Capital One Complaint - Capital One does not give full disclosure
On the advice of a car dealer I contacted Capital One to finance a used car. He told me his customers had had good luck with them. I filled out their on line application looking for specific points. I had had other banks refuse loans on cars over 10 years old so this was the one I looked for and did not find. I received voice and e-mail verification of a loan approval that well exceeded my immediate needs. (The concept of their Blank Check is pretty slick...it is the details that are never mentioned.) Based on that I gave the dealer a down payment becasue the "check was in the mail". When I go the loan package they filled it with so many restrictions that had not been mentioned anywhere else that it was useless to me.
First, they do NOT loan on cars over 10 years old. Second their definition of a dealer is only a Franchise Dealer...Independent Dealers are specifically excluded. Then they told me it was in the wrong state (I am in TX and the car was in OK). When I called "customer service" I was told flat out that it was my own fault for putting the down payment down even though they had never mentioned these restrictions. I will grant a small point there but that was only becasue I actually trusted what they had told me twice.
What's in my Wallet? Nothing that will ever say Capital One.
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