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Capital One Wins Case Against Woman
So in this
day and age, when so many people have
had a hard time making their bills,
there are some that have seen fit to
make it worse on them. Capital One would
be one of those companies. They held the
note to a woman’s auto loan which they
decided to call due immediately – and
she was unable to pay.
The problem arose when the woman, Ms.
Woodson, had her car stolen. The car was
not recovered and she was now out the
automobile that the auto loan was on.
However, the amount of the auto
insurance that she had on the auto was
not sufficient to pay it off so she
still owed the remainder of the auto
loan. But it wasn’t enough for Capital
One to have this woman paying on an auto
loan for a car she didn’t have any more
– instead they called the note due
immediately. They said that because she
was no longer able to secure the auto
loan with the car that they could call
it due. The woman didn’t have the money
to pay it in full, so they started
reporting her to the credit unions as
not paying her bill.
She took them to court, and believe it
or not, the courts ruled with Capital
One. They said that because the auto
loan wasn’t secured they had the right
to accelerate the payment of the auto
loan. The courts were not sympathetic to
her plight, and she was ordered to pay
the rest of the auto loan balance – even
though she does not have it to pay.
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2009 Archives
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