Please, please don't fall for this or take out a loan at Cap One! Or at least check them out thoroughly on the web, they are even worse than I am experiencing; I fear the worst is yet to come. I am on disability for some years and my finances have gone down down down. Buying a different car than the very old one I had was pretty much a necessity due to my location and situation. However, I had pretty much given up due to my credit score and bad loans/scams that are around for people like me. But, I eventually found (or he found me) a smooth Saturn salesman (no, they are not "different" from any other dealer and their cars are just GM cars, like Chevy Cavaliers, etc, in new clothes) who seemed very sympathetic to my plight. I told him my loan requirements and payment limit. I also told him of my credit problems. He assured me that he could put me in a good demo on my terms. I had hope as I had believed what I had heard from uninformed Saturn owners who had no issues and Saturn had great PR until they were found out. I had no reason to believe I was totally being scammed, although of course I am skeptical of car salespeople (I have dealt with good ones, though). To make a very long and horrid story short, the only loan they could get for me was with Capital One and it was 72 mos at 18%! My former self would NEVER have ever done that but you had to be there and have what was done to me done to you, it was like confessing at the end of torture, although I do take full responsibility... I also did a quick new budget to see if I could handle it and I could, but I'd be car poor but what was new. I needed it for many, many reasons. I made the best decision I could at the time. Fast forward almost 3 years...incoming money reduced due to government cuts and increased Medicare costs, plus my own worsening health and needing more healthcare and medications. I was spending all my time juggling money to make the payments. Finally, I just could not make the payments anymore, it was a choice between food and healthcare or a car. I canceled my insurance, called Cap One and told them to come get it. There is no good public trans here and I am limited in walking/waiting in the heat; cabs are a joke, but I could hire private people to take me where I needed to go. Cheaper than this horrid car payment! Then I found out that Cap One would auction the car, at wholesale (although I have since read that our state law says they have to get as close to retail for it as they can), which, after a quick look at CraigsList, seemed like I'd owe $8k. I spent a month in hell without a car (I learned a lot, next time, if there is one, I will do it differently). Cap One didn't want my car, of course, they'd rather get more money from me in the end, I now realize. Their seeming understanding and "kindness" were only for loan sharking, which this loan already was. This went on for a few months and I got really behind. They finally made a plan for me to pay my back payments, which I would have to borrow (I had to make two payments a month) from a friend or get the best I could. I managed two months' worth but then of course I was in worse shape than before. So I figured it would get repossessed and I'd deal with it somehow, but the stress was incredible. I kept asking if there was any program for people like me, etc and they fed me little bits of info over the months; this issue could have been planned for and settled much sooner, and I'd not be in the position I am in now, but no, they wanted to get everything out of a sick, poor person they could. I was honest and forthcoming at all times and in constant communication. I heard of this "Hardship Program" little by little (first it sounded bad, and like it would not help me, then it started sounding better and better until I was told that my interest rate could go down to 1%! And my past due payments would be added to the end of the loan and my credit not affected (kind of the least of my worries at this point!). So I became hopeful. You have to understand how they kept me on a hook for so long, and how back and forth I went with keeping or not keeping the car, drove me nuts. Recently they turned me over to the Hardship dept. But also sent me a threatening letter that the total amt was due NOW. I finally got the Hardship offer of a modification to the loan (they do not refinance, or so they tell me, although I'm seeing on the web where they might, I have much more research to do). The offer was 16% interest, $1, 000 in back payments pushed to the end, to make me current, BUT, my term would be extended 18mos! The total monthly payment reduction would be only $50. Eeesh. Not good. After approval, they gave me NO time to decide. I did a very realistic budget and it was just not enough reduction. Plus, it was horrid! I'd wind up paying more in the end! I didn't want to do it if I couldn't maintain it, they might as well come and get it and I'd do what I could, stress and all be damned. I called my acct mgr and begged, pleaded, cried, etc, but no luck. I told her that I only needed a $60 further reduction (prefer interest reduction to higher term!) to make this all good for both of us. I know they don't want the car back. There is no way for them to get the remaining balance from me, but they can make my life more hellish than it already is and I'd likely have to get a lawyer. I see, from my research, that they will likely come after me with a vengeance, even knowing my circumstances and even tho I've almost paid off the orig loan by now, except in reality, very little was principle. I guess they think I'm hiding millions away in my mattress! I finally talked to her mgr, who was extremely rude (mind you I was almost suicidal at this point), she threatened me with revoking approval for the modification, and told me how GREAT they were for doing this for me and that I should be SO grateful to them! Hey, having paid enough to have almost paid off the orig loan, I'm not feeling like I am trying to badly screw anybody, esp with a loan like this (which should be outlawed, BTW). So, after that, I had a day to decide whether to take the modification or not, I had to get the paper in the Fed Ex as it was Fri. I needed more time to make a good decision. If I took the modification, they could repossess if I was ever 30 days late, no more back and forth like this time. If I didn't take it, I'd be sent to Collections and they might work out payments to make up my back payments, while still having to pay regular payment, which I couldn't afford, but they would not just take it after 30 days late, it would be like this time, more back and forth and silliness. Or repossession would be other option. I was in a box. I can make a little money and not lose my disability so I've been looking for work at home stuff; very hard, most are a scam, will take a while, esp with my issues. I asked her for a little more time. NO. So, today, I made the decision to take this modification, to buy me some time. I recently had enough of a windfall to probably be able to make the next payment, maybe two, depending what comes (you know how budgets can be!) AND get my meds and a small amt of food. Hopefully I can come up with at least $60, hopefully more, in ongoing additional income or charity until I can get out of this. It is a BAD BAD deal in the end. I will be very poor with no chance to save and in danger of the unexpected. I am SO close to the line. But Cap One would rather make MORE money from me, no matter what the consequences to me. This type of thing is what makes the poor poorer and stay poor. It is classless loan sharking and they are no better than the payday loan people down the street. Again, please read all the stuff you can find about them on the 'net before you do business, there are many problems with them, esp at the end of the loan and if you pay on the principle (they surely don't want THAT to happen!). If you get in trouble, do a lot of research to see what your remedies might be and know that no matter what Cap One says, they are a) not telling you everything you need to know, b) lying, c) only purpose is to make huge interest and they will do that in the guise of 'helping' you. And of course, I urge everyone not to take such loans. In hindsight, I wish I hadn't, although it could have worked out and you had to be there. If I was psychic and knew what I now know, I would have known for sure not to have taken the loan in the first place but I am not. Hindsight is great. To deal with Cap One is to dance with the devil for a long long time, unless you are very well fixed for money and tragedy stays away from your door. I have always hated credit and this is why. Your cushy life can be taken at any time. And for longer than your savings or retirement will last. I paid cash for last new car, and previous used car, in better times. And I truly advise you to save and do just that, esp in these uncertain times. You don't need that luxury car! You need only what you need, which is what I thought I was getting, and I was, but for the loan. All I can say is thank goodness I bought a looooooooooooooong bumper to bumper extended warranty, but I so far have not been able to afford the $100 deductible to get a couple small things fixed, which would be $200 probably. So if you do get under water on a loan, make sure you get a BUMPER TO BUMPER extended warranty, NOT a Drive Train warranty (it only covers a very few things, NOT your alternator or catalytic converter, etc. I hope my story helps someone.