Consumer complaint received 2022-11-11
Company: CAPITAL ONE FINANCIAL CORPORATION
State: FL
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
I am filing this complaint because I have recently been educated on my rights as a consumer and after reviewing the contract that was presented to me at the XXXX of XXXX XXXX dealership on XX/XX/XXXX, of 2021, I am clear that those rights have been violated. The following violations were occurred in relation to my consumer credit transaction for the purchase of a XXXX XXXX XXXX. 

1. ) It is a fact that XXXX car dealership transferred or assigned their interest to Capitol One Auto Finance on page 6 of the contract. It is unclear who I am supposed to have a contract with. 

2. ) It is a fact that Capitol One has been the company sending me billing statements and who I have been paying. 

3. ) It is a fact that I signed a contract with XXXX which included several separate parts to the contract. On page 6 of the contract XXXX transferred their interests to Capitol One Auto Finance, however per 15 USC 1 every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is declared to be illegal. 

4. ) It is a fact that I provided a cash down payment in the amount of {$2500.00}, however per 15 USC 1605a no cash down payment can be collected when there is a finance charge. Pursuant to 15 USC 1662b it is illegal to require a down payment in conjunction with an extension of consumer credit. 

5. ) It is a fact that I was told that the cash down payment would reduce the total amount of the purchase price, however on page 1 of the contract it clearly shows that the down payment was not subtracted but added to the purchase price of the vehicle. This is a billing error pursuant to 15 USC 1666.

6. ) It is a fact that I understand pursuant to 15 USC 1605, that the finance charge is the sum of all charges. On the 1st page of the contract the finance charge is misrepresented to be only {$14000.00} when in fact the sum of all charges would be {$67000.00}. This is a violation of 15 USC 1692e ( 2 ) ( A ).

7. ) It is a fact that pursuant to 15 USC 1605, a finance charge, which is the sum of all charges, should include all insurance premiums. However, no charges dealing with insurance was included in the finance charge per the contract. The staff at XXXX did not even disclose that insurance was to be included with the finance charge, they just called XXXX insurance company on my behalf and made me contract with them separately. This is a violation of what is written in this law. 

8. ) It is a fact that it was never disclosed that all service fees were to be included with the finance charge as noted per 15 USC 1605. It is my understanding that any and all services that may be needed for the life of this vehicle will be covered by your company and that I would only be responsible for the cost of parts. 

9. ) It is a fact that once there is a dispute of any billing error, a creditor can not report any information to a 3rd party until the dispute has been resolved, pursuant to 15 USC 1666a.

10. ) It is a fact that pursuant to 15 USC 1692c, I am providing notice that I refuse to pay any debt and as the original creditor ( since I created the debt ) I intend to invoke a specified remedy.

11. ) It is a fact that disclosure of my rights to rescind the consumer credit transaction or the documents required for me to rescind the transaction was never provided to me as required pursuant to 15 USC 1635. Under 15 USC 1635, I am exercising my right to rescind the consumer credit transaction, which would include any power of attorney. Since the vehicle has depreciated in value it is not equitable for me to return the vehicle. Within 20 days of receiving this notice, you will return the down payment and all payments made in relation to this contract as well as take all required action to reflect the termination of any security interest that was created by this consumer credit transaction.

12. ) It is a fact that I am aware that per 15 USC 1640 ( a ), Capitol One Auto Finance is liable for 2 times the finance charge for EACH violation of the Truth In Lending Act. There have been eight ( 8 ) violations noted per this complaint so far which means that the total fine for the violations under this code would be {>= $1,000,000} is owed to me.

Company response to consumer: Closed with explanation