When I purchased my new vehicle in March 2009, I was forced to use the financing provided by the dealer. I accept this was my own fault but upon the advice of my own bank, went this route with the intent of refinancing in six to eight months. In November 2009, I was able to refinance and obtained a 10 day payoff. Within two days of obtaining my 10 day payoff, CapitalOne was in receipt of certified funds for payment in full of the payoff (which now included an additional eight days of interest).
The certified funds were applied to the loan balance due suddenly CapitalOne decided that instead of refunding the additional eight days of interest (that was clearly overpaid based upon the payoff information CapitalOne gave me and my lender), they suddenly decided that I owed an additional $127 and some change.
I contacted CapitalOne after I received a statement for the $127 and was never told how a 10 day payoff that was paid in full in 48 hours suddenly is insufficient and that $127 is now due. I made repeated requests for a printout showing how the payoff funds were applied that effectively not only negated a refund of eight days of interest but also caused an additional $127 to be due. That was more than six weeks ago and that printout has still never been sent.
Today I went back to the CapitalOne web site and according to their web site, owe a full payment of $358 but still have a balance due of $127. When I contacted CapitalOne by phone to attempt to clarify the situation, I could only speak with a customer service representative who was clearly in India and who did not fully understand English. When I refused to provide my social security number, I was hung up on. I called back again and again was hung up on. When I made my third phone calls I was still forced to speak with someone still from India but who could not answer any of my questions.
This company preys on people who have few to no financing options. Then they give payoff information they tell you is good for a full 10 days from the date you request it. Then when certified funds are paid to them and received prior to the 10th day, they not only refuse to refund the unearned interest but also suddenly attach additional charges none of which they will even attempt to explain and hold your vehicle title hostage. When a reputable lender provides you with a 10 day payoff of a loan and receives payment in full before the 10th day, the unearned interest is always refunded immediately and new charges do not suddenly appear without any explanation. If you payoff is received late they also explain to you what happened and why and do not hang up on you when you call to get information. This company is clearly holding customer's vehicle titles hostage to collect more money then they are entitled. I will file a company with the Office of the Attorney General in addition to filing a complaint here.
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