " paid '' to ITSELF ), and b ) XXXX XXXX XXXX loan for XXXX XXXX XXXX with balance {$18000.00} at 0 % APR/60 MO., with NEGATIVE EQUITY rolled over to the new COAF loan! 

CAPITAL ONE paid {$500.00} ( approx. 0.9 % APR 'MARKUP ' ) to XXXX XXXX for arranging the 2nd loan. 

On XXXX, I contacted COAF and explained that XXXX took advantage of me. I sent documents to COAF through online messages and kept COAF informed about a car 's location such as I REJECTED the MISREPRESENTED XXXX XXXX XXXX left at XXXX lot on XXXX and SENT its keys to XXXX. On XXXX, when I was at work, XXXX brought and left locked XXXX XXXX XXXX in my driveway. I got it towed to XXXX on XXXX. 

On XXXX, CAPITAL ONE sent me this message : " I did want you to be aware that by LEAVING THE VEHICLE AT THE DEALERSHIP at this point it would be considered a VOLUNTARY REPOSSESSION. The repossession could remain on your Credit Bureau Report for 7-10 years,... In addition, YOU WOULD BE LIABLE FOR ANY BALANCE LEFT OWING AFTER THE VEHICLE IS SOLD AT AUCTION.... It would be best to wait until the results of the outcome of the lawsuit that you are filling against the dealer. '' As of XXXX/XXXX/15, I WAS N'T LATE on my COAF auto loan PAYMENTS and I NEVER said I WOULD NOT PAY! Capital One DID N'T MENTION any contract provision, NV or fed. law based on which a REJECTED misrepresented car left at XXXX, while making payments, can be considered a VOLUNTARY REPOSSSESSION. On XXXX/XXXX/15, XXXX brought XXXX XXXX XXXX back to my driveway, because XXXX wanted to charge me STORAGE FEES! 

1 1/2 YEAR LATER, I still pay {$380.00} monthly to CAPITAL ONE plus insurance for XXXX XXXX XXXX, STORED in my GARAGE, and AWAITING a TRIAL.

Company response to consumer: Closed with explanation