Consumer complaint received 2024-03-19
Product: Vehicle loan or lease — Loan
Issue: Repossession — Loan balance remaining after the vehicle is repossessed and sold
Company: CAPITAL ONE FINANCIAL CORPORATION (CA)

I purchased a vehicle from XXXX XXXX and was never provided with a copy of the original contract and I was pressured into purchasing XXXX XXXX for maintenance and expenses regarding upkeep of vehicle however shortly after I went to have my vehicle service and I was told that due to the vehicle being uncertified that I was unable to use XXXX XXXX even though I had to pay more for this service. They also made it mandatory to pay for something called GAP coverage for {$50.00} a month and I had to negotiate for close to an hour until negotiating it down to {$1.00} a month as the sellers stated that I was unable to leave the lot unless I purchase Gap coverage. Shortly after I began payments on the vehicle I realized that something was wrong and all my payments were going toward interest, I wasn't making any progress. Already frustrated with XXXX XXXX I spoke to somebody from Capital One who informed me of the incredibly high interest rate which they told me was somewhere around {$7.00} a day and the term length which is not what I originally agreed upon I requested refinance options which they had none. This is when I realized something was wrong so I reached out to XXXX XXXX and I asked for a copy of the original contract including services, terms, condition 's and interest rate that we agreed upon. & I expressed that I wasn't making any progress on my loan based on the terms I recalled agreeing on. I was told that XXXX XXXX is under new ownership & that they were unable to provide me with any copy or documentation of the purchase or loan terms whatsoever. 

I continued to pay interest & when I had the vehicle even decided that to try and resolve the issue and avoid repossession I would just sell it back to the dealership and break even but the car was having maintenance issues and I tried to call and request a part to install myself even though I had already payed for XXXX XXXX and they would state that they have no parts for my specific model and that they will transfer me to finance. Eventually after getting so upset I allowed for the vehicle to be repossessed I've contacted them numerous times since the first repossession to get information and try to resolve the issue and they state that they are under new ownership they were bought out by a bigger company and they are unable to provide any documentation. I tried to do my best to keep the vehicle however I was frustrated and I don't understand how a loan can be enforceable when they're not even able to provide the terms of the agreement. The vehicle has since been repossessed & sold after XXXX all my money out of me for a long time so that's already a big heartbreak however as a new consumer just learning about the ability to make a complaint here I have expressed my anger with XXXX XXXX who sold me the vehicle multiple times but unable to get anywhere with them or get any sort of documentation sent to me. The vehicle has been repossessed and now sold and the remaining balance is on my credit and affecting me I just don't understand or have the knowledge on what to do next because they are the ones that submitted the terms with Capital One, I only made an agreement with the dealership who has continually been unable to help resolve this. I even expressed my concerns with Capital One and they were unaware of what to do next they told me to contact the DMV but I don't know what good that would do as far as obtaining a copy of the loan agreement. 
I have already lost the vehicle so I hope for mitigation of the remaining balance by XXXX XXXX & ideally a refund of all funds paid toward the vehicle by the dealership as they were unable to provide or fulfill the terms of the agreement & caused me a lot of stress & trouble after purchasing the vehicle & paying for additional services that were not provided.