I have posted here before and read hundreds of complaints about CitiFinancial, part of Citi Group, et.al. I also have a vehicle loan through these people and needed a truck for my small busiiness, and none of our local banks would lend at time and so, is how I was referred by my own bank to go to CitiFinancial.
Trying to deal with these people is beyond assanine, and now having this loan for my vehicle for 8 months now, always paying long before due date and making additional principal payment, I too, like others in here, seem to find it strange most of my monies do nothing to the balance and here is what I just found out.
Here in NC they can charge up to 30% for any loan basically under law. Citi at the time offered car loans but their rates were 13% to 30% and I was granted their lowest rate at time which was 13% (suppsoed to feel good about this); however, I never paid such rates ever in my life and owned over 26 vehicles to boot, but I had to have this GMC truck to help my business exist and what I was told up front and read in their details thought I would do this and simply pay additional funds on the principal to wipe out the debt before the 42 months on my loan and nothing sneaky seen at the time until after we signed papers.
To date, still Citi refuses to show my wife as co-borrower on said loan yet they demanded her sign contract docs to finalize loan and she lost work to do this for them. The initial basic docs we had copies of we to date still never received any formal loan docs as they promised would be mailed to us. We only get a 1 page statement monthly now and that si that!
However, Citi at least here not only calculated my monthly loan payment based on this 13% but also what they are not telling peopler (if you pay additional on principal like we have been), is the time they issue your statement and time it is received with your payment back, they also charge a daily interest rate applied on top of that; and this fact is what should be criminal to be able to do or geta way with since they already calculated an interest rate to base my 42 months of payments on said vehicle. I can see where this is getting many people caught in a credit trap and wrong, and we did one more test this month sending over $200.00 additional than normal stating on the invoice and check to be applied to principal, but Citi seems ot disregard this each month.
My payments with interest are supposed to be $339.00 per month, yet with paying up to $600.00 per month at times, we notice in doing so, Citi shows an even higher interest rate period charge so effectively it eats up the additional principal amount we have been making so really no effect on our loan as it should! As example, last month we paid $200.00 extra to be applied on principal, and the normal payment would have seen about $169.99 for interest applied on that loan from the base payment, but in paying more as we did, this last time, Citi showed nearly $300.00 now going to interest for that month and literally no change to net balance of the loan!! This is setting off alarms to us seeing happen... How the hell can more interest be shown occurring when you pay additional principal payment for a loan you make the normal monthly payment back well within the due date???
Last month on a larger payment, we noticed almost all of our additional principal payment gone to interest, and this month we sent even more money and will see if they do this again taking even a larger amount!
Citi's local loan office will not discuss anything and refer you back to Customer Service. Citi Group/ Citi Auto refuses to say anything except it is legal simple interest structure, but I never seen anything like this going on whereas you have a loan with interest already calculated to repay that, then still charge a daily rate above that for the days your payment gets back to them and this needs to be investigated by Feds too as this is beyond a banking practice, but worse than loan sharking from a mobster in all seriousness.
The Feds are bailing major banks with our tax monies with no open disclosure yet nor acocuntability and they still are doing these tricky things to steal more money from the public wrongfully as I see it, and I wanted to post this as I see others getting caught not keeping up as they think making their normal payments, as this interest at double digit rates is going against them daily and monthly besides...
And for those Citi Managers reading this, my credit is fine and ALL of my 3 major credit card balances are paid in full so I do not hold overleveraged non-secured debt and deal mainly in cash right now in all we do until we see what happens to economy down the road. I am a small business owner too and have been before and owned many vehicles as stated; and this CitiFinancial lending practice is wrong and you get nowhere trying to deal with their Customer Service dept no matter what facts you show- they talk & act like programmed robots with little to say except what is on script for them.
Hickory, North Carolina