- Report: #1235098
Complaint Review: Capital One Auto - Plano Texas
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Capital One Auto
7933 Preston Rd Plano, 75024 Texas, USA
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Capital One Auto capital one auto finance a car for me in august of 2012 a 2007 Pontiac Grand Prix with a purchase price of 16,012.13 the payments are $435 per month I have paid 13,071.30 so far and only 3,124.22 went towards the principal my pay off price is 13,237.52 and iI have never missed a payment Plano Texas
Capital One finance a 2007 Pontiac Grand Prix for me in August of 2012. The purchase price for the vehicle was 16,012.13 , so far I have paid 13,071.30 in payments only 3,124.22 of that went towards the principal. My payoff price is 13,237.52 I still have 48 more m payment of $435 per month. in the end I will have paid over 30,000 for this car. I have never missed a payment.
2 Updates & Rebuttals
Robert
Irvine,California,
USA
The numbers...
#2Consumer Comment
Sat, June 13, 2015
You left off a few key details in this. First of all the purchase price of your car was $16,012. Was that the actual amount financed? You also didn't mention the Interest Rate however based on the numbers you did provide it is probably a very high rate(most likely above 15%). This is important for several reasons. First of all with ANY car loan you will always pay more in Interest in the beginning of the loan than you do at the end. You are not even half way through your loan yet, so you have not seen a significant reduction in your balance. However, as you get into the last couple of years you will notice your balance falling faster.
This is of course based on you making your payments on-time and for the full amount. This brings up the next point and one that may be causing you a problem.
If you got your car loan in August your first payment was either in August or September, and depending on if you paid this months payment already you should have made somewhere between 33 to 35 payments(approx). But if you look at your numbers, 13,071 at 435/month only puts you at abouta(not exact) 30 payments. So you have not made(according to YOUR numbers) somewhere between 2 to 5 payments. Every payment you miss, or even just make late...causes more interest to be assessed. So if you do this several times in the beginning it could continue to accrue to several hundred to a couple thousand dollars depending on the exact details.
If you have any doubt if the interest is being applied, get your original paperwork and look for an amoritzation calendar. If you have been paying on-time and the full amount the numbers should pretty much match. If you haven't then you need to adjust it accordingly.
Jim
Florida,USA
Nothing Unusual
#3Consumer Comment
Fri, June 12, 2015
Nothing unusual here and no need to get excited about. Its called AMORTIZATION and means payments are first applied to interest. It happens in EVERY car loan, EVERY home loan. When you add up all the monthly payments, at the end of the loan term, they will total to principle and interest. If you are late on any payments, you will generate more interest for them as well as late fees. Don't do that!
