Consumer complaint received 2021-03-08
Company: CAPITAL ONE FINANCIAL CORPORATION
State: DC
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Account status incorrect

Complaint:
In XX/XX/2019 we got a car from XXXX XXXX in XXXX Maryland and went under the impression we were getting a car for our personal, household, and family use under credit via a consumer credit transaction. However after reading consumer laws that is not the case. We are calling out the fraud that Capital One Auto Finance and XXXXXXXX of XXXXXXXX committed when we went in for a consumer credit transaction. We were not disclosed full details of the consumer credit transaction and how the transaction would be fulfilled. In addition there was no consideration given for the promissory note that was recorded on the companys books. I/We KXXXX XXXX XXXX and XXXX XXXX are the natural person ( s ), living man/woman and original creditors was not given full disclosure on the consumer credit transaction. Capital One Auto Finance is not the original creditor and that is false and misleading per the FDCPA. Capital One Auto Finance did not disclose their initial relationship with the dealership that would bring a natural person into commerce. Capital One Auto Finance and XXXX XXXX did not disclose that upon the consumers providing their social security numbers ( credit card ) per the Truth in Lending Act and subject to 18USC 8, by the cardholder ( XXXX XXXX ; XXXX XXXX ) that the consumers who are the ORIGINAL CREDITORS in the consumer credit transaction, credit would be used by the dealership and the financial institution to obtain a Loan from the federal reserve bank per ( 12 USC 1431 ) in the consumers name which is identity theft, and returned as a loan. Nothing of value was provided in consideration by Capitol One Auto Finance or the dealership. Also per the Truth in Lending Act the consumer was only to pay the finance charge in a consumer credit transaction. However much more was paid and still is being paid. Also was paid was a XXXX down payment which is also a violation in a consumer credit transaction. I am requesting validation of debt per 15 USC 1692g. In addition Capital One Auto Finance is a debt collector per 15 USC 1692a ( 6 ). Debt Collector has thirty ( 30 ) days to properly and timely verify and validate the alleged account and debt as follows : a. Present all original account/loan level documentation from the original transacting parties containing verified signatures from all original transacting parties verified under oath and penalty of perjury to support your claim of indebtedness. Also please PROVIDE per the Generally Accepted Accounting Principles ( GAAP ) an audit trail of the aforementioned account. Lastly, There are other questions below that I would like answered point for point on a sworn affidavit. The first question is based on Federal Reserve Banking publications, by whom was the " loan '' funded I.e, who put an up ( asset ) to fund the loan and where did the funds ( I.e, cash, money, check ) come from? Second, provide full bookkeeping entries for account. And based on banking principles when the " note '' was signed and deposited to " create the funds '' an asset and liability was created to " balance the books, does that constitute as an exchange and settlement for the goods received, I.e, XXXX XXXX vehicle? Please also note That the giving a ( federal reserve ) note does not constitute payment. See Echart v Commissioners C.C.A., 42 Fd2d 158. That the use of a ( federal reserve ) 'Note ' is only a promise to pay. See Fidelity Savings v Grimes, 131 P2d 894. That Legal Tender ( federal reserve ) Notes are not good and lawful money of the United States. See Rains v State, 226 S.W. 189. Also we are exercising our consumer rights to rescind the transaction per the Truth in Lending Act and want all funds returned to the original creditor ( I.e the consumers ; account holder )

Company response to consumer: Closed with explanation