Consumer complaint received 2023-11-01
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Changes in terms mid-deal or after closing
Company: CAPITAL ONE FINANCIAL CORPORATION (CA)

ATTENTION: First off it seems that the business has been sold or has new ownership and has dropped the previous name of the dealership (XXXX XXXX) for a new one .


In the time frame of XXXX  to XXXX  I was in the market for a new XXXX  pickup truck. I wanted it a specific version of the XXXX XXXX namely I wanted that XXXX XXXX XXXX with a manual transmission. I was having some difficulty locating the vehicle with the manual transmission as XXXX only made very few of those trucks available in manual. 

I was approached by a friend of mine whom I went to high school with by the name of XXXX XXXX. XXXX XXXX  had recently taken a position as a salesman for a XXXX  dealership in XXXX XXXX. I may have approached him knowing he was working there to ask him about finding the particular options and color combination that I was looking for. Can't remember exactly if I approached him first or he approached me first, however I had attempted to acquire the truck from dealerships in XXXX XXXX where I live and I was having trouble finding the vehicle. After being unable to locate the truck in the color combination and options that I wanted I decided to give XXXX XXXX a chance to earn my business if he could help me locate the truck I was looking for. I came with a quote from another dealership and XXXX  XXXX  said that if he could match the offer would I then consider purchasing from him if he could source the vehicle through his dealership.

I asked to make a special order in order to configure the truck as I wanted it with XXXX XXXX at his place of business XXXX XXXX in XXXX XXXX California. He said I could make the order and asked me to come into the dealership. I made the drive from XXXX XXXX to XXXX XXXX which is nearly 3 hours or more depending on traffic. I worked with him on the computer to confirm the options and color of the truck that I wanted. I then waited a period of time before checking in with him, he said he was working on it. However after trying to reconfirm with him and check on progress of the vehicle it came to my attention that he had not ordered the vehicle or was unable to for some reason. I then went back to attempting to source the vehicle from my local dealership in XXXX XXXX  called XXXX  XXXX XXXX as they were a large volume dealer and I had a quote in writing from a salesman there. He had the vehicle in stock however it was not the color I was looking for. I told the salesman at XXXX XXXX XXXX that I would be back to him after I had a chance to shop other dealerships hoping I could find the vehicle I wanted in stock in the color I wanted. I then received a phone call from XXXX XXXX  possibly because he was alerted through XXXX  that I was at a different dealership attempting to find the vehicle, I'm not sure if they have a system to track potential customers and a way to identify which salesman I had originally spoken with or something of that nature.

XXXX XXXX contacted me and assured me that he could match the offer I currently had from the other dealership and get it in the color I was looking for.  After some back and forth communication I was told that I must make a deposit on the vehicle if he was to attempt to locate it for me.

Again I drove down to XXXX XXXX in XXXX XXXX California and spoke with XXXX XXXX at which time I made $XXXX  deposit on the vehicle being told that it would be ordered. Over a period of more than 6 months I would be frequently contacted by XXXX XXXX in which he would attempt to sell me a similar vehicle that they had in stock however it never matched exactly to what I had ordered from him. Eventually he called me and told me the dealership had acquired the vehicle I was looking for however it was in green instead of the cement gray color that I had specified. 

I went down to XXXX XXXX again and brought my credit report from 3 credit bureaus as I had been previously told that I would be able to get dealer financing at 4.29%  if my credit score was high enough. I think it may have been XXXX  credit score that they were looking for. At that time all three of the credit bureaus or reflecting my credit score to be at XXXX  or above, I believe the scores were XXXX, XXXX, and XXXX. 

Indeed he had the truck I was looking for in manual transmission however it was XXXX, I decided I would be okay with that because getting it in manual transmission with those trim package options was difficult enough and I want to just purchase the vehicle. We discussed that the offer that was made to me previously was still going to be good and I agreed to purchase it. However upon sitting down to start the paperwork I was presented with a much higher price for the vehicle. I reminded XXXX XXXX that we had a deal and I was expecting him to adhere to what we had agreed upon. He then said that he could not sell it for that price because the market would allow for a higher price tag and I should pay that higher price. I pointed out that the price that they were asking was much higher than the MSRP sticker price on the window paperwork.

I stated that I was not interested in paying the inflated price that they were trying to charge and I would take my business elsewhere where I would receive the price originally agreed upon at the other dealership, I pointed out that XXXX XXXX  had agreed that he would match any price from any dealership that I was quoted and I produced the offer in writing from the other dealership. I said that I wanted them to honor that commitment. Now at this late juncture he said he could not honor that commitment and I would have to accept the inflated price. I said that would not be possible and I stated that I would take my business elsewhere and I needed to get my $XXXX  deposit back and I would be leaving. I was told that there was no way I would receive that money back and it would be forfeited if I did not go ahead with the purchase. I spent more than an hour attempting to go through the charges and I pointed out several items that were added on and I did not want and I wanted the vehicle delivered to me without any extras or up sales. I was told that there was no possible way to remove these extra charges. At this point I was starting to get tired and worn down and after making more than three trips down to the dealership from XXXX XXXX which had cost me more than $XXXX  in total in gas expense and calculated how much more driving and expense I would incur attempting to locate the vehicle elsewhere I rationed that I should just consider accepting the price.  I then said at the very least remove the extra $XXXX on top of everything else for the dealer destination charge that he said I must pay because they had incurred that price getting the vehicle delivered. I pointed out that this is not the vehicle I had ordered it was not the right color and therefore I did not cause them to incur any fees having this vehicle delivered. I went on to explain that every other vehicle I purchased the dealership was willing to if not remove the dealer destination fee to reduce it considerably. 
I was told that there would be no change in price whatsoever and if I did not purchase that vehicle right now then another patron whom they pointed to across the sales floor was prepared to purchase the vehicle immediately no questions asked and I would lose my deposit.

At this point I was becoming very angry and I felt completely betrayed and that I had been lied to at every turn in order to get me deeper and deeper into the deal where I had no choice but you accept these inflated prices and extra charges without any discount whatsoever. I did indeed want the vehicle in the configuration that it was in and I knew at the very best I would have to wait an unknown amount of time in order to get the vehicle elsewhere. And I had driven so far so many times and I only saw more trouble going forward trying to get my deposit back. So under protest I agreed to move forward with the purchase.


At that time I was moved into the finance manager's office to complete the sale. I knew that the finance guy would most likely try to extract more money from me in the form of other items and add-ons as well. Even though I was extremely tired at this point and it was getting late into the evening I tried to maintain my awareness and reminded myself to pay attention to the paperwork and the numbers.

That is when the contract was presented and they were trying to screw me on my deposit amount, they said in the paperwork that I only deposited $XXXX dollars but I had made a $XXXX deposit. Of course they pretended that I didn't but when I was able to show my bank records they reluctantly apologized and fixed the paperwork to reflect that. I was hoping for a smooth completion of the day and thought id be leaving soon , however there was other little XXXX  add-ons they tried to get away with totaling XXXX XXXX dollars which I had to insist on not being included. Like the $XXXX  destination charge which they tried to say that I had injured because of the order I put in , but I pointed out that they did not deliver on the special order that I wanted . I had ordered a different color and I wanted a premium stereo system, neither of which were included with the truck they had presented.After quite some time going back and forth I caved in and said that I would pay it under protest as I explained in all of my past vehicle purchases those costs were deleted after working the deal.

This is when I realized that they had switched my interest rate that I had been approved for earlier that day from 4.29% all the way up to around 8% ( it could be a little lower or possibly higher than 8% but I dont have the figures in front of me at the moment).  I pointed out that the interest rate was incorrect and the finance guy insisted that the current rate was the rate all along and I was wrong about it.  I pushed back and asked for the sales manager to come in. When he came in he said he was astonished that the rate was mis-applied and said he would be back and had to go to his desk for something and assured me he would fix it. The low interest rate was a big reason I was moving forward with this purchase . I had spent almost 2 years cleaning up my credit score( above XXXX  if I remember correctly) so I could qualify for the factory offered interest rate of 4.29% .  I was eventually told that yes I was approved for the lower rate earlier that day but now they could only get me a rate of 7.8 or something in that ballpark. Which I responded saying that I would've to come back in a day or 2 after I got my own car loan with a more reasonable rate and their response was that I would loose my deposit if I didn't move forward right then and they would put the truck back on the showroom for sale. It was suggested to me by them that I could just buy the vehicle that night with the higher interest rate but then go ahead and get the loan refinanced the next day or when ever I wanted. We calculated the total cost in finance charges for a $XXXX Loan multiplied by the life oft the loan even if I didn't refinance. I forget the exact amount that was agreed on but it was what you would expect using simple arithmetic based on a. APR and the total amount borrowed and the length of the loan and again I was reassured that, I could refinance "any time " without any problem.

So based on the conversations there in the finance office between myself the finance manager , the sales manager , and the salesman XXXX XXXX  keeping in mind what I was promised and told to be accurate I went forward with the purchase that night around midnight after being their in the midst of the deal for more than 12 hours and I just wanted to leave and get away from these terrible people

Since that time I have come to understand that I was lied to and have been the victim of fraud at nearly every turn behind this purchase and financing the vehicle through Capital One.

When I spoke with capital one a few days later about refinancing I was told I had to wait a month before I could refinance. So after waiting a month I was then told that I had to wait a year and then I could get it refined by capital one themselves where I wouldn't have to do anything but change the loan and then save the money every month with the new loan because of the lowered interest rate. I was not happy but decided id wait until the year was up and then make the refinance.  However just like every time before, when I called after that year was passed I was told that they dont ever refinance a loan that they had issued....

Since then I have experienced nothing but the same tactics including repeated lies and misleading statements from capital one and its employees I was able to reach by phone. Capital One was and remains unwilling to do anything less than continue to exploit me and do everything they can to make things more difficult for me and try to get me further and further into debt . Even during covid-19 I. Explained that I had been left without employment and no income coming in, they would not work with me or do anything that would help me. They did however continue to try to profit from the situation by trying to mislead me into "deferring" the payments the end of the loan ( but not disclosing that those payments would continue to collect penalties and extra finance charges every single day until after every thing else had been paid off and then and only then could I start paying these postponed payments and the extra XXXX  of dollars added to each payment that was "deferred". I would not have been allowed to pay those payments early and catch up, they wouldn't allow you to get out from the insane criminal extra charges and fees. Until the loan was all paid up , then and only then could you get the extra fees and interest for each of the "deferred" payments to stop.  They continued to push that predatory offer on me over and over all the while claiming it would "help " me and never bothering to explain the details and high high extra costs and finance charges that would be added only at the end of the loan. Even paying off the entire loan still would not stop the extra finance charges and fees. And of course they would be holding the pink slip of your vehicle until after they had everything they wanted and might posibly be able to extort additionally.

As things have been during and after covid-19 I have not been able to return to my business and generate any income. Also at that time i became a father to a wonderful little boy and have had a significant amount of extra bills that I must be responsible for, and as a single father with no family in the area to rely on for babysitting I must devote the majority of my time to my son.  I tried to claim a hardship and asked if there was any changes that could be made to my vehicle payments but they declined to offer any Assistance.

At this point I have not been able to make any payments for going onto as year now, and of course they have been trying to repossess my truck and have threatened to sue me and force me to pay their lawyers costs. I have asked for an opportunity to negotiate with them or begin arbitration but again they refused all and any offers I made.  Including a $XXXX dollar offer (that I was going to borrow while using my camera equipment and assets as collateral)I made to them to consider the loan paid and satisfied that I have reiterated several times , however they declined and have instead continued to increase fines ,fees, and extra finance charges to artificially increase the amount due. 


Finally i must make it very clear that I was mislead as to the nature of this loan and how the interest would be compounded and accrued. I was simply asked if I had a car loan in the past and when I answered that I had financed vehicles in the past the finance manager said that "this loan will be the same as the others you may have had when you purchased your other cars"
I then said I wanted to be clear so I asked if it would bd as straight Forward as making a simple calculation to involve the amount borrowed ,  the interest rate represented to me as APR , and the length of there loan. The finance manager and I worked out the total amount that my loan would cost me and I was told that is and will be the way my loan is calculating the interest I would be paying for the life of the loan.  Taking what he said as binding I reminded him that we were making a verbal agreement and therefor a binding verbal contract as is the law in California , and he agreed that it is binding and we would be bound by our agreement for the actual costs of the loan.  With that I made it clear that I was in no way happy with the situation and I am only moving forward with the explicit intent of refinancing the loan immediately and actually getting a loan that would be representative of my credit score of above XXXX  as it was any the time and I was entitled to but they had switched its during the deal at last minute as well as threatening me with the loss of my $XXXX  deposit if I didn't make the purchase and sign for the loan right there before I left the finance office. Additionally it was nearly midnight and I could not call any banks or my credit union or any other lenders to get a competitive offer.They clearly stated that I would loose the truck to another buyer who would get the benefit of my $XXXX  loan credited to them as it had already been paid if I failed to complete the deal and left the dealership at that time.
Of course when I did call capital one the next day and attempted to take advantage of a refinance offer that I had just been approved for by capital oe via online application I was told that I had to wait a month before I could do that. When I then submitted another refinance offer after a month I was then told that I would have to wait a year, and then no surprise after waiting a year I tried again ad was told that capital one didn't do that and even if I got a refinance offer from another bank I would still be required to pay all the interest and fees anyway plus new fees and costs and interest payments to a new loan provider.So I continued on with them but as time went on I  was noticing many deceptive practices and unclear ways to save any money. I was told to use the online paymenty calculator that they  said was on the website, however I was not able to ever locate iota even after asking many times and asking them to help me find it while they were on the phone. Never saw it , I asked for a link to it they refused but assured me it was there.

I went as far to make some complaints directly to the office of the president of the company and was called back by one of the assistants to the CVEO and president of Capital One in West Virginia. Even she was unable to help me locate any Resources that I could use to accurately understand how the interest was calculated between payments except to say that the length of time between making a payment and another payment would accrue interest inn that time but was unable to give me a strategy to avoid extra finance charges even if I paid everything onetime. I complained asbniut all the misleading statements and procedures that I was having problems with and the lies I was told about refinancing after a month then after a year but she offered no help or cart in the lies and misrepresentations endemic in the company.

Now I dont know what to do. I need help I am a single father with a XXXX  year old little boy who is being hammered by child support even though after covid-19 I have no income and have my son half of the time . I pay for his needs and then also must somehow pay child support . I am trying to move forward and be self sufficient and pay my bills but I keep getting screwed and treated unfairly. I desperately need help ad humbly ask for assistance.  

Thank You