Consumer complaint received 2025-02-25 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Repossession — Account reinstatement or redemption after repossession
Company: CAPITAL ONE FINANCIAL CORPORATION
State: TX

Complaint narrative:
Dear Consumer Financial Protection Bureau, I am writing to formally file a complaint regarding the repossession of my XXXX XXXX XXXX  by [ Lenders Name, e.g., Capital One Auto Finance ]. My vehicle was repossessed on [ date of repossession ] due to my inability to make payments during a period of extreme financial hardship caused by the COVID-19 pandemic and a subsequent divorce. I am seeking assistance to resolve this matter fairly and to regain possession of my vehicle through a reasonable payment plan.

Background and Financial Hardship During the COVID-19 pandemic, I lost my primary source of income, which was further compounded by the financial and emotional toll of a divorce. These events left me unable to meet my financial obligations, including my auto loan payments. Despite my efforts to communicate with [ XXXX XXXX ] and explain my situation, I was not offered a feasible payment plan or alternative solutions to avoid repossession. 

The balance on my loan at the time of repossession was approximately XXXXI am willing and able to pay this balance through a monthly payment plan of XXXX, which I believe is a reasonable and sustainable amount given my current financial situation. However, instead of working with me to find a solution, the lender repossessed my vehicle, causing significant disruption to my life. 

Unfair Treatment and Bias I believe I have been treated unfairly and subjected to bias as XXXX XXXXXXXX XXXX consumer. I was not given the same opportunities to settle my debt or negotiate a payment plan as others in similar situations. This has had a devastating impact on my ability to recover financially and maintain my creditworthiness. 

Proposed Resolution I am requesting the following : Return of My Vehicle : I ask that my vehicle be returned to me so that I can continue to use it for work and personal needs. 

Reasonable Payment Plan : I propose a monthly payment plan of XXXX to clear the outstanding balance of XXXX. This plan would allow me to pay off the debt without further damaging my credit score.

Credit Reporting : I request that the lender update my credit report to reflect that the account is current and in good standing once the payment plan is agreed upon and payments are made consistently. 

Settlement Offer Concerns The lender has offered a settlement plan that requires me to pay XXXX of the remaining balance of XXXX, with XXXX forgiven.While this may seem like a solution, the proposed payment options ( e.g.,1 installment of XXXX, 3 monthly installments of XXXX, or XXXX installments of XXXX ) are not feasible given my current financial situation. Additionally, the lender has stated that finance charges will continue to accrue, which will further increase my debt burden. 

I believe this settlement offer is unreasonable and does not take into account my ability to pay. I am seeking a fair and equitable resolution that allows me to keep my vehicle and pay off the debt in a manageable way. 

Request for CFPB Intervention I am asking the CFPB to intervene on my behalf to : Investigate the lenders handling of my account and the repossession process. 
Ensure that I am given the opportunity to repay the debt through a reasonable payment plan. 
Address any potential bias or discrimination in the lenders actions. 
I have attached relevant documentation, including my loan agreement, correspondence with the lender, and proof of financial hardship, to support my complaint. 

Thank you for your attention to this matter. I trust that the CFPB will assist me in resolving this issue fairly and promptly. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation