Consumer complaint received 2025-03-17 00:00:00
Product: Vehicle loan or lease — Lease
Issue: Getting a loan or lease — Problem with a trade-in
Company: CAPITAL ONE FINANCIAL CORPORATION
State: TX

Complaint narrative:
Summary of Events : 1. Trade & Purchase : On XX/XX/XXXX, I traded in my XXXX XXXX XXXX, financed through XXXX  XXXX, toward the purchase of a XXXX XXXX XXXX, financed through XXXX XXXX XXXX. During the sales process, I provided paystubs from both my previous employer ( XXXX ) and current employer ( XXXX XXXX ). Sales Consultant XXXX XXXX verified with XXXX, the Sales Manager, that only my previous employers paystubs could be used. 
2. CarMax Allowed Me to Leave Before Loan Was Finalized : CarMax permitted me to take possession of the XXXX XXXX XXXX before XXXX XXXX completed verification. 
3. CarMax Requested the Return of the XXXX  : On XX/XX/XXXX, I was contacted via text and email by XXXX XXXX, instructing me to return the XXXX XXXX due to financing issues. 
4. CarMax Paid Off My Trade-In AFTER Asking for the Return of the XXXX  : On XX/XX/XXXX, CarMax paid off my XXXX XXXX XXXX  loan with XXXX  XXXX, even though my financing for the XXXX  had already fallen through. 
5. CarMax Retained My Trade-In Vehicle & Down Payment : On XX/XX/XXXX, I returned the XXXX  as instructed. However, when I attempted to retrieve my XXXX XXXX XXXX, I was informed by XXXX ( Sales Manager ) that it could not be released because CarMax had already paid it off. 
XXXX ( Business Manager ) assured me that my vehicle would be available by XX/XX/XXXX, but I never received confirmation. 
I followed up on XX/XX/XXXX, and was informed that before releasing my vehicle, CarMax must reinstate the loan, resolve title issues, and obtain signatures from all parties involved. 
On XX/XX/XXXX, I also spoke directly with XXXX XXXX, who confirmed that they will NOT refund the payoff that was sent by CarMax for my trade-in. 
6. Conversation with XXXX on XX/XX/XXXX : I spoke with XXXX ( Business Manager ) regarding the status of my XXXX XXXX XXXX. He informed me that he was working with CarMaxs legal team and XXXX XXXX to resolve the issue. 
He stated that they were attempting to get the payoff refunded, the title returned, and have the loan reinstated. He also mentioned that all parties involved, including myself, would need to sign paperwork as part of the process. 
I told him that I was completely without transportation, forcing me to walk my son to school. XXXX then stated that he would go to bat for me to try to secure a rental carbut I have not received any further communication regarding this. 
7. CarMax Confirmed They Will Not Return My Vehicle or Offer Any Assistance : After speaking with XXXX  XXXX on XX/XX/XXXX, I called XXXX to inform him that XXXX  XXXX would not refund the payoff. 
XXXX responded that this was new information to him and said he would follow up with XXXX XXXX himself. 
XXXX later called me back and stated, I have bad news. XXXX XXXX is not going to refund the payoff, so we can not give you back the car. 
CarMax offered no further solutions beyond refunding the difference between my payoff and my down payment related to negative equity. 
CarMax never offered to assist me in financing another vehicle, provide a rental, or mitigate the hardship they created.

Company response to consumer: Closed with explanation