Complaint Review: Capitol One Auto Finance

I am an ex employee of COAF and I can tell you this much COAF is about the only auto finance company on the market that has any kind of help. I work for a different finance company now and let me tell you they don't have any kind of payment plans or anything that will help anyone, you either pay what you owe or they come get the car. So all I have to say is if you don't have the money to go out and buy a car with cash, ride the bus!! These companies are not out to help they are out to make money.

I have Capital One and get harrassed but this is what I suggest:

1.) For phone harassment which this crazed company does. Change your phone number or disconnect, that is your right to do so. Nobody can force you to have a telephone number in the first place. If you do change it, make sure it is unlisted and NEVER give it out to anybody especially creditors. Consider getting a disposable phone number such as Skype number you can change at anytime or cancel.

2.) Sell your care if you have equity in it, CarMax or outright sell it to pay off the debt, if you are underwater, let them repossess. It is best to sell it if repossession is imminent if you have equity to pay off the principle and have some money set aside, it will save your credit. NEVER do business with Capital One ever again, would not recommend them to a dog. Whatever money you get use it wisely, use a friends old car, borrow one from a family member or use it to purchase in cash a used one just to get you buy for a year until you find work.

3.) As a last resort, file bankruptcy if the situation appears desperate. Every state has an exemptions for autos ranging from 1,500 to 5,000 which is money you keep from your assets. Meaning you may have to give up the car but Capitol One will not get all they demand. In other words you owe Cap One $10,000 on a car the court will allow you to take the exemption, they get the car and discharge any gap involved. In addition, they under the automatic stay to further collect, call or even repo your car. 

I AM THE PERSON WHO FILED THIS...

I appreciate your negative feedback. I live in Newport News, Virginia and actually it is very hard to find a job. I was laid off after being on maternity leave. I have been looking for a job but in Virginia it is not a great market. I have applied to jobs for way less money than I have made in the past....ANYWAY

They are not obligated but it is still bad business. My credit card company waived my fees because of my situation. I didn't hold out a sign and ask my employer to lay me off when I had a new baby and new bills. The economy is still screwed up and people are still losing their jobs everyday. If I could give them my car and not owe anything I would do just that. Unfornutely we all know that is not how it works, so I shouldn't get harrassed everyday about half a payment. Maybe if you were in my situation you would know how it feels, but you don't so don't tell me I haven't been trying and they shouldn't help me out!!!! THANK YOU!!!!

You wrote from a large metropolitan area. You wrote you have been "unemployed" for SIX months.

Why???

You are unemployed because you want to be unemployed! There is NO REASON you cannot get on a payroll in such a large area. It might not be the job you want but you'll be ON A PAYROLL which looks great to a potential employer.

Since apparently you aren't willing to do this for yourself, why should any lendor be willing to do anything for you?

You have a contract with them that requires you to pay a certain amount each month. If you're late, the contract says they get late fees. While it would be nice if we could expect loan companies to help us out if we're in financial trouble, the fact is that they have no obligation to do so. Everyone who can't pay has a reason. You expect a company to waive fees and postpone payments every time someone tells them they've got troubles. If that were the case, banks would be even more broke than they are now.

At least they've said they would be willing to work with you if you got a job. That's something. You have to look at it from their perspective. If you are employed, at least they have some reasonable expectation that you won't default. As for the government shutting them down, not likely. They haven't done anything wrong.

It's probably an unrealistic expectation. It is very unfortunate that you have been unemployed (as have many others) for so long...but expecting capital one to waive late fees because you lost your job is probably asking too much (unless they had some kind of offer related to losing your job, actually listed in your contract...kind of like the car companies are advertising right now...and are refusing to honor it).

I probably wouldn't consider this a rip-off. It's business.