Consumer complaint received 2016-04-28
Product: Consumer Loan — Title loan
Issue: Charged fees or interest I didn't expect — 
Company: CAPITAL ONE FINANCIAL CORPORATION (MD)

XXXX Capital One and XXXX XXXX, where I purchased my car Had/Have a collusive kickback scheme. My credit was poor but Capital One was XXXX of the creditors I had with whom I had n't missed any credit card payments. I had closed both accounts with them several years before I purchased my car when I realized.I was in financial difficulty. Then a couple of years later when I needed a car Capital One was the only XXXX XXXX of XXXX said they could get to approve me. At first the interest rate was high at 14 %, When I got the call and agreed out of desperation, the interest rate was increased to 16 % when I got there to sign the papers. Although I was purchasing a new hybrid car at {$19000.00} in order to keep my costs and expenses down, I wound up with a payment of {$530.00} per month. as if I was purchasing a XXXX or XXXX or some other high end car. After paying on it first for a couple of years without missing or being more than 30 days late on a payment, then XXXX, 4 years without missing or being more than 30 days late on a payment, each time asking Capital One to PLEASE reduce my interest as it was a struggle to make the payments, they turned me down each time. Even though I was not more than 30 days late during that time, there was no grace period I learned in this loan so Capital One was making a good amount of money also on late fees I had to pay at {$35.00} per month if my payment did not get to them on the XXXX due date. I was often XXXX, XXXX, XXXX, XXXX XXXX, XXXX or more days late so I paid that late fee often due to when XXXX 's fell, or if I were pressed to pay a utility bill to keep service from being disconnected and buy food too which left insufficient money to pay the car note. I have now been paying on this car more than 5 years, however, in the past year and actually also at the end of the 4th year, I have been more than 30 days late and missed payments which never would have happened if I had been charged a more fair high interest rate because the car would have been paid for last year or the year before. During the 6 years of this car note, I have about 9 months remaining, I have developed XXXX XXXX, had a XXXX, been terminated from my job at XXXX XXXX XXXX and live only on social security. Consequently my income has dropped dramatically. I am 3 months behind with my car note. This car is less than a year from being paid for. It 's not fair I am in threat of losing this car at this point when one considers how much money I have paid Capital One for this {$19000.00} car at the rate of {$530.00} per month for more than 60 months plus late fees - over {$35000.00}! An attorney told me my income is insufficient to file chapter XXXX bankruptcy to keep the car and if I file chapter XXXX, I 'll lose the car anyway. Capital One has statement on the monthly statement that My last payment is due XXXX/XXXX/2016, the original last payment date, and the balance will be due immediately in full. I wo n't have it or I would n't be behind now. Capital One is just using this hard nose way to get all the money they loaned, 16 % interest, all the late fees which total nearly double to cost of the car and still they 'll steal the car from me on or about XXXX/XXXX/2016. I need help. The law should n't support their behavior. Does USUARY apply here or some other law?