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 You're Not in My Wallet, Capital One
Posted Sun January 11, 2009 12:00 pm, by James B. written to Capital One Financial
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I recently finished an Auto Loan with Capital One Auto Finance, which ended on a very sour note. The duration of my loan was six years. I had the account on auto withdrawal; over $350 per month for six years. Unknown to me, Capital One will not pull a payment automatically if it is for less than a full payment amount. Since my last payment was for only $50, less than a full $350 payment, they did not pull the payment and required a manual payment. Due to this, my final payment was not made. At the time I was working on the road frequently, so I did not notice that the final payment was in arrears for 60 days, by which time Capital One had already reported me to the collections agencies. So, after making well over $ 25K in payments on auto withdrawal, Capital One sent me to collections over my final payment of $50.
In fairness, they did send me one notice that a manual payment needed to be made, but they also sent me approximately five pre-approved auto loan direct mail pieces. I find it funny they had the budget and willingness to send multiple acquisition letters, but only sent one customer service letter, even while they were placing my account into collections.
Once I noticed the issue, I called (heck, I wanted my car title) to rectify the issue. I made the payment over the phone and requested that Capital One contact the credit bureau and remove the ding. They refused, stating they don't do that.
After six years of loyal auto loan activity of $25 K, they lost me as a customer forever over a payment of $50. But to be clear, they didn't lose me over the actual payment, but over their absolute refusal to help clear my credit info with the bureaus, a request I am certain is much easier for them to make than for me to figure out and rectify myself.
Capital One was once a ethical company, now it is a huge machine that does not look out for their customers. What's in your wallet, not a Capital One product, that's for sure! Not now, not ever.
Get the credit bureau ding off my record.
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by PepperElf Posted Wed January 14, 2009 @ 12:18 PM
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I believe you are legally allowed to dispute it.
It might not work, but Capital One would have to respond to your
dispute... and if they don't respond the mark gets removed if I'm not
mistaken.
Good luck!
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by BungalowMo Posted Sun March 1, 2009 @ 11:49 AM
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While they cannot legally report NO lates, they can either A) Accept
responsibility & remove or B) Not report anything on the last pmt
(like when you see blanks where there is no info) & mark it closed,
paid in full.
Neither A nor B is incorrect information & therefore totally legal.
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by Richard S. Posted Mon January 12, 2009 @ 11:59 AM
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Aviod Capital One at all costs. They are not a reputable company. They
have so many obscure rules that don't make any sense. For instance
they will not even close a credit card account that has a zero balance
unless there has been no activity with in 30 days and the account
stays at zero for 30 days. I have been fighting with them for 3 years
to remove incorrect information on my credit report from them.
They simply do not care about the customer.
I recently received an offer on a loan from Capital One Home Finance
and told them I wasn't in their offer since they have deceptive
practices. They asked me to give them a second chance. I said when
"He** freezes over".
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You will never deal with this issue if you only buy a car that you can
afford to pay cash with at the time of purchase.
Good Day
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Right...
by BungalowMo Sun March 1, 2009 @ 11:52 AM
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by Commander-X-23 Posted Sun January 11, 2009 @ 2:39 PM
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You should have verified within a week of payment due the last payment
was made successfully. Once you noticed there was no withdrawal, you
would have called to find out what happened.
You were sent a notice previously that a manual payment was necessary
for the last payment. How can you complain they only sent one
reminder? You only receive one bill each month for utilities, right?
Somehow, this was let go for 2 months. You got yourself into a huge
mess here, and in response you are questioning their ethics and
unwillingness to take action to correct your irresponsible actions.
It should be a learning experience for you to figure out how to
straighten it out.
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