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Business Profile

Auto Financing

Capital Auto Loan

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Auto Financing.

Complaints

Customer Complaints Summary

  • 22 total complaints in the last 3 years.
  • 4 complaints closed in the last 12 months.

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The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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  • Initial Complaint

    Date:08/03/2022

    Type:Service or Repair Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    I am contacting you on behalf of my Son, *************************** (his loan is on a Buick). Capital Auto Loan, also shows on file my Son gave me permission to talk to them. The issue is, my Son made a $3,000.00 principal payment on his loan. They told him this didn't affect his payment it is still over $400 a month, nor did it lower the months of the loan. Usually, when you make a principal payment on a loan, it either A - shortens the rest of the term of the loan or B - reduces your monthly payment. The girl I talked to said the only way that will happen is if he keeps making principal payments on his loan. Which I work in accounting & normally a principal payment on a loan, especially that sizes makes a difference. They essentially are saying it is not making a difference he will still have to make his normal payments for the orginial term of the loan. It does not make sense to me, it sounds like they are ripping him off so I would like a better explanation of this & make sure my Son is not getting ripped off. As he is trying to build his credit he is only 24. I appreciate your help in this matter. Thank You!

    Business Response

    Date: 08/04/2022

    Hello *****,

     

    Thank you for your message. All loans that Capital Auto Loan services are simple interest contracts. You are correct that when a lump sum payment is applied to principal it would pay the loan off faster if the customer continues to 1. Stay on time with monthly payments and 2. Maintains their original payment schedule and monthly payment. We apologize for the confusion. Thank you for taking the time to talk with our staff today. Please contact Nate at Capital Auto Loan if you have any further questions or concerns. 

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