Complaint Review: CAPITAL ONE AUTO FINANCE - Internet

Are we really talking about a car loan here?

I have never seen the rate change on an installment contract. This situation sounds more like a credit card. I have seen a late fee added to the normal scheduled payment, but never an interest rate change, as the rate is stipulated on most installment contracts I have seen.

No rip off here.

The bank is not responsible for your hardship or loss of your job, etc.

The bank is a for profit business, not a welfare office. It sounds harsh, but it is reality. You either make your payments as agreed or you don't.

How is this a rip off? Really? Do you really feel that you are entitled to use that car for free?

It looks like you are the one engaging in the rip off here against the bank!

My advice to you is to go back to the 3rd grade and learn how to spell, then find the CAPS LOCK key and put it in the O-F-F position before you post again, as posting in all caps is RUDE, hard to read, and against ROR rules.

Now, response to "thinker" regarding the FTC rules on credit reporting. It is not the responsibility of any government agency to enforce these rules. The FCRA rules can only be enforced via civil court action, and under the law, it is YOUR responsibility as the consumer to bring that action, at your own expense. Learn how to read before you post jibberish and look stupid.

If this was the old days it would be Al Capone financing. Capital One made their money in the subprime credut card business years ago. Then graduated to buying a bank and the rest is history. They resell the paper and have sub companies harass people for the collections for years. This is a very savvy and experience bunch who just bought out Chevy Chase Bank. They are headquarted next to Washington D.C.have all sorts of political contacts and know the game. Tag your it !

If anyone with some B or C credit needs to get a car forget these banks the dealers put you through. Go to CreditKarma get your free score and find a better deal

IN many cases with a low score in the 600's you can find half the interest of a bank as long as you pay your bills on time now.

CREDITKARMA Equifax Transunion And Experian all love to see you down on the floor. It takes three months to get their attention and another two months to try and fix your credit. The Fair Credit Reporting act of congress is just that an act.... How many times has the FTC or any government agency sued Equifax of FICO for improper reporting ?

Please post the section in your loan agreement that states that you don't have to make your payments if you loose your job?  There isn't one is there?  Is that tough..yea but they are not doing anything that any other finance company would do.  In fact you will find reports on many companies who repossess a car after only being a few days late.

Now, as to them increasing the interest rate.  Look in your agreement for that as well.  It is very likely that you find a section that allows them to do it.  But if you go over it with a fine tooth comb and can't find anything then find yourself a good lawyer and sue them.

Just curious, how many payments should they let you get behind before they repossess your car?  2, 4, 6, or should they just let you slide until you are able to pay them?