Consumer complaint received 2023-03-31
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with fees charged
Company: CAPITAL ONE FINANCIAL CORPORATION (NC)

On XX/XX/2018 I purchased a 2018 XXXX XXXX XXXX sedan from the XXXX dealership in XXXX Maryland, on I believe what was a second time buyers program for people who had low or bad credit. Of course I was told I can get put in something that wouldn't cost me a lot when it ended up costing me more than I'm able to pay. And to my recollection my credit wasn't too good, but it was above XXXX. When speaking with the finance guy informed him more than once that the price he gave me for a car note each month would be too high considering all the other bills I would have to pay. I asked if there was any way that they could bring the car note down even if it was only about {$100.00}. I was told more than once that they could not bring it down due to my credit score and that after on time payments of about 12 to 18 months that I could refinance which after sitting there for two hours talking to him about the situation he knew that I wouldn't be able to but continue to sell me the car. Almost since I've had the car it's called me unnecessary stress because I have not been able to keep the payments up which means I was never able to refinance. And after asking my finance company over the years more than once if they did refinancing they told me they do not but I looked it up online and it showed that they do. My car has been in possession status once and almost possible repossession status once twice. Now 5 years later I look and I still have {$24000.00} after already paying {$24000.00}. when a total price of the vehicle was financed for {$20.00}, XXXX in which I'm sure all of that is due to not being able to make payments on time but over {$24000.00} left seems a big excessive to pay for a car that probably isn't even worth the money it was financed for, especially for the problems and thousands of dollars of major work that I've had to get done after it reached a certain amount of miles and still isn't corrected properly. Also talking with Representatives over the last couple years of and on and in the last few months, no one can seem to tell me how they came up with and calculated the finance charge, interest rate in car note, just that they can only read me what's on the screen in front of them. The car totaled and was financed for {$20000.00} with a finance charge of {$19000.00} at an APR of 24 % which brings my total to XXXX after a {$500.00} deposit and a {$100.00} trade in they added the total and it brought it to {$41000.00}, none of this even looks right to me and of course they didn't explain any of it. After doing my own calculations and research all of the numbers either come close or don't add up. And using their percentage rate with the car note they gave me it seems like the percentage rate was actually almost 32 %. My car was bought brand new with 11 miles on it so the percentage rate shouldn't be due to that and I also found that by law the highest they can charge for a percentage rate is 16 %, but lenders get away with charging more. Also I'm seeing on my papers that my got warranty on my car has XXXXe different prices which I don't understand any of. My attachments show my buyer 's order, GAP coverage, calculations I made on my own and that I found on the website using loan calculators and two papers for mileage one which is 11 for my original mileage and the second for a mileage over {$22.00}, XXXX which I'm assuming maybe the mileage expected for the car or before it starts to have major issues I'm not sure, but if it is then my car was having major issues before it got to that mileage.