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Costco Auto Program / Capital One (no email please)
Posted on Monday, August 28th, 2006 at 8:48pm CDT by b4a91c7d
Capital One Corporation
1680 Capital One Drive
McLean, VA 22102
Regarding Costco Auto Financing Programs
Toyota is having a 3.99 and 4.99 sale on certain cars but we liked one that was not on special. I looked up the rate for Costco Auto Program and noted the rate for
August 25th as 5.74% on new cars glad we would be able to get that rate with the 790 credit score we had gotten when we pulled it up mid week to ensure we had
the 730 score required by Toyota for their 3.99% rate special.
Saturday morning I phoned the Auto Finance program, as instructed my email, to be told by Capital One we qualified for a 6.6% finance rate due to your credit reports.
I quoted our credit score to Moses, the representative I got, and he stated they look at other things besides the credit score. When I asked what other things he just replied that Capital One looks at all three reporting agencies, etc.
I asked to speak to the Credit Manager and was told that there was no credit manager in the office. After much logical debating on that I was put on the phone with Rebecca a "Representative Supervisor" who pretty much said the exact same thing as Moses. Finally, after much prodding about what could possibly be the cause
of this extra 1% she hinted that debt/income ratio may have been a factor.
Since we had (within days) paid off another loan balance of $2,500.00 I asked about Faxing a copy of the receipt to show that this debt had been paid she stated it
would not matter since it shows up on the credit report and I should file another application once it is off the credit report.
When I asked for the name and fax number of the Credit Department manager she treid to say there was none, but I eventually got a name of Jill Allison with a toll free
fax number, along with sniggering in the background and a statement that Jill was a man when I referenced the manager as she.
At this point I was uncertain that the information was correct so I researched and sent a fax to Richard D. Fairbank, CEO and founder of Capital One today Monday. August 28th, marked Urgent, Please Reply because we have a car ordered and need to know which interest rate was actually correct so we could decide WHO we
would finance with..
I explained the problem and asked if bait and switch was standard practice for his company or if this had been a Saturday mistake. I requested a confirmation fax as
to the interest rate that we would get and sent several pages of documentation that proved the previous loan was indeed paid in full, as well as, documentation that another account on one of the reports was not ours but someone with a similar name and proof that the company had requested from the credit bureau this be removed from OUR report.
I had fore warned Capital One that if I did not hear anything from them today I would file a complaint and build a website on their business practices.
This was sent hours prior to the end of the business day and no fax. Not even a phone call to say a fax would be arriving but no time today. This is my first complaint. Next is a complaint to Costco and possible cancellation of the account in exchange for Sam's Club account.
Secondly a complaint to the Attorney General and local television affiliates to warn people about their questionable business practice. It appears Capital One has joined their commercial "p[illagers". Cute commercials may initially get business but soon the word will get out and they will have no one left to Pillage by the looks of the complaint list here!
Delores and Donald Boone
Monroe, WA 98272