Do not us Capital One Auto Finance!!!

Posted on Sunday, January 7th, 2007 at 9:55am CST by 82bf06f1

Company: Do not us Capital One Auto Finance!!!

Category: Other

In 2004 we decided to use Capital One Auto Finance as our lender for a purchasing used car. In doing so I set up our payment to be automatically withdrawn each month to avoid any lost payment or late charges.

Everything was going fine until we decided to trade the car and purchase another one. On Friday, December 15 we officially traded our car. On recommendation of the dealership we were told that we should notify Capital One in case they did not receive the payoff before our payment was due. On Monday morning the 18th I called Capital One and was told to fax a cancellation letter. My letter stated that this should take affect immediately. On December 21 I checked and they had withdrawn the funds for the payment even after receiving the fax. I call Capital One again and was told that it takes 5 days for them to process an automatic withdrawal. Also told that they had not received the pay-off as of yet, so I told them it should be coming and to refund my money as soon as they received the funds.

On Wednesday, December 27, still having not received my overpayment, I call Capital One again and was told the loan had been paid in full on December 23 and a refund check was being sent to me. On Wednesday, January 3, I received a letter stating the account had been paid in full but no refund check was included. I called them again ( for the fourth time) and was told this time that a check was refunded to the dealership since they were the ones to pay off the loan. At this point I became very upset with the dealership in thinking that they had not contacted us telling us about this overpayment. On Thursday January 4, I went to the dealership to request my monies and was told they had never received a check. On Friday, January 5, I again (#5) call Capital One and was this time told it takes 18 days for them to process a request ( I should have to request my monies be returned?!) for overpayment and that I should be receiving a check within 18 days. At this point I asked to speak to a manager. I explained all the circumstances that had happened and all I received was, "I'm sorry, that is our policy."

How does Capital One have the ability to implement a policy to need 5 days to cancel an automatic payment, and 18 days to refund the monies! Much less having to make a request of monies that were overpaid! This is outrageous! By the time I finally get my monies refunded it will be almost 30 days! Not to mention that it took so far 5 phone calls to get this information!


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