What is the name of your state? Virginia
Hello All! I was recently approved for auto financing through capital one. Before possibly signing my life away, I make sure to read ALL that they have to disclose in their agreement. I did notice a paragraph in the agreement that made me a little suspicious and was hoping somebody could interpret into layman's terms...
"Arbitration: You and we agree tha either you or we may, at either party's sole election, require that any claim, controversy, or dispute between you and us be resolved by binding arbitration pursuant to the Federal Arbitration Act. If you or we elect arbitration of any matter, the arbitrator shall resolve the matter as an individual action, not as a class action or on any other representative basis, and shall not award relief to or on behalf of anyone who is not a named party to the arbitration. NEITHER YOU NOR WE WILL HAVE THE RIGHT TO PURSUE THAT MATTER IN COURT, BEFORE A JUDGE OR A JURY, OR TO PARTICIPATE IN A CLASS ACTION OR CLASS ARBITRATION OR ANY OTHER COLLECTIVE OR REPRESENTATIVE PROCEEDING. OTHER RIGHTS THAT YOU WOULD HAVE IN COURT INCLUDING THE RIGHT TO CONDUCT DISCOVERY OR TO APPEAL, MAY BE LIMITED OR UNAVAILABLE IN ARBITRATION. THE FEES ASSOCIATED WITH ARBITRATION MAY BE LIMITED OR UNAVAILABLE IN ARBITRATION. THE FEES ASSOCIATED WITH ARBITRATION MAY BE HIGHER THAN THE FEES ASSOCIATED WITH COURT PROCEEDINGS. You acknowledge that you have had the opportunity to obtain a copy of Capital One's Arbitration Policies and Procedures and agree to be governed by those Policies and Procedures and any modifications thereto."
Ok, so my basic take of this is....If I ever have a dispute with Capital One, according to this agreement, I can not take them to court??? Is that correct??
Hello All! I was recently approved for auto financing through capital one. Before possibly signing my life away, I make sure to read ALL that they have to disclose in their agreement. I did notice a paragraph in the agreement that made me a little suspicious and was hoping somebody could interpret into layman's terms...
"Arbitration: You and we agree tha either you or we may, at either party's sole election, require that any claim, controversy, or dispute between you and us be resolved by binding arbitration pursuant to the Federal Arbitration Act. If you or we elect arbitration of any matter, the arbitrator shall resolve the matter as an individual action, not as a class action or on any other representative basis, and shall not award relief to or on behalf of anyone who is not a named party to the arbitration. NEITHER YOU NOR WE WILL HAVE THE RIGHT TO PURSUE THAT MATTER IN COURT, BEFORE A JUDGE OR A JURY, OR TO PARTICIPATE IN A CLASS ACTION OR CLASS ARBITRATION OR ANY OTHER COLLECTIVE OR REPRESENTATIVE PROCEEDING. OTHER RIGHTS THAT YOU WOULD HAVE IN COURT INCLUDING THE RIGHT TO CONDUCT DISCOVERY OR TO APPEAL, MAY BE LIMITED OR UNAVAILABLE IN ARBITRATION. THE FEES ASSOCIATED WITH ARBITRATION MAY BE LIMITED OR UNAVAILABLE IN ARBITRATION. THE FEES ASSOCIATED WITH ARBITRATION MAY BE HIGHER THAN THE FEES ASSOCIATED WITH COURT PROCEEDINGS. You acknowledge that you have had the opportunity to obtain a copy of Capital One's Arbitration Policies and Procedures and agree to be governed by those Policies and Procedures and any modifications thereto."
Ok, so my basic take of this is....If I ever have a dispute with Capital One, according to this agreement, I can not take them to court??? Is that correct??
