I pay every month except l missed two payments last year because my wife died and they keep acting like l haven't paid in 2 months, but l have paid every month on time for the last six months, and over three and half years l have been on time except thoes months. Now everyone is out of work, electric company's aren't cutting people off, and other people are backing off, but not Capital One, they want their money NOW, natural disaster or not.
Not to sound insensitive but are you out of work? If not, just because there s a pandemic and lots of people are out of work and other companies are granting extensions doesn’t mean you cannot pay your bills. If you have lost your job, that sucks, keep asking to talk to higher-ups. Eventually you’ll get someone who might be authorized to give you an extension on your loan payments.
Look up your state's debt collection act (federal act only applies to third party debt collectors). Odds are pretty good that Cap One is violating something. The people who manage collections at the big lenders are just $12 an hour drones working in call center operations. If you can document a debt collection act violation, you will have some leverage to keep Cap One at bay or even get a nice settlement check if you can get a plaintiff's lawyer interested.
In most states you can tell a debt collector that you do not want to receive any more debt collection calls. If they do not stop, they have violated the act and can face civil penalties. Also, in most states you can request verification of the debt in writing and there are consequences if the creditor doesn't provide it. Most big lenders will screw that up. There is also a long list of debt collection tactics that creditors cannot do (threaten criminal prosecution, call employer/friends/family, excessive calls). Study those and document anytime they cross the line.
It is also a good idea to send in a written request for forbearance. Cap One will never do it. But in a subsequent lawsuit, the jury will hate on them for not being reasonable.
Finally, watch out for the repo man. Park in a locked garage or have a friend block your vehicle in wherever you park at home. If you see the repo man trying to take you car, go out and yell and scream, sit on the hood of the vehicle, make a scene. The repo man has to stop if there is a breach of the peace. If they don't, it is a wrongful repossession and Cap One will be liable. Be sure to video. Of course, you cannot put your hands on the repo man. Understand that he is just trying to make a buck and is just a cog in the big machine.
If they repo your vehicle, you still have the right of redemption. Cap One should be obligated to send you a notice of redemption and sale (depends on state law and the contract). Even if they don't do it, you should send them a letter asking to redeem even if you can't pay off the loan. That may gum up the process and give you leverage if there are debt collection violations.
Capital One Auto wrote:
I pay every month except l missed two payments last year because my wife died and they keep acting like l haven't paid in 2 months, but l have paid every month on time for the last six months, and over three and half years l have been on time except thoes months. Now everyone is out of work, electric company's aren't cutting people off, and other people are backing off, but not Capital One, they want their money NOW, natural disaster or not.
NEVER borrow money to buy a car.
A natural disaster is not a forgive-all for debts on every dumb purchase you made.
Grace periods on electric bills, water, and rent are good. Your car? That was a STUPID purchase that you DIDN'T need.
Dave Ramsey wrote:
Capital One Auto wrote:
I pay every month except l missed two payments last year because my wife died and they keep acting like l haven't paid in 2 months, but l have paid every month on time for the last six months, and over three and half years l have been on time except thoes months. Now everyone is out of work, electric company's aren't cutting people off, and other people are backing off, but not Capital One, they want their money NOW, natural disaster or not.
NEVER borrow money to buy a car.
A natural disaster is not a forgive-all for debts on every dumb purchase you made.
Grace periods on electric bills, water, and rent are good. Your car? That was a STUPID purchase that you DIDN'T need.
I agree. That 27 miles to work can't take that long to walk back and forth every day.
It was just an Email at this point, but it is like they could give a F*. I mean even the IRS is giving you time. It's not as if they need my money to pay bills and paychecks, and if they don't get it workers would starve.
I have the money, but l don't know what is going to happen in the next few weeks, maybe things will get better, but they might get worse and l need every dollar. I have about 4-5 weeks before repo time, but they will start calling like mad in a few days; we are just at the E mail stage. I mean where is their heart? The whole country is on it's knees and they want their money NOW!!!!
Capital One Auto wrote:
I mean where is their heart? The whole country is on it's knees and they want their money NOW!!!!
This is why signing on to an auto loan when you can't predict the future is generally a bad idea.
Did Cap One give the dealer the money NOW when you took out the loan? They did. They just want some of it back NOW so they can stay in business.
Capital One Auto wrote:
I have the money, but l don't know what is going to happen in the next few weeks, maybe things will get better, but they might get worse and l need every dollar. I have about 4-5 weeks before repo time, but they will start calling like mad in a few days; we are just at the E mail stage. I mean where is their heart? The whole country is on it's knees and they want their money NOW!!!!
Also, partial payments can screw with their decision to send the vehicle out for repo. If your payment is $500, consider sending in $100 or whatever to see if that doesn't buy a little time.
I'd be surprised if they are out repossessing vehicles in a couple of weeks' time. Cash preservation is critical right now, but it is a risk you take if you don't pay. If you urgently need that car, I'd probably pay the $$ to catch up but would stop paying any more until the future becomes a little clearer.
Do your best, as we all will, and be safe.
Capital One Auto wrote:
I pay every month except l missed two payments last year because my wife died and they keep acting like l haven't paid in 2 months, but l have paid every month on time for the last six months, and over three and half years l have been on time except thoes months. Now everyone is out of work, electric company's aren't cutting people off, and other people are backing off, but not Capital One, they want their money NOW, natural disaster or not.
I know it is cool to bash companies, but have you considered that Capital One has employees to pay as well? If no one pays their bills, then those employees get laid off.
Capital One Auto wrote:
It was just an Email at this point, but it is like they could give a F*. I mean even the IRS is giving you time. It's not as if they need my money to pay bills and paychecks, and if they don't get it workers would starve.
While your payment may not be much, what if everyone does it?
My guess is that the email was autogenerated.
"Could" != "couldn't"
Capital One Auto wrote:
It was just an Email at this point, but it is like they could give a F*. I mean even the IRS is giving you time. It's not as if they need my money to pay bills and paychecks, and if they don't get it workers would starve.
Corporations are owned by people, just like you. Some are retirees who use income to pay for things like food, rent, etc. Almost all people have a pension, IRA, 401K, or any other retirement plan that likely is invested in equities like Capital One. So, yes, people will be affected by your not paying your bills. Do you think it is just a coincidence that people lose jobs, lose homes, and commit suicide every time the stock market crashes?
Capital One Auto wrote:
It's not as if they need my money to pay bills and paychecks, and if they don't get it workers would starve.
It's precisely like that.
What does your wife passing have to do with you not making a car payment for 75 days?
Not to be a meanie, but... wrote:
What does your wife passing have to do with you not making a car payment for 75 days?
Last year l missed two payments because it destroyed me. I had massive bills and so forth, but that was last year. I have payed on time since then, but they keep acting like l haven't paid in 2 months because l never caught up. It's kind of a silly question, asking what my wife passing away has to do with missing a car payment. I have had this loan 3 and 1/2 years and besides that l have been on time.
Your perspective is wrong. Period. You made an agreement. The agreement isn't voided because of your wife's death or this pandemic. You feel differently, but you are wrong.
living out in the country wrote:
Dave Ramsey wrote:
NEVER borrow money to buy a car.
A natural disaster is not a forgive-all for debts on every dumb purchase you made.
Grace periods on electric bills, water, and rent are good. Your car? That was a STUPID purchase that you DIDN'T need.
I agree. That 27 miles to work can't take that long to walk back and forth every day.
Does that "work" you do pay you any money? If so, save up and buy a car IN CASH.
Ten years ago my cousin drove a car that cost 800 bucks. Instead of making car payments every month he saved his money and just bought a Mercedes IN CASH.
Dave Ramsey wrote:
living out in the country wrote:
I agree. That 27 miles to work can't take that long to walk back and forth every day.
Does that "work" you do pay you any money? If so, save up and buy a car IN CASH.
Ten years ago my cousin drove a car that cost 800 bucks. Instead of making car payments every month he saved his money and just bought a Mercedes IN CASH.
. Nice story, but must $800 cars are junked cars, they don't move, and most beaters leave you stuck on the side of the road. You need a reliable car, unless you're a kid