Consumer complaint received 2018-01-14
Company: CAPITAL ONE FINANCIAL CORPORATION
State: CA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Problem with the interest rate

Complaint:
I went into XXXX XXXX XXXX dealership XX/XX/XXXX inquired about a XXXX XXXX XXXX. It was the end of the year promotion, which they were advertising no payments for 90 days. Prior, I had a XXXX XXXX XXXX which was going to be paid off less than a year. My APR rate was 3.99 % and I paid {$380.00} per month. I was asked if that was my budget and I said no more than {$500.00} a month with less than 6 % APR. When I left the dealership it was agreed and I signed a contract. However, a couple days later I was asked to come back because I missed an initial on a sub heading, but instead of me filling out that part, we had to redo the whole contract on the request of the loan company. Still not sure if it was finalized at this point even though I signed a contract already, three weeks later I received a letter from capital one finance stating that they were going to deny me. This was XX/XX/XXXX. On XX/XX/XXXX I got A letter from capital one saying I was past due four days for the loan. I wasnt sure if I was not approved, and I was under the impression I was getting 90 days no payment. I spoke to a representative and they said the due date in fact was XX/XX/XXXX. So Im getting all these mixed dates. I bit the bullet and made a payment and sign up for auto pay. When I looked at the last contract signed, my APR went up to 13.99 % prepayment at XXXX a month. I did an automatic payment set up weekly to break down the monthly payment, so about {$110.00} would be taken out of my account per week. When I came down in time for the draft, capital one finance was withdrawing my account {$460.00} a week, not monthly or what I originally set up. When I went to speak to a representative I got yelled that and told that I was no longer qualified for automatic payments. I showed proof to them that this was a computer glitch in the response I got was oh well it is what it is response. Not only was I lied about about the no payment for 90 days, I was given unpredicted and false information, and was mistreated. I was never given the right foot to start off with this loan. I had to sign a contract revision for separate times, got a letter of denial after the third week of me having the car, followed up with the letter of a due payment. They never wanted to compromise and was honest about the whole situation. Also, prior to me getting the vehicle, my other car was vandalized to the point where it was totaled. Both the dealership and the loan company knew I was awaiting an insurance payout. When the loan company found that out, they knew approximately how much more I would be getting and they wanted a larger down payment. I stuck with my original offer of XXXX down. And it up putting down XXXX. I also didnt get my settlement until nearly 6 months after the incident, but have made three months of payments on time. I dont understand the higher APR or why my payment was due 90 days before what was advertised. This is a main factor why I am behind on my car payment and why I am fighting them thru bankruptcy and credit discrimination. The very least I want is to get a fresh start with this loan and get it refinanced. I shouldnt have my car repossessed because of false information and discrimination.

Company response to consumer: Closed with explanation