Complaint Review: Capital One Auto Finance

I refinanced a Capital One Auto Loan on June 21, 2004. My credit union overpaid the amount owed to Capital One by $501.32. When I initially called Capital One Auto Finance in late June, I was told that I would receive a check refund in the mail within 30 days. After a month passed, I called and I was told that I would receive the check within 45 days.

When I questioned the Account Services Representative as to why it takes such a long period of time to issue refunds, his reply was "Because we issue so many refunds". He also stated that interest is not paid on these refunds that are being held. My 3rd phone call to Capital One was made on August 6, 2004, the 46th day since the loan had been satisfied. I was told by an Account Services Representative that I would receive a check within 2 weeks, approximately 2 months later. I told the Rep. that 2 weeks was unacceptable and I requested to speak with an Account Services Manager, who gave his name as Josh.

Josh advised me that a refund check was issued for $34.99. Josh believed the $34.99 refund to be a mistake and stated that the correct amount would be refunded but could not give me the date when the check would be issued, nor did he know where the refunds checks were generated. On 8/7/2004 I received a check from Capital One Auto Finance post-marked 8/5/04, 45 days later, in the amount of $34.99, far less than the amount I am owed.

I find Capital One Auto Finance's inability to to provide myself with accurate information regarding my refund a questionable business practice, especially if they issue as many refunds as they claim. They should be able to direct customer's to a department that designated specifically to handle refund disbursements. I find it even more disturbing that refund money being held more than 30 days does not include interest.

Ivory
94703, California
U.S.A.